AMENDMENT TO EMPLOYMENT AGREEMENT
EXHIBIT 10.24
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT is made on this 24th day of December, 2008, (“Amendment”) by and
between Cash America International, Inc., a Texas corporation (“CAI”); Cash America Management
L.P., a wholly-owned subsidiary of CAI (“CAM”); and Xxxxxx X. Xxxxxx, an individual whose principal
residence is in Fort Worth, Texas (“Executive”).
STATEMENT OF BACKGROUND
A. | CAI and CAM entered into an employment agreement with Executive, dated May 1, 2008 (the “Agreement”). | |
B | The Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, and legal counsel has recommended two non-material changes to ensure such compliance. | |
C. | The parties wish to amend the Agreement in the particulars specified herein. |
STATEMENT OF AGREEMENT
In consideration of good and valuable consideration, the sufficiency of which hereby is
acknowledged, the parties agree to amend the Agreement effective as of the date of this Amendment
as follows:
1. Section 4(e) of the Agreement is hereby amended by deleting said section in its entirety and
replacing it with the following:
(e) Disability. If Executive becomes Disabled (as defined below)
before the end of the Term, Cash America will pay Executive an
amount equal to Executive’s Annual Base Salary (at the rate of
Executive’s Annual Base Salary in effect at the time Executive
becomes Disabled and at the frequency and timing applicable from
time to time under Cash America’s standard payroll practices and
policies for salary payments to senior executive officers who
continue in employment) for the period commencing at the time
Executive becomes Disabled and ending on the earlier of (i) the
1-year anniversary of such commencement date, or (ii) the date
Executive ceases to be Disabled. If Executive does cease to be
Disabled and returns to work before the end of the 1-year period
commencing at the time Executive becomes Disabled, he shall remain
eligible for any amounts payable under Section 5 upon his subsequent
termination of employment.
2. Section 12(g) is hereby amended by deleting therefrom the fourth sentence that reads as follows:
Where this Agreement provides for a payment of nonqualified deferred
compensation subject to Code Section 409A, the date or event upon
which such payment is to be made hereunder will be the Code Section
409A “payment date,” but actual payment will be made no later than
the latest date permitted under Code Section 409A (generally, by the
later of the end of the calendar year in which the payment date
occurs, or the 15th day of the third calendar month after
the payment date occurs).
3. This Amendment may be executed in counterparts, each of which will be deemed an original, but
all of which together will constitute one and the same instrument
4. Except as otherwise amended hereby, the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Agreement in counterparts on this the
24th day of December, 2008.
EXECUTIVE | CASH AMERICA INTERNATIONAL, INC. | |||||||
/s/ Xxxxxx X. Xxxxxx
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By: | /s/ Xxxxx X. Xxxxxx | ||||||
Chairman of the Management Development & Compensation Committee of the Board of Directors | ||||||||
CASH AMERICA MANAGEMENT L.P. | ||||||||
By: | Cash America Holding, Inc., its general partner |
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By: | Cash America International, Inc., its sole shareholder |
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By: | /s/ Xxxxx X. Xxxxxx
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Chairman of the Management Development & Compensation Committee of the Board of Directors |