Severance Agreement - BUCA Inc. and Greg Gadel
BUCA, Inc.
BUCA LITTLE ITALY
BEPPO LITTLE ITALY
4/1/97
Mr. Greg Gadel
14122 Westridge Drive
Eden Prairie, MN 55347
Dear Greg:
The purpose of this letter is to memorialize the mutual understanding
between BUCA, INC. and you regarding your entitlement to severance pay in the
event that your employment is terminated in connection with a change in control
of the Company. We have agreed that if your employment with BUCA, INC. is
terminated as a result of a change in control of BUCA or following the change in
control you terminate employment with BUCA because your duties are
"substantially reduced or negatively altered," you will be entitled to a
severance payment equal to one year's base compensation in effect at the time of
your termination of employment. The severance pay will be payable at the same
time or in the same manner as your base salary. The company may prepay all or
part of the severance pay at any time. For purposes of this letter agreement,
the phrases "change in control" and "substantially reduced or negatively
altered" shall have the meanings ascribed to them in your Non-Qualified Stock
Option Agreement.
This letter expresses our complete agreement with regard to severance
pay to be made to you and supersedes any previous discussions or writings on
this subject between us. No severance pay will be paid if your employment is
terminated for any other reason unless otherwise agreed in writing at the time
of your termination. If the foregoing reflects your understanding of our
agreement, please acknowledge below.
Sincerely,
BUCA, INC.
/s/ Joseph P. Micatrotto
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Joseph P. Micatrotto
The foregoing is accepted and agreed on this 8 day of April, 1997.
/s/ Greg A. Gadel
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Greg A. Gadel