Exhibit 10.18
FOURTH AMENDMENT TO RESTAURANT MANAGEMENT AGREEMENT made as of the 25th of
December, 2000 by and between Post House Investors L.P. having an office at 00
Xxxx 00xx Xxxxxx, Xxx Xxxx, Xxx Xxxx ("Post House Investors") and the New York
Restaurant Group, Inc., a domestic corporation with offices at 0000 Xxxxx
Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 ("Restaurant Group").
WITNESSETH
WHEREAS, pursuant to an agreement made as of the 26th day of February,
1991, between XXXXX XXXXXXXXX and XXXXX XXXXXXXXX, on the one hand, and the
Restaurant Group on the other hand, the CHARTOUNIS retained the Restaurant Group
as an independent contractor to provide administrative managerial and operating
services in connection with the operation of the restaurant known as the POST
HOUSE; and
WHEREAS, POST HOUSE INVESTORS are the designees of XXXXX XXXXXXXXX and
XXXXX XXXXXXXXX under a certain asset purchase agreement dated November 20, 1991
concerning the purchase of the POST HOUSE RESTAURANT from POST HOUSE ASSOCIATES;
and
WHEREAS, on the closing of such sale POST HOUSE INVESTORS agreed to be
bound under the terms of the February 26, 1991 management agreement; and
WHEREAS, the closing of such asset purchase agreement took place on
January 24, 1992; and
WHEREAS, the term of the restaurant management agreement commenced on such
closing date, that is January 24, 1992; and
WHEREAS, by its terms, the restaurant management agreement commenced on
such date for the term of three years, expiring on January 23, 1995; and
WHEREAS, by agreement dated December 12, 1994, the parties extended the
term of such agreement for a period of two years, through January 23, 1997, and
amended the agreement in certain respects; and
WHEREAS, by agreement dated October 29, 1996, the parties further extended
the term of such agreement for an additional period of two years, through
January 23, 1999; and
WHEREAS, by agreement dated November , 1998, the parties further extended
the term of such agreement for an additional period of two years, through
January 23, 2001; and
WHEREAS, the parties wish to further extend the term of such restaurant
management agreement; and
NOW, THEREFORE, in consideration of the mutual covenants herein contained
and other good and valuable consideration, it is agreed as follows:
1. The term of the February 26, 1991 management agreement shall be
extended for an additional two years commencing on January 24, 2001 and
terminating on January 23, 2003.
2. As compensation for the Restaurant Group's services, during the term of
this renewal, Post House Investors shall pay to the Restaurant Group an amount
equal to 6% of all Restaurant sales, as defined in the December 6, 1994, first
amendment to Restaurant Management Agreement.
3. Paragraph 6 of the February 26, 1991 Management Agreement shall be
amended to provide that persons designated as signatories by the Restaurant
Group shall not have the authority to sign a check for an amount in excess of
$5,000.00.
4. The Chartounis acknowledge that, in order for the restaurant to
continue to be operated as a first class facility, it will be necessary to
undertake the physical plant improvements set forth on Schedule A. The
Chartounis agree to supply the additional funding, and perform work no later
than Sept. 30th, 2001.
5. Except as herein specifically amended herein, and as amended in the
December 6, 1994 first amendment, and October 29, 1996 second amendment, and the
November , 1998 third amendment, the February 26, 1991 agreement shall remain in
full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this agreement on the
year and day first above written.
POST HOUSE INVESTORS, L.P.
By: KENSICO PROPERTIES, N.Y., INC.
/s/ XXXXX XXXXXXXXX
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XXXXX XXXXXXXXX, PRES.
THE XXXXX & WOLLENSKY
RESTAURANT GROUP, INC.
By: /s/ Xxxx X. Xxxxxx
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XXXX X. XXXXXX
