Document:

EXHIBIT
10.47

 

EMPLOYMENT
AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(“Agreement”), entered into and effective as of November 19, 2003 by and
between UbiquiTel Inc., a Delaware corporation (the “Company”), and Patricia E.
Knese, Vice President, General Counsel and Secretary of the Company
(“Executive”).

 

WHEREAS, the Company
wishes to assure the Executive’s continued employment and, to that end, to
provide Executive with certain severance benefits if Executive’s employment is
terminated under certain circumstances.

 

NOW, THEREFORE, the
Company and Executive hereby agree as follows:

 

1.  Termination.

 

a.  Termination by the Company.

 

(1) For Cause.  The Company may terminate Executive’s
employment hereunder at any time for Cause, as herein defined, in which case the
Company’s sole liability to Executive shall be for unpaid salary and benefits
(then owed or accrued and owed in the future) through the date of termination
and unreimbursed expenses incurred by Executive.

 

(2) Without Cause.  The Company may also terminate Executive’s
employment without Cause at any time upon written notice, but, in that event,
must pay to Executive a single lump sum in cash, within thirty (30) days,
unless another date is mutually agreed upon by the parties, equal to one (1)
year’s gross salary plus the bonus paid to Executive for the fiscal year next
preceding the year in which termination occurs, plus all unreimbursed expenses
incurred by Executive.

 

Notwithstanding
the foregoing, in the event payment is due to Executive under this Section within
twenty-four (24) months following a Change of Control, or if Executive is
terminated without Cause or terminates for Good Reason within six (6) months
prior to a Change of Control and it is reasonably demonstrated by Executive
that such termination or circumstances constituting Good Reason (i) were the
result of the request of a third party who has taken steps reasonably
calculated to effect the Change of Control or (ii) otherwise arose in
connection with or in anticipation of the Change of Control,

 

(A)
then in lieu of, and not in addition to, the amounts specified in the first
sentence of this Section 1.a.(2), the Company or the Company’s
successor-in-interest, as applicable, shall pay Executive a lump sum in cash,
within thirty (30) days after the date of termination, equal to two (2)
multiplied by the Executive’s total gross salary (not including bonus) for the
twelve (12)-month period preceding the date of termination, plus all
unreimbursed expenses incurred by Executive; and

 

1

 

(B)  Notwithstanding anything to the contrary in
Section 5 of Executive’s Nonqualified Stock Option Agreement with the
Company dated as of November 20, 2000, as amended, Nonqualified Stock
Option Agreement with the Company dated as of May 2, 2002 and Nonqualified
Stock Option Agreement with the Company dated as of August 7, 2003, each
as may be amended from time to time, any unexercised portion of the Options (as
defined therein) shall automatically and without notice terminate and become
null and void on the date that is the earlier of (I) three (3) years following
the date on which Executive’s employment with the Company or a
successor-in-interest of the Company is terminated or (II) the date set forth
in Section 5(f) of the applicable Stock Option Agreement.

 

If Executive is
terminated without Cause, whether or not prior to or following a Change of
Control, all health, life insurance, long term disability, dental, and medical
program benefits to which Executive is then entitled and in which Executive is
enrolled on the date of termination shall continue for one (1) year as if
Executive had not been terminated.

 

(3) “Cause” Defined.  As used in this Agreement, termination for
“Cause” shall mean termination as a result of:

 

(i)                                     Executive’s
failure to cure any default, breach or failure to perform any of Executive’s
material obligations under the terms of this Agreement within thirty (30) days’
after written notice from the Company describing in detail Executive’s default,
breach or failure to perform, unless a failure to cure more promptly than such
thirty (30)-day period would result in a material adverse effect on the
Company, in which case that cure period shall be equal to the time required to
avoid a material adverse effect on the Company; or

 

(ii)                                  misconduct,
including but not limited to dishonesty, insubordination, or other acts on
Executive’s part materially detrimental to the goodwill of the Company or
materially damaging to the Company’s relationships with its customers,
employees, or others with whom it does business; or

 

(iii)                               acts
of moral turpitude which, in the reasonable opinion of the Company’s Board of
Directors are materially harmful to the business or reputation of the Company;
or

 

(iv)                              refusal
to obey reasonable and lawful directions of the Company’s Chief Executive
Officer or the Company’s Board of Directors other than as to any issue
insignificant to the Company’s business.

 

b.  Termination by Executive.

 

(1) Executive may
terminate Executive’s employment hereunder in the event of “Good Reason” after
thirty (30) days’ written notice from Executive to the Chief Executive Officer
and to the Board of Directors of the Company describing in detail the “Good
Reason,” if not cured.  In the event of
any such termination, the Company’s obligations to

 

2

 

Executive shall be the
same as set forth in Section 1.a.(2) above, before or after a Change of
Control, as applicable.

 

(2) Executive may resign
Executive’s employment hereunder other than for breach or failure to perform by
the Company at any time by giving thirty (30) days’ written notice to the Chief
Executive Officer and to the Board of Directors.  In the event of any such termination, the Company’s sole
obligations to Executive shall be for unpaid salary and benefits (then owed or
accrued and owed in the future) and reimbursement of expenses through the
effective date of termination specified in Executive’s notice.

 

(3) For the purposes of
this Agreement, “Good Reason” means:

 

(i)                                     the
assignment to Executive of any duties inconsistent in any material respect (in
any respect, whether or not material, following a Change of Control, as defined
below) with the duties of Executive as of the date of this Agreement, or any other
action by the Company that results in a material diminution (any diminution,
whether or not material, following a Change of Control) in Executive’s position
or authority, duty, titles, responsibilities, or reporting requirements;

 

(ii)                                  any
relocation of Executive’s principal business location to a location other than
within 50 miles of its location on the date of this Agreement;

 

(iii)                               any
failure by the Company to comply with and satisfy Section 9 of this
Agreement; or

 

(iv)                              following
a Change of Control, a termination by Executive for any reason during the
thirty (30)-day period immediately following the first anniversary of the
Change of Control shall be deemed to be a termination for Good Reason for all
purposes of this Agreement.

 

c.  Termination by Death or Disability.  In the event of Executive’s death or
permanent disability during the term of this Agreement, Executive’s employment
shall terminate on the date of death or date of permanent disability (as
determined by the Board of Directors). 
In the event of such termination, the Company’s sole obligations to
Executive (or Executive’s estate) shall be for unpaid salary and benefits (then
owed or accrued and owed in the future) and reimbursement of expenses through
the effective date of termination.

 

2.  Change of Control.

 

a.  A “Change of Control” shall be deemed to
have occurred if (i) any “person” or “group” (as such terms are used in
Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”)), other than any Company employee stock ownership plan or
an equivalent retirement plan, becomes the beneficial owner (as such term is
used in Section 13(d) of the Exchange Act), directly or indirectly, of
securities of the Company representing 40% or more of the combined voting power
of the Company’s then outstanding voting securities, (ii) the members of the
Board of Directors on the date of this Agreement cease to consist of a majority
of Continuing Directors (as defined below), (iii) the consummation of a sale of
all or substantially all of the Company’s assets or a liquidation (as measured
by the fair

 

3

 

value of the assets being
sold compared to the fair value of all of the Company’s assets), or (iv) a
merger or other combination occurs such that a majority of the equity
securities of the resultant entity after the transaction are not owned by those
who owned a majority of the equity securities of the Company prior to the
transaction.  A “Continuing Director”
shall mean a member of the Board of Directors who either (i) is a member of the
Board of Directors at the date of this Agreement or (ii) is nominated or
appointed to serve as a Director by a majority of the then Continuing
Directors.

 

b.  If it is determined that any payment or
distribution by the Company of benefits provided under this Agreement or any
other benefits due upon a Change of Control (the “Change of Control Benefits”)
would constitute an “excess parachute payment” within the meaning of Section 280G
of the Internal Revenue Code of 1986, as amended (the “Code”), that would be
subject to an excise tax under Section 4999 of the Code (the “Excise Tax”)
the following provisions shall apply, unless provided otherwise in the
applicable plan, program or agreement that provides change of control payments
that are not paid pursuant to this Agreement. 
If the aggregate present value to Executive of receiving the Change of
Control Benefits and paying the Excise Tax is not greater than the aggregate
present value to Executive of the Change of Control Benefits reduced to the
safe harbor amount (as defined below), then the Company shall reduce those
Change of Control Benefits specified by Executive such that the aggregate
present value to Executive of receiving the Change of Control Benefits is equal
to the safe harbor amount.  Otherwise
Executive shall receive the full amount of the Change of Control Benefits and
Executive shall be responsible for payment of the Excise Tax.  For purposes of this paragraph “present value”
shall be determined in accordance with Section 280G(d)(4) of the Code and
the term “safe harbor amount” shall mean an amount expressed in the present
value that maximizes the aggregate present value of the Change of Control
Benefits without causing any of the Change of Control Benefits to be subject to
the deduction limitations set forth in Section 280G of the Code.

 

c.  All determinations made pursuant to the
foregoing paragraph shall be made by the Company’s independent public
accountant immediately prior to the Change of Control (the “Accounting Firm”),
which firm shall provide its determinations and any supporting calculations
both to the Company and to Executive within ten (10) days of the termination
date.  Any such determination by the
Accounting Firm shall be binding upon Executive and the Company.  Executive shall then, in Executive’s sole
discretion, determine which and how much of the Change of Control Benefits
shall be eliminated or reduced consistent with the requirements of the
foregoing subsection.  All of the fees
and expenses of the Accounting Firm in performing the determinations referred
to above shall be borne solely by the Company.

 

3.  Restrictive Covenants.  As a condition to, and in consideration of,
the execution of this Agreement by the Company, Executive agrees to be bound by
the terms of the Noncompetition and Confidentiality Agreement attached hereto
as Exhibit A.

 

4.  Enforcement.  Executive acknowledges that the services to
be rendered under this Agreement by Executive are special, unique and of an
extraordinary character, and that irreparable injury will result to the Company
and its business and property if Executive breaches any of the covenants and
agreements contained in this Agreement or in Exhibit A hereto.  Therefore, Executive expressly agrees that
in the event of any such breach or threatened breach,

 

4

 

the Company shall be
entitled to an injunction to restrain further breach of that covenant or
agreement by Executive or any of Executive’s partners, agents, employers, or
any persons acting for or with Executive, in addition to any other rights or
remedies available to it, at law or in equity, other than specific performance
to enforce the obligation of Executive to provide services to the Company.

 

5.  Survival.  The provisions of Sections 3 and 4 shall survive, along with
Exhibit A, the termination of this Agreement.

 

6.  No Mitigation or Set Off.  In no event shall Executive be obligated to
seek other employment or take any other action by way of mitigation of the
amounts payable to Executive under any of the provisions of this Agreement and
such amounts shall not be reduced, regardless of whether Executive obtains
other employment.  The Company’s
obligation to make the payments provided for in this Agreement and otherwise to
perform its obligations hereunder shall not be affected by any circumstances,
including, without limitation, any set-off, counterclaim, recoupment, defense
or other right which the Company may have against Executive or others.

 

7.  Return of Documents.  Upon termination of Executive’s employment,
Executive agrees to return all documents belonging to the Company in
Executive’s possession including, but not limited to, contracts, agreements,
licenses, business plans, equipment, software, software programs, products,
work-in-progress, source code, object code, computer disks, books, notes and
all copies thereof, whether in written, electronic or other form.  In addition, Executive shall certify to the
Company in writing as of the effective date of termination that none of the
assets or business records belonging to the Company are in Executive’s
possession, remain under Executive’s control, or have been transferred to any
third person.

 

8.  Effect of Waiver.  The waiver by either party of a breach of
any provision of this Agreement shall not operate or be construed as a waiver
of any subsequent breach hereof.  No
waiver shall be valid unless in writing.

 

9.  Assignment.  The rights and obligations of the Company shall inure to the
benefit of and be binding upon its successors and assigns.  This Agreement may not be assigned by either
party without the express prior written consent of the other party hereto,
except that the Company may assign this Agreement to any subsidiary or
affiliate of the Company, provided that no such assignment shall relieve the
Company of its obligations hereunder without the written consent of Executive.

 

10.  Entire Agreement.  This Agreement sets forth the entire
agreement of the parties hereto and supersedes any and all prior agreements and
understandings concerning the matters covered hereby.  This Agreement may be changed only by a written document signed
by Executive and the Company.

 

11.  Severability.  If any one or more of the provisions, or
portions of any provision, of this Agreement shall be held to be invalid,
illegal or unenforceable, the validity, legality or enforceability of the
remaining provisions or parts hereof shall not in any way be affected or
impaired thereby.

 

5

 

12.  Governing Law/Jurisdiction.  This Agreement shall be governed by, and
construed and enforced in accordance with, the substantive and procedural laws
of the State of Delaware without regard to rules governing conflicts of law.

 

13.  Arbitration.  Any controversy, claim or dispute arising
out of or relating to this Agreement or Executive’s employment by the Company,
including, but not limited to, common law and statutory claims for
discrimination, wrongful discharge, and unpaid wages, shall be resolved by
arbitration in Wilmington, Delaware pursuant to then prevailing National Rules
for the Resolution of Employment Disputes of the American Arbitration
Association; provided, that nothing in this Section shall be construed as
precluding the Company or Executive from bringing an action for injunctive or
other equitable relief.  The Company may
elect to proceed to court without first resorting to arbitration in the event
that Executive breaches any provision of the Noncompetition and Confidentiality
Agreement.  It is the intent of the
Company that, following a Change of Control, Executive not be required to incur
any expenses associated with the enforcement of Executive’s rights under this
Agreement by arbitration, litigation or other legal action because the cost and
expense thereof would substantially detract from the benefits intended to be
extended to Executive hereunder. 
Accordingly, the Company shall pay Executive on demand the amount
necessary to reimburse Executive in full for all expenses (including all
attorneys’ fees and legal expenses) incurred by Executive in enforcing any of
the obligations of the Company under this Agreement following a Change of
Control.

 

14.                                 Indemnification.  During the period of Executive’s employment,
Executive shall be entitled to indemnification and insurance coverage for
directors and officers liability, fiduciary liability and other liabilities
arising out of Executive’s position with the Company in any capacity, in an amount
not less than the highest amount available to any other senior level executive
and to the full extent provided by the Company’s certificate of incorporation
or by-laws, and such coverage and protections, with respect to the various
liabilities as to which Executive has been customarily indemnified prior to
termination of employment, shall continue for at least six years following
Executive’s termination of employment.

 

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

 

	
   

  	
  UBIQUITEL INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Donald
  A. Harris

  
	
   

  	
  Its:

  	
    President
  and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/

  	
  Patricia E. Knese

  
	
   

  	
   

  	
   

  	
  Patricia E. Knese

  

 

Exhibits:

A – Noncompetition and
Confidentiality Agreement

 

6

 

Exhibit
A

 

Noncompetition and
Confidentiality Agreement

 

In consideration of the
employment of Executive, and the compensation, training and access to
confidential information provided to Executive, and in consideration of the
terms and conditions contained herein and for other good and valuable
consideration, the Company and Executive agree as follows:

 

Business.  The Company is a Sprint PCS affiliate and is
in the business of offering, providing, marketing and procuring customers for
commercial mobile radio service, including personal communications service
(“PCS”) and other wireless and similarly situated voice, radio, telephone,
paging and messaging services, and ancillary services (the “Business”).

 

Confidentiality.  Executive acknowledges and understands that
Executive will be given access to certain confidential, secret and proprietary
information and materials owned by the Company or which relate to the Company’s
Business, including but not limited to, all information not generally known to
the public that relates to the business, technology, subscribers, finances,
plans, proposals or practices of the Company, and its includes, without
limitation, the identity of all actual and prospective subscribers and
customers, customer lists, files and all information relating to individual
customers and subscribers, including their address and phone numbers, all
business plans and proposals, all marketing plans and proposals, all technical
plans and proposals, all research and development, all budgets, wage and salary
information, and projections, all nonpublic financial information, information
on suppliers, and information on all persons for whom the Company performs
services or to whom the Company makes sales during the course of the Company’s
business, and all other information the Company designates as “confidential”
(hereafter the “Confidential Information”). 
The Company and Executive each acknowledge and agree that all
Confidential Information shall be considered trade secrets of the Company and
shall be entitled to all protections given by law to trade secrets.  Executive shall not disclose any
Confidential Information, or use it for any purpose, other than in advancing
the business interests of the Company, except as required by law or in any
judicial or administrative proceeding. 
Confidential Information shall apply to every form in which information
shall exist, whether written, film, tape, computer disk or other form of media,
including original materials and any copies thereof.

 

Covenant Not to Compete.  Executive agrees that, during the term of
Executive’s employment, Executive shall not, either directly or indirectly,
with or without compensation, individually or as an employee, broker, agent,
consultant, contractor, advisor, solicitor, greater than 5% stockholder, trust
beneficiary, proprietor, partner, or person interested in, affiliated with or
rendering services to any other entity, engage in, provide, offer to provide,
or assist anyone in providing, services to or for a business that provides
wireless telecommunications services similar to those services offered by the
Company in any territory in which the Company is a Sprint PCS affiliate.

 

Non-Solicitation of
Employees.  Executive
further agrees that during the term of Executive’s employment and for a period
of one year immediately following the termination of such employment for any
reason whatsoever, Executive shall not directly or indirectly induce or

 

7

 

attempt to influence any
employee of the Company to terminate his/her employment with the Company or to
work for Executive or any other person or entity.

 

Reasonableness of
Restrictions. 
Executive acknowledges that the restrictions contained in this Agreement
are reasonable in time, scope and geographic restraints, and do not
unreasonably restrict Executive’s ability to obtain other employment.  Executive further warrants that the
restrictions do not impose an undue hardship on Executive, and do not deprive
Executive of an ability to earn a living.

 

Remedies for Breach of
Covenants.  In the
event of any breach or threatened breach of any of the provisions herein, in
addition to any other rights or remedies available to the Company, the Company
shall have the right to seek monetary damages and equitable relief, including
specific performance by means of temporary, preliminary or permanent
injunctions against Executive or against Executive’s partners, agents,
representatives, servants, employers, employees, family members and/or any and
all persons acting directly or indirectly by or with Executive, to prevent or
restrain such breach.  With respect to
any such equitable actions or proceedings, Executive agrees that no adequate
legal remedy exists, and hereby waives any defense that an adequate remedy at
law exists and any requirement that the Company prove damages.  Executive agrees that the Company’s rights
to seek injunctive and other equitable relief shall be and are cumulative and
not exclusive and shall be in addition to any other remedies that the Company
may have.

 

Choice of Law; Attorneys’
Fees.  This Agreement
will be governed by the laws of the State of Delaware.  If any action is necessary to enforce or
interpret the terms of this Agreement, each party shall bear such party’s own
expenses of litigation, including without limitation, attorneys and experts
fees and costs, and any costs of appeal.

 

Business Opportunities.  Executive agrees that Executive shall
promptly disclose to the Company any business opportunity of which Executive
becomes aware during Executive’s employment with the Company which relates to
any product or services planned, under development, developed, produced or
marketed by the Company and which Executive becomes aware in the course of or
as a result of Executive’s employment with the Company.  Executive agrees that Executive will not
take advantage of or divert any such opportunity for the direct or indirect
gain, profit or benefit of Executive or any other person or entity.

 

Other Restrictions.  Executive warrants that Executive is not
subject to any restrictive covenants or other legal disability, which would
prevent Executive from entering into this Agreement and from complying with its
provisions to their fullest extent. 
Executive understands and agrees that Executive is not expected to, and
shall not disclose trade secret or confidential information from any previous
employer or any other party.

 

8<PAGE>

                                                                   Exhibit 10.13

                             MEMORANDUM OF AGREEMENT

           BETWEEN AARON B. PARKER AND FRIENDLY ICE CREAM CORPORATION

         This acknowledges and documents our mutual agreement concerning your
separation from Friendly Ice Cream Corporation ("Friendly's") effective
September 26, 2003 ("Separation Date"). This letter will confirm various matters
concerning your separation from employment so that no misunderstanding exists
between you and Friendly's.

I.       SALARY CONTINUATION

         Friendly's will continue to pay you semimonthly, until September 30,
2004, at your current base rate of pay (plus executive match and automobile
allowance). The salary you receive will be subject to appropriate statutory
deductions and such other deductions normally made for employees of Friendly's;
however it will not be considered pensionable earnings.

         From time to time after your separation, but during your salary
continuation period, you may be contacted with questions relating to matters you
have been involved with while employed by Friendly's. You agree to provide your
complete cooperation and make all pertinent information regarding these matters
available upon request, as well as be personally available, at mutually
convenient times, on an as-needed basis.

         After your salary continuation period, or with respect to new matters
which you have not been involved with while employed by the company, Friendly's
management, at its sole discretion, may utilize you to perform legal services
for Friendly's pursuant to a written agreement at that time.

II.      VACATION

         You will be paid for any earned and unused vacation time (10 day
maximum), as of your Separation Date, in accordance with our Vacation Policy
dated December 21, 2001.

III.     BENEFIT/RETIREMENT PLANS

         You will be eligible to participate in the medical/dental, short-term
disability, accidental death and dismemberment, long-term disability, pension
plan, Restricted Stock Plan, Stock Option Plans and such other benefits plans in
which you may currently be enrolled only through your Separation Date, and under
the terms and conditions of these plans; provided however, that as part of this
Agreement, and in consideration of all of its terms and conditions, we will,
subject to the approval of the Board of Directors, vest the balance of your
unvested shares (803) in the Restricted Stock program and the stock options
granted to you THAT WOULD OTHERWISE HAVE VESTED between your Separation Date and
December 31, 2004 under the 1997 Stock Option Plan (16,001 options) and the 2003
Incentive Plan (2,255 options). While your participation in the 2003 Annual
Incentive Plan (AIP) ended on your Separation Date, the Board of Directors may,
at its sole, exclusive and absolute discretion, elect to grant a Bonus Award to
you. If so granted, the Award payment will generally be made on or before March
31, 2004. Your group medical/dental insurance ends on your last day of active
work. To continue medical/dental coverage beyond your Separation Date, you must
complete a continuation of coverage (COBRA) application, which will be provided
to you. It is your responsibility to make all payments to the COBRA carrier.
Friendly's will issue a check or checks to you in order for you to pay for
coverage through September 30, 2004.

<PAGE>

         Additional information about the effect of your separation on your
benefits is contained in the Separation Information document that was provided
to you. If there are any inconsistencies between this Agreement and the
Separation Information document, this Agreement will control.

IV.      OUTPLACEMENT

         To assist you in securing a new position, Friendly's has engaged the
services of the nationally recognized outplacement firm of Lee Hecht Harrison,
Inc. for a period of six (6) months. They will provide the following services at
any of their offices:

         1. Assistance with your skills analysis and preparation of your resume;

         2. Training which covers critical job search techniques and
         interviewing skills; and

         3. Individualized counseling for a six-month period.

         You may utilize the services of another outplacement provider if you
wish; however, the cost of the services may not exceed $8,000. Payment will be
made directly to the organization by Friendly's, or reimbursement will be made
to you upon presentation of an invoice indicating that you have already paid it.

V.       LIFE INSURANCE

         The life insurance coverage that has been provided to you through
Pacific Mutual Life Insurance Company is unaffected by your leaving employment
because it is your own personal policy. Payments by Friendly's on your behalf
will cease as of your Separation Date. Questions about coverage thereafter or
about other matters related to this policy should be referred to Ms. Karen
Socola of the AYCO Corporation at (518) 373-7725. Friendly's will pay for the
cost of customary meetings with an AYCO representative for the sole purpose of
concluding your financial planning services with AYCO, including the preparation
of your 2003 individual tax return, up through September 30, 2004, after which
Friendly's will no longer pay for any further AYCO advisory services on your
behalf.

VI.      COVENANTS

         In consideration of the terms set forth in this letter, you agree to
the following:

         1. You will forever refrain from disclosing or confirming, either
         directly or indirectly, any information concerning insurance, loss
         claims, loss payments, safety and health conditions, financial
         condition, strategic planning or other confidential or non-public
         information relating to Friendly's or its subsidiaries, divisions,
         parents and affiliates, and any of their agents, employees, directors
         and officers which you learned or became aware of since the inception
         of your employment with Friendly's except for information which is
         generally known by the public, without Friendly's prior written
         consent.

         2. You will turn over to your supervisor all originals and copies of
         any documents, manuals, plans, equipment, business papers, computer
         diskettes or other materials relating to Friendly's and its
         subsidiaries, divisions, parents and affiliates, their agents,
         employees,

                                      -2-
<PAGE>

         directors and officers which are in your control or possession within
         seven days of the execution of this Agreement.

         3. You, on behalf of yourself, your spouse, heirs, agents, attorneys,
         representatives and assigns, hereby release and discharge forever all
         claims and causes of action of every name and nature that have arisen
         or might have arisen at any time up to and including the date on which
         you sign this Agreement (whether known or unknown, accrued, contingent,
         or liquidated) that you now have or may have against Friendly's, any of
         its subsidiaries, divisions, parents and affiliates, or any of the
         aforementioned entities' agents, employees, directors, and officers,
         including but not limited to, any claims relating to your employment
         with Friendly's and the termination thereof; any claims based on
         statute, regulation, ordinance, contract or tort; any claims arising
         under the Age Discrimination in Employment Act of 1967, as amended (the
         "ADEA"), or any other federal, state, or local law relating to
         employment discrimination, harassment, or retaliation; any claims
         relating to wages, compensation, or benefits; and any related claims
         for attorney's fees.

         4. You agree not to file a lawsuit in any court of the United States or
         any State thereof concerning any matter released in this Agreement.
         Nothing in this Agreement shall be interpreted to prohibit you from
         filing an age discrimination claim with any anti-discrimination agency,
         or from participating in an age discrimination investigation or
         proceeding conducted by any such agency. However, by signing this
         Agreement, you acknowledge that you are waiving your right to money
         damages and any other relief should any agency pursue claims on your
         behalf arising out of or relating to your employment with and/or
         separation from Friendly's.

         5. The parties agree to forever refrain from taking any action or
         making any statement which brings discredit upon or disparages the
         other party (including, with respect to Friendly's, its services or
         products, or any of its directors, officers, employees, or agents).

         6. Friendly's will provide inquiring outplacement agencies, recruiters,
         or prospective employers with only your start date, end date, and
         positions held during your employment with Friendly's.

         7. Friendly's shall not contest any claims made by you for unemployment
         benefits administered by any governmental agency.

         8. If either party breaches any of the terms of this Agreement, the
         non-breaching party may be entitled to recover from the breaching party
         all costs, fees, and expenses (including attorney's fees) as may be
         awarded by a court of competent jurisdiction under applicable law and
         if Friendly's prevails as a non-breaching party, it will be entitled to
         set off what it has paid you under this Agreement.

VII.     ENTIRE AGREEMENT

         This is the entire agreement between us and any prior agreements or
understandings, whether oral or written, are entirely superseded by this
Agreement. We each have voluntarily accepted the terms as sufficient without
reservation. This Agreement may only be modified by a written agreement signed
by you and an officer of Friendly's.

                                      -3-
<PAGE>

         Should any provision of this Agreement be declared or determined by any
court to be illegal or invalid, the validity of the remaining parts, terms or
provisions shall not be affected thereby and said illegal part, term or
provision shall be deemed not to be a part of this Agreement.

         Pursuant to its obligations under the ADEA, Friendly's advises you to
consult with an attorney prior to executing this agreement. You have 21 days
from the date of receipt of this document in which to consider this agreement.
In addition, you may revoke this agreement for seven days following its
execution, but only by delivering a written revocation notice to Garrett Ulrich.
This agreement shall not become effective or enforceable until the seven-day
revocation period has expired.

         By signing this Agreement, you acknowledge that you have read and fully
understand all of its provisions and that you are signing it voluntarily. You
also acknowledge that you are not relying on any representations by any
representative of Friendly's concerning the meaning of any aspect of this
Agreement.

         In the event, after the execution of this Agreement but before all
payments to you have been made, Friendly's determines that you have engaged in
any fraudulent or illegal activity related to Friendly's not actually known to
Friendly's prior to the execution of this Agreement, Friendly's shall have the
right to terminate its remaining obligations under this Agreement, declaring it
null and void.

         Each party hereto agrees that they are fully authorized and have all of
the requisite right, power, and authority to enter into this Agreement, which is
fully binding upon and enforceable against the respective parties hereto in
accordance with its terms.

         This Agreement is made and entered into in the Commonwealth of
Massachusetts and shall in all respects be interpreted, enforced, and governed
by the laws of the Commonwealth of Massachusetts.

         If the above is in agreement with your understanding, please sign and
keep one copy of this document for your records and return one copy to me.

                                    By: /s/ Garrett J. Ulrich
                                        --------------------------------------
                                        Garrett J. Ulrich
                                        Vice President, Human Resources

         ACCEPTED AND AGREED TO AS OF THIS 21ST DAY OF OCTOBER, 2003.

                                    By: /s/ Aaron B. Parker
                                        --------------------------------------
10/08/03                                Aaron B. Parker

                                      -4-

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