1
Exhibit 10.24
Xx. Xxxxx X. Xxxxxxxxxxx
0 Xxxxxxx Xxxxx
Xxxxxxxxx, XX 00000
Dear Xxxxx:
Effective as of August 19, 1999, we have agreed that you will serve
as our Chairman of the Board and chief executive officer. This letter sets
out the terms under which you have agreed to serve.
1. Agreement relating to your employment:
- For the remainder of fiscal year 1999, your base
compensation will be $226,000 on an annualized basis.
- For the remainder of fiscal year 1999, your bonus will be
paid pursuant to the executive bonus plan based upon an
annualized bonus percentage amount of 175%.
- Options will be granted to you as of August 19, 1999
which have the terms set forth in the Option Agreement
attached as Exhibit A to this letter.
- Your compensation thereafter will be determined from
time to time by the Compensation Committee.
2. Signing Bonus:
- You have received a signing bonus of $250,000 paid to
you in a lump sum.
3. At Will Employment:
- Your employment as Chairman of the Board and chief
executive officer will be "at will."
- We will be entitled to terminate you at any time with or
without cause upon giving you 30 days prior written
notice and you will be entitled to resign upon giving us
30 days prior written notice.
4. Jurisdiction. This agreement is to be governed by the laws
of the State of Florida, except for choice of law provisions which would
select the law of a different jurisdiction if they were applied.
Very truly yours,
COOKER RESTAURANT CORPORATION
By:/s/ Xxxxx X. Xxxxxxxx, Senior Vice President
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XXXXX X. XXXXXXXX, SENIOR VICE- PRESIDENT, OPERATIONS
ACCEPTED AND AGREED TO:
/s/ Xxxxx x. Xxxxxxxxxxx
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XXXXX X. XXXXXXXXXXX
