Exhibit 10(h)
AGREEMENT
This Agreement is entered between Piccadilly Cafeterias, Inc.
("Piccadilly") and Malcolm T. Stein, Jr. ("Stein") effective August 1, 1995.
Piccadilly and Stein agree:
1. The purpose of this Agreement is to conclude amicably the
employment relationship that has existed between Piccadilly and Stein.
2. Stein retires from employment by Piccadilly effective August 1,
1995, and Piccadilly accepts this retirement with appreciation for Stein's
years of service to Piccadilly.
3. Piccadilly will pay Stein, as supplemental pay, an amount equal to
his base salary for twelve months, or a total of $228,540. This amount will
be paid in accordance with terms to be determined by Stein no later than
January 5, 1996.
4. Stein is entitled to continue participation in Piccadilly's group
health insurance plan. Premiums may be paid at the employee rate until Stein
is age 65. Stein will cease participation in Piccadilly's long-term
disability plan, supplemental life plan and accidental death and dismemberment
plan.
5. To the extent allowed by law, the unexercised and unexpired stock
options granted to Stein in the Stock Option Agreements dated August 14, 1990
and May 18, 1992 shall remain available to him in accordance with the terms of
such Stock Option Agreements notwithstanding his resignation from employment.
6. Stein will complete his term as a member of the Piccadilly board
of directors. Stein will continue as a member of the Advisory Board. Stein
resigns from the boards of directors and any offices held with the following:
Piccadilly Restaurants, Inc.
Cajun Bayou Distributors & Management, Inc.
7. Piccadilly will promptly transfer to Stein title to the Cadillac
automobile that has been heretofore furnished by Piccadilly for Stein's use.
8. For the consideration described above, Stein releases, acquits
and discharges Piccadilly, its directors, officers, employees, agents and
insurers, and all other persons, firms and corporations, of and from any and
all claims he may have against them arising out of his employment by
Piccadilly and the termination of that employment, including any claims
arising under contract or under federal or state law or regulation. This
waiver and release includes, among other things, any rights or claims Stein
may have that arose prior to the date this Agreement was executed for age
discrimination under the federal Age Discrimination in Employment Act, 29
U.S.C. Section 621 et seq., the Louisiana Age Discrimination in Employment
Act, , La R.S. 23:971 et seq., and is given by Stein in exchange for the
agreements of Piccadilly set forth in this Agreement.
9. Stein will cooperate with Piccadilly in effecting an orderly
transition, and will assist Piccadilly for a reasonable period of time and
without additional compensation in connection with matters related to the
period in which he served as an officer of the corporation and in which his
knowledge is useful to the corporation.
10. Both Piccadilly and Stein will keep the terms of the Agreement
confidential, and will not disclose such terms to any person except their
accountants, attorneys, taxing authorities, or as may be required by federal
or state law or regulation.
11. Stein acknowledges that no promise, inducement or agreement not
herein expressed has been made, that this Agreement contains the entire
agreement between the parties, and that the terms of this document are
contractual and not a mere recital.
12. Stein acknowledges that Piccadilly has advised Stein to consult
with an attorney prior to executing this Agreement, and that Piccadilly has
given Stein a period of at least twenty-one (21) days within which to consider
this Agreement.
13. For a period of seven (7) days following execution of this
Agreement, Stein may revoke it. This agreement shall become effective upon
expiration of this revocation period.
Piccadilly Cafeterias, Inc.
By:\s\ Ronald A. LaBorde
Ronald A. LaBorde (Date)
Chief Executive Officer
\s\ Malcolm T. Stein, Jr.
Malcolm T. Stein, Jr. (Date)
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