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Exhibit 10.20
EMPLOYMENT
AGREEMENT
THIS AGREEMENT made and entered into on October
31, 2003 between RUTH’S CHRIS STEAK HOUSE, (hereinafter
referred to as the "Employer"), and GEOFF STILES, (hereinafter
referred to as the "Employee").
The parties hereto agree upon the following terms
of employment of Employee by Employer.
1. Term. The term of this
Employment Agreement shall begin on November 3, 2003, and continue
for a term of three years, up to and including, November 3, 2006.
Amendments to this Agreement may be made at any time upon mutual
written consent of the Employer and the Employee.
2. Duties. Employee shall be
employed in the position of Executive Vice-President. The Employee
will advance the best interests of the Employer at all times during
the term of employment and shall at all such times faithfully,
industriously and to the best of his ability, perform all duties as
may be required of him by virtue of his title and position and in
accordance with the job description for his title and position as
established by the Employer’s Board of Directors and/or its
Designee from time to time. The Employee shall comply with any and
all written personnel policies and employment manuals of the
Employer in the conduct of his duties.
3. Extent of Service. Employee
shall devote his full time and best efforts to the performance of
his duties. Employee shall not engage in any business or perform
any services in any capacity that would, in the judgment of the
Employer, interfere with the full and proper performance by
Employee of his duties.
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4. Compensation .
a. Salary. For all duties to be performed
by Employee in any capacity hereunder, Employee shall receive an
initial annual salary of $250,000. Employee may be subject to
annual reviews, salary adjustments and incentive plans as
determined in the sole discretion of the Board of Directors and/or
its Designee.
5. Benefits
a. Vacation/Leave - Employee shall be
entitled to three (3) weeks of paid vacation per calendar year,
with normal sick and holiday leave as defined by Employer’s
policies.
b. Benefit Plan - Employee shall be
eligible to participate in the Health and Welfare Plans provided by
Employer.
c. Retirement Benefits - Employee will be
eligible for all applicable retirement benefits offered by
Employer.
f. Where applicable, Employee should refer to the
Summary Plan Description for a complete and detailed explanation of
the benefits described in this paragraph. Employee understands that
the Summary Plan Description is the controlling document as to the
nature of, and entitlement to, these benefits.
h. Reimbursement of Expenses - Employer
agrees to reimburse Employee for any and all reasonable and
appropriate Employer-related expenses (as determined by Employer)
paid by Employee in furtherance of his duties under this Employment
Agreement, including, but not limited to, travel expenses,
entertainment expenses and automobile expenses, upon submission of
proper accounting records for such expenses. Employer agrees to
reimburse Employee for in-transition living expenses and moving
expenses, including any penalties incurred in voiding
Employee’s lease in San Antonio (up to a maximum of $1,800),
moving costs from San Antonio to New Orleans (up to a maximum of
$1,000), costs for temporary housing through March 31, 2004 (up to
a maximum of $7,000), expenses for moving household goods from
Phoenix to New
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Orleans (up to a maximum of $20,000), and closing
costs on Employee’s new home in the New Orleans area (up to a
maximum of $10,000).
6. Disability or Incapacity of
Employee.
If, for a period of ninety (90) consecutive days
during the term of this Employment Agreement, Employee is disabled
or incapacitated for mental, physical or other cause to the extent
that he is unable to perform his duties as herein contemplated
during said ninety (90) consecutive days, Employer shall
immediately thereafter have the right to terminate this Employment
Agreement upon providing ten (10) days written notice to Employee
and shall be obligated to pay Employee compensation due him under
Paragraph 4 of this Employment Agreement, up to the effective date
of said termination. The right of termination in this section in no
way affects o
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