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                                                                   EXHIBIT 10.46

                          POPEYES CHICKEN AND BISCUITS
                                 2005 BONUS PLAN
                              TERMS AND CONDITIONS
                               EFFECTIVE 12/27/04

INTRODUCTION

Popeyes Chicken and Biscuits (PCB) compensation practice is to provide bonus
compensation opportunities to specifically selected positions. Bonus
opportunities are paid based on the successful achievement of financial and/or
business plan metrics as outlined in the attachment. This bonus plan is designed
to ensure participants focus on the strategic financial and business plan
metrics of PCB.

GENERAL TERMS AND CONDITIONS

A.    EFFECTIVE DATES, AMENDMENTS, RESERVATIONS

      The 2005 Bonus Plan is effective December 27, 2004 (the "Effective Date")
      and will continue for the Plan Year 2005. As of the Effective Date, all
      other bonus compensation plans, either written or oral become void, except
      for provisions of such plans related to earned but unpaid or deferred
      bonus compensation payments under a prior year's plan. While every effort
      is made by PCB to reward performance through this plan, PCB reserves the
      right at any time, to modify, revoke, suspend, terminate or change any or
      all of the provisions of the Plan, including disqualifying an employee
      from participation, at any time and from time to time, due to business or
      economic considerations. PCB will provide Participants with notice of any
      such action as soon as possible after such action has been taken.

B.    DEFINITIONS

      1.    "Business Quarter" or "Quarter" shall be as follows:

            First Quarter Period 1 through 4;
            Second Quarter Period 5 through 7;
            Third Quarter Period 8 through 10, and;
            Fourth Quarter Period 11 through 13.

      2.    "Semi-Annual" is defined as twice a year. The first half-year is
            made up of the First Quarter and the Second Quarter. The second
            half-year is made up of the Third Quarter and the Fourth Quarter.

Confidential                  PCB 2005 Bonus Plan                         Page 1
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      3.    "Eligible Employee" means an employee of the Company who was an
            employee of the Company for at least one full period within a
            Semi-Annual period. Individuals not eligible for the plan include:
            a.    any employee who is classified as a unit-level, multi-unit
                  level, or regional director of operations employee;
            b.    a "leased employee" within the meaning of Section 414(n)(2) of
                  the Internal Revenue Code of 1986, as amended;
            c.    any individual classified by the Company as a leased employee
                  or any independent contractor; or
            d.    any employee who is currently on a written performance
                  improvement plan, or for the second semi-annual ("year-end")
                  payment is rated a 1.5 or less on the employee's performance
                  review.

      4.    "Bonus Compensation" means any bonus, bonus or other remuneration
            under this Bonus Plan.

      5.    "Participating Company" or "Company" means PCB and any other PCB
            company or affiliate designated as a Participating Company by the
            Administrative Committee.

      6.    "Participant" means an Eligible Employee.

      7.    "Semi-Annual Bonus Payment" means bonus compensation, which if
            earned, is paid, as soon as practical, after the end of the Second
            Quarter and the Fourth Quarter.

      8.    "Plan Year" is defined as PCB's 2005 fiscal year.

C.    TRANSFERS/PROMOTIONS/DEMOTIONS

      A Participant who is promoted or demoted during the Plan Year, for
      purposes of the Plan, will have any payment (if earned) pro-rated based on
      the number of periods worked in each position. Partial periods worked will
      be credited to the "higher" bonus plan opportunity of the two possible
      bonus plans, if one of the two possible bonus metric payments is higher
      than the other. Nothing in the foregoing is intended to allow for persons
      hired in the middle of a period to receive partial payment for the period.

D.    DECEASED EMPLOYEE

      Bonus Compensation earned by a deceased employee before such employee's
      death will be paid to the deceased employee's estate on the payment date.

E.    ADMINISTRATION

Confidential                  PCB 2005 Bonus Plan                         Page 2
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      A Corporate Compensation Committee consisting of the following persons
      administers this Plan:

            (i)   Chief Executive Officer
            (ii)  Senior Vice President, General Counsel of AFC
            (iii) Chief People Services Officer

      From time to time, persons may be added to or deleted from the
      Compensation Committee by the Committee as deemed appropriate. The
      specific duties of this Committee are to:

            (i)   develop and enforce the policies and procedures necessary to
                  administer the Plan;
            (ii)  interpret the Plan and make decisions concerning any and all
                  issues arising from the Plan; and
            (iii) ensure the administration of the Plan is equitable, fair and
                  consistent.

F.    BONUS COMPENSATION PAYMENTS

      Any Bonus Compensation Payments, when earned, will be made to Participants
      as provided in each Participant's 2005 Bonus Plan, as soon as practical
      after the end of the second and fourth Quarters or otherwise specified.
      Participants whose employment with a company is terminated for any reason
      other than death before payment of earned Bonus Compensation shall not
      receive such payment, where allowable under state law. No bonus payments
      will be paid to any employee until specific financial metrics have been
      met, reviewed and approved. (See attached document for metric details).
      PCB will apply applicable withholdings from bonus plan payments.

G.    TAX WITHHOLDING

      All bonus payments made under this Plan will be taxed appropriately.

H.    EMPLOYMENT

      The language used in the Plan is not intended to create, nor is it to be
      construed to constitute, a contract of employment between PCB and any
      Participant. All Participants under the Plan will remain at-will employees
      unless specifically designated otherwise in writing. PCB retains all of
      its rights to discipline or discharge Participants who participate in the
      Plan. Employees who participate in the Plan retain the right to terminate
      employment at any time and for any reason, and PCB retains a reciprocal
      right.

I.    ELIGIBILITY

Confidential                  PCB 2005 Bonus Plan                         Page 3
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      In order to participate in the Plan, an Employee must be an Eligible
      Employee (as defined in section B.3).

J.    LEAVE OR PRORATION

      Participant's earned Bonus Compensation will be pro-rated under the Plan,
      if any of the following conditions exist during the Plan Year and if
      permitted by applicable law:

            (i)   Leaves of Absence;
            (ii)  Short Term Disability or Long Term Disability; or
            (iii) Worker's Compensation.

K.    DISPUTES

      Any dispute regarding Bonus Compensation under the Plan shall be submitted
      by the Participant in writing to the Compensation Committee, attention:
      PCB's Chief People Services Officer, within sixty (60) days after the end
      of each semi-annual payout; otherwise, the payment made or decision that
      no payment is due, will be deemed to be correct, final and binding upon
      the Participant. All decisions by the Compensation Committee shall be
      binding and conclusive upon PCB and the Participant and not subject to
      appeal. The Participant must notify the immediate Supervisor of such
      disputes.

Confidential                  PCB 2005 Bonus Plan                         Page 4EX-10.58 FIRST AMEDMENT TO AMENDED AND RESTATED

 

Exhibit 10.58

FIRST AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT

AGREEMENT DATED MARCH 28, 2005 BETWEEN

AFC ENTERPRISES, INC. (THE “COMPANY”)

AND

ALLAN J. TANENBAUM (“EMPLOYEE”)

     WHEREAS, Employee and the Company are parties to an Amended and Restated Employment Agreement
dated as of June 28, 2004, (the “Employment Agreement”) governing the terms and conditions of
Employee’s employment with the Company; and

     WHEREAS, the Company and Employee desire to amend certain provisions of the Employment
Agreement;

     NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein and for
other good and valuable consideration, the parties agree as follows:

     1.       Section 8.03 of the Employment Agreement is hereby deleted in its entirety and the following new
Section 8.03 is inserted in lieu thereof:

8.03    Termination by the Company for other than Death or Disability or
for Cause. The Company may terminate Employee’s employment hereunder
without cause at any time, upon written notice. If upon expiration of the
term of this Agreement or if Employee’s employment is terminated by the
Company prior to the expiration of the term of this Agreement without
cause or other than (a) by reason of Employee’s death or Disability or (b)
for Cause, the Company shall pay or provide to Employee, in lieu of all
other amounts payable hereunder or benefits to be provided hereunder, the
following:

(i) a payment equal to the sum of one (1) times Employee’s Base Salary at
the time of termination;

(ii) a payment equal to one (1) times Employee’s Target Incentive Pay for
the year in which such termination occurs (or, if no Target Incentive Pay
has been designated for such year, then the Target Incentive Pay for the
last year in which it was designated prior to such termination);

(iii) if the Employee’s employment is terminated pursuant to this Section
8.03 prior to August 31, 2005, a payment equal to (a) a prorated portion
of the sum of the amounts described in clauses (i) and (ii) above based on
the proportion that the number of days

 

 

from January 1 in the year of such termination through and including
August 31, 2005 bears to the total number of days in the year of
termination less any amount of Employee’s Base Salary and Target
Incentive Pay for the 2005 fiscal year that that has been previously paid
to Employee (it being understood that the amount described in this clause
(iii) shall be in addition to and not in lieu of, the payments described
in clauses (i) and (ii) above and it also being understood that the
payment described in this clause (iii) shall be in full satisfaction and
in lieu of any entitlement by the Employee under the Company’s Target
Incentive Plan), plus (b) an amount equal to the payment described in
Section 9.02 of this Agreement; or

(iv) if the Employee’s employment is terminated pursuant to this Section
8.03 on or after August 31, 2005, a payment equal to a prorated portion of
the sum of the amounts described in clauses (i) and (ii) above based on
the proportion that the number of days from January 1 in the year of such
termination through and including the date of termination bears to the
total number of days in the year of termination less any amount of
Employee’s Base Salary and Target Incentive Pay for the year in which the
termination occurs that that has been previously paid to Employee (it
being understood that the amount described in this clause (iv) shall be in
addition to and not in lieu of, the payments described in clauses (i) and
(ii) above and it also being understood that the payment described in this
clause (iii) shall be in full satisfaction and in lieu of any entitlement
by the Employee under the Company’s Target Incentive Plan); and

(v) the acceleration of any unvested rights of Employee under any stock
options or other equity incentive programs such that they shall
immediately vest under the terms of such plans.

As a condition precedent to the requirement of Company to make such
payments or grant such accelerated vesting, Employee shall not be in
breach of his obligations under Section 10 hereof and Employee shall
execute and deliver to Company a general release in favor of the Company
in substantially the same form as the general release then contained in
the latest Severance Agreement being used by the Company.

Any Payments required to be made under this Section 8.03 shall be made to
Employee within thirty (30) days after the date of Employee’s termination
of employment.

 

 

     3.       Section 9.02 of the Employment Agreement is deleted in its entirety and the following new
Section 9.02 is inserted in lieu thereof.

9.02    Stay Bonus

If Employee is employed by the Company on August 31, 2005, then the Company shall
pay to Employee in a lump sum payment on August 31, 2005 a stay bonus equal to the
sum of the amounts described in (a) and (b) below (it being understood that this
bonus will be payable to Employee if his employment is terminated by the Company on
August 31, 2005):

(a) sixty-six and two-thirds percent (66 2/3%) of Employee’s Base Salary as in
effect on August 31, 2005; and

(b) a payment equal to sixty-six and two-thirds percent (66 2/3%) of Employee’s
Target Incentive Pay for the fiscal year 2005.

     4.       The Employment Agreement, as amended hereby, is hereby reaffirmed and restated herein by the
undersigned, and said Employment Agreement is hereby incorporated herein by reference as fully as
if set forth in its entirety in this First Amendment.

 

 

     IN WITNESS WHEREOF, the Company has caused this Amendment to be executed and Employee has
hereunto set his hand this 28th day of March, 2005, effective as of January 1, 2005.

	 	 	 	 	 
	 	COMPANY:

AFC Enterprises, Inc.

 	 
	 	By:  /s/ Frank J. Belatti
	 	 	Name:  Frank J. Belatti
	 	 	Title:  Chairman & Chief Executive Officer
	 
	 	EMPLOYEE:

 	 
	 	By:  	/s/ Allan J. Tanenbaum
 	 
	 	 	Name:  	Allan J. Tanenbaum 	 
	 	 	Title:  	Senior Vice President, General 
Counsel
and Corporate Secretary

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