Attached files
file | filename |
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10-Q - NATHANS FAMOUS, INC. | v192379_10q.htm |
EX-31.1 - NATHANS FAMOUS, INC. | v192379_ex31-1.htm |
EX-32.1 - NATHANS FAMOUS, INC. | v192379_ex32-1.htm |
EX-31.2 - NATHANS FAMOUS, INC. | v192379_ex31-2.htm |
EX-32.2 - NATHANS FAMOUS, INC. | v192379_ex32-2.htm |
EX-10.2 - NATHANS FAMOUS, INC. | v192379_ex10-2.htm |
EXHIBIT
10.1
AMENDMENT TO EMPLOYMENT
AGREEMENT
This
Amendment to Employment Agreement dated as of August 3, 2010 between Nathan’s
Famous, Inc., a Delaware corporation having an address at One Jericho Plaza,
Second Floor, Wing A, Jericho, New York 11753 (the "Company"), and Eric Gatoff,
an individual having an address at ( — ) (the
"Executive").
WITNESSETH:
WHEREAS,
the Company and the Executive are parties to an Employment Agreement dated as of
December 15, 2006 (the “Employment Agreement”); and
WHEREAS,
the Company and the Executive desire to amend the Employment Agreement in
accordance with the terms hereof (“Amendment”).
NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto do hereby agree as
follows:
1. Section
5(b)(i) of the Employment Agreement is hereby deleted in its entirety and the
following is substituted therefore:
“ (i) For
each fiscal year within the Term, the Company shall pay to the Executive annual
bonus compensation ("Bonus Compensation") based on the Executive’s performance
measured against the Company’s financial, strategic and operating objectives,
including objectives that may not be realized until future periods. Such
objectives may include, but not be limited to: increasing each of revenues,
profits from continuing operations, pre-tax cash flow, net income and earnings
per share; managing cash balances; controlling corporate general and
administrative expenses; and operating objectives that are specific to the
Company’s individual revenue centers. The amount of Bonus
Compensation payable shall be determined by the Compensation Committee in its
sole discretion. The foregoing Bonus Compensation shall be paid by the Company
within thirty (30) days after completion of the audited financial results of the
Company for the applicable fiscal year.”
2. Except
as specifically amended by this Amendment, the Employment Agreement shall remain
in full force and effect in all respects as originally executed and amended to
date.
3. This
Amendment may be executed in several counterparts, each of which shall be deemed
an original and all of which shall constitute one and the same
instrument. This Amendment shall be governed in all respects,
including validity, interpretation and effect, by the laws of the State of New
York, applicable to contracts made and to be performed entirely in New
York.
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IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first
above written.
FOR
NATHAN’S FAMOUS, INC.
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By:
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/s/
Howard M. Lorber
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Name:
Howard M. Lorber
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Title:
Executive Chairman of the Board
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FOR
THE EXECUTIVE
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/s/
Eric Gatoff
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Eric
Gatoff
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