EX-10.1 RESTRICTED STOCK GRANT CERTIFICATE



 




Exhibt 10.1



AFC ENTERPRISES, INC.

2006 INCENTIVE STOCK PLAN

RESTRICTED STOCK GRANT CERTIFICATE




GRANT




     This Certificate evidences the grant by AFC Enterprises, Inc. (the “Company”), in accordance
with the AFC Enterprises, Inc. 2006 Incentive Stock Plan (the “Plan”), to Cheryl A. Bachelder
(“Employee”) of 30,000 shares of $.01 par value common stock of the Company (the “Stock”) subject
to all of the terms and conditions set forth in the Plan and in this Certificate (the “Grant”).
This Grant is made effective November 1, 2007 (the “Grant Date”).



	 	 	 	 	 
	 	AFC ENTERPRISES, INC.

 	 
	 	By:  	/s/ Frank J. Belatti
 	 
	 	Title:	      Chairman 	 
	 	 	 	 
	 



TERMS AND CONDITIONS





     § 1 Plan. This Grant is subject to all of the terms and conditions set forth in this
Certificate and in the Plan (including, without limitation, the provisions of § 13 and § 14 of the
Plan that (a) provide for adjustment upon a change in capitalization (including stock splits) of
the Company or upon certain corporate transactions and (b) address a sale, merger or change in
control of the Company). All capitalized terms not otherwise defined in this Certificate shall
have the respective meaning of such terms as defined in the Plan. If a determination is made that
any term or condition set forth in this Certificate is inconsistent with the Plan, the Plan shall
control. A copy of the Plan will be made available to Employee at the Company’s principal
executive offices upon written request to the Secretary of the Company.



     § 2 Vesting.




     (a) General Rule. Employee’s interest in all of the shares of Stock subject to
this Grant shall become fully vested and non-forfeitable if Employee remains an
employee of the Company from the Grant Date through the first anniversary of the
Grant Date and, subject to § 2(b), Employee shall forfeit her interest in all of the
shares of Stock subject to this Grant if she fails to remain an Employee of the
Company through the first anniversary of the Grant Date.




     (b) Special Rules. This Grant has been made as provided in Section
5(a) of the Employment Agreement between Employee and the Company which was signed
on October 9, 2007, and any acceleration in



 









 







      the time for this Grant to become fully vested and non-forfeitable shall be
determined under the terms of such Employment Agreement.



     § 3 Stockholder Rights. Employee before her interest in the shares of Stock either
vests and becomes non-forfeitable or is forfeited will have (a) the right to receive any ordinary
cash dividends paid with respect to the shares of Stock subject to this Grant as soon as
practicable after the date such ordinary cash dividend is paid with respect to all other shares of
Stock, but in no event later than 21/2 months after the calendar year in which the ordinary cash
dividend is paid and (b) the right to vote such shares. If Employee forfeits any shares of Stock
under § 2, Employee will at the same time forfeit her right to vote such shares of Stock and to
receive future cash dividends paid with respect to such shares of Stock.



     Any dividends or other distributions of property made with respect to shares of Stock (other
than ordinary cash dividends) that remain subject to forfeiture under § 2 will be held by the
Company, and Employee’s rights to receive such dividends or other distributions property will vest
and become non-forfeitable under § 2 at the same time as the shares of Stock with respect to which
the dividends or other property are attributable.



     Except for the right to receive ordinary cash dividends and vote the share of Stock as
described in this § 3, Employee will have no rights as a stockholder with respect to any shares of
Stock subject to this Grant until her interest in such shares become vested and non-forfeitable
under § 2.



     § 4 Stock Issuance. The Company will cause issuance in book entry shares of Stock in
the name of Employee upon Employee’s execution of the irrevocable stock power in favor of the
Company which is attached to this Certificate as Exhibit A. Such shares and any
distributions made with respect to such shares (other than ordinary cash dividends) shall be held
on behalf of the Company by its transfer agent until such time as Employee’s interest in such
shares of Stock has become vested and non-forfeitable or has been forfeited. If Employee’s
interest in the shares of Stock subject to this Grant become vested and non-forfeitable on any
date, the Company will transfer to Employee or Employee’s delegate such shares of Stock (together
with any dividends or other distributions made with respect to the shares that have been held by
the Company) promptly thereafter and, in any event, no later than 75 days after such date.



     § 5 Nontransferable. Except as expressly authorized by the Committee, no rights
granted under this Certificate shall be transferable by Employee. Any attempt to sell, pledge,
assign, hypothecate, transfer or otherwise dispose of this Grant in contravention of this
Certificate and the Plan shall be null and void and shall have no effect. The person or persons,
if any, to whom this Grant is transferred through a Committee authorization shall be treated the
same as Employee’s under this Certificate.



     § 6 No Right to Continue Service. Neither the Plan nor this Certificate shall give
Employee the right to continue in employment by the Company or any Subsidiary



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or shall adversely affect the right of the Company or any Subsidiary to terminate Employee’s
employment with or without cause at any time.



     § 7 Securities Registration. As a condition to the delivery of the certificate for
the shares of Stock subject to this Grant, Employee shall, if so requested by the Company, hold
such shares of Stock for investment and not with a view of resale or distribution to the public
and, if so requested by the Company, shall deliver to the Company a written statement satisfactory
to the Company to that effect. Federal and state securities laws may require the placement of
certain restrictive legends upon the certificate(s) evidencing the Stock issued upon exercise of
this Grant.



     § 8 Other Agreement. If so requested by the Committee, Employee shall (as a condition
to the transfer of the Stock) enter into such additional shareholder, buy-sell or other agreement
or agreements prepared by the Company as the Company deems appropriate, which may restrict the
transfer of the shares of Stock and provide for the repurchase of such Stock by the Company under
certain circumstances. The certificate(s) evidencing the Stock may include one or more legends
that reference or describe the conditions upon transfer referenced in this § 8.



     § 9 Withholding. The Company shall have the right to satisfy the minimum statutory
federal and state tax withholding requirements arising out of this Grant by withholding shares of
Stock that otherwise would be transferred to Employee. In addition, the Company or any Parent,
Subsidiary or Affiliate shall have the right to take such other action, if any, as the Company or
any Parent, Subsidiary or Affiliate deems necessary or appropriate to satisfy the minimum statutory
federal and state tax withholding requirements arising out of this Grant including (but not limited
to) requiring Employee to make a cash payment to the Company or any Parent, Subsidiary or Affiliate
to satisfy the minimum statutory withholding requirements.



     § 10 Governing Law. The Plan and this Grant shall be governed by the laws of the
State of Georgia.



     § 11 Binding Effect. This Grant shall be binding upon the Company and Employee and
their respective heirs, executors, administrators and successors.



     § 12 Headings and Sections. The headings contained in this Certificate are for
reference purposes only and shall not affect in any way the meaning or interpretation of this
Grant. Any references to sections in this Certificate shall be to sections (§) of this Certificate
unless otherwise expressly stated as part of such reference.



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EXHIBIT A




IRREVOCABLE STOCK POWER




     For value received, as a condition to the issuance to the undersigned of the 30,000 shares of
restricted common stock (the “Restricted Stock”) of AFC ENTERPRISES, INC. (the “Company”) subject
to that certain Restricted Stock Grant Certificate dated as of November 1, 2007 (the
“Certificate”), the undersigned hereby assigns and transfers to the Company, effective upon the
occurrence of any forfeiture event described in the Certificate, any then-unvested shares of
Restricted Stock for purposes of effecting any forfeiture called for under § 2 of the Certificate,
and does hereby irrevocably give the Company the power (without any further action on the part of
the undersigned) to transfer such shares of stock on the books of the Company to effect any such
forfeiture. This irrevocable stock power shall expire automatically with respect to the shares of
Restricted Stock subject to such Restricted Stock grant on the date such shares of Restricted Stock
are no longer subject to forfeiture under § 2 of the Certificate or, if earlier, immediately after
such a forfeiture has been effected with respect to such shares of Restricted Stock.



	 	 	 	 	 	 	 
	 

	 	Signed by:
	 	/s/ Cheryl A. Bachelder	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	November 1, 2007	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Date	 	 







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