Exhibit 10.1

EXECUTION COPY            

RUTH’S HOSPITALITY GROUP, INC.

FIRST AMENDMENT TO

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

This FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”) is dated as of May 8, 2013 and entered into by and among RUTH’S
HOSPITALITY GROUP, INC., a Delaware corporation (“Company”), the financial
institutions from time to time party to the Credit Agreement referred to below
(“Lenders”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for
Lenders (“Administrative Agent”), and, for purposes of Section 4 hereof, the
Guarantors (as defined in Section 4 hereof) listed on the signature pages
hereof, and is made with reference to that certain Second Amended and Restated
Credit Agreement, dated as of February 14, 2012 (the “Credit Agreement”), by and
among Company, Lenders, Wells Fargo Securities, LLC, as sole lead arranger and
sole bookrunner, and Administrative Agent. Capitalized terms used herein without
definition shall have the same meanings herein as set forth in the Credit
Agreement.

RECITALS

WHEREAS, Company and Lenders desire to amend the Credit Agreement to make
certain amendments as set forth below;

NOW, THEREFORE, in consideration of the premises and the agreements, provisions
and covenants herein contained, the parties hereto agree as follows:

SECTION 1. AMENDMENTS TO THE CREDIT AGREEMENT.

A. Amendment to Section 2: Amounts and Terms of Commitments and Loans.

Subsection 2.10A of the Credit Agreement is hereby amended by deleting the
number “$25,000,000” contained therein and substituting the number “$50,000,000”
therefor.

B. Amendment to Section 7: Company’s Negative Covenants.

Subsection 7.5 of the Credit Agreement is hereby amended by deleting clause
(b) thereof and substituting the following therefor:

“(b) so long as no Event of Default shall have occurred and be continuing or
shall be caused thereby, Company may pay dividends on or repurchase shares of
its common stock in an aggregate amount for all such dividends and repurchases
during the period

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from and including December 31, 2012 to and including the Revolving Loan
Commitment Termination Date not to exceed $100,000,000; provided that Company
may request that this amount be increased by an amount to be agreed upon by
Company and Requisite Lenders so long as Company is then in compliance with
subsection 7.6B.”

SECTION 2. CONDITIONS TO EFFECTIVENESS.

Section 1 of this Amendment shall become effective only upon the satisfaction of
all of the following conditions precedent (the date of satisfaction of such
conditions being referred to herein as the “First Amendment Effective Date”):

A. On or before the First Amendment Effective Date, Company shall, and shall
cause each Guarantor to, deliver to Lenders (or to Administrative Agent for
Lenders with sufficient originally executed copies, where appropriate, for each
Lender) the following, each, unless otherwise noted, dated the First Amendment
Effective Date:

1. Copies of all amendments to the Organizational Documents of Company executed
on or after February 14, 2012, in each case, certified by the Secretary of State
of Delaware or, if such document is of a type that may not be so certified,
certified by the secretary or similar officer of Company, together with a good
standing certificate from the Secretary of State of the State of Delaware, each
dated a recent date prior to the First Amendment Effective Date;

2. Resolutions of the Governing Body of Company approving and authorizing the
execution, delivery, and performance of this Amendment, certified as of the
First Amendment Effective Date by the secretary or similar officer of Company as
being in full force and effect without modification or amendment;

4. Signature and incumbency certificates of the officers of Company executing
this Amendment on Company’s behalf; and

5. Executed copies of this Amendment.

SECTION 3. COMPANY’S REPRESENTATIONS AND WARRANTIES.

In order to induce Lenders to enter into this Amendment and to amend the Credit
Agreement in the manner provided herein, Company represents and warrants to each
Lender that the following statements are true, correct and complete:

A. Corporate Power and Authority. Company has all requisite power and authority
to enter into this Amendment and to carry out the transactions contemplated by
the Credit Agreement as amended by this Amendment (the “Amended Agreement”).

 

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B. Authorization of Agreements. The execution and delivery of this Amendment and
the performance of the Amended Agreement have been duly authorized by all
necessary action on the part of Company.

C. No Conflict. The execution and delivery by Company of this Amendment and the
performance by Company of this Amendment and the Amended Agreement do not and
will not (i) violate any provision of any law or any governmental rule or
regulation applicable to Company or any of its Subsidiaries, the Organizational
Documents of Company or any of its Subsidiaries or any order, judgment or decree
of any court or other Governmental Agency binding on Company or any of its
Subsidiaries, (ii) conflict with, result in a breach of or constitute (with due
notice or lapse of time or both) a default under any Contractual Obligation of
Company or any of its Subsidiaries, (iii) result in or require the creation or
imposition of any Lien upon any of the properties or assets of Company or any of
its Subsidiaries (other than Liens created under any of the Loan Documents in
favor of Administrative Agent on behalf of Lenders), or (iv) require any
approval of stockholders or any approval or consent of any Person under any
Contractual Obligation of Company or any of its Subsidiaries.

D. Governmental Consents. The execution and delivery by Company of this
Amendment and the performance by Company of the Amended Agreement do not and
will not require any Governmental Authorization.

E. Binding Obligation. This Amendment has been duly executed and delivered by
Company and this Amendment and the Amended Agreement are the legally valid and
binding obligations of Company, enforceable against Company in accordance with
their respective terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws relating to or limiting creditors’
rights generally or by equitable principles relating to enforceability.

F. Incorporation of Representations and Warranties From Credit Agreement. The
representations and warranties contained in Section 5 of the Credit Agreement
are and will be true, correct and complete in all material respects on and as of
the First Amendment Effective Date to the same extent as though made on and as
of that date, except to the extent such representations and warranties
specifically relate to an earlier date, in which case they were true, correct
and complete in all material respects on and as of such earlier date; provided
that, if a representation and warranty is qualified as to materiality, the
materiality qualifier set forth above shall be disregarded with respect to such
representation and warranty for purposes of this condition.

G. Absence of Default. After giving effect to this Amendment, no event has
occurred and is continuing or will result from the consummation of the
transactions contemplated by this Amendment or the Amended Agreement that would
constitute an Event of Default or a Potential Event of Default.

 

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SECTION 4. ACKNOWLEDGEMENT AND CONSENT.

Each guarantor (or pledgor) listed on the signatures pages hereof (each, a
“Guarantor”) hereby acknowledges and agrees that the Subsidiary Guaranty and any
Collateral Document (each, a “Credit Support Document”) to which it is a party
or otherwise bound shall continue in full force and effect and that all of its
obligations thereunder shall be valid and enforceable and shall not be impaired
or limited by the execution or effectiveness of this Amendment. Each Guarantor
represents and warrants that all representations and warranties contained in
this Amendment and the Credit Support Documents to which it is a party or
otherwise bound are true, correct and complete in all material respects on and
as of the First Amendment Effective Date to the same extent as though made on
and as of that date, except to the extent such representations and warranties
specifically relate to an earlier date, in which case they were true, correct
and complete in all material respects on and as of such earlier date; provided
that, if a representation and warranty is qualified as to materiality, the
materiality qualifier set forth above shall be disregarded with respect to such
representation and warranty for purposes of this condition.

Each Guarantor acknowledges and agrees that (i) notwithstanding the conditions
to effectiveness set forth in this Amendment, such Guarantor is not required by
the terms of the Credit Agreement or any other Loan Document to consent to the
amendments to the Credit Agreement effected pursuant to this Amendment and
(ii) nothing in the Credit Agreement, this Amendment or any other Loan Document
shall be deemed to require the consent of such Guarantor to any future
amendments to the Credit Agreement.

SECTION 5. MISCELLANEOUS.

A. Reference to and Effect on the Credit Agreement and the Other Loan Documents.

(i) On and after the First Amendment Effective Date, each reference in the
Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words
of like import referring to the Credit Agreement, and each reference in the
other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” or words
of like import referring to the Credit Agreement shall mean and be a reference
to the Amended Agreement.

(ii) Except as specifically amended by this Amendment, the Credit Agreement and
the other Loan Documents shall remain in full force and effect and are hereby
ratified and confirmed.

(iii) The execution, delivery and performance of this Amendment shall not,
except as expressly provided herein, constitute a waiver of any provision of, or
operate as a waiver of any right, power or remedy of Administrative Agent or any
Lender under, the Credit Agreement or any of the other Loan Documents.

 

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B. Fees and Expenses. Company acknowledges that all costs, fees and expenses as
described in subsection 10.2 of the Credit Agreement incurred by Administrative
Agent and its counsel with respect to this Amendment and the documents and
transactions contemplated hereby shall be for the account of Company.

C. Applicable Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT
LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW
YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THAT WOULD REQUIRE
APPLICATION OF ANOTHER LAW.

D. Counterparts; Effectiveness. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed and delivered shall be deemed an original, but all such
counterparts together shall constitute but one and the same instrument;
signature pages may be detached from multiple separate counterparts and attached
to a single counterpart so that all signature pages are physically attached to
the same document. This Amendment (other than the provisions of Section 1
hereof, the effectiveness of which is governed by Section 2 hereof) shall become
effective upon the execution of a counterpart hereof by Company, Requisite
Lenders and each of the Credit Support Parties and receipt by Company and
Administrative Agent of written or telephonic notification of such execution and
authorization of delivery thereof.

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their respective officers thereunto duly authorized as
of the date first written above.

COMPANY:

 

RUTH’S HOSPITALITY GROUP, INC.

By:

 

/s/ John F. McDonald, III

Name:

 

John F. McDonald, III

Title:

 

Vice President—General Counsel

 

Signature Page to First Amendment to Second Amended and Restated Credit
Agreement

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LENDERS:

 

WELLS FARGO BANK, NATIONAL

ASSOCIATION, individually as a Lender, as

Arranger and as Administrative Agent

By:   /s/ Darcy McLaren Name:   Darcy McLaren Title:   Director

 

Signature Page to First Amendment to Second Amended and Restated Credit
Agreement

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1ST FARM CREDIT SERVICES, PCA,

as a Lender

By:   /s/ Corey J. Waldinger Name:   Corey J. Waldinger Title:   Vice President,
Capital Markets Group

 

Signature Page to First Amendment to Second Amended and Restated Credit
Agreement

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FIFTH THIRD BANK, as a Lender By:   /s/ David Beatty Name:   David Beatty Title:
  Vice President

 

Signature Page to First Amendment to Second Amended and Restated Credit
Agreement

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FIRST TENNESSEE BANK NATIONAL ASSOCIATION, as a Lender By:   /s/ Jamie M.
Swisher Name:   Jamie M. Swisher Title:   Vice President

 

Signature Page to First Amendment to Second Amended and Restated Credit
Agreement

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JPMORGAN CHASE BANK, N.A., as a Lender By:   /s/ Lynn Richard Name:   Lynn
Richard Title:   Senior Vice President

 

Signature Page to First Amendment to Second Amended and Restated Credit
Agreement

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SUNTRUST BANK, as a Lender By:   /s/ Eric Sebille Name:   Eric Sebille Title:  
Vice President

 

Signature Page to First Amendment to Second Amended and Restated Credit
Agreement

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TD BANK N.A., as a Lender By:     Name:     Title:    

 

Signature Page to First Amendment to Second Amended and Restated Credit
Agreement

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ACKNOWLEDGED AND AGREED:  

R.F. LLC (for purposes of Section 4 only),

as a Credit Support Party

 

BY: RUTH’S HOSPITALITY GROUP, INC.,

    as Sole Member and Manager

  By:   /s/ John F. McDonald, III   Name:   John F. McDonald, III   Title:  
Vice President—General Counsel  

RCSH HOLDINGS, INC. (for purposes of Section 4 only),

    as a Credit Support Party

  By:   /s/ John F. McDonald, III   Name:   John F. McDonald, III   Title:  
Vice President—Secretary  

RCSH MANAGEMENT, INC. (for purposes of Section 4 only),

    as a Credit Support Party

  By:   /s/ John F. McDonald, III   Name:   John F. McDonald, III   Title:  
Vice President—Secretary  

RCSH OPERATIONS, INC. (for purposes of Section 4 only),

    as a Credit Support Party

  By:   /s/ John F. McDonald, III   Name:   John F. McDonald, III   Title:  
Vice President—Secretary

 

Signature Page to First Amendment to Second Amended and Restated Credit
Agreement

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RCSH OPERATIONS, LLC (for purposes of Section 4 only),

    as a Credit Support Party

By: RUTH’S HOSPITALITY GROUP, INC.,

    as Sole Member and Manager

By:   /s/ John F. McDonald, III Name:   John F. McDonald, III Title:   Vice
President—General Counsel

RUTH’S CHRIS STEAK HOUSE BOSTON, LLC

    (for purposes of Section 4 only), as a Credit Support Party

By: RUTH’S HOSPITALITY GROUP, INC.,

    as Sole Member and Manager

By:   /s/ John F. McDonald, III Name:   John F. McDonald, III Title:   Vice
President—General Counsel

RUTH’S CHRIS STEAK HOUSE DALLAS, L.P.

    (for purposes of Section 4 only), as a Credit Support Party

By: RUTH’S HOSPITALITY GROUP, INC.,

    as General Partner

By:   /s/ John F. McDonald, III Name:   John F. McDonald, III Title:   Vice
President—General Counsel

 

Signature Page to First Amendment to Second Amended and Restated Credit
Agreement

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RUTH’S CHRIS STEAK HOUSE TEXAS, L.P.

    (for purposes of Section 4 only), as a Credit Support Party

By: RUTH’S HOSPITALITY GROUP, INC.,

    as General Partner

By:   /s/ John F. McDonald, III Name:   John F. McDonald, III Title:   Vice
President—General Counsel

RUTH’S CHRIS STEAK HOUSE FRANCHISE, LLC

    (for purposes of Section 4 only), as a Credit Support Party

By: RUTH’S HOSPITALITY GROUP, INC.,

    as Sole Member and Manager

By:   /s/ John F. McDonald, III Name:   John F. McDonald, III Title:   Vice
President—General Counsel

RHG FISH MARKET, INC. (for purposes of

    Section 4 only), as a Credit Support Party

By:   /s/ John F. McDonald, III Name:   John F. McDonald, III

Title:

  Vice President—General Counsel

RHG KINGFISH, LLC (for purposes of

    Section 4 only), as a Credit Support Party

By: RUTH’S HOSPITALITY GROUP, INC.,

    as Sole Member

By:   /s/ John F. McDonald, III Name:   John F. McDonald, III Title:   Vice
President—General Counsel

 

Signature Page to First Amendment to Second Amended and Restated Credit
Agreement

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RCSH MILLWORK, LLC (for purposes of

    Section 4 only), as a Credit Support Party

By: RCSH OPERATIONS, LLC,

    as Sole Member and Manager

By: RUTH’S HOSPITALITY GROUP, INC.,

    as Sole Member and Manager

By:   /s/ John F. McDonald, III Name:   John F. McDonald, III Title:   Vice
President—General Counsel

MFM WINTER PARK, LLC (for purposes of

    Section 4 only), as a Credit Support Party

By: RHG KING FISH, LLC, as Sole Member

By: RUTH’S HOSPITALITY GROUP, INC.,

    as Sole Member and Manager

By:   /s/ John F. McDonald, III Name:   John F. McDonald, III Title:   Vice
President—General Counsel

 

Signature Page to First Amendment to Second Amended and Restated Credit
Agreement