Document:

Exhibit 10.1

 

Exhibit 10.1

INTERCHANGE CORPORATION

Board of Directors Compensation Plan

Effective 1/1/05

	 	 	 
	Non-employee Director Compensation:
	 	 
	 
	 	 
	Annual retainer

	 	$20,000.00
	 
	 	 
	Board of Director’s meeting attended in person

	 	$1,500.00 per meeting
	Board of Director’s meeting attended telephonically

	 	$750.00 per meeting
	 
	 	 
	Audit Committee Chairman annual retainer

	 	$10,000.00
	 
	 	 
	Committee meeting attended

	 	$1,200.00 per meeting
	 
	 	 
	Stock Option Grants (all Directors):
	 	 
	 
	 	 
	Annual grant

	 	15,000 shares
	 
	 	 
	Grant to new Director’s (first year)

	 	20,000 shares

Stock options vest 50% at the time of grant, and the remaining portions vest in equal amounts over
the next twelve months.EX-10.1 TERM SHEET DATED JUNE 3,2005

 

Exhibit 10.1

Ken Keymer

Revised Term Sheet for CEO Position

     Current Employment Agreement with AFC Enterprises, Inc. would be amended to add the
following provisions:

	 	•  	Effective Date: September 1, 2005
	 
	 	•  	Title: President and CEO
	 
	 	•  	Term of Agreement: Initial term of two (2) years and four (4) months (i.e through
fiscal 2007), then a one (1) year evergreen provision thereafter.
	 
	 	•  	Base Salary: $500,000 (effective September 1, 2005) plus $15,000 flex perk allowance
	 
	 	•  	Annual Bonus Potential: $500,000 (the annual increased bonus potential for 2005 will be
prorated for the period of September 1, 2005 through end of fiscal 2005)
	 
	 	•  	Stock Options: 50,000 options will be granted effective September 1, 2005 to vest over
four (4) years (option price to be fair market value on date of grant)
	 
	 	•  	Existing restricted stock grant to be revised to change vesting of unvested stock to be
equal vesting over three years to be consistent with vesting dates of restricted stock
grants given to Popeyes senior management

Provisions added to the Employment Agreement for the following matters:

	 	•  	Upon termination for any reason other than Cause, you would
be entitled to:

1) a prorated bonus for that year, and

2) reimbursement for COBRA expenses for a period of the earlier of 18 months or when you
receive comparable benefits from a new employer.
	 
	 	•  	In the event of a Change In Control (“CIC”), you may terminate the agreement (and have
it treated as a termination without Cause for severance purposes) if there is a material
reduction or change in duties or responsibilities, or a material reduction or change in pay
and benefits that is not part of an across the board reduction.

	 	 	 	 	 	 	 	 	 
	Approved: 	/s/
Ken Keymer 	By:   	Frank J. Belatti, Chairman and Chief Executive Officer 	 	 
	 	Ken Keymer
	 	AFC Enterprises, Inc.	 	 

									
	Date:	June 3,
2005 	 	       Date:	  June 3,
2005EX-10.2 SECOND AMENDMENT TO EMPLOYMENT AGREEMENT

 

Exhibit 10.2

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT

DATED JUNE 7, 2005 BETWEEN

AFC ENTERPRISES, INC. (THE “COMPANY”)

AND

FREDERICK B. BEILSTEIN (“EMPLOYEE”)

     WHEREAS, Employee and the Company are parties to an Amended and Restated Employment Agreement
dated as of December 29, 2003, (the “2003 Agreement”) and a First Amendment to Employment Agreement
dated March 28, 2005 (the “First Amendment,” together with the 2003 Amendment, collectively 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 1 of the Employment Agreement is hereby deleted in its entirety and the following
new Section 1 is inserted in lieu thereof:

     1. Term of Agreement

     This Agreement shall be effective as of the date hereof and, unless earlier
terminated pursuant to Section 8 or Section 9.01 hereof, shall be for a term
ending December 25, 2005 (the “Term”).

     2. 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. 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 two (2) times Employee’s Base Salary at
the time of termination;

(ii) a payment equal to two (2) 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 December 25, 2005, a payment equal to Employee’s Base Salary
and Target Incentive Pay for the 2005 fiscal year 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)

(iv) an amount equal to the payment described in Section 9.02(c) of this
Agreement; 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 as soon as practicable 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

 

 

(a) As soon as practicable after the execution of this Agreement, the
Company shall pay to Employee in a lump sum payment a stay bonus equal to
the Stay Bonus Calculation Amount (as defined below).

(b) If Employee is employed by the Company on December 25, 2005, then the
Company shall pay to Employee in a lump sum payment on December 25, 2005 an
additional stay bonus equal to the Stay Bonus Calculation Amount (as defined
below) (it being understood that this bonus will be payable to Employee if
his employment is terminated by the Company on December 25, 2005).

(c) For purposes of this Agreement, the “Stay Bonus Calculation Amount”
shall be the sum of the amounts described in (i) and (ii) below:

(i) fifty percent (50%) of Employee’s Base Salary for the fiscal year 2005;
and

(ii) a payment equal to fifty percent (50%) 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 Second Amendment.

 

 

     IN WITNESS WHEREOF, the Company has caused this Amendment to be executed and Employee has
hereunto set his hand this 7th day of June, 2005, effective as
of June 7, 2005.

	 	 	 	 	 	 
	 	 	COMPANY:
	 	 	AFC Enterprises, Inc.
	 
	 	 	 	 
	
	 	By:	 	/s/ Frank J. Belatti
	 
	 	 	 	 
	
	 	 	 	 
	
	 	 	 	Name: Frank J. Belatti
	
	 	 	 	Title: Chairman and Chief Executive Officer
	 
	 	 	 	 
	 	 	EMPLOYEE:
	 
	 	 	 	 
	

	 	By:
	 	/s/ Frederick B. Beilstein
	 
	 	 	 	 
	

	 	 	 	 
	

	 	 	 	Name: Frederick B. Beilstein
	

	 	 	 	Title: Chief Financial OfficerEX-10.3 SECOND AMENDMENT TO THE AMENDED AND RESTAT

 

Exhibit 10.3

SECOND AMENDMENT TO
AMENDED AND RESTATED EMPLOYMENT 
AGREEMENT DATED JUNE 7, 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 “2004 Agreement”) and a First Amendment to the Amended and Restated
Employment Agreement dated March 28, 2005 (the “First Amendment,” together with the 2004 Agreement,
collectively 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 1 of the Employment Agreement is hereby deleted in its entirety and the following
new Section 1 is inserted in lieu thereof:

     1. Term of Agreement

     This Agreement shall be effective as of the date hereof and, unless earlier
terminated pursuant to Section 8 or Section 9.01 hereof, shall be for a term
ending August 31, 2005 (the “Term”). The Term of this Agreement and
Employee’s employment hereunder will automatically be extended for such
period as the Company determines that Employee’s services are needed (it
being understood that such Term will not extend past December 25, 2005).

     2. 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. 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 December 25, 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 December 25, 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);

(iv) an amount equal to the payment described in Section 9.02 of this
Agreement; 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 as soon as practicable 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 as soon as practicable after the Employee’s
termination of employment, a prorated portion of the sum of amounts described in (i)
and (ii) below 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 (it being understood that this bonus
will be payable to Employee if his employment is terminated by the Company on August
31, 2005):

(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);

     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 Second Amendment.

 

 

     IN WITNESS WHEREOF, the Company has caused this Amendment to be executed and Employee has
hereunto set his hand this 7th day of June, 2005, effective as of
June 7, 2005.

	 	 	 	 	 	 
	 	 	COMPANY:
	 	 	AFC Enterprises, Inc.
	 
	 	 	 	 
	

	 	By:	 	/s/ Frank J. Belatti
	 
	 	 	 	 
	

	 	 	 	 
	

	 	 	 	Name: Frank J. Belatti
	

	 	 	 	Title:   Chairman and 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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