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Exhibit 10.8a
August 6, 1997
Xx. Xxxxx Xxxxx
President
Champion Financial Services, Inc.
0000 Xxxx Xxxxxxxxx Xxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxx 00000
Re: Modification of Employment Agreement
Dear Xxxxx:
The purpose of this letter is to confirm the following changes we have
mutually agreed to make to your existing Employment Agreement:
1. The Employment Agreement is assumed by Ugly Duckling Corporation.
2. The term of the Employment Agreement is extended to April, 2002.
3. Your current salary will be reviewed on or before April 1, 1998,
and an increase up to $200,000.00 per year will be considered,
subject to profitability of the Company and approval of the
Compensation Committee of the board of directors.
4. 50,000 additional options will be granted to you on or before
April 1, 1998.
5. The term of your covenants of non-competition will be extended
for three years after the expiration or termination of the
Employment Agreement.
Please acknowledge your acceptance of these changes to your Employment
Agreement by signing this letter and returning it to me. If you have any
questions regarding this amendment to your Employment Agreement, please talk to
me or Xxxxx at your convenience.
Cordially,
/S/ Xxxxxx X. Xxxxxxx
Xxxxxx X. Xxxxxxx
General Counsel
SPJ:ag
Accepted August 6, 1997.
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/s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx
