Pizza Inn president and CEO Tim Taft on Wednesday said he will be paid a salary of only $1 for the first year of employment under his employment agreement.
Taft, former CEO of the burger chain Whataburger Inc., said he asked the board to put a compensation package in place that aligned his interests with Pizza Inn shareholders, employees and franchisees.
Taft's employment agreement, which began March 31, provides a base salary of $1 for the first year and a minimum base salary of $300,000 in the second year. Benefits and bonuses will be determined by the board, but the bonuses cannot be less than $200,000 in the second year if certain performance goals are met, Pizza Inn said.
The employment agreement also gives Taft options to buy 500,000 shares of the company's common stock at $2.50 a share, with the first 50,000 shares immediately exerciseable. An additional 100,000 shares is exerciseable on Taft's first year anniversary with Pizza Inn, 150,000 is exerciseable on Taft's second anniversary and the remaining 200,000 shares on the third anniversary.
The employment agreement automatically renews for additional 12-month terms unless the company or Taft decides not to extend employment.
"From the outset of my employment, I told the franchisees that my litmus test for credibility is that I will never pursue a direction that benefits me over the Pizza Inn system," Taft said in a written statement Wednesday.
Taft took the helm of the pizza company, which is based in The Colony, in April.
He replaced Ronald Parker, who was fired by the board in December because the company said he violated his employment agreement.
Taft is largely credited with the turnaround of the Corpus Christi-based Whataburger chain.
Web site: www.pizzainn.com.
Published July 27, 2005 by the Dallas Business Journal
http://biz.yahoo.com/bizj/050727/1140768.html?.v=1
Looks like this guy has some good plans up his sleeve if all he is doing is buying company shares and being paid an annual salary of $1 for the first year :eek:
Regards,
Lee
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