EX-10.(24) FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT/ EUGENE I LEE, JR
EX-10.(24) 4 g05785exv10wx24y.htm EX-10.(24) FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT/ EUGENE I LEE, JR. EX-10.(24) FOURTH AMENDMENT EMPLOYMENT AGREEMENT
Exhibit 10(24)
FOURTH AMENDMENT OF EMPLOYMENT AGREEMENT
THIS FOURTH AMENDMENT, made and entered into as of the 15th day of December, 2006, by and between RARE HOSPITALITY MANAGEMENT, INC., a Delaware corporation (hereinafter referred to as the Company), and EUGENE I. LEE, JR., a resident of the State of Georgia (hereinafter referred to as the Executive);
WITNESSETH:
WHEREAS, the Company and Executive entered into that certain Employment Agreement, dated as of April 28, 2003 (the Original Agreement), First Amendment of Employment Agreement, dated as of October 27, 2004 (the First Amendment), Second Amendment of Employment Agreement, dated as of October 27, 2005 (the Second Amendment) and Third Amendment of Employment Agreement, dated as of October 27, 2006 (the Third Amendment); and
WHEREAS, the Third Amendment requires the Company and Executive to renew the Original Agreement on or before January 1, 2007 in order for the term of the Original Agreement to continue past the Expiration Date (as defined in the Third Amendment); and
WHEREAS, the Company and Executive intend to renew the Original Agreement on the terms and conditions set forth in this Fourth Amendment;
NOW, THEREFORE, for and in consideration of the sum of One Dollar ($1.00) in hand paid by the Company to Executive, the receipt and sufficiency of which is hereby acknowledged, and the mutual covenants and obligations contained herein, the Company and Executive hereby agree as follows:
1. Section 1.1 of the Original Agreement, as revised by the Third Amendment, shall be deleted in its entirety and replaced with the following new Section 1.1:
1.1. Employment Term. The employment term of this Agreement shall commence on the date hereof (the Commencement Date) and shall continue until and end on July 1, 2008 (the Expiration Date), unless terminated prior thereto in accordance with Section 3 hereof. Unless renewed by mutual agreement of the Company and Executive, as expressed in writing signed by both parties on or before January 1, 2008 (the Notice Date), this Agreement shall terminate on the Expiration Date with no renewal or extension; provided, however, that in the event the Company chooses not to renew the Agreement, the Executive will be entitled to receive the compensation under Section 2.1 owed to Executive but unpaid for performance rendered under this Agreement as of the Expiration Date, and the Company will be obligated to pay Executive an amount equal to twelve (12) months of his Base Compensation (as defined below), in effect immediately prior to the Expiration Date (the Non-Renewal Severance). Such payments of Non-Renewal Severance shall be made as and when salary would otherwise be payable
to senior officers of the Company; provided, however, that on February 15, 2009, the Company shall pay Executive in one lump sum any remaining unpaid portion of the Non-Renewal Severance, plus an amount, if any, equal to Executives Base Compensation for the period of time between the Notice Date and the date on which the Company provides Executive with written notice of non-renewal. The period from the Commencement Date until the employment term expires or is terminated by the Company or Executive is hereinafter referred to as the Employment Term.
2. Section 2.1 of the Original Agreement, as revised by the Third Amendment, shall be deleted in its entirety and replaced with the following new Section 2.1:
2.1 Base Compensation. For all the services rendered by Executive hereunder, the Company shall pay Executive an annual salary at the rate of Four Hundred Seventy Thousand and 00/100 Dollars ($470,000) for each full year of the Employment Term, payable in installments at such times as the Company customarily pays its other senior officers (but in any event no less often than monthly); provided, however, that from and after January 2, 2007, said annual salary rate shall increase to Four Hundred Eighty Four Thousand One Hundred and 00/100 Dollars ($484,100). The Company agrees that the Executives salary will be reviewed at least annually to determine if an increase is appropriate, which increase shall be in the sole discretion of the Company. Executives salary shall be prorated for any partial year during which this Agreement remains in effect. Executives annual salary paid from time to time is hereafter referred to as Base Compensation.
3. Section 19 of the Original Agreement, as revised by the Third Amendment, shall be deleted in its entirety and replaced with the following new Section 19:
19. Entire Agreement. This Agreement, together with the Fourth Amendment and Exhibit A thereto, which is incorporated herein by this reference, constitutes the entire Agreement between the parties hereto with regard to Executives employment by the Company and there are no agreements, understandings, specific restrictions, warranties or representations, written or oral, relating to said subject matter between the parties other than those set forth herein or herein provided for.
4. Exhibit A of the Third Amendment shall be deleted in its entirety and replaced with new Exhibit A attached hereto and incorporated herein by reference.
5. Except as otherwise set forth herein, the Original Agreement, as modified by the Third Amendment, shall remain unchanged and in full force and effect.
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IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amendment as of the date first above written.
RARE HOSPITALITY MANAGEMENT, INC. | ||||
By: | /s/ Philip J. Hickey, Jr. | |||
Chief Executive Officer | ||||
EXECUTIVE | ||||
/s/ Eugene I. Lee, Jr. | ||||
EUGENE I. LEE, JR. | ||||
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EXHIBIT A
Executive and the Company agree that, for purposes of this Agreement, the Restricted Area shall constitute the area within fifteen (15) miles of any of RAREs restaurants in the following cities:
Alabama | Daphne, Dothan, Hoover, Huntsville, Mobile, Montgomery, Opelika, Oxford, Prattville | |
Arizona | Phoenix, Scottsdale | |
Colorado | Denver | |
Connecticut | Manchester | |
Delaware | Bear, Newark | |
District of Columbia | Washington, D.C. | |
Florida | Altamonte Springs, Boynton Beach, Brandon, Coral Springs, Daytona Beach, Davie, Delray Beach, Destin, Fleming Island, Ft. Lauderdale, Ft. Myers, Ft. Walton Beach, Hollywood, Jacksonville, Jacksonville Beach, Jensen Beach, Kissimmee, Lakeland, Lake Mary, Largo, Melbourne, Merritt Island, Miami, Naples, Ocala, Orange Park, Orlando, Palm Harbor, Panama City, Pembroke Pines, Port Richey, Sarasota, St. Augustine, St. Petersburg, Southchase, Tallahassee, Tampa, Viera, West Palm Beach, Winter Haven | |
Georgia | Acworth, Albany, Alpharetta, Athens, Atlanta, Augusta, Austell, Buford, Canton, Carrolton, Cartersville, College Park, Columbus, Commerce, Conyers, Covington, Cumming, Dalton, Dawsonville, Douglasville, Duluth, East Point, Ellijay, Fayetteville, Gainesville, Hiram, Jonesboro, Kennesaw, LaGrange, Lawrenceville, Lithonia, McDonough, Macon, Marietta, Morrow, Newnan, Peachtree City, Perry, Pooler, Rome, Roswell, Savannah, Snellville, Statesboro, Tifton, Tucker, Valdosta, Warner Robins, Woodstock | |
Illinois | Chicago, Fairview Heights, Lombard, Norridge, Oaklawn, Peoria, Springfield | |
Indiana | Avon, Bloomington, Carmel, Clarksville, E. Indianapolis, Evansville, Indianapolis, Merrillville, Portage, Southport | |
Kansas | Kansas City, Lawrence, Leawood, Topeka | |
Kentucky | Bowling Green, Brownsboro Crossing, Cold Springs, Florence, Frankfort, Lexington, Louisville | |
Louisiana | St. Tammany | |
Maine | Auburn, Augusta, Bangor, Biddeford, South Portland | |
Maryland | Baltimore, Bowie, Columbia, E. Columbia, Frederick, Gaithersburg, Germantown, Golden Ring, Hagerstown, Landover, Laurel, Upper Marlboro, Waldorf |
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Massachusetts | Boston, Braintree, Brockton, Burlington, Chestnut Hill, Dedham, Framingham, Franklin, Haverhill, Leominster, Mansfield, Marlboro, Methuen, Milford, Millbury, North Attleboro, Peabody, Plymouth, Raynham, Seekonk, Shrewsbury, Tewksbury, Watertown, W. Springfield | |
Michigan | Allen Park, Auburn Hills, Clinton Township, Grand Rapids, Roseville, Troy, Westland | |
Minnesota | Minneapolis | |
Mississippi | Hattiesburg, Southaven | |
Missouri | Ballwin, Belton, Chesterfield, E. Columbia, Florissant, Hazelwood, Independence, Jefferson City, Kansas City, OFallon, Lees Summit, St. Peters, Sunset Hills | |
Nevada | Las Vegas | |
New Hampshire | Amherst, Bedford, Concord, Keene, Manchester, Nashua, Newington | |
New Jersey | Flanders, Hamilton, Howell, Millville, Mt. Olive, New Brunswick, Parsippany, Piscataway, Rochelle Park, Woodbridge | |
New York | Albany, New York City, Poughkeepsie, Rochester | |
North Carolina | Apex, Asheville, Brier Creek, Burlington, Charlotte, Concord, Gastonia, Greensboro, Greenville, Hickory, High Point, Huntersville, Pineville, Wilmington, Winston-Salem | |
Ohio | Beavercreek, Boardman, Cincinnati, Cleveland, Columbus, Cuyahoga Falls, Dublin, Fairlawn, Fairview Park, Gahana, Grove City, Independence, Mayfield Heights, Maumee, Medina, Mentor, Moraine, North Canton, Pickerington, Solon, Springdale, St. Clairsville, Strongsville, West Chester, Wooster | |
Pennsylvania | Bensalem, Cranberry, Erie, Exton, Franklin Mills, Harrisburg, Lancaster, Moosic, Norristown, Penns Port, Philadelphia, Pittsburgh Mills, Pottstown, Robinson, Stroudsburg, Warrington, Waterfront, West Homestead, Whitman Square | |
Rhode Island | Providence, Warwick | |
South Carolina | Anderson, Columbia, Florence, Greenville, Hilton Head, Mt. Pleasant, Myrtle Beach, N. Charleston, Rock Hill, Spartanburg | |
Tennessee | Brentwood, Chattanooga, Clarksville, Gallatin, Hermitage, Hixson, Jackson, Madison, Nashville | |
Texas | Dallas, Houston | |
Vermont | Williston | |
Virginia | Chantilly, Dulles, Massaponax, McLean, Williamsburg | |
West Virginia | Charleston, Morgantown | |
Wisconsin | Milwaukee | |
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