September 29, 2006
Pizza Inn Pays Exec $2.8 Million To Stay Out
Restaurant chain Pizza Inn has agreed to settle a long-standing legal dispute with its former president and chief executive for $2.8 million. After Mr. Ronnie Parker was terminated in 2004, the company sought $9.4 million in an arbitration, and Mr. Parker counterclaimed for $5.4 million under the terms of his employment agreement. The company claimed that the reconstitution of its board in 2004 did not constitute a "change of control," which would have triggered substantial payouts under the agreement. The settlement resolves all pending litigation among the parties.
Posted by franchiselawblog at September 29, 2006 05:19 PM