EX-10.80 FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

EX-10.80 4 g86024exv10w80.txt EX-10.80 FIRST AMENDMENT TO EMPLOYMENT AGREEMENT EXHIBIT 10.80 FIRST AMENDMENT TO EMPLOYMENT AGREEMENT DATED DECEMBER 4, 1995 BETWEEN AFC ENTERPRISES, INC. F/K/A AMERICA'S FAVORITE CHICKEN COMPANY (THE "COMPANY") AND SAMUEL N. FRANKEL ("EMPLOYEE") WHEREAS, the Company and Employee entered into an Employment Agreement dated as of December 4, 1995, (the "Employment Agreement") governing the terms and conditions of Employee's employment with the Company; and WHEREAS, the Company and Employee desire to amend the compensation provision of the Employment Agreement; NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the parties agree as follows: 1. 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. Beginning on April 1, 1997 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. The Employee's base salary shall be reviewed by the Board of Directors of the Company on an annual basis. 2. 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 1st day of June 1997, effective as of April 1, 997. COMPANY: AFC ENTERPRISES, INC. By: /s/ Dick R. Holbrook ------------------------------------ Dick R. Holbrook, President EMPLOYEE: /s/ Samuel N. Frankel --------------------------------- Samuel N. Frankel