Document:

revg-ex106_11.htm

 

exhibit 10.6

 

FOURTH AMENDMENT

TO

TERM LOAN AND GUARANTY AGREEMENT

This Fourth Amendment to Term Loan and Guaranty Agreement (this “Amendment”) is entered into as of January 31, 2020, by and among REV GROUP, INC., a Delaware corporation (the “Borrower”), certain Subsidiaries of the Borrower, as Guarantor Subsidiaries, the Lenders (as defined in Section 1.1 of the Term Loan Agreement (as defined below)) party hereto, ALLY BANK (“Ally”), as Administrative Agent (together with its permitted successors and assigns in such capacity, the “Administrative Agent”) and as Collateral Agent (together with its permitted successors and assigns in such capacity, the “Collateral Agent”).

BACKGROUND

The Borrower, the Guarantor Subsidiaries, the Administrative Agent, the Collateral Agent and the Lenders are parties to a Term Loan and Guaranty Agreement, dated as of April 25, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Term Loan Agreement”) pursuant to which the Lenders provided the Borrower with certain financial accommodations.

The Borrower has requested that the Lenders amend the Term Loan Agreement, all on the terms hereafter set forth, and Lenders are willing to do so on the terms and conditions hereafter set forth.

NOW, THEREFORE, in consideration of any loan or advance or grant of credit heretofore or hereafter made to or for the account of the Borrower under the Term Loan Agreement, and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the parties hereto hereby agree as follows:

1.Definitions. All capitalized terms not otherwise defined herein shall have the respective meanings given to them in the Term Loan Agreement. 

2.Amendments.  

(a)Section 1.1 of the Term Loan Agreement is hereby amended by inserting the following defined term in appropriate alphabetical order:

“Fourth Amendment Effective Date” means January 31, 2020.

(b)Section 6.1(j) of the Term Loan Agreement is hereby amended to read in its entirety as set forth below:

 

“(j) the ABL Loans in an aggregate principal amount not to exceed $550,000,000 plus 110% of the aggregate principal amount of any incremental facility made available under Section 2.23 of the ABL Credit Agreement (as in effect on the Fourth Amendment Effective Date and after giving effect to the amendment to the ABL Credit Agreement entered into on such date) after the Fourth Amendment Effective date (but excluding the incremental facility being made available under Section 2.23 of the ABL Credit Agreement on or about the Fourth Amendment Effective Date), and any Permitted Refinancing thereof;”.

(c)The table appearing in Section 6.8 of the Term Loan Agreement is hereby amended to read in its entirety as set forth below:

	
Four-Fiscal Quarter Period Ending on or about
	
Secured Leverage Ratio

	
January 31, 2020
	
5.00 to 1.00

	
April 30, 2020
	
5.00 to 1.00

	
July 31, 2020
	
5.00 to 1.00

	
October 31, 2020
	
4.75 to 1.00

	
January 31, 2021
	
4.50 to 1.00

	
April 30, 2021 
	
4.25 to 1.00

	
July 31, 2021 
	
4.00 to 1.00

	
October 31, 2021 and the last day of each Fiscal Quarter ending thereafter
	
3.75 to 1.00

 

3.Consent.  The Requisite Lenders consent to a Restricted Subsidiary of the Borrower consummating the Acquisition previously identified to the Administrative Agent and Lenders as “Project Eagle” (the “Project Eagle Acquisition”) and treating such acquisition as a “Permitted Acquisition” under the Term Loan Agreement notwithstanding that the Borrower and its Restricted Subsidiaries will not be in compliance with the Secured Leverage Condition set forth in sub-clause (vii) of the definition of “Permitted Acquisition”, so long as the Project Eagle Acquisition satisfies all of the other requirements of the definition of “Permitted Acquisition”.

4.Conditions of Effectiveness. This Amendment shall become effective (the “Fourth Amendment Effective Date”) upon the Administrative Agent’s receipt of a copy of this Amendment, executed by the Borrower, the Guarantor Subsidiaries, the Agents and the Requisite Lenders.

5.Amendment Fee. 

The Borrower hereby covenants and agrees that, so long as the Fourth Amendment Effective Date occurs, it shall pay to each Lender which executes and delivers to the Administrative Agent (or its designee) a counterpart hereof by the later to occur of (x) the close of business on the Fourth Amendment Effective Date or (y) 3:00 p.m. (New York time) on January 31, 2020 (such later date, the “Outside Date”), a non-refundable cash fee in an amount equal to 25 basis points (0.25%) of the outstanding principal amount of Term Loans of such Lender, in each case as same is in effect on the Fourth Amendment Effective Date, which fees 

2

 

 

shall be paid by the Borrower to the Administrative Agent for distribution to the applicable Lenders not later than the first Business Day following the Outside Date.

6.Representations and Warranties.  The Borrower and each Guarantor Subsidiary represents and warrants as follows:

(a)This Amendment has been duly authorized, executed and delivered by the Borrower and each Guarantor Subsidiary. This Amendment and the Term Loan Agreement, as amended hereby, constitute legal, valid and binding obligations of the Borrower and each Guarantor Subsidiary and are enforceable against the Borrower and each Guarantor Subsidiary in accordance with their respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or general principles of equity.

(b)Upon the effectiveness of this Amendment, the Borrower and each Guarantor Subsidiary hereby reaffirms all covenants made in the Term Loan Agreement as amended hereby and agrees that, after giving effect to this Amendment, all representations and warranties (except for those representations and warranties specifically made as of a prior date) shall be true and correct in all material respects (or in all respects with respect to any representation or warranty which by its terms is limited as to materiality, in each case, after giving effect to such qualification) on and as of the date hereof.

(c)Both immediately before and after giving effect to this Amendment, no Event of Default or Default has occurred and is continuing.

7.Effect on the Term Loan Agreement.

(a)Upon the effectiveness of this Amendment, each reference in the Term Loan Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the Term Loan Agreement as amended hereby.  This Amendment shall be a Credit Document for all purposes under the Term Loan Agreement.

(b)Except as specifically amended herein, the Term Loan Agreement, the Pledge and Security Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith as in effect immediately prior to the effectiveness of this Amendment, shall remain in full force and effect, and are hereby ratified and confirmed.

(c)Except as specifically set forth herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Agents or Lenders, nor constitute a waiver of any provision of the Term Loan Agreement, or any other documents, instruments or agreements executed and/or delivered under or in connection therewith.

8.Governing Law. This Amendment and the rights and obligations of the parties hereunder shall be governed by, and construed in accordance with, the laws of the State of New York.

3

 

 

9.Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

10.Counterparts; Facsimile. This Amendment may be executed by the parties hereto in one or more counterparts, each of which shall be deemed an original and all of which when taken together shall constitute one and the same agreement. Any signature delivered by a party by facsimile or electronic transmission shall be deemed to be an original signature hereto.

11.Severability.  In case of one or more of the provisions contained in this Amendment shall be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby.

[Remainder of page left intentionally blank. Signature pages follow.]

4

 

 

IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first written above.

REV GROUP, INC., as Borrower

 

 

By:_/s/ Dean J. Nolden_______________________

Name: Dean J. Nolden

Title: Chief Financial Officer & Treasurer

Signature Page to Fourth Amendment – REV Term Loan

 

 

AVERY TRANSPORT INC.
CAPACITY OF TEXAS, INC.

CHAMPION BUS, INC.

COLLINS BUS CORPORATION 

COLLINS I HOLDING CORP.

COLLINS INDUSTRIES, INC.

COMPRESSED AIR SYSTEMS, INC.

Revability, Inc.

ELDORADO NATIONAL (CALIFORNIA), INC.

ELDORADO NATIONAL (KANSAS), INC.

E-ONE, INC.

FERRARA FIRE APPARATUS, INC.

FERRARA FIRE APPARATUS HOLDING COMPANY, INC.

FFA ACQUISITION COMPANY, INC.

FFA HOLDCO, INC.

GENERAL COACH AMERICA, INC.

GOLDSHIELD FIBERGLASS, INC.

GOSHEN COACH INC.

HALCORE GROUP, INC.

HORTON ENTERPRISES, INC.

KME GLOBAL, LLC

KME HOLDINGS, LLC

KME RE HOLDINGS, LLC

KOVATCH MOBILE EQUIPMENT CORP.

LANCE CAMPER MFG. CORP.
MOBILE PRODUCTS, INC.

REV AMBULANCE GROUP ORLANDO, INC. 

REV FINANCIAL SERVICES LLC

REV INSURANCE SOLUTIONS LLC

REV PARTS, LLC

REV RECREATION GROUP, INC. 

REV RECREATION GROUP FUNDING, INC. 

REV RENEGADE LLC 

REV RENEGADE HOLDINGS CORP. 

REV RTC, INC.,

as Guarantor Subsidiaries

 

By:__/s/ Dean J. Nolden___________________________

Name: Dean J. Nolden

Title: Chief Financial Officer & Treasurer

Signature Page to Fourth Amendment – REV Term Loan

 

ALLY BANK,

as Administrative Agent, Collateral Agent and a Lender

 

 

By:_/s/ Joseph Skaferowsky_____________

Name: Joseph Skaferowsky

Title:   Authorized Signatory 

 

 

Signature Page to Fourth Amendment – REV Term Loan

 

TRUIST BANK, FORMERLY KNOWN AS BRANCH BANKING AND TRUST COMPANY, as a Lender

 

 

By:__/s/ Eugene F. Walsh ___________________

Name: Eugene F. Walsh

Title:  Senior Vice President

 

 

Signature Page to Fourth Amendment – REV Term Loan

 

WEBSTER BUSINESS CREDIT CORPORATION, as a Lender  

 

 

By:__/s/ Arthur Kim ____________________

Name: Arthur Kim

Title:  Duly Authorized Signatory

 

 

 

Signature Page to Fourth Amendment – REV Term Loan

 

 

ing cAPITAL LLC, as a Lender  

 

By:_/s/ Marilyn Densel-Fulton ___________

Name: Marilyn Densel-Fulton

Title:  Managing Director

 

 

By:_/s/ Michael Kim___________________

Name: Michael Kim

Title:  Director 

 

 

Signature Page to Fourth Amendment – REV Term Loan

 

 

U.S. BANK NATIONAL ASSOCIATION, as a 
Lender  

 

 

By:__/s/ Thomas P. Chidester _______________

Name: Thomas P. Chidester

Title:  Vice President

 

Signature Page to Fourth Amendment – REV Term LoanExhibit 10.1

            

          

     

    

     

    

    
      Jack in the Box Inc.

      Severance Plan for Executive Officers

      

      

      

      

      
        	
                1.

              	
                General Information

              

      

      
        	
                (a)

              	
                The Jack in the Box Inc. Severance Plan for Executive Officers (the “Plan”) provides eligible employees of Jack in the Box
                  Inc. (the “Company”) with severance benefits in the event of termination of employment with the Company for the reasons described herein.

              

      

      
        	
                (b)

              	
                The Plan is adopted and effective as of March 9, 2020 (the “Effective Date”).

              

      

      
        	
                2.

              	
                Eligibility

              

      

      
        	
                (a)

              	
                “Eligible Employee” for purposes of this Plan includes:

              

      

      
        	
                (1)

              	
                The Chief Executive Officer of the Company (the “CEO”); and

              

      

      
        	
                (2)

              	
                Each regular, full-time employee of the Company who is designated by the Company’s Board of Directors (the “Board”) as an
                  Executive Officer (as that term is defined in Section 5) of the Company.

              

      

      
        	
                (b)

              	
                “Participant” for purposes of this Plan is an Eligible Employee who incurs a Qualifying Termination (as that term is
                  defined in Section 5).

              

      

      
        	
                (c)

              	
                Notwithstanding anything in the Plan to the contrary, no Participant will be eligible to receive any severance benefit or
                  payment under the Plan unless, and no severance benefits and payments hereunder shall be payable until, the Participant executes and delivers to the Company a general release of all rights and claims against the Company and its Affiliates
                  in substantially the form set forth in Exhibit A hereto (with any such reasonable modifications as are required by the Company to comply with applicable law or circumstance) (the “Release”), within the applicable time period set forth
                  therein, and such Release has become effective in accordance with its terms, which must occur in no event more than 60 days following the date of the Qualifying Termination (such latest permitted effective date of the Release, the
                  “Release Deadline”).  If a Participant’s Release does not become effective prior to the Release Deadline, such Participant shall not be entitled to any severance benefits or payments hereunder.

              

      

      

      

      
        
          

      

      
        	
                (d)

              	
                A Participant will not be entitled to any severance benefit or payment under the Plan unless and until the Participant
                  returns all Company Property and satisfies any outstanding indebtedness such Participant has to the Company in full.  For this purpose, “Company Property” means all Company paper and electronic documents (and all copies thereof) and other
                  Company property which the Participant had in his or her possession or control at any time, including, but not limited to, Company files, notes, drawings, records, plans, forecasts, reports, studies, analyses, proposals, agreements,
                  financial information, research and development information, sales and marketing information, operational and personnel information, specifications, code, software, databases, computer-recorded information, tangible property and equipment
                  (including, but not limited to, computers, facsimile machines, mobile telephones and servers), credit cards, entry cards, identification badges and keys; and any materials of any kind which contain or embody any proprietary or
                  confidential information of the Company (and all reproductions thereof in whole or in part).

              

      

      
        	
                (e)

              	
                A Participant’s  right to receive severance benefits or payments under this Plan shall terminate immediately if, at any
                  time prior to or during the period for which the Participant is receiving severance benefits under the Plan, the Participant, without the prior written approval of the Plan Administrator willfully breaches any material statutory, common
                  law or contractual obligation to the Company or an Affiliate (including, without limitation, the contractual obligations set forth in any confidentiality, non-disclosure and developments agreement, non-competition, non-solicitation, or
                  similar type agreement between the Participant and the Company, as applicable).

              

      

      
        	
                3.

              	
                Severance Benefits. If an Eligible Employee incurs a Qualifying Termination, upon the effectiveness of the Release, as provided in Section 2(c) above, and
                  subject to, and to the extent applicable, any potential delay as set forth in Section 4 herein, the Company shall provide severance benefits described in this Section 3, as applicable.

              

      

      
        	
                (a)

              	
                Lump Sum Severance Payment.  
                  The Company shall provide to the Participant a lump sum cash payment equivalent to the multiple of Base Salary listed below, within 90 days of the Participant’s Qualifying Termination, but in no event later than the 409A Deadline.  The
                  “409A Deadline” means the 15th day of the third month of the later of (i) the Participant’s first taxable year following the taxable year in which the Qualifying Termination occurred and (ii) the Company’s first taxable year
                  following the taxable year in which the Qualifying Termination occurred.

              

        
          	 	●        CEO	
                  2.0x Base Salary

                
	 	
                  ●        Executive Officers

                	
                  1.0x Base Salary

                

        

      

      

      
        	
                (b)

              	
                Annual Incentive Payment.   For
                  Participants who are not eligible to receive an annual incentive payment under the terms of the Company’s Performance Incentive Program applicable for the fiscal year in which the Qualifying Termination occurs (because they are not
                  retirement eligible as of the date of their Qualifying Termination), the Company shall provide to the Participant a lump sum cash payment in the amount of the annual incentive payment Participant would have received under the Performance
                  Incentive Program applicable for the fiscal year in which the Qualifying Termination occurs, if any, had Participant remained employed with the Company through the end of the fiscal year in which the Qualifying Termination occurred,
                  prorated for each full four-week accounting period (a “Period”) during such fiscal year in which the Participant was employed with the Company.  For clarity, such amount shall be determined in accordance with the Performance Incentive
                  Program based on Participant’s target award opportunity for the applicable year and fiscal year performance achievement measured against the performance goals under the Performance Incentive Program for such fiscal year, as determined by
                  the Compensation Committee. The payment under this section, if any, will be made after the end of the fiscal year in which the effective date of the Participant’s Qualifying Termination occurs, but in no event later than the 409A
                  Deadline.

              

      

      

      

      
        
          

      

      (c) COBRA
            Payment.  A Participant may elect COBRA continuation coverage of medical, dental and vision insurance coverage if the Participant is enrolled in such Company plans at the time of the Qualifying Termination (for Participant and
        eligible dependents); provided, however, that to the extent the
        Participant elects to receive such coverage, the Participant shall be responsible for payment of the full monthly COBRA premium applicable to such medical, dental and vision coverage.  To the extent the Participant elects such COBRA coverage, the
        Company shall pay, in the form of a fully taxable lump sum cash payment to Participant, the portion of such monthly COBRA premium in excess of the premium the Participant would pay if the Participant were an active employee, and at a coverage level
        no greater than the coverage level in effect as of the Participant’s date of Qualifying termination (subject to changes in coverage levels applicable to all employees generally), multiplied by the applicable number of months listed below (the
        “COBRA Payment”).  The COBRA Payment will be made within 90 days of the Participant’s Qualifying Termination, but in no event later than the 409A Deadline.

      
        
          	 	●     CEO	 	
                  24 months

                
	 	
                  ●     Executive Officers

                	 	
                  12 months

                

        

      

      

      
        	
                4.

              	
                Section 409A.  All payments under the Plan will
                  be subject to applicable withholding for federal, state, foreign, provincial and local taxes.  All benefits provided under the Plan are intended to satisfy the requirements for an exemption from application of Section 409A to the maximum
                  extent that an exemption is available and any ambiguities herein shall be interpreted accordingly; provided, however, that to the
                  extent such an exemption is not available, the benefits provided under the Plan are intended to comply with the requirements of Section 409A to the extent necessary to avoid adverse personal tax consequences and any ambiguities herein
                  shall be interpreted accordingly.

              

      

       

      

      
        
          

      

      It is intended that (i) each installment of any benefits payable under the Plan to an Eligible Employee be
        regarded as a separate “payment” for purposes of Treasury Regulations Section 1.409A-2(b)(2)(i) and (ii) all payments of any such benefits under the Plan satisfy,

          to the greatest extent possible, the exemptions from the application of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9), as applicable.  However, if the Company determines that
        any severance benefits payable under the Plan constitute “deferred compensation” under Section 409A and an Eligible Employee is a “specified employee” of the Company, as such term is defined in Section 409A(a)(2)(B)(i), then, solely to the extent
        necessary to avoid the imposition of the adverse personal tax consequences under Section 409A, (A) the timing of such severance benefit payments shall be
          delayed until the earlier of (1) the date that is six months and one day after the Eligible Employee’s Separation from Service (as that terms is defined in Section 5) and (2) the date of the Eligible Employee’s death (such applicable date,
        the “Delayed Initial Payment Date”), and (B) the Company shall (1) pay the Eligible Employee a lump sum amount equal to the sum of the severance benefit payments that the Eligible Employee would otherwise have received through the Delayed Initial
        Payment Date if the commencement of the payment of the severance benefits had not been delayed pursuant to this paragraph and (2) commence paying the balance, if any, of the severance benefits in accordance with the applicable payment schedule.

      In no event shall payment of any severance benefits under the Plan be made prior to an Eligible Employee’s
        Qualifying Termination or prior to the effective date of the Release.  If the Company determines that any severance payments or benefits provided under the Plan constitute “deferred compensation” under Section 409A, and the Eligible Employee’s
        Separation from Service occurs at a time when the Release could become effective in the Eligible Employee’s taxable year following the Eligible Employee’s taxable year in which the Eligible Employee’s Separation from Service occurs, then regardless
        of when the Release is returned to the Company and becomes effective, no severance benefits will be paid any earlier than the first business day of the Eligible Employee’s taxable year following the taxable year in which the Separation from Service
        occurs (the “Next Year Date”).  If the Company determines that any severance payments or benefits provided under the Plan constitute “deferred compensation” under Section 409A, then except to the extent that severance payments may be delayed until
        the Delayed Initial Payment Date pursuant to the preceding paragraph or the Next Year Date pursuant to the preceding sentence, on the first regular payroll date following the effective date of an Eligible Employee’s Release, the Company shall (1)
        pay the Eligible Employee a lump sum amount equal to the sum of the severance benefit payments that the Eligible Employee would otherwise have received through such payroll date but for the delay in payment related to the Delayed Initial Payment
        Date or Next Year Date, as applicable, and (2) commence paying the balance, if any, of the severance benefits in accordance with the applicable payment schedule.

      
        	
                5.

              	
                Definitions. 
                  For purposes of this Plan, the following definitions shall apply:

              

      

      
        	
                (a)

              	
                “Affiliate” shall mean each entity, other than the Company, with whom the Company would be considered a single employer as
                  provided in Treasury Regulations Section 1.409A-1(h)(3).

              

      

      

      

      
        
          

      

      
        	
                (b)

              	
                “Base Salary” with respect to any Eligible Employee, shall mean such Eligible Employee’s annual base salary in effect
                  immediately prior to such Eligible Employee’s Qualifying Termination.

              

      

      
        	
                (c)

              	
                “Cause” shall be determined by a committee designated by the Board of Directors of the Company (the “Compensation
                  Committee”), in the exercise of good faith and reasonable judgment, and shall mean the occurrence of any of the following:

              

      

      
        	
                (i)

              	
                a demonstrably willful and deliberate act or failure to act by the Eligible Employee (other than as a
                  result of incapacity due to physical or mental illness) which is committed in bad faith, without reasonable belief that such action or inaction is in the best interests of the Company, which causes actual material financial injury to the
                  Company and which act or inaction is not remedied within fifteen (15) business days of written notice from the Company; or

              

      

      
        	
                (ii)

              	
                the Eligible Employee’s conviction by a court of competent jurisdiction of, or plea of “guilty” or “no
                  contest” to, an act of fraud, embezzlement, theft, or any other act constituting a felony involving moral turpitude or causing material harm, financial or otherwise, to the Company; or

              

      

      
        	
                (iii)

              	
                the Eligible Employee’s material breach of a written agreement with the Company or the Eligible
                  Employee’s material failure to comply with any Company policy, rule or guideline pertaining to workplace conduct, discrimination or harassment.

              

      

      
        	
                (d)

              	
                 “Code” means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

              

      

      
        	
                (e)

              	
                “Disability” means a physical
                    or mental condition that results in a total and permanent disability to such extent that an employee satisfies the requirements for Social Security disability benefits, as determined by the Social Security Administration.

              

      

      
        	
                (f)

              	
                “Executive Officer” means an employee who is designated by the Company’s Board of Directors as an “officer” (as defined in
                  Rule 16a-1(f) of the U.S. Securities Exchange Act of 1934, as amended) of the Company for purposes of Section 16 of the U.S. Securities Exchange Act of 1934.

              

      

      
        	
                (g)

              	
                “Involuntary Retirement” means an Eligible Employee’s Separation from Service (1) due to termination by Company without
                  Cause and (2) that occurs at or after the time an Eligible Employee has reached age 55 and 10 years of service with the Company.

              

      

      
        	
                (h)

              	
                “Qualifying Termination” means an Eligible Employee’s Separation from Service due to termination by the Company
                  without Cause (including an Involuntary Retirement) and other than (1) due to the Eligible Employee’s death or Disability and other than (2) within the 24 months following a Change in Control.  For the avoidance of doubt, an Eligible
                  Employee’s resignation from employment for any reason (including a Voluntary Retirement) shall not constitute a Qualifying Termination.

              

         

        

        
          
            

        

      

      
        	
                (i)

              	
                “Section 409A” means Section 409A of the Code and any state law of similar effect.

              

      

      
        	
                (j)

              	
                “Separation from Service” has the meaning set forth under Treasury Regulations Section 1.409A-1(h) and without regard to
                  any alternate definition thereunder).

              

      

      
        	
                (k)

              	
                “Voluntary Retirement” means an Eligible Employee’s Separation from Service (1) due to resignation by the Eligible Employee
                  and (2) that occurs at or after the time an Eligible Employee has reached age 55 and 10 years of service with the Company.

              

      

      
        	
                6.

              	
                Administrative
                      Information.

              

      

      
        	
                (a)

              	
                Plan Name. The full name of the
                  Plan is the Jack in the Box Inc. Severance Plan for Executive Officers.

              

      

      
        	
                (b)

              	
                Plan Sponsor. The Plan is
                  sponsored by Jack in the Box Inc., 9330 Balboa Avenue, San Diego, CA 92123.

              

      

      
        	
                (c)

              	
                Type of Plan and Funding.  The
                  Plan is a severance plan for the benefit of Executive Officers.  The benefits provided under the Plan are paid from the Company’s general assets.  No fund has been established for the payment of Plan benefits and no contributions are
                  required under the Plan.

              

      

      
        	
                (d)

              	
                Administration.  The Plan shall
                  be administered by the Board of Directors of the Company (the “Board”) or by the Compensation Committee of the Board (as applicable, the “Plan Administrator”).  The Plan Administrator is authorized to interpret this Plan, to prescribe and
                  rescind rules and regulations, and to make all other determinations necessary or advisable for the administration of the Plan.  The rules, interpretations, computations and other actions of the Plan Administrator shall be binding and
                  conclusive on all persons.

              

      

      
        	
                7.

              	
                Contractual Rights and
                      Legal Remedies.

              

      

      
        	
                (a)

              	
                Contractual Rights to Benefits.
                  Participation in the Plan does not give any Eligible Employee the right to be retained in the employ of the Company, nor does it guarantee any right to claim any benefit except as outlined in the Plan.  The Eligible Employee’s employment
                  with the Company is terminable at-will by the Company or the Eligible Employee and each shall have the right to terminate the Eligible Employee’s employment with the Company at any time, with or without Cause, subject to the Company’s
                  obligation to provide severance benefits as required hereunder.

              

         

        

        
          
            

        

      

      
        	
                (b)

              	
                Arbitration. The Eligible
                  Employee shall have the right and option to elect (in lieu of litigation) to have any dispute or controversy arising under or in connection with this Plan settled by arbitration conducted before a panel of three (3) arbitrators sitting in
                  a location selected by the Eligible Employee within fifty (50) miles from the location of his or her job with the Company, in accordance with the rules of the American Arbitration Associations then in effect.  The Eligible Employee’s
                  election to arbitrate, as herein provided, and the decision of the arbitrators in that proceeding, shall be binding on the Company and the Eligible Employee.

              

      

      
        	
                (c)

              	
                Unfunded Plan. The Plan is
                  intended to be an unfunded general asset promise for Executive Officers and, therefore, is intended to be exempt from the substantive provisions of the Employee Retirement Income Security Act of 1974, as amended.

              

      

      
        	
                (d)

              	
                Exclusivity of Benefits. Unless
                  specifically provided herein, neither the provision of this Plan nor the benefits provided hereunder shall reduce any amounts otherwise payable, or in any way diminish the Eligible Employee’s rights as an employee of the Company, whether
                  existing now or hereafter, under any compensation and/or benefit plans, programs, policies, or practices provided by the Company, for which the Eligible Employee may qualify, except that the Plan shall supersede any and all prior Company
                  programs, policies or practices, written or oral, which may have previously applied governing the payment of the severance benefits provided for under Section 4 of this Plan.

              

      

      Vested benefits or other amounts which the Eligible Employee is otherwise entitled to receive under any plan,
        policy, practice, or program of the Company (i.e., including, but not limited to, vested benefits under the Company’s 401(k) plan and benefits under the Company’s equity incentive plans and award agreements thereunder), at or subsequent to the
        Eligible Employee’s date of Qualifying Termination shall be payable in accordance with such plan, policy, practice, or program except as expressly modified by this Plan.

      
        	
                (e)

              	
                Includable Compensation.
                  Severance benefits provided hereunder shall not be considered “includable compensation” for purposes of determining the Eligible Employee’s benefits under any other plan or program of the Company.

              

      

      
        	
                (f)

              	
                Tax Withholding. The Company
                  shall withhold from any amounts payable under this Plan any federal, state, city, foreign or other taxes as legally required to be withheld.

              

      

      
        	
                (g)

              	
                Applicable Law.  To the extent
                  not preempted by the laws of the United States, the laws of the State of Delaware shall be the controlling law in all matters relating to this Plan.

              

      

      

      

      
        
          

      

      
        	
                8.

              	
                Plan Amendment or
                      Termination.  The Company reserves the right, in its sole and absolute discretion to amend or terminate, in whole or in part, any or all of the provisions of the Plan, including an amendment that reduces or eliminates the
                  benefits hereunder, by action of the Plan Administrator at any time, provided that any amendment or termination of the Plan will not be effective as to a particular Participant without the written consent of such individual unless the
                  Plan Administrator provides written notice of such amendment or termination to such Participant at least one year prior to its effectiveness.

              

      

      

      

      Exhibit A – To Severance Plan

      

      

      SEPARATION AND RELEASE AGREEMENT

      For EXECUTIVE OFFICERS

      

      

      I, [NAME], whose address is [ADDRESS], understand that my employment with Jack in the Box Inc. and/or any past or present
        subsidiary, affiliate, predecessor, or successor, (Collectively referred to herein as “Company”) will terminate [DATE] (“Termination Date”).  This Separation and Release Agreement (“Agreement”) is entered into in connection with my termination.

      Company Offer. Although the
        Company has no obligation to do so, if I: (i) fulfill the Requirements to Accept Offer; and (ii) comply with all of my legal and contractual obligations to the Company, then the Company will provide me with the following severance benefit (the
        “Severance Benefit”):

      
        	
                (a)

              	
                Severance Payment.  The

                  Company will pay me, as severance, the amount of [$AMOUNT] (less required payroll deductions and any other offsets for money I owe the Company) which represents the lump sum severance payment and COBRA Payment pursuant to Section 3(a) and
                  3(c) of the Company’s Severance Plan for Executive Officers (“Separation Payment”).  This Separation Payment is in addition to wages or other amounts earned as of the Termination date, and I am entitled to those amounts regardless of
                  whether or not I sign this Agreement.

              

      

      The Separation Payment will be paid to me as consideration for my settlement, release, and discharge of any and
        all known or unknown claims as described below.  In order to receive this Separation Payment, the Requirements to Accept Offer described below must be fulfilled and I must otherwise comply with all of my legal and contractual obligations to the
        Company.

      Annual Incentive Payment.  

        If I am not eligible to receive an annual incentive payment under the terms of the Company’s Performance Incentive Program (because I am not retirement eligible under that program), I will remain eligible to receive a prorated lump sum cash payment
        under the Company’s Performance Incentive Program as described in Section 3(b) of the Company’s Severance Plan for Executive Officers (the “Prorated Annual Incentive Payment”).  I understand that no Prorated Annual Incentive Payment is guaranteed,
        and will be calculated and determined by the Company based on fiscal year performance achievement against the applicable performance goals and methodology set forth in the Performance Incentive Payment. The Prorated Annual Incentive Payment, if
        any, will be made after the end of the fiscal year in which my termination occurs.

      

      

      
        
          

      

      If the Requirements to Accept Offer are not fulfilled, the Company Offer automatically terminates. 

      Requirements to Accept Offer.  In

        order to accept the Company Offer I must:

      (a) sign this Agreement and return it to the Company by either:

      
        	
                (i)

              	
                hand-delivering the Agreement to the Company’s Chief Human Resources Officer, 9330 Balboa Avenue, San Diego, CA  92123 no later than close of
                  business on [Date]; or

                 

                

              

      

      
        	
                (ii)

              	
                mailing or sending the Agreement by overnight service such as Federal Express to: Chief Human Resources Officer, 9330
                  Balboa Ave., San Diego, CA  92123. If mailed, the envelope must be postmarked no later than [Date] and must be received within a reasonable time thereafter.  If overnighted, it must be received no later than [Date].

              

      

      
        	
                (iii)

              	
                faxing the Agreement to the Chief Human Resources Officer at 858-694-1570 no later than [Date]; or

              

      

      
        	
                (iv)

              	
                sending the Agreement via Electronic Mail (email) to the Chief Human Resources Officer at [Name]@jackinthebox.com no later
                  than [Date].

              

      

      (b) not revoke this Agreement during the seven (7) day Revocation Period.

      Time When Payment
          Will Be Made.  If I fulfill the Requirements to Accept Offer described above, (i) the Separation Payment will be issued to me in a one-time, lump-sum payment (via direct deposit or a mailed check, according to my previously designated
        preferences) within ten (10) days after the Revocation Period has expired or Termination Date, whichever is later and (ii) any Prorated Annual Incentive Payment to which I become entitled will be paid to me in a one-time, lump-sum payment (via
        direct deposit or a mailed check, according to my previously designated preferences) following the end of the fiscal year in which my Termination Date occurs and in no event prior to the date the Revocation Period has expired.

      Release of Claims.  By
        signing and returning this Agreement to the Company, I hereby generally and completely settle, release and discharge any and all claims of every type, known or unknown,  which I have or may have against the Company, and its shareholders, directors,
        officers, employees and representatives, whether known or unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to or on the date I sign this Agreement.  This is a general release of all claims
        and includes, without limitation, all claims related to my employment with the Company or the termination of that employment, and all claims arising under any Federal, State, or local laws or regulations pertaining to employment, including
        discrimination on the basis of sex, pregnancy, race, color, marital status, religion, creed, national origin, age, disability, medical condition, or mental condition status or any status protected by any other anti-discrimination laws, including,
        without limitation, Title VII of the Civil Rights Act of 1964, the Family Medical Leave Act, the Age Discrimination in Employment Act, the Americans with Disabilities Act and the California Fair Employment and Housing Act, and the California Family
        Rights Act, whether such claim be based on an action filed by me or by a governmental agency.

      
        
          

      

      Waiver of Notice Requirements under
          State and Federal WARN Act.  By signing and returning this Agreement to the Company and in further consideration of receipt of my Separation Package, I agree and understand that I am waiving my right to bring any and all claims which I
        have or may have relating to the minimum advanced notice requirements as set forth under the Federal or State WARN Act.  I also understand and agree that I am waiving my right to receive pay in lieu of notice under the WARN Act.

      Unknown Claims.   This
        section shall be governed by California law. I understand that I may have claims of which I may be unaware or unsuspecting which I am giving up by signing this Agreement.  I also expressly waive all rights I might have under Section 1542 of the
        Civil Code of California which reads as follows:

      1542.  Certain claims not
            affected by general release.  A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her,
        would have materially affected his or her settlement with the debtor or released party.

      Waiver of Age Discrimination Claims. 
        I received this Agreement on [Date] and have been given a [#] day waiting period to consider whether to sign it.  I understand that even if I sign and return this Agreement, I can still revoke this Agreement within seven (7) days after it is
        returned to the Company (the “Revocation Period”) and this Agreement will not become effective or enforceable until the Revocation Period has expired (such date, the “Effective Date”).

      I understand and agree that I:

      
        
          	

                	1.	
                  Have carefully read and fully understands all of the provisions of this Agreement;

                

        

      

      
        
          	

                	2.	
                  Am, through this Agreement, releasing the Company from any and all claims I may have against it to date under the Age Discrimination in Employment Act of 1967 (29
                    U.S.C. § 621, et seq.);

                

        

      

      
        
          	

                	3.	
                  Knowingly and voluntarily agree to all of the terms set forth in this Agreement;

                

        

      

      
        
          	

                	4.	
                  Knowingly and voluntarily intend to be legally bound by the same;

                

        

      

      
        
          	

                	5.	
                  Was advised and hereby am advised in writing to consider the terms of this Agreement and consult with an attorney of my choice prior to executing this Agreement;
                    and,

                

        

      

      
        
          	

                	6.	
                  Understand that rights or claims under the Age Discrimination in Employment Act of 1967 (29 U.S.C. §621, et seq.) that may arise after the date this Agreement is executed are not waived.

                

        

      

      
        
          	

                	7.	
                  [Have been provided with the ADEA disclosure information (under 29 U.S.C. § 626(f)(1)(H)), attached hereto as Exhibit 1.]

                

        

      

      

      

      
        
          

      

      Claims Not Affected.   This
        is a general release of all claims, and excludes only (i) any rights or claims for indemnification I may have pursuant to any written indemnification agreement with the Company to which I am a party or under applicable law; (ii) any claims which I
        may have by reason of any Social Security, Worker’s Compensation, or Unemployment laws, or any benefits earned during my employment which may be payable to me now or in the future under any of the Benefit and/or Welfare Programs of the Company;
        (iii) any other rights which are not waivable as a matter of law; and (iii) any claims for breach of this Agreement.

      Advice to Consult With Attorney. 
        I have been (i) advised in writing to consult with an attorney, and (ii) given [#] days to thoroughly review and discuss all aspects of this Agreement with my attorney before signing this Agreement and I have thoroughly discussed, or in the
        alternative have freely elected to waive any further opportunity to discuss, this Agreement with my attorney.

      Agreement Knowingly and Voluntarily
          Executed.   I freely and voluntarily entered into this Agreement on my own behalf, in the exercise of my own free act, deed and will, and without any duress or coercion. I understand that in executing this Agreement, it becomes final and
        conclusive.

      Confidentiality. I agree that
        the terms and conditions of this Release shall remain confidential as between the Company and me and shall not be disclosed to any other person except as provided by law or to my attorney, spouse or significant other, accountant and/or financial
        advisor.  I also agree that during my employment I may have had access to confidential information and trade secrets concerning products, business plans, marketing strategies and other Company information and that I shall keep these matters
        completely confidential. I understand that nothing in this Agreement prohibits me from disclosing facts or information that I have the right to disclose under state or federal law, including any facts relating to a claim for sexual harassment or
        discrimination based on sex.

      
        
          

      

      Continuing Obligations;
          Non-Disparagement and Non-Solicitation.  I acknowledge and agree that I remain bound by any previous confidentiality, assignment of intellectual property, and restrictive covenant agreements between me and the Company, and will abide by
        those continuing obligations. I also agree: (a) not to disparage the Company, its officers, directors, employees, shareholders, and agents, in any manner likely to be harmful to its or their business, business reputation, or personal reputation;
        provided that I may respond accurately and fully to any question, inquiry or request for information when required by legal process, but agree to provide the Company with notice of any such inquiry or request for information within two weeks of
        such request; and (b) for a period of one year following my last day of employment with the Company, not to solicit (directly or indirectly) any employee of the Company to terminate his or her employment relationship with the Company in order to
        become an employee or consultant to or for any other person or entity.

      Notice of Rights Pursuant to Section
          7 of the Defend Trade Secrets Act (DTSA). Notwithstanding any provisions in this agreement or the Company policy applicable to the unauthorized use or disclosure of trade secrets, I am hereby notified that, pursuant to Section 7 of the
        DTSA, I cannot be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or
        to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law.  I also may not be held so liable for such disclosures made in a complaint or other document filed in a lawsuit or other proceeding, if such
        filing is made under seal.  In addition, individuals who file a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information
        in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

      Reporting to Governmental
          Agencies.   Nothing in this Agreement prevents me from filing a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities
        and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”).  I understand this Agreement does not limit my ability to communicate with any Government Agencies or otherwise participate in
        any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. 

      No Admission of Wrongdoing by the
          Company.  The Company expressly denies any violation of any federal, state or local law.  Accordingly, while this Agreement resolves all issues referred to in this Agreement, it is not, and shall not be construed as, an admission by the
        Company of any violation of any federal, state or local law, or of any liability whatsoever. I am unaware of any claims against (or wrongdoing by) the Company.

      
        
          

      

      General Provisions.  This
        Agreement, including its Exhibits, constitutes the complete, final and exclusive embodiment of the entire agreement between me and the Company with regard to its subject matter. It is entered into without reliance on any promise or representation,
        written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations.  This Agreement may not be modified or amended except in a writing signed by both me and a duly authorized
        officer of the Company.  This Agreement will bind the heirs, personal representatives, successors and assigns of both me and the Company, and inure to the benefit of both me and the Company, their heirs, successors and assigns.  The Company may
        freely assign this Agreement, without my prior written consent.  I may not assign any of my duties hereunder, and I may only assign any of my rights hereunder with the written consent of the Company.  If any provision of this Agreement is held to
        be contrary to applicable law, it shall be modified or disregarded as necessary and the remainder of the Agreement will remain in full force and effect. This Agreement will be deemed to have been entered into and will be construed and enforced in
        accordance with the laws of the State of California without regard to conflict of laws principles.  Any ambiguity in this Agreement shall not be construed against either party as the drafter.  Any waiver of a breach of this Agreement shall be in
        writing and shall not be deemed to be a waiver of any successive breach. A facsimile, copy or electronic mail (scanned PDF) of this Agreement shall be deemed an original.

      I have read and understand all of the provisions of this Agreement and I voluntarily enter into this Agreement by signing it on
        ________________, [Year].

      

      

      
        	
                 

              	
                 

              	
                 

              
	
                 Witness Signature 

                

              	
                 

              	
                 [NAME]

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