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Exhibit 10.17
AMENDMENT TO EMPLOYMENT AGREEMENT
Ground Round Restaurants, Inc. (the "Company" or "Ground Round") a New
York Corporation with its principal place of business at 00 Xxxxxxxxx Xxxx
Xxxxxx Xxxx, Xxxxxxxxx, Xxxxxxxxxxxxx and Xxxxxx X. Xxxxxxx (the "Employee"),
with a business address of 00 Xxxxxxxxx Xxxx Xxxxxx Xxxx, Xxxxxxxxx,
Xxxxxxxxxxxxx, in consideration of the promises and mutual covenants contained
herein, the parties agree to amend the Employment Agreement by and between
Ground Round and Employee dated July 21, 1995 (the "Agreement") as follows:
I. Paragraph 5 (Change of Control) under section (d) shall be amended to
include the following additional section designated as 5(d)(v):
(v)There shall cease to be a public trading market for shares of common
stock of the Company.
II. Paragraph 8 (Non-Compete Provision) shall be replaced with the
following language:
Upon termination of this Agreement for any reason, Employee agrees that
he will not, for a period of two (2) years following any such termination,
either directly or indirectly, as a director, officer, employee, agent,
consultant, or owner, in whole or in part, engage in any related activities
which are competitive with Ground Round restaurants within geographic proximity
to any Ground Round restaurant. Employee acknowledges that the remedy at law
available to the Employer and its subsidiaries for a breach or threatened breach
of this paragraph would be inadequate and therefore, Employee agrees that in
addition to any remedies at law, in the event of any such breach or threatened
breach, the Employer and/or its subsidiaries shall be entitled to obtain
equitable relief or injunctive relief to enforce the provisions of this
paragraph. Ownership of less than five (5%) percent of any class of
publicly-traded securities shall not be deemed a breach of this paragraph.
Except as hereby amended, the Agreement shall continue in full force
and effect.
WHEREOF, this Agreement has been executed as a sealed instrument by the
Company, by its duly authorized representative, and by the Employee, as of this
18th day of August, 1995.
Ground Round Restaurants, Inc.
By:
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/s/ Xxxxxxx X. Xxxxxxxxx
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Xxxxxxx X. Xxxxxxxxx
Senior Vice President
/s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx
