EXHIBIT 10.41.1
FIRST AMENDMENT
TO
EMPLOYMENT AGREEMENT
This First Amendment to Employment Agreement is entered into as of
November 14, 1997, by and between United PanAm Mortgage Corp. (the "Company")
and Xxxx X. Xxxxxx ("Employee").
WITNESSETH:
WHEREAS, Employee and the Company are parties to that certain
Employment Agreement dated as of October 1, 1997 (the "Employment Agreement").
WHEREAS, Employer and Employee desire to amend the terms of such
Employment Agreement as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
1. Stock Options. Section 4 of the Employment Agreement is hereby
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amended by replacing the last sentence thereof with the following:
"On the execution hereof, Employee shall receive options to purchase
60,000 shares of the common stock of United PanAm Financial Corp., the
parent corporation of the Company, formerly known as Pan American
Group, Inc., which options shall (a) have an exercise price per share
of $10.50; (b) vest and become exercisable 25% on October 15, 1997,
and 25% on each of October 15, 1998, 1999 and 2000; provided,
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however, that such options shall be completely vested and exercisable
on September 30, 1999 if Employee is an employee of the Company on
that date and the Company and Employee neither renew this Agreement
nor enter into a new Employment Agreement; and (c) be in addition to
any other options to purchase share of the common stock of United
PanAm Financial Corp. which Employee has received before the date of
this Agreement."
2. No Other Changes. Except as set forth herein, the Employment
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Agreement shall remain in full force and effect without further amendment or
modification.
Executed as of the date first above written.
EMPLOYER: UNITED PANAM MORTGAGE CORP.
By: /s/ XXXXXXXX X. GRILL
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EMPLOYEE: /s/ XXXX X. XXXXXX
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XXXX X. XXXXXX
