Document:

<Page>

                                                                   EXHIBIT 10.77

                        DESCRIPTION OF ANNUAL BONUS PLANS

     FedEx Corporation executive vice presidents participate in the annual
incentive cash bonus plan established for headquarters employees. Under this
plan, an annual bonus target is established as a percentage of salary based on
pay level. A threshold payout of up to 30% of the target bonus is based on the
achievement of individual objectives established at the beginning of the fiscal
year for each executive officer. The balance of the bonus payout is based on
FedEx's consolidated pre-tax income for the fiscal year and ranges, on a sliding
scale, from a threshold amount if the plan's pre-established consolidated
pre-tax income objectives are minimally achieved up to a maximum amount if such
financial performance goals are substantially exceeded. Total annual salary and
bonus for executive officers (assuming achievement of all individual and
corporate objectives as described above) is targeted at the 75th percentile of
total annual salary and bonus for comparable positions in comparison surveys
utilized by the Compensation Committee.

     Each of the presidents of FedEx Express, FedEx Ground, FedEx Freight and
FedEx Kinko's participates in the annual incentive cash bonus plan sponsored by
his respective company. Under each of these plans, an annual bonus target is
established as a percentage of salary based on pay level. Under the FedEx
Express, FedEx Ground and FedEx Freight plans, a threshold payout of up to 30%
of the target bonus is based on the achievement of pre-established individual
objectives. Under the FedEx Kinko's prorated plan, a threshold payout of up to
25% of the target bonus is based on the achievement of pre-established
individual objectives. The balance of the bonus payout under the FedEx Express,
FedEx Ground and FedEx Freight plans is based on each respective subsidiary's
operating income and FedEx's consolidated pre-tax income for the fiscal year and
ranges, on a sliding scale, from a threshold amount if the plan's
pre-established subsidiary operating income and FedEx's consolidated pre-tax
income objectives are minimally achieved up to a maximum amount if such
financial performance goals are substantially exceeded. The balance of the bonus
payout under the FedEx Kinko's prorated plan is based on its earnings before
interest and taxes ("EBIT") and sales revenue for the prorated fiscal year. EBIT
for the FedEx Kinko's plan ranges, on a sliding scale from a threshold amount if
the plan's pre-established EBIT is minimally achieved to an indefinite amount if
financial performance goals are substantially exceeded. Sales revenue for the
FedEx Kinko's plan ranges, on a sliding scale, from a threshold amount if the
plan's pre-established revenue is minimally achieved up to a maximum amount if
the sales revenue goals are substantially exceeded.

     Frederick W. Smith's annual bonus is determined by the achievement of
corporate objectives for consolidated pre-tax income for the fiscal year. The
Compensation Committee may adjust this amount upward or downward based on its
consideration of several factors, including: FedEx's stock price performance
relative to the Standard & Poor's 500 Composite Index, the Dow Jones
Transportation Average and the Dow Jones Industrial Average; FedEx's revenue and
operating income growth relative to competitors; FedEx's cash flow; FedEx's U.S.
revenue market share; FedEx's reputation rankings by various publications and
surveys; and the Compensation Committee's assessment of the quality and
effectiveness of Mr. Smith's leadership during the fiscal year. None of these
factors is given any particular weight by the Compensation Committee in
determining whether to adjust Mr. Smith's bonus amount.

     Taking into account these objectives and factors, the Compensation
Committee recommends to the independent members of the Board a bonus that,
when combined with base salary, has a 75th percentile target for total annual
salary and bonus for chief executive officers in the comparison surveys. Mr.
Smith received an annual bonus of $2,647,756 for fiscal 2004, which, together
with his base salary, was above the 75th percentile of total annual salary
and bonus for chief executive officers in the comparison surveys.<Page>

                                                                   EXHIBIT 10.78

                 DESCRIPTION OF LONG-TERM PERFORMANCE BONUS PLAN

     In 2001, the Compensation Committee established a long-term performance
bonus plan to provide a long-term cash bonus opportunity to members of upper
management, including executive officers, at the conclusion of fiscal year 2004
if FedEx achieved certain earnings-per-share goals established by the
Compensation Committee with respect to the three-fiscal-year period 2002 through
2004. Bonuses were awarded for fiscal 2004 to upper management, including
executive officers, under the long-term plan because FedEx's performance
exceeded the threshold for the three-fiscal-year period.

     The Compensation Committee has established long-term performance bonus
plans for the three-fiscal-year periods 2003 through 2005, 2004 through 2006 and
2005 through 2007, providing bonus opportunities for fiscal 2005, 2006 and 2007,
respectively, if certain earnings-per-share goals are achieved with respect to
those periods. No amounts can be earned for the 2003 through 2005, 2004 through
2006 and 2005 through 2007 plans until 2005, 2006 and 2007, respectively,
because achievement of the earnings-per-share goals can only be determined
following the conclusion of the applicable three-fiscal-year period.QuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.54  

 
 

AMENDMENT TO EMPLOYMENT AGREEMENT    
    

        This Amendment To Employment Agreement is entered into this 7th day of February, 2004 by and between WORLDWIDE RESTAURANT CONCEPTS, INC. (fka Sizzler
International, Inc.), a Delaware corporation (the "Company") and CHARLES L. BOPPELL ("Executive"). 

        WHEREAS,
Company and Executive entered into that Employment Agreement, dated February 8, 1999 (the "Agreement"), by which Executive was to be employed as President and Chief
Executive of Company for a five year term; and 

        WHEREAS,
the Agreement will expire on February 7, 2004 unless amended by the mutual consent of the Company and Executive to extend its term; and 

        WHEREAS,
the Company and Executive are desirous of extending the Agreement on the terms as set forth below: 

        NOW
THEREFORE, the Agreement is amended as follows: 

        1.     Subparagraph
8.(a) Term and Termination is amended to add the following new subparagraph 8.(a)(1) which provides: "Upon the expiration of the initial term, the Agreement
shall be extended on a contract year-to contract year basis (February 8th of each calendar year through February 7th of the following calendar
year shall constitute a "Contract Year"), unless (i) either the Company or Executive provides the other party with at least ninety (90) days prior written notice of its intention to
terminate the Agreement upon the expiration of the current Contract Year or (ii) termination otherwise occurs as contemplated by this Section 8." 

        2.     Paragraph 8.
Term and Termination is amended by adding a new sub-paragraph 8.(d)(1) which states: "In the event Company notifies Executive of
its intention to terminate the Agreement in accordance with subparagraph 8.(a)(1)(i) above, Company shall continue to pay to Executive for a period of one year from the date of termination, on
a monthly basis prorated at one-twelfth the annual amount, the following termination benefits: 1) one year's base salary; 2) one year's performance bonus based upon the
average performance bonus Executive actually received from the Company during the last two fiscal years prior to his termination; and 3) payment for one year's premiums for COBRA basic and
executive medical and dental plans based on benefits then in effect. In the further event that Company desires to terminate Executive's employment during any Contract Year for any reason other than
"For Cause" as defined in subparagraph 8.(c) below, Company shall pay to Executive his regular base salary for the remainder of such Contract Year and any prorated bonus which Executive may be
entitled to based upon the final audited calculations of the annual performance bonus program at the end of the applicable fiscal year; and reimbursement for COBRA medical and dental benefits as set
forth above for the remainder of such Contract Year, in addition to the termination benefits provided above." 

        3.     Paragraph 8.
Term and Termination is amended by adding a new sub-paragraph 8.(d)(2), which states: "In the event Executive notifies the Company
of his intention to terminate the Agreement in accordance with subparagraph 8.(a)(1)(i) above, at the end of the first Contract Year or following the completion of any subsequent Contract Year
thereafter, the Company and Executive will enter into a consulting agreement based upon the following general terms: 1) Duration—one year; 2) compensation—the
total of Executive's base salary and one year's performance bonus based upon the average of the performance bonuses Executive actually received from the Company during the last two fiscal years prior
to his termination; and 3) reimbursement for premiums paid for COBRA basic and executive medical and dental plans based on benefits then in effect. The above-referenced compensation will be
paid on the first business day of each month. (i) In the event that Executive notifies Company of his intention to terminate the Agreement at any time during the first Contract Year following
the effective date of this Amendment and fails to complete the first year of the extension, Executive shall not be entitled to any benefits under the above-referenced consulting 

agreement
and Executive will only be entitled to a performance bonus if he qualifies under the terms of the performance bonus program then in effect; (ii) If Executive notifies Company of his
intention to terminate the Agreement during any subsequent Contract Year and fails to complete the full term of such year, the consulting agreement will commence on the first day following Executive's
termination of employment; (iii) In the event that Executive commences employment with a competitive restaurant company at any time following the effective date of the Amendment, this
Agreement and the consulting agreement (if then in effect) will immediately terminate and no additional compensation or other benefits will be owed by Company to Executive under either the consulting
agreement or the Employment Agreement. 

        All
other terms of the Agreement remain in full force and effect and to the extent there is any conflict between the terms of this Amendment and the Employment Agreement, the terms of
this Amendment shall prevail. 

	THE COMPANY:	 	WORLDWIDE RESTAURANT CONCEPTS, INC.
	

 	
 	

By:	
 	

 

	

 	
 	

Its:	
 	

 

	

EXECUTIVE:	
 	

 
 CHARLES L. BOPPELL

QuickLinks

AMENDMENT TO EMPLOYMENT AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}]]