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EXHIBIT 10.1    
    

 
 

AGREEMENT
  CONCERNING THE EXCHANGE OF SECURITIES
  OF
  LEOPARD HOLDINGS, INC.
  FOR ALL OF THE ASSETS AND LIABILITIES OF
  PASSPORT - A TASTE OF EUROPE, INC.    
    

  

 
 

INDEX    
    

	 
	 
	 	 
	Page

	ARTICLE I—PURCHASE OF ASSETS OF PPT	1
	1.1	—	 	Issuance of Securities	1
	1.2	—	 	Corporate Action by LHI	1
	1.3	—	 	Exemption from Registration	1
	

ARTICLE II—REPRESENTATIONS AND WARRANTIES OF PPT	

1
	

2.1	

—	
 	

Organization	

1
	2.2	—	 	Capital	1
	2.3	—	 	Subsidiaries	1
	2.4	—	 	Directors and Officers	1
	2.5	—	 	Financial Statements	2
	2.6	—	 	Absence of Changes	2
	2.7	—	 	Absence of Undisclosed Liabilities	2
	2.8	—	 	Tax Returns	2
	2.9	—	 	Investigation of Financial Condition	2
	2.10	—	 	Proprietary Rights	2
	2.11	—	 	Compliance with Laws	2
	2.12	—	 	Litigation	2
	2.13	—	 	Authority	2
	2.14	—	 	Ability to Carry Out Obligations	2
	2.15	—	 	Full Disclosure	2
	2.16	—	 	Assets	3
	2.17	—	 	Material Contracts	3
	2.18	—	 	Indemnification	3
	2.19	—	 	Criminal or Civil Acts	3
	2.20	—	 	Restricted Securities	3
	

ARTICLE III—REPRESENTATIONS AND WARRANTIES OF LHI	

3
	

3.1	

—	
 	

Organization	

3
	3.2	—	 	Capital	3
	3.3	—	 	Subsidiaries	3
	3.4	—	 	Directors and Officers	3
	3.5	—	 	Absence of Undisclosed Liabilities	3
	3.6	—	 	Tax Returns	3
	3.7	—	 	Investigation of Financial Condition	3
	3.8	—	 	Proprietary Rights	3
	3.9	—	 	Compliance with Laws	4
	3.10	—	 	Litigation	4
	3.11	—	 	Authority	4
	3.12	—	 	Ability to Carry Out Obligations	4
	3.13	—	 	Full Disclosure	4
	3.14	—	 	Assets	4
	3.15	—	 	Material Contracts	4
	3.16	—	 	Indemnification	4
	3.17	—	 	Criminal or Civil Acts	4
	

ARTICLE IV—COVENANTS PRIOR TO THE CLOSING DATE	

4
	 	 	 	 	 

i

 

	

4.1	

—	
 	

Investigative Rights	

4
	4.2	—	 	Conduct of Business	5
	

ARTICLE V—CONDITIONS PRECEDENT TO LHI'S PERFORMANCE	

5
	

5.1	

—	
 	

Conditions	

5
	5.2	—	 	Accuracy of Representations	5
	5.3	—	 	Performance	5
	5.4	—	 	Absence of Litigation	5
	5.5	—	 	Officer's Certificate	5
	5.6	—	 	Corporate Action	5
	

ARTICLE VI—CONDITIONS PRECEDENT TO PPT'S PERFORMANCE	

5
	

6.1	

—	
 	

Conditions	

5
	6.2	—	 	Accuracy of Representations	6
	6.3	—	 	Performance	6
	6.4	—	 	Absence of Litigation	6
	6.5	—	 	Officer's Certificate	6
	6.6	—	 	Directors of LHI.	6
	6.7	—	 	Officers of LHI.	6
	6.8	—	 	Corporate Action	6
	

ARTICLE VII—CLOSING	

6
	7.1	—	 	Closing	6
	

ARTICLE VIII—COVENANTS SUBSEQUENT TO THE CLOSING DATE	

7
	8.1	—	 	Registration and Listing	7
	

ARTICLE IX—MISCELLANEOUS	

7
	

9.1	

—	
 	

Captions and Headings	

7
	9.2	—	 	No Oral Change	7
	9.3	—	 	Non-Waiver	7
	9.4	—	 	Time of Essence	7
	9.5	—	 	Entire Agreement	7
	9.6	—	 	Choice of Law	7
	9.7	—	 	Counterparts	7
	9.8	—	 	Notices	7
	9.9	—	 	Binding Effect	8
	9.10	—	 	Mutual Cooperation	8
	9.11	—	 	Finders	8
	9.12	—	 	Announcements	8
	9.13	—	 	Expenses	8
	9.14	—	 	Survival of Representations and Warranties	8
	9.15	—	 	Exhibits	8
	9.16	—	 	Legal Counsel	8
	

 	

 	
 	

Signatures	

8
	

EXHIBITS	

 
	

 	

 	
 	

PPT Balance Sheet	

Exhibit 1.1

ii

  

 
 

AGREEMENT    
    

        AGREEMENT effective this 19th day of June 2003, by and between LEOPARD HOLDINGS, INC., a Texas corporation ("LHI"), and PASSPORT- A TASTE OF
EUROPE, INC., a Florida corporation ("PPT"), 

        WHEREAS,
LHI desires to acquire all of the assets and liabilities of PPT from PPT in exchange for newly issued unregistered shares of common stock of LHI; and 

        WHEREAS,
PPT desires to sell all of its assets and liabilities to LHI pursuant to the terms of this Agreement. 

        NOW,
THEREFORE, in consideration of the mutual promises, covenants and representations contained herein, THE PARTIES HERETO AGREE AS FOLLOWS: 

ARTICLE I
  Purchase of Assets of PPT  

        1.1    Issuance of Securities.    Subject to the terms and conditions of this Agreement, LHI agrees to issue 8,010,938
fully paid and nonassessable unregistered shares of LHI's $.001 par value common stock (the "LHI Shares") and 623,318 common stock purchase warrants exercisable at $6.40 per share until
June 19, 2008 for all the assets and liabilities of PPT as set forth in Exhibit 1.1 (the "PPT Purchase"). 

        1.2    Corporate Action by LHI.    Following the closing date of this Agreement (the "Closing Date"), LHI will change
its name to "Passport Restaurants, Inc." 

        1.3    Exemption from Registration.    The parties hereto intend that the LHI common stock to be issued to PPT shall
be exempt from the registration requirements of the Securities Act of 1933, as amended (the "Act"), pursuant to Section 4(2) of the Act and the rules and regulations promulgated thereunder. 

ARTICLE II
  Representations and Warranties of PPT  

        PPT hereby represents and warrants to LHI that: 

        2.1    Organization.    PPT is a corporation duly organized, validly existing and in good standing under the laws of
in the state of Florida, has all necessary corporate powers to own its properties and to carry on its business as now owned and operated by it, and is duly qualified to do business and is in good
standing in each of the states where its business requires qualification. 

        2.2    Capital.    The authorized capital stock of PPT consists of 100,000,000 authorized shares of $.0001 par value
common stock, of which 64,000,000 shares of common stock are outstanding, 3,989,234 outstanding warrants exercisable at $1.00 per share. All of the outstanding common stock of PPT is duly and validly
issued, fully paid and nonassessable. There are no other outstanding subscriptions, options, rights, warrants, debentures, instruments, convertible securities or other agreements or other commitments
obligating PPT to issue or to transfer from treasury any additional shares of its capital stock of any class. 

        2.3    Subsidiaries.    PPT does not have any subsidiaries or own any interest in any other enterprise. 

        2.4    Directors and Officers.    The names and titles of the directors and officers of PPT as of the date of this
Agreement are as follows: Christopher R. Thomas, Chief Executive Officer and President; Roland Czekelius, Vice-President—Operations; Michael Vogel, Controller and Asst.
Secretary; and Alfred Harle, Director. 

1

 

        2.5    Financial Statements.    PPT has furnished its balance sheet as of April 20, 2003 included herein as
Exhibit 1.1. 

        2.6    Absence of Changes.    There have been no material changes in PPT's operations since April 20, 2003. 

        2.7    Absence of Undisclosed Liabilities.    PPT has no undisclosed liabilities as of the date of this Agreement not
included in Exhibit 1.1. 

        2.8    Tax Returns.    PPT has filed all federal, state and local tax returns required by law and has paid all taxes,
assessments and penalties due and payable. The provisions for taxes, if any, reflected in Exhibit 1.1 are adequate for the periods indicated. There are no present disputes as to taxes of any
nature payable by PPT. 

        2.9    Investigation of Financial Condition.    Without in any manner reducing or otherwise mitigating the
representations contained herein, LHI, its legal counsel and accountants shall have the opportunity to meet with PPT' accountants and attorneys to discuss the financial condition of PPT. PPT shall
make available to LHI all books and records of PPT. 

        2.10    Proprietary Rights.    PPT owns all proprietary information and other rights necessary or material to conduct
its business. 

        2.11    Compliance with Laws.    PPT has complied with, and is not in violation of, applicable federal, state or local
statutes, laws and regulations, including federal and state securities laws. 

        2.12    Litigation.    PPT is not a defendant in any suit, action, arbitration or legal, administrative or other
proceeding, or governmental investigation which is pending or, to the best knowledge of PPT, threatened against or affecting PPT or its business, assets or financial condition. PPT is not in default
with respect to any order, writ, injunction or decree of any federal, state, local or foreign court, department, agency or instrumentality applicable to it. PPT is not engaged in any material
litigation to recover monies due to it. 

        2.13    Authority.    The Board of Directors and shareholders of PPT have authorized the execution of this Agreement
and the consummation of the transactions contemplated herein, and PPT has full power and authority to execute, deliver and perform this Agreement, and this Agreement is a legal, valid and binding
obligation of PPT and is enforceable in accordance with its terms and conditions. 

        2.14    Ability to Carry Out Obligations.    The execution and delivery of this Agreement by PPT and the performance
by PPT of its obligations hereunder in the time and manner contemplated will not cause, constitute or conflict with or result in (a) any breach or violation of any of the provisions of or
constitute a default under any license, indenture, mortgage, instrument, article of incorporation, bylaw,
or other agreement or instrument to which PPT is a party, or by which it may be bound, nor will any consents or authorizations of any party other than those hereto be required, (b) an event
that would permit any party to any agreement or instrument to terminate it or to accelerate the maturity of any indebtedness or other obligation of PPT, or (c) an event that would result in the
creation or imposition of any lien, charge or encumbrance on any asset of PPT. 

        2.15    Full Disclosure.    None of the representations and warranties made by PPT herein or in any exhibit,
certificate or memorandum furnished or to be furnished by PPT, or on its behalf, contains or will contain any untrue statement of material fact or omit any material fact the omission of which would be
misleading. 

2

 

        2.16    Assets.    As of April 20, 2003 PPT's total assets were $1,540,635. 

        2.17    Material Contracts.    PPT does not have any material contracts. 

        2.18    Indemnification.    PPT agrees to indemnify, defend and hold LHI harmless against and in respect of any and
all claims, demands, losses, costs, expenses, obligations, liabilities, damages, recoveries and deficiencies, including interest, penalties and reasonable attorney fees, that it shall incur or suffer,
which arise out of, or result from (i) any breach by PPT in performing any of its covenants or agreements under this Agreement or in any schedule, certificate, exhibit or other instrument
furnished or to be furnished by PPT under this Agreement or (ii) any untrue statement made by PPT in this Agreement. 

        2.19    Criminal or Civil Acts.    For the period of five years prior to the execution of this Agreement, no executive
officer, director or principal stockholder of PPT has been convicted of a felony crime, filed for personal bankruptcy, been the subject of a Commission judgment or decree, or is currently the subject
to any investigation in connection with a felony crime or Commission proceeding. 

        2.20    Restricted Securities.    PPT acknowledges that the LHI Shares issued by LHI hereunder are restricted
securities and none of such securities may be sold or publicly traded except in accordance with the provisions of the Act. 

ARTICLE III
  Representations and Warranties of LHI  

        LHI represents and warrants to PPT that: 

        3.1    Organization.    LHI is a corporation duly organized, validly existing and in good standing under the laws of
Texas, has all necessary corporate powers to carry on its business, and is duly qualified to do business and is in good standing in each of the states where its business requires qualification. 

        3.2    Capital.    The authorized capital stock of LHI on the Closing Date will consist of (i) 60,000,000
shares of $.001 par value common stock and 10,000,000 shares of no par value preferred stock, of which 1,200,000 shares are currently outstanding and 10,000,000 shares of common stock will be issued
and outstanding following the Closing Date. All of LHI's outstanding securities are duly and validly issued, fully paid and nonassessable. There are no other outstanding subscriptions, options,
rights, warrants, debentures, instruments, convertible securities or other agreements or commitments obligating LHI to issue or to transfer from treasury any additional shares of its capital stock of
any class except shares issuable under this Agreement. 

        3.3    Subsidiaries.    LHI does not have any subsidiaries or own any interest in any other enterprise. 

        3.4    Directors and Officers.    The names and titles of the directors and officers of LHI are: William J. Gallagher,
President and Director; and Joseph Fazzone, Executive Vice President and Director. 

        3.5    Absence of Undisclosed Liabilities.    LHI has no liabilities. 

        3.6    Tax Returns.    Within the times and in the manner prescribed by law, LHI has filed all state and local tax
returns required by law and has paid all taxes, assessments and penalties due and payable. 

        3.7    Investigation of Financial Condition.    Without in any manner reducing or otherwise mitigating the
representations contained herein, PPT, its legal counsel and accountants shall have the opportunity to meet with LHI's accountants and attorneys to discuss the financial condition of LHI. LHI shall
make available to PPT all books and records of LHI. 

        3.8    Proprietary Rights.    LHI does not have any patents, trademarks, service marks, trade names or copyrights. 

3

 

        3.9    Compliance with Laws.    LHI has complied with, and is not in violation of, applicable federal, state or local
statutes, laws or regulations including federal and state securities laws. 

        3.10    Litigation.    LHI is not a defendant in any suit, action, arbitration, or legal, administrative or other
proceeding, or governmental investigation which is pending or, to the best knowledge of LHI, threatened against or affecting LHI or its business, assets or financial condition. LHI is not in default
with respect to any order, writ, injunction or decree of any federal, state, local or foreign court, department, agency or instrumentality applicable to it. LHI is not engaged in any material
litigation to recover monies due to it. 

        3.11    Authority.    The Board of Directors of LHI has authorized the execution of this Agreement and the
transactions contemplated herein, and LHI has full power and authority to execute, deliver and perform this Agreement, and this Agreement is the legal, valid and binding obligation of LHI, and is
enforceable in accordance with its terms and conditions. 

        3.12    Ability to Carry Out Obligations.    The execution and delivery of this Agreement by LHI and the performance
by LHI of its obligations hereunder will not cause, constitute or conflict with or result in (a) any breach or violation of any of the provisions of or constitute a default under any license,
indenture, mortgage, instrument, article of incorporation, bylaw or other agreement or instrument to which LHI is a party, or by which it may be bound, nor will any consents or authorization of any
party other than those hereto be required, (b) an event that would permit any party to any agreement or instrument to terminate it or to accelerate the maturity of any indebtedness or other
obligation of LHI, or (c) an event that would result in the creation or imposition of any lien, charge or encumbrance on any asset of LHI. 

        3.13    Full Disclosure.    None of the representations and warranties made by LHI herein, or in any exhibit,
certificate or memorandum furnished or to be furnished by LHI or on its behalf, contains or will contain any untrue statement of material fact or omit any material fact the omission of which would be
misleading. 

        3.14    Assets.    LHI has no assets. 

        3.15    Material Contracts.    LHI has no material contracts. 

        3.16    Indemnification.    LHI agrees to indemnify, defend and hold PPT harmless against and in respect of any and
all claims, demands, losses, costs, expenses, obligations, liabilities, damages, recoveries and deficiencies, including interest, penalties, and reasonable attorney fees, that it shall incur or
suffer, which arise out of, or result from (i) any breach by LHI in performing any of its covenants or agreements in this Agreement or in any schedule, certificate, exhibit or other instrument
furnished or to be furnished by LHI under this Agreement, or (ii) any untrue statement made by LHI in this Agreement. 

        3.17    Criminal or Civil Acts.    For a period of five years prior to the execution of this Agreement, no executive
officer, director or principal stockholder of LHI has been convicted of a felony crime, filed for personal bankruptcy, been the subject of a Commission judgment or decree, or is currently the subject
to an investigation in connection with any felony crime or Commission proceeding 

ARTICLE IV
  Covenants Prior to the Closing Date  

        4.1    Investigative Rights.    Prior to the Closing Date, each party shall provide to the other party, and such other
party's counsel, accountants, auditors and other authorized representatives, full access during normal business hours and upon reasonable advance written notice to all of each party's properties,
books, contracts, commitments and records for the purpose of examining the same. Each 

4

 

party
shall furnish the other party with all information concerning each party's affairs as the other party may reasonably request. 

        4.2    Conduct of Business.    Prior to the Closing Date, each party shall conduct its business in the normal course
and shall not sell, pledge or assign any assets without the prior written approval of the other party, except in the normal course of business. Neither party shall amend its Articles of Incorporation
or Bylaws (except as may be described in this Agreement), declare dividends, redeem or sell stock or other securities, incur additional or newly-funded liabilities, acquire or dispose of fixed assets,
change employment terms, enter into any material or long-term contract, guarantee obligations of any third party, settle or discharge any balance sheet receivable for less than its stated
amount, pay more on any liability than its stated amount, or enter into any other transaction other than in the normal course of business. Neither party shall enter into negotiations with any third
party or complete
any transaction with a third party involving the sale of any of its assets or the exchange of any of its common stock. 

ARTICLE V
  Conditions Precedent to LHI's Performance  

        5.1    Conditions.    LHI's obligations hereunder shall be subject to the satisfaction at or before the Closing of all
the conditions set forth in this Article V. LHI may waive any or all of these conditions in whole or in part without prior notice; provided, however, that no such waiver of a condition shall
constitute a waiver by LHI of any other condition of or any of LHI's other rights or remedies, at law or in equity, if PPT shall be in default of any of its representations, warranties or covenants
under this Agreement. 

        5.2    Accuracy of Representations.    Except as otherwise permitted by this Agreement, all representations and
warranties by PPT in this Agreement or in any written statement that shall be delivered to LHI by PPT under this Agreement shall be true and accurate on and as of the Closing Date as though made at
that time. 

        5.3    Performance.    PPT shall have performed, satisfied and complied with all covenants, agreements and conditions
required by this Agreement to be performed or complied with by it on or before the Closing Date. 

        5.4    Absence of Litigation.    No action, suit, or proceeding before any court or any governmental body or
authority, pertaining to the transaction contemplated by this Agreement or to its consummation, shall have been instituted or threatened against PPT on or before the Closing Date. 

        5.5    Officer's Certificate.    PPT shall have delivered to LHI a certificate dated the Closing Date signed by the
Chief Executive Officer of PPT certifying that each of the conditions specified in this Article has been fulfilled and that all of the representations set forth in Article II are true and
correct as of the Closing Date. 

        5.6    Corporate Action.    PPT shall have obtained the approval of its shareholders for the transaction contemplated
by this Agreement. 

ARTICLE VI
  Conditions Precedent to PPT' Performance  

        6.1    Conditions.    PPT's obligations hereunder shall be subject to the satisfaction at or before the Closing of all
the conditions set forth in this Article VI. PPT may waive any or all of these conditions in whole or in part without prior notice; provided, however, that no such waiver of a condition shall
constitute a waiver by PPT of any other condition of or any of PPT' rights or remedies, at law or in 

5

 

equity,
if LHI shall be in default of any of its representations, warranties or covenants under this Agreement. 

        6.2    Accuracy of Representations.    Except as otherwise permitted by this Agreement, all representations and
warranties by LHI in this Agreement or in any written statement that shall be delivered to PPT by LHI under this Agreement shall be true and accurate on and as of the Closing Date as though made at
that time. 

        6.3    Performance.    LHI shall have performed, satisfied and complied with all covenants, agreements and conditions
required by this Agreement to be performed or complied with by it on or before the Closing Date. 

        6.4    Absence of Litigation.    No action, suit or proceeding before any court or any governmental body or authority,
pertaining to the transaction contemplated by this Agreement or to its consummation, shall have been instituted or threatened against LHI on or before the Closing Date. 

        6.5    Officer's Certificate.    LHI shall have delivered to PPT a certificate dated the Closing Date signed by the
Chief Executive Officer of LHI certifying that each of the conditions specified in this Article has been fulfilled and that all of the representations set forth in Article III are true and
correct as of the Closing Date. 

        6.6    Directors of LHI.    On the Closing Date, the Board of Directors of LHI shall elect Christopher R. Thomas,
Alfred Harle and Clyde Culp to LHI's Board of Directors and shall themselves then resign as directors. 

        6.7    Officers of LHI.    On the Closing Date, the newly constituted Board of Directors of LHI shall elect such
officers of LHI as they shall determine. 

        6.8    Corporate Action.    Within 30 days following the Closing Date, LHI will take the corporate action
described in Section 1.2, above. 

ARTICLE VII
  Closing  

        7.1    Closing.    The Closing of this Agreement shall be held at the offices of Jag Capital, Inc. on
June 30, 2003. At the Closing: 

	(a)
	LHI
shall deliver (i) 8,010,938 shares of LHI's common stock and 623,318 common stock purchase warrants to acquire PPT's assets and liabilities and (ii) 205,000 shares
of LHI's common stock pursuant to paragraph 9.11;

	(b)
	LHI
shall deliver (i) the officer's certificate described in Section 6.5 and (ii) a signed consent and/or minutes of its directors approving this Agreement and
each matter to be approved under this Agreement;

	(c)
	PPT
shall deliver (i) the officer's certificate described in Section 5.5 and (ii) a signed consent and/or minutes of its shareholders and directors approving this
Agreement and each matter to be approved under this Agreement. 

6

 

ARTICLE VIII
  Covenants Subsequent to the Closing Date  

        8.1    Registration and Listing.    Following the Closing Date, LHI shall also use its best efforts to promptly: 

	(a)
	List
LHI's common stock on the OTC Bulletin Board and in Standard & Poor's OTC or corporate manual;

	(b)
	Maintain
a continuous listing of LHI's common stock on the Electronic    Bulletin Board. 

ARTICLE IX
  Miscellaneous  

        9.1    Captions and Headings.    The article and paragraph headings throughout this Agreement are for convenience and
reference only and shall not define, limit or add to the meaning of any provision of this Agreement. 

        9.2    No Oral Change.    This Agreement and any provision hereof may not be waived, changed, modified or discharged
orally, but only by an agreement in writing signed by the party against whom enforcement of any such waiver, change, modification or discharge is sought. 

        9.3    Non-Waiver.    The failure of any party to insist in any one or more cases upon the performance of
any of the provisions, covenants or conditions of this Agreement or to exercise any option herein contained shall not be construed as a waiver or relinquishment for the future of any such provisions,
covenants or conditions. No waiver by any party of one breach by another party shall be construed as a waiver with respect to any other subsequent breach. 

        9.4    Time of Essence.    Time is of the essence of this Agreement and of each and every provision hereof. 

        9.5    Entire Agreement.    This Agreement contains the entire Agreement and understanding between the parties hereto
and supersedes all prior agreements and understandings. 

        9.6    Choice of Law.    The laws of the state of Florida shall govern this Agreement and its application. 

        9.7    Counterparts.    This Agreement may be executed simultaneously in one or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. 

        9.8    Notices.    All notices, requests, demands and other communications under this Agreement shall be in writing
and shall be deemed to have been duly given on the date of service if served personally on the party to whom notice is to be given, or on the third day after mailing if mailed to the 

7

 

party
to whom notice is to be given, by first class mail, registered or certified, postage prepaid, and properly addressed as follows: 

	LHI:	Leopard Holdings, Inc.

1250 NE Loop 410, Suite 335

San Antonio, Texas 78209

Attn: William J. Gallagher, CEO	 	 
	

PPT:	

PASSPORT A TASTE OF EUROPE, INC.

36 Cordage Park Circle, Suite 301

Plymouth, MA 12360

Attn: Christopher R. Thomas, CEO	
 	

 

        9.9    Binding Effect.    This Agreement shall inure to and be binding upon the heirs, executors, personal
representatives, successors and assigns of each of the parties to this Agreement. 

        9.10    Mutual Cooperation.    The parties hereto shall cooperate with each other to achieve the purpose of this
Agreement and shall execute such other and further documents and take such other and further actions as may be necessary or convenient to effect the transaction described herein. 

        9.11    Finders.    LHI shall issue 205,000 shares of its unregistered common stock to Jag Capital, Inc. as a
finder's fee. 

        9.12    Announcements.    The parties will consult and cooperate with each other as to the timing and content of any
public announcements regarding this Agreement. 

        9.13    Expenses.    Each party will bear their own expenses incurred in connection with this Agreement. 

        9.14    Survival of Representations and Warranties.    The representations, warranties, covenants and agreements of
the parties set forth in this Agreement or in any instrument, certificate, opinion or other writing providing for in it, shall survive the Closing, including but not limited to the covenants set forth
in Article VIII, above, and this Article IX. 

        9.15    Exhibits.    As of the execution hereof, the parties have provided each other with the Exhibits described
herein. Any material changes to the Exhibits shall be immediately disclosed to the other party. 

        9.16    Legal Counsel.    LHI and PPT have retained such counsel, as each deemed appropriate to review this Agreement. 

        In
witness whereof, the parties have executed this Agreement on the date indicated above. 

	LEOPARD HOLDINGS, INC.	 	PASSPORT-A TASTE OF EUROPE, INC.
	

By:	

    
 William J. Gallagher, President	
 	

By:	

    
 Christopher R. Thomas, President

8

 
 
 

EXHIBIT 1.1
  
    PPT BALANCE SHEET AS OF APRIL 20, 2003    
    

	 
	 	Apr 20, 03
	 
	ASSETS	 	 	 
	 	Current Assets	 	 	 
	 	 	Checking/Savings	 	 	 
	 	 	 	1005—Cash—Fleet—Petty Cash	 	579.87	 
	 	 	 	1010—Cash—Fleet Corporate	 	15,135.66	 
	 	 	 	1020—Cash—Fleet- MIT Act-4212	 	6,928.58	 
	 	 	 	1021—Cash—Fleet Chelsea Act-5404	 	60.10	 
	 	 	 	1022—Cash—Fleet Cordage Act-5391	 	60.10	 
	 	 	 	1075—Cash Drawer—MIT	 	2,500.00	 
	 	 	
	 
	 	 	Total Checking/Savings	 	25,264.31	 
	 	 	

Other Current Assets	
 	

 	
 
	 	 	 	1150—Advances—Kebab USA	 	18,064.23	 
	 	 	 	1151—Advances to Employees	 	8,463.02	 
	 	 	 	1300—Inventory	 	 	 
	 	 	 	 	1310—Food	 	13,391.00	 
	 	 	
	 
	 	 	 	Total 1300—Inventory	 	13,391.00	 
	 	 	
	 
	 	 	Total Other Current Assets	 	39,918.25	 
	 	 	
	 
	 	Total Current Assets	 	65,182.56	 
	 	

Fixed Assets	
 	

 	
 
	 	 	1500—Furniture, Fixtures & Equipment	 	 	 
	 	 	 	1510—Equipment	 	340,307.01	 
	 	 	 	1520—Furniture and fixtures	 	52,872.04	 
	 	 	 	1530—Leasehold Improvements	 	1,045,914.11	 
	 	 	 	1540—Automobiles	 	28,994.00	 
	 	 	
	 
	 	 	Total 1500—Furniture, Fixtures & Equipment	 	1,468,087.16	 
	 	 	

1600—Accumulated Depreciation	
 	

 	
 
	 	 	 	1610—Accum Deprec—Equipment	 	(19,693.00	)
	 	 	 	1620—Accum Deprec—F&F	 	(5,335.00	)
	 	 	 	1630—Accum Deprec—Leasehold	 	(7,756.00	)
	 	 	 	1640—Accum Deprec—Autos	 	(3,530.00	)
	 	 	
	 
	 	 	Total 1600—Accumulated Depreciation	 	(36,314.00	)
	 	 	
	 
	 	Total Fixed Assets	 	1,431,773.16	 
	 	 	

Other Assets	
 	

 	
 
	 	 	 	1810—Security Deposits	 	39,755.25	 
	 	 	 	1830—Trademark	 	3,925.00	 
	 	 	
	 
	 	 	Total Other Assets	 	43,680.25	 
	 	 	
	 
	TOTAL ASSETS	 	1,540,635.97	 
	 	 	
	 
	 	 	 	 

9

 

	LIABILITIES & EQUITY	 	 	 
	 	Liabilities	 	 	 
	 	 	Current Liabilities	 	 	 
	 	 	 	Accounts Payable	 	 	 
	 	 	 	 	2000—Accounts Payable	 	346,488.69	 
	 	 	
	 
	 	 	 	Total Accounts Payable	 	346,488.69	 
	 	 	 	

Other Current Liabilities	
 	

 	
 
	 	 	 	 	2300—Accrued Expenses	 	7,151.00	 
	 	 	 	 	2310—Accrued Labor Costs	 	21,718.25	 
	 	 	 	 	2320—Accrued interest	 	28,096.67	 
	 	 	 	 	2360—Accrued Rent	 	6,623.25	 
	 	 	 	 	2350—Meals Taxes Payable	 	709.30	 
	 	 	
	 
	 	 	 	Total Other Current Liabilities	 	64,298.47	 
	 	 	
	 
	 	 	Total Current Liabilities	 	410,787.16	 
	 	 	

Long Term Liabilities	
 	

 	
 
	 	 	 	2600—Note Payable—Kebab USA, Inc.	 	1,951,800.00	 
	 	 	
	 
	 	 	Total Long Term Liabilities	 	1,951,800.00	 
	 	 	
	 
	 	Total Liabilities	 	2,362,587.16	 
	 	

Equity	
 	

 	
 
	 	 	2900—Capital Stock (Capital Stock)	 	100.00	 
	 	 	2980—Retained Earnings (Retained Earnings)	 	(466,040.18	)
	 	 	Net Income	 	(356,011.01	)
	 	 	
	 
	 	Total Equity	 	(821,951.19	)
	 	 	
	 
	TOTAL LIABILITIES & EQUITY	 	1,540,635.97	 
	 	 	
	 

10

QuickLinks

EXHIBIT 10.1

AGREEMENT CONCERNING THE EXCHANGE OF SECURITIES OF LEOPARD HOLDINGS, INC. FOR ALL OF THE ASSETS AND LIABILITIES OF PASSPORT - A TASTE OF EUROPE, INC.

INDEX

AGREEMENT

EXHIBIT 1.1 PPT BALANCE SHEET AS OF APRIL 20, 2003QuickLinks
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EXHIBIT 10.2    
    

 
 

EMPLOYMENT AGREEMENT    
    

        This EMPLOYMENT AGREEMENT ("Agreement") is made and entered into May 1, 2003 by and between Passports—A Taste of Europe, Inc., a Florida
Corporation ("Passports"), and Christopher R. Thomas ("Thomas or Employee"). 

RECITALS  

        A.    Passports operates restaurants doing business under the "Passports—Taste of Europe" name in the U.S. 

        B.    Passports desires to employ Employee and Employee desires to be employed, on the terms and conditions set forth in this
Agreement. 

        C.    Pacific Ocean Restaurants, Inc. has agreed to make Thomas, the agent of Pacific Ocean Restaurants, Inc.,
available to serve as Chief Executive Officer of Passports and to provide certain services to Passports pursuant to this Agreement. 

AGREEMENT  

        Accordingly, in consideration of the mutual covenants contained herein, the parties agree as follows: 

        1.    TERM OF AGREEMENT    

        The
term of this Agreement shall be for a period of three (3) years, beginning on the date hereof. Thereafter, this Agreement shall be renewed annually for additional
(one)-year periods, unless one of the parties hereto expresses in writing to the other party its unwillingness to renew by no later than ninety (90) days prior to the expiration of
the applicable term. Notwithstanding the foregoing, this Agreement may be terminated earlier as hereinafter set forth. 

        2.    EMPLOYMENT    

        2.1    Employment of Employee.    Passports hereby employs Employee as its Chief Executive
Officer. In addition, Employee will serve as a member of Passports' Board of Directors. 

        2.2    Position and Authority.    Employee shall serve as the Chief Executive Officer and
Director, and shall have the powers and authority of management usually vested in those offices in a corporation, and such other powers and authority as may be prescribed by the Board of Directors or
the Bylaws of Passports. In his position, Employee will report directly to the Board of Directors of Passports. 

        2.3    Duties.    Employee shall devote his full business time, attention and best efforts to
the affairs of Passports during the term of this Agreement; provided, however, that he may serve as a director of other corporations and entities and may engage in other activities to the extent that
they do not inhibit the performance of his duties under this Agreement, or conflict with the business or interests of Passports. 

        2.4    Existing Commitments.    Employee recognizes Employee has certain existing commitments
for services to be performed for or on behalf of Pacific Ocean restaurants, Inc. Employee expressly agrees to permit none of these activities to materially interfere with the performance of his
duties under this Agreement. Any future proposed directorships or positions in business organizations would be subject to review and approval by the Passports Board of Directors.
Non-business activities such as service on the board of, or for the benefit of, recognized industry associations, educational, religious or other similar institutions need not be reviewed
or approved by the Board of Directors. 

1

 

        2.5    Place of Performance.    Employee shall be based at the principal executive offices of
Passports, except for required travel on Passports business to an extent substantially consistent with industry parameters. 

        3.    COMPENSATION    

        3.1    Compensation.    During the term of this Agreement, Passports shall pay the amounts and
provide the benefits described in this Section 3, and Employee agrees to accept such amounts and benefits in full payment for Employee's services under this agreement. 

        3.2    Base Salary.    Passports shall pay to Employee a base salary of $300,000 annually in
equal installments payable no less frequently than monthly. It is understood that Passports will review annually and may, in the discretion of its Board of Directors, increase such base salary in
light of his performance, inflation in cost of living, or other factors, and if so increased, it shall not thereafter be decreased. 

        3.3    Incentive Award Program.    During the term of this Agreement, Employee shall be
entitled to participate in incentive award programs as Passports may make available to any other executive officer. 

        3.4    Other Benefits.    Employee shall be entitled to participate in all such pension,
profit-sharing, stock purchase, retirement income, life insurance, accident insurance, salary continuation and/or disability income, survivor income relocation, and all other benefit plans and
perquisites as Passports may make available to any other executive officer or employee of Passports from time to time. Passports shall maintain in full force and effect all incentive compensation and
other benefit plans and arrangements in effect on the date hereof, or plans or arrangements providing Employee with at least equivalent benefits thereunder, unless such change occurs pursuant to a
program applicable to all executives of Passports and does not result in a proportionately greater reduction in the rights of or benefits to Employee as compared with any other executive of Passports.
Nothing paid to Employee under any plan or arrangement presently in effect or made available in the future shall be deemed to be in lieu of the salary payable to Employee pursuant to
Section 3.2. Any payments or benefits payable to Employee hereunder in respect of any calendar year during which he is employed for less than the entire calendar
year shall, unless otherwise provided in the applicable plan or arrangement, be prorated in accordance with the number of days in such calendar year during which he is so employed. 

        3.5    Vacation and Holidays.    Employee shall be entitled to vacation time in the amount and
on the most favorable basis made available to any other officer or employee of Passports from time to time. In no event shall Employee's vacation entitlement be less than four (4) weeks per
twelve-month period. Employee shall also be entitled to such holidays with full pay as Passports generally affords its executive employees. 

        4.    STOCK AND STOCK OPTIONS    

        4.1    Stock Options.    Employee shall be entitled to participate in all stock option and
stock purchase plans as Passports may make available to any other executive officer or employee of Passports from time to time. 

        5.    REIMBURSEMENT OF EXPENSES    

        5.1    Travel and Other Expenses.    Passports shall pay to or reimburse Employee for all
reasonable business expenses incurred by him in connection with the performance of his duties under this Agreement, including, those for travel (air travel longer than 5 hours by business or
first class, employing carrier upgrades where practicable), living expenses while away from home on business or at the request of and in the service of Passports, provided that such expenses are
incurred and accounted for in accordance with the policies and procedures established by Passports. 

        5.2    Automobile Expenses.    Passports will pay Employee, a reasonable automobile allowance
for the use of Employee's automobile for business purposes of Passports, in an amount equivalent to that 

2

 

paid
to other senior executives of the Passports, but in no event less than One Thousand Dollars ($1,000.00) per month. 

        6.    TERMINATION    

        6.1    Death.    Employee's employment under this Agreement shall terminate upon his death. 

        6.2    Disability.    If, as a result of Employee's incapacity due to physical or mental
illness, he shall have been absent from his duties hereunder on a full-time basis for the entire period of six (6) consecutive months, and within thirty (30) days after
written notice of termination is given (which may occur before after the end of such three-month period) shall not have returned to the performance of his duties hereunder on a full-time
basis, Passports may terminate Employee's employment hereunder. 

        6.3    Cause.    Passports may terminate Employee's employment under this Agreement for
"Cause." For purposes of this Agreement, Passports shall have "Cause" to terminate Employee's employment hereunder upon: (a) the willful and continued
failure by Employee to substantially perform his duties hereunder (other than any such failure resulting from Employee's incapacity due to physical or mental illness), after demand for substantial
performance is delivered by Passports that specifically identifies the manner in which Passports believes Employee has not substantially performed his duties, or  (b) the willful engaging by Employee in
misconduct which is materially injurious to Passports, monetarily or otherwise. For purposes of this
Section 6.3, no act, or failure to act, on Employee's part shall be considered "willful" unless done, or omitted to be done, by him not in good faith and without reasonable belief that his
action or omission was in the best interest of Passports. Notwithstanding, the foregoing, Employee shall not be deemed to have been terminated for Cause without:  (i) notice to Employee setting forth the
reason for Passports' intention to terminate for Cause, (ii) an
opportunity for Passports to be heard before the Board of Directors of Passports, and (iii) delivery to Employee of a Notice of Termination as defined
in Section 6.4.3 from the Board of Directors of Passports finding that in the good faith opinion of such executive, Employee was guilty of conduct set forth above in clause (a) or (b),
and specifying the particulars thereof in detail. 

        6.4    Termination by Employee.    Employee may terminate his employment hereunder for Good
Reason. For purposes of this Agreement, "Good Reason" shall mean: (a) a failure by the Board of Directors to re-elect Employee as the Chief
Executive Officer of Passports and/or Director of Passports, or if he is removed from such offices, or if at any time during the term of this Agreement, he shall fail to be vested by Passports with
the powers and authority of the Chief Executive Officer of Passports, as described in Section 2.2, except in connection with a termination for Cause as contemplated by Section 6.3;  (b) a
Change in Control of Passports; (c) a failure by Passports to comply with any material provision
of this Agreement which not been cured within (10) days after notice of such noncompliance has been given by Employee to Passports, or (d) any
purported termination of Employee's employment which is not effected pursuant to a Notice of Termination satisfying the requirements of Section 6.4.3 (and for purposes of this Agreement no such
purported termination shall be effective). 

        6.4.1 For purposes of this Agreement, a "Change in Control" of Passports is defined as any one or more of the following:  (i) a single person or entity (other than
existing shareholders, employee benefit plans sponsored by Passports, and majority-owned subsidiaries of
Passports) through one or more transactions becomes the beneficial owner of shares having at least twenty percent (20%) of the total number of votes that may be cast for the election of directors,  (ii)
a merger or other business combination, a sale of all or substantially all of Passports' assets, or a combination of the foregoing; provided,
however, that the following will not constitute a change in control of Passports: any transaction involving only Passports and one or more of its subsidiaries, or any transaction where, immediately
following the transaction, the shareholders of Passports (determined immediately prior to the transaction) continue to hold a majority of the voting power in the resulting entity, or  (iii) within

3

 

any
eighteen (18) month period, persons who were directors (or who were designated to become directors) of Passports at Employee's commencement of employment (the "Incumbent Directors") cease
(for any reason other than death) to constitute at least a majority of Passports' Board of Directors, or the Board of Directors of any successor to Passports; provided, that any director shall be
deemed to be an Incumbent Director if said director was elected to Passports' Board of Directors on the recommendation of, or with the approval of, at least two-thirds of the Incumbent
Directors. 

        6.4.2 Any termination of Employee's employment by Passports or by Employee (other than termination pursuant to
Section 6.1) shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a "Notice of Termination" shall mean a notice which shall indicate
the specific termination provision in the Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Employee's employment
under the provision so indicated. 

        6.4.3 "Date of Termination" shall mean (i) if Employee's employment is
terminated by his death, the date of his death, (ii) if Employee's employment is terminated pursuant to Section 6.2, thirty (30) days
after Notice of Termination is given (provided that Employee shall not have returned to the performance of his duties on a full-time basis during such thirty (30) day period), and  (iii) if
Employee's employment is terminated for any other reason, the date on which a Notice of Termination is given; provided that if within thirty
(30) days after any Notice of Termination notifies the other party that a dispute exists concerning the termination, the Date of Termination shall be the date on which the dispute is finally
determined, either by mutual written agreement of the parties, by a binding and final arbitration award or by a final judgment, order or decree of a court of competent jurisdiction (the time for
appeal therefrom having expired and no appeal having been perfected). 

        7.    COMPENSATION UPON TERMINATION OR DURING DISABILITY    

        7.1   During any period that Employee fails to perform his duties hereunder as a result of incapacity due to physical or mental
illness ("disability period"), Employee shall continue to receive his full salary at the rate then in effect for such period until his employment is terminated pursuant to Section 6.2, provided
that payments so made to Employee during the first ninety (90) days of the disability period shall be reduced by the sum of the amounts, under Passports disability benefit plans and which were
not previously applied to reduce any such payment. 

        7.2   If Employee's employment is terminated by his death, Passports shall pay to Employee's spouse, or if he leaves no spouse,
to his estate, commencing on the next succeeding day which is the last day of the month, and monthly thereafter on the last day of each month, until a total of six (6) payments has been made,
an amount on each payment date equal to the monthly salary payment payable to Employee pursuant to Section 3.2 hereof at the time of his death. 

        7.3   If Employee's employment shall be terminated for Cause, Passports shall pay Employee his full salary through the Date of
Termination. 

        7.4   If (a) in breach of this Agreement, Passports shall terminate Employee's
employment other than pursuant to Section 6.2 or 6.3 (it being understood that a purported termination pursuant to Section 6.2 or 6.3 which is disputed and finally determined not to have
been proper shall be a termination by Passports in breach of this Agreement) or, (b) Employee shall terminate his employment for Good Reason, then 

        (i)    Newco shall pay Employee his full salary through the Date of Termination; 

        (ii)   in lieu of any further salary payments to Employee for periods subsequent to the Date of Termination, Passports shall
pay as severance pay to Employee an amount equal to the product of (a) Employee's annual salary rate in effect as of Date of Termination multiplied by (b) the number of years (including
partial years) remaining in the term of employment hereunder, plus one (1), in no event will the number exceed 24 months, such payment to be made (X) if resulting from a termination 

4

 

based
on a Change of Control of Passports, in a lump sum on or before the fifth day following the Date of Termination, or (Y) if resulting from any other cause, in substantially equal monthly
installments commencing with the month in which the Date of Termination occurs and continuing for the number of consecutive monthly payment dates (including the first such date as aforesaid) equal to
the product obtained by multiplying the number of years (including partial years) applicable under (ii) (b) above by 12; 

        (iii) if termination of Employee's employment arises out of a breach by Passports of this Agreement, Passports shall pay all
other damages to which Employee may be entitled as a result of such breach, including damages for any and all loss of benefits to Employee under Passports' employee benefit plans which Employee would
have received if Passports had not breached this Agreement and had Employee's employment continued for the full term provided in Section 2 (including specifically but without limitation the
benefits which Employee would have been entitled to receive pursuant to any Passports retirement plans and any other supplemental retirement income plan or arrangement had his employment continued for
the full term provided in Section 2 at the rate of compensation specified herein), and including all legal fees and expenses incurred by him as a result of such termination. 

        7.5   Unless Employee is terminated for Cause, Passports shall maintain in full force and effect, for the continued benefit of
Employee for the number of years (including partial years) remaining in the term of his employment hereunder plus one (1), all employee benefit plans and programs in which Employee was entitled to
participate immediately prior to the Date of Termination provided that Employee's continued participation is possible under the general terms and provisions of such plans and programs. In the event
that Employee's participation in any such plan or program is barred, Passports shall arrange to provide Employee with benefits substantially similar to those which Employee would otherwise have been
entitled to receive under such plans and programs fro which his continued participation is barred. 

        7.6   Employee shall not be required to mitigate the amount of any payment provided for in this Section 7 by seeking
other employment or otherwise. 

        8.    SUCCESSORS; BINDING AGREEMENT    

        8.1   Passports will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all
of substantially all of the business and/or assets of Passports, by agreement in form and substance satisfactory to Employee, to expressly assume and agree to perform this Agreement in the same manner
and to the same extent that Passports would be required to perform it if no such succession had taken place. Failure of Passports to obtain such agreement prior to the effectiveness of any such
succession shall be a breach of this Agreement and shall entitle Employee to compensation from Passports in the same amount and on the same terms as he would be entitled to hereunder if he terminated
his employment for Good Reason, except that for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination. As used in this
Agreement, "Passports" shall be defined to mean and include any successor to its business and/or assets as aforesaid which executes and delivers the agreement provided for in this Section 8, or
which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law. 

        8.2   This Agreement and all rights of Employee hereunder shall inure to the benefit of and be enforceable by Employee's
personal or legal representatives, executors, administrators, successors, heirs, distributes, devisees and legatees. If Employee should die while any amounts would still be payable to him hereunder if
he had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to Employee's devisee, legatee, or other designee or, if
there be no such designee, to Employee's estate. 

5

 

        9.    CONFIDENTIAL INFORMATION    

        9.1    Trade Secrets of Passports.    Employee, during the term of this Agreement, will
develop, have access to and become acquainted with various trade secrets which are owned by Passports and/or its affiliates and which are regularly used in the operation of the businesses of such
entities. Employee shall not disclose such trade secrets, directly or indirectly, or use them in any way, either during the term of this Agreement or at any time thereafter, except as required in the
course of his employment of Passports. All files, notebooks, lists, records, documents, customer lists, vendor lists, purchase information, designs, computer programs and similar items and
information, relating to the businesses of such entities, whether prepared by Employee or otherwise and whether now existing or prepared at a future time, coming into his possession shall remain the
exclusive property of such entities, and shall not be removed for purposes other than work-related from the premises where the work of Passports is conducted, except with the prior written
authorization by Passports. 

        9.2    Inventions and Improvements.    Employee will communicate to Passports, or Passports'
nominee, any and all inventions and improvements conceived by him, solely or jointly with other relating to the business of Passports, and that he will assign to Passports, or Passports' nominee, all
of his right, title and interest to any and all such inventions and improvements including both United States and foreign rights. 

        9.3    Continuing Effect.    The provisions of this Section 9 shall remain in effect
after the Termination Date. 

        10.    OTHER PROVISIONS    

        10.1    Compliance With Other Agreements.    Employee represents and warrants to Passports
that the execution, delivery and performance of this Agreement will not conflict with or result in the violation or breach of any term or provision of any order, judgment, injunction, contract,
agreement, commitment or other arrangement to which Employee is a party or by which he is bound. Employee acknowledges that Passports is relying on his representation and warranty in entering into
this Agreement, and agrees to indemnify Passports from and against all claims, demands, causes of action, damages, costs or expenses (including attorney's fees) arising from any breach thereof. 

        10.2    Attorneys' Fees.    The prevailing party in any suit, arbitration or other proceeding
brought to enforce any provisions of this Agreement, shall be entitled to recover all costs and expenses of the proceeding and investigation (not limited to court costs), including reasonable
attorneys' fees. 

        10.3    Entire Agreement.    This agreement is the only agreement and understanding between
the parties pertaining to the subject matter of this Agreement, and supersedes all prior agreements, summaries of agreements, description of compensation packages, discussions, negotiations,
understandings, representations, or warranties, whether verbal or written, between the parties pertaining to such subject matter. 

        10.4    Governing Law.    The validity, construction, and performance of this Agreement shall
be governed by the laws, without regard to the laws as to choice or conflict of laws, of the State of Florida. 

        10.5    Severability.    The invalidity or unenforceability of any particular provision of
this Agreement shall not affect the other provisions, and this Agreement shall be construed in all respects as if any invalid or unenforceable provision were omitted. 

        10.6    Amendment and Waiver.    This Agreement may be amended, modified, or supplemented only
by a writing executed by each of the parties. Either party may in writing waive any provision of this Agreement to the extent such provision is for the benefit of the waiving party. No waiver by
either party of a breach of any provision of this Agreement shall be construed as a waiver of any subsequent or different breach, and no forbearance by a party to seek remedy for noncompliance or
breach by the 

6

 

other
party shall be construed as a waiver of any right or remedy with respect to such noncompliance or breach. 

        10.7    Notice.    Except as otherwise expressly set forth herein, any notices or
communications required or permitted by this Agreement shall be deemed sufficiently given if in writing and when delivered personally or forty-eight (48) hours after deposit with the United
States Postal Service as registered or certified mail, postage prepaid and addressed as follows: (a) if to Passports, to the principal office of
Passports in the state of Florida marked "Attention: President"; or (b) if to Employee, to the most recent address for Employee appearing in Passports'
records. 

        10.8    Arbitration.    Any dispute, action, suit or proceeding arising out of or relating to
this Agreement or the interpretation, performance or breach of this Agreement shall, if demanded by any party, be determined and settled by arbitration to be held in the County of Orange, State of
Florida, in
accordance with the rules of the American Arbitration Association. Any award rendered by the arbitrator shall be final and binding upon each party to the arbitrator shall be final and binding upon
each party to the arbitration and judgment on the award may be entered in any court. 

        10.9    Headings.    The Section and other headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

        10.10  

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 

	Employee	 	Passports-A Taste of Europe, Inc.
	

 	
 	
By:	

 
	
	 	 	

	

 	
 	

It's	

 
	 	 	 	

7

QuickLinks

EXHIBIT 10.2

EMPLOYMENT AGREEMENT

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