Document:

EX-10.21.(A) FIRST AMENDMENT TO EMPLOYMENT AGRMT

 

EXHIBIT 10.21(a)

FIRST AMENDMENT TO

EMPLOYMENT AGREEMENT

     THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (“Amendment”) is made as of the ___day of
May, 2005, by and between THOMAS H. KING (“Employee”) and ALLIED HOLDINGS, INC. (“Employer”).

     WHEREAS, Employer and Employee have entered into an Employment Agreement dated January 25,
2005; and

     WHEREAS, Employer and Employee desire to amend the Employment Agreement as set forth herein;

     NOW, THEREFORE, for and in consideration of the covenants and conditions hereafter set forth,
and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Employee and Employer hereby agree as follows:

     3. The Employment Agreement is amended by the inclusion of the following new Section 5(c):

(c) Employer hereby agrees to pay to Employee a cash retention bonus in an amount
equal to $181,800, with such bonus to be credited against any bonus amount otherwise
due to Employee by Employer under the Employer’s Bonus Plan, for the calendar year
ending December 31, 2005, to be paid on April 17, 2006; provided, however, that
Employer shall not be required to pay such bonus if Employee’s employment is
terminated on or before the date on which such payment is due other than with
respect to a termination pursuant to paragraph 8(c), 8(e), 8(f), 9(a)(4) or 9(a)(5)
of the Employment Agreement in which case the entire amount of bonus provided in
this paragraph 5(c) shall be due and payable to Employee immediately upon
termination.

     4. All remaining terms and conditions of the Employment Agreement shall remain in full force
and effect except as amended hereby.

 

 

     IN WITNESS WHEREOF, the undersigned have executed this Amendment this ___day of May,
2005.

Employer:

ALLIED HOLDINGS, INC.

By:                                        

Title:                                        

Employee:

                                        

THOMAS H. KINGEX-10.2 FOURTH AMENDMENT TO THE 1992 STOCK OPTION

 

Exhibit 10.2

FOURTH AMENDMENT

TO THE

1992 STOCK OPTION PLAN OF

AMERICA’S FAVORITE CHICKEN COMPANY

     THIS AMENDMENT made and entered into this 24th day of March, 2005, by America’s
Favorite Chicken Company (the “Company”).

WITNESSETH:

     WHEREAS, the Company has previously adopted the 1992 Stock Option Plan of America’s Favorite
Chicken Company (the “Plan”); and

     WHEREAS, § 12.1 states the Board of Directors of the Company or the Committee (as such term is
defined in the Plan) has the right to adjust the number or kind of shares of Common Stock to
reflect a corporate transaction such as a reorganization, recapitalization, reclassification, stock
dividend, stock split, reverse stock split or other similar transaction; and

     WHEREAS, § 13 gives the Board of Directors of the Company the right to amend or revise the
terms of the Plan at any time;

     NOW, THEREFORE, the Plan is hereby amended as follows, effective as of the date of shareholder
approval hereof:

1.

     By amending § 12.1 to read as follows:

     12.1 The number, kind or class (or any combination thereof) of shares of Common Stock subject
to outstanding Options and the purchase price of such shares shall be adjusted by the Board of
Directors in a reasonable and equitable manner to preserve immediately after

	 	(a)  	any equity restructuring or change in the capitalization of
the Company, including, but not limited to, spin offs, stock dividends, cash
dividends (other than ordinary cash dividends), rights offerings or stock
splits, or
	 
	 	(b)  	any other transaction described in § 424(a) of the Code which
does not constitute a Change in Control of the Company

the aggregate intrinsic value of each such outstanding Option immediately before such restructuring
or recapitalization or other transaction.

 

 

2.

     By adding a new § 12.2 to read as follows:

          12.2 Available Shares. If any adjustment is made with respect to any outstanding
Option under § 12.1, then the Board of Directors shall adjust the number, kind or class (or any
combination thereof) of shares of Common Stock reserved under § 3 so that there is a sufficient
number, kind and class of shares of Common Stock available for issuance pursuant to each such
Option as adjusted under § 12.1 without seeking the approval of the Company’s shareholders for such
adjustment unless such approval is required under applicable law or the rules of the stock exchange
on which shares of Common Stock are traded. Furthermore, the Board of Directors shall have the
absolute discretion to further adjust such number, kind or class (or any combination thereof) of
shares of Common Stock reserved under § 3 in light of any of the events described in § 12.1(a) and
§ 12.1(b) to the extent the Board of Directors acting in good faith determinates that a further
adjustment would be appropriate and proper under the circumstances and in keeping with the purposes
of this Plan without seeking the approval of the Company’s shareholders for such adjustment unless
such approval is required under applicable law or the rules of the stock exchange on which shares
of Common Stock are traded.

3.

     By renumbering the existing § 12.2 as § 12.3.

4.

     By adding a new § 12.4 to read as follows:

          12.4 Fractional Shares. If any adjustment under this § 12 would create a fractional
share of Common Stock or a right to acquire a fractional share of Common Stock under any Option,
such fractional share shall be disregarded and the number of shares of Common Stock reserved under
this Plan and the number subject to any Options shall be the next lower number of shares of Stock,
rounding all fractions downward. An adjustment made under this § 12 by the Board of Directors
shall be conclusive and binding on all affected persons.

5.

     Except as herein amended, the provisions of the Plan shall remain in full force and effect.

 

 

	 	 	 	 	 
	 	AFC ENTERPRISES, INC.

 	 
	 	By:  	     /s/ Frank J. Belatti
 	 
	 	 	Frank J. Belatti 	 
	 	 	Chairman of the Board and Chief

Executive OfficerEX-10.3 FIFTH AMENDMENT TO 1996 STOCK OPTION PLAN

 

Exhibit 10.3

FIFTH AMENDMENT

TO THE

AMERICA’S FAVORITE CHICKEN COMPANY

1996 NONQUALIFIED PERFORMANCE STOCK OPTION PLAN —
GENERAL

     THIS AMENDMENT made and entered into this 24th day of March, 2005, by America’s Favorite
Chicken Company (the “Company”).

WITNESSETH:

     WHEREAS, the Company has previously adopted the America’s Favorite Chicken Company
Nonqualified Performance Stock Option Plan (the “Plan”); and

     WHEREAS, § 11 states that the Committee (as such term is defined in the Plan) has the right to
adjust the number or kind of shares of Common Stock to reflect a corporate transaction such as a
reorganization, reclassification, stock dividend or stock split; and

     WHEREAS, § 19 reserves to the Committee the right to amend or the Plan as it shall deem
advisable;

     NOW, THEREFORE, the Plan is hereby amended as follows, effective as of the date of shareholder
approval hereof:

1.

     By amending § 11 to read as follows:

     11. Adjustments.

          (a) The number, kind or class (or any combination thereof) of shares of Common Stock
subject to outstanding Options and the Option Price of such shares shall be adjusted by the
Committee in a reasonable and equitable manner to preserve immediately after

	 	(1)  	any equity restructuring or change in the capitalization of
the Company, including, but not limited to, spin offs, stock dividends, cash
dividends (other than ordinary cash dividends), rights offerings or stock
splits, or
	 
	 	(2)  	any other transaction described in § 424(a) of the Code which
does not constitute an Extraordinary Event under Section 14 hereof

the aggregate intrinsic value of each such outstanding Option immediately before such
restructuring or recapitalization or other transaction.

 

 

          (b) Available Shares. If any adjustment is made with respect to any
outstanding Option under Section 11(a), then the Committee shall adjust the number, kind or
class (or any combination thereof) of shares of Common Stock reserved under Section 5 so
that there is a sufficient number, kind and class of shares of Common Stock available for
issuance pursuant to each such Option as adjusted under Section 11(a) without seeking the
approval of the Company’s shareholders for such adjustment unless such approval is required
under applicable law or the rules of the stock exchange on which shares of Common Stock are
traded. Furthermore, the Committee shall have the absolute discretion to further adjust
such number, kind or class (or any combination thereof) of shares of Common Stock reserved
under Section 5 in light of any of the events described in Section 11(a)(1) and Section
11(a)(2) to the extent the Committee acting in good faith determinates that a further
adjustment would be appropriate and proper under the circumstances and in keeping with the
purposes of this Plan without seeking the approval of the Company’s shareholders for such
adjustment unless such approval is required under applicable law or the rules of the stock
exchange on which shares of Common Stock are traded.

          (c) Fractional Shares. If any adjustment under this Section 11 would create a
fractional share of Common Stock or a right to acquire a fractional share of Common Stock
under any Option, such fractional share shall be disregarded and the number of shares of
Common Stock reserved under this Plan and the number subject to any Options shall be the
next lower number of shares of Stock, rounding all fractions downward. An adjustment made
under this Section 11 by the Committee shall be conclusive and binding on all affected
persons.

2.

     Except as herein amended, the provisions of the Plan shall remain in full force and effect.

	 	 	 	 	 
	 	AFC ENTERPRISES, INC.

 	 
	 	By:  	/s/ Frank J. Belatti
 	 
	 	 	Frank J. Belatti 	 
	 	 	Chairman of the Board and Chief

Executive Officer

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