Severance Agreement Clarification Letter between Shells Seafood Restaurants, Inc. and Warren Nelson (01/19/2000)

Summary

Shells Seafood Restaurants, Inc. confirms to Warren Nelson that if his employment is terminated by the company without cause, either during or after the term of his employment agreement, he will receive severance pay equal to 12 months of his current annual salary. This severance will be paid over 12 months according to the company's regular payroll schedule. The agreement is binding on the company and its successors. Both parties have signed to acknowledge and accept these terms.

EX-10.38 4 dex1038.txt LETTER FROM BOARD OF DIRECTORS DATED 01/19/00 Exhibit 10.38 SHELLS SEAFOOD RESTAURANTS, INC. 16313 North Dale Mabry, Suite 100 Tampa, Florida 33618 January 19, 2000 Mr. Warren Nelson Shells Seafood Restaurants, Inc. 16313 North Dale Mabry, Suitse 100 Tampa, Florida 33469 Dear Warren: You have asked for clarification of your existing employment dated, May 18, 1993, with the Company, with respect to your entitlement to severance payments. This letter confirms that in the event your employment is terminated by the Company without cause, either while the employment agreement is in effect or after its expiration and non-renewal by the Company, you will be entitled to receive a severance payment equal to 12 months of your then annual salary. The severance payment will be payable over the ensuing 12 month period in accordance with the Company's then normal payroll practices. This letter is written on behalf of the company and its Board of Directors and is intended to bind the Company and its successors and assigns. Very truly yours, /s/ RICHARD A. MANDELL - --------------------------------------- Richard A. Mandell, Director on behalf Of Shells Restaurants, Inc. I agree /s/ WARREN NELSON - --------------------------------------- Warren Nelson 1/24/00