UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
JUNE 24, 2004
PIZZA INN, INC.
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(Exact name of Registrant as specified in its charter)
MISSOURI 0-12919 47-0654575
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(State or other jurisdiction of Commission (I.R.S. Employer
incorporation or organization) File Number Identification No.)
3551 PLANO PARKWAY
THE COLONY, TX 75056 75056
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(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code: (469) 384-5000
(Former name, former address and former fiscal year, if changed since last
report)
ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE.
See attached Exhibit 99.1
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Press Release by Pizza Inn, Inc. regarding resignation of B. Keith
Clark.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
PIZZA INN, INC.
Date: July 1, 2004 By: /s/ Ronald W. Parker
Ronald W. Parker, Chief Executive Officer
INDEX TO EXHIBITS
Item Exhibit
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99.1 Press Release by Pizza Inn, Inc. regarding resignation of B. Keith Clark.
RESIGNATION NOTICE OF PIZZA INN, INC.'S SENIOR VICE PRESIDENT -CORPORATE
DEVELOPMENT AND GENERAL COUNSEL
THE COLONY, TX - Pizza Inn, Inc. (NASDAQ: PZZI) announced today that B. Keith
Clark, the Company's Senior Vice President - Corporate Development and General
Counsel, notified the Company on the 24th of June that his earlier termination
notice should be considered notice of termination pursuant to Section 2.02 of
his Employment Agreement within twelve months after a Change of Control (as that
term is defined in his Employment Agreement). Mr. Clark also advised the
Company that his termination should be considered to be for "good reason" (as
that term is defined in his Employment Agreement) pursuant to Section 2.03.
Based on these assertions, Mr. Clark claims that the Company is obligated to pay
him a lump sum cash severance payment of two and one-half times his current
annual salary plus the highest amount of bonus and other cash compensation
received by him during any one of the immediately preceding three fiscal years.
The Company is of the opinion that no Change of Control has occurred, and that
Mr. Clark's termination of his employment is not for "good reason". As a
result, the Company does not believe it is obligated to make any severance
payment to Mr. Clark.
Pizza Inn, Inc. is headquartered in The Colony, Texas, along with its
distribution division, Norco Restaurant Distribution Services. Pizza Inn
represents over 400 restaurants with annual sales of approximately $170 million.