Document:

LOCKUP
      AGREEMENT

    

    
      	 	 
	 	
              ___________,
                2007

            

    

    Key
      Hospitality Acquisition Corporation

    4
      Becker
      Farm Road

    Roseland,
      NJ 07068

    

    

    Re: Lockup
      Agreement (the “Agreement”)

     

    Ladies
      and Gentlemen:

     

    1. The
      undersigned securityholder of Key Hospitality Acquisition Corporation, a
      Delaware corporation (“KHAC”),
      understands that KHAC
      and Key
      Merger Sub, LLC, a Delaware corporation and a wholly-owned subsidiary of KHAC
      (the “Merger
      Sub”),
      have
      entered into an Agreement and Plan of Merger, dated as of March 22, 2007 (as
      the
      same may be amended and restated from time to time, the “Merger
      Agreement”),
      with
      Cay Clubs LLC (“Cay
      Clubs”)
      pursuant to which Merger Sub will merge with and into Cay Clubs, and, in
      connection therewith, holders of the outstanding shares of capital stock of
      Cay
      Clubs will receive the right to acquire shares of common stock, $.0001 par
      value, of KHAC (the “KHAC
      Common Stock”).
      Capitalized terms used but not defined herein shall have the meanings ascribed
      to them in the Merger Agreement.

    

    2. In
      order
      to facilitate the transactions contemplated by the Merger Agreement, the
      undersigned agrees to, neither directly nor indirectly, during the “Restricted
      Period” (as hereinafter defined):

     

    (i)
      sell
      or offer or contract to sell or offer, grant any option or warrant for the
      sale
      of, assign, transfer, pledge, hypothecate, or otherwise encumber or dispose
      of
      (all being referred to as a “Transfer”)
      any
      legal or beneficial interest in, or right to purchase, any shares of KHAC Common
      Stock FOR
      DAVIDSON AND TOLEDANO:
      [owned
      by the undersigned] FOR
      CAY CLUBS MEMBERS:
      [issued
      to the undersigned in connection with the Merger or the transactions related
      thereto] (the “Restricted
      Securities”);
      or

     

    (ii)
      enter into any swap or any other agreement or any transaction that transfers,
      in
      whole or in part, directly or indirectly, the economic consequence of ownership
      of any of the Restricted Securities, whether such swap transaction is to be
      settled by delivery of any Restricted Securities or other securities of any
      person, in cash or otherwise. 

     

    FOR
      CAY CLUBS MEMBERS:
      [Notwithstanding the foregoing, the undersigned may pledge (or engage in any
      hedging, straddling or other strategies with respect to) up to [15,000,000]
      shares to a financial institution as collateral for personal
      loans.]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    As
      used
      herein, “Restricted Period” means the period commencing on the Closing Date (as
      defined in the Merger Agreement) and ending on January 1, 2009. 

     

    3. Notwithstanding
      the foregoing, the restrictions on Transfer set forth in this Agreement shall
      not apply to (i) transactions relating to shares of KHAC Common Stock or other
      securities acquired in open market transactions after the Effective Date, or
      (ii) the following Transfers: (A) gifts to family members (or trusts for the
      direct or indirect benefit of family members); (B) charitable contributions
      of
      Restricted Shares made by the holder of such Restricted Shares; or (C) Transfers
      to “affiliates”, limited partners, members or stockholders of the undersigned;
      provided that in the case of any Transfer pursuant to clause (A), (B) or (C),
      each transferee agrees in writing as a condition precedent to such Transfer
      to
      be bound by the terms hereof. The term “affiliate” shall have the meaning given
      such term in Rule 144 under the Securities Act of 1933, as amended.

     

    4. It
      is
      understood that if the Merger Agreement shall be terminated in accordance with
      the provisions thereof at any time prior to the Effective Date, this Agreement
      shall terminate.

     

    5. This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Delaware. This Agreement may not be amended, modified, revoked or
      terminated in any respect without the written consent of the undersigned and
      KHAC. This Agreement shall be binding upon the undersigned and the undersigned’s
      heirs, successors and assigns.

    
 

    
      	 	
              Very
                truly yours,

              

              

              ____________________________ 

              [Name]Key
      Hospitality Acquisition Corporation

     

     

    
      	 	
              [Date]

            

    

    Dave
      Clark

     

     

    
      	
            	Re:	
              Employment
                Agreement

            

    

     

    Dear
      Dave:

     

    This
      letter is to confirm our understanding with respect to (i) your future
      employment by Key Acquisition Corp. or any present or future parent, subsidiary
      or affiliate thereof (collectively, the “Company”), (ii) your agreement not to
      compete with the Company, (iii) your agreement to protect and preserve
      information and property which is confidential and proprietary to the Company
      and (iv) your agreement with respect to the ownership of inventions, ideas,
      copyrights and patents which may be used in the business of the Company (the
      terms and conditions agreed to in this letter are hereinafter referred to as
      the
“Agreement”). In consideration of the mutual promises and covenants contained in
      this Agreement, and for other good and valuable consideration, the receipt
      and
      sufficiency of which are hereby mutually acknowledged, we have agreed as
      follows:

     

    
      	
            	1.	
              Employment.

            

    

     

    (a) Subject
      to the terms and conditions of this Agreement, the Company will employ you,
      and
      you will be employed by the Company, as Chairman of the Board and Chief
      Executive Officer reporting only to the Board of Directors (the “Board”). You
      will have the responsibilities, duty and authority commensurate with the
      position of Chairman and CEO, including, without limitation, presiding
      at all meetings of the Board and stockholders at which you are present
      and
      general
      supervision and direction of all of the officers, employees and agents of the
      Company.
      You
      will also perform such other services of an executive nature for the Company
      as
      may be assigned to you from time to time by the Board and agreed to by you.
      The
      principal locations at which you will perform such services will be at the
      Company’s facilities located within Florida.

     

    (b) Devotion
      to Duties.
      For so
      long as you are employed hereunder, you will devote substantially all of your
      business time and energies to the business and affairs of the Company, provided
      that nothing contained in this Section 1(b) will be deemed to prevent or limit
      your right to manage your personal investments on your own personal time,
      including, without limitation, the right to make passive investments in the
      securities of (i) any entity which you do not control, directly or indirectly,
      and which does not compete with the Company, or (ii) any publicly held entity
      so
      long as your aggregate direct and indirect interest does not exceed five percent
      of the issued and outstanding securities of any class of securities of such
      publicly held entity, and provided further, that nothing contained in this
      Agreement will be deemed to prohibit you from (A) serving on a reasonable
      number of corporate, civic or charitable boards or committees that do not
      compete with the Company, provided that serving on those boards or committees
      does not prevent or interfere in any way with your ability to be Chairman and
      CEO of the Company and that you may not serve on any public company boards
      or
      committees without prior written consent from the Board, (B) delivering
      lectures, fulfilling speaking engagements or teaching at educational
      institutions, and (C) managing personal investments, so long as such
      activities do not significantly interfere with the performance of you
      responsibilities as an employee of the Company in accordance with this
      Agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    
      	
            	
              2.

            	
              Term
                of Employment.

            

    

     

    (a) Term;
      Termination.
      Subject
      to the terms hereof, your employment hereunder will commence on [DATE OF
      CLOSING] [_____________________]
      (the
“Commencement Date”) and will continue until three years from the Commencement
      Date (the “Initial Term”), provided that on the third anniversary
      of the Commencement Date, the term of your employment hereunder will be
      automatically extended for an additional period of one year (the “Subsequent
      Term”) unless either you or the Company has given written notice to the other
      that such automatic extension will not occur (a “Non-Renewal Notice”), which
      notice was given not less than 60 days prior to the relevant anniversary of
      the
      Commencement Date. The Initial Term and the Subsequent Term are referred to
      herein as the “Term.”

     

    Notwithstanding
      the foregoing, your employment hereunder will terminate upon the first to occur
      of the following:

     

    (i) Immediately
      upon your death;

     

    (ii) By
      the
      Company:

     

    (A) By
      written notice to you effective the date of such notice, following your failure,
      due to illness, accident or any other physical or mental incapacity, to perform
      the essential functions of your position for an aggregate of 120 business days
      within any period of 180 consecutive days during the term hereof as determined
      by a physician selected by you (“Disability”), provided that if applicable law
      provides any provision regarding disability that is more favorable to you than
      that set forth herein, such more favorable provision will govern;

     

    (B) By
      written notice to you effective after the termination of any applicable cure
      period stated herein commencing on the date of such notice, for Cause (as
      defined below); or

     

    (C) By
      written notice to you effective 30 days after the date of such notice and
      subject to Section 4 hereof, without Cause; or

     

    
      
         

      

      
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    (iii) By
      you:

     

    (A) At
      any
      time by written notice to the Company effective 30 days after the date of such
      notice; or

     

    (B) By
      written notice to the Company for Good Reason (as defined below) effective
      the
      date of such notice.

     

    (b) Definition
      of “Cause”.
      For
      purposes of this Agreement, “Cause” means (i) your conviction of a felony,
      either in connection with the performance of your obligations to the Company
      or
      which otherwise materially and adversely affects your ability to perform such
      obligations, (ii) your willful disloyalty or deliberate dishonesty, (iii) the
      commission by you of an act of fraud or embezzlement against the Company, or
      (iv) a material breach by you of any material provision of this Agreement which
      breach is not cured within 30 days after delivery to you by the Company of
      written notice of such breach, provided that if such breach is not capable
      of
      being cured within such 30 day period, you will have a reasonable additional
      period to cure such breach but only if you promptly commence and continue good
      faith efforts to cure such breach. Any determination under this Section 2(b)
      will be made by two thirds of the Board voting on such determination. With
      respect to any such determination, the Board will act fairly and in utmost
      good
      faith and will give you and your counsel an opportunity to appear and be heard
      at a meeting of the Board and present evidence on your behalf. No act or
      omission on your part will be considered “willful” unless done, or admitted to
      be done, by you in bad faith or without your reasonable belief that such act
      or
      omission was in the best interest of the Company.

     

    (c) Definition
      of “Good Reason”.
      For
      purposes of this Agreement, a “Good Reason” means any of the
      following:

     

    (i) A
      change
      in the principal location outside of the State of Florida at which you provide
      services to the Company, without your prior written consent;

     

    (ii) The
      assignment to you of duties not commensurate or consistent with your position
      as
      Chairman and CEO of the Company without your prior written consent or any other
      action by the Company which results in a diminution in such position, authority,
      duties or responsibilities, excluding for this purpose an isolated,
      insubstantial and inadvertent action not taken in bad faith and which is
      remedied by the Company promptly after receipt of notice thereof given by
      you;

     

    (iii) A
      reduction in your compensation or other benefits except such a reduction in
      connection with a general reduction in compensation or other benefits of all
      senior executives of the Company;

     

    (iv) A
      material breach of this Agreement by the Company that has not been cured within
      30 days after written notice thereof by you to the Company;
      

     

    (v) A
      Change
      of Control (as defined in Section 2(d) below) of the Company; or

     

    
      
         

      

      
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    (vi) Failure
      by the Company to obtain the assumption of this Agreement by any successor
      to
      the Company.

     

    (d) Definition
      of “Change of Control”
      For
      purposes of this Agreement, a Change of Control means that any of the following
      events has occurred:

     

    (i) Any
      person (as such term is used in Section 13(d) of the Securities Exchange Act
      of
      1934 (the “Exchange Act”)), other than the Company, any employee benefit plan of
      the Company or any entity organized, appointed or established by the Company
      for
      or pursuant to the terms of any such plan, together with all “affiliates” and
“associates” (as such terms are defined in Rule 12b-2 under the Exchange Act)
      becomes the beneficial owner or owners (as defined in Rule 13d-3 and 13d-5
      promulgated under the Exchange Act), directly or indirectly (the “Control
      Group”), of more than 50% of the outstanding equity securities of the Company,
      or otherwise becomes entitled, directly or indirectly, to vote more than 50%
      of
      the voting power entitled to be cast at elections for directors (“Voting Power”)
      of the Company, provided that a Change of Control will not have occurred if
      such
      Control Group acquired securities or Voting Power solely by purchasing
      securities from the Company, including, without limitation, acquisition of
      securities by one or more third party investors such as venture capital
      investor(s);

     

    (ii) A
      consolidation or merger (in one transaction or a series of related transactions)
      of the Company pursuant to which the holders of the Company’s equity securities
      immediately prior to such transaction or series of related transactions would
      not be the holders, directly or indirectly, immediately after such transaction
      or series of related transactions of more than 50% of the Voting Power of the
      entity surviving such transaction or series of related
      transactions;

     

    (iii) The
      sale,
      lease, exchange or other transfer (in one transaction or a series of related
      transactions) of all or substantially all of the assets of the Company;
      or

     

    (iv) The
      liquidation or dissolution of the Company or the Company ceasing to do
      business.

     

    
      	
            	3.	
              Compensation.

            

    

     

    (a) Base
      Salary.
      While
      you are employed hereunder, the Company will pay you a base salary at the annual
      rate of $1 (the “Base Salary”). In addition to the Base Salary you will receive
      the following: (i) for the first year after the Commencement Date (the “First
      Anniversary”) the Company will grant you 225,000 Options at an exercise price
      equal to the fair market value of the Company’s shares of Common Stock on the
      date of the grant, vesting quarterly, (ii) After the First Anniversary until
      January 1, 2009, the Company will grant you an amount equal to 225,000 Options
      multiplied by the number of days remaining until January 1, 2009 and then
      divided by 365. The Options will vest quarterly and the price will be at an
      exercise price equal to the fair market value of the Company’s shares of Common
      Stock on the date of the grant (iii) From January 1, 2009 until the expiration
      of your employment period, you will receive an annual salary to be determined
      at
      the discretion of the Board, but no less than $750,000. The Base Salary will
      be
      payable in substantially equal installments in accordance with the Company’s
      payroll practices as in effect from time to time. The Company will deduct from
      each such installment any amounts required to be deducted or withheld under
      applicable law or under any employee benefit plan in which you participate.
      The
      Base Salary shall also be reviewed, at least annually, for merit increases
      and
      may, by action and in the discretion of the Board, be increased at any time
      or
      from time to time. The Base Salary, if increased, shall not thereafter be
      decreased for any reason, except for an overall reduction in Company executive
      salaries due to prevailing economic or industry conditions.

     

    
      
         

      

      
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    (b) Bonus.

     

    (i) Annual
      Bonus.
      You
      will be entitled to a performance based annual bonus (the “Annual Bonus”) of (i)
      up to $750,000 per year until January 1, 2009, and (ii) up to 100% of your
      Base
      Salary thereafter, at the discretion of the Board.

     

    (c) Equity
      Compensation.

     

    (i) Options.
      You
      will be entitled to participate in and may receive additional options under
      any
      option plan adopted by the Company. The granting of such options will be at
      the
      discretion of the Board.

     

    (d) Vacation.
      You
      will be entitled to paid vacation in each calendar year and paid holidays and
      personal days in accordance with the most favorable plans, policies, programs
      and practices of the Company and its subsidiaries as in effect at any time
      hereafter with respect to other key executives of the Company and its
      subsidiaries; provided,
      however,
      that in
      no event shall you be entitled to fewer than four weeks paid vacation per year.
      Accrued unused vacation may be carried over for one year. 

     

    (e) Fringe
      Benefits.
      You
      will be entitled to participate in the same manner as other senior executives
      of
      the Company in any employee benefit plans which the Company provides or may
      establish for the benefit of its senior executives generally (including, without
      limitation, group life, disability, medical, dental and other insurance, tax
      benefit and planning services, 401(k), retirement, pension, profit-sharing
      and
      similar plans) (collectively, the “Fringe Benefits”), provided that the Fringe
      Benefits will not include any stock option or similar plans relating to the
      grant of equity securities of the Company.

     

    (f) Automobile;
      Computer; Mobile Phone.
      The
      Company will pay you an automobile allowance for two automobiles in the amount
      of $1,500 per month per car. One car is to be stored in Clearwater and the
      other
      in the Florida Keys. The amount of such allowance will be reviewed and adjusted
      not less frequently than annually. The Company will also provide you with a
      mobile telephone and laptop computer at the expense of the Company. The Company
      will pay for all charges related to use of your mobile telephone, however,
      you
      agree to reimburse the Company for all personal use of your mobile phone.

     

    
      
         

      

      
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    (g) Reimbursement
      of Expenses.
      The
      Company will reimburse you for all ordinary and reasonable out-of-pocket
      business expenses that are incurred by you in furtherance of the Company’s
      business in accordance with the Company’s policies with respect thereto as in
      effect from time to time.

     

    (h) Indemnification.
      The
      Company will indemnify you to the extent permitted by its charter and by-laws
      and by applicable law against all costs, charges and expenses, including,
      without limitation, attorneys’ fees, incurred or sustained by you in connection
      with any action, suit or proceeding to which you may be made a party by reason
      of being an officer, director or employee of the Company. In connection with
      the
      foregoing, you will be covered under any liability insurance policy that
      protects other officers of the Company.

     

    (i) Working
      Facilities.
      During
      the term of your employment hereunder, the Company shall furnish you with an
      office, a secretary and such other facilities and services suitable to your
      position and adequate for the performance of your duties hereunder.

     

    (j) Company
      Aircraft.
      During
      the term of your employment, you may use the Company’s aircraft for business
      reasons in accordance with the Company’s policies applying to the key executives
      of the Company. You agree to reimburse the Company for any personal use of
      the
      Company’s aircraft.

     

    (k) Location
      and Relocation.
      The
      Company agrees that you, in the ordinary course of performing your duties,
      will
      work in the Company’s various offices located throughout the state of Florida;
      provided, however, that if, at any time during the Term, you and the Company
      agree that you will perform your duties at a different location causing you
      to
      commute more than 60 miles from your then-current residence, the Company will:
      (a) reimburse you for all costs incurred by you in connection with the
      relocation of you and your family, but not the purchase price of a new
      residence, and (b) provide you, at the Company’s cost, temporary accommodations
      at your new work location that are reasonably acceptable to you, until the
      earlier of (i) the date on which you are able to occupy permanent housing of
      your choice within 60 miles of your new work location, and (ii) the date that
      is
      twelve (12) months after the first date on which the temporary accommodation
      is
      made available to you. Additionally, the Company agrees to provide you with
      accommodations reasonably acceptable to you in Clearwater when you travel there
      for business reasons.

    

    
      	
            	4.	
              Severance
                Compensation.

            

    

     

    (a) Definition
      of Accrued Obligations.
      For
      purposes of this Agreement, “Accrued Obligations” means (i) the portion of your
      Base Salary as has accrued prior to any termination of your employment with
      the
      Company and has not yet been paid, (ii) an amount equal to the value of your
      accrued unused vacation days, and (iii) the amount of any expenses properly
      incurred by you on behalf of the Company prior to any such termination and
      not
      yet reimbursed.

     

    
      
         

      

      
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    (b) Death
      or Disability.
      If your
      employment hereunder is terminated as a result of your death or
      Disability:

     

    (i) The
      Company will pay the Accrued Obligations to you (or your estate) promptly
      following such termination.

     

    (ii) The
      Company will continue to pay you (or your estate) an amount equal to the Base
      Salary at the rate in effect at the date of such termination in accordance
      with
      Section 3(a) of this Agreement for the period commencing on the date of such
      termination and ending on the earlier of six months from such termination or
      the
      date of the end of the then current Term.

     

    (iii) The
      Company will continue to provide you or your covered beneficiaries with the
      Fringe Benefits for so long as it is obligated to continue payments equal to
      the
      Base Salary pursuant to Section 4(b)(ii) above, subject to applicable law and
      the terms of the respective policies.

     

    (c) Termination
      for Cause or in the Absence of a Good Reason.
      If your
      employment hereunder is terminated either by the Company for Cause or by you
      in
      the absence of a Good Reason (either pursuant to Section 2(a)(iii)(A) above
      or
      by delivery by you of a Non-Renewal Notice), the Company will pay the Accrued
      Obligations to you promptly following such termination.

     

    (d) Termination
      Without Cause or for a Good Reason.
      If your
      employment hereunder is terminated either by the Company without Cause (either
      pursuant to Section 2(a)(ii)(c) above or by delivery of a Non-Renewal Notice
      by
      the Company) or by you for a Good Reason:

     

    (i) The
      Company will pay the Accrued Obligations to you promptly following such
      termination.

     

    (ii) The
      Company will continue to pay you an amount equal to the Base Salary at the
      rate
      in effect at such termination in accordance with Section 3(a) of this Agreement
      for the period commencing on the date of such termination and ending the later
      of (A) the date of the end of the then current Term, or (B) 18 months, whichever
      is greater. 

     

    (iii) The
      Company will continue to provide you with the Fringe Benefits for a period
      of
      twelve months, subject to applicable law and the terms of the respective
      policies.

     

    (iv) The
      Company will allow you to keep and transfer ownership for you of
      your laptop
      computer, cell phone, etc., provided that you will provide the Company with
      an
      opportunity to delete any Company information from any such equipment and you
      will be responsible for all costs in connection with such equipment after the
      date of termination of your employment.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    (e) No
      Duty to Mitigate.
      Notwithstanding any other provision of this Agreement, (i) you will have no
      obligation to mitigate your damages for any breach of this Agreement by the
      Company or for any termination of this Agreement, whether by seeking employment
      or otherwise and (ii) the amount of any benefit due to you after the date of
      such termination pursuant to this Agreement will not be reduced or offset by
      any
      payment or benefit that you may receive from any other source.

     

    
      	
            	5.	
              Prohibited
                Competition.

            

    

     

    (a) Certain
      Acknowledgements and Agreements.

     

    (i) We
      have
      discussed, and you recognize and acknowledge the competitive and proprietary
      aspects of the business of the Company.

     

    (ii) You
      acknowledge that a business will be deemed competitive with the Company if
      it
      performs any of the services or manufactures or sells any of the products
      provided or offered by the Company or if it performs any other services and/or
      engages in the production, manufacture, distribution or sale of any product
      similar to services or products, which services or products were performed,
      produced, manufactured, distributed or sold by the Company during the period
      while you are employed hereunder.

    

    (iii) You
      further acknowledge that, while you are employed hereunder, the Company will
      furnish, disclose or make available to you Confidential Information (as defined
      below) related to the Company’s business and that the Company may provide you
      with unique and specialized training. You also acknowledge that such
      Confidential Information and such training have been developed and will be
      developed by the Company through the expenditure by the Company of substantial
      time, effort and money and that all such Confidential Information and training
      could be used by you to compete with the Company.

     

    (iv) For
      purposes of this Agreement, “Confidential Information” means confidential and
      proprietary information of the Company, whether in written, oral, electronic
      or
      other form, including but not limited to, information and facts concerning
      business plans, customers, future customers, suppliers, licensors, licensees,
      partners, investors, affiliates or others, training methods and materials,
      financial information, sales prospects, client lists, inventions, or any other
      scientific, technical or trade secrets of the Company or of any third party
      provided to you or the Company under a condition of confidentiality, provided
      that Confidential Information will not include information that is (1) in the
      public domain other than through any fault or act by you, (2) known to you
      prior
      to its disclosure to you in the course of your employment hereunder, or (3)
      lawfully disclosed to you by a source other than the Company which source has
      a
      legal right to disclose such information. 

     

    
      
         

      

      
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    (b) Non-Competition;
      Non-Solicitation.
      During
      the period while you are employed hereunder and for a period of two years
      following the termination of your employment hereunder for any reason or for
      no
      reason you will not, without the prior written consent of the
      Company:

     

    (i) For
      yourself or on behalf of any other person or entity, directly or indirectly,
      either as principal, partner, stockholder, officer, director, member, employee,
      consultant, agent, representative or in any other capacity, own, manage, operate
      or control, or be concerned, connected or employed by, or otherwise associate
      in
      any manner with, engage in, or have a financial interest in, any business which
      is directly or indirectly competitive with the business of the Company (each,
      a
“Restricted Activity”) in each state that the Company has properties at the time
      of termination (the “Restricted Territory”), except that (A) nothing contained
      herein will preclude you from purchasing or owning securities of any such
      business if such securities are publicly traded, and provided that your holdings
      do not exceed four percent of the issued and outstanding securities of any
      class
      of securities of such business, and (B) nothing contained herein will prevent
      you from engaging in a Restricted Activity for or with respect to any
      subsidiary, division or affiliate or unit (each, a “Unit”) of an entity if that
      Unit is not engaged in any business which is competitive with the business
      of
      the Company, irrespective of whether some other Unit of such entity engages
      in
      such competition (as long as you do not engage in a Restricted Activity for
      such
      other Unit); or

    

    (ii) Either
      individually or on behalf of or through any third party, directly or indirectly,
      solicit, divert or appropriate or attempt to solicit, divert or appropriate,
      for
      the purpose of competing with the Company, any customers or patrons of the
      Company, or any prospective customers or patrons with respect to which the
      Company has developed or made a sales presentation (or similar offering of
      services); or

    

    (iii) Either
      individually or on behalf of or through any third party, solicit, entice or
      persuade or attempt to solicit, entice or persuade any employee of or consultant
      to the Company to leave the service of the Company; provided, however, that
      the
      foregoing provisions will not prevent you from hiring any such person who
      contacts you on his or her own initiative without any direct or indirect
      solicitation by or encouragement from or on behalf of you or your
      representatives.

     

    (c) Survival
      of Acknowledgements and Agreements.
      Your
      acknowledgements and agreements set forth in this Section 5 will survive the
      termination of your employment hereunder for any reason or for no reason for
      the
      periods set forth in this Agreement.

     

    6.    
Protected
      Information.
      You
      will at all times, both during the period while you are employed hereunder
      and
      after the termination of your employment hereunder for a period of four
      years thereafter,
      for any reason or for no reason, maintain in confidence and will not, without
      the prior written consent of the Company, use, except in the course of
      performance of your duties for the Company or by court order, disclose or give
      to others any Confidential Information. Upon the termination of your employment
      hereunder for any reason or for no reason, you will return to the Company all
      tangible Confidential Information and copies thereof (regardless how such
      Confidential Information or copies are maintained). 

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    
      	
            	7.	
              Ownership
                of Ideas, Copyrights and Patents.

            

    

     

    (a) Property
      of the Company.
      All
      ideas, discoveries, creations, manuscripts and properties, innovations,
      improvements, know-how, inventions, designs, developments, apparatus,
      techniques, methods, and formulae (collectively the “Inventions”) which may be
      used in the business of the Company, whether patentable, copyrightable or not,
      which you may conceive, reduce to practice or develop while you are employed
      hereunder, alone or in conjunction with another or others, and whether at the
      request or upon the suggestion of the Company or otherwise, will be the sole
      and
      exclusive property of the Company, and that you will not publish any of the
      Inventions without the prior written consent of the Company. You hereby assign
      to the Company all of your right, title and interest in and to all of the
      foregoing. 

    

    (b) Cooperation.
      At any
      time during your employment hereunder or after the termination of your
      employment hereunder for any reason or for no reason, you will fully cooperate
      with the Company and its attorneys and agents in the preparation and filing
      of
      all papers and other documents as may be required to perfect the Company’s
      rights in and to any of such Inventions, including, but not limited to, joining
      in any proceeding to obtain letters patent, copyrights, trademarks or other
      legal rights with respect to any such Inventions in the United States and in
      any
      and all other countries, provided that the Company will bear the expense of
      such
      proceedings, and that any patent or other legal right so issued to you
      personally will be assigned by you to the Company or its designee without charge
      by you. The Company will reimburse you for reasonable expenses incurred by
      you
      in connection with the performance of your obligations under this Section
      7.

    

    8.     Records.
      Upon
      termination of your employment hereunder for any reason or for no reason, you
      will deliver to the Company any property of the Company which may be in your
      possession, including products, materials, memoranda, notes, records, reports
      or
      other documents or photocopies of the same.

     

    9.     Insurance.
      The
      Company, in its sole discretion, may apply for and purchase key person life
      insurance on your life in an amount determined by the Company with the Company
      as beneficiary. You will submit to any medical or other examinations and to
      execute and deliver any applications or other instruments in writing that are
      reasonably necessary to effectuate such insurance.

     

    
      	
            	10.	
              General.

            

    

     

    (a) Notices.
      All
      notices, requests, consents and other communications hereunder will be in
      writing, will be addressed to the receiving party’s address set forth above or
      to such other address as a party may designate by notice hereunder, and will
      be
      either (i) delivered by hand, (ii) sent by overnight courier, or (iii) sent
      by
      registered or certified mail, return receipt requested, postage prepaid. All
      notices, requests, consents and other communications hereunder will be deemed
      to
      have been given either (i) if by hand, at the time of the delivery thereof
      to
      the receiving party at the address of such party set forth above, (ii) if sent
      by overnight courier, on the next business day following the day such notice
      is
      delivered to the courier service, or (iii) if sent by registered or certified
      mail, on the fifth business day following the day such mailing is
      made.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    (b) Entire
      Agreement.
      This
      Agreement and the other agreements specifically referred to herein, embodies
      the
      entire agreement and understanding between the parties hereto with respect
      to
      the subject matter hereof and supersedes all prior oral or written agreements
      and understandings relating to the subject matter hereof. No statement,
      representation, warranty, covenant or agreement of any kind not expressly set
      forth in this Agreement will affect, or be used to interpret, change or
      restrict, the express terms and provisions of this Agreement.

     

    (c) Modifications
      and Amendments.
      The
      terms and provisions of this Agreement may be modified or amended only by
      written agreement executed by the parties hereto.

     

    (d) Waivers
      and Consents.
      The
      terms and provisions of this Agreement may be waived, or consent for the
      departure therefrom granted, only by written document executed by the party
      entitled to the benefits of such terms or provisions. No such waiver or consent
      will be deemed to be or will constitute a waiver or consent with respect to
      any
      other terms or provisions of this Agreement, whether or not similar. Each such
      waiver or consent will be effective only in the specific instance and for the
      purpose for which it was given, and will not constitute a continuing waiver
      or
      consent.

     

    (e) Assignment.
      The
      Company may assign its rights and obligations hereunder to any person or entity
      that succeeds to all or substantially all of the Company’s business or that
      aspect of the Company’s business in which you are principally involved. You may
      not assign your rights and obligations under this Agreement without the prior
      written consent of the Company.

     

    (f) Benefit.
      All
      statements, representations, warranties, covenants and agreements in this
      Agreement will be binding on the parties hereto and will inure to the benefit
      of
      the respective successors and permitted assigns of each party hereto. Nothing
      in
      this Agreement will be construed to create any rights or obligations except
      among the parties hereto, and no person or entity will be regarded as a
      third-party beneficiary of this Agreement. The Company will 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 which assumes and agrees to perform this Agreement by operation
      of
      law or otherwise.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    (g) Governing
      Law.
      This
      Agreement and the rights and obligations of the parties hereunder will be
      construed in accordance with and governed by the law of the State of Florida,
      without giving effect to the conflict of law principles thereof.

     

    (h) Jury
      Waiver.
      The
      parties agree to
      waive
      trial by jury with respect to any claims arising out of or relating to this
      Agreement or your employment by the Company.

     

    (i) Severability.
      The
      parties intend this Agreement to be enforced as written. However, (i) if any
      portion or provision of this Agreement is to any extent be declared illegal
      or
      unenforceable by a duly authorized court having jurisdiction, then the remainder
      of this Agreement, or the application of such portion or provision in
      circumstances other than those as to which it is so declared illegal or
      unenforceable, will not be affected thereby, and each portion and provision
      of
      this Agreement will be valid arid enforceable to the fullest extent permitted
      by
      law and (ii) if any provision, or part thereof, is held to be unenforceable
      because of the duration of such provision, the geographic area covered thereby,
      or other aspect of the scope of such provision, the court making such
      determination will have the power to reduce the duration, geographic area of
      such provision, or other aspect of the scope of such provision, and/or to delete
      specific words and phrases (“blue-penciling”), and in its reduced or
      blue-penciled form, such provision will then be enforceable and will be
      enforced.

     

    (j) Headings
      and Captions.
      The
      headings and captions of the various subdivisions of this Agreement are for
      convenience of reference only and will in no way modify or affect the meaning
      or
      construction of any of the terms or provisions hereof

     

    (k) No
      Waiver of Rights, Powers and Remedies.
      No
      failure or delay by a party hereto in exercising any right, power or remedy
      under this Agreement, and no course of dealing between the parties hereto,
      will
      operate as a waiver of any such right, power or remedy of the party. No single
      or partial exercise of any right, power or remedy under this Agreement by a
      party hereto, nor any abandonment or discontinuance of steps to enforce any
      such
      right, power or remedy, will preclude such party from any other or further
      exercise thereof or the exercise of any other right, power or remedy hereunder.
      The election of any remedy by a party hereto will not constitute a waiver of
      the
      right of such party to pursue other available remedies. No notice to or demand
      on a party not expressly required under this Agreement will entitle the party
      receiving such notice or demand to any other or further notice or demand in
      similar or other circumstances or constitute a waiver of the rights of the
      party
      giving such notice or demand to any other or further action in any circumstances
      without such notice or demand.

     

    (l) Expenses.
      Should
      the Company breach this Agreement, in addition to all other remedies available
      at law or in equity, the Company will pay all of your costs and expenses
      resulting therefrom and/or incurred in enforcing this Agreement, including
      legal
      fees and expenses. The Company will reimburse you for reasonable fees of
      one counsel
      retained by you in connection with the negotiation and execution of this
      Agreement.

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    (m) Counterparts.
      This
      Agreement may be executed in two or more counterparts, and by different parties
      hereto on separate counterparts, each of which will be deemed an original,
      but
      all of which together will constitute one and the same instrument.

     

    (n) Election
      as Director.
      For so
      long as you continue to serve as the Company’s Chairman and CEO, the Company
      shall cause you to be nominated as a director of the Company at each shareholder
      meeting at which election of directors is considered and otherwise use its
      best
      efforts to cause you to be elected as a director of the Company.

     

    

     

    REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    If
      the
      foregoing accurately sets forth our agreement, please so indicate by signing
      and
      returning to us the enclosed copy of this letter.

     

     

    
      	 	
              Very
                truly yours,

               

              Key
                Hospitality Acquisition Corp.

               

              By:                                   
                       

              Name:                                       
                

              Title:                                 
                      

            

    

    
 

    Accepted
      and Approved

     

    

    
      	________________________	__________________	 
	Dave Clark	Date	 

    

         

     

     

     

    
      
         

      

      
        14

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