Document:

EX-10.34

 Exhibit 10.34 

 
 

 
 FAMOUS DAVE’S OF AMERICA, INC. 

STOCK OPTION AGREEMENT 
 This Stock Option Agreement (the “Agreement”) is made and entered into as of February 12, 2016, between Famous Dave’s of America, Inc., a Minnesota corporation (the
“Company”), and Alfredo Martel (“Executive”). 
 Background 

A. Effective as of the date hereof, Executive is entering into an employment agreement with the Company pursuant to which
he will continue to serve as an employee of the Company in the capacity of Chief Marketing Officer (the “Employment Agreement”); 
 B. The Company has adopted the Famous Dave’s of America, Inc. 2015 Equity Incentive Plan (the “Plan”) under which shares of common stock of the Company have been reserved for
issuance; and 
 C. As contemplated by the Employment Agreement, and in order to award Executive for his
services to the Company, Executive and the Company desire to enter into this Agreement for the granting of stock options. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows: 

1. Incorporation by Reference. The terms and conditions of the Plan, a copy of which has been delivered to
Executive, are hereby incorporated herein and made a part hereof by reference as if set forth in full. In the event of any conflict or inconsistency between the provisions of this Agreement and those of the Plan, the provisions of the Plan shall
govern and control. 
 2. Grant of Option; Purchase Price. Subject to the terms and conditions of this
Agreement and the Plan, the Company hereby grants from the Plan to Executive the right and option, hereinafter called the “Option”, to purchase all or any part of an aggregate of 35,000 shares of common stock, $0.01 par value per
share, of the Company (the “Shares”) at a purchase price per Share equal to $5.62, which price is intended to be at least 100% of the fair market value of the Company’s common stock on the grant date (determined in accordance
with the Company’s procedures for calculating such fair market value). 
 3. Exercise and Vesting of
Option. The Option shall be exercisable only to the extent that all, or any portion thereof, has vested in Executive. Except as provided in paragraph 4, the Option shall vest in Executive and become exercisable in 48 monthly installments
commencing on the one-month anniversary of the date of this Agreement and continuing on each 

 
of the subsequent 47 monthly anniversaries thereof (each a “Vesting Date”). Except as provided in paragraph 4, the Option shall vest with respect to 729 Shares on each of the
first 47 Vesting Dates and shall vest with respect to 737 Shares on the final (48th) Vesting Date. 
 4.
Termination of Relationship with the Company; Accelerated Vesting. 
 (a) In the event that Executive
shall cease to be employed by the Company (for any reason or no reason, and regardless of whether ceasing to be an employee is voluntary or involuntary on the part of Executive) prior to a Vesting Date, that part of the Option scheduled to vest on
the Vesting Date shall not vest and all of Executive’s rights to and under such non-vested portion of the Option shall terminate. 
 (b) In the event of a “Change of Control” (as defined in the Plan) during the “Employment Term” (as defined in the Employment Agreement) in which the acquiring company or
successor company opts not to assume the Employment Agreement, the vesting of the Options will accelerate such that the Options shall be fully vested and exercisable immediately prior to such Change of Control. 

5. Term of Option. Except as otherwise provided in this Agreement, the Option shall be exercisable for five
(5) years from the date of this Agreement; provided, however, that 
 (a) in the event
Executive ceases to be employed by the Company (for any reason or no reason, and regardless of whether ceasing to be an employee is voluntary or involuntary on the part of Executive), Executive or his/her legal representative shall have ninety
(90) days from the date of such termination, or, if earlier, upon the expiration date of the Option as set forth above, to exercise any part of the Option; upon the expiration of such ninety (90) day period, or, if earlier, upon the
expiration date of the Option as set forth above, the Option shall terminate and become null and void; and 

(b) that in the event of a “Corporate Transaction” (as such term is defined in the Plan), and unless
waived by the Company’s Board of Directors in its sole discretion, Executive or his/her legal representative shall be required to exercise the entire vested portion of the Option prior to the consummation of the Corporate Transaction (but
contingent upon the occurrence thereof) and, whether exercised or not exercised prior to the Corporate Transaction, immediately prior to the Corporate Transaction the Option shall terminate and become null and void. 

6. Right to Purchase and Redeem. In the event of a Corporate Transaction, the Company’s Board of Directors
may elect, in its sole discretion, to purchase and redeem the Option in exchange for making a cash payment to Executive in an amount equal to the product obtained by multiplying (x) the amount (if any) by which the per share transaction
proceeds in the Corporate Transaction exceed the per Share exercise price of the Option, by (y) the number of Shares covered by the vested portion of the Option. Any such purchase and redemption shall be effective immediately prior to the
consummation of the Corporate Transaction (but contingent upon the occurrence thereof). 

 7. Rights of Option Holder. Executive, as holder of the Option, shall
not have any of the rights of a shareholder with respect to the Shares covered by the Option except to the extent that one or more certificates for such Shares shall be delivered to him or her upon the due exercise of all or any part of the Option
(or, if applicable, Shares have been recorded as book entries in the corporate records of the Company). Nothing contained in this Agreement shall be deemed to grant Executive any right to continue to continue as a member of the Board or in the
employ of the Company for any period of time or any right to continue his or her present or any other rate of compensation, nor shall this Agreement be construed as giving Executive, Executive’s beneficiaries or any other person any equity or
interests of any kind in the assets of the Company or creating a trust of any kind or a fiduciary relationship of any kind between the Company and any such person. 

8. Transferability. The Option shall not be transferable except to the extent permitted by the Plan. 

9. Securities Law Matters. Executive acknowledges that the Shares to be received by him or her upon exercise of
the Option may have not been registered under the Securities Act of 1933 or the Blue Sky laws of any state (collectively, the “Securities Acts”). If such Shares have not been so registered, Executive acknowledges and understands
that the Company is under no obligation to register, under the Securities Acts, the Shares received by him or her or to assist him or her in complying with any exemption from such registration if he or she should at a later date wish to dispose of
the Shares. Executive acknowledges that if not then registered under the Securities Acts, the Shares shall bear a legend restricting the transferability thereof, such legend to be substantially in the following form: 

“The shares represented by this certificate have not been registered or qualified under federal or state securities
laws. The shares may not be offered for sale, sold, pledged or otherwise disposed of unless so registered or qualified, unless an exemption exists or unless such disposition is not subject to the federal or state securities laws, and the Company may
require that the availability or any exemption or the inapplicability of such securities laws be established by an opinion of counsel, which opinion of counsel shall be reasonably satisfactory to the Company.” 

10. Executive Representations. Executive hereby represents and warrants that Executive has reviewed with his or
her own tax advisors the federal, state, and local tax consequences of the transactions contemplated by this Agreement. Executive is relying solely on such advisors and not on any statements or representation of the Company or any of its agents.
Executive understands that he or she will be solely responsible for any tax liability that may result to him or her as a result of the transactions contemplated by this Agreement. The Option, if exercised, will be exercised for investment and not
with a view to the sale or distribution of the Shares to be received upon exercise thereof. 

 11. Notices. All notices and other communications provided in this
Agreement will be in writing and will be deemed to have been duly given when received by the party to whom it is directed at the following addresses: 
 If to the Company: 
 Famous Dave’s of America, Inc.

 12701 Whitewater Drive, Suite 200 

Minnetonka, MN 55343 
 Attn: Chief Financial Officer 
 If to Executive: 

To Executive’s most recent residential address known by the Company or any other address Executive may provide to the
Company in writing 
 12. General. 

(a) The Option is granted pursuant to the Plan and is governed by the terms thereof. The Company shall at all times during
the term of the Option reserve and keep available such number of Shares as will be sufficient to satisfy the requirements of this Agreement. 
 (b) This Agreement may be amended only by a written agreement executed by the Company and Executive. 
 (c) This Agreement and the Plan embody the entire agreement made between the parties hereto with respect to matters covered herein and shall not be modified except in accordance with paragraph 12(b) of
this Agreement. 
 (d) Nothing herein expressed or implied is intended or shall be construed as conferring upon
or giving to any person, firm, or corporation other than the parties hereto, any rights or benefits under or by reason of this Agreement. 
 (e) Each party hereto agrees to execute such further documents as may be necessary or desirable to effect the purposes of this Agreement. 

(f) This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of
which shall constitute one and the same agreement. 
 (g) This Agreement, in its interpretation and effect,
shall be governed by the laws of the State of Minnesota applicable to contracts executed and to be performed therein. 

Signature page follows. 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first written above. 
  

			
	 EXECUTIVE:

	
	 /s/ Alfredo Martel

	 Name:
	 	 Alfredo Martel

	
	 FAMOUS DAVE’S OF AMERICA, INC.

		
	 By:
	 	 /s/ Adam Wright

	 Name:
	 	 Adam Wright

	 Title:
	 	 CEOcoke-ex410_349.htm

Exhibit 4.10

 

This Fourth Amended and Restated Promissory Note is an amendment and restatement of, and not a prepayment or novation of, the Third Amended and Restated Promissory Note, dated as of June 16, 2010 (the “Prior Note”). Upon the execution of this Fourth Amended and Restated Promissory Note and delivery thereof to the Holder, the Prior Note shall be deemed to be replaced by this Fourth Amended and Restated Promissory Note.

FOURTH AMENDED AND RESTATED PROMISSORY NOTE

 

$100,000,000.00December 11, 2015

FOR VALUE RECEIVED, the undersigned PIEDMONT COCA-COLA BOTTLING PARTNERSHIP, a Delaware general partnership (the “Company”), hereby promises to pay to COCA-COLA BOTTLING CO. CONSOLIDATED, a Delaware corporation or its successors and assigns (“Holder”), the principal amount of One Hundred Million and 00/100 Dollars ($100,000,000.00), or the lesser amount of outstanding Loans (as defined below) made by Holder to the Company, in accordance with the terms set forth in this Fourth Amended and Restated Promissory Note (this “Note”).  

1.Revolving Credit Loans.  (a) Subject to the terms and conditions set forth in this Note, Holder agrees to make revolving credit loans (each, a “Loan” and collectively, the “Loans”) to the Company from time to time from the date of this Note through December 31, 2017 (the “Maturity Date”) as requested by Company in accordance with the terms of Section 1(b) below; provided that, the aggregate principal amount of all outstanding revolving credit loans at any time (after giving effect to any amount requested) shall not exceed $100,000,000.00.

(b)As of the date of this Note, all principal and interest outstanding under the Prior Note shall become outstanding principal and interest under this Note. So long as no Event of Default (as defined in Section 4) is continuing and subject to the limitations set forth herein, the Company may make additional requests for Loans from time to time upon notice to Holder.

(c)Subject to the terms and conditions hereof, the Company may borrow, repay and reborrow Loans hereunder until the Maturity Date. The Company may prepay this Note in whole or in part at any time, without premium or penalty. All principal and interest outstanding under any Loan hereunder will become due and payable on the Maturity Date.

2.Payments of Interest.  The Company further promises to pay interest on the unpaid principal amount of each Loan from the date of the relevant Loan until such Loan is paid in full, at a rate per annum equal to Holder’s average monthly cost of borrowing (taking into account all indebtedness of Holder and its consolidated subsidiaries), determined as of the last business day of each calendar month, plus one-half of one percent (0.5%) quarterly on the last business day of each calendar month of each year (each, a “Payment Date”), commencing with the Payment Date next succeeding the date hereof Interest on the unpaid principal balance of the Loans pursuant hereto shall continue to accrue until the principal interest thereon shall have been paid in full.

3.Manner of Payment.  All payments of principal and accrued interest on the Loans shall be made by the Company to Holder in immediately available funds and in lawful money of the 

 

United States of America at the address set forth in Section 11 or to such account as is designated by Holder in writing to the Company. 

4.Events of Default.  The following shall constitute “Events of Default” with respect to this Note:

(a)Failure of the Company to pay when due, in the manner provided herein, the principal or interest with respect to any Loan under this Note; or

(b)The Company shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts as they become due, or shall file a voluntary petition for relief under Title 11 of the United States Code (the “Bankruptcy Code”), or shall file any other petition or similar request with a court or governmental agency having competent jurisdiction for voluntary relief, looking to reorganization, arrangement, composition, readjustment, liquidation, custodianship, dissolution, winding-up or similar relief under the Bankruptcy Code or any other similar present or future statute, law or regulation, or shall file any answer admitting or not contesting the material allegations of a petition filed against it in any such proceeding, or shall in any such proceeding seek or consent to or acquiesce in the appointment of any trustee, receiver, custodian or liquidator of it or of all or any substantial part of its properties; or

(c)The filing against the Company of an involuntary petition for relief under the Bankruptcy Code or the commencement of any proceeding against the Company in a court or before a governmental agency having competent jurisdiction, looking to reorganization, arrangement, composition, readjustment, liquidation, custodianship, dissolution or similar relief under the Bankruptcy Code or any other similar present or future statute, law or regulation, and such petition or proceeding shall not have been vacated, dismissed or stayed within sixty (60) days thereafter, or if there is appointed in any such proceeding, without the consent or acquiescence of the Company, any trustee, receiver, custodian, liquidator, or other similar official for it or for all or any substantial part of its properties, and such appointment shall not have been vacated, dismissed or stayed within sixty (60) days thereafter; or

(d)The Company shall default in the due observance or performance of any covenant, condition or agreement contained herein and such default shall continue unremedied for a period of thirty (30) days.

5.Consequences of Event of Default.  Upon the occurrence of any such Event of Default and during the continuation thereof, Holder, by written notice to the Company, may terminate its commitment to make Loans pursuant to Section 1 and declare the unpaid principal balance of all Loans and accrued and unpaid interest thereon to be immediately due and payable notwithstanding the Maturity Date thereof.  Upon any such declaration of acceleration, such principal and interest shall become immediately due and payable and Holder shall have all other rights and remedies provided by applicable law.

6.Costs of Collection.  In the event that any amounts due under this Note are not paid when due, the Company shall also pay or reimburse Holder for all reasonable costs and expenses of collection, including, without limitation, reasonable attorneys’ fees.

7.Certain Acceleration Events.  Upon a Sale, Holder may, by notice to the Company, terminate its commitment to make Loans pursuant to Section 1 hereof and declare the unpaid principal balance of all Loans under this Note and accrued and unpaid interest thereon to be immediately due and 

2

 

payable, whereupon the same shall become immediately due and payable notwithstanding the Maturity Date thereof.  For purposes of this Section 7, a “Sale” means (a) a sale of all or substantially all of the assets of the Company or (b) any extraordinary corporate transaction, such as a merger, consolidation, issuance of capital stock or other business combination involving the Company pursuant to which any person or group of persons acquires at least 50% of the voting power of the Company, or in which the Company is not the surviving corporation. 

8.Governing Law.  This Note shall be governed by and construed in accordance with the laws of the State of North Carolina, other than the conflicts of law provisions thereof

9.Waiver.  The Company waives presentment for payment, demand, protest, notice of dishonor, notice of protest, diligence on bringing suit against any party hereto, and all defenses on the ground of any extension of the time of payment that may be given by Holder to it.

10.No Right of Set-Off.  As of the date hereof, the Company represents that it has no claims or offsets against Holder in breach of contract, negligence or for any other type of legal action under this Note.

11.Notices.  Any notice pursuant to this Note must be in writing and will be deemed effectively given to another party on the earliest of the date (a) three business days after such notice is sent by registered U.S. mail, return receipt requested, (b) upon receipt of confirmation if such notice is sent by facsimile, (c) one business day after delivery of such notice into the custody and control of an overnight courier service for next day delivery, (d) upon delivery of such notice in person and (e) such notice is received by that party; in each case to the appropriate address below (or to such other address as a party may designate by notice to the other party):

The Company:

Piedmont Coca-Cola Bottling Partnership 
/o Coca-Cola Bottling Co. Consolidated
Coca-Cola Corporate Center
4100 Coca-Cola Plaza (28211-3481) P.O. Box 31487
Charlotte, North Carolina 28231-1487 Attention: Chief Financial Officer
Telecopy No.: (704) 557-4451

Holder:

Coca-Cola Bottling Co. Consolidated 
Coca-Cola Corporate Center
4100 Coca-Cola Plaza (28211-3481) 
P.O. Box 31487
Charlotte, North Carolina 28231-1487
Attention: Chief Financial Officer 
Telecopy No.: (704) 557-4451

12.Severability.  Any provision of this Note that is determined by any court of competent jurisdiction to be invalid or unenforceable will not affect the validity or enforceability of any other provision hereof or the invalid or unenforceable provision in any other situation or in any other jurisdiction. Any provision of this Note held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.

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IN WITNESS WHEREOF, the Company and Holder have caused this Note to be executed by their duly authorized officer as of the day and year first above written.

		
	
 
	
“Company”

PIEDMONT COCA-COLA BOTTLING PARTNERSHIP

By:  COCA-COLA BOTTLING CO. CONSOLIDATED, its Manager

By:/s/ James E. Harris                                                    

Name:      James E. Harris                                              

Title:        Sr. VP & CFO                                               

“Holder”

COCA-COLA BOTTLING CO. CONSOLIDATED

By:/s/ Clifford M. Deal, III                                            

Name:    Clifford M. Deal, III                                        

Title:      VP & Treasurer

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