FOURTH AMENDMENT TO EMPLOYMENT, CONFIDENTIALITY AND NON-COMPETE AGREEMENT
FOURTH AMENDMENT TO
This Fourth Amendment to Employment, Confidentiality and Non-Compete Agreement (this “Amendment”), dated as of August 1, 2019 (“Amendment Date”), is by and between Elevate Credit Service, LLC, a Delaware limited liability company (“Employer”) and Xxxxx Xxxxxxxx (“Employee”).
Recitals
WHEREAS, the parties entered into that certain Employment, Confidentiality and Non-Compete Agreement, dated as of May 1, 2014, which was amended by that certain First Amendment to Employment, Confidentiality and Non-Compete Agreement, dated as of December 11, 2015, further amended by that certain Second Amendment to Employment, Confidentiality and Non-Compete Agreement, dated as of March 1, 2017, and further amended by that certain Third Amendment to Employment, Confidentiality and Non-Compete Agreement, dated as of January 24, 2019 (collectively, the “Original Agreement”); and
WHEREAS, as a result of Employee accepting the position of Interim Chief Executive Officer and Interim President of Employer following the resignation of Xxxxxxx X. Xxxx as Chief Executive Officer and President, the parties mutually desire to further amend the Agreement as set forth in this Amendment.
NOW, THEREFORE, in consideration of the foregoing and for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows.
Agreement
1. | Definitions. Capitalized terms used but not defined in this Amendment shall have the respective definitions given to such terms in the Original Agreement. The Agreement shall mean the Original Agreement as amended by this Amendment. |
2. | Good Reason. For purposes of clarification, Good Reason shall not include any reduction in duties, responsibilities or authority as a result of Employee not being selected as the permanent Chief Executive Officer and President, and no longer serving as the Interim Chief Executive Officer and Interim President. |
3. | Compensation. The following new Section 2.3.6 is hereby added to the Agreement, which shall provide as follows: |
“2.3.6 | Interim Compensation. During such time that Employee is serving as Employer's Interim Chief Executive Officer and Interim President, Employer shall pay Employee an additional Ten Thousand Dollars ($10,000) per month, less applicable taxes and withholdings, payable on the last payroll date of each month." |
4. | Entire Agreement. The Original Agreement, as amended by this Amendment, constitutes the entire understanding and agreement among the parties regarding the subject matter hereof. Except as specifically amended by this Amendment, the Original Agreement is ratified and confirmed in all respects. |
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5. | Signatures. This Amendment may be executed in any number of counterparts, each of which shall be enforceable against the parties that execute such counterparts, and all of which together shall constitute one instrument. Signatures received by facsimile, PDF file or other electronic format shall be deemed to be original signatures. |
<signature page follows>
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IN WITNESS WHEREOF, in accordance with Section 8 of the Original Agreement, the undersigned have executed this Amendment on the Amendment Date.
ELEVATE CREDIT SERVICE, LLC _/s/ Xxxxx Lutes___________________________ Name: Xxxxx Lutes Title: CFO | XXXXX XXXXXXXX _/s/ Xxxxx Harvison________________________ Name: Xxxxx Xxxxxxxx |
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