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EXHIBIT 10.18
[SEARCH CAPITAL GROUP INC. LETTERHEAD]
EMPLOYMENT CONTRACT
XXXXXX X. XXXXX
AMENDMENT
This memorandum references the employment contract between Search Capital
Group, Inc. and Xxxxxx X. Xxxxx dated January 20, 1995 amended on March 20,
1996 and again amended as of this date, February 13th, 1997, by incorporating
the following changes and additions:
Term of Contract:
The original three-year contract that was to run three years beginning January
20, 1995 through January 20, 1998 was renewed on March 20, 1996 to run for
three years through January 20, 1999 and is amended this date, February 13,
1997, to run through January 20, 2000 and/or for a period of three years from
January 20, 1997.
Salary:
Current salary at $300,000 per year plus any adjustments to be made during the
interim by the board.
Non-Compete:
Remains the same as executed on March 20, 1996.
Should Xxxxxx X. Xxxxx leave the employment of Search, and compete against
Search within the sub-prime automobile industry (Search Capital Group, Inc.'s
core business), all salaries, benefits and stock/warrants not fully vested
shall cease, provided that no mutually agreed upon agreement between Search
Capital Group, Inc. and Xxxxxx X. Xxxxx overrides these conditions.
Dated this 13th day of February, 1997.
Executed By: Executive Committee Approval:
/s/ XXXXXX X. XXXXX Abstaining
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Xxxxxx X. Xxxxx Xxxxxx X. Xxxxx, Chairman
/s/ XXXXXX X. XXXXXX, XX.
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Xxxxxx X. Xxxxxx, Xx.
/s/ XXXXXXX X. XXXXXX
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Xxxxxxx X. Xxxxxx
