Exhibit 10(h)
AGREEMENT
This Agreement is entered between Piccadilly Cafeterias, Inc.
("Piccadilly") and Xxxxxxx X. Xxxxx, Xx. ("Xxxxx") effective August 1, 1995.
Piccadilly and Xxxxx agree:
1. The purpose of this Agreement is to conclude amicably the
employment relationship that has existed between Piccadilly and Xxxxx.
2. Xxxxx retires from employment by Piccadilly effective August 1,
1995, and Piccadilly accepts this retirement with appreciation for Xxxxx'x
years of service to Piccadilly.
3. Piccadilly will pay Xxxxx, as supplemental pay, an amount equal to
his base salary for twelve months, or a total of $228,540. This amount will
be paid in accordance with terms to be determined by Xxxxx no later than
January 5, 1996.
4. Xxxxx is entitled to continue participation in Piccadilly's group
health insurance plan. Premiums may be paid at the employee rate until Xxxxx
is age 65. Xxxxx will cease participation in Piccadilly's long-term
disability plan, supplemental life plan and accidental death and dismemberment
plan.
5. To the extent allowed by law, the unexercised and unexpired stock
options granted to Xxxxx in the Stock Option Agreements dated August 14, 1990
and May 18, 1992 shall remain available to him in accordance with the terms of
such Stock Option Agreements notwithstanding his resignation from employment.
6. Xxxxx will complete his term as a member of the Piccadilly board
of directors. Xxxxx will continue as a member of the Advisory Board. Xxxxx
resigns from the boards of directors and any offices held with the following:
Piccadilly Restaurants, Inc.
Cajun Bayou Distributors & Management, Inc.
7. Piccadilly will promptly transfer to Xxxxx title to the Cadillac
automobile that has been heretofore furnished by Piccadilly for Xxxxx'x use.
8. For the consideration described above, Xxxxx releases, acquits
and discharges Piccadilly, its directors, officers, employees, agents and
insurers, and all other persons, firms and corporations, of and from any and
all claims he may have against them arising out of his employment by
Piccadilly and the termination of that employment, including any claims
arising under contract or under federal or state law or regulation. This
waiver and release includes, among other things, any rights or claims Xxxxx
may have that arose prior to the date this Agreement was executed for age
discrimination under the federal Age Discrimination in Employment Act, 29
U.S.C. Section 621 et seq., the Louisiana Age Discrimination in Employment
Act, , La R.S. 23:971 et seq., and is given by Xxxxx in exchange for the
agreements of Piccadilly set forth in this Agreement.
9. Xxxxx will cooperate with Piccadilly in effecting an orderly
transition, and will assist Piccadilly for a reasonable period of time and
without additional compensation in connection with matters related to the
period in which he served as an officer of the corporation and in which his
knowledge is useful to the corporation.
10. Both Piccadilly and Xxxxx will keep the terms of the Agreement
confidential, and will not disclose such terms to any person except their
accountants, attorneys, taxing authorities, or as may be required by federal
or state law or regulation.
11. Xxxxx acknowledges that no promise, inducement or agreement not
herein expressed has been made, that this Agreement contains the entire
agreement between the parties, and that the terms of this document are
contractual and not a mere recital.
12. Xxxxx acknowledges that Piccadilly has advised Xxxxx to consult
with an attorney prior to executing this Agreement, and that Piccadilly has
given Xxxxx a period of at least twenty-one (21) days within which to consider
this Agreement.
13. For a period of seven (7) days following execution of this
Agreement, Xxxxx may revoke it. This agreement shall become effective upon
expiration of this revocation period.
Piccadilly Cafeterias, Inc.
By:\s\ Xxxxxx X. XxXxxxx
Xxxxxx X. XxXxxxx (Date)
Chief Executive Officer
\s\ Xxxxxxx X. Xxxxx, Xx.
Xxxxxxx X. Xxxxx, Xx. (Date)
_______________________
