Document:

exv10w20

 

Exhibit 10.20

NONSTATUTORY STOCK OPTION

Optionee:

     On ____________ (the “Grant
Date”) PetSmart, Inc. (the “Company”), pursuant to its
___ Equity Incentive
Plan (the “Plan”), granted to you, the Optionee named above, an option to purchase shares of the
common stock of the Company (“Common Stock”). This option is not intended to qualify and will not
be treated as an “incentive stock option” within the meaning of Section 422 of the Internal Revenue
Code of 1986, as amended (the “Code”).

     The grant hereunder is in connection with and in furtherance of the Company’s compensatory
benefit plan for participation of the Company’s (and its Affiliates’ as defined in the Plan)
employees (including officers), directors or consultants and is subject to the terms and conditions
of the Plan. In the event that this option is granted to you in connection with the performance of
services as a consultant or director (or you later become a consultant or director), references to
employment, employee and similar terms shall be deemed to include the performance of services as a
consultant or a director, as the case may be, provided, however, that no rights as an employee
shall arise by reason of the use of such terms. Any reference to employment with the Company shall
also refer to employment with an Affiliate, as appropriate.

     The details of your option are as follows:

     1. The total number of shares of Common Stock subject to this option is «Issued». The vesting
commencement date for this option is
                . Subject to the limitations contained herein and
as otherwise provided for herein, shares subject to this option shall become exercisable
twenty-five percent (25%) per year for four (4) years commencing one (1) year after the vesting
commencement date and on each anniversary thereafter, unless you cease to be employed by the
Company for any reason prior to any such anniversary date.

     2. (a)
The exercise price of this option is
$                per share, provided however, that the
exercise price shall not be less than the Fair Market Value (as defined in the Plan) of the Common
Stock on the date of grant of this option.

          (b) Payment of the exercise price per share is due in full upon exercise of all or any part of
each installment, which has accrued to you. The Company may require you, to the extent permitted
by applicable statutes and regulations, to make payment of the exercise price under one of the
following alternatives:

               (i) Payment of the exercise price per share in cash (including check) at the time of exercise;

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               (ii) Payment pursuant to a program developed under Regulation T as promulgated by the Federal
Reserve Board which results in the receipt of cash (or check) by the Company prior to the issuance
of Common Stock;

               (iii) Provided that at the time of exercise of your option the Common Stock is publicly traded
and quoted regularly in The Wall Street Journal, by delivery of already-owned shares of Common
Stock that have a Fair Market Value (as defined in the Plan) on the date of exercise equal to the
exercise price and that qualify as Permitted Shares. For the purposes of the foregoing, “Permitted
Shares” shall mean shares of Common Stock that are owned free and clear of any liens, claims,
encumbrances or security interests and that either (x) you have held for the period required to
avoid a charge to the Company’s reported earnings or (y) you did not acquire, directly or
indirectly from the Company. “Delivery” for these purposes, in the sole discretion of the Company
at the time you exercise your option, shall include delivery to the Company of your attestation of
ownership of such shares of Common Stock in a form approved by the Company. Notwithstanding the
foregoing, you may not exercise your option by tender to the Company of Common Stock to the extent
such tender would violate the provisions of any law, regulation or agreement restricting the
redemption of the Company’s stock; or

               (iv) Payment by a combination of the methods of payment permitted by subparagraph 2(b)(i)
through 2(b)(iii) above.

     3. This option may not be exercised for any number of shares, which would require the issuance
of anything other than whole shares.

     4. Notwithstanding anything to the contrary contained herein, this option may not be exercised
unless the shares issuable upon exercise of this option are then registered under the Securities
Act of 1933, as amended (the “Securities Act”), or, if such shares are not then so registered, the
Company has determined that such exercise and issuance would be exempt from the registration
requirements of the Securities Act. The exercise of your option must also comply with other
applicable laws and regulations governing your option, and you may not exercise your option if the
Company determines that such exercise would not be in material compliance with such laws and
regulations.

     5. The term of this option commences on the Grant Date and, unless sooner terminated as set
forth below or in the Plan, terminates on the date (the “Fixed Termination Date”) which shall be
the earlier of
                or seven (7) years from the Grant Date. In no event may this option be
exercised on or after the Fixed Termination Date. This option shall terminate prior to the Fixed
Termination Date on the date that is three (3) months after the termination of your employment with
the Company for any reason or for no reason unless:

          (a) such termination of employment is due to disability (as defined in the Plan), in which
event the option shall terminate on the earlier of the Fixed Termination Date or twelve (12) months
following such termination of employment; or

          (b) such termination of employment is due to your death, in which event the option shall
terminate on the earlier of the Fixed Termination Date or eighteen (18) months after your death; or

2

 

          (c) during any part of such three (3) month period the option is not exercisable solely
because of the condition set forth in paragraph 4 above, in which event the option shall not
terminate until the earlier of the Fixed Termination Date or until it shall have been exercisable
for an aggregate period of three (3) months after such termination of employment; or

          (d) exercise of the option within three (3) months after such termination of employment would
result in liability under Section 16(b) of the Securities Exchange Act of 1934, in which case the
option will terminate on the earlier of (i) the Fixed Termination Date, (ii) the tenth (10th) day
after the last date upon which exercise would result in such liability or (iii) six (6) months and
ten (10) days after such termination of employment.

          However, this option may be exercised following such termination of employment only as to that
number of shares as to which it was exercisable on the date of such termination of employment under
the provisions of paragraph 1 of this option.

     6. (a) This option may be exercised, to the extent specified above, by delivering a notice of
exercise (in a form designated by the Company) together with the exercise price to the Secretary of
the Company, or to such other person as the Company may designate, during regular business hours,
together with such additional documents as the Company may then require pursuant to Section 11 of
the Plan.

          (b) By exercising this option you agree that, as a condition to any exercise of your option,
the Company may require you to enter into an arrangement providing for the payment by you to the
Company of any tax withholding obligation of the Company arising by reason of: (1) the exercise of
this option; (2) the lapse of any substantial risk of forfeiture to which the shares are subject at
the time of exercise; or (3) the disposition of shares acquired upon such exercise. You may not
exercise your option unless the tax withholding obligations of the Company and/or any Affiliate are
satisfied. Accordingly, you may not be able to exercise your option when desired even though your
option is vested, and the Company shall have no obligation to issue a certificate for such shares
of Common Stock. In the Company’s sole discretion, subject only to compliance with any applicable
conditions or restrictions of law, the Company may require you to satisfy your obligations as set
forth in this subparagraph 6(b) by one or more of the following:

               (i) Payment by you to the Company of cash.

               (ii) Withholding from payroll or any other amounts payable to you.

               (iii) Pursuant to a program developed under Regulation T as promulgated by the Federal Reserve
Board often referred to as a “cashless exercise program” or a “same day sale program.”

               (iv) Withholding from fully vested shares of Common Stock otherwise issuable to you upon the
exercise of your option a number of whole shares of Common Stock having a Fair Market Value, as
determined by the Company, that is not in excess of the minimum amount of tax required to be
withheld by law. If the date of determination of any tax withholding

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obligation is deferred to a date later than the date of exercise of your option, you agree to
review with your own tax advisors the federal, state, local and foreign tax consequences of the
exercise. You will rely solely on your own advisors and not on any statements or representations
of the Company or any of its agents for advice regarding, without limitation, whether and when to
exercise your option and whether to make a proper and timely election under Section 83(b) of the
Code to accelerate the determination of such tax withholding obligation to the date of exercise of
your option. Notwithstanding the filing of such election, shares of Common Stock shall be withheld
solely from fully vested shares of Common Stock determined as of the date of exercise of your
option that are otherwise issuable to you upon such exercise. Any adverse consequences to you
arising in connection with such share withholding procedure shall be your sole responsibility.

     7. This option is not transferable, except by will or by the laws of descent and distribution
or pursuant to a qualified domestic relations order as defined in the Code or Title I of the
Employee Retirement Income Security Act (a “QDRO”), and is exercisable during your life only by you
or a transferee pursuant to a QDRO. By delivering written notice to the Company, in a form
satisfactory to the Company, you may designate a third party who, in the event of your death, shall
thereafter be entitled to exercise this option.

     8. This option is not an employment or other service contract and nothing in this option shall
be deemed to create in any way whatsoever any obligation on your part to continue in the employ or
other service of the Company, or of the Company to continue your employment or other service with
the Company.

     9. Any notices provided for in your option or the Plan shall be given in writing and shall be
deemed effectively given upon receipt or, in the case of notices delivered by the Company to you,
five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the
address specified below or at such other address as you hereafter designate by written notice to
the Company.

     10. Your option is subject to all the provisions of the Plan, a copy of which is attached
hereto, and its provisions are hereby made a part of your option, including without limitation the
provisions of Section 6 of the Plan relating to option provisions. Your option is further subject
to all interpretations, amendments, rules and regulations, which may from time to time be
promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions
of your option and those of the Plan, the provisions of the Plan shall control.

     11. This Agreement, the Plan, any written agreements with the Company and any other equity
compensation plan adopted or approved by the Board of Directors or the Compensation Committee of
the Company shall constitute the complete and exclusive agreement between the parties regarding the
subject matter hereof. No modification or amendment of this Agreement or waiver of any rights
hereunder shall be valid unless in writing and duly signed by a party authorized by each party
hereto.

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     Dated effective as of the Grant Date.

	 	 	 	 	 
	 	Very truly yours,

PetSmart, Inc.

 	 
	 	By:  	/s/  Phil Francis
 	 
	 	 	Duly authorized on behalf 	 
	 	 	of the Board of Directors 	 
	 

Attachments:

PetSmart, Inc ____ Equity Incentive Plan

PetSmart, Inc.____ Equity Incentive Plan Prospectus

5exv10w14

 

Exhibit 10.14

SEPARATION AGREEMENT

     This Separation Agreement (hereinafter “Agreement”) is made and entered into this 31st day of
January, 2006 (hereinafter the “Effective Date”), by and between Kona Grill, Inc., a Delaware
corporation (hereinafter referred to as the “Company”), and C. Donald Dempsey (hereinafter referred
to as “Employee”).

RECITALS

     WHEREAS, Employee is currently employed by the Company as its President and Chief Executive
Officer;

     WHEREAS, Employee’s employment with the Company is governed by an “Employment Terms Letter,”
which is Exhibit 10.1(a) to the Company’s Registration Statement on Form S-1 (File No. 333-125506)
filed with the Securities and Exchange Commission on June 3, 2005, as amended by the “Amended
Employment Terms Letter,” which is Exhibit 10.1(b) to the Company’s Registration Statement on Form
S-1 (File No. 333-125506) filed with the Securities and Exchange Commission on June 3, 2005;

     WHEREAS, Employee has elected to voluntarily resign his position as an officer of the Company,
as well as his position on the Company’s Board of Directors, effective January 31, 2006;

     WHEREAS, Employee’s status with the Company will end, effective April 30, 2006 (hereinafter
the “Separation Date”);

     WHEREAS, the Company and Employee, in order to settle, compromise and fully and finally
release any and all claims and potential claims against the Company or Company Releasees (as
defined below), arising out of Employee’s employment and the cessation thereof, have agreed to
resolve these matters on the terms and conditions set forth herein; and

     WHEREAS, Employee acknowledges he is waiving rights and claims described herein in exchange
for consideration in addition to anything of value to which he is already entitled;

     NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the
parties agree as follows:

     1. Recitals. The recitals set forth above are true, accurate, and correct, and are
incorporated in this Agreement by this reference and made a material part of this Agreement.

     2.1 Severance Benefits. Upon expiration of the revocation period referenced in
Paragraph 12 of this Agreement, and provided Employee does not revoke

 

 

this Agreement pursuant to Paragraph 12 of this Agreement, Employee shall be entitled to the
following benefits from the Company:

          a. Severance Payment: Pursuant to Section 7 of the Employment Terms Letter, as
amended by the Amended Employment Terms Letter, twelve (12) months’ base salary, in the gross
amount of $360,000 (Three Hundred Sixty Thousand Dollars and 00/100 Cents), minus all statutory
deductions, to be paid to Employee in accordance with the Company’s ordinary payroll practices,
over the period May 1, 2006 to April 30, 2007.

          b. Annual Bonus: Notwithstanding any contrary provisions in the Employment Terms
Letter or the Amended Employment Terms Letter, the gross amount of $157,500.00 (One Hundred
Fifty-Seven Five Hundred and No/100 Dollars) in satisfaction of any and all annual bonus
entitlement or obligation. Employee specifically acknowledges and agrees that this amount is an
amount to which he was not otherwise entitled, and that it that it constitutes sufficient
consideration for the additional promises set forth in this Agreement.

          c. Stock Options/Bonus Options: Notwithstanding any contrary provisions in the
Employment Terms Letter or the Amended Employment Terms Letter, Employee agrees and acknowledges
that the Company has previously provided him with all Stock Options and Bonus Options to which he
is entitled. To the extent any of those options are not currently vested, all options previously
granted to Employee shall vest as of the Separation Date. The Company and Employee agree that
Employee must exercise all options currently held by him by no later than May 1, 2006.

          d. Medical Insurance: Subject to any applicable deductibles or co-payments, the
Company shall provide to the Employee, and Employee’s eligible dependents, medical insurance
benefits under the Company’s Group Medical Plan, or the plan then in effect for similarly situated
employees, as amended from time to time, for a period of up to eighteen (18) months starting May 1,
2006, or until the date on which Employee obtains employment with a new employer that offers
medical coverage for the Employee and Employee’s eligible dependents, which does not exclude
coverage for any pre-existing conditions (regardless of any deductible or co-payments or Employee
contribution requirements for such medical coverage), and becomes eligible for such coverage (“New
Coverage”), whichever is earlier. Employee shall give the Company written notice of New Coverage.
Employee acknowledges that Employee’s COBRA period shall begin on the Separation Date, and that the
foregoing medical insurance coverage under the Company’s Group Medical Plan constitutes
Company-paid COBRA. Coverage provided during this period of Company-paid COBRA shall be at the
same level of coverage previously elected by or provided to Employee during his employment with the
Company, subject to provider modification(s) to the applicable insurance benefits.

     2.2 Other Payments. The Company will pay Employee all earned but unpaid compensation
through the Separation Date, as well as accrued but unused

 

 

vacation pay to which Employee is entitled through the Separation Date, under the Company’s
vacation pay policy and/or practices, in accordance with applicable law.

     2.3 Taxes. All payments and other benefits provided to Employee under this Agreement
shall be subject to any withholding and employment taxes consistent with the character of the
payments in accordance with applicable law.

     2.4. Adequate Consideration. Employee acknowledges and agrees that Paragraph 2.1 of
this Agreement includes and provides for substantial consideration to Employee in addition to
anything of value to which he is, as a matter of law, otherwise entitled.

     3. Release. In consideration of his receipt of the severance benefits set forth in
Paragraph 2.1 of this Agreement, Employee, for himself, his spouse (if any), and their respective
heirs, estates, representatives, executors, successors and assigns, hereby fully, forever,
irrevocably, and unconditionally release and discharge the Company, including the Company’s past
and present officers, directors, members, stockholders, parent companies, subsidiaries, affiliates,
successors, assigns, agents, employees, representatives, lawyers, administrators, and all persons
acting by, through, under, or in concert with them (collectively, the “Company Releasees”), from
any and all claims which he or they may have against them, or any of them, which could have arisen
out of any act or omission occurring from the beginning of time to the Effective Date of this
Agreement, whether now known or unknown, asserted or unasserted. This release includes, but is not
limited to, any and all claims brought or that could be brought pursuant to or under the Americans
with Disabilities Act, Title VII of the Civil Rights Act of 1964, the Age Discrimination in
Employment Act, the Civil Rights Act of 1991, the National Labor Relations Act, the Fair Labor
Standards Act, the Employee Retirement and Income Security Act (ERISA), the Sarbanes-Oxley Act, the
Consolidated Omnibus Budget Reconciliation Act (COBRA), the Family and Medical Leave Act, the Equal
Pay Act, the Minnesota Human Rights Act, the Minnesota Fair Labor Standards Act, or any other
statute set forth in the Minnesota Statutes, or any other federal, state or local administrative
statute, law, rule, regulation, ordinance, or order that pertains or relates to, or otherwise
touches upon, the employment relationship between the Company and Employee; and any and all actions
for breach of contract, express or implied, breach of the covenant of good faith and fair dealing,
express or implied, promissory estoppel, wrongful termination in violation of public policy, all
other claims for wrongful termination and constructive discharge, and all other tort claims,
including, but not limited to, assault, battery, false imprisonment, intentional interference with
contractual relations, intentional or negligent infliction of emotional distress, invasion of
privacy, negligence, negligent investigation, negligent hiring, supervision, or retention,
defamation, intentional or negligent misrepresentation, fraud, and any and all other laws and
regulations relating to employment, employment termination, employment discrimination, harassment,
and/or retaliation, wages, hours, employee benefits, compensation, sexual harassment, and any and
all claims for attorneys’ fees and costs, pursuant to or arising under any federal, state, or local
statute, law, rule, regulation, ordinance, or order. This release of claims expressly includes,
but is not limited to, any and all claims arising out of or in any way related to Employee’s
employment with the

 

 

Company, or both, whether known by him at the time of execution of this Agreement or not. By
signing this Agreement, however, Employee does not waive any rights or claims that may arise after
the Effective Date of this Agreement.

     4. Form 8-K Disclosure. Employee acknowledges that the Company provided him with a
proposed Form 8-K disclosure, a copy of which is attached hereto as Exhibit A. Employee represents
that he reviewed this proposed disclosure, and that agrees with each and every material
representation therein.

     5. Covenant Not to Sue. Employee warrants that he has no pending complaints, charges,
or claims for relief against the Company or Company Releasees, or any of them, with any local,
state, or federal court or administrative agency. Employee understands and agrees that this
Agreement may be pled as a complete bar to any action or suit before any administrative body or
court with respect to any complaint, charge, or claim under federal, state, local, or other law
relating to any possible claim that existed or may have existed against the Company or Company
Releasees, or any of them, arising out of any event occurring from the beginning of time through
the Effective Date of this Agreement.

     6. Non-Disparagement. Employee agrees that neither he nor anyone acting on his behalf
will make any derogatory or disparaging statement about the Company or Company Releasees, or any of
them. Employee agrees and understands that the promise of non-disparagement is a material
inducement to the Company in agreeing to provide the benefits set forth in Paragraph 2.1(a) and
2.1(d), and that in the event Employee breaches the provisions of this Paragraph, it shall
constitute a material breach of this Agreement, and that the Company shall be entitled to cease
making any payments to Employee under Paragraph 2.1(a) and to cease to provide Employee with any
Company-paid COBRA under Paragraph 2.1(d), as well as the right to seek all damages caused by such
breach, including, without limitation, reputational damages and punitive damages.

     7. Restrictive Covenants. Employee acknowledges and agrees that he is bound and shall
remain bound by the terms of the Confidentiality and Non-Compete Agreement he executed in
connection with and pursuant to Paragraph 8 of the Employment Terms Letter, a copy of which is
attached hereto as Exhibit B and incorporated herein by reference. The terms of that
Confidentiality and Non-Compete Agreement shall survive the termination of his employment with the
Company and remain enforceable. Consistent with the provisions set forth in the Confidentiality
and Non-Compete Agreement, Employee reaffirms, agrees, and acknowledges that, at all times after
the Separation Date, he will not, without the prior written consent of the Company, directly or
indirectly, (i) misappropriate or otherwise make any use of Company trade secrets or Proprietary
Information (as that term is defined in the Confidentiality and Non-Competition Agreement); or (ii)
release or otherwise divulge such trade secrets or any other confidential, secret, or Proprietary
Information of the Company to any third party, except as is reasonably necessary in furtherance of
his employment duties hereunder. Notwithstanding anything set forth in this Paragraph 7, Employee
shall not be deemed to be in breach of this Paragraph if Employee: (i)

 

 

discloses information pursuant to express written authorization of the Company; or (ii)
discloses information to any governmental authority or court, pursuant to a duty imposed by law
(provided, however, that Employee shall notify the Company of the disclosure at least five (5)
business days prior to such disclosure).

     8. Non-Solicitation of Key Company Employees. Employee agrees that, for a period of
eighteen (18) months immediately following Separation Date, or, in the alternative, in the event
any reviewing court finds eighteen (18) months after the Separation Date to be overbroad in
duration and unenforceable, for a period of twelve (12) months after the Separation Date, or, in
the alternative, in the event any reviewing court finds twelve (12) months to be overbroad in
duration and unenforceable, for a period of nine (9) months after the Separation Date, or, in the
alternative, in the event any reviewing court finds nine (9) months to be overbroad in duration and
unenforceable, for a period of six (6) months after the Separation Date, or, in the alternative, in
the event any reviewing court finds six (6) months to be overbroad in duration and unenforceable,
for a period of three (3) months after the Separation Date, Employee shall not solicit, encourage,
influence, induce, or cause others to solicit, encourage, influence, or induce any executive
employee or management employee of the Company (collectively referred to herein as “Key Company
Employees”) to terminate their employment relationship with the Company, or solicit, induce, seek
to hire, offer employment to and/or hire any Key Company Employee, either as an employee,
consultant, or independent contractor. If Employee violates the obligations contained in this
Section, the time periods hereunder shall be extended by a period of time equal to that period
beginning when the activities constituting such violation commenced and ending when the activities
constituting such violation terminated. Employee agrees that the consideration provided for in
Paragraph 2.1 of this Agreement is adequate and sufficient consideration for the promises provided
in this Paragraph 8.

     9. Return of Company Property. Employee agrees to and shall return to the Company all
Company property in his actual or constructive possession prior to or on the Separation Date.

     10. Consultation with an Attorney. The Company has advised Employee to consult with an
attorney of his choosing prior to executing this Agreement. Employee represents and agrees that he
has thoroughly discussed all aspects of his rights and this Agreement, including his waiver of
claims under the Age Discrimination in Employment Act, with an attorney, to the extent he wished to
do so, prior to his placing of his signature on this Agreement.

     11. Review. A copy of this Agreement was delivered to Employee on January 31, 2006.
Employee has been advised that he has twenty-one (21) days from the date he is presented with this
Agreement to consider this Agreement. If Employee executes this Agreement before the expiration of
twenty-one (21) days, he acknowledges that he has done so for the purpose of expediting the payment
of severance benefits, and that he has expressly waived his right to take twenty-one (21) days to
consider this Agreement.

 

 

     12. Revocation. Employee may revoke this Agreement for a period of seven (7) days
after he signs it. Employee agrees that if he elects to revoke this Agreement, he will notify
Company (c/o Quinn P. Williams, Greenberg Traurig, LLP, 2375 East Camelback Road, Suite 700,
Phoenix, Arizona, 85106) in writing, via certified mail, on or before the expiration of the
revocation period. Receipt of proper and timely notice of revocation by the Company cancels and
voids this Agreement. Provided that Employee does not provide notice of revocation, this Agreement
will become effective upon expiration of the revocation period.

     13. Confidentiality. Employee agrees that he will keep the terms and fact of this
Agreement confidential. He will not disclose the existence of this Agreement or any of its terms to
anyone except his immediate family, attorneys, or accountants, unless required by law.

     14. Amendment. This Agreement shall be binding upon the parties and may not be
amended, supplemented, changed, or modified in any manner, orally or otherwise, except by an
instrument in writing of concurrent or subsequent date signed by both of the parties.

     15. Entire Agreement. This Agreement contains and constitutes the entire
understanding and agreement between the parties hereto with respect to the subject matter hereof,
and, except as otherwise provided herein, cancels all prior or contemporaneous oral or written
understandings, negotiations, agreements, commitments, representations, and promises in connection
herewith, including but not limited to any contrary provisions set forth in the Employment Terms
Letter and/or the Amended Employment Terms Letter.

     16. Section Headings. The section headings in this Agreement are for convenience
only; they form no part of this Agreement and shall not affect its interpretation.

     17. Construction. The parties hereto acknowledge and agree that each party has
participated in the drafting of this Agreement and has had the opportunity to have this document
reviewed by the respective legal counsel for the parties hereto and that the normal rule of
construction to the effect that any ambiguities are to be resolved against the drafting party shall
not be applied to the interpretation of this Agreement. No inference in favor of, or against, any
party shall be drawn from the fact that one party has drafted any portion hereof.

     18. Execution in Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original as against any party whose signature
appears thereon, and all of which shall together constitute one and the same instrument. This
Agreement shall become binding when one or more counterparts hereof, individually or taken
together, shall bear the signatures of the parties reflected hereon as the signatories.

 

 

     19. Choice of Law and Venue. This Agreement shall be governed by and construed in
accordance with the laws of the State of Arizona. The parties agree that any claim, action,
complaint, lawsuit, or other dispute arising between the parties related to the terms of this
Agreement shall be brought and heard in the federal or state courts located in Maricopa County,
Arizona, and Employee expressly consents to the exercise of personal jurisdiction over him by the
Arizona courts.

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

     21. Effect of this Agreement. It is expressly understood and agreed that this
Agreement shall not in any way be construed at any time or for any purpose as an admission by the
parties that either of them has acted wrongfully with respect to the others.

     22. Waiver. The failure of a party to insist upon strict adherence to any obligation
of this Agreement shall not be considered a waiver or deprive that party of the right thereafter to
insist upon strict adherence to that term or any other term of this Agreement. Any waiver of any
provision of this Agreement must be in a written instrument signed and delivered by the party
waiving the provision.

     23. Attorneys’ Fees. Should any legal action be commenced arising out of this
Agreement, the prevailing party in any such action shall be entitled to an award of attorneys’ fees
incurred therein.

[Remainder of Page Intentionally Blank;

Signatures on Following Page]

 

 

     By signing below, the parties acknowledge that they have carefully read and fully understand
all of the provisions of this Agreement and that they are voluntarily entering into this Agreement.

	 	 	 	 	 	 	 
	 	 	 	 	KONA GRILL, INC., a Delaware corporation
	 
	 	 	 	 	 	 
	Dated:

	 	 	 	By	 	 
	 

	 	 
	 	 	 	 
	 

	 	 	 	Its	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	 	 	C. Donald Dempsey

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