Exhibit 10.1
NONCOMPETE
AGREEMENT
This Agreement is entered into this
26 th day of April, 2005 by and between
Thomas W. Kitchin (“Executive”) and Jameson Inns, Inc.
(“Company”).
WHEREAS, Executive is employed by
the Company as Company’s Chief Executive Officer and serves
as Chairman of the Board of Directors of the Company;
and
WHEREAS, pursuant to the terms and
conditions of that certain Stipulation of Settlement entered into
in connection with the settlement of the lawsuit captioned
“Tammy Newman v. Thomas W. Kitchin, et al.,” filed in
Superior Court, DeKalb County, Georgia, Executive agreed to enter
into a non-competition agreement with the Company; and
WHEREAS, the independent directors
of the Company believe it is in the best interests of the Company
to enter into this Agreement;
NOW, THEREFORE, the parties hereto
agree as follows:
(a) During the term of
Executive’s employment with Company (the “Employment
Period”), Executive shall not (except on behalf of or with
the prior written consent of Company) within the “Area”
(as defined below) either directly or indirectly, on
Executive’s own behalf or in the service of or on behalf of
others, engage in, or provide services as a chief executive officer
or other senior management function, whether as an employee,
outside advisor or independent consultant
