This excerpt taken from the BOBE DEF 14A filed Jul 31, 2007.
We entered into an employment agreement with Mr. Davis, effective May 1, 2006. The initial term of the employment agreement ends on April 30, 2009, but it will automatically renew for successive one-year terms unless either party provides written notice of nonrenewal at least 60 days prior to the expiration of any term.
The employment agreement provides that Mr. Davis will:
Per the terms of the employment agreement, on June 13, 2006, Mr. Davis was granted:
The employment agreement provides that Mr. Davis must maintain the confidentiality of our confidential information. Further, during his employment, Mr. Davis will not, without the prior written consent of the Board, directly or indirectly, engage in or render any services to any business in North America engaged in the family or casual dining restaurant industry or in any other segment of the restaurant industry in which we or any of our subsidiaries may become involved prior to the termination of his employment. During Mr. Davis employment and for two years thereafter, he will not (for himself or for any third party) employ or hire any of our employees or solicit, induce, recruit or cause any of our employees to terminate his or her employment.
If Mr. Davis suffers a disability (as defined in the employment agreement), we may terminate his employment upon 30 days prior written notice. During any period that Mr. Davis fails to perform his duties as a result of a disability, he will continue to receive his base salary until his employment is terminated, less any amounts payable to Mr. Davis under our disability insurance. Additionally, we may terminate Mr. Davis employment at any time for cause (as defined in the employment agreement), and Mr. Davis may terminate the employment agreement for any reason upon at least 60 days prior notice. If we terminate Mr. Davis employment as a result of a disability or for cause, if Mr. Davis voluntarily terminates his employment, or if he dies during the term of the employment agreement, he (or his beneficiary) will be entitled to:
We may terminate Mr. Davis employment for any reason upon 14 days prior written notice. Also, Mr. Davis may terminate his employment at any time for good reason (as defined in the employment agreement). If we terminate Mr. Davis employment for any reason other than death, disability or cause, or if he terminates his employment for good reason, then he will be entitled to:
If Mr. Davis terminates his employment, either with or without good reason, or if we terminate his employment with or without cause (other than termination due to his disability), the noncompetition provisions of the agreement will continue for 24 months following the termination of Mr. Davis employment.
If either party provides the other with notice of nonrenewal at least 60 days prior to the expiration of any term of the employment agreement, then Mr. Davis employment will terminate at the end of such term, and he will be entitled to:
If Mr. Davis gives notice of nonrenewal, the noncompetition provisions of the employment agreement will continue for 24 months following the termination of Mr. Davis employment. In the event that we provide the notice of nonrenewal, Mr. Davis may elect to continue the noncompetition provisions and be entitled to receive his base salary for each month during which he elects to continue such provisions (up to a maximum of 24 months).
Upon termination of Mr. Davis employment for any reason: