Document:

exv10w1

 

Exhibit-10.1

GENERAL RELEASE AND SEVERANCE AGREEMENT

     THIS GENERAL RELEASE AND SEVERANCE AGREEMENT (“Agreement”) is made effective August 25,
2006 between GameTech International, Inc. (“Employer” or the “Company”) and James C. Wilson
(“Employee”). Employee was employed by Employer as Chief Financial Officer and Employer has
elected to terminate such employment effective close of business August 25, 2006 (the “Severance
Date”).

     For and in consideration of the mutual covenants and consideration set forth herein, the
parties agree as follows:

	1.	 	Salary; PTO; Other. On the Severance Date, GameTech shall pay Employee the following
payments:

	 	a.	 	GameTech shall pay Employee all salary earned through the Severance Date;
	 
	 	b.	 	GameTech shall pay Employee $1600.96 for his accrued but unused paid time off
(“PTO”). This is the cash equivalent of the 16.65 hours he has accrued but not used, at
Employee’s current salary of $200,000 per year;
	 
	 	c.	 	Proper tax withholdings in accordance with Employee’s Form W-4 form shall be
deducted from the above amounts, thus reducing the above-referenced gross amounts to
net figures; and,
	 
	 	d.	 	GameTech shall pay Employee for any outstanding reasonable, ordinary and
customary business expenses, as may be approved by GameTech. Employee agrees to
immediately provide to GameTech any such expenses not previously submitted to GameTech
for review and approval.

	2.	 	Severance Payment. Assuming that Employee does not revoke this Agreement as provided in
Section 9, and that Employee does not violate any of the terms of this Agreement including in
particular Sections 7 and 10-12, GameTech shall pay Employee the following severance
payment(s) according to the terms set forth below. Payment- shall be made in a single lump sum
payment, less all usual and customary non-elective payroll deductions. Employer shall not
render such payments until seven (7) days after Employee has executed this Agreement, to allow
for this release to become effective and binding on both parties as provided in Section 9.
However, after the expiration of the 7 day period, Employer shall make up any payments that
would have been paid otherwise during the period.

	 	a.	 	GameTech shall pay Employee the gross amount of fifty thousand dollars
($50,000), which equals three months of Employee’s salary at his current pay rate of
$200,000 per year. Proper tax withholdings shall be deducted, thus reducing the above
referenced gross amount to a net figure.

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	 	b.	 	GameTech shall pay Employee the gross amount of $925, which equals approximately three
months of COBRA payments for Employee. Proper tax withholdings shall be deducted, thus
reducing the above referenced gross amount to a net figure.

	3.	 	Stock Option Grants. GameTech and Employee acknowledge and agree that Employee’s Stock
Options that have vested as of this last day of employment may be exercised. Consistent with
any stock option agreement and related documentation between GameTech and Employee, Employee
must exercise these Incentive Stock Options within either 60 days or 6 months after his last
day of employment, as specifically provided for in the particular grant.
	 
	4.	 	Return of Equipment. On or before the Severance Date, Employee will return all Employer’s
keys, parking passes, credit cards, files, records, documents, plans, drawings,
specifications, equipment, pictures, videotapes, and similar items concerning the business of
Employer, its parent or subsidiary companies, or any related entity, whether prepared by
Employee or otherwise coming into Employee’s possessions or control.
	 
	5.	 	Release of Claims. In exchange for receipt of the sums referenced in Section 2, Employee, on
his own behalf, and for Employee’s heirs, executors, administrators, successors, and assigns,
does hereby fully and forever release and discharge Employer, its subsidiary corporations and
related entities, and their shareholders, employees and former employees, agents,
directors, officers, attorneys, predecessors, successors, assigns, heirs, executors,
administrators, and all other persons, firms, corporations, associations, partnerships, or
entities having any legal relationship to any of them, of and from any and all claims,
demands, causes of action, charges and grievances, of whatever kind or nature, whether known
or unknown, suspected or unsuspected, which Employee now owns or holds or has at any time
before the date of his termination owned or held against any of them, including, but not
limited to, any and all claims, charges, demands and causes of actions: (1) which are alleged
in, set forth in, arise out of, or are in any way connected with any transactions,
occurrences, act of omissions or claims; (2) which arise out of or are in any way connected
with Employee’s employment with Employer or the termination of Employee’s employment with
Employer; (3) which are related to or concern (i) violations of any local, state or federal
law based on race, sex, age, disability, pregnancy or any other category protected by law,
including, but not limited to, the federal Age Discrimination in Employment Act and the Older
Worker’s Benefit Protection Act; (ii) wrongful termination, breach of express and
implied-in-fact contract, breach of the covenant of good faith and fair dealing, intentional
and negligent infliction of emotional distress, defamation, invasion of privacy, breach of
employment contract, fraud or negligent misrepresentation, intentional interference with
contractual relations and prospective economic advantage, and other torts; (4) any claim for
wages, benefits, salary, commissions or bonuses; or (5) which arise out of or are in any way
connected with any loss, damage or injury whatsoever resulting from any act committed or
omission made on or prior to the Employee’s last day of work.
	 
	 	 	The terms of this Agreement are made for the benefit of each person or entity named above. It
is the intention of the Employee in executing this Agreement that it shall be effective as a
bar against each and every claim, demand, cause of action, charge or grievance described above
(whether known or unknown, suspected or unsuspected, alleged or unalleged, actual or
potential). Employee has had the opportunity to speak with counsel of his choice regarding the
effect of this waiver.
	 
	 	 	This Agreement, and its performance, does not constitute and shall not be construed as an
admission by Employer, or any of the entities or individuals referred to above, of the truth of
any contested matter or of any liability, any wrongful act, or any omission.

2Exhibit 10.1 - Contractor Services Agreement

    Exhibit
      10.1

    
 

    CONTRACTOR
      SERVICES AGREEMENT

    

    

    THIS
      CONTRACTOR SERVICES AGREEMENT is made and entered into effective the
      11th
      day of
      September, 2006, by and between KRISPY
      KREME DOUGHNUTS, INC. and KRISPY KREME DOUGHNUT CORPORATION,
      each a
      North Carolina corporation with a principal place of business in Forsyth County,
      North Carolina (together, “Krispy Kreme”) and Charles
      A. Blixt,
      a
      citizen and resident of North Carolina (“Contractor”).

    

    In
      consideration of the mutual covenants and promises contained herein, the receipt
      and sufficiency of which are hereby acknowledged, the parties agree as
      follows:

    

    1.    
      Krispy
      Kreme agrees to retain Contractor and Contractor agrees to be retained by Krispy
      Kreme to perform the following services (together, “Contractor Services”): to
      perform and supervise legal services needed by or otherwise appropriate for
      Krispy Kreme and its affiliates and subsidiaries. In performing such services,
      Contractor acknowledges that he is an independent contractor, that Contractor
      is
      responsible for the means and methods used in performing these Contractor
      Services under this Agreement, that Contractor is responsible for determining
      his own schedule as long as Contractor nevertheless fully and properly performs
      the Contractor Services, and that Contractor is not an employee or partner
      of
      Krispy Kreme; accordingly, Contractor and Krispy Kreme agree that Krispy Kreme
      will not withhold any income or employment taxes from any compensation paid
      to
      Contractor and that Krispy Kreme will not consider Contractor to be an employee
      for purposes of any employee benefit plans or payment of any premiums for
      workers’ compensation benefits or unemployment benefits. Contractor shall use
      his best efforts to perform the Contractor Services as needed and when requested
      by Krispy Kreme. Krispy Kreme shall not be obligated to provide Contractor
      with
      any particular number of hours of work. Contractor agrees to use his best
      efforts to provide the Contractor Services, and to be available for meetings
      to
      provide advice and information with respect to his work. Furthermore, on
      request, Contractor shall make one or more reports and presentations to the
      executives and/or one or more employees of Krispy Kreme to present the results
      of his work. 

    

    2.    (a)    
      Within
      five (5) business days of the full execution of this Agreement, Krispy Kreme
      shall pay Contractor thirty-thousand dollars ($30,000).

     

    (b)    
      In
      addition to such payment, during the term of this Agreement, Krispy Kreme hereby
      agrees to pay Contractor at the monthly rate of $27,750.00. Contractor shall
      be
      paid by check on the fourth Wednesday of each month during the term of this
      Agreement, and on the first Wednesday following the termination of this
      Agreement for any partial month during which Contractor has performed Contractor
      Services for which he has not been paid. Payments provided for in this paragraph
      shall be prorated for any partial month during the term of this Agreement by
      multiplying $27,750.00 times a fraction, the numerator of which shall be the
      number of days during such partial month that the term of this Agreement was
      in
      effect and the denominator of which shall be 30. Unless previously agreed to
      in
      writing, Krispy Kreme shall not be responsible for any expenses incurred by
      Contractor in connection with Contractor’s services hereunder. Notwithstanding
      the foregoing, Krispy Kreme agrees that it will reimburse Contractor for

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    reasonable
      and customary travel expenses incurred by Contractor consistent with Krispy
      Kreme’s travel policy (as such policy may be amended from time to time) in
      connection with Contractor’s services to Krispy Kreme, provided appropriate
      documentation is submitted regarding the expenses incurred. Payment for these
      expenses shall be made by check and shall be paid monthly to Contractor within
      thirty (30) days following submission of appropriate documentation, and such
      payment shall not be reduced by any withholdings. 

    

    (c)    
      As
      soon as
      practicable after the full execution of this Agreement, Krispy Kreme Doughnuts,
      Inc. (“KKDI”) shall grant to Contractor 6,000 restricted shares of KKDI’s common
      stock (the “Restricted Stock”). Thereafter, during the term of this Agreement,
      KKDI shall grant to Contractor 6,000 shares of Restricted Stock every three
      months, beginning three months from the date of the initial grant of Restricted
      Stock. Notwithstanding
      the foregoing, in the event that the Compensation Committee of the Board of
      Directors of KKDI determines that stock grants may not be made on one or more
      of
      the dates set forth above consistent with applicable law, the grant of the
      Restricted Stock shall be deferred until the date, if any, that the Compensation
      Committee determines that it may make such grants consistent with applicable
      law. The Restricted Stock will vest on their respective grant dates. The
      Restricted Stock will be registered as soon as practicable on Form S-8 under
      the
      Securities Act of 1933, as amended. Contractor agrees that, without the prior
      written consent of the Board of Directors of KKDI, he will not sell or otherwise
      transfer any of the Restricted Stock received under this paragraph or the
      economic benefit thereof prior to the first anniversary of the later to occur
      of
      (i) the termination of this Agreement and (ii) the termination of any period
      during which Contractor may be an employee of Krispy Kreme if such period of
      employment begins within thirty (30) days of the termination of this Agreement;
      provided, however, that this Agreement shall not prevent Contractor from selling
      a number of such shares required to fund his tax liability resulting from the
      vesting of the Restricted Stock as long as such sale is made in compliance
      with
      Krispy Kreme’s Securities Trading Policy in effect at the time of any such sale
      and in compliance with applicable laws. Contractor agrees to the appropriate
      legends and transfer restrictions on the Restricted Stock in order to reflect
      the provisions of this paragraph.

    

    3.    
      Contractor
      hereby agrees that all of the Contractor Services shall be performed by
      Contractor pursuant to and in accordance with all applicable federal, state
      and
      local laws, rules and regulations. 

    

    4.    
      Contractor
      hereby warrants and covenants that any concepts or documents presented to Krispy
      Kreme with respect to or in any way related to this Agreement and/or the
      Contractor Services will have been lawfully developed by Contractor and do
      not
      constitute the trade secrets or copyright material of any other party and do
      not
      infringe on the intellectual property rights of any other party. For the
      compensation described in this Agreement, Contractor hereby agrees that all
      documents, programs, materials and work generated by Contractor during the
      term
      of this Agreement or in any way connected with the Contractor Services shall
      be
      the property of Krispy Kreme, and Contractor agrees that all designs, drawings,
      and copies made, generated or created by Contractor in any form or manner
      pursuant to this Agreement in connection with Contractor Services shall become,
      upon creation, the sole and exclusive property of Krispy Kreme as a “Work

    
      
         

      

      
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    Made
      for
      Hire” as such term is used and defined in the Copyright Act of 1976, and
      Contractor agrees that any such copyrightable material is and shall become
      upon
      creation, without payment of any further consideration other than that stated
      in
      this Agreement, the sole and exclusive property of Krispy Kreme. Contractor
      further agrees that all items listed in this paragraph 4 shall constitute
      Confidential Information which shall be subject to the provisions of paragraph
      5, below.

    

    5.     
      Contractor
      acknowledges and agrees that all ideas, plans, specifications, business
      information, financial information, business methodologies, business plans,
      product information, formulations, processing procedures, quality standards,
      trade secrets, designs, apparatus, production methods and techniques, know-how,
      trademarks, trade dress, packaging, component parts and all other information
      and materials supplied by Krispy Kreme to Contractor, or learned or observed
      by
      Contractor from Krispy Kreme or its agents during Contractor’s performance under
      this Agreement, or developed by Contractor and/or Krispy Kreme in connection
      with Contractor’s performance under this Agreement (collectively the
“Confidential Information”) will be maintained in strict confidence by
      Contractor, and Contractor will not disclose, release, reveal, convey or
      disseminate any such Confidential Information to any third party, without Krispy
      Kreme’s express prior written consent. Contractor will not make any copies or
      furnish to any third party any of the Confidential Information, without Krispy
      Kreme’s express prior written consent except as required to be disclosed by
      lawful subpoena or court order (and in such event, only after providing written
      notice to Krispy Kreme’s legal counsel that disclosure is legally required with
      adequate time remaining for Krispy Kreme to obtain a protective order).
      Contractor shall not use the Confidential Information for any purpose other
      than
      Contractor’s performance of his obligations under this Agreement for the benefit
      of Krispy Kreme. Contractor agrees that he will take all reasonable steps to
      assist in protecting the Confidential Information from improper disclosure.
      Promptly upon Krispy Kreme’s request, Contractor will return to Krispy Kreme all
      originals and all existing copies of any documents, computer data or other
      tangible material containing any of the Confidential Information in Contractor’s
      or his agents’ possession or control. The confidentiality agreements and
      obligations contained in this paragraph shall survive the termination of this
      Agreement.

    

    6.    
      This
      Agreement shall commence on September 11, 2006. Either party shall have the
      right to terminate this Agreement at any time and for any reason with thirty
      (30) days prior written notice. The responsibilities of both parties to this
      Agreement shall continue during the notice period. Upon the termination of
      this
      Agreement for any reason, Contractor shall promptly deliver to Krispy Kreme
      all
      copies in whatever form existing (whether written, computerized or otherwise)
      of
      any and all Confidential Information or documents of Krispy Kreme regarding
      any
      pending project as well as any documents developed by or received by Contractor
      in connection with the Contractor Services, including, but not limited to,
      the
      information and items set forth in paragraphs 4 and 5, above. The termination
      of
      this Agreement for any reason shall not affect any obligations of either party
      which have arisen prior to such termination and the provisions of paragraphs
      4
      and 5, above, shall survive the termination of this Agreement.

    

    7.    
      Krispy
      Kreme shall cause Contractor to be named on Krispy Kreme’s Directors and
      Officers liability insurance policy as the same is in effect from time to time.
      Krispy Kreme also 

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    agrees
      to
      indemnify and hold harmless Contractor to the same extent it indemnifies and
      holds harmless its officers under the terms of its Articles and Bylaws in effect
      from time to time.

    

    8.    
      The
      parties agree that this Agreement and the relationship between the parties
      and
      any dispute regarding same shall be governed by and construed in accordance
      with
      the laws of the State of North Carolina without regard to the conflict of laws
      rules thereof.

    

    9.    
      Neither
      Krispy Kreme nor Contractor may assign this Agreement or any rights hereunder
      to
      any other party without the prior written consent of the other.

    

    10.    
      This
      Agreement represents the entire agreement between the parties with respect
      to
      the matters addressed herein and supersedes all prior negotiations,
      representations or agreements, either written or oral. This Agreement may be
      amended only by a written document signed by both Krispy Kreme and Contractor.
      If any portion or provision in this Agreement is found to be void or
      unenforceable in any jurisdiction, the remainder of this Agreement (without
      the
      void or unenforceable portion) shall be enforceable in such
      jurisdiction.

    

    
      
         

      

      
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    IN
      WITNESS WHEREOF,
      the
      parties have caused this Agreement to be executed as of the date written
      above.

    

    

    
      	
              KRISPY
                KREME DOUGHNUTS, INC.

            
	 
	
              By:
                /s/
                Daryl G. Brewster

            
	
              Name:
                Daryl G. Brewster

            
	
              Title:
                President and Chief Executive Officer

            
	 
	 
	
              KRISPY
                KREME DOUGHNUT CORPORATION

            
	 
	
              By:
                /s/
                Daryl G. Brewster

            
	
              Name:
                Daryl G. Brewster

            
	
              Title:
                President and Chief Executive Officer

            
	 
	
              CONTRACTOR

            
	 
	
              /s/
                Charles A. Blixt

            
	
              Charles
                A. Blixt

            

    

    
 

     

     

    5

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