Exhibit 10.02
AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT
Amendment No. 2 dated August 28, 2006 to Employment Agreement dated
September 1, 2003 (the "Agreement") by and between BENIHANA INC. (the "Company")
and XXXX X. XXXXXX ("Employee"), as amended by Amendment No. 1 dated October 17,
2005 to Employment Agreement by and between the Company and Employee.
Unless otherwise defined herein, capitalized terms shall have the
respective meanings assigned to them in the Agreement.
The parties agree that the Agreement shall be amended as follows:
Section 3.1 of the Agreement is amended by modifying such section to
read in its entirety as follows:
"3.1 BASIC COMPENSATION. In respect of services to be
performed by the Employee during the Employment Period, effective
August 28, 2006, the Company agrees to pay the Employee an annual
salary of Two Hundred Five Thousand Dollars ($205,000) ("Basic
Compensation"), payable in accordance with the Company's customary
payroll practices for executive employees."
Section 3 of the Agreement is amended by adding the following new
section 3.5 immediately following Section 3.4:
"3.5 COST OF LIVING ADJUSTMENTS. The Basic Compensation
shall be increased by an amount established by reference to the
"Consumer Price Index for Urban Wage Earners and Clerical Workers, New
York, New York-Northern New Jersey area published by the Bureau of
Labor Statistics of the United States Department of Labor (the
"Consumer Price Index"). The base period shall be the month ended
December 31, 2005 (the "Base Period"). If the Consumer Price Index for
the month of December in any year, commencing in 2006, is greater than
the Consumer Price Index for the Base Period, Basic Compensation shall
be increased, commencing on April 1 of the next following year, to the
amount obtained by multiplying Basic Compensation by a fraction, the
numerator of which is the Consumer Price Index for the month of
December of the year in which such determination is being made and the
denominator of which is the Consumer Price Index for the Base Period."
Except as modified herein, the Agreement remains in full force and
effect in accordance with its terms without revocation or change.
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, the undersigned have executed this Amendment
No.2 as of the date and year first above written.
BENIHANA INC.
By:/s/ Xxxx Xxxxxxxx
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Xxxx Xxxxxxxx, President
/s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx
