SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment is made effective as of August 1, 1997, by and between
Fremont General Corporation (the "Company") and Xxxxx X. XxXxxxxx (the
"Executive"). Unless otherwise defined herein, capitalized terms used in this
Amendment shall have the same meaning as in the Employment Agreement dated
January 1, 1994.
WHEREAS, the Executive and the Company entered into an employment
agreement dated January 1, 1994, as amended effective as of August 1, 1996 (the
"Employment Agreement"); and
WHEREAS, the Executive and the Company desire to amend the Employment
Agreement to extend the employment period to provide additional security to the
Executive and to encourage the Executive to continue employment with the
Company.
NOW, THEREFORE, in consideration of the foregoing recitals and the
respective covenants and agreements of the parties contained in this document
and in consideration of the continuing employment of Executive by the Company,
the Company and the Executive agree to amend the Employment Agreement as
follows:
1. Section 2 ("Employment Period") shall be amended by revising
subsection (a) thereof to read as follows:
"(a) Basic Rule. The employment period (the "Employment
Period") began upon the Effective Date and continued for an initial term of
three years. Effective as of January 1, 1997, the Employment Period shall be
extended for an additional term of three years, unless sooner terminated in
accordance with paragraphs (b)-(d) below. After such additional three-year
Employment Period, or any extension term, the Employment Period shall be
automatically extended for additional one-year terms unless terminated by
either party with a least 90 days' advance written notice prior to the end of
the then-current term."
2. To the extent not amended hereby, the Employment Agreement is
ratified and confirmed in its entirety.
IN WITNESS WHEREOF, this Amendment has been entered into as of the date
first set forth above.
EXECUTIVE FREMONT GENERAL CORPORATION
/s/ XXXXX X. XXXXXXXX By: /s/ XXXXX X. XXXXXXX
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Xxxxx X. XxXxxxxx Xxxxx Xxxxxxx
Title: President & Chief
Date: August 8, 1997 Operating Officer
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By: /s/ XXXXXXXXX X. XXXX
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Xxxxxxxxx X. Xxxx
Title: Chair, Compensation
Committee of the Board of
Directors
