Exhibit 10.10.1
AMENDMENT NO.1 TO EMPLOYMENT AGREEMENT
THIS AMENDMENT NO. 1, dated as of July 1, 1998, is made and entered
into by and between AmeriCredit Corp., a Texas corporation having an office at
000 Xxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxx 00000 (hereinafter referred to as
"Employer"), and Xxxxxxx X. Xxxxxx, an executive employee of Employer
(hereinafter referred to as "Executive").
WHEREAS, Employer and Executive have previously entered into that
certain Employment Agreement dated as of July 1, 1997 (the "Employment
Agreement").
WHEREAS, Employer and Executive desire to amend the Employment
Agreement to make certain provisions thereof consistent with the terms of
employment agreements existing between Employer and certain other executives
employed by Employer.
NOW, THEREFORE, in consideration of Executive's continued employment by
Employer and the mutual promises and covenants contained herein, the receipt and
sufficiency of which is hereby acknowledged, Employer and Executive intend by
this Amendment No. 1 to modify and amend the Employment Agreement as herein
provided.
1. Amendment to Section 8.1 - "Employee's Non-Competition Obligation."
The second sentence of Section 8.1 is hereby amended to read in its entirety as
follows:
During the existence of Employee's employment by Employer and
Subsidiary hereunder and, if the employment of Employee is terminated
by Employer for any reason pursuant to Section 6.2 or Employee
voluntarily terminates his employment (unless such voluntary
termination occurs within twelve months after a "change in control," as
defined in Section 8A.1 hereof), for a period of one year from the date
on which he shall cease to be employed by Employer or Subsidiary,
Employee shall not, acting alone or in conjunction with others,
directly or indirectly, and whether as principal, agent, officer,
director, partner, employee, consultant, broker, dealer or otherwise,
in any of the Business Territories (as defined below), engage in any
business in competition with the business conducted by Employer,
Subsidiary or any subsidiary of Employer or Subsidiary, whether for his
own account or otherwise, or solicit, canvass or accept any business or
transaction for or from any other company or business in competition
with such business of Employer or Subsidiary in any of the Business
Territories.
2. Effect of Amendments; Enforceability of Employment Agreement. This
Amendment No. 1 replaces all previous agreements and discussions relating to the
same or similar subject matters between Executive and Employer with respect to
the subject matter of this Amendment No. 1. Except as otherwise expressly and
specifically amended or modified by this Amendment No. 1, the terms and
provisions of the Employment Agreement shall continue in full force and effect
on and after the date hereof.
IN WITNESS WHEREOF, the undersigned, intending to be legally bound,
have executed this Agreement as of the date first written above.
AMERICREDIT CORP.
By: /s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx, Vice Chairman and
Chief Financial Officer
EXECUTIVE:
/s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
