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EXHIBIT 10.17
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 and hereby incorporates
the following changes/additions:
Term of Contract:
The original three-year contract that was to run three years beginning January
20, 1995 through January 20, 1998 is hereby extended to run through January 20,
1999 and have a term of three years from January 20, 1996.
Current Salary:
$300,000 per year less appropriate deductions, (i.e., signing bonus) through
1998.
Non-Compete:
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 20th day of March, 1996.
Executed By: Executive Committee:
/s/ XXXXXX X. XXXXX Abstaining
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Xxxxxx X. Xxxxx Xxxxxx X. Xxxxx, Chairman
/s/ XXXXX X. XXXXX
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Xxxxx X. Xxxxx
/s/ XXXXXXX X. XXXXXX
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Xxxxxxx X. Xxxxxx
