Employment Arrangement Summary for Tilman J. Falgout, III with America’s Car-Mart, Inc.
America’s Car-Mart, Inc. has an unwritten employment arrangement with Tilman J. Falgout, III. He receives a $330,000 annual salary and a quarterly bonus equal to 0.5% of the company’s net income. He is also provided with benefits such as a company car, cell phone, long-term disability and health insurance for himself and his family, and payment of health or country club dues. All compensation and benefits may be adjusted at the discretion of the company’s board of directors.
Exhibit 10.7.1
Employment Arrangements with Tilman J. Falgout, III
America’s Car-Mart, Inc. (the “Company”) does not have a written employment agreement with Tilman J. Falgout, III. Mr. Falgout receives an annual salary of $330,000 per year and a quarterly bonus equal to 0.5% of the Company’s net income during such period. In addition, Mr. Falgout is entitled to the following fringe benefits: use of a company car, cell phone service, long-term disability insurance, health insurance for him and his family and payment of health or country club dues, which dues were approximately $6,000 during fiscal 2005. Mr. Falgout’s salary, bonus and fringe benefits are subject to adjustment at the discretion of the Company’s board of directors and price increases.
