EXHIBIT 10.29 EMPLOYMENT AGREEMENT BETWEEN TURBOCHEF, INC AND MARION H. ANTONINI. [LETTERHEAD OF TURBOCHEF APPEARS HERE] March 5, 1998 Mr. Marion H. Antonini 79 Ferris Hill Road New Canaan, CT 06840 Dear Marion: On behalf of the Board of Directors of TurboChef, Inc., I am pleased to confirm our agreement that you will join TurboChef, Inc. as Chairman of the Board and Acting Chief Executive Officer, effective March 5, 1998. As we discussed, we expect you will be active on behalf of the Company during the next few months. However, after a new CEO is hired, your role will be cast in the model of non-executive Chairman representing 30-40 days per year. Specifically, The Board of Directors would expect you to provide leadership and expertise in positioning TurboChef to become a dominant factor in cooking technologies. To this end, you will take a lead role in working with the Board to hire a Chief Executive Officer. - Hire a Chief Executive Officer - Establish a research and development, joint venture and licensing agreements with major companies around the world - Focus the Company's resources on high priority projects - Develop an effective organization (which may require additional hiring and organization changes) - Create an effective model for selling TurboChef technologies - Promote TurboChef to the financial community Marion H. Antonini March 5, 1998 Page 2 Your compensation for this activity will be structured as follows: * Term: Two years * Annual Salary: $300,000 * Benefits: Company medical plan * Stock Options: Options to purchase 200,000 shares at a price equal to the market value per share on March 5, 1998. 1) 66,667 shares will vest when the Company signs an employment agreement with a new Chief Executive Officer 2) 66,667 will vest on March 5, 1999 3) 66,666 will vest on March 5, 2000 4) Additional grants may be made in the sole discretion of the Board of Directors 5) You will simultaneously execute TurboChef's standard non-disclosure non-compete agreement. On behalf of the TurboChef Board of Directors, I am excited at the prospect of you joining the Company. To accept our proposal, please sign a copy of this letter and return it to me. I look forward to building TurboChef together. Sincerely, /s/ JEFFREY B. BOGATIN Jeffrey B. Bogatin Signed: /s/ MARION H. ANTONINI --------------------------------- Marion H. Antonini