Document:

Exhibit 10.5

 

MANAGEMENT AGREEMENT

 

MANAGEMENT AGREEMENT (this “Agreement”) made as of this 22nd day of
August, 2001 by and among Bruckmann, Rosser, Sherrill & Co., LLC., a
Delaware limited liability company (“BRS”), Castle Harlan, Inc., a Delaware
corporation (“CHI”), McCormick & Schmick Acquisition Corp., a Delaware
corporation (the “Company”), and McCormick & Schmick Restaurant Corp.,
a Delaware corporation (“Restaurant Corp.”).

 

W I T N E S S E T H:

 

WHEREAS, the Company desires to retain BRS to provide business and
organizational strategy, financial and investment management, advisory and
merchant and investment banking services to the Company upon the terms and
conditions hereinafter set forth, and BRS is willing to undertake such
obligations.

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth, the parties agree as follows:

 

1.                                       Appointment.  The Company hereby engages BRS, and BRS
hereby agrees, upon the terms and subject to the conditions set forth herein,
to provide certain services to the Company as described in Section 3
hereof.

 

2.                                       Term.  The term of this Agreement (the “Term”)
shall be for an initial term expiring ten years after the date hereof.  Such term shall be renewed automatically for
additional one-year terms thereafter unless BRS or the Company shall give
notice in writing within 90 days before the expiration of the initial term
or any one-year renewal thereof of its desire to terminate this Agreement.  The provisions of Section 6 and such
other provisions of this Agreement as the context so requires shall survive the
termination of this Agreement.

 

3.                                       Duties
of BRS.  BRS shall provide the
Company with business and organizational strategy, financial and investment
management, advisory and merchant and investment banking services, as the
Company may reasonably request from time to time (collectively, the
“Services”).

 

The Company will use the Services of BRS and BRS will make itself
available for the performance of the Services upon reasonable notice.  BRS will perform the Services at the times
and places reasonably requested by the Company to meet its needs and
requirements, taking into account other engagements that BRS may have.

 

3.1.                              Exclusions
from Services.  Notwithstanding
anything in the foregoing to the contrary, the following services are
specifically excluded from the definition of “Services”:

 

(i)                                     Independent
Accounting Services.  Accounting
services rendered to the Company or BRS by an independent accounting firm or
accountant (i.e., an accountant who is not an employee of BRS);

 

 

(ii)                                  Legal
Services.  Legal services rendered
to the Company or BRS by an independent law firm or attorney (i.e., an attorney
who is not an employee of BRS);

 

(iii)                               Transaction
Services.  Services rendered in connection
with any transaction (including, without limitation, any merger, acquisition,
divestiture or financing) in which the Company or any of its subsidiaries or
affiliates may be, or may consider becoming, involved (“Transaction Services”);
it being understood that before the Company or any of its subsidiaries or
affiliates engages any person or entity to provide any Transaction Services,
BRS and CHI shall be first approached and shall have a thirty day period during
which they may decide (upon the mutual agreement of CHI and BRS ) to perform
(either jointly or severally), for an additional fee to be established at such
time, any such Transaction Services; and

 

(iv)                              Independent
Actuarial Services.  Actuarial
services rendered to the Company or BRS by an independent actuarial firm or
actuary (i.e., an actuary who is not an employee of BRS).

 

4.                                       Powers
of BRS.  So that it may properly
perform its duties hereunder, BRS shall, subject to Section 7 hereof, have
the authority to do all things necessary and proper to carry out the duties set
forth in Section 3.

 

5.                                       Compensation
and Reimbursement.  (a) As
consideration payable to BRS or any of its affiliates for providing the
Services to the Company, the Company shall pay to BRS a management fee as
follows: (i) $1,100,000 on the date hereof as an advance payment of the
management fee for the first 12 months of the Term (the “Annual Payment”);
(ii) $275,000 as advance payment of the management fee for each of the
Company’s fiscal quarters, beginning on the first day of the Company’s fourth
fiscal quarter of 2002 and thereafter throughout the Term (each such payment, a
“Quarterly Payment”), which Quarterly Payment shall be due and payable (A) for
so long as the Company is required to deliver a Compliance Certificate to its
senior lenders under Section 9.4(d) of the Credit Agreement, on the date
during each of the Company’s fiscal quarters which is three (3) business days
after the date on which the Administrative Agent receives the Compliance
Certificate that is to be delivered with the financial statements referred to
in Section 9.4(b) of the Credit Agreement, and (B) once the Company is no
longer required to deliver a Compliance Certificate under Section 9.4(d)
of the Credit Agreement, on the first day of each of the Company’s fiscal
quarters; and (iii) on the first anniversary of the date hereof, an amount
equal to (A) $275,000, multiplied by (B) a fraction, the numerator of which
shall equal the number of days from and including the date of the first
anniversary of the date hereof to and including the last day of the Company’s
third fiscal quarter of 2002, and the denominator of which shall equal the
number of days in the Company’s third fiscal quarter of 2002 (the “Stub
Payment”); provided, however, that if the Company fails for any reason to pay
any portion of the Quarterly Payment or the Stub Payment on the dates specified
in subsections (ii) and (iii) above (such unpaid portion, the “Unpaid Amount”),
the Company shall pay, subject to the limitations on the Company’s obligation
to pay as set forth in Section 5(c) below, an amount equal to the Unpaid
Amount plus interest calculated at the rate of 12 percent per annum
(computed on the basis of a 360-day year and the actual number of days elapsed
in any year) from and including the date on which the Unpaid Amount was to be
paid under subclauses (ii) or (iii) above to and

 

2

 

including the date on which such Unpaid Amount is actually paid (such
interest, the “Additional Amount”).  For
purposes of this Section 5(a), (x) “Credit Agreement” shall mean the
Revolving Credit and Term Loan Agreement, dated as of the date hereof, by and
among the Company, Fleet National Bank, as administrative agent, the lenders
named therein and certain other parties, as amended, restated or modified from
time to time, and (y) the terms “Administrative Agent”, “Compliance
Certificate” and “Reference Period” shall have the meanings set forth for such
terms in the Credit Agreement.

 

(b)                                 In
addition to the payments required under Section 5(a) above, the Company
shall, at the direction of BRS, pay directly or reimburse BRS for Out-of-Pocket
Expenses (as hereinafter defined).  For
purposes of this Agreement, the term “Out-of-Pocket Expenses” shall mean the
reasonable amounts incurred by BRS and/or its personnel in connection with the
Services including, without limitation, (i) fees and disbursements of any
independent professionals and organizations, including, without limitation,
independent auditors and outside legal counsel, investment bankers or other
financial advisors or consultants, (ii) costs of any outside services of
independent contractors such as financial printers, couriers, business
publications or similar services and (iii) transportation, per diem, telephone
calls, entertainment and all other reasonable expenses actually incurred by BRS
in rendering the Services.  All direct
payments and reimbursements for Out-of-Pocket Expenses shall be made promptly
upon or as soon as practicable after presentation by BRS to the Company of a
statement in connection therewith.

 

(c)                                  Notwithstanding
the foregoing, the Company’s obligation to pay the full amount of the Quarterly
Payment, the Stub Payment, the Unpaid Amount, the Additional Amount and the
Out-of-Pocket Expenses shall be subject to applicable restrictions contained in
the Company’s senior debt financing facilities, including, without limitation,
the Credit Agreement.  If any such
restrictions prohibit the payment of any portion of the Quarterly Payment, the
Stub Payment, the Unpaid Amount, the Additional Amount or the Out-of-Pocket
Expenses which the Company would otherwise be required to make pursuant to this
Section 5 or if the payment of any portion would cause a default under any
of the Company’s senior debt financing facilities, including, without
limitation, the Credit Agreement, then the Company shall not be obligated to
pay such portion until (i) it is permitted to do so under such restrictions and
(ii) such payment would not cause such a default; it being understood that it
is the intent of the parties that, subject to subclauses (i) and (ii)
immediately above, BRS shall receive payment of such portion in the event of a
sale of the Company, but that such payment shall be subordinated to the prior
payment of the Company’s senior lenders under the Credit Agreement.  Notwithstanding the foregoing provisions of
this Section 5(c), the Company shall be obligated to pay the Quarterly
Payment, Stub Payment, Unpaid Amount, Additional Amount and Out-of-Pocket
Expenses set forth in Section 5(a) and 5(b) above, and the unpaid portion
of such payments shall be immediately due and payable, upon the first to occur
of (y) the last day of the Term, and (z) the date that (1) the Company makes an
assignment for the benefit of creditors, or (2) an order, judgment or decree is
entered by a court of competent jurisdiction adjudicating the Company bankrupt
or insolvent, or (3) the Company petitions or applies to any tribunal for the
appointment of a custodian, trustee, receiver or liquidator of the Company, or
(4) any such petition or application is filed against the Company and such
petition or application is not

 

3

 

dismissed within 90 days; provided, if any payment made as
a result of subclause (z) immediately above is received by BRS at a time when
BRS is not entitled to receive such payment under the Credit Agreement (such
payment, the “Received Payment”) and the Company’s senior lenders under the
Credit Agreement have not been paid in cash the full amount due to them under
the Credit Agreement at such time (the “Due Amount”), then BRS shall promptly
deliver the Received Payment to such senior lenders for application against the
Due Amount until and unless the Due Amount has been paid in full.

 

(d)                                 The
parties hereto acknowledge that the Company is entering into that certain
Management Agreement with CHI simultaneously herewith (the “CHI Agreement”) and
that pursuant to the terms of such agreement, the Company shall be obligated to
make payments to CHI of the fees and expenses set forth therein.  The parties hereto agree that payments to be
made to BRS under this Agreement and payments to be made to CHI under the CHI
Agreement shall be made pro rata and neither BRS nor CHI shall receive a
preference or priority with respect to such payment unless BRS and CHI
otherwise agree in writing.

 

6.                                       Indemnification.  The Company will indemnify and hold harmless
BRS and its officers, directors, principals, partners, members, employees,
agents, representatives and affiliates (each being an “Indemnified Party”) from
and against any and all losses, claims, actions, damages and liabilities, joint
or several, to which such Indemnified Party may become subject under any
applicable federal or state law, made by any third party or otherwise, relating
to or arising out of the Services or other matters referred to in or
contemplated by this Agreement or the engagement of such Indemnified Party
pursuant to, and the performance by such Indemnified Party, of the Services or
other matters referred to or contemplated by this Agreement, and the Company
will reimburse any Indemnified Party for all costs and expenses (including,
without limitation, reasonable attorneys’ fees and expenses) as they are
incurred in connection with the investigation of, preparation for or defense of
any pending or threatening claim, or any action or proceeding arising
therefrom, whether or not such Indemnified Party is a party thereto.  The Company will not be liable under the
foregoing indemnification provision to the extent that any loss, claim, damage,
liability, cost or expense is determined by a court, in a final judgment from
which no further appeal may be taken, to have resulted solely from the gross
negligence or willful misconduct of such Indemnified Party.  The reimbursement and indemnity obligations
of the Company under this Section 6 shall be in addition to any liability
which the Company may otherwise have, shall extend upon the same terms and
conditions to any affiliate of BRS and the stockholders, officers, directors,
principals, partners, members, employees, agents, representatives, affiliates
and controlling persons (if any), as the case may be, of BRS and any such
affiliate and shall be binding upon and inure to the benefit of any successors,
assigns, heirs and personal representatives of the Company, BRS, any such
affiliate and any such person.  The
provisions of this Section 6 shall survive the termination of this
Agreement.

 

7.                                       Independent
Contractors.  Nothing herein shall
be construed to create a joint venture or partnership between the parties
hereto or an employee/employer relationship. 
BRS shall be an independent contractor pursuant to this Agreement.  Neither party hereto shall have any express
or implied right or authority to assume or create any obligations on behalf of
or

 

4

 

in the name of the other party or to bind the other party to any
contract, agreement or undertaking with any third party.

 

8.                                       Notices.  Any notice or other communications required
or permitted to be given hereunder shall be in writing and delivered by hand or
mailed by registered or certified mail, return receipt requested, or by
telecopier to the party to whom it is to be given at its address set forth
herein, or to such other address as the party shall have specified by notice
similarly given and the mailing date shall be deemed the date from which all
time periods pertaining to a date of notice shall run.

 

(i)                                     If
to the Company or Restaurant Corp., to them at:

 

McCormick & Schmick Acquisition Corp.

c/o McCormick & Schmick Management Group

720 Southwest Washington Street, Suite 550

Portland, OR 97205

Tel:  (503) 226-3440

Fax:  (503) 220-1861

Attention: Douglas Schmick

 

(ii)                                  If
to BRS, to it at:

 

Brockman, Rosser, Sherrill & Co., Inc.

126 East 56th Street

New York, NY 10022

Attention:  Harold O. Rosser

Rice Edmonds

Tel:  212-521-3700

Fax:  212 521-3799

 

with a copy to:

 

Kirkland & Ellis

Citigroup Center

153 East 53rd Street

New York, NY  10022-4675

Attention: Kim Taylor

Tel:  212-446-4800

Fax:  212-446-4900

 

5

 

If to CHI, to the address set forth in the CHI Agreement.

 

9.                                       Assignment.  This Agreement shall inure to the benefit of
and be binding upon the parties and their successors and assigns.  However, neither this Agreement nor any of
the rights of the parties hereunder may be transferred or assigned by any party
hereto, except that (i) if the Company shall merge or consolidate with or into,
or sell or otherwise transfer substantially all its assets to, another
corporation which assumes the Company’s obligations under this Agreement, the
Company may assign its rights hereunder to that corporation and (ii) BRS may
assign its rights and obligations hereunder to any other person or entity
controlled, directly or indirectly, by Bruce Bruckmann, Harold O. Rosser II,
Stephen C. Sherrill, Stephen F. Edwards, and/or Paul Kaminski.  Any attempted transfer or assignment in
violation of this Section 9 shall be void.

 

10.                                 Permissible
Activities.  Nothing herein shall in
any way preclude BRS or its affiliates or its respective officers, directors
and partners from engaging in any business activities or from performing
services for its or their own account or for the account of others, including,
without limitation, companies which may be in competition with the business
conducted by the Company.

 

11.                                 General.  No amendment or waiver of any provision of
this Agreement, or consent to any departure by any party from any such
provision, shall in any event be effective unless the same shall be in writing
and signed by each of the parties to this Agreement and then such amendment,
waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given.  The
waiver of any party of any breach of this Agreement shall not operate or be
construed to be a waiver of any subsequent breach.

 

12.                                 Entire
Agreement.  This Agreement contains
the entire agreement between the parties hereto and supersedes all prior
agreements and understandings, oral and written, among the parties hereto with
respect to the subject matter hereof.

 

13.                                 Section Headings;
Counterparts.  The
section headings contained herein are included for convenience of
reference only and shall not constitute a part of this Agreement for any other
purpose.  The Agreement may be executed
in two counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

 

14.                                 Applicable
Law.  This agreement and the rights
and obligations of the parties hereunder shall be governed by, and construed
and interpreted in accordance with, the internal laws of the State of New York,
without giving effect to the conflict of laws principals thereof.  Each of the parties hereto hereby
irrevocably submits to the exclusive jurisdiction of any Federal court sitting
in the Southern District of New York over any suit, action or proceeding
arising out of or relating to this agreement. 
Each of the parties hereto hereby irrevocably waives, to the fullest
extent permitted or not prohibited by law, any objection which it may now or
hereafter have to the laying of the venue of any such suit, action or
proceeding brought in such a court and any claim that any such suit, action or
proceeding brought in such a court has been brought in an inconvenient
forum.  Each of the parties hereto
hereby irrevocably

 

6

 

consents to the service of process in any suit, action or proceeding by
sending the same by certified mail, return receipt requested or by overnight
courier service, to the address of such party set forth in Section 8 or in
the records of the Company.  EACH PARTY HERETO WAIVES ANY RIGHT IT MAY HAVE TO
TRIAL BY JURY IN ANY ACTION BROUGHT HEREUNDER OR ARISING OUT OF THE
TRANSACTIONS CONTEMPLATED HEREBY.

 

15.                                 Severability.  Any section, subsection, clause, sentence,
provision, subparagraph or paragraph of this Agreement held by a court of
competent jurisdiction to be invalid, illegal or ineffective shall not impair,
invalidate or nullify the remainder of this Agreement, but the effect thereof
shall be such section, subsection, clause, sentence, provision, subparagraph or
paragraph so held to be invalid, illegal or ineffective.

 

16.                                 No
Joint Obligations of CHI and BRS. 
The obligations of BRS hereunder relate only to itself and not to CHI
and any obligations of BRS and CHI under their respective management agreements
with the Company are several and not joint.

 

17.                                 Guarantee
of Restaurant Corp.  The obligations
of the Company hereunder are jointly and severally guaranteed by Restaurant
Corp.

 

7

 

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

 

	
   

  	
  BRUCKMANN, ROSSER, SHERRILL & CO., LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ 

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  McCORMICK & SCHMICK ACQUISITION CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ DOUGLAS SCHMICK

  	
   

  
	
   

  	
  Name:  Douglas Schmick

  
	
   

  	
  Title:  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  McCORMICK & SCHMICK RESTAURANT CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ DOUGLAS SCHMICK

  	
   

  
	
   

  	
  Name:  Douglas Schmick

  
	
   

  	
  Title:  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FOR PURPOSES OF SECTIONS 5(d), 11, 12, 13, 14 AND 15:

  
	
   

  	
   

  
	
   

  	
  CASTLE HARLAN, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ DAVID B. PITTAWAY

  	
   

  
	
   

  	
  Name:  David B. Pittaway

  
	
   

  	
  Title:  Senior Managing
  DirectorExhibit 10.6

 

COVENANT NOT TO COMPETE AGREEMENT

 

This Agreement is made effective the 1st day of January, 2004,
between William P. McCormick (hereinafter termed “Executive”) and
McCormick & Schmick Acquisition Corp. (hereinafter termed “Company”).

 

WHEREAS, Executive
acknowledges that (i) he has developed the Company business as conducted
by the Companies and its Subsidiaries; (ii) the Company and its Subsidiaries
are national in scope; (iii) his work for the Company and its Subsidiaries has
brought him, and will continue to bring him, into close contact with many
confidential affairs not readily available to the public; and (iv) the
agreements and covenants contained herein are essential to protect the goodwill
and profitability of the Company Business.

 

1.                                       Therefore,
Executive covenants and agrees (the “Restrictive Covenants”) with respect to
himself that:

 

(a)                                  Non-Compete.  During the term of this Agreement, Executive
shall not in the United States of America, directly or indirectly (i) in
any manner whatsoever engage in any capacity with any business competitive with
the Company Business for the Executive’s own benefit or for the benefit of any
person other than the Company or its Subsidiaries, or (ii) have any
Material Financial Interest as owner, sole proprietor, shareholder, partner,
director, officer, employee, consultant, agent or otherwise in any business
competitive with the Company Business; provided, however, the Executive may
hold, directly or indirectly, solely as an investment, not more than five
percent (5%) of the outstanding securities of any entity which is listed on any
national securities exchange or regularly traded in the over-the-counter
market.  For purposes of
(ii) above, Material Financial Interest is defined as a direct or indirect
ownership of greater than five percent (5%) in any entity competitive with the
Company.

 

(b)                                 Confidential
Information.  During the term of
this Agreement, the Executive shall not, directly or indirectly, disclose to
any person who is not authorized by the Company to receive such information, or
use for his own benefit, any documents or other papers relating to the Company
business or its customers, including, without limitation, files, business
relationships and accounts, pricing policies, customer lists, computer software
and brand ware, or any materials relating to the Company Business trade secrets
or confidential information including, without limitation, any business or
operational methods, know how, marketing plans or strategies, menu development
techniques or plans, business acquisition plans, financial or other performance
data, plans and personnel, and other policies of the Company, whether generated
by the Executive or by any other person; provided, however, that the
confidential information shall not include any information readily
ascertainable from public or published information, or trade sources (other
than as a direct or indirect results of unauthorized disclosure by the
Executive), or any information of any type not otherwise considered confidential
by persons engaged in the same business or a business similar to the Company
Business; and

 

1

 

further provided,
that no confidentiality obligation in this Agreement shall prohibit the
disclosure of information required in connection with litigation between the
parties.

 

(c)                                  Property
of the Company.  At no time shall
the Executive remove or cause to be removed from the premises of the Company
any memorandum, note, list, record, file document or other paper, equipment or
any like item relating to the Company Business (including copies, extracts and
summaries thereof) except in the furtherance of the performance of his duties
on behalf of the Company or any of its Subsidiaries.  All memoranda, notes, lists, records, files, documents and other
papers and other like items (and all copies, extracts and summaries thereof)
made or compiled by the Executive or made available to the Executive concerning
the business of the Company and its Subsidiaries are and shall be the Company’s
property and shall be delivered to the Company promptly upon the termination of
the Executive’s employment with the Company or its Subsidiaries or at any other
time on request.

 

(d)                                 Employees
of the Company.  During the term of
this Agreement, the Executive shall not hire or, directly or indirectly,
initiate communications with, solicit, persuade, entice, induce, or encourage
any individual who is then or who has been within the preceding twelve
(12) month period, an employee of the Company or any of its respective
Subsidiaries to terminate employment with the Company or such Subsidiary, as
the case may be, or to become employed by or enter into a contract or other
agreement with any other person, and the Executive shall not approach any such
employee for any such purpose or authorize or knowingly approve the taking of
any such actions by any other person.

 

2.                                       Future
Employer.  The Executive shall
inform any future employer of any and all restrictions contained in this
Agreement and provide such employer with a copy thereof, prior to the
commencement of that employment.

 

3.                                       Rights
and Remedies Upon Breach.  If the
Executive breaches, or threatens to commit a breach of, any of the provisions
of the Restrictive Covenants, the Company shall have the following rights and
remedies, each of which rights and remedies shall be independent of the other
and severally enforceable, and all of which rights and remedies shall be in
addition to, and not in lieu of, any other rights and remedies available to the
Company under law or in equity:

 

(a)                                  Specific
Performance.  The right and remedy
to seek from any court of competent jurisdiction specific performance of the
Restrictive Covenants or injunctive relief against any act which would violate
any of the Restrictive Covenants, it being acknowledged and agreed that any
such breach or threatened breach will cause irreparable injury to the Company
and that money damages will not provide an adequate remedy to the Company.

 

(b)                                 Accounting.  The right and remedy to require the
Principal Shareholder to account for and pay over an amount to the Company all
compensation, profits, monies, accruals, increments or other benefits derived
or received by the 

 

2

 

Shareholder as the
result of any transactions constituting a breach of any of the Restrictive
Covenants.

 

4.                                       Severability
of Covenants.  If any of the
Restrictive Covenants, or any part thereof, are held by a court of competent
jurisdiction, or any foreign, federal, state, county or local government or any
other governmental, regulatory or administrative agency or authority, to be
invalid, void, unenforceable or against public policy for any reason, the
remainder of the Restrictive Covenants shall remain in full force and effect
and shall in no way be affected, impaired or invalidated, and such court,
government, agency or authority shall be empowered to substitute, to the extent
enforceable, provisions similar thereto or other provisions so as to provide to
the Buyer and the Companies, to the fullest extent permitted by applicable law,
the benefits intended by such provisions.

 

5.                                       Enforceability
in Jurisdictions.  The Company and
the Executive intend to and hereby confer jurisdiction to enforce the
Restrictive Covenants upon the courts of any jurisdiction within the
geographical scope of such Restrictive Covenants.  If the courts of any one or more of such jurisdictions hold the
Restrictive Covenants wholly invalid or unenforceable by reason of the breadth
of such scope or otherwise, it is the intention of the Company and the
Executive that such determination not bar or in any way affect the right of the
Company and the Buyer to the relief provided above in the courts of any other
jurisdiction within the geographical scope of such Restrictive Covenants, as to
breaches of such Restrictive Covenants in such other respective jurisdictions,
such Restrictive Covenants as they relate to each jurisdiction being, for this
purpose, severable into diverse and independent covenants.

 

6.                                       Compensation.  In consideration to enter into this
Agreement, the Company agrees to pay Executive the sum of One Hundred Seventy
Five Thousand Dollars ($175,000.00).

 

7.                                       Term.  This Agreement shall be in force for the
period beginning on January 1, 2004, and ending on December 31, 2004.

 

	
   

  	
  McCormick
  & Schmick Acquisition

  Corp.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ JERRY R. KELSO

  
	
   

  	
   

  	
  Jerry R. Kelso

  
	
   

  	
   

  	
  Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Executive
  

  
	
   

  	
   

  
	
   

  	
  /s/ WILLIAM P. McCORMICK

  
	
   

  	
   

  	
  William P. McCormick

  
					

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}]]