Published on
Exhibit 10.10
Jersey Mike’s Subs Inc. has requested confidential treatment of this registration statement and associated
correspondence pursuant to Rule 83 of the Securities and Exchange Commission.
EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT (the “Agreement”), dated April 23, 2025 is by and between Jersey Mike’s Franchise Systems, LLC (the “Company”) and Charlie Morrison (“Executive”).
RECITALS:
WHEREAS, the Company desires to employ Executive, with Executive serving as Chief Executive Officer of the Company, and to enter into this Agreement, which will embody the terms of Executive’s employment; and
WHEREAS, Executive desires to accept such employment, to commence on April 28, 2025 (the “Effective Date”).
NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, agree as follows:
1. Term of Employment. Subject to the provisions of Section 5 of this Agreement, Executive shall commence employment with the Company for a period commencing on the Effective Date, on the terms and subject to the conditions set forth in this Agreement and until terminated in accordance with Section 5 of this Agreement (the “Employment Term”). Executive acknowledges and agrees that Executive’s employment with the Company is at-will (it being understood that Executive is eligible for severance benefits in the event of Executive’s employment is terminated under Section 5(c)(i) or Section 5(d) hereof, subject to the terms and conditions set forth in Section 5). Executive further acknowledges and agrees that nothing in this Agreement gives Executive the right to remain an employee of the Company or any member of the Company Group (as defined below).
2. Position, Duties, Authority, Principal Work Location and Policies.
Jersey Mike’s Subs Inc. has requested confidential treatment of this registration statement and associated
correspondence pursuant to Rule 83 of the Securities and Exchange Commission.
3. Compensation.
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Jersey Mike’s Subs Inc. has requested confidential treatment of this registration statement and associated
correspondence pursuant to Rule 83 of the Securities and Exchange Commission.
4. Benefits.
5. Termination.
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Jersey Mike’s Subs Inc. has requested confidential treatment of this registration statement and associated
correspondence pursuant to Rule 83 of the Securities and Exchange Commission.
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Jersey Mike’s Subs Inc. has requested confidential treatment of this registration statement and associated
correspondence pursuant to Rule 83 of the Securities and Exchange Commission.
(A) Base Salary through the date of termination;
(B) reimbursement, within 60 days following receipt by the Company of Executive’s claim for such reimbursement (including appropriate supporting documentation), for any unreimbursed business expenses properly incurred by Executive in accordance with Company policy prior to Executive’s termination; provided, that such claims for such reimbursement are submitted to the Company within 90 days following the date of Executive’s termination of employment; and
(C) such Employee Benefits (other than with respect to annual or quarterly bonuses, incentive plans and severance benefits), if any, to which Executive may be entitled, payable in accordance with the terms and conditions of plan, program and policies (the amounts described in clauses (A) through (C) hereof being referred to as the “Accrued Rights”).
Following such termination of Executive’s employment by the Company for Cause, except as set forth in this Section 5(b)(iii), Executive shall have no further rights to any compensation or any other benefits under this Agreement.
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Jersey Mike’s Subs Inc. has requested confidential treatment of this registration statement and associated
correspondence pursuant to Rule 83 of the Securities and Exchange Commission.
(A) the Accrued Rights;
(B) any Annual Bonus earned, but unpaid, in respect of any completed bonus period as of the date of termination, paid in accordance with Section 3(b) (except to the extent payment is otherwise deferred pursuant to any applicable deferred compensation arrangement with the Company, in which case such payment shall be made in accordance with the terms and conditions of such deferred compensation arrangement) (the “Prior Bonus”); and
(C) No later than two and one-half months after the end of the applicable performance period, a pro-rata portion of the Annual Bonus payable for such performance period in which such termination occurs, based on the achievement of the actual performance objectives and targets for such performance period and a fraction, the numerator of which is the number of days during such performance period up to and including the date of termination of Executive’s employment and the denominator of which is the number of days in such performance period. In the case of a Disability of the Executive, the payments provided under this paragraph (C) shall be subject to Executive’s continued compliance with Section 6, Section 7 and Section 8 hereof,
Following such termination of Executive’s employment hereunder as a result of Executive’s death or by the Company at a time when Executive has a Disability, except as set forth in this Section 5(c)(iii), Executive shall have no further rights to any compensation or any other benefits under this Agreement.
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Jersey Mike’s Subs Inc. has requested confidential treatment of this registration statement and associated
correspondence pursuant to Rule 83 of the Securities and Exchange Commission.
(A) the Accrued Rights;
(B) any Prior Bonus; and
(C) subject to Executive’s continued compliance with Section 6, Section 7 and Section 8, (i) an amount equal to twenty-four (24) months of then-current Base Salary paid in equal monthly installments in accordance with the Company’s standard payroll practices; and (ii) if Executive timely elects continuation of Executive’s medical and dental coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), Executive’s coverage and participation under the Company Group’s medical and dental benefit plans in which Executive was participating immediately prior to termination of employment pursuant to this Section 5(d)(i) (“Medical and Dental Benefits”) shall continue at the same cost to Executive as the cost for the Medical and Dental Benefits immediately prior to such termination until the earlier of (x) the 18-month anniversary of the date of termination, or (y) the date on which Executive becomes eligible for medical and/or dental coverage from Executive’s subsequent employer (it being understood that such continuation of coverage may be made by paying Executive a series of monthly payments sufficient, after payment of federal, state and local income taxes, to pay the applicable portion of the monthly COBRA premium).
Following such termination of employment without Cause by the Company or a resignation by Executive for Good Reason, except as set forth in this Section 5(d)(i), Executive shall have no further rights to any compensation or any other benefits under this Agreement.
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Jersey Mike’s Subs Inc. has requested confidential treatment of this registration statement and associated
correspondence pursuant to Rule 83 of the Securities and Exchange Commission.
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Jersey Mike’s Subs Inc. has requested confidential treatment of this registration statement and associated
correspondence pursuant to Rule 83 of the Securities and Exchange Commission.
6. Non-Competition; Non-Solicitation. Executive acknowledges and recognizes the highly competitive nature of the businesses of the Company and its subsidiaries and controlled affiliates (collectively, the “Company Group”), and further acknowledges and recognizes that Executive has received, and will receive, Confidential Information (as defined below) and other trade secrets of the Company Group, and accordingly agrees as follows:
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Jersey Mike’s Subs Inc. has requested confidential treatment of this registration statement and associated
correspondence pursuant to Rule 83 of the Securities and Exchange Commission.
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Jersey Mike’s Subs Inc. has requested confidential treatment of this registration statement and associated
correspondence pursuant to Rule 83 of the Securities and Exchange Commission.
7. Intellectual Property.
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Jersey Mike’s Subs Inc. has requested confidential treatment of this registration statement and associated
correspondence pursuant to Rule 83 of the Securities and Exchange Commission.
8. Confidential Information.
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Jersey Mike’s Subs Inc. has requested confidential treatment of this registration statement and associated
correspondence pursuant to Rule 83 of the Securities and Exchange Commission.
Confidential Information does not include information that:
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Jersey Mike’s Subs Inc. has requested confidential treatment of this registration statement and associated
correspondence pursuant to Rule 83 of the Securities and Exchange Commission.
Nothing in the Agreement is intended to interfere with or discourage a good faith disclosure to any governmental entity related to a suspected violation of the law. Pursuant to the federal Defend Trade Secrets Act, Executive cannot and will not be held criminally or civilly liable under any federal or state trade secret law for disclosing otherwise protected trade secrets and/or confidential or proprietary information as long as the disclosure is made in (i) confidence to a federal, state, or local government official, directly or indirectly, or to an attorney and solely for the purpose of reporting or investigating a suspected violation of law; or (ii) a complaint or other document filed in a lawsuit or other proceeding, as long as such filing is made under seal. The Company Group will not retaliate against the individual in any way for a disclosure made in accordance with the law. In the event a disclosure is made, and the individual files a lawsuit against the Company Group alleging that the Company Group retaliated against the individual because of Executive’s disclosure, Executive may disclose the relevant trade secret or confidential information to Executive’s attorney and may use the same in the court proceeding only if (i) Executive ensures that any court filing that includes the trade secret or confidential information at issue is made under seal; and (ii) Executive does not otherwise disclose the trade secret or confidential information except as required by court order.
9. Specific Performance. Executive acknowledges and agrees that the remedies of the Company Group at law for a breach or threatened breach of any of the provisions of Section 6 through Section 8 of this Agreement would be inadequate and the Company Group would suffer irreparable damages as a result of such breach or threatened breach. In recognition of this fact, Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, any of the Company Group, without posting any bond, shall be entitled, in addition to any other remedy available at law or equity, to cease making any payments or providing any benefit otherwise required by this Agreement and may be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available. In addition, upon any breach of Section 6 through Section 8 of this Agreement, Executive shall promptly return to the Company Group upon request all cash payments made to Executive pursuant to Section 5 (if any), less any amounts paid by Executive as taxes in respect of such payments (unless such taxes are actually recovered by Executive from the relevant governmental entity, in which case such tax amounts also shall be returned to the Company Group). Any determination under this Section 9 of whether Executive is in compliance with Section 6 through Section 8 hereof shall be determined based solely on the contractual provisions provided therein and the facts and circumstances of Executive’s actions without regard to whether the Company Group could obtain an injunction or other relief under the law of any particular jurisdiction.
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Jersey Mike’s Subs Inc. has requested confidential treatment of this registration statement and associated
correspondence pursuant to Rule 83 of the Securities and Exchange Commission.
10. Miscellaneous.
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Jersey Mike’s Subs Inc. has requested confidential treatment of this registration statement and associated
correspondence pursuant to Rule 83 of the Securities and Exchange Commission.
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Jersey Mike’s Subs Inc. has requested confidential treatment of this registration statement and associated
correspondence pursuant to Rule 83 of the Securities and Exchange Commission.
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If to the Company: |
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Jersey Mike’s Franchise Systems, Inc. |
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2251 Landmark Place |
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Manasquan, New Jersey 08736 |
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Attention: |
General Counsel |
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with a copy to (which shall not constitute notice) |
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c/o Blackstone Inc. |
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345 Park Avenue |
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New York, New York 10154 |
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Attention: |
Michael Staub |
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Devon Rinker |
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Email: |
[email address] |
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Jersey Mike’s Subs Inc. has requested confidential treatment of this registration statement and associated
correspondence pursuant to Rule 83 of the Securities and Exchange Commission.
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and |
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c/o Simpson Thacher & Bartlett LLP |
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425 Lexington Avenue |
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New York, New York 10017 |
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Attention: |
Gregory T. Grogan |
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[email address] |
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If to Executive: |
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To the most recent address of Executive set forth in the personnel records of the Company. |
[Signatures Follow]
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Jersey Mike’s Subs Inc. has requested confidential treatment of this registration statement and associated
correspondence pursuant to Rule 83 of the Securities and Exchange Commission.
IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written.
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JERSEY MIKE’S FRANCHISE SYSTEMS, LLC |
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/s/ Walter Tombs |
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By: Walter Tombs |
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Title: |
Authorized Signatory |
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Jersey Mike’s Subs Inc. has requested confidential treatment of this registration statement and associated
correspondence pursuant to Rule 83 of the Securities and Exchange Commission.
IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written.
EXECUTIVE |
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/s/ Charlie Morrison |
Charlie Morrison |