Interim Employment Agreement
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EX-10.21 4 c24778exv10w21.htm INTERIM EMPLOYMENT AGREEMENT exv10w21
Exhibit 10.21
Interim Employment Agreement dated as of December 13, 2007 between Famous Daves of America, Inc. and F. Lane Cardwell, Jr. |
FAMOUS DAVES OF AMERICA, INC.
12701 WHITEWATER DRIVE, SUITE 200
MINNETONKA, MN 55343
12701 WHITEWATER DRIVE, SUITE 200
MINNETONKA, MN 55343
###-###-#### F ###-###-#### famousdaves.com
December 13, 2007
Mr. F. Lane Cardwell, Jr.
Cardwell Hospitality Advisory, Inc.
Cardwell Hospitality Advisory, Inc.
Dear Lane:
This letter shall set forth the understanding between Cardwell Hospitality Advisory, Inc. (CHA) and Famous Daves of America, Inc., a Minnesota corporation (the Company) regarding F. Lane Cardwells role as interim Chief Executive Officer (the Agreement). Subject to the terms and conditions set forth herein, we agree as follows:
1. Mr. Cardwell is hereby appointed and CHA and Mr. Cardwell agree that he will serve as the Companys interim Chief Executive Officer for the near term period, which will commence on December 13, 2007 (the effective date of David Goronkins resignation as the Companys President and Chief Executive Officer) and is not anticipated to exceed six to twelve months from the date hereof.
2. As compensation for Mr. Cardwells service as the Companys interim Chief Executive Officer, CHA shall be entitled to receive cash compensation in an amount equal to $6,000 per week, payable in monthly installments in arrears on the last business day of each calendar month during which Mr. Cardwell serves as the Companys interim Chief Executive Officer hereunder. Such cash compensation will be in addition to any compensation to which Mr. Cardwell is otherwise entitled as a member of the Companys Board of Directors. Neither CHA nor Mr. Cardwell will be entitled to participate in the Companys incentive compensation or benefit plans (including, without limitation, annual incentive compensation (bonus) plans, equity incentive compensation plans (e.g., performance shares), health, medical, dental, vision and disability insurance coverage and retirement benefits) solely by virtue of Mr. Cardwells service as interim Chief Executive Officer hereunder.
3. This Agreement calls for the performance of services of CHA as an independent contractor, therefore the parties expressly agree that (a) their relationship is based on the
understanding that CHA is an independent contractor and not an employee of the Company and no employment relationship is created hereby, (b) the Company shall not provide CHA or Mr. Cardwell any fringe benefits in connection with the services provided hereunder, and (c) the Company has no responsibility for withholding taxes, social security withholding, workers compensation withholding, unemployment withholding or any similar taxes or charges attributable to CHA or Mr. Cardwell arising from compensation paid pursuant hereto.
4. The Company shall pay or reimburse CHA for all reasonable and necessary travel and other business expenses incurred or paid by CHA in connection with the performance of services under this Agreement consistent with the Companys policies for executives of the Company.
5. This Agreement is at will and it may be terminated, with or without cause, at any time, by either CHA or the Company.
Thank you for your assistance to the Company at this important time. If the provisions of this letter are consistent with your understanding of our agreement, please sign and return the enclosed counterpart copy of this letter to me at your earliest convenience.
Sincerely, | ||||
/s/ K. Jeffrey Dahlberg | ||||
K. Jeffrey Dahlberg | ||||
Chairman of the Board of Directors | ||||
Accepted and agreed to:
Cardwell Hospitality Advisory, Inc.:
/s/ F. Lane Cardwell, Jr. | ||
F. Lane Cardwell, Jr. | ||
Date: December 22, 2007 |