SEC Contract Filing

Filing Date: 2016-10-17

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d66182dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXECUTION COPY </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EMPLOYMENT
AGREEMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS EMPLOYMENT AGREEMENT (this &#147;<B><I>Agreement</I></B>&#148;) is signed on October&nbsp;11, 2016 by and between Famous
Dave&#146;s of America, Inc., a Minnesota corporation (the &#147;<B><I>Company</I></B>&#148;), and Michael Lister (&#147;<B><I>Executive</I></B>&#148;). This Agreement shall be effective upon the date of termination of the Company&#146;s current
Chief Executive Officer, Adam Wright (&#147;<B><I>Effective Date</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Executive wishes to be employed by the Company
and the Company desires to employ Executive as its Chief Executive Officer / Chief Operating Officer (the &#147;<B><I>CEO / COO</I></B>&#148;) on the terms and conditions set forth herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of these premises, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged and intending to be legally bound, the parties hereto hereby agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Employment; Employment Term</U>.
Upon the terms and conditions hereinafter set forth, the Company hereby agrees to retain the services of Executive and Executive hereby accepts such employment and agrees to faithfully and diligently serve as directed by the Board of Directors of
the Company (the &#147;<B><I>Board</I></B>&#148;) in accordance with this Agreement, commencing on the Effective Date and, unless terminated earlier pursuant to <U>Section&nbsp;6</U> of this Agreement, continuing until the close of business on the
four (4)&nbsp;year anniversary of the Effective Date (the &#147;<B><I>Employment Term</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Duties</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Services</U>. During the Employment Term, Executive agrees to serve as CEO / COO of the Company and shall render his duties as CEO /
COO in a manner that is consistent with Executive&#146;s position within the Company and as assigned by the Board. Executive shall perform duties generally typical for a CEO / COO of a publicly traded company operating and conducting business in the
United States and its territories, Canada, Abu Dhabi and such other countries as the Company may conduct operations and do business in during the Employment Term. In addition to his duties as CEO / COO, Executive agrees to serve as an
elected/appointed officer of the Company and Executive shall serve in such capacity without additional compensation. Executive also agrees to serve as any elected/appointed director or officer of any subsidiary of the Company that the Company may,
in its sole discretion, deem fit and Executive shall serve in such capacity or capacities without additional compensation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Certain
Obligations</U>. During the Employment Term, Executive (i)&nbsp;shall devote 100% of his business time and attention to achieve, in accordance with the policies and directives of the Board established from time to time in their discretion, the
objectives of the Company, (ii)&nbsp;shall be subject to, and comply with, the rules, practices and policies applicable to executive employees, whether reflected in an employee handbook, code of conduct, compliance policy or otherwise, as the same
may exist and be amended from time to time, of the Company; and (iii)&nbsp;shall not engage in any business activities other than the performance of his duties under </P>

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this Agreement. Executive may have investments in other entities and act as a director for the entities and in the capacities set forth on <U>Exhibit&nbsp;A</U> hereto, or as otherwise approved
by the Board; provided that so acting shall not materially interfere with Executive&#146;s duties with the Company. Executive agrees and acknowledges that in the event that Executive&#146;s performance of his services and duties to the Company
hereunder is inconsistent with or presents any conflict of interest with his obligations as an owner, operator or member of the board of directors of Famous Five Dining, Inc. (collectively, with all franchise affiliates, &#147;<B><I>FFD,
Inc.</I></B>&#148;), Executive&#146;s primary duty shall be to the Company, and to the extent that a conflict arises, Executive shall promptly make the Board aware of such conflict. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Within one hundred twenty (120)&nbsp;days of the Effective Date Executive shall relocate to the Minneapolis/St. Paul metropolitan area.
Executive shall spend substantially all of his business time and attention at the Company&#146;s headqu