AMENDMENT OF
EMPLOYMENT RETENTION AGREEMENT
THIS AGREEMENT made as of the 31st day of December, 1996 by and between
Olympic Financial Ltd. (the "Company") and Xxxxx X. Xxxxxxxx III ("Associate").
WHEREAS, the Company and Associate entered into that certain Employment
Retention Agreement dated as of November 7, 1996, pursuant to which the Company
employed Associate as its Senior Vice President/Corporate Counsel. Such
agreement is hereinafter referred to as the "Employment Agreement"; and
WHEREAS, the Board of Directors and the Compensation Committee of the
Company have approved the grant of a club membership as hereinafter set forth.
NOW, THEREFORE, in consideration of the mutual covenants contained herein,
the Company and Associate agree to amend the Employment Agreement as follows:
1. AMENDMENT. Section 5(c)(v) of the Employment Agreement is hereby
amended in its entirety to provide as follows:
(v) CLUB MEMBERSHIPS. The Company shall reimburse Executive the
reasonable cost of the monthly or annual dues, as the case may be, paid by
Executive to maintain his status as a member of the Flagship Athletic Club
or of any other athletic club having equal or lesser membership costs in
lieu of such club. The Company shall also provide to Executive and his
family a membership at Olympic Hills Golf Club and shall reimburse
Executive for the reasonable cost of the monthly or annual dues, as the
case may be, paid by Executive to maintain such membership. If either such
membership is a corporate membership, upon termination of Executive's
employment other than for Cause or Death, such membership shall be
converted to an individual membership in Executive's name and the Company
shall pay any fees charged in connection with such conversion.
2. RATIFICATION. The Employment Agreement as amended hereby is
ratified and affirmed.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.
OLYMPIC FINANCIAL LTD.
By: /s/ Xxxxx Xxxxxxxx
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Xxxxx Xxxxxxxx
Its: Vice Chairman
ASSOCIATE:
/s/ Xxxxx X. Xxxxxxxx III
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Xxxxx X. Xxxxxxxx III
