Document:

ex10-30.htm

    

    Exhibit
10.30

    

    

    

    

    Via Hand
Delivery

    Raymond
E. Powers, III

    4054
Clausen Avenue

    Western
Springs, IL 60558

    

    

    Dear
Skip:

    

    I am
pleased to offer you the position of Senior Vice President Business Development
with Merisel, Inc. (hereinafter referred to, along with its parents,
subsidiaries, affiliates, divisions, successors and assigns, and each of their
respective successors and assigns, as the "Company") under the following terms
and conditions:

    

    Compensation. The
Company will pay you an annual base salary of $202,500 which will be paid in
accordance with the Company's customary payroll practices. Your salary is based
upon an annual base salary of $225,000 less 10% in accordance with the
Company-wide salary cut effective January L 2010.

    

    Annual Incentive
Bonus. You are eligible to receive an annual incentive bonus with a
target level of fifty percent (50%) of your annual base salary. The Company's
Board of Directors or the Compensation Committee will determine, at its sole
discretion, whether you will receive an annual incentive bonus.

    

    Benefits. You are
eligible to participate in the Company's benefit plans on the same terms and
conditions as the Company's other employees located in New York, New York. Your
benefits will include three (3) annual weeks of paid vacation, four (4) sick
days and one (1) personal day.

    

    At-Will Employment.
You will have an at-will employment relationship with the Company, meaning that
either you or the Company may terminate your employment with the Company at any
time and for any reason (or no reason) upon notice to the other party.
Accordingly, this letter is not to be construed or interpreted as containing any
guarantee of continued employment. As such, any recitation of certain time
periods in this letter is solely for the purpose of defining your compensation.
Also, this letter is not to be construed or interpreted as containing any
guarantee of title or any particular level or nature of
compensation.

    

    Confidentiality.
Nonsolicitation and Noncompete Agreement. You agree to execute and abide
by the terms of the Company's Confidentiality, Nonsolicitation and Noncompete
Agreement which is attached hereto and which terms are incorporated herein by
reference. The Company's offer of employment is conditioned upon your execution
of the Confidentiality, Nonsolicitation and Noncompete Agreement.

    

    Governing Law. This
letter and your employment shall be governed and construed in accordance with
the laws of the State of New York without giving effect to principles of
conflicts of law.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    This
letter and the Confidentiality, Nonsolicitation and Noncompete Agreement
represent the entire agreement regarding the terms and conditions of your
employment and supersede and completely replace any prior oral or written
communication on this subject.

    

    Please
indicate your acceptance of the foregoing terms by signing below and returning a
copy of this letter and the Confidentiality, Nonsolicitation and Noncompete
Agreement to me via hand delivery, electronic mail or facsimile no later than
January 15,2010.

    

    Very truly yours,

    

    

    /s/ Donald R. Uzzi

    --------------------------------------

    Donald R.
Uzzi

    Chairman
and CEO

    

    ACCEPTED

    

    /s/
Raymond E Powers, III

    --------------------------------------

    Raymond E
Powers, III

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    CONFIDENTIALITY,
NONSOLICITATION AND NONCOMPETE AGREEMENT

    

    This
Confidentiality, Nonsolicitation and Noncompete Agreement (the "Agreement") is
entered into as of January 8, 2010, between Merisel, Inc., a Delaware
corporation (together with its subsidiaries, the "Company"), and Raymond E.
Powers, III (the "Employee").

    

    WHEREAS,
the Company desires to employ the Employee, and the Employee desires to be
employed by the Company;

    

    WHEREAS,
during the employment, the Employee will have personal and direct contact with
customers of the Company and will acquire confidential information about the
Company and its customers; and

    

    WHEREAS,
the Employee acknowledges that the Company has invested time, expense and effort
to develop and cultivate its relationship with its customers that the Employee
will work with and that the nature of the Company's business is highly
competitive and disclosure of any confidential information would result in
severe damage to the Company.

    

    NOW
THEREFORE, in consideration of the Employee's employment by the Company, the
compensation paid to the Employee by the Company from time to time, and the
premises and the mutual agreements contained herein, the parties, for
themselves, their successors and assigns, agree as follows:

    

    1. Confidential
Information. (a) The Employee understands that during the course of the
employment with the Company, the Employee will learn information relating to the
Company (and its business, products, employees, customers and vendors) which has
commercial value to the Company, which constitutes the professional and trade
secrets of the Company and which the Company desires to keep confidential. Such
information has been provided and disclosed to the Employee solely for use in
connection with the Employee's employment with the Company. For purposes of this
Agreement, "Confidential Information" shall mean proprietary information about
the Company, its subsidiaries and affiliates, and their respective employees,
suppliers, actual or potential customers and leads, that is learned by the
Employee in the course of the Employee's employment with the Company or
disclosed to the Employee by the Company either directly or indirectly, in
writing, orally, by orawings or observation, including, but not limited to,
designs, technical data, trade secrets, know-how, discoveries, inventions,
research, product plans, manufacturing procedures, products, services, customer,
vendor and employee lists and information relating thereto, business and
marketing strategies, pending projects and proposals, software, customer
requirements, bid information, projections, developments, finances, and any
documents containing such Confidential Information. Confidential Information,
however, will not include information that (i) is now or subsequently becomes
generally available to the public through no fault or breach on the part of the
Employee, (ii) is independently developed by the Employee without the use of any
Confidential Information, or (iii) is required by law or an order of any court
or legal or administrative proceeding to be disclosed; provided, however, that
in the event the Employee is required by law or court order to disclose any
Confidential Information, the Employee shall provide the Company with a prompt
written notice of any such requirement so that the Company may seek a protective
order or other appropriate remedy if needed.

    

    (b)
During the term of the Employee's employment and any times thereafter, Employee
shall hold in strictest confidence, and not use, except for the benefit of the
Company, or disclose to any person, firm or corporation without written
authorization from the Chief Executive Officer or Chief Financial Officer of the
Company, any Confidential Information.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (c)
During the term of the Employee's employment and any times thereafter, the
Employee shall notify the Company immediately if the Employee becomes aware of
the unauthorized possession, use or knowledge of any Confidential Information by
any person not employed by the Company.

    

    (d) Upon
the termination of the Employee's employment for any reason whatsoever, Employee
shall promptly deliver to the Company all company property, documents and
computer disks (and copies thereof) containing any Confidential
Information.

    

    2.
Non-Solicitation of
Customers, Vendors and Employees. The Employee acknowledges that during
the course of the Employee's employment with the Company, the Employee will have
access to the Company's Confidential Information, the goodwill developed by the
Company, trade secret, confidential and proprietary information, or other
interests or information protected under the law (collectively, the
''Protectable Interests"), on which the Company spends considerable time,
expense and effort to develop and keep confidential. In order to protect such
Protectable Interests, during Employee's employment with the Company and for a
period of two (2) years following the termination thereof by the Company or the
Employee, for any reason, whether with or without cause, the Employee agrees
that the Employee will not, either on his or her own behalf or on behalf of any
other person, vendor, customer, or supplier of the Company, directly or
indirectly, (i) solicit, contact, take any action to divert, or accept business
from any vendor, customer, or supplier of the Company, whether a past vendor,
customer, or supplier of the Company during the six (6) month period immediately
prior to the termination of the Employee's employment, or a potential or current
vendor, customer, or supplier of the Company, in each case on whom the Employee
called or with whom the Employee became acquainted in his or her capacity as an
employee during employment with the Company, regarding the same or similar
product or service offered, carried or used by the Company, or (ii) induce or
attempt to induce said vendor, customer, or supplier to cease its relations with
the Company, or (iii) otherwise disruptl damage or interfere with any of the
business relationships of the Company, or (iv) disclose to any person the
identities of the employees or contractors of the Company and information about
the terms of their engagement, including salary or payment terms, or (v)
solicit, induce, recruit or encourage to leave the employ of or engagement by
the Company, any person who is then an employee or contractor of the Company or
who was an employee or contractor of the Company within six (6) months of the
date of such soliciting.

    

    3. Non-Competition. In
order to protect the Company's Protectable Interest, during the Employee's
employment with the Company, and for one (l).year following termination thereof
by the Company or the Employee, for any reason, whether with or without cause,
the Employee shall not, directly or indirectly in any manner or capacity (e.g.
as an advisor, principal, agent, partner, officer, director, shareholder,
employee, contractor or otherwise) engage in, work for, consult, provide advice
or assistance, or participate in any way in any activity that competes with the
Company or any of its subsidiaries or affiliates in the business of the Company
in the Chicago, Illinois; New York, New York; Atlanta, Georgia; Los Angeles,
California; Portland, Oregon; and Seattle, Washington metropolitan areas so long
as the Employee is directly involved in such business on behalf of the Company.
The Employee further agrees that during such period the Employee will not assist
or encourage any other person in carrying out any activity that would be
prohibited by the foregoing provisions of this Section 3 if such activity were
carried out by the Employee and, in particular, the Employee agrees that he or
she will not induce any employee of the Company to carry out any such activity;
provided, however, that the beneficial ownership by the Employee, either
individually or as a member of a "group," as such terms are used in Rule 13d of
the General Rules and Regulations under the Securities Exchange Act of 1934, as
amended, of less than 2% of the voting stock of any publicly held corporation
whose stock is publicly traded in the United States of America shall not be a
violation of this Agreement.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    4. Inventions and
Assignments. The parties agree that all Inventions (as defined below)
that are at any time made, conceived or suggested by the Employee in the
performance of or in relation to the Employee's duties at the Company, whether
acting alone or in conjunction with others, during or as a result of the
Employee's employment with the Company, shall be the sole and absolute property
of the Company, free of any reserved or other rights of any kind on the
Employee's part. During the Employee's employment and, if such Inventions were
made or conceived by the Employee during or as a result of his or her employment
with the Company thereafter, Employee shall promptly make full disclosure of any
such Inventions to the Company and, at the Company's cost and expense, do all
acts and things (including, among others, the execution and delivery under oath
of patent and copyright applications and instruments of assignment) reasonably
deemed by the Company to be necessary or desirable at any time in order to
effect the full assignment to the Company of the Employee's right and title, if
any, to such Inventions, and to cooperate with the Company in enforcement or
infringement proceedings regarding the Inventions. For purposes of this
Agreement, "Inventions" shall mean all data, discoveries, findings, reports,
designs, plans, inventions, improvements, methods, practices, techniques,
developments, programs, concepts, and ideas, which are related to the Employee's
duties as an ·employee of the Company, whether or not patentable, relating to
the present or planned activities, or future activities of which the Employee is
aware, or the products and services of the Company.

    

    5. Representations and
Warranties of the Employee. The Employee represents and warrants that (i)
the Employee's employment with the Company does not and will not breach any
agreements with or duties to a former employer or any other third party; (ii)
the Employee has no obligations inconsistent with the terms of this Agreement or
with the Employee's undertaking a relationship with the Company, and the
Employee will not enter into any agreement in conflict with this Agreement; or
(iii) there is no other contract to assign inventions, trademarks, copyrights,
ideas, processes, discoveries or other intellectual property that is now in
existence between the Employee and any other person or entity. The Employee
agrees to promptly inform the Company if the Employee becomes aware of any fact
that would cause the foregoing representations and warranties to be
false.

    

    6. Notification to New
Employer. In the event that Employee's employment with the Company
terminates for any reason, with or without cause, the Employee hereby grants
consent to the Company to notify the new employer of the Employee about his or
her continuing obligations under Sections 1, 2 and 3 of this
Agreement.

    

    7. Amendments. This
Agreement can only be amended pursuant to a written instrument duly executed by
each of the parties hereto.

    

    8. Rights Cumulative and
Waiver. The rights and remedies provided in this Agreement are
cumulative. The failure of a party to enforce any term, provision, or condition
of this Agreement at any time or times shall not be deemed a waiver of that
term, provision or condition for the future, nor shall any specific waiver of a
term, provision or condition at one time be deemed a waiver of such term,
provision or condition for any future time or times.

    

    9. Governing Law; Jurisdiction;
No Jury Trial. This Agreement shall be governed and construed in
accordance with the laws of the State of New York without giving effect to
principles of conflicts of law. Each party hereby irrevocably submits to the
personal jurisdiction of the state and federal courts located in New York, New
York, for the adjudication on any dispute arising out of or relating to this
Agreement. Each party hereby irrevocably and unconditionally waives any right it
may have to a trial by jury for the adjudication of any dispute arising out of
or relating to this Agreement. Each party certifies and acknowledges that (i) no
representative or agent or attorney of any other party has represented,
expressly or otherwise, that such other party would not, in the event of
litigation, seek to enforce the foregoing waiver, (ii) each party understands
and has considered the implications of this waiver, (iii) each party makes this
waiver voluntarily, and (iv) each party has been induced to enter into this
Agreement by, among other things, the mutual waivers in this section. If for any
reason, the foregoing jury trial waiver is not enforceable at the time of
dispute hereunder, then such dispute shall be resolved by binding arbitration in
accordance with the then current National Rules for the Resolution of Employment
Disputes of the American Arbitration Association. Such arbitration, if
necessary, shall be convened in New York, New York.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    10. Injunctive Relief;
Remedies. The parties agree that it would be impossible or inadequate to
measure and calculate the Company's damages from any breach of the covenants set
forth herein. Notwithstanding any other provision hereof, and in addition to any
other right or remedy available, the Company shall be entitled to seek a
restraining order or injunction in any court of competent jurisdiction to
prevent any continuation of any violation of the provisions of this Agreement,
including any and all monetary damages which the Company may incur and the
recovery of all reasonable attorney's fees and costs incurred by the Company in
obtaining such relief. The Employee consents that such restraining order or
injunction may be granted without the necessity of the Company's posting any
bond, except to the extent otherwise required by applicable law.

    

    11. Integration. This
Agreement supersedes all, and may not be contradicted by evidence of any, other
prior and contemporaneous agreements and statements on the subjects covered in
this Agreement, whether written or oral. If any practices, policies, or
procedures of the Company, now or in the future, that apply to the Employee are
inconsistent with the terms hereof, the provisions of this Agreement shall
control unless changed in writing by the Chief Executive Officer of the
Company.

    

    12. Severability. If any
term, provision, covenant or condition of this Agreement, or the application
thereof to any person, place or circumstance, shall be held to be invalid,
unenforceable or void, the remainder of this Agreement and such term, provision,
covenant or condition as applied to other persons, places and circumstances
shall remain in full force and effect. Moreover, if anyone or more of the
provisions of this Agreement shall be held to be excessively overbroad as to
duration, activity or subject, such provisions shall be construed by limiting
and reducing them so as to be enforceable to the maximum extent allowed by
applicable law.

    

    13. Interpretation;
Counterparts. No provision of this Agreement is to be interpreted for or
against any party because that party drafted such provision. This Agreement may
be executed in any number of counterparts, each of which shall be deemed an
original, and all of which shall constitute one and the same
instrument.

    

    14. Modification. If, at
the time of enforcement of Sections 2 and 3 of this Agreement, a court shall
hold that duration, scope or area restrictions stated herein are unreasonable
under circumstances then existing, the parties agree that the maximum reasonable
duration, scope or area under such circumstances shall be substituted for the
stated duration, scope or area and that the court shall be allowed to revise the
restrictions contained herein to cover the maximum period, scope and area
permitted by law.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    15. Assignment. The
Company may assign this Agreement to any direct or indirect subsidiary or parent
of the Company or joint venture in which the Company has an interest, or any
successor (whether by merger, consolidation, purchase or otherwise) to all or
substantially all of the stock, assets or business of the Company and this
Agreement shall be binding upon and inure to the benefit of such successors and
assigns. The Employee may not sell, transfer, assign, or pledge any of the
Employee's rights or interests pursuant to this Agreement.

    

    16. Survival of
Obligations. The continuing obligations set forth in Sections 1, 2, 3 and
4 of this Agreement shall survive the termination of this Agreement. If the
Employee breaches the obligations in Sections 2 and 3, the period of time where
the Employee may not solicit or compete shall automatically toll from the date
of the first breach, and all subsequent breaches, until the resolution of the
breach through private settlement, judicial or other action, including all
appeals. The restriction period shall continue upon the effective date of any
settlement, judicial or other resolution.

    

    17. Employee
Acknowledgment. The Employee acknowledges that he or she has read and
understood this Agreement and the time, territory; scope and other requirements
of the restrictions contained herein and has had the opportunity to consult
legal counsel regarding the same. The Employee has entered into this Agreement
freely and voluntarily and based on the Employee's own judgment and not on any
representations or promises other than those contained herein. The Employee
understands that this Agreement does not constitute a contract of employment or
obligate the Company to employ the Employee at any rate or for any stated period
of time and that the Employee is employed at will and that his or her employment
may be terminated at any time by the Company or the Employee with or without
cause.

    

    IN
WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of
the date first above written.

    

    

    MERISEL, INC.

    

    /s/
Donald R. Uzzi

    --------------------------------------

    Donald R.
Uzzi

    Chairman
and CEO

    

    /s/
Raymond E Powers, III

    --------------------------------------

    Raymond E
Powers, IIIexhibit10-1_8k0510.htm

EXHIBIT 10.1

 

Arby’s Restaurant Group, Inc.

1155 Perimeter Center West

Atlanta, Georgia 30338

 

 

May 11, 2010

Ms. Hala Moddelmog

4484 E Conway Drive, Northwest

Atlanta, Georgia 30327

 

Dear Hala:

 

As we have discussed, it is with great pleasure that we hereby confirm your employment as President of Arby’s Restaurant Group, Inc., (“Arby’s”) on the terms and conditions set forth in this letter agreement and in the attached term sheet (the “Term Sheet”), which Term Sheet is hereby incorporated herein by reference. This letter agreement sets forth our amended and restated understanding effective as of

 

May 20, 2010, (the “Effective Date”). You will report to the Chief Executive Officer of Wendy’s/Arby’s Group, Inc. (“Wendy’s/Arby’s”) and your duties will be performed primarily at the corporate headquarters of Arby’s in Atlanta, Georgia.

 

1.           Term. The term of your employment hereunder shall continue until the second anniversary of the Effective Date; provided, however, that the term of your employment hereunder shall automatically be extended for additional one year periods on the second anniversary of the Effective Date and each anniversary thereafter (collectively, the “Employment Term”) unless either party delivers to the other, at least one hundred twenty (120) days prior to the expiration of the Employment Term, written notice of such party’s desire to allow the Employment Term to expire. Your employment hereunder shall terminate as of the earlier of (a) the expiration of the Employment Term or (b) upon a termination of your employment (i) by Arby's “without cause” (ii) for “cause” or (iii) by you due to a “Triggering Event” (each term as hereinafter defined).

 

2.           Termination Without Cause or due to a Triggering Event.

 

(a)           In the event your employment is terminated by Arby's “without cause” (as hereinafter defined) or by you due to a “Triggering Event” (as hereinafter defined):

 

(i)           Arby's shall, commencing on the date of such termination of employment, pay to you an amount (the “First Year Payment”) equal to the sum of (I) your annual base rate of salary in effect as of the effective date of such termination and (II) an amount equal to your annual cash bonus, if any, for the year prior

 

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to the year in which your employment is terminated, payable in semi-monthly installments for a period of twelve (12) months;

 

(ii)           Arby's shall, commencing twelve (12) months after the effective date of such termination of your employment, pay to you an amount equal to your annual base rate of salary in effect as of the effective date of such termination, payable in semi-monthly installments for an additional period of twelve (12) months (the “Second Year Payment Period”); provided, however, that if you have secured employment or are providing consulting services prior to or during the Second Year Payment Period, such semi-monthly payments required to be made to you by Arby's during the Second Year Payment Period will be offset by compensation you earn from any such employment or services during the Second Year Payment Period;

 

(iii)           Arby's shall, at the same time bonuses are paid to its executives, pay to you a lump sum amount equal to the annual bonus which would be payable to you based on actual performance multiplied by a fraction, the numerator of which is the number of days from January 1 of the year in which your employment terminated through the date of such termination and the denominator of which is 365 (the “Pro Rata Bonus”);

 

(iv)           at your election you will be entitled to continue your coverage under all health and medical insurance policies maintained by Arby's for eighteen (18) months following the termination of your employment, in fulfillment of Arby's obligations to you under Section 4980B of the Code or under Part 6 of Title I of the Employee Retirement Income Security Act of 1974, as amended, the cost of such coverage to be paid by you;

 

(v)           Arby's shall pay you a lump sum cash payment of $25,000, provided such amount shall increase by 10% on the second anniversary of the Effective Date, provided you are still employed on such date; and

 

(vi)           you will automatically become vested in that number of outstanding unvested stock options granted to you by Arby's, if any, in which you would have been vested if you had remained employed by Arby's through the date which is the earlier of (x) the second anniversary of the Effective Date or (y) the last day of the Second Year Payment Period and any stock options that would have remained unvested as of such date shall be automatically forfeited as of the date of your termination, and each vested stock option must be exercised within the earlier of (I) one (1) year following your termination or (II) the date on which such

 

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 stock option expires (including upon expiration of the options in a going private transaction).

 

(b)           A termination by Arby's “without cause” shall mean the termination of your employment by Arby's for any reason other than those reasons set forth in clauses (i)-(ix) of paragraph 4 of this letter agreement.

 

(c)           The payment of any monies and provision of any benefits payable to you pursuant to this paragraph 2 are conditioned upon and subject to your execution of a release in substantially the form set forth in Exhibit 1 hereto which has become effective and nonrevocable in accordance with its terms (the “Release”). You acknowledge that the signed Release is required to be provided to Arby's not later than fifty-two (52) days following your termination of employment. The payments under 2(a)(v) will be made five (5) business days after the Release has become effective and nonrevocable.

 

(d)           For purposes of this letter agreement, “Triggering Event” shall mean:

 

(i)           a material reduction in your responsibilities as President of Arby's;

 

(ii)           a requirement that you report to any person other than the President and Chief Executive Officer of Wendy’s/Arby’s or the Board of Directors of Wendy’s/Arby’s (the “Board”);

 

(iii)           a reduction in your then current base salary (as described in the Term Sheet) or target bonus percentage (as described in the Term Sheet); or

 

(iv)           without your consent, relocation to a work situs not in the Atlanta, Georgia greater metropolitan area; provided that a Triggering Event shall only be deemed to have occurred if, no later than thirty (30) days following the time you learn of the circumstances constituting a Triggering Event, you provide a written notice to Wendy’s/Arby’s containing reasonable details of such circumstances and within thirty (30) days following the delivery of such notice to Wendy’s/Arby’s, Wendy’s/Arby’s has failed to cure such circumstances. Additionally, you must terminate your employment within six (6) months of the initial occurrence of the circumstances constituting a Triggering Event for such termination to be a Triggering Event.

 

(e)           If your employment is terminated at the expiration of the Employment Term as a result of Wendy’s/Arby’s delivery of at least 120 days advance written notice of its desire to allow the Employment Term to

 

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expire in accordance with Section 1 of this letter agreement, then Arby's shall pay you as severance:

 

(i)           not less than eight (8) months of your then current base salary; and

 

(ii)          the Pro Rata Bonus, provided that you continue to work for Arby's during such 120 day period to the extent requested to do so by Wendy’s/Arby’s.

 

Such payments, if any, under clause (i) shall be payable in consecutive semi-monthly installments beginning immediately after the expiration of the Employment Term and the Pro Rata Bonus, shall be paid at the same time bonuses are paid to Arby's executives.

 

3.           Treatment of Stock Options on Termination due to Disability. In the event your employment is terminated by Arby's due to “Disability” (as hereinafter defined), (notwithstanding that Disability is treated as a termination for cause) you will automatically become vested in all of your outstanding unvested stock options granted to you by Arby's, and each vested stock option must be exercised within the earlier of (a) one (1) year following your termination or (b) the date on which such stock option expires (including, upon expiration of the options in a going private transaction).

 

4.           Cause. For purposes of this agreement, “cause” means:

 

(a)           commission of any act of fraud or gross negligence by you in the course of your employment hereunder that, in the case of gross negligence, has a material adverse effect on the business or financial condition of Arby's or any of its affiliates;

 

(b)           willful material misrepresentation at any time by you to the President and Chief Executive Officer of Wendy’s/Arby’s or the Board;

 

(c)           voluntary termination by you of your employment (other than on account of a Triggering Event) or the willful failure or refusal to comply with any of your material obligations hereunder or to comply with a reasonable and lawful instruction of the President and Chief Executive Officer of Wendy’s/Arby’s or the Board;

 

(d)           engagement by you in any conduct or the commission by you of any act that is, in the reasonable opinion of the Board, materially injurious or detrimental to the substantial interest of Arby's or any of its affiliates;

 

(e)           your indictment for any felony, whether of the United States or any state thereof or any similar foreign law to which you may be subject;

 

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(f)           any failure substantially to comply with any written rules, regulations, policies or procedures of Arby's furnished to you that, if not complied with, could reasonably be expected to have a material adverse effect on the business of Arby's or any of its affiliates;

 

(g)           any willful failure to comply with Arby's policies regarding insider trading;

 

(h)           your death; or

 

(i)           your inability to perform all or a substantial part of your duties or responsibilities on account of your illness (either physical or mental) for more than ninety (90) consecutive calendar days or for an aggregate of 150 calendar days during any consecutive nine (9) month period (“Disability”).

 

5.           Return of Property. Upon any termination of your employment with Arby's, you will promptly return to Arby's all property provided to you and owned by Arby's or any of its affiliates, including, but not limited to, credit cards, computers, personal data assistants, automobiles, cell phones and files.

 

6.           Noncompete/Nonsolicitation/Employee No-Hire.

 

(a)           You acknowledge that as Arby's President you will be involved, at the highest level, in the development, implementation, and management of Arby's business strategies and plans, including those which involve Arby's finances, marketing and other operations, and acquisitions and, as a result, you will have access to Arby's most valuable trade secrets and proprietary information. By virtue of your unique and sensitive position, your employment by a competitor of Arby's represents a material unfair competitive danger to Arby's and the use of your knowledge and information about Arby's business, strategies and plans can and would constitute a competitive advantage over Arby's. You further acknowledge that the provisions of this paragraph 6 are reasonable and necessary to protect Arby's legitimate business interests.

 

(b)           In view of clause (a) above, you hereby covenant and agree that during your employment with Arby's (except in the proper discharge of your duties hereunder) and either (x) in the event your employment with Arby's is terminated “without cause” or due to a Triggering Event, for a period of twenty-four (24) months following such termination, or (y) in the event your employment with Arby's is terminated for cause or other than due to a Triggering Event, for a period of twelve (12) months following such termination:

 

(i)           in any state or territory of the United States (and the District of Columbia) or any country where Arby's maintains restaurants, you will not engage or be engaged in any capacity,

 

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“directly or indirectly” (as defined below), except as a passive investor owning less than a two percent (2%) interest in a publicly held company, in any business or entity that is competitive with the business of Arby's or its affiliates. This restriction includes, without limitation, (A) any business engaged in drive through or counter food service restaurant business typically referred to as “Quick Service” restaurants (such as Burger King, McDonald’s, Jack in the Box, etc.), for which revenues from the sale of hamburgers, sandwiches (including wraps) and salads represents at least 50% of total revenues from the sales of food items (excluding beverages) and also includes any business engaged in real estate development for such Quick Service businesses and (B) Yum! Brands, Inc. or its brands and each of its subsidiaries. Notwithstanding anything to the contrary herein, this restriction shall not prohibit you from (X) accepting employment, operating or otherwise becoming associated with a franchisee of Arby's, any of its affiliates or any subsidiary of the foregoing, but only in connection with activities associated with the operation of such a franchise or activities that otherwise are not encompassed by the restrictions of this paragraph, subject to any confidentiality obligations contained herein, or (Y) accepting employment, operating or otherwise becoming associated with a “Quick-Service” restaurant business of a brand that has less than 100 outlets system-wide (including both franchised outlets and franchisor-operated outlets);

 

(ii)           you will not, directly or indirectly, without Arby's prior written consent, hire or cause to be hired, solicit or encourage to cease to work with Arby's or any of its subsidiaries or affiliates, any person who is at the time of such activity, or who was within the six (6) month period preceding such activity, an employee of Arby's or any of its subsidiaries or affiliates at the level of director or any more senior level or a consultant under contract with Arby's or any of its subsidiaries or affiliates and whose primary client is such entity or entities; and

 

(iii)           you will not, directly or indirectly, solicit, encourage or cause any franchisee or supplier of Arby's or any of its subsidiaries or affiliates to cease doing business with Arby's or subsidiary or affiliate, or to reduce the amount of business such franchisee or supplier does with Arby's or such subsidiary or affiliate.

 

(c)           For purposes of this paragraph 6, “directly or indirectly” means in your individual capacity for your own benefit or as a shareholder, lender, partner, member or other principal, officer, director, employee, agent or consultant of or to any individual, corporation,

 

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partnership, limited liability company, trust, association or any other entity whatsoever; provided, however, that you may own stock in Arby's and may operate, directly or indirectly, Arby's restaurants as a franchisee without violating paragraphs 6(b)(i) or 6(b)(iii).

 

(d)           If any competent authority having jurisdiction over this paragraph 6 determines that any of the provisions of this paragraph 6 is unenforceable because of the duration or geographical scope of such provision, such competent authority shall have the power to reduce the duration or scope, as the case may be, of such provision and, in its reduced form, such provision shall then be enforceable.

 

7.           Confidential Information. You agree to treat as confidential and not to disclose to anyone other than Arby's and its subsidiaries and affiliates, and their respective officers, directors, employees and agents, and you agree that you will not at any time during your employment and for a period of four years thereafter, without the prior written consent of Arby's, divulge, furnish, or make known or accessible to, or use for the benefit of anyone other than Arby's, its subsidiaries, and affiliates, any information of a confidential nature relating in any way to the business of Arby's or its subsidiaries or affiliates, or any of their respective franchisees, suppliers or distributors, unless:

 

(a)           you are required to disclose such information by requirements of law;

 

(b)           such information is in the public domain through no fault of yours; or

 

(c)           such information has been lawfully acquired by you from other sources unless you know that such information was obtained in violation of an agreement of confidentiality.

 

You further agree that during the period referred to in the immediately preceding sentence you will refrain from engaging in any conduct or making any statement, written or oral that is disparaging of Arby's, any of its subsidiaries or affiliates or any of their respective directors or officers. Arby's agrees to instruct each then current member of the Board and each of its then current executive officers during the period referred to in the first sentence of this paragraph 7 to refrain from making any statement, written or oral, that is disparaging of you, your personal reputation or your professional competency.

 

8.           Enforcement. You agree that, in addition to any other remedy provided at law or in equity:

 

(a)           Arby's shall be entitled to a temporary restraining order, and both preliminary and permanent injunctive relief restraining you from violating any of the provisions of paragraphs 6 or 7 of this letter agreement (in recognition of the fact that damages in the event of a breach

 

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by you of paragraphs 6 or 7 of this letter agreement would be difficult if not impossible to ascertain and inadequate to remedy);

 

(b)           you will indemnify and hold Arby's and its affiliates harmless from and against any and all damages or losses incurred by Arby's or any of its affiliates (including reasonable attorneys’ fees and expenses) as a result of any willful or reckless violation by you of any such provisions; and

 

(c)           upon any such willful or reckless violation by you, Arby's’ remaining obligations under this letter agreement, if any, shall cease (other than payment of your base salary through the date of termination of your employment and any earned but unpaid vacation, and other than as may otherwise be required by law).

 

9.           Governing Law; Jurisdiction and Venue; Entire Agreement; Jury Trial Waiver.

 

(a)           It is the intent of the parties hereto that all questions with respect to the construction of this letter agreement and the rights and liabilities of the parties hereunder shall be determined in accordance with the laws of the State of Delaware, without regard to principles of conflicts of laws thereof that would call for the application of the substantive law of any jurisdiction other than the State of Delaware.

 

(b)           Each party irrevocably agrees for the exclusive benefit of the other that any and all suits, actions or proceedings relating to paragraphs 6, 7, and, as it relates to paragraphs 6 and 7, paragraphs 8 and 9 of this letter agreement (collectively, “Proceedings” and, individually, a “Proceeding”) shall be maintained in either the courts of the State of Delaware or the federal District Courts sitting in Wilmington, Delaware (collectively, the “Chosen Courts”) and that the Chosen Courts shall have exclusive jurisdiction to hear and determine or settle any such Proceeding and that any such Proceedings shall only be brought in the Chosen Courts. Each party irrevocably waives any objection that it may have now or hereafter to the laying of the venue of any Proceedings in the Chosen Courts and any claim that any Proceedings have been brought in an inconvenient forum and further irrevocably agrees that a judgment in any Proceeding brought in the Chosen Courts shall be conclusive and binding upon it and may be enforced in the courts of any other jurisdiction.

 

(c)           Each of the parties hereto agrees that this letter agreement involves at least $100,000 and that this letter agreement has been entered into in express reliance on Section 2708 of Title 6 of the Delaware Code. Each of the parties hereto irrevocably and unconditionally agrees that, to the extent such party is not otherwise subject to service of process in the State of Delaware, service of process may be made on such party by pre-

 

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paid certified mail with a validated proof of mailing receipt constituting evidence of valid service sent to such party at the address set forth in this letter agreement, as such address may be changed from time to time pursuant hereto, and that service made pursuant to this paragraph 9(c) shall, to the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such party personally within the State of Delaware.

 

(d)           This letter agreement contains the entire agreement among the parties with respect to the matters covered herein and supersedes all prior agreements, written or oral, with respect thereto. This letter agreement may only be amended, superseded, cancelled, extended or renewed and the terms hereof waived, by a written instrument signed by the parties hereto, or in the case of a waiver, by the party waiving compliance.

 

(e)           EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY PROCEEDING, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG THE PARTIES HERETO ARISING OUT OF OR RELATED TO THIS LETTER AGREEMENT OR ANY OTHER AGREEMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR FOR ANY COUNTERCLAIM THEREIN. THE PARTIES HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

10.           Arbitration. Except to the extent specifically contemplated by paragraph 9(b) of this letter agreement, all disputes arising in connection with your employment with Arby's (whether based on contract or tort or upon any federal, state or local statute, including but not limited to claims asserted under the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, as amended, any state Fair Employment Practices Act and/or the Americans with Disability Act) or any rights arising pursuant to this letter agreement shall, at the election of either you or Arby's, be submitted to JAMS/ENDISPUTE for resolution in arbitration in accordance with the rules and procedures of JAMS/ENDISPUTE. Either party shall make such election by delivering written notice thereof to the other party at any time (but not later than forty-five (45) days after such party receives notice of the commencement of any administrative or regulatory proceeding or the filing of any lawsuit relating to any such dispute or controversy) and thereupon any such dispute or controversy shall be resolved only in accordance with the provisions of this paragraph 10. Any such proceedings shall take place in Atlanta, Georgia before a single arbitrator who shall have the right to award to any party to such proceedings any right or remedy that is available under applicable law (including, without limitation, ordering the losing party to reimburse the reasonable

 

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legal fees and expenses incurred by the winning party with respect to such proceedings). The resolution of any such dispute or controversy by the arbitrator appointed in accordance with the procedures of JAMS/ENDISPUTE shall be final and binding. Judgment upon the award rendered by such arbitrator may be entered in any court having jurisdiction thereof.

 

THIS PARAGRAPH 10 IS SPECIFICALLY ACKNOWLEDGED AND AGREED BY:

 

WENDY’S/ARBY’S

GROUP, INC.

 

/s/ Roland C. Smith                                                                             /s/ Hala Moddelmog                                                   

Name: Roland C. Smith                                                                             Hala Moddelmog

Title: President and Chief Executive Officer

 

11.           Legal Fees. Subject to paragraph 10 above, each party shall pay his or its own costs for any arbitration or litigation, as applicable, initiated in connection with any disputes arising in connection with your employment with Arby's, with the cost of the arbitrator, if applicable, to be equally divided between the parties.

 

12.           Survivability. The provisions of paragraphs 6, 7, 8, 9, 10, 11, 12, 13, 14 and 16 shall specifically survive any termination of this letter agreement.

 

13.           Notices. Any notice given pursuant to this letter agreement to any party hereto shall be deemed to have been duly given when mailed by registered or certified mail, return receipt requested, or by overnight courier, or when hand delivered as follows:

 

If to Wendy’s/Arby’s:

 

Wendy’s/Arby’s Group, Inc.

1155 Perimeter Center West

Atlanta, Georgia 30338

Attn: General Counsel

 

If to you, at the address set forth on the first page of this letter agreement

 

or at such other address as either party shall from time to time designate by written notice, in the manner provided herein, to the other party hereto.

 

14.           Tax Withholding. You agree that Arby's may withhold from any amounts payable to you hereunder all federal, state, local or other taxes that Arby's determines are required to be withheld pursuant to any applicable law or regulation. You further agree that if the Internal Revenue Service or other taxing authority (each, a “Taxing Authority”) asserts a liability against Arby's for failure to withhold taxes on any payment hereunder, you will pay to Arby's the amount determined by such Taxing

 

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Authority (other than penalty or interest amounts unless such payment is made after thirty (30) days of the delivery of such notice to you, in which case you shall be responsible for such penalties and interest) that had not been withheld within thirty (30) days of notice to you of such determination. Such notice shall include a copy of any correspondence received from a Taxing Authority with respect to such withholding.

 

15.           Expense Reimbursement. You will be entitled to reimbursement for all of your reasonable and necessary business expenses, including reasonable cell phone, travel, lodging and entertainment expenses, in accordance with Arby's business expense reimbursement policy as in effect from time to time and upon submission of appropriate documentation and receipts.

 

16.           Section 409A.

 

(a)           This letter agreement is intended to satisfy the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) with respect to amounts, if any, subject thereto and shall be interpreted and construed and shall be performed by the parties consistent with such intent. If either party notifies the other in writing that one or more or the provisions of this letter agreement contravenes any Treasury Regulations or guidance promulgated under Section 409A or causes any amounts to be subject to interest, additional tax or penalties under Section 409A, the parties shall promptly and reasonably consult with each other, in good faith to reform the provisions of this letter agreement, as appropriate, to:

 

(i)           maintain to the maximum extent reasonably practicable the original intent of the applicable provisions without violating the provisions of Section 409A or increasing the costs to Arby's or its affiliates of providing the applicable benefit or payment; and

 

(ii)           to the extent possible, to avoid the imposition of any interest, additional tax or other penalties under Section 409A upon you or Arby's. Notwithstanding the foregoing, you shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on you or for your account in connection with this letter agreement (including any taxes and penalties under Section 409A), and neither Arby's nor any of its affiliates shall have any obligation to indemnify or otherwise hold you (or any beneficiary) harmless from any or all of such taxes or penalties

 

(b)           To the extent you would otherwise be entitled to any payment or benefit under this letter agreement, or any plan or arrangement of Arby's or its affiliates, that constitutes a “deferral of compensation” subject to Section 409A and that if paid or provided during the six (6) months beginning on the date of termination of your employment would

 

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be subject to the Section 409A additional tax because you are a “specified employee” (within the meaning of Section 409A and as determined by Arby's), the payment or benefit will be paid or provided to you on the earlier of the first day following the six (6) month anniversary of your date of termination or your death.

 

(c)           Any payment or benefit due upon a termination of your employment that represents a “deferral of compensation” within the meaning of Section 409A shall be paid or provided to you only upon a “separation from service” as defined in Treas. Reg. § 1.409A-1(h). Each payment made under this letter agreement shall be deemed to be a separate payment for purposes of Section 409A. Amounts payable under this letter agreement shall be deemed not to be a “deferral of compensation” subject to Section 409A to the extent provided in the exceptions in Treasury Regulation §§ 1.409A-1(b)(4) (“short-term deferrals”) and (b)(9) (“separation pay plans,” including the exception under subparagraph (iii)) and other applicable provisions of Treasury Regulation § 1.409A-1 through A-6.

 

(d)           Notwithstanding anything to the contrary in this letter agreement or elsewhere, any payment or benefit under this letter agreement or otherwise that is exempt from Section 409A pursuant to Treasury Regulation § 1.409A-1(b)(9)(v)(A) or (C) (relating to certain reimbursements and in-kind benefits) shall be paid or provided to you only to the extent that the expenses are not incurred, or the benefits are not provided, beyond the last day of the second calendar year following the calendar year in which your “separation from service” occurs; and provided further that such expenses are reimbursed no later than the last day of the third calendar year following the calendar year in which your “separation from service” occurs. To the extent any expense reimbursement or the provision of any in-kind benefit is determined to be subject to Section 409A (and not exempt pursuant to the prior sentence or otherwise), the amount of any such expenses eligible for reimbursement, or the provision of any in-kind benefit, in one calendar year shall not affect the expenses eligible for reimbursement in any other calendar year (except for any life-time or other aggregate limitation applicable to medical expenses), and in no event shall any expenses be reimbursed after the last day of the calendar year following the calendar year in which you incurred such expenses, and in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit.

 

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If you agree with the terms outlined above and in the Term Sheet, please date and sign the copy of this letter agreement enclosed for that purpose and return it to me.

 

Sincerely,

WENDY’S/ARBY’S GROUP, INC.

/s/ Roland C. Smith                                                      

Name: Roland C. Smith

Title: President and Chief Executive Officer

Agreed and Accepted as of the

11th day of May, 2010.

 

 

/s/ Hala Moddelmog                                                     

Hala Moddelmog

 

 

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EMPLOYMENT TERMS SHEET

 

Hala Moddelmog

President, Arby’s Restaurant Group, Inc.

 

 

	
Provision

	
Term

	
Comments

	
Base Salary

	
$600,000/year

	
Subject to increase but not decrease, in the sole discretion of the Board.

	
Annual Incentive

	
Target annual bonus percentage equal to 85% of base salary.

	
Company and individual performance assessed for each fiscal year relative to objectives agreed to in advance between executive and the Board’s Compensation Committee. You will be eligible for a pro rated bonus for 2010.

	
Benefits

	  	
Benefits as are generally made available to other senior executives of Arby's, including participation in health/medical and insurance programs and in car lease/car allowance programs.

	
Vacation

	
4 weeks per year, pro rated during your first year of employment.

	  
	
Stock Options

	
Initial grant of 250,000 shares

	
Stock options to be recommended for approval to the Compensation Committee of the Wendy’s/Arby’s Board of Directors. Any stock option grant must be approved by the Compensation Committee before such grant may be awarded. To be struck at the time of other 2010 stock grants to other senior executives.

 

 

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EXHIBIT 1

GENERAL RELEASE

AND COVENANT NOT TO SUE

 

TO ALL WHOM THESE PRESENTS SHALL COME OR MAY CONCERN, KNOW that:

 

Hala Moddelmog (the “Executive”), on his/her own behalf and on behalf of his/her descendants, dependents, heirs, executors and administrators and permitted assigns, past and present, in consideration for the amounts payable and benefits to be provided to the undersigned under that letter agreement dated as of May 20, 2010, (the “Employment Agreement”) between the Executive and Arby's Restaurant Group, Inc., a Delaware corporation (the “Company”), does hereby covenant not to sue or pursue any litigation (or file any charge or otherwise correspond with any Federal, state or local administrative agency), arbitration or other proceeding against, and waives, releases and discharges the Company and its respective assigns, affiliates, subsidiaries, parents, predecessors and successors, and the past and present shareholders, employees, officers, directors, representatives and agents or any of them (collectively, the “Company Group”), from any and all claims, demands, rights, judgments, defenses, actions, charges or causes of action whatsoever, of any and every kind and description, whether known or unknown, accrued or not accrued, that the Executive ever had, now has or shall or may have or assert as of the date of this General Release and Covenant Not to Sue against any member of the Company Group, including, without limiting the generality of the foregoing, any claims, demands, rights, judgments, defenses, actions, charges or causes of action related to employment or termination of employment or that arise out of or relate in any way to the Age Discrimination in Employment Act of 1967 (“ADEA,” a law that prohibits discrimination on the basis of age), the National Labor Relations Act, the Civil Rights Act of 1991, the Americans With Disabilities Act of 1990, Title VII of the Civil Rights Act of 1964, the Employee Retirement Income Security Act of 1974, the Family and Medical Leave Act, the Sarbanes-Oxley Act of 2002, all as amended, and other Federal, state and local laws relating to discrimination on the basis of age, sex or other protected class, all claims under Federal, state or local laws for express or implied breach of contract, wrongful discharge, defamation, intentional infliction of emotional distress, and any related claims for attorneys’ fees and costs; provided, however, that nothing herein shall release any member of the Company Group from any of its obligations to the Executive under the Employment Agreement, any rights the Executive may have to indemnification under any charter or by-laws or written indemnification agreement (or similar documents) of any member of the Company Group or to release any claims which may not be released as a matter of law. The Executive further agrees that this General Release and Covenant Not to Sue may be pleaded as a full defense to any action, suit, arbitration or other proceeding covered by the terms hereof which is or may be initiated, prosecuted or maintained by the Executive, his/her heirs or assigns. Notwithstanding the foregoing, the Executive understands and confirms that he is executing this General Release and Covenant Not to Sue voluntarily and knowingly. In addition, the Executive shall not be precluded by this General Release and Covenant Not to Sue from filing a charge with any relevant Federal, State or local administrative agency, but the Executive

 

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agrees not to participate in any such administrative proceeding (other than any proceeding brought by the Equal Employment Opportunity Commission), and agrees to waive the Executive’s rights with respect to any monetary or other financial relief arising from any such administrative proceeding. For the avoidance of doubt, nothing in this General Release and Covenant Not to Sue shall prevent the Executive from challenging or seeking a determination in good faith of the validity of this waiver and release under the ADEA but no other portion of this General Release and Covenant Not to Sue.

 

In consideration for the amounts payable and benefits to be provided to the Executive under the Employment Agreement, the Executive agrees to cooperate, at the expense of the Company Group, with the members of the Company Group in addition with all litigation relating to the activities of the Company and its affiliates during the period of the Executive’s employment with the Company including, without limitation, being available to take depositions and to be a witness at trial, help in preparation of any legal documentation and providing affidavits and any advice or support that the Company or any affiliate thereof may request of the Executive in connection with such claims.

 

In furtherance of the agreements set forth above, the Executive hereby expressly waives and relinquishes any and all rights under any applicable statute, doctrine or principle of law restricting the right to release claims which the Executive does not know or suspect to exist at the time of executing a release, which claims, if known, may have materially affected the Executive’s decision to give such a release. In connection with such waiver and relinquishment, the Executive acknowledges that she is aware that she may hereafter discover claims presently unknown or unsuspected, or facts in addition to or different from those which she now knows or believes to be true, with respect to the matters released herein. Nevertheless, it is the intention of the Executive to fully, finally and forever release all such matters, and all claims relating thereto which now exist, may exist or theretofore have existed as of the date of this General Release and Covenant Not to Sue, as specifically provided herein. The Executive acknowledges and agrees that this waiver shall be an essential and material term of the release contained above. Nothing in this paragraph is intended to expand the scope of the release as specified herein.

 

This General Release and Covenant Not to Sue shall be governed by and construed in accordance with the laws of the State of Georgia, applicable to agreements made and to be performed entirely within such State.

 

The Executive acknowledges that he has been offered a period of time of at least twenty-one (21) days to consider whether to sign this General Release and Covenant Not to Sue, which he has waived, and the Company agrees that the Executive may cancel this General Release and Covenant Not to Sue at any time during the seven (7) days following the date on which this General Release and Covenant Not to Sue has been signed by all parties to this General Release and Covenant Not to Sue. In order to cancel or revoke this General Release and Covenant Not to Sue, the Executive must deliver to the General Counsel of the Company written notice stating that the Executive is canceling or revoking this General Release and Covenant Not to Sue. If this General Release and Covenant Not to Sue is timely cancelled or revoked, none of the provisions

 

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of this General Release and Covenant Not to Sue shall be effective or enforceable and the Company shall not be obligated to make the payments to the Executive or to provide the Executive with the other benefits described in the Employment Agreement and all contracts and provisions modified, relinquished or rescinded hereunder shall be reinstated to the extent in effect immediately prior hereto.

 

The Executive agrees that as part of the consideration for this General Release and Covenant Not to Sue, she will not make disparaging or derogatory remarks, whether oral or written, about the Company Group.

 

Each of the Executive and the Company acknowledges and agrees that it has entered into this General Release and Covenant Not to Sue knowingly and willingly and has had ample opportunity to consider the terms and provisions of this General Release and Covenant Not to Sue. The Executive further acknowledges that he has read the Agreement carefully, has been advised by the Company in writing to, and has in fact consulted with an attorney, and fully understands that by signing below he is giving up certain rights which he may have to sue or assert a claim against any of the Company Group, as described above.

 

IN WITNESS WHEREOF, the parties hereto have caused this General Release and Covenant Not to Sue to be executed on this _____day of __________, ____.

 

 

 

                    ___________________________________

Hala Moddelmog                                                   

WENDY’S/ARBY’S GROUP, INC.

	
  

	
By: 

	 _______________________________     

	
  

	
Name:

	
  

	
Title:

 

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