Executive Employment Agreement [Addendum No. 3] - First Cash Financial Services Inc. and Rick L. Wessel
THIRD ADDENDUM TO
EXECUTIVE EMPLOYMENT AGREEMENT
This Third Addendum to Executive Employment Agreement (the "Addendum")
is made this 21st day of October 2003, by and between First Cash Financial
Services, Inc. (the "Company"), a Delaware corporation, and Rick L. Wessel
(the "Executive"). The Company and Executive may be hereinafter
collectively referred to as the "Parties."
RECITALS
A. Executive is employed by the Company pursuant to an Executive
Employment Agreement dated as of September 30, 2000 (the "Original
Agreement"), as amended by the First Addendum to Executive Employment
Agreement dated March 21, 2002 and the Second Addendum to Executive
Employment Agreement dated October 24, 2002.
B. The Parties jointly wish to make additions to the Original Agreement.
C. The additions to the Original Agreement are set forth in this Addendum.
AGREEMENT:
----------
NOW, THEREFORE, in consideration of the promises, terms, covenants and
conditions set forth herein and in the Original Agreement, and for other
good and valuable consideration, the receipt of which is undisputed and
hereby acknowledged, the Parties agree as follows:
1. Extension of Term. Executive has met the stipulated performance
criteria established by the Board. Accordingly, pursuant to the Original
Agreement, Executive's term of Employment has been extended through December
31, 2008.
2. Base Salary. As a result of Executive meeting the stipulated
performance criteria established by the Board for 2001, the Executive's
annual base salary was increased to $350,000 for the period from January 1,
2002 until December 31, 2002. Again as a result of Executive meeting the
stipulated performance criteria for 2002, the Executive's annual base salary
for the period from January 1, 2003 until December 31, 2003 was increased to
$450,000. Again as a result of Executive meeting the stipulated performance
criteria for 2003, the Executive's annual base salary for the period from
January 1, 2004 until December 31, 2004 was increased to $495,000. During
the remaining term of Executive's employment, Executive's annual base salary
shall not be decreased, but shall be adjusted annually in each December at a
rate of no less than 10% of the current year's base salary. In addition,
the compensation committee of the Board may determine such other adjustments
as may be appropriate based on the Executive's performance during the most
recent performance period, in accordance with the Company's compensation
policies.
3. Interpretation.
a. No Other Additions. Sections 1 and 2 of this Addendum constitute the
only additions to the Original Agreement, all other terms and conditions
therein shall remain unaltered.
b. Definitions. All capitalized terms used herein and not otherwise
defined shall have the same meaning assigned to them in the Original
Agreement.
c. Severability. Should any one or more of the provisions of this
Addendum be determined to be illegal or unenforceable, all other provisions
of this Addendum shall be given effect separately from the provision or
provisions determined to be illegal or unenforceable and shall not be
effected thereby.
d. Choice of Law. This Addendum shall be governed by, and construed in
accordance with, the laws of the State of Texas.
f. Headings. The headings of sections and paragraphs of this Addendum
have been inserted for convenience of reference only and do not constitute a
part of this Addendum.
g. Counterparts. This Addendum may be executed in multiple counterparts
with the same effect as if all parties had signed the same document. All
such counterparts shall be deemed an original, shall be construed together
and shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have caused this Addendum to be duly
executed and delivered as of the day first above written.
FIRST CASH FINANCIAL SERVICES, INC.
By: /s/ Phillip E. Powell
-----------------------
Phillip E. Powell
Chief Executive Officer
EXECUTIVE
/s/ Rick L. Wessel
------------------
Rick L. Wessel