Sample Business Contracts

Employment Agreement [Amendment No. 1] - Richard M. Frank and ShowBiz Pizza Time Inc.

Employment Forms

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  • Sales Representative Contract. Independent sales representatives offer companies the potential to increase the sale of products or services without the burden of increasing headcount. Both parties should understand how commissions are calculated, when commissions will be paid, as well as how the representative will treat confidential information from the company and whether the representative may also sell a competing line of products or services.
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                      AMENDMENT NO. 1 TO THE
                     SHOWBIZ PIZZA TIME, INC.

     This Amendment No. 1 (the "Amendment") is executed as of this
19th day of July,  1996, by and between Richard M. Frank
("Employee") and ShowBiz Pizza Time, Inc., a Kansas corporation


     WHEREAS, on April 14, 1993, Employee and Employer entered into
that certain Amended and Restated Employment Agreement, which was
effective as of January 2, 1993 (the "Agreement"), whereby the
Employee agreed to serve as Chairman of the Board and Chief
Executive Officer of the Employer through the last day of the
fiscal year of the Employer ending on or about December 31, 1977;

     WHEREAS, pursuant to the terms of said Agreement, Employee was
granted 414,508 shares of common stock of the Employer under the
Employer's Stock Grant Plan, such grant to vest at a rate of 20,725
shares for each fiscal quarter of the Employer during the term of
the Agreement, except for 20,733 shares that would vest on the last
day of the fiscal quarter of the Employer ending on or about
December 31, 1997; and

     WHEREAS, pursuant to an instrument dated March 31, 1995, the
Employee forfeited 60,000 shares of the Employer's common stock
that had not yet vested pursuant to the grant made under the
Agreement, such forfeiture to occur in increments of 5,000 shares
per calendar quarter commencing on March 31, 1995 and running
through the remaining term of the Agreement; and

     WHEREAS, Employer desires to amend said Agreement to provide
extended health benefit coverage for Employee and his family beyond
the term of the Agreement; and

     WHEREAS, Employee is willing to reduce the monthly automobile
allowance he is entitled to under the Agreement by an amount of
Four Hundred Dollars ($400.00) per month:


     NOW, THEREFORE, in consideration of the reduction in
Employee's monthly automobile allowance, together with the above-mentioned
forfeiture of 60,000 shares of common stock of the Employer that were
unvested under the Agreement and other good and
valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the Agreement is hereby amended in the
following respects:

     (1)  Paragraph 8 is hereby amended to read as follows:

          "8.  Automobile.  Employer shall pay to Employee the
     sum of Nine Hundred Dollars ($900.00) per month (subject
     to adjustment from time to time in direct proportion to
     generally applicable adjustment by the Company to its
     automobile allowances) to reimburse Employee for the use
     of Employee's automobile in the performance of his duties
     under this Agreement and Employer shall further pay
     directly or by reimbursement to Employee (as Employer and
     Employee may from time to time agree) the premiums upon
     a policy of collision and liability insurance covering
     such automobile.  All other costs and expenses incurred
     in the operation and maintenance of Employee's
     automobile, including but not limited to the cost of all
     fuel, oil, maintenance and repairs, shall be paid solely
     by Employee."

     (2)  A new paragraph 27 is added to read as follows:

          "27. Continuation of Health Benefit Coverage.  Upon
     the termination of Employee's employment for any reason,
     including a termination due to the expiration of the
     Initial Term of this Agreement or any renewal thereof,
     Employer shall provide Employee and his family the
     health, medical, hospitalization and dental insurance
     coverage and/or cost reimbursement benefits set forth in
     Section 11 hereof, for a period not to exceed the earlier
     of (I) five (5) years or (ii) the date on which Employee
     and his family become covered under a policy or plan paid
     for by a new employer of Employee providing substantially
     similar coverage and benefits.  In the event Employee's
     employment terminates and this Section 27 becomes
     effective, and thereafter Employee dies while the
     benefits provided herein are still in effect, such
     benefits shall continue for Employee's family until five
     (5) years have passed following his termination of
     employment.  The benefits set forth under this Section 27
     shall be provided in addition to any other payments,
     benefits or compensation, if any, to which Employee, his
     estate or his designated beneficiary is entitled due to
     his termination of employment as set forth in this


     IN WITNESS WHEREOF, the parties have executed this Amendment
No. 1 effective as of August 1, 1996.


                                   SHOWBIZ PIZZA TIME, INC.

                                   By: /s/ Michael H. Magusiak


                                    /s/ Richard M. Frank         

                                   Richard M. Frank