Document:

Exhibit
10.25

 

 

 

 

INTEGRATED
DEVICE TECHNOLOGY, INC.

1984 EMPLOYEE
STOCK PURCHASE PLAN

(Amended
and Restated Effective as of September 29, 2003)

 

 

 

 

 

 

TABLE OF CONTENTS

	
   

  	
   

  	
  Page

  
	
  Section 1.

  	
  Establishment of the Plan

  	
  1

  
	
  Section 2.

  	
  Definitions

  	
  1

  
	
  Section 3.

  	
  Duration; Shares Authorized

  	
  3

  
	
  Section 4.

  	
  Administration

  	
  3

  
	
  Section 5.

  	
  Eligibility and Participation

  	
  4

  
	
  Section 6.

  	
  Purchase Price

  	
  5

  
	
  Section 7.

  	
  Employee Contributions

  	
  5

  
	
  Section 8.

  	
  Plan Accounts; Purchase of Shares

  	
  5

  
	
  Section 9.

  	
  Withdrawal From the Plan

  	
  6

  
	
  Section 10.

  	
  Effect of Termination of Employment or
  Death

  	
  6

  
	
  Section 11.

  	
  Rights Not Transferable

  	
  7

  
	
  Section 12.

  	
  Recapitalization, Etc

  	
  7

  
	
  Section 13.

  	
  Limitation on Stock Ownership

  	
  7

  
	
  Section 14.

  	
  No Rights as an Employee

  	
  8

  
	
  Section 15.

  	
  Rights as a Stockholder

  	
  8

  
	
  Section 16.

  	
  Use of Funds

  	
  8

  
	
  Section 17.

  	
  Amendment or Termination of the Plan

  	
  8

  
	
  Section 18.

  	
  Governing Law

  	
  8

  

 

i

INTEGRATED DEVICE
TECHNOLOGY, INC.

1984 EMPLOYEE
STOCK PURCHASE PLAN

(Amended
and Restated Effective as of September 29, 2003)

Section 1.               Establishment
of the Plan.

The Integrated Device Technology, Inc. 1984 Employee
Stock Purchase Plan (the “Plan”) is hereby amended and restated to provide for
certain changes in the duration and frequency of Purchase Periods, to increase
the number of shares of common stock reserved for issuance under the Plan, to
increase the percentage of a Participant’s compensation that may be subject to
payroll deductions under the Plan, to increase the number of shares of stock
that a Participant may purchase within any Purchase Period and to provide for
certain other changes.  The Plan
provides Eligible Employees with an opportunity to purchase the Company’s
common stock so that they may increase their proprietary interest in the
success of the Company.  The Plan, which
provides for the purchase of stock through payroll withholding, is intended to
qualify under Section 423 of the Code.

Section 2.               Definitions.

(a)           “Board
of Directors” or “Board” means the Board of Directors of the Company.

(b)           “Code”
means the Internal Revenue Code of 1986, as amended.

(c)           “Company”
means Integrated Device Technology, Inc., a Delaware corporation.

(d)           “Compensation”
means the cash remuneration paid to a Participant during a Purchase Period that
is reported on Form W-2 for federal income tax purposes (including salary
deferrals to the Integrated Device Technology, Inc. 401(k) Savings Plan and
contributions to the Company’s Code Section 125 plan).  Compensation shall include overtime and
shift differential payments, incentive compensation, commissions, profit
sharing payments and bonuses. 
Notwithstanding the foregoing, Compensation shall exclude any special
payments (e.g., moving or auto allowances, educational reimbursements, welfare
benefits, amounts realized from the exercise, sale exchange or other
disposition of any stock option and premiums for life and disability
insurance).

(e)           “Date
of Exercise” means the last day of each Purchase Period within any
Participation Period.

(f)            “Date
of Participation” means, except as provided in Section 5(d), the first day of
the earliest Participation Period with respect to which an Eligible Employee is
participating in the Plan. 
Notwithstanding the foregoing, effective September 29, 2003, each
Eligible Employee’s Date of Participation shall be the later of September 29,
2003 or the first day of the earliest Participation Period with respect to
which an Eligible Employee is participating in the Plan.

 

1

 

(g)           “Eligible
Employee” means any Employee of a Participating Company (i) who is customarily
employed for at least twenty (20) hours per week, (ii) who is customarily
employed for more than five (5) months per calendar year, and (iii) who is an
Employee at the commencement of a Purchase Period.

In the event an Eligible Employee fails to remain in
the continuous employ of a Participating Company customarily for at least
twenty (20) hours per week during a Participation Period, he or she will be
deemed to have elected to withdraw from the Plan and the payroll deductions
credited to his or her account will be returned to him or her; provided that a
Participant who goes on an unpaid leave of absence shall be permitted to remain
in the Plan during such leave of absence. 
Notwithstanding the preceding sentence, if such Participant is not
guaranteed reemployment by contract or statute and the leave of absence extends
beyond ninety (90) days, such Participant shall be deemed to have terminated
employment for purposes of the Plan on the ninety–first (91st) day of
such leave of absence.  Payroll
deductions for a Participant who has been on an unpaid leave of absence will
resume at the same rate as in effect prior to such leave upon return to work
unless changed by such Participant.  The
Date of Participation for a Participant who has been on unpaid leave of absence
shall be the same as if such Participant remained in continuous service as an
Employee of a Participating Company throughout such unpaid leave of absence.

(h)           “Employee”
means any person who renders services to a Participating Company in the status
of an employee within the meaning of Code Section 3401(c).   “Employee” shall not include any Board
member of a Participating Company who does not render services to the
Participating Company in the status of an employee within the meaning of Code
Section 3401(c).

(i)            “Fair
Market Value” of a share of Stock means the market price of Stock, determined
as follows: (i) if the Stock was traded over–the–counter on the
date in question but was not classified as a national market issue, then the
Fair Market Value shall be equal to the closing bid price quoted by the
National Association of Securities Dealers, Inc. (“NASDAQ”) for the immediately
preceding date; (ii) if the Stock is traded over–the–counter on the
date in question and was classified as a national market issue, then the Fair
Market value shall be equal to the last–transaction price quoted by the
NASDAQ system for the immediately preceding date; (iii) if the Stock is traded
on a national exchange on the date in question, then the Fair Market Value
shall be the highest closing bid price reported on such exchange for the
immediately preceding date.  If the
Stock is not traded on the date as of which the Fair Market Value is to be
determined, Fair Market Value shall be determined as of the first preceding
date on which Stock was traded.  In all
cases the determination of Fair Market Value by the Board of Directors shall be
conclusive and binding on all persons.

(j)            “Participant”
means an Eligible Employee who elects to participate in the Plan, as provided
in Section 5 hereof.

(k)           “Participating
Company” means the Company and such present or future Subsidiaries of the
Company as the Board of Directors shall from time to time designate.

 

2

 

(l)            “Participation
Period” means each consecutive twelve month period commencing on the Company’s
first and third fiscal quarters during the term of the Plan.  The Board shall have the power to change the
frequency and/or duration of Participation Periods upon at least fifteen (15)
days written notice to then-Eligible Employees before the scheduled beginning
of the Participation Period to be affected.

(m)          “Plan
Account” means the account established for each Participant pursuant to Section
8(a).

(n)           “Plan
Administrator” means the committee appointed by the Board to administer the
Plan pursuant to Section 4.

(o)           “Purchase
Period” with respect to any Participant means each six-month period commencing
on the Company’s first and third fiscal quarters beginning with the Date of
Participation.  The Board shall have the
power to change the frequency and/or duration of Purchase Periods upon at least
fifteen (15) days written notice to then-Eligible Employees before the
scheduled beginning of the Purchase Period to be affected.

(p)           “Purchase
Price” means the price at which Participants may purchase Stock under Section 8
of the Plan, as determined pursuant to Section 6.

(q)           “Stock”
means the common stock, par value $0.001, of the Company.

(r)            “Stock
Administrator” means the Company’s Stock Administration Department.

(s)           “Subsidiary”
means a subsidiary corporation as defined in Section 424(f) of the Code.

Section 3.               Duration;
Shares Authorized.

The Plan shall terminate on the last day of the
Company’s 2008–2009 fiscal year, unless terminated earlier by the Board
of Directors.  The maximum aggregate
number of shares which may be offered under the Plan shall be 11,100,000 shares
of Stock, subject to adjustment as provided in Section 12 hereof.

Section 4.               Administration.

(a)           Except
as otherwise provided herein, the Plan shall be administered by the Board or by
a committee (the “Plan Administrator”) appointed by the Board of Directors which
shall consist of not less than two members of the Board.  References in this Plan to the “Plan
Administrator” shall mean the Board if no Plan Administrator has been
appointed.  The interpretation and
construction by the Plan Administrator of any provision of the Plan or of any
right to purchase stock qualified hereunder shall be conclusive and binding on
all persons.

(b)           No
member of the Board or the Plan Administrator shall be liable for any action or
determination made in good faith with respect to the Plan or the right to
purchase Stock hereunder.  The Plan
Administrator shall be indemnified by the Company against the reasonable

 

3

 

expenses, including attorney’s fees actually and
necessarily incurred in connection with the defense of any action, suit or
proceeding, or in connection with any appeal therein, to which it may be a
party by reason of any action taken or failure to act under or in connection
with the Plan or any stock purchased thereunder, and against all amounts paid
by it in settlement thereof (provided such settlement is approved by
independent legal counsel selected by the Company) or paid by it in
satisfaction of a judgment in any such action, suit or proceeding, except in
relation to matters as to which it shall be adjudged in such action, suit or
proceeding that the Plan Administrator is liable for negligence or misconduct
in the performance of its duties; provided that within sixty (60) days after
institution of any such action, suit or proceeding, the Plan Administrator
shall in writing offer the Company the opportunity, at its own expense, to
handle and defend the same.

(c)           All
costs and expenses incurred in administering the Plan shall be paid by the
Company.  The Board or the Plan Administrator
may request advice for assistance or employ such other persons as are necessary
for proper administration of the Plan.

Section 5.               Eligibility
and Participation.

(a)           Any
person who qualifies or will qualify as an Eligible Employee on the Date of
Participation with respect to a Participation Period may elect to participate
in the Plan for such Participation Period. 
An Eligible Employee may elect to participate by submitting the
prescribed enrollment form.  The
enrollment form shall be filed with the Stock Administrator no later than the
filing deadline imposed and communicated to Eligible Employees with respect to
the Participation Period for which such enrollment form is intended to be
effective by the Stock Administrator, and if none is so imposed and/or
communicated, then no later than five (5) days before the Participation Period
for which such enrollment form is intended to be effective.  The Eligible Employee shall designate on the
enrollment form the percentage of his or her Compensation which he or she
elects to have withheld for the purchase of Stock, which may be any whole
percentage from 1 to 15% of the Participant’s Compensation.

(b)           By
enrolling in the Plan, a Participant shall be deemed to have been granted an
option on his or her Date of Participation to purchase the maximum number of
whole shares of Stock which can be purchased with the amount of the
Participant’s Compensation which is withheld during each Purchase Period within
the Participation Period for which the Participation is enrolled.  However, with respect to any Purchase
Period, no Participant shall be eligible to purchase more than five thousand
(5,000) shares of Stock provided that such amount shall not result in the
limitations set forth in Section 13 being exceeded.  Notwithstanding the foregoing, effective as of October 1, 2002,
the Plan Administrator, or a committee appointed by the Plan Administrator,
which committee may be comprised solely of employees of the Company, shall have
the right to amend the limit set forth in this Section 5(b) with respect to
Purchase Periods commencing after the date of such amendment; provided,
however, that in no event shall the limit exceed five thousand (5,000) shares
of Stock per Purchase Period or the limitations set forth in Section 13.

(c)           Once
enrolled, a Participant will continue to participate in the Plan for each
succeeding Purchase Period and each succeeding Participation Period until he or
she terminates participation or ceases to qualify as an Eligible Employee.  A Participant who

 

4

 

withdraws from the Plan in accordance with Section 9
may again become a Participant in a subsequent Participation Period, if he or
she then is an Eligible Employee, by following the procedure described in
Section 5(a).

(d)           If
the Fair Market Value of a share of Stock on the Date of Participation for the
current Participation Period in which a Participant is enrolled is higher than
the Fair Market Value of a share of Stock on the first day of any subsequent
Participation Period, the Company will (after the Purchase Period), terminate
the current Participation Period, and the Participant’s Date of Participation
shall be the first day of such subsequent Participation Period until changed in
accordance with the terms of this Plan.

Section 6.               Purchase
Price.

The Purchase Price for each share of Stock shall be
the lesser of (i) eighty–five percent (85%) of the Fair Market Value of
such share on the Date of Participation or (ii) eighty–five percent (85%)
of the Fair Market Value of such share on the Date of Exercise, for an
applicable Participation Period.

Section 7.               Employee
Contributions.

A Participant may purchase shares of Stock solely by
means of payroll deductions.  Payroll
deductions, as designated by the Participant pursuant to Section 5(a), shall
commence with the first paycheck issued during the Purchase Period and shall be
deducted from each subsequent paycheck throughout the Purchase Period;
provided, however, that, with respect to a Participant, the Company shall be
entitled to discontinue payroll deductions for such Participant during a
Purchase Period to the extent that the Company determines that the payroll
deductions for such Participant during such Purchase Period will cause the
Participant to exceed the limitations set forth in Sections 5 or 13; provided,
further, that the Company will recommence payroll deductions for such
Participant on the first day of the next Purchase Period to the extent the
limitation set forth in Section 13 has not been exceeded.  If a Participant desires to decrease the
rate of payroll withholding during the Purchase Period, he or she may do so one
time during a Purchase Period by submitting the prescribed percentage change
form with the Stock Administrator.  Such
decrease will be effective no later than the first day of the second period,
which begins following the receipt of the new percentage change form.  If a Participant desires to increase or
decrease the rate of payroll withholding, he or she may do so effective for the
next Purchase Period by submitting a new percentage change form with the Stock
Administrator on or before the date imposed and communicated to Eligible
Employees by the Stock Administrator, and if none is so imposed and/or
communicated, then no later than five (5) days before the Purchase Period for
which such change is to be effective.

Section 8.               Plan
Accounts; Purchase of Shares.

(a)           The
Company will maintain a Plan Account on its books in the name of each
Participant.  At the close of each pay
period, the amount deducted from the Participant’s Compensation will be
credited to the Participant’s Plan Account.

 

5

 

(b)           As
of each Date of Exercise, the amount then in the Participant’s Plan Account
will be divided by the Purchase Price, and the number of whole shares which
results (subject to the limitations described in Sections 5(b), 8(c) and 13)
shall be purchased from the Company with the funds in the Participant’s Plan
Account.  The number of shares of Stock
so purchased shall be delivered to a brokerage account designated by the Plan
Administrator and kept in such account pursuant to the enrollment form (which
shall be uniform) between each Participant and the Company and subject to the
conditions described therein (which may include, without limitation,
restrictions on transferability of the shares of Stock so purchased).

(c)           In
the event that the aggregate number of shares which all Participants elect to
purchase during a Purchase Period shall exceed the number of shares remaining
available for issuance under the Plan, then the number of shares to which each
Participant shall become entitled shall be determined by multiplying the number
of shares available for issuance by a fraction the numerator of which is the
sum of the number of shares the Participant has elected to purchase pursuant to
Section 5, and the denominator of which is the sum of the number of shares
which all employees have elected to purchase pursuant to Section 5.  Any cash amount remaining in the
Participant’s Plan Account under these circumstances shall be refunded to the
Participant.

(d)           Any
amount remaining in the Participant’s Plan Account caused by a surplus due to
fractional shares after deducting the amount of the Purchase Price for the
number of whole shares issued to the Participant shall be carried over in the
Participant’s Plan Account for the succeeding Purchase Period, without
interest.  Any amount remaining in the
Participant’s Plan Account caused by anything other than a surplus due to
fractional shares shall be refunded to the Participant in cash, without
interest.

(e)           As
soon as practicable following the end of each Purchase Period, the Company
shall deliver to each Participant a Plan Account statement setting forth the amount
of payroll deductions, the Purchase Price, the number of shares purchased and
the remaining cash balance, if any.

Section 9.               Withdrawal
From the Plan.

A Participant may elect to withdraw from participation
under the Plan at any time up to the last day of a Purchase Period by
submitting the prescribed withdrawal form with the Stock Administrator.  As soon as practicable after a withdrawal,
payroll deductions shall cease and all amounts credited to the Participant’s
Plan Account will be refunded in cash, without interest.  A Participant who has withdrawn from the
Plan shall not be a Participant in future Participation Periods, unless he or
she again enrolls in accordance with the provisions of Section 5.

Section 10.             Effect
of Termination of Employment or Death.

(a)           Termination
of employment as an Eligible Employee for any reason, including death, shall be
treated as an automatic withdrawal from the Plan under Section 9.  A transfer from one Participating Company to
another shall not be treated as a termination of employment.

 

6

 

(b)           A
Participant may file a written designation of a beneficiary who is to receive
any shares and cash, if any, from the Participant’s Account under the Plan in
the event of such Participant’s death subsequent to the purchase of shares but
prior to delivery to him or her of such shares and cash.  In addition, a Participant may file a
written designation of a beneficiary who is to receive any cash from the
Participant’s Account under the Plan in the event of such Participant’s death
prior to the last day of a Purchase Period. 
Designation of a beneficiary is located on page 2 of the prescribed
enrollment form.

(c)           Such
designation of beneficiary may be changed by the Participant at any time by
submitting the prescribed designation of beneficiary change form with the Stock
Administrator.  In the event of the
death of a Participant in the absence of a valid designation of a beneficiary
who is living at the time of such Participant’s death, the Company shall
deliver such shares and/or cash in accordance with the Participant’s
designation of beneficiaries under the Integrated Device Technology, Inc.
401(k) Savings Plan; or, in the absence of such designation, to the executor or
administrator of the estate of the Participant; or if no such executor or
administrator has been appointed (to the knowledge of the Company), the
Company, in its discretion, may deliver such shares and/or cash to the spouse
or to any one or more dependents or relatives of the Participant; or if no
spouse, dependent or relative is known to the Company, then to such other
person as the Company may designate.

Section 11.             Rights
Not Transferable.

The rights or interests of any Participant in the
Plan, or in any Stock or moneys to which he or she may be entitled under the
Plan, shall not be transferable by voluntary or involuntary assignment or by
operation of law, or by any other manner other than as permitted by the Code or
by will or the laws of descent and distribution.  If a Participant in any manner attempts to transfer, assign or
otherwise encumber his or her rights or interest under the Plan, other than as
permitted by the Code or by will or the laws of descent and distribution, such
act shall be treated as an automatic withdrawal under Section 9.

Section 12.             Recapitalization,
Etc.

(a)           The
aggregate number of shares of Stock offered under the Plan, the number and
price of shares which any Participant has elected to purchase pursuant to
Section 5 and the maximum number of shares which a Participant may elect to
purchase under the Plan in any Purchase Period shall be proportionately
adjusted for any increase or decrease in the number of issued shares of Stock
resulting from a subdivision or consolidation of shares or any other capital
adjustment, the payment of a stock dividend, or other increase or decrease in
such shares affected without receipt of consideration by the Company.

(b)           In
the event of a dissolution or liquidation of the Company, or a merger or
consolidation to which the Company is a constituent corporation, this Plan
shall terminate, unless the plan of merger, consolidation or reorganization
provides otherwise, and all amounts which each Participant has paid towards the
Purchase Price of Stock hereunder shall be refunded, without interest.

 

7

 

(c)           The
Plan shall in no event be construed to restrict in any way the Company’s right
to undertake a dissolution, liquidation, merger, consolidation or other
reorganization.

Section 13.             Limitation
on Stock Ownership.

Notwithstanding any provision herein to the contrary,
no Participant shall be permitted to elect to participate in the Plan (i) if
such Participant, immediately after his or her election to participate, would own
stock possessing five percent (5%) or more of the total combined voting power
or value of all classes of stock of the Company or any parent or Subsidiary of
the Company, or (ii) if under the terms of the Plan the rights of the Employee
to purchase Stock under this Plan and all other qualified employee stock
purchase plans of the Company or its Subsidiaries would accrue at a rate which
exceeds twenty–five thousand dollars ($25,000) of the Fair Market Value
of such Stock (determined at the time such right is granted) for each calendar
year for which such right is outstanding at any time.  Nothing in this Section shall cause a Participant’s Date of
Participation to be other than as would be determined pursuant to the Plan
without regard to the limitations set forth in this Section.  For purposes of this Section, ownership of
stock shall be determined by the attribution rules of Section 425(d) of the
Code, and Participants shall be considered to own any stock which they have a
right to purchase under this or any other stock plan.

Section 14.             No
Rights as an Employee.

Nothing in the Plan shall be construed to give any
person the right to remain in the employ of a Participating Company.  Each Participating Company reserves the
right to terminate the employment of any person at any time and for any reason.

Section 15.             Rights
as a Stockholder.

A Participant shall have no rights as a stockholder
with respect to any shares he or she may have a right to purchase under the
Plan until the date of issuance to the brokerage account designated by the Plan
Administrator the shares of Stock issued pursuant to the Plan.

Section 16.             Use
of Funds.

All payroll deductions received or held by the Company
under the Plan may be used by the Company for any corporate purpose, and the Company
shall not be obligated to segregate such payroll deductions in separate
accounts.

Section 17.             Amendment
or Termination of the Plan.

Except as otherwise provided herein, the Board of
Directors shall have the right to amend, modify or terminate the Plan at any
time without notice.  An amendment of
the Plan shall be subject to shareholder approval only to the extent required
by applicable laws, regulations or rules.

Section 18.             Governing
Law.

The Plan shall be governed by, and construed and
interpreted in accordance with, the laws of the State of Delaware.

 

8

 

To record the adoption of
this amended and restated Plan, the Company has caused its authorized officer
to execute the same this         day
of                            , 2003.

Integrated Device
Technology, Inc.

 

 

	
   

  	
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Exhibit 10.1  

 
 

EMPLOYMENT AGREEMENT    
    

        This Employment Agreement (the "Agreement") is entered into as of the 14th day of July, 2003 (the "Effective Date"), between IHOP CORP., a Delaware
corporation (the "Company"), and Patrick Piccininno (the "Employee"). 

        Whereas,
the Board of Directors of the Company (the "Board") has approved and authorized the entry into this Agreement with the Employee; and 

        Whereas,
the parties desire to enter into this Agreement setting forth the terms and conditions for the employment relationship of the Employee with the Company. 

        Now,
Therefore, in consideration of the promises and mutual covenants and agreements herein contained and intending to be legally bound hereby, the Company and the Employee hereby agree
as follows: 

        1.     Employment.
The Employee is employed as Vice President—Information Technology of the Company from the Effective Date through the Term of this Agreement (as
defined in Section 2 hereof). In this capacity, the Employee shall have such duties and responsibilities as may be designated to him by the Board from time to time and as are not inconsistent
with the Employee's position with the Company, including the performance of duties with respect to any subsidiaries of the Company, as may be designated by the Board. During the Employee's period of
employment hereunder, the Employee shall be based in the principal offices of the Company in Southern California, and shall not be required to relocate outside of Southern California to perform
services hereunder, except for travel as reasonably required in the performance of his duties hereunder. 

        2.     Term.
The "initial term" of this Agreement shall be for the period commencing on the Effective Date and ending on the second anniversary of the Effective Date; provided,
however, that on the second anniversary of the Effective Date, and on each subsequent anniversary date thereafter, the term of this Agreement shall automatically be extended for one additional year
unless, not later than 90 days prior to such applicable anniversary date, the Company or the Employee shall give notice not to extend this Agreement; and provided further, however, that, if a
Change in Control (as defined in Section 11(g)) occurs prior to the expiration of the Term of this Agreement, this Agreement shall remain in full force and effect and shall not expire prior to
the last day of the 24th month following the date of such Change in Control. The "Term of this Agreement" or "Term" shall mean, for purposes of this Agreement, both the "initial term" (as hereinbefore
described) and any additional term (created by extension, as described above), and the Term of this Agreement shall not be affected by the Employee's termination of employment. 

        3.     Salary.
Subject to the further provisions of this Agreement, the Company shall pay the Employee during the Term of this Agreement a salary at an annual rate equal to
$215,000.00, with such salary to be increased at such times, if any, and in such amounts as determined by the Board, which increases shall be consistent with the historical business practices of the
Company and the salary adjustments for other senior executives of the Company. Such salary shall be payable by the Company to the Employee not less frequently than monthly and shall not be decreased
at any time during the Term of this Agreement. Participation in deferred compensation, discretionary bonus, retirement, and other employee benefit plans and in fringe benefits shall not reduce the
salary payable to the Employee under this Section. 

        4.     Participation
in Bonus, Retirement and Employee Benefit Plans. The Employee shall be entitled to participate equitably with other senior executives in any plan of the
Company relating to bonuses, stock options, stock purchases, pension, thrift, profit sharing, life insurance, medical coverage, education, or other retirement or employee benefits that the Company has
adopted or may adopt for the benefit of its senior executives. For purposes of the Company's Executive Incentive Plan, Employee's target bonus will be 35% of his base pay. 

 

        5.     Hiring
Incentive. Upon the Effective Date, or as soon as practicable thereafter, Employee shall receive an option to purchase a total of 20,000 shares of IHOP Corp.
common stock. Such stock option shall be subject to the terms of the IHOP Corp. 2001 Stock Incentive Plan, as amended, and a Stock Option Agreement setting forth, among other things, the option
exercise vesting schedule and option exercise price. 

        6.     Fringe
Benefits; Automobile. The Employee shall be entitled to receive all other fringe benefits which are now or may be provided to the Company's senior executives. In
addition, the Company shall provide the Employee during the Term of this Agreement with a car allowance of $600 per month, plus reimbursement of all automobile expenses such as gasoline, maintenance,
insurance and vehicle registration, in accordance with the Company's general policy on providing cars to senior executives. Notwithstanding the foregoing, the benefits provided under this
Section 6 shall cease upon the Employee's Date of Termination (as defined in Section 11(d)). 

        7.     Vacations.
The Employee shall be entitled to an annual paid vacation as determined in accordance with the Company's general policy for senior executives, except that from
the Effective Date until the 5th anniversary of the Effective Date you will accrue vacation time at the rate of 5.0 hours per pay period (annual accrual = 120 hours)
and from and after the 5th anniversary of the Effective Date you will accrue vacation time at the rate of 6.6667 hours per pay period (annual accrual = 160 hours). 

        8.     Business
Expenses. During such time as the Employee is rendering services hereunder, the Employee shall be entitled to incur and be reimbursed for all reasonable business
expenses and be provided allowances as are furnished to the Company's most senior executives under the Company's then current policies. The Company agrees that it will reimburse the Employee for all
such expenses upon the presentation by the Employee, from time to time, of an itemized account of such expenditures, setting forth the date, the purposes for which incurred, and the amounts thereof,
together with such receipts showing payments in conformity with the Company's established policies. Reimbursement shall be made within a reasonable period after the Employee's submission of an
itemized account. 

        9.     Insurance
and Indemnity. The Employee shall be added as an additional named insured under all appropriate insurance policies now in force or hereafter obtained covering
any officers or directors of the Company. The Company shall indemnify and hold the Employee harmless from any cost, expense or liability arising out of or relating to any acts or decisions made by the
Employee on behalf of or in the course of performing services for the Company to the same extent the Company indemnifies and holds harmless other senior executive officers and directors of the Company
and in accordance with the Company's established policies. 

        10.   Professional
Services Allowance. The Employee shall be entitled to reimbursement by the Company for expenses incurred by him for personal legal, accounting, investment,
estate planning services or other similar services as outlined in the Company's Professional Services Allowance policy, in an amount to be determined by the Board, but in no event greater than $10,000
annually (or a pro rata portion of such amount for any period of employment less than a full year); provided, however, that no reimbursement shall be made for any such expenses incurred by the
Employee after such Employee's Date of Termination. 

        11.   Termination.

        (a)   Disability.
If, as a result of the Employee's incapacity due to physical or mental illness, he shall have been absent from the full-time performance of his
duties with the Company for 90 consecutive days or 180 days within any 12-month period, his employment may be terminated by the Company for "Disability." 

2

 

        (b)   Cause.
Subject to the notice provisions set forth below, the Company may terminate the Employee's employment for "Cause" at any time. "Cause" shall mean termination
upon: (1) the willful failure by the Employee to substantially perform his duties with the Company (other than any such failure resulting from his incapacity due to physical or mental illness),
after a written demand for substantial performance is delivered to him by the Board, which demand specifically identifies the manner in which the Board believes that he has not substantially performed
his duties; (2) the Employee's willful misconduct that is demonstrably and materially injurious to the Company, monetarily or otherwise; or (3) the Employee's commission of such acts of
dishonesty, fraud, misrepresentation or other acts of moral turpitude as would prevent the effective performance of his duties. For purposes of this subsection (b), no act, or failure to act, on the
Employee's part shall be deemed "willful" unless done, or omitted to be done, by him not in good faith and without the reasonable belief that his action or omission was in the best interest of the
Company. Notwithstanding the foregoing, the Employee shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to him a copy of a resolution duly adopted
by the affirmative vote of a majority of the non-employee members of the Board at a meeting of such members (after reasonable notice to him and an opportunity for him, together with his
counsel, to be heard before such members of the Board), finding that he has engaged in the conduct set forth above in this subsection (b) and specifying the particulars thereof in detail. 

        (c)   Notice
of Termination. Any termination of the Employee's employment by the Company or by the Employee shall be communicated by written Notice of Termination to the other
party hereto in accordance with Section 15. "Notice of Termination" shall mean a notice that indicates the specific termination provision in this Agreement relied upon and sets forth in
reasonable detail the facts and circumstances claimed to provide a basis for the termination of the Employee's employment under the provision so indicated. 

        (d)   Date
of Termination. "Date of Termination" shall mean: (1) if the Employee's employment is terminated by his death, the date of his death; (2) if the
Employee's employment is terminated for Disability, 30 days after Notice of Termination is given; and (3) if the Employee's employment is terminated for any other reason, the date
specified in the Notice of Termination. 

        (e)   Dispute
Concerning Termination. If within the later of (i) fifteen (15) days after Notice of Termination is given, or (ii) fifteen (15) days
prior to the Date of Termination (as determined without regard to this Section 11(e), the party receiving such Notice of Termination notifies the other party that a dispute exists concerning a
termination by the Employee for Good Reason (as defined in Section 11(h)) following a Change in Control (as defined in Section 11(g)), the Date of Termination shall be the earlier of the
expiration date of the Agreement, or the date on which the dispute is finally resolved, either by mutual written agreement of the parties or by a final judgment, order or decree of a court of
competent jurisdiction (which is not appealable or with respect to which the time for appeal therefrom has expired and no appeal has been perfected); provided, however, that the Date of Termination
shall be extended by a notice of dispute only if such notice is given in good faith and the party giving such notice pursues the resolution of such dispute with reasonable diligence. 

        (f)    Compensation
During Dispute. If a purported termination by the Employee for Good Reason occurs following a Change in Control and during the Term of this Agreement, and
such termination is disputed in accordance with Section 11(e) hereof, the Company shall continue to pay the Employee the full compensation in effect when the notice giving rise to the dispute
was given (including, but not limited to, salary) and continue the Employee as a participant in all compensation, benefit and insurance plans in which the Employee was participating when the notice
giving rise to the dispute was given, until the dispute is finally resolved in accordance with Section 11(e) hereof or, if earlier, the expiration date of the Agreement. Amounts paid under this
Section 11(f) are in addition to all other amounts due under this Agreement (other than those due under Section 12(b) hereof) and shall not be offset against or reduce any other amounts
payable under this Agreement. 

3

 

        (g)   Change
in Control. A "Change in Control" shall be deemed to have occurred if the conditions set forth in any one of the following paragraphs shall have been satisfied: 

        (i)    any
"person" (as such term is used in Sections 14(d) and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) (other than the Company; any
trustee or other fiduciary holding securities under an employee benefit plan of the Company; or any Company owned, directly or indirectly, by the stockholders of the Company in substantially the same
proportions as their ownership of the stock of the Company) is or becomes after the Effective Date the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of the Company (not including in the securities beneficially owned by such person any securities acquired directly from the Company or its affiliates) representing 25% or
more of the combined voting power of the Company's then outstanding securities; or 

        (ii)   during
any period of two consecutive years (not including any period prior to the Effective Date), individuals who at the beginning of such period constitute the Board
and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in subparagraph (i), (iii) or
(iv) of this Section 11(g)) whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least 2/3 of the directors
then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority
thereof; or 

        (iii)  the
stockholders of the Company approve a merger or consolidation of the Company with any other corporation, other than (A) a merger or consolidation which
would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving entity), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company, at least 75% of the combined voting power of
the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or (B) a merger or consolidation effected to implement a
recapitalization of the Company (or similar transaction) in which no person acquires more than 50% of the combined voting power of the Company's then outstanding securities; or 

        (iv)  the
stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially
all the Company's assets. 

        (h)   Good
Reason. At any time following a Change in Control, the Employee may terminate his employment hereunder for "Good Reason." "Good Reason" shall mean the occurrence
(without the Employee's express written consent) of any material breach of this Agreement, including, without limitation, any one of the following acts by the Company, or failures by the Company to
act, unless, in the case of any act or failure to act described in subsections (i), (iv), (v), (vi) or (vii) below, such act or failure to act is corrected prior to the Date of
Termination specified in the Notice of Termination given in respect thereof: 

        (i)    the
assignment to the Employee of any duties inconsistent with the Employee's status as a senior executive of the Company or a substantially adverse alteration in the
nature or status of the Employee's responsibilities from those in effect immediately prior to the Change in Control; 

        (ii)   a
reduction by the Company in the Employee's annual base salary as in effect on the date hereof or as the same may be increased from time to time; 

        (iii)  the
relocation of the Company's principal offices to a location outside Southern California (or, if different, the metropolitan area in which such offices are located
immediately prior to the Change in Control) or the Company's requiring the Employee to be based anywhere other than the Company's 

4

 

principal
executive offices, except for required travel on the Company's business to an extent substantially consistent with the Employee's present business travel obligations; 

        (iv)  the
failure by the Company to pay to the Employee any portion of the Employee's current compensation, or to pay to the Employee any portion of an installment of
deferred compensation under any deferred compensation program of the Company, within seven days of the date such compensation is due; 

        (v)   the
failure by the Company to continue in effect any compensation plan in which the Employee participates immediately prior to the Change in Control which is material to
the Employee's total compensation, unless an equitable arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to such plan, or the failure by the Company to
continue the Employee's participation therein (or in such substitute or alternative plan) on a basis not materially less favorable, both in terms of the amount of benefits provided and the level of
the Employee's participation relative to other participants, as existed immediately prior to the Change in Control; 

        (vi)  the
failure by the Company to continue to provide the Employee with benefits substantially similar to those enjoyed by the Employee under any of the Company's pension,
life insurance, medical, health and accident, or disability plans in which the Employee was participating immediately prior to the Change in Control; or the taking of any action by the Company which
would directly or indirectly materially reduce any of such benefits or deprive the Employee of any material fringe benefit enjoyed by the Employee immediately prior to the Change in Control; 

        (vii) any
purported termination of the Employee's employment which is not effected pursuant to a Notice of Termination satisfying the requirements of this Agreement; for
purposes of this Agreement, no such purported termination shall be effective; or 

        (viii) any
failure by the Company to comply with and satisfy Section 13(b) of this Agreement. 

        The
Employee's right to terminate the Employee's employment for Good Reason shall not be affected by the Employee's incapacity due to physical or mental illness. The Employee's continued
employment shall not constitute consent to, or a waiver of rights with respect to, any act or failure to act constituting Good Reason hereunder. 

        (i)    Voluntary
Termination. The Employee may terminate his employment hereunder ("Voluntary Termination") upon a material breach of this Agreement by the Company, unless the
Company shall fully correct such breach within 30 days of the Employee's Notice of Termination given in respect thereof. 

        12.   Compensation
Upon Termination or During Disability. The Employee shall be entitled to the following benefits during a period of disability, or upon termination of his
employment, as the case may be, provided that such period or termination occurs during the Term of this Agreement: 

        (a)   During
any period that the Employee fails to perform his full-time duties with the Company as a result of incapacity due to physical or mental illness, he
shall continue to receive his base salary at the rate in effect at the commencement of any such period, together with all compensation payable to him under the Company's disability plan or program or
other similar plan during such period, until his employment is terminated pursuant to Section 11 hereof. Thereafter, or in the event the Employee's employment shall be terminated by reason of
his death, his benefits shall be determined under the Company's retirement, insurance and other compensation programs then in effect in accordance with the terms of such programs. 

        (b)   If
at any time the Employee's employment shall be terminated: (i) by the Company for Cause or Disability or (ii) by him for any reason (other than in a
Voluntary Termination or for Good Reason following the occurrence of a Change in Control), the Company shall pay the Employee his full base salary through the Date of Termination at the rate in effect
at the time Notice of Termination is given, 

5

 

plus
all other amounts to which he is entitled through the Date of Termination under any compensation plan of the Company at the time such payments are due, and the Company shall have no further
obligations to him under this Agreement. 

        (c)   If
the Employee's employment should be terminated: (1) by reason of his death, (2) by the Company other than for Cause or Disability or (3) by the
Employee in a Voluntary Termination, he shall be entitled to the benefits provided below: 

        (i)    the
Company shall pay to the Employee or the appropriate payee (as determined in accordance with Section 13(c)) (A) his full base salary through the Date
of Termination at the rate in effect at the time Notice of Termination is given; plus (B)(x) in the case of death or a Voluntary Termination all salary and bonus payments that would have been
payable to the Employee pursuant to this Agreement for the remaining Term of this Agreement, or (y) in all other cases, all salary and bonus payments that would have been payable to the
Employee had the Employee continued to be employed for a period of 12 months, assuming for the purpose of such payments that his salary for such remaining period is equal to his salary at the
Date of Termination and that his annual bonus for such remaining Term is equal to the average of the annual bonuses paid to him by the Company with respect to the three fiscal years ended immediately
prior to the fiscal year in which the Date of termination occurs; plus (C) all other amounts to which he is entitled under any compensation plan of the Company, in cash in a lump sum no later
than the 15th day following the Date of Termination; 

        (ii)   for
a 12-month period after the Date of Termination, the Company shall arrange to provide the Employee with life, disability, accident and health insurance
benefits substantially similar to those which the Employee and his covered family members are receiving immediately prior to the Notice of Termination (without giving effect to any reduction in such
benefits subsequent to a Change in Control); provided, however, that such continued benefits shall be reduced to the extent comparable benefits are actually received by or made available to the
Employee without cost during the 12-month period following the Employee's termination of employment (and the Employee agrees that he shall promptly report any such benefits actually
received to the Company); and 

        (iii)  the
Company shall continue in effect for the benefit of the Employee all insurance or other provisions for indemnification and defense of officers or directors of the
Company which are in effect on the date the Notice of Termination is sent to the Employee with respect to all of his acts and omissions while an officer or director as fully and completely as if such
termination had not occurred, and until the final expiration or running of all periods of limitation against actions which may be applicable to such acts or omissions. 

        (d)   If
the Employee's employment should be terminated by the Employee for Good Reason following a Change in Control, he shall be entitled to the benefits provided below: 

        (i)    the
Company shall pay to the Employee or the appropriate payee (as determined in accordance with Section 13(c)) (A) his full base salary through the Date
of Termination at the rate in effect at the time Notice of Termination is given; plus (B)(x) in the case of death or a Voluntary Termination all salary and bonus payments that would have been
payable to the Employee pursuant to this Agreement for the remaining Term of this Agreement, or (y) in all other cases, all salary and bonus payments that would have been payable to the
Employee had the Employee continued to be employed for a period of 24 months, assuming for the purpose of such payments that his salary for such remaining period is equal to his salary at the
Date of Termination and that his annual bonus for such remaining Term is equal to the average of the annual bonuses paid to him by the Company with respect to the three fiscal years ended immediately
prior to the fiscal year in which the Date of termination occurs; plus (C) all other amounts to which he is entitled under any compensation plan of the Company, in cash in a lump sum no later
than the 15th day following the Date of Termination; 

6

 

        (ii)   for
a 24-month period after the Date of Termination, the Company shall arrange to provide the Employee with life, disability, accident and health insurance
benefits substantially similar to those which the Employee and his covered family members are receiving immediately prior to the Notice of Termination (without giving effect to any reduction in such
benefits subsequent to a Change in Control); provided, however, that such continued benefits shall be reduced to the extent comparable benefits are actually received by or made available to the
Employee without cost during the 24-month period following the Employee's termination of employment (and the Employee agrees that he shall promptly report any such benefits actually
received to the Company); and 

        (iii)  the
Company shall continue in effect for the benefit of the Employee all insurance or other provisions for indemnification and defense of officers or directors of the
Company which are in effect on the date the Notice of Termination is sent to the Employee with respect to all of his acts and omissions while an officer or director as fully and completely as if such
termination had not occurred, and until the final expiration or running of all periods of limitation against actions which may be applicable to such acts or omissions. 

        (e)   Notwithstanding
any other provisions of this Agreement, in the event that any payment or benefit received or to be received by the Employee in connection with the
termination of the Employee's employment (whether such benefit is pursuant to the terms of this Agreement or any other plan, arrangement or agreement with the Company, and all such payments and
benefits being hereinafter called "Total Payments") would not be deductible (in whole or part), by the Company as a result of the application of Section 280G of the Internal Revenue Code of
1986, as amended ("Code"), then, to the extent necessary to make the nondeductible portion of the Total Payments deductible, (i) the cash payments under this Agreement shall first be reduced
(if necessary, to zero), and (ii) all other non-cash payments under this Agreement shall next be reduced (if necessary, to zero). 

        (f)    If
it is established as described in the preceding subsection (d) that the aggregate benefits paid to or for the Employee's benefit are in an amount that would
result in any portion of such "parachute payments" not being deductible by reason of Section 280G of the Code, then the Employee shall have an obligation to pay the Company upon demand an
amount equal to the sum of: (i) the excess of the aggregate "parachute payments" paid to or for the Employee's benefit over the aggregate "parachute payments" that could have been paid to or
for the Employee's benefit without any portion of such "parachute payments" not being deductible by reason of Section 280G of the Code; and (ii) interest on the amount set forth in
clause (i) of this sentence at the rate provided in Section 1274(b)(2)(B) of the Code from the date of the Employee's receipt of such excess until the date of such payment. 

        (g)   The
Employee shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise. 

        (h)   If
the employment of the Employee is terminated by the Company without Cause or the Employee's employment is terminated by the Employee under conditions entitling him to
payment hereunder and the Company fails to make timely payment of the amounts then owed to the Employee under this Agreement, the Employee shall be entitled to interest on such amounts at the rate of
1% above the prime rate (defined as the base rate on corporate loans at large U.S. money center commercial banks as published by the Wall Street Journal), compounded monthly, for the period from the
date such amounts were otherwise due until payment is made to the Employee (which interest shall be in addition to all rights which the Employee is otherwise entitled to under this Agreement). 

        13.   Assignment.

        (a)   This
Agreement is personal to each of the parties hereto. No party may assign or delegate any rights or obligations hereunder without first obtaining the written consent
of the other party hereto, except that this Agreement shall be binding upon and inure to the benefit of any successor corporation to the Company. 

7

 

        (b)   The
Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken
place. As used in this Agreement, "Company" shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes this Agreement by operation of
law, or otherwise. 

        (c)   This
Agreement shall inure to the benefit of and be enforceable by the Employee and his personal or legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees. If the Employee should die while any amount would still be payable to him hereunder had he continued to live, all such amounts, unless otherwise provided herein,
shall be paid in accordance with the terms of this Agreement to his devisee, legatee or other designee or, if there is no such designee, to his estate. 

        14.   (a)
Confidential Information. During the Term of this Agreement and thereafter, the Employee shall not, except as may be required to perform his duties hereunder or as
required by applicable law, disclose to others for use, whether directly or indirectly, any Confidential Information regarding the Company. "Confidential Information" shall mean information about the
Company, its subsidiaries and affiliates, and their respective clients and customers that is not available to the general public and that was learned by the Employee in the course of his employment by
the Company, including (without limitation) any data, formulae, information, proprietary knowledge, trade secrets and client and customer lists and all papers, resumes, records and the documents
containing such Confidential Information. The Employee acknowledges that such Confidential Information is specialized, unique in nature and of great value to the Company, and that such information
gives the Company a competitive advantage. Upon the termination of his employment, the Employee will promptly deliver to the Company all documents (and all copies thereof) containing any Confidential
Information. 

        (b)   Non-competition.
The Employee agrees that during the Term of this Agreement, and for a period of one year thereafter, he will not, directly or indirectly,
without the prior written consent of the Company, provide consultative service with or without pay, own, manage, operate, join, control, participate in, or be connected as a stockholder, partner, or
otherwise with any business, individual, partner, firm, corporation, or other entity which is then in competition with the Company or any present affiliate of the Company; provided, however, that the
"beneficial ownership" by the Employee, either individually or as a member of a "group," as such terms are used in Rule 13d of the General Rules and Regulations under the Exchange Act, of not
more than 1% of the voting stock of any publicly held corporation shall not be a violation of this Agreement. It is further expressly agreed that the Company will or would suffer irreparable injury if
the Employee were to compete with the Company or any subsidiary or affiliate of the Company in violation of this Agreement and that the Company would by reason of such competition be entitled to
injunctive relief in a court of appropriate jurisdiction, and the Employee further consents and stipulates to the entry of such injunctive relief in such a court prohibiting the Employee from
competing with the Company or any subsidiary or affiliate of the Company in violation of this Agreement. 

        (c)   Right
to Company Materials. The Employee agrees that all styles, designs, recipes, lists, materials, books, files, reports, correspondence, records, and other documents
("Company Material") used, prepared, or made available to the Employee, shall be and shall remain the property of the Company. Upon the termination of his employment or the expiration of this
Agreement, all Company Materials shall be returned immediately to the Company, and Employee shall not make or retain any copies thereof. 

        (d)   Antisolicitation.
The Employee promises and agrees that during the Term of this Agreement, and for a period of one year thereafter, he will not influence or attempt to
influence customers, 

8

 

franchisees,
landlords, or suppliers of the Company or any of its present or future subsidiaries or affiliates, either directly or indirectly, to divert their business to any individual, partnership,
firm, corporation or other entity then in competition with the business of the Company, or any subsidiary or affiliate of the Company. 

        15.   Notice.
For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly
given when delivered or mailed by United States certified or registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below, or to such other
addresses as either party may have furnished to the other in writing in accordance herewith, except that notice of a change of address shall be effective only upon actual receipt: 

	Company:	 	IHOP Corp.

450 North Brand Blvd.

Glendale, California 91203-1903

to the attention of the Board of Directors;
	

with a copy to:	
 	

the Secretary of the Company
	

Employee:	
 	

Patrick Piccininno

9815 Chamberlain Street

Ventura, CA 93004

        16.   Amendments
or Additions. No amendments or additions to this Agreement shall be binding unless in writing and signed by both parties hereto. 

        17.   Section
Headings. The section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation
of this Agreement. 

        18.   Severability.
The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or
enforceability of the other provisions hereof. 

        19.   Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but both of which together will constitute one and the
same instrument. 

        20.   Arbitration.
Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of three
arbitrators in Los Angeles, California, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator's award in any court having
jurisdiction; provided, however, that the Employee shall be entitled to seek specific performance of his right to be paid until the Date of Termination during the pendency of any dispute or
controversy arising under or in connection with this Agreement. 

        21.   Attorneys'
Fees. The Company shall pay to the Employee all out-of-pocket expenses, including attorneys' fees, incurred by the Employee in
connection with any claim, legal action or proceeding involving this Agreement in which the Employee prevails in whole or in part, whether brought by the Employee or by or on behalf of the Company or
by another party. The Company shall pay prejudgment interest on any money judgment obtained by the Employee calculated at 3% above the prime rate (defined as the base rate on corporate loans at large
U.S. money center commercial banks as published by the Wall Street Journal), from the date that payment(s) to the Employee should have been made under this Agreement. 

        22.   Miscellaneous.
No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by
the Employee and such officer as may be specifically designated by the Board. No waiver by either party hereto at any time of 

9

 

any
breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been
made by either party which are not expressly set forth in this Agreement and this agreement shall supersede any prior understanding or agreement either written or oral, will respect to the subject
matter hereto. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of California without regard to its conflicts of law principles.
All references to sections of the Exchange Act or the Code shall be deemed also to refer to any successor provisions to such sections. 

        Any
payments provided for hereunder shall be paid net of any applicable withholding required under federal, state or local law. The obligations of the Company under Section 12 and
Section 20 and the obligations of the Employee under Section 14 and Section 20 shall survive the expiration of the Term of this Agreement. 

        IN
WITNESS WHEREOF, each of the parties hereto has executed this Agreement on the date first indicated above. 

	IHOP Corp.	 	Employee
	

By:	
 	

 	
 	

 
	 	 	
	 	

	Julia A. Stewart

President & CEO	 	Patrick Piccininno

10

QuickLinks

EMPLOYMENT AGREEMENT

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