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EXHIBIT 10.133
AGREEMENT
It is hereby agreed by and between MEGO FINANCIAL CORP. (the "Company")
and XXXXXXX X. XXXXXX (the "Employee") as follows:
RECITALS
WHEREAS, the Employee has been a senior officer of the Corporation
since January, 1988, presently holding the offices of Senior Vice President,
Chief Financial Officer and Treasurer; and
WHEREAS, the Employee and the Company have agreed that it is
appropriate to enter into this contractual arrangement with respect to the
severance payment to be made by the Company to the Employee at such time as
the Employee is no longer employed by the Company; and
WHEREAS, the Board of Directors of the Company has approved the terms
of this agreement on September 2, 1997;
NOW THEREFORE, in consideration of the continuing services being
performed by the Employee and for other good and valuable consideration, it is
agreed as follows:
1. The above recitals are true and correct.
2. In the event the employment of the Employee in his present capacity with
the Company is terminated for any reason, including but not limited to the
Employee's death, disability, or retirement, the Company shall promptly pay to
the Employee (or his personal representative if the Employee is deceased) the
sum of ONE HUNDRED FIFTY THOUSAND DOLLARS ($150,000), in full satisfaction of
any severance obligations of the Company.
3. The foregoing severance payment shall be in addition to, and in no way
credited against, any sums due to or payable on behalf of the Employee by or
from the Company for any other reason, including but not limited to (i) accrued
salary and vacation pay, (ii) reimbursement of expenses due Employee, (iii)
amounts due Employee under the agreement dated August 1, 1994 between the
Company and the Employee relating to the payment of 1% of In-
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centive Income of the Company to the Employee through the end of fiscal 1999,
and (iv) second-to-die insurance premium amounts payable by the Company on
behalf of the Employee or a trust of the Employee under the Company's Split
Dollar Insurance Plan.
IN WITNESS WHEREOF, the parties have executed this agreement as of this 2nd day
of September, 1997.
MEGO FINANCIAL CORP.
By /s/ XXXXXX X. XXXXX
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Xxxxxx X. Xxxxx, President
XXXXXXX X. XXXXXX
/s/ XXXXXXX X. XXXXXX
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