LOUISVILLE, Ky. — A year-and-a-half-long dispute between Pizza Inn and former vice president Keith Clark has ended in a settlement between the two parties.
According to a Nov. 8 filing with the Securities and Exchange Commission, Pizza Inn will pay Clark $150,000, and both parties will dismiss with prejudice all claims against the other. Additionally, each party is responsible for all expenses related to the arbitration.
Clark resigned in June 2004 after claiming new appointments to Pizza Inn's board of directors earlier that year represented a change of control at the 400-unit chain. (Read also Battle for the Board at Pizza Inn.) Clark's labor agreement stipulated a parachute payout of $760,000 should a change of control occur. (Read also Greed between the lines.)
Pizza Inn's outside counsel ruled that there wasn't a change of control, and the company refused payment to Clark.