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Title: |
Employment Agreement |
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Entities: |
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Date: |
2001 |
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Size: |
Preview shows 4KB of 43KB total |
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Price: |
$40 |
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ID: |
#819580 |
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EMPLOYMENT AGREEMENT
THIS AGREEMENT (this "Agreement"), dated October 30, 2000, is made by
QUALITY DINING, INC., an Indiana corporation, having its principal place of
business at 4220 Edison Lakes Parkway, Mishawaka, Indiana (the "Company"), and
DANIEL B. FITZPATRICK, (the "Executive").
Recitals
1. The Executive is currently employed as the Chairman of the
Board, President and Chief Executive Officer of the Company and the Company
desires to assure the continued service of Executive.
2. The Executive is willing to continue such employment by the
Company on the terms set forth herein.
Agreement
NOW, THEREFORE, in consideration of the mutual covenants and premises
herein contained, the Company and the Executive hereby agree as follows:
1. Certain Definitions.
(a) "Effective Date" shall mean the date of this
Agreement.
(b) "Change of Control Date" shall mean the first date
during the Employment Period (as defined in Section 1 (c) on which a Change of
Control (as defined in Section 2) occurs. Anything in this Agreement to the
contrary notwithstanding, if a Change of Control occurs and if the Executive's
employment with the Company is terminated or the Executive ceases to be an
officer of the Company prior to the date on which the Change of Control occurs,
and if it is reasonably demonstrated by the Executive that such termination of
employment or cessation of status as an officer (i) as at the request of a third
party who has taken steps reasonably calculated to effect the Change of Control,
or (ii) otherwise arose in connection with or anticipation of the Change in
Control, then for all purposes of this Agreement the "Change of Control Date"
shall mean the date immediately prior to the date of any such termination of
employment or cessation of officer status.
(c) "Employment Period" shall mean the period commencing
on the Effective Date and, unless earlier terminated under Section 5 hereof or
extended as hereinafter provided, ending on the 30th day of October, 2003.
Commencing on October 31, 2001, and on each anniversary of such date (each such
anniversary shall be hereinafter referred to as the "Renewal Date"), the
Employment Period shall be automatically extended so as to terminate on the
third anniversary of such Renewal Date.
(d) "Board" shall mean the Board of Directors of the
Company.
2. Change of Control. For the purpose of this Agreement, "Change
of Control" shall mean:
{PAGE} 2
(a) The acquisition by any individual, entity or group
(within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange
Act of 1934, as amended (the "Exchange Act") (a "Person") of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act
as in effect from time to time) of 20% or more of either (i) the then
outstanding shares of common stock of the Company or (ii) the combined voting
power of the then outstanding voting securities of the Company entitled to vote
generally in the election of directors; provided, however, that the following
acquisitions shall not constitute an acquisition of control: (A) any acquisition
directly from the Company (excluding an acquisition by virtue of the exercise of
a conversion privilege), (B) any acquisition by the Company, (C) any acquisition
by any employee benefit plan (or related trust) sponsored or maintained by the
Company or any corporation controlled by the Company, (D) any acquisition by any
corporation pursuant to a reorganization, merger or consolidation, if, following
such reorganization, merger or consolidation, the conditions described in
clauses (i), (ii) and (iii) of subsection (c) of this Section 2 are satisfied,
or (5) any acquisition by any Person (or by such Person's estate or heirs upon
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