AMENDED EMPLOYMENT AGREEMENT
EXHIBIT
10.3 AMENDED EMPLOYMENT AGREEMENT, DATED AS OF JUNE 16, 2009, BETWEEN REGISTRANT
AND XXXXXX X. XXXXXXXX.
AMENDED
EMPLOYMENT AGREEMENT
THIS
AMENDED AGREEMENT is made as of June 16, 2009, by and between BOWL AMERICA
INCORPORATED, hereinafter called “Corporation”, and XXXXXX X. XXXXXXXX,
hereinafter called “Xxxxxxxx.”
WITNESSETH:
WHEREAS
Corporation’s prior Employment Agreement with Xxxxxxxx will expire on June 28,
2009;
WHEREAS
the parties desire to enter into a new Employment Contract to go into effect on
June 29, 2009; and
WHEREAS
Xxxxxxxx is an important and valuable executive with recognized leadership and
experience in the bowling industry, and the Corporation deems it to be in its
interest and in the interest of its stockholders to secure Xxxxxxxx’x services
for the Corporation and subsidiaries as may be designated by the
Corporation.
NOW,
THEREFORE, in consideration of the premises and the mutual agreements
hereinafter contained, the parties hereby agree as follows:
1. Corporation
hereby employs Xxxxxxxx, and Xxxxxxxx hereby agrees to work for Corporation for
a term of one year commencing June 29, 2009, and expiring at the end of
Corporation’s next fiscal year on June 27, 2010.
2. Xxxxxxxx
shall serve as President of the Corporation, performing the functions and duties
normally performed by such an officer.
3. Xxxxxxxx
shall devote his full time and attention to the affairs of the
Corporation. In the event of a change in the managerial control of
the Corporation, Xxxxxxxx shall have the option of not performing any services
outside of the Greater Washington, D.C. area.
4. Xxxxxxxx
shall be entitled by way of remuneration for his services the sum of $76,000 per
year to be paid in bi-weekly installments. Xxxxxxxx shall receive as
additional annual compensation payable within seventy-five (75) days after the
close of Corporation’s fiscal year two percent (2%) of the consolidated annual
net profits prior to income taxes of the Corporation and its subsidiaries that
exceeds $2,500,000.00.
5. In
the event that Xxxxxxxx leaves the employ of the Corporation at the termination
of this contract or in the event that he becomes disabled during the term of
this contract so that he cannot carry on his duties as President, he shall act
as consultant to the Corporation. He shall receive as compensation an
annual sum equal to one-half of the average of his previous three (3) years
compensation, payable in monthly installments each year for a term of ten (10)
years. Xxxxxxxx shall have the option to remain covered by the
Corporation’s health insurance plans and shall pay the same proportionate amount
of the premium as the other officers of the Corporation.
6. This
Agreement is purely personal with Xxxxxx Xxxxxxxx and in the event of his death
during the contract period or during the period that he receives income pursuant
to Provision No. 5, this Agreement shall terminate and the obligations of the
Corporation to make any payments shall cease.
7. Xxxxxxxx
hereby agrees that he will not associate himself in any manner with any bowling
company or other enterprise which is or would be in competition with Corporation
in the Greater Washington, D.C. area; Greater Baltimore, Maryland, area; Greater
Richmond, Virginia, area; Greater Jacksonville and Orlando, Florida, areas;
and/or in any other area in which Corporation should open a future bowling
center during the period that Xxxxxxxx is receiving payments pursuant to
Provision 5 hereof.
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BOWL
AMERICA INCORPORATED
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ATTEST:
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By: ____________________________
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____________________________
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Xxxxxx
X. Xxxxxx
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Xxxxxxx
X. Xxxx
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Assistant
Treasurer
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Assistant
Secretary
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________________________________
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Xxxxxx
X. Xxxxxxxx
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Individually
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