Employment Agreement [Amendment No. 1] - America's Favorite Chicken Co. and Dick R. Holbrook
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT DATED NOVEMBER 5, 1992
BETWEEN
AMERICA'S FAVORITE CHICKEN COMPANY (THE "COMPANY")
AND
DICK R. HOLBROOK ("EMPLOYEE")
WHEREAS, the Company and Employee entered into an Employment Agreement
dated November 5, 1992 (the "Employment Agreement") governing the terms and
conditions of Employee's employment with the Company; and
WHEREAS, the Company and Employee desire to amend certain provisions of the
Employment Agreement;
NOW, THEREFORE, in consideration of the premises and mutual covenants
contained herein and for other good and valuable consideration, the parties
agree as follows:
1. Section 1 of the Employment Agreement is hereby deleted in its
entirety and the following new Section 1 is inserted in lieu thereof:
1. Term of Agreement.
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(a) The initial term of this Agreement and Employee's employment
hereunder shall continue through and including November 5, 1995.
(b) The extended term of this Agreement and Employee's employment
hereunder shall commence as of November 5, 1995 (the "Amendment Date")
and, unless earlier terminated pursuant to Section 9 hereof, shall
continue for a period of three (3) years (the "Term"). The Term of
this Agreement and Employee's employment hereunder will automatically
be extended for an additional one year following the expiration of
each year of employment hereunder (the "Renewal Date"), without
further action by Employee or the Company unless written notice not to
renew for an additional one year period is given by either the Company
or Employee to the other not less than one-year prior to the Renewal
Date. In the event a notice not to renew is given by one party to the
other as provided in the immediately preceding sentence, then the
automatic extension of the Term shall thereafter no longer be of any
further force or effect; and in the event such notice not to renew is
given by the Company to Employee, Employee may, at his option,
terminate this Agreement and his employment hereunder at any time
during the remaining Term hereof and receive the severance benefits
set forth in Sections 9.03 and 9.05 of this Agreement.
2. Section 2.01 of the Employment Agreement is hereby deleted in its
entirety and the following new Section 2.01 is inserted in lieu thereof:
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2.01 Position. Employee shall serve as President and Chief Operating
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Officer of the Company and shall perform such duties consistent with his
position as may be assigned to him from time to time by the Board of
Directors of the Company.
3. Section 3 of the Employment Agreement is hereby deleted in its
entirety and the following new Section 3 is inserted in lieu thereof:
3. Base Salary.
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Beginning on the Amendment Date and continuing during the term hereof,
the Company shall pay Employee, in equal installments no less frequently
than monthly, a base salary at the rate of no less than Three Hundred
Thousand Dollars (U.S.$300,000.00) per annum. Employee's base salary shall
be reviewed by the Board of Directors of the Company on an annual basis.
4. Section 22 of the Employment Agreement is hereby amended by deleting
the address for notice to the Company set forth therein and inserting the
following address in lieu thereof:
America's Favorite Chicken Company
Six Concourse Parkway
Suite 1700
Atlanta, Georgia 30328-5346
5. The Employment Agreement, as amended hereby, is hereby reaffirmed and
restated herein by the undersigned, and said Employment Agreement is hereby
incorporated herein by reference as fully as if set forth in its entirety in
this First Amendment.
IN WITNESS WHEREOF, the Company has caused this Amendment to be executed
and Employee has hereunto set his hand this 4th day of December, 1995, as of
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November 5, 1995.
COMPANY:
AMERICA'S FAVORITE CHICKEN COMPANY
By: /s/ Frank J. Belatti
_________________________________
Frank J. Belatti, Chief Executive
Officer
EMPLOYEE:
/s/ Dick R. Holbrook
____________________________________
DICK R. HOLBROOK