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EXHIBIT 10.53
AMENDMENT TO
EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement is made as of July 27, 1999 by
and between CAFE ODYSSEY, INC., a Minnesota corporation (the "Company"), and
XXXXXX X. XXXXXX (the "Executive").
WHEREAS, the Company and Executive are parties to an Employment
Agreement dated as of March 17, 1997 (the "Employment Agreement"); and
WHEREAS, the Company and Executive desire to amend the Employment
Agreement;
NOW, THEREFORE, in consideration of the covenants and agreements
contained herein, the parties hereto agree to amend the Employment Agreement as
follows:
1. Executive's Base Salary shall be $250,000 as of September 1, 1999.
Executive shall be paid a monthly bonus of $4,167 on each of July 30
and August 30. Executive shall be paid $12,500 on June 30, reflecting
the accrual of such monthly bonus from April 1, 1999.
2. Section 3.1 of the Employment Agreement shall be amended to read in its
entirety as follows:
3.1 Termination of Employment. Executive's employment under
this Agreement may be terminated by the Company or Executive at any
time for any reason; provided, however, that if Executive's employment
is terminated by the Company during the term of this Agreement for a
reason other than for Cause, or if Executive terminates his employment
for "Good Reason" (as defined in Section 3.2(b) below), he shall
continue to receive his Base Salary, Base Bonus, Incentive Bonus (the
annual amount of which shall equal the sum of the Incentive Bonus
payments made to Executive for the four quarters preceding termination)
and the benefits listed in Sections 2.2 and 2.4 above for a period of
two (2) years from the date of termination. The termination shall be
effective as of the date specified by the party initiating the
termination in a written notice delivered to the other party, which
date shall not be earlier than the date such notice is delivered to the
other party. This Agreement shall terminate in its entirety immediately
upon the death of Executive. Except as expressly provided to the
contrary in this section or applicable law, Executive's rights to pay
and benefits shall cease on the date his employment under this
Agreement terminates.
IN WITNESS WHEREOF, the parties have executed this Amendment effective
as of the date set forth above.
CAFE ODYSSEY, INC.
By s/ Xxxxxxx X. Xxxx s/ Xxxxxx X. Xxxxxx
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Chairman of the Board XXXXXX X. XXXXXX