UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) APRIL 22, 2005
PIZZA INN, INC.
(Exact name of registrant as specified in its charter)
MISSOURI 0-12919 47-0654575
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
3551 PLANO PARKWAY, THE COLONY, TEXAS 75056
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (469) 384-5000
NOT APPLICABLE
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On April 22, 2005, Pizza Inn, Inc. entered into an Executive Compensation
Agreement with Shawn M. Preator, the Company's Chief Financial Officer, and an
Executive Compensation Agreement with Ward T. Olgreen, the Company's Senior Vice
President of Franchise Operations and Concept Development. The April 22
Executive Compensation Agreements replace existing Executive Compensation
Agreements entered into between the Company and Mr. Preator and the Company and
Mr. Olgreen on December 16, 2002.
Terms of the April 22 agreement with Mr. Preator include, among others, a
term expiring on December 31, 2005; provisions for minimum annual salary,
benefits, and bonuses of not less than $150,000; a $30,000 bonus; and severance
payments based upon certain predetermined salary, benefit, and bonus amounts in
connection with any termination of Mr. Preator's employment by the Company for
any reason other than cause or any termination of his employment by Mr. Preator
for any reason or no reason at all.
Terms of the April 22 agreement with Mr. Olgreen include, among others, a term
expiring on December 31, 2005; provisions for minimum annual salary, benefits,
and bonuses of not less than $168,000; a $33,600 bonus; and severance payments
based upon certain predetermined salary, benefit, and bonus amounts in
connection with any termination of Mr. Olgreen's employment by the Company for
any reason other than cause or any termination of his employment by Mr. Olgreen
for any reason or no reason at all.
The Executive Compensation Agreements entered into by the Company and Mr.
Preator and the Company and Mr. Olgreen are furnished as Exhibit 10.1 and
Exhibit 10.2, respectively, to this report and incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(C) EXHIBITS.
EXHIBIT NO. DESCRIPTION OF EXHIBIT
----------- ----------------------
10.1 Executive Compensation Agreement entered into between the Company and
- ----
Shawn M. Preator dated April 22, 2005 (furnished herewith and incorporated
herein by reference)
10.2 Executive Compensation Agreement entered into between the Company and
- ----
Ward T. Olgreen dated April 22, 2005 (furnished herewith and incorporated herein
by reference)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Pizza Inn, Inc.
Date: April 26, 2005 By: /s/ Rod J. McDonald
Name : Rod J. McDonald
Title: Secretary