1
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment, entered into this 26th day of August, 1997, amends the
Employment Agreement ("Agreement") made and entered into on April 15, 1997 by
and between Long Beach Financial Corporation ("LBFC") and Long Beach Mortgage
Company ("LBMC") (collectively, the "Company") and ______________ ("Executive").
The purpose of this Amendment is to clarify certain provisions of the Agreement
as set forth below.
1. The phrase "each April 15 following each December 31 during the term
of this Agreement" is deleted from the first sentence of Section 2.2 and
replaced with the phrase "April 15 each year beginning April 15, 1998".
2. The last sentence of Section 2.3(e) is amended in its entirety to
read as follows:
"Executive acknowledges that such option grant is intended to cover
Executive's first three years of employment hereunder and that the
Company has no commitment to issue additional options to Executive
during such three year period or thereafter."
3. The phrase "both during and after the term of this Agreement" is
deleted from Section 3.1 of the Agreement.
4. The phrase "; provided, however, that such severance payments shall
be reduced by 50% of any earnings of Executive subsequent to the termination
that gives rise to the severance payments" is deleted from the end of the second
sentence of Section 3.2(a) of the Agreement.
5. The phrase "during the term of this Agreement" is deleted from the
first sentence of Section 3.5.
6. Article IV of the Agreement, entitled "Term," is deleted from the
Agreement in its entirety.
IN WITNESS WHEREOF, the parties have executed and delivered this
Amendment as of the day and year first above written.
LONG BEACH FINANCIAL CORPORATION LONG BEACH MORTGAGE COMPANY
By: By:
---------------------------- ----------------------------
Name: Name:
Title: Title:
"EXECUTIVE"
By:
----------------------------
Name:
Title:
