Document:

Exhibit 10.61

 

CONSULTING AGREEMENT

 

This Consulting Agreement
(the “Agreement”)
is entered into on August 5, 2003 to be effective as of July 16, 2003, by and
between New World Restaurant Group, Inc., a Delaware corporation (the “Company”), and
Herbert Buchwald, P.A., a Florida Professional Association (the “Consultant”).

 

PRELIMINARY STATEMENTS

 

A.            The Company is a Delaware corporation primarily engaged
in the operation of bagel bakeries.

B.            Consultant is knowledgeable and experienced in legal and
business matters affecting the business and affairs of the Company.

C.            The Company desires to retain Consultant to provide
certain legal, consulting and advisory services to the Board of Directors of
the Company (the “Board”)
in connection with the Company’s ongoing business activities (the “Services”) under the
terms and conditions set forth herein, and Consultant desires to be so
retained.

NOW, THEREFORE, for good,
valuable and binding consideration, the receipt and sufficiency of which we
hereby acknowledged, the parties hereto, intending to be legally bound hereby,
agree as follows:

 

STATEMENT OF AGREEMENT

 

                1.             Retention
as Independent Contractor Consultant. 
The Company hereby retains Consultant as an independent contractor
consultant (not as an employee) for a period beginning on the date hereof and,
subject to earlier termination as provided herein, expiring on the third
anniversary of the date hereof.  In such
capacity, Consultant shall perform the Services including those Services
further detailed on Schedule I hereof. 
Consultant shall be and at all times remain an independent contractor of
the Company.  Neither the Company nor
Consultant shall be considered or held to be a partner, limited partner,
associate or agent of the other, or be joint venturers with one another.  Neither the Company nor Consultant shall be
authorized by the other to contract any debt, liability or obligation for or on
behalf of the other.  As an independent
contractor, Consultant shall accept any directions issued by the Board (through
its designated representative) pertaining to the goals to be attained and the
results to be achieved, but shall be solely responsible for the means and
method of work in which it will perform Services under this Agreement.  Consultant agrees to complete all Services
in the agreed upon timeframe.  To do so,
Consultant shall determine his own working hours and schedule and shall not be
subject to the Company’s personnel policies and procedures.  The Company will not set a minimum or
maximum number of hours that the Consultant may work in any given day, but
Consultant shall be required to spend a minimum of one hundred sixty (160)
hours per month on average in each calendar month during the term of this
Agreement providing Services to the Company.

 

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                2.             Compliance
with Legal Requirements.  The
Company shall not provide workers’ compensation, disability insurance, Social
Security or unemployment compensation coverage or any other statutory benefit
to Consultant, his agents or employees or any subcontractors.  Consultant shall comply at his expense with
all applicable provisions of workers’ compensation laws, unemployment
compensation laws, Federal Social Security law, the Fair Labor Standards Act,
federal, state and local income tax laws, and all other applicable federal,
state and local laws, regulations and codes relating to terms and conditions
required to be fulfilled by independent contractors and consultants.  Other than as stated in this Agreement,
Consultant shall be solely responsible and liable for all expenses, costs,
liabilities, assessments, taxes, maintenance, insurance, undertakings and other
obligations incurred by Consultant, his agents or employees or any
subcontractors.

 

                3.             Compensation.

 

(a)            Consulting Fee.  As long as this Agreement remains in effect, the Company shall
pay Consultant a consulting fee (the “Consulting Fee”) as
follows:

•                  $100,000 within
two (2) days after the execution of this Agreement by the parties;

•                  $100,000 on or
before August 16, 2003;

•                  $100,000 on or
before September 16, 2003;

•                  $50,000 on or
before October 16, 2003;

•                  $50,000 on or
before November 16, 2003;

•                  $50,000 on or
before December 16, 2003; and

•                  $25,000 on or before the sixteenth day of
each month thereafter until the expiration or termination of this Agreement.

(b)            Transaction Fee.  If during the term of this Agreement, the Company concludes a
transaction (or series of related transactions or events) which results in (1)
the acquisition by any person or entity (by purchase, merger, consolidation or
otherwise) of fifty-one percent (51%) or more of the aggregate of all
outstanding securities of the Company; or (2) the sale, disposition, lease,
exchange, or other transfer of all or substantially all the assets of the
Company (a “Transaction”),
Consultant shall also be entitled to a fee (the “Transaction Fee”) equal to the sum of (A)
3.75% of the first $65 million of gross proceeds from the Transaction received
by the holders of the Company’s Common Stock and (B) 1% of the gross proceeds
received by holders of the Company’s Common Stock from the Transaction in
excess of $65 million.  The Transaction
Fee shall be reduced by the amount of all previously received Consulting Fees
if (i) a Transaction occurs prior to the first anniversary of this Agreement
and (ii) the amount of any previously received Consulting Fees and the
Transaction Fee total in the aggregate in excess of $2.5 million.  The Transaction Fee shall be paid to Consultant
promptly after the closing of the Transaction.

(c)            Effect of Termination on Transaction Fee.  In the event that this Agreement is
terminated for any reason on or prior to the six month anniversary of the date
hereof (including as a result of the Continuation Vote as defined in Section
9), Consultant shall not be entitled to the Transaction Fee unless the
Transaction was considered by the Board prior to such 

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termination and the
Transaction is consummated within six months after the date of such
termination.

(d)            Grant of Option.  If this Agreement remains in full force and effect after the
expiration of six months after the date hereof, Consultant shall be entitled to
receive a ten year option (the “Option”) to purchase 5% of the Company’s Common Stock at
a strike price initially based on a valuation of the Company’s Common Stock of
$65 million, but which shall increase at a rate of LIBOR plus 2%, compounded
monthly.  Consultant may not exercise
any amount of the Option so long as entities affiliated with Greenlight
Capital, Inc. hold 10% or more of the outstanding equity securities of the
Company.

                4.             Expense
Reimbursement.  The Company shall
reimburse Consultant for his or her reasonable and necessary out-of-pocket
expenses incurred at the request of the Company or with prior approval of the
Company, subject to provision of reasonable supporting documentation related
thereto.  Such reimbursable expenses
include, but are not limited to, travel expenses such as hotels, meals and
transportation while traveling on business pursuant to this Agreement.  Furthermore, the Company acknowledges that
Consultant may make use of Consultant’s Cessna 425 aircraft for Company related
travel, provided that reimbursement for use of such aircraft shall be limited
to $650 per flight hour unless otherwise approved by the Company.

 

                5.             Place
of Performance.  The Consultant
shall perform the services in such locations as the Consultant and the Company
shall agree.

 

                6.             Information
Furnished.  The Company shall furnish
the Consultant with such information as the Consultant may reasonably request
to perform services hereunder.

 

                7.             Confidentiality.  For the purposes of this Agreement, the term
“Confidential Information”
means any information regarding the Company’s (or its affiliates’) business
that is (1) not generally known to the public and was acquired through the
expenditure of the Company’s time, effort and/or funds, including (but not
limited to) information concerning its clients, accounts, inventory, personnel,
financial and performance data, financial and risk management models and
related translation code, existing and contemplated business, investment and
financial methods, analysis, strategy, concepts, practices and know-how;
client, principal, investor, vendor and employee lists and records; customer
and principal preferences and relationship information, market development
information, procedures and confidential or proprietary information relating to
the Company’s policies, strategies, administration or operation, and (2)
acquired by Consultant during the term of this Agreement, as well as any
additional information that may be classified as proprietary or constitute a
trade secret under applicable state or federal law.

 

Consultant will not,
directly or indirectly, disclose any Confidential Information to any person or
entity that is not an employee, officer, director, agent or affiliate of the
Company unless such disclosure is authorized in advance by the Company.  Consultant will not, during the term of this
Agreement or any time thereafter, directly or indirectly, use any Confidential
Information in any manner that is not directly and primarily in the best
interests of the Company unless expressly authorized to do so by the Board.  Consultant acknowledges that the 

 

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Confidential
Information is the sole property of the Company, and that the Company would be
irreparably damaged if such Confidential Information was misappropriated or
disclosed to third parties, in violation of this Agreement.  Upon the termination of this Agreement,
Consultant must promptly return any and all records, information, papers,
media, recordings, files or computer files or diskettes (and all copies,
duplicates or facsimiles of any of the foregoing) of the Company and its
affiliates (including parent and subsidiary entities) that relate in any way
whatsoever to any Confidential Information.

 

                8.             Severability.  Whenever possible, each provision of this
Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect
any other provision or the validity, legality or enforceability of such
provision in any other jurisdiction, but this Agreement will be performed,
construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein.  It is the intent of the parties hereto that
the provisions hereof be enforceable to the full extent permitted by applicable
law.

 

                9.             Termination.  This Agreement shall be terminable by any
party hereto upon thirty (30) days’ prior written notice.  The Company may, upon notice to Consultant,
immediately terminate this Agreement if Consultant breaches any of the
provisions of this Agreement.  In
addition to and notwithstanding the foregoing, on or before the six month
anniversary of the date of this Agreement, if the Agreement has not been
terminated and remains in effect, the Board shall vote (in accordance with the
voting procedures and requirements provided in the Company’s Articles of
Incorporation and/or Bylaws) whether to continue to engage consultant pursuant
to this Agreement (the “Continuation Vote”). 
In the event that the Board votes not to continue to engage Consultant,
this Agreement shall immediately terminate upon notice to Consultant and cease to
be of any further force or effect.

 

                10.           Complete
Agreement.  This Agreement embodies
the complete agreement and understanding between the parties and supersedes and
preempts any prior understandings, agreements or representations by or between
the parties, written or oral, which may have related to the subject matter
hereof in any way.

 

                11.           Remedies.  Each of the parties to this Agreement will
be entitled to enforce its rights under this Agreement specifically, to recover
damages by reason of any breach of any provision of this Agreement and to
exercise all other rights existing in his or its favor.  The parties hereto agree and acknowledge
that money damages may not be an adequate remedy for any breach or threatened
breach of the provisions of this Agreement and that any party may in its sole
discretion apply to any court of law or equity of competent jurisdiction for
specific performance and/or injunctive relief in order to enforce or prevent
any violations of the provisions of this Agreement.

 

                12.           Amendments
and Waivers.  Any provisions of this
Agreement may be amended or waived only with the prior written consent of the
Company and Consultant.

 

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                13.           Notices.  Any notice provided for in this Agreement
must be in writing and must be either personally delivered, or mailed by first
class mail (postage prepaid and return receipt requested) or sent by reputable
overnight courier service or facsimile transmission, to the recipient at the
address below indicated:

 

To
the Company:

 

New
World Restaurant Group, Inc.

1687
Cole Boulevard

Golden,
CO 80401

Attn:  Chief Executive Officer

 

To
Consultant:

 

Herbert
Buchwald, P.A.

P.O.
Box 24649

Denver,
CO  80224

 

or such other addresses or
to the attention of such other person as the recipient party shall have
specified by prior written notice to the sending party.  Any notice under this Agreement will be
deemed to have been given when so delivered or sent or if mailed, five days after
so mailed.

 

                14.           Applicable
Law.  This Agreement shall be
governed by and construed in accordance with the laws of the State of New York,
without regard to conflict of law principles.

 

                15.           Indemnification. 
Each party shall indemnify and hold harmless the other party against and
from any and all liabilities, damages and expenses (including attorney fees)
made against or incurred by the other party from any third party source for any
damages caused, or contributed to, by a breach of its obligations under this
Agreement.

 

                16.           Parties
Bound.  This Agreement shall be
binding on the parties hereto, their respective heirs, legatees, legal
representatives, successors and assigns including but not limited to any
successor of the Company upon a merger, reorganization or recapitalization
except that Consultants’ duty to perform services hereunder shall not be
assignable.

 

                17.           Entirety.  This Agreement constitutes the entire
agreement of the parties hereto with respect to the subject matter hereof.

 

[Signature
Page Follows]

 

 

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IN WITNESS HEREOF, the
parties hereto have executed this Consulting Agreement as of the date first
written above.

 

 

	
   

  	
  NEW WORLD RESTAURANT GROUP, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Anthony D. Wedo

  
	
   

  	
  Name:

  	
  Anthony
  D. Wedo

  
	
   

  	
  Title:

  	
  Chief
  Executive Officer and Chairman of the Board of Directors

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  HERBERT BUCHWALD, P.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Herbert Buchwald

  
	
   

  	
   

  	
  Herbert
  Buchwald, President

  

 

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SCHEDULE I

 

Description of Services

 

Consultant shall provide legal, consulting
and advisory services to the Company as deemed appropriate or desirable by the
Board, which Services shall include:

 

•                  Serving as Chairman of the
Advisory Committee of the Board;

•                  Conducting a comprehensive
analysis and evaluation of the financial condition of the Company;

•                  Developing a business plan
for the Company for approval by the Board to include:  (i) a strategic plan for the stability and future growth of the
Company; (ii) a compensation plan, (iii) an audit plan, and (iv) a legal plan;

•                  Providing monthly reports to
the Board on Consultant’s activities and progress in connection with the
Services; and

•                  Consulting services as may
be reasonably needed in the Company in connection with the implementation of
the Services described above.

 

7EXHIBIT
10.1

 

NON-EMPLOYEE
DIRECTOR

PHANTOM STOCK UNIT AGREEMENT

 

THIS PHANTOM STOCK UNIT
AGREEMENT (the “Agreement”), dated as of this 1st day of April, 2003, by and
between Arden Group, Inc., a Delaware corporation (the “Company”), and Steven
Romick (the “Unit Holder”), is made with reference to the following facts:

 

A.                                   The Company is desirous of providing
additional incentives to the Unit Holder in rendering services as a
non-employee director of the Company and, in order to accomplish this result,
has determined to grant the Unit Holder phantom stock units representing the
right to receive a cash payment on the terms and conditions set forth herein.

 

B.                                     The Unit Holder is desirous of accepting said
right on the terms and conditions set forth herein.

 

NOW, THEREFORE, it is agreed
as follows:

 

1.                                       Grant.

 

(a)  Subject to the terms and conditions set forth herein, the Company
hereby grants to the Unit Holder Ten Thousand (10,000) Units exercisable from
time to time in accordance with the provisions of this Agreement during a
period commencing on the date hereof and expiring at the close of business on
April 1, 2008 (the “Expiration Date”). 
Each Unit hereunder represents the right to receive an amount equal to
the excess of (i) the Fair Market Value (as defined below) of one share of the
Class A Common Stock, $.25 par value per share, of the Company (the “Class A
Common Stock”) on the date upon which the Grantee exercises such Unit over (ii)
$54.25 (the “Base Price”), representing the Fair Market Value of one share of
the Class A Common Stock on the effective date hereof.

 

(b)  For purposes of this Agreement, “Fair Market Value of one share
of Class A Common Stock” shall mean (i) if the Class A Common Stock is then
listed on a national securities exchange, the closing sales price of the Class
A Common Stock on the day such value is determined on the principal securities
exchange on which such stock is then listed, or if there is no reported sale on
that day, the average of the bid and asked quotations on such exchange on that
day, or (ii) if the Class A Common Stock is then publicly traded in the NASDAQ
National Market System, the closing sales price of the Class A Common Stock as
reported by the NASDAQ National Market System on the day such value is
determined, or if there is no reported sale on that day, the average of the bid
and asked quotations on that day, or (iii) if the Class A Common Stock is then
publicly traded in the over-the-counter market (other than the NASDAQ National
Market System), the mean between the closing bid and asked prices of the Class
A Common Stock in the over-the-counter market on the day such value is
determined or, if no shares were traded that day, on the next preceding day on
which there was such a trade, or (iv) if the Class A Common Stock is not then
separately quoted or publicly traded, the fair market value on the date such
value is to be determined, as determined in good faith by the Board of
Directors of the Company (the “Board”).

 

2.                                       Exercise of Units.

 

(a)                                  The Unit Holder may elect to be paid for any
then vested Unit by timely delivering or mailing to the Company (in accordance
with Paragraph 10 below), Attention: Chief Executive Officer and Chief
Financial Officer, a notice of exercise, in the form prescribed by the Company,
stating therein that the Unit Holder has elected to exercise his Units and
specifying therein the number of vested Units for which he is electing to be
paid.  The exercise of any Units shall
not be deemed effective unless and until the Unit Holder has complied with all
of the provisions of this Paragraph 2(a). 
Upon an effective exercise of any one or more Units, the Company shall
thereafter pay the Unit Holder in complete satisfaction of each Unit with
respect to which such right and option has been exercised an amount equal
to:  (i) the Fair Market Value of one
share of Common Stock on the date of exercise of such right and option minus
(ii) the Base Price.  Such payment shall
be made to the Unit Holder within 30 days after the exercise of such right and
option.

 

(b)                                 No Units shall vest or become exercisable
during the first year from the date of grant hereof; thereafter Units shall
vest and become exercisable in installments as to (i) no more than twenty-five
percent (25%) of the total number of Units subject to this Agreement during the
second year from the date hereof, (ii) no more than fifty percent (50%) of the
total number of Units subject to this Agreement during the third year from the
date hereof, (iii) no more than seventy-five percent (75%) of the total number
of Units subject to this Agreement during the fourth year from the date hereof,
and (iv) all Units subject to this Agreement from and after the fourth
anniversary of the date hereof. 
Notwithstanding the foregoing, if at any time prior to the vesting in
full of all Units the Unit Holder’s service as a member of the Board is
terminated due to the Unit Holder’s death or disability (as disability is
defined Paragraph 4 below), then all unexercised Units covered hereby that have
not vested and become exercisable as of

 

1

 

the effective date of the Unit Holder’s
termination of service due to death or disability shall be deemed to have
vested and become immediately exercisable in full effective on and as of such
date of termination of service.

 

(c)                                  In connection with the exercise of any one or
more Units and as a condition to delivery of any payment to which the Unit
Holder is entitled upon such exercise, the Company may withhold from such
payment an amount sufficient to satisfy all current or estimated future
federal, state and local withholding tax requirements (if any) and federal
social security or other taxes or other tax requirements relating thereto (if
any).

 

3.                                       Termination.  All unexercised Units shall
automatically and without notice terminate and become null and void at the time
of the earliest to occur of the following:

 

(a)                                  the Expiration Date;

 

(b)                                 The expiration of 30 days from the date of
termination (other than a termination described in subparagraph (c) below or on
account of death or disability, as defined in Paragraph 4 below, of the Unit
Holder while a member of the Board) of the Unit Holder’s service as a member of
the Board, or, if the Unit Holder shall die during such 30-day period, the
expiration of one year following the date of the Unit Holder’s death; provided
that no additional Units shall vest or become exercisable during such 30-day or
one year period, as the case may be;

 

(c)                                  The date of termination of the Unit Holder’s
service as a member of the Board, if such termination of service is due to the
removal of the Grantee from the Board for cause (the Board shall have the right
to determine whether the Unit Holder has been removed for cause and the date of
such removal, such determination of the Board to be final and conclusive); and

 

(d)                                 Any of the events as described in Paragraph 7
below.

 

Nothing contained in this
Agreement shall obligate the Company or any of its subsidiary corporations to
continue to employ or engage the services of the Unit Holder in any capacity,
nor confer upon the Unit Holder any right to continue on the Board or in any
other capacity with the Company or its subsidiary corporations, nor limit in
any way the right of the Company or its subsidiary corporations to amend,
modify or terminate at any time the Unit Holder’s arrangements, if any, with
the Company.

 

4.                                       Payment Upon Death or Disability.  Upon
the termination of the service of the Unit Holder as a member of the Board due
to the death of the Unit Holder or disability of the Unit Holder within the
meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended
(the Board shall have the right to determine whether the Grantee’s termination
is attributable to a disability of the Grantee within the meaning of Section
22(e)(3) of the Internal Revenue Code of 1986, as amended, such determination
of the Board to be final and conclusive), while serving in such capacity, all
unexercised Units covered hereby that have not vested and become exercisable as
of the effective date of the Unit Holder’s termination of service for death or
disability shall vest and become immediately exercisable in full effective as
of such date of termination of service and the Company shall pay such Unit
Holder (or the legal representative of the estate of the deceased Unit Holder
or the person or persons who acquire the right to receive payment for a Unit by
bequest or inheritance or reason of the death of the Unit Holder; hereinafter
“Successor”), in complete satisfaction of all unexercised Units held by such
Unit Holder on the date of such termination of such service of the Unit Holder,
an amount determined in the manner set forth in Paragraph 2 above as if the
Unit Holder had exercised the right and option to be paid for all then
unexercised Units held by the Unit Holder on the date of such service
termination.  Such payment shall be made
by the Company to the Unit Holder or the Unit Holder’s Successor, as the case
may be, within 30 days after the date of such termination.

 

5.                                       Non-Assignability.  The
Unit Holder shall not transfer, assign, pledge or hypothecate in any manner
this Agreement or any of the rights and privileges granted hereby other than by
will or by the laws of descent and distribution.  Units are exercisable during the Unit Holder’s lifetime only by
the Unit Holder.  Upon any attempt by
the Unit Holder to transfer this Agreement or any right or privilege granted
hereby (including without limitation any Units) other than by will or by the
laws of descent and distribution and contrary to the provisions hereof, this
Agreement and said rights and privileges shall immediately become null and
void.

 

6.                                       Anti-Dilution.  In
the event that the shares of Class A Common Stock subject to this Agreement
shall be changed into or exchanged for a different number or kind of shares of
stock or other securities of the Company or of another corporation (whether by
reason of merger, consolidation, recapitalization, reclassification, split-up,
combination of shares, or otherwise) or if the number of such shares of Class A
Common Stock shall be increased solely through the payment of a stock dividend,
then there shall be made an appropriate adjustment (a) in the number of Units
then covered hereby, (b) to the Base Price and (c) to the other terms as may be
necessary to reflect the foregoing events. 
In the event there shall be any other change in the number or kind of
the outstanding shares of stock of the Company subject to this Agreement, then
if the Board, in its sole discretion, determines that such change equitably
requires an adjustment in this Agreement, such adjustments shall be made in
accordance with such determination.  The
foregoing adjustments shall be made in a manner that will cause the
relationship between

 

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the aggregate appreciation in a share of Class
A Common Stock and the increase in value of each Unit granted hereunder to
remain unchanged as a result of the applicable transaction.

 

7.                                       Termination upon Merger.  In the
event that (a) the Company merges with or into any other corporation,
consolidates with any other corporation, or sells substantially all of its
assets and business to another corporation and, in any such case, stockholders
of the Company immediately prior to the consummation of the transaction own
less than fifty percent (50%) of the outstanding voting securities of the
surviving or acquiring corporation immediately after consummation of the
transaction, or (b) the inclusion of the Company’s Class A Common Stock (or any
other capital stock into which the Class A Common Stock is changed) in the
Nasdaq Stock Market is terminated, the Unit Holder shall be paid the amount
provided in Paragraph 2 above for all then fully vested unexercised Units then
held by him in the manner provided in said Paragraph 2 as if such Grantee had
exercised his right and option to be paid for all of such then fully vested
Units immediately prior to the effectiveness of such merger or consolidation,
consummation of such sale or such termination of inclusion in the Nasdaq Stock
Market and all of the Units shall terminate upon such effectiveness,
consummation or termination.

 

8.                                       Rights Unfunded.  The
Unit Holder understands that the rights provided for hereunder are unfunded and
the Company has not made, and has no obligation to make, any provision with
respect to segregating assets of the Company for payment of any benefits
hereunder.  The Unit Holder further
understands that he has no interest in any particular asset of the Company by
reason of this Agreement but only the rights of a general unsecured creditor
with respect to his rights under this Agreement.

 

9.                                       No Rights as a Stockholder. 
Neither the Unit Holder nor any other person legally entitled to
exercise any Units hereunder shall have any rights of a stockholder by virtue
of the grant, vesting or exercise of a Unit.

 

10.                                 Notices.  Whenever under this Agreement
notice is required to be given in writing, it shall be deemed to have been duly
given upon personal delivery, one business day following deposit with a
nationally recognized air courier guaranteeing overnight delivery, or three
business days after deposit in the United States mail if mailed by registered
or certified mail, postage prepaid, to the Company at the address set forth
below or to the Unit Holder at the address set forth on the last page hereof
(or to such other address as either party shall have indicated to the other
party by notice in accordance with this Paragraph):

 

	
  Company:

  	
  Arden Group, Inc.

  
	
   

  	
  2020 South Central Avenue

  
	
   

  	
  Compton, California 90220

  
	
   

  	
  Attention:
  Chief Executive Officer and

  Chief Financial Officer

  

 

For purposes hereof, a “business day” is any
day other than a Saturday, Sunday or a holiday in the State of California.

 

11.                                 Benefit.  Except as otherwise
specifically provided herein, this Agreement shall be binding upon and shall
operate for the benefit of the Company and the Unit Holder and his successors.

 

12.                                 Governing Law.  This
Agreement and any rights and obligations arising hereunder shall be governed
and construed in accordance with the laws of the State of California.

 

13.                                 Entire Agreement.  This
Agreement represents the entire agreement between the parties hereto regarding
Units based on the Company’s Class A Common Stock and supersedes any and all
prior or contemporaneous written or oral agreements or discussions between the
parties and any other person or legal entity concerning the transactions
contemplated herein.  Except as
otherwise expressly provided herein, this Agreement cannot be amended or
modified except by a written instrument executed by the parties hereto.

 

14.                                 Construction.  The headings of the Paragraphs
are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.  If
any of the provisions of this Agreement shall be unlawful, void or for any
reason unenforceable, they shall be deemed separable from, and shall in no way
affect the validity or enforceability of, the remaining provisions of this
Agreement.

 

15.                                 Further Acts.  The parties hereto agree to
execute and deliver such further instruments as may be reasonably necessary to
carry out the intent of this Agreement.

 

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

 

	
  ARDEN GROUP, INC.

  	
  UNIT HOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  BERNARD BRISKIN

  	
   

  	
  /s/ 

  	
  STEVEN ROMICK

  	
   

  
	
   

  	
   

  	
  Steven Romick

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  Address for Notice:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
							

 

Dated: 
April 1, 2003

 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}]]