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EXHIBIT 10.46
 
 
ADDENDUM TO
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
 
THIS ADDENDUM dated as of March 1, 2011 (“Addendum”) TO THE AMENDED AND RESTATED EMPLOYMENT AGREEMENT dated as of May 4, 2010 between the parties hereto (the “Agreement”), is entered into by and between Columbia Laboratories, Inc., a Delaware corporation having its corporate offices at 354 Eisenhower Parkway, Livingston, New Jersey 07039 (the “Company”), and Frank C. Condella (“Executive”).
WITNESSETH:
WHEREAS, the Company and Executive desire to enter into this Addendum to amend the Agreement.
NOW THEREFORE, the parties hereby agree as follows:
Section 4(b) of the Agreement is hereby amended by deleting the following sentence that appears therein:
“The amount of such performance bonus will be payable one-half in cash which will be available to the Executive immediately upon payment, and one-half in restricted stock, which will vest one year after it is paid.”  
Except as amended as set forth above, the Agreement remains in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the dates set forth below.
                        
					
	 
	EXECUTIVE
	 
	 
	COLUMBIA LABORATORIES, INC.

	 
	 
	 
	 
	 

	 
	/S/Frank C, Condella
	 
	 
	/S/ Stephen G. Kasnet

	 
	Frank C, Condella
	 
	 
	/S/ Stephen G. Kasnet

	 
	 
	 
	 
	 

	Date:
	March 1, 2011
	 
	Date:
	March 1, 2011exhibit10-27.htm

Exhibit 10.27

O'CHARLEY'S INC. (THE "COMPANY")

SUMMARY OF DIRECTOR AND NAMED EXECUTIVE OFFICER COMPENSATION

I.           DIRECTOR COMPENSATION. Directors who are employees of the Company do not receive additional compensation for serving as directors of the Company. The following table sets forth current rates of cash compensation for the Company's non-employee directors.

Annual Retainer                                                                    $21,250 (payable in quarterly installments)

Fee for attending each Board or

Committee meeting in person                                                                    $2,550

Fee for attending each Board or

Committee meeting by telephone                                                                    $450 per Committee meeting/$850 per Board meeting

Additional annual fee for the Audit

Committee Chair, Compensation and Human

Resources Committee Chair and Nominating

and Corporate Governance Committee Chair                                                                           $5,100 (payable in quarterly installments)

Additional Annual Retainer for the

Chairman of the Board                                                                    $63,750 (payable in quarterly installments)

Each non-employee director receives a grant of restricted stock valued at $100,000 on the date of his or her initial election or appointment to the Board. These shares vest in three equal, annual installments beginning on the first anniversary date of the grant. In addition, on the date of each annual meeting of shareholders, each non-employee director who continues as a director following such meeting and who has served as a director for at least 11 months prior to such meeting receives a grant of restricted stock valued at $68,000 based on the closing price of the Company’s common stock on the date of grant.  The shares vest in full on the date of the next annual meeting of shareholders following the date of grant.

II.           NAMED EXECUTIVE OFFICER COMPENSATION. The following table sets forth the current base salaries provided to the Company's executive officers who will be named executive officers (the “Named Executive Officers”) in the Company’s proxy statement to be delivered to shareholders in connection with the 2011 annual meeting.

	
EXECUTIVE OFFICER

	
CURRENT SALARY

	
David W. Head

	
$535,000

	
Wilson Craft

	
$445,000

	
John R. Grady

	
$357,000

	
Lawrence D. Taylor

	
$299,600

The Named Executive Officers are also eligible to receive cash incentive bonuses for fiscal 2011 financial performance.  For 2011, the Company has established target cash bonuses (as a percentage of base salary) for the Named Executive Officers as follows:

	
EXECUTIVE OFFICER

	
TARGET

	
David W. Head

	
100%

	
Wilson Craft

	
70%

	
John R. Grady

	
60%

	
Lawrence D. Taylor

	
60%

	  	  

Bonuses will only be paid if the Company meets or exceeds budgeted adjusted EBITDA. Executives can earn one-third of target bonus when budgeted adjusted EBITDA is met. As adjusted EBITDA improves a greater percentage of their target bonus can be earned. 

For Messrs. Head and Taylor, the performance targets are based entirely on meeting the corporate adjusted EBITDA budget.  For Messrs. Craft and Grady, the performance targets are based 40% on meeting the corporate adjusted EBITDA budget and 60% on meeting concept adjusted EBITDA (O'Charley's and Ninety Nine, respectively) budget.

In addition to their base salaries and bonus potential, the Named Executive Officers are also eligible to:

	
·  

	
participate in the Company's long-term incentive program, which currently involves the award of non-qualified stock options pursuant to the Company's 2008 Equity and Incentive Plan;

	
·  

	
receive a $25,000 per year car allowance;

	
·  

	
participate in the Company's Deferred Compensation Plan;

	
·  

	
participate in the Company's broad-based benefit programs generally available to its salaried employees, including health, disability and life insurance programs; and

	
·  

	
receive Company-provided life, accidental death and dismemberment, short-term disability and long-term disability insurance benefits.

III.           ADDITIONAL INFORMATION. The foregoing information is summary in nature. Additional information regarding director and Named Executive Officer compensation will be provided in the Company’s proxy statement to be filed in connection with the 2011 annual meeting of stockholders.

9331836.2exhibit10-29.htm

FIRST AMENDMENT

TO THE

O’CHARLEY’S INC. DEFERRED COMPENSATION PLAN

WHEREAS, O’Charley’s Inc. (the “Company”) established the O’Charley’s Inc. Deferred Compensation Plan (the “Plan”) to provide supplemental retirement income benefits for a select group of management or highly compensated employees of the Company, which Plan is effective on or about January 1, 1999;

 

WHEREAS, the Company most recently restated the Plan effective January 1, 2010 on an individually designed plan document and appointed Merrill Lynch Bank & Trust Co., FSB as record keeper and trustee for the Plan; and

 

WHEREAS, the Company desires to amend the Plan to, among other matters, change the minimum deferral/withdrawal dates for in-service withdrawals for employees who become participants in the Plan during their first year of employment with the Company.

 

NOW, THEREFORE, effective January 1, 2011, except as otherwise provided herein, the Plan is hereby amended as follows:

1.           Section 1.2(ff) of the Plan is amended to provide as follows:

“(ff)           “Scheduled Withdrawal Date” shall mean the distribution date elected by the Participant for an in-service withdrawal of all amounts of Compensation deferred in a given Plan Year, and earnings and losses attributable thereto, as set forth on the election form for such Plan Year.  A Scheduled Withdrawal Date can be no earlier than three (3) years from the commencement of the Plan Year for which the deferral of Compensation is made. Notwithstanding the foregoing, effective January 1, 2011, the Scheduled Withdrawal Date for an Eligible Employee who becomes a Participant in the Plan during his or her first year of employment with Company can be no earlier than four (4) years from the date that the Participant’s elections (made in accordance with and subject to the limitations of Section 3.1 hereof) are made during such first year of employment.”

2.           Section 6.1(b) of the Plan is amended to provide as follows:

“(b)           Distribution With Scheduled Withdrawal Date.  In the case of a Participant who has elected a Scheduled Withdrawal Date for a distribution while still in the employ of the Company, such Participant shall receive his or her Distributable Amount, but only with respect to those deferrals of Compensation and earnings on such deferrals of Compensation as shall have been elected by the Participant to be subject to the Scheduled Withdrawal Date in accordance with Sections 1.2(ff) and 3.1 of the Plan.  A Participant’s Scheduled Withdrawal Date with respect to Compensation deferred in a given Plan Year can be no earlier than (i) three (3) years from the commencement of the Plan Year for which the deferrals of Compensation are made or (ii) effective January 1, 2011, for an Eligible Employee who becomes a Participant in the Plan during his or her first year of employment with Company, four (4) years from the date that the Participant’s elections (made in accordance with and subject to the limitations of Section 3.1 hereof) are made during such first year of employment.  The portion of a Participant’s Account balance subject to the Scheduled Withdrawal Date shall be paid in a lump sum in the designated month of the elected year as elected by the Participant in the applicable election form.  Notwithstanding the foregoing, effective January 1, 2010, in the event a Participant incurs a Separation from Service from the Company prior to his or her Scheduled Withdrawal Date(s), the portion of the Participant’s Account(s) associated with such subsequent Scheduled Withdrawal Date(s) which have not occurred prior to the Participant’s Separation from Service shall be distributed in accordance with the form of payment elected by the Participant in the applicable initial election form governing the Compensation deferred for each applicable Plan Year with regard to each subsequent Scheduled Withdrawal Date in accordance with Sections 1.2(ff) and 3.1 of the Plan.”

IN WITNESS WHEREOF, O’Charley’s, Inc. has caused this Amendment to the Plan be executed this 1st day of December, 2010, effective on the dates provided herein.

O’CHARLEY’S, INC.

By: /s/ Lawrence E. Hyatt                                                                          

Title:   CFO                                                                          

9347272.1

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