Document:

exhibit10-80.htm

Exhibit 10.80

MANAGEMENT COMPENSATION AGREEMENT

 

(Chief Executive Officer)

 

between

 

PINNACLE AIRLINES CORP.

 

and

 

SEAN E. MENKE

 

dated as of

 

June 21, 2011

 

  

  

  

Management Compensation Agreement

 

for the Chief Executive Officer

 

of

 

Pinnacle Airlines Corp.

 

This Management Compensation Agreement (the "Agreement") is made and entered into as of June 21, 2011, by and between Pinnacle Airlines Corp., a Delaware corporation ("Company"), and SEAN E. MENKE ("Executive").

 

RECITALS

 

Company and Executive wish to enter into an employment relationship and to set forth the terms and conditions of such employment and compensation.

 

NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, Company and Executive, intending to be legally bound, hereby agree as follows.

 

1.           Terms of Employment.

 

1.1           Employment.  Company agrees to employ Executive, and Executive agrees to serve Company, on the terms and conditions set forth herein.

 

1.2           Position and Duties.  During the term of Executive's employment hereunder, Executive shall serve as President and Chief Executive Officer of Company and shall have such powers and duties as set forth in Appendix 1 to Attachment "A" or such other powers and duties as may from time to time be prescribed by the Board of Directors.  Executive shall devote substantially all his working time and effort to the business and affairs of Company and its Affiliates.  Except as set forth in Attachment "A", Executive shall obtain the approval prior to accepting any duties or responsibilities related to businesses other than Company and its Affiliates or charitable/community organizations (from the Chairman of the Board, or from the Board of Directors if Executive's time commitment may become significant, in the discretion of the Chairman).

 

2.           Compensation.

 

2.1           Annual.  Executive's Base Salary in effect on the Effective Date shall be as set forth on Attachment "A" hereto, as modified thereafter by the Board.  Executive's Base Salary shall be payable in accordance with Company's payroll policies.

 

2.2.           Incentive Compensation Programs.  In addition to Base Salary, Executive shall continue while employed hereunder to participate in Company's incentive compensation programs (including any annual bonus program, any long-term incentive program, and any successor programs) as set forth on Attachment "A" hereto (including any future amendments) (the "Incentive Compensation Programs").

 

  

2

  

 

2.3           Expenses.  During the term of Executive's employment hereunder, Executive shall be entitled to receive prompt reimbursements for all reasonable expenses incurred in performing services hereunder, provided that Executive properly accounts therefor in accordance with Company policy.

 

2.4           Benefit Programs.  During the term of his employment, Company shall provide Executive with the same benefits that it provides generally to its other employees or specifically to its executive employees, including but not limited to life insurance equal to his Base Salary, medical, and dental insurance, pension, vacation, bonus, profit-sharing and savings plans and similar benefits, as such plans and benefits may be adopted, modified or eliminated by Company from time to time.

 

2.5           Indemnification and Insurance.  Company shall indemnify Executive with respect to matters relating to Executive's services as an officer and/or director of Company or any of its Affiliates to the extent set forth in Company's Certificate of Incorporation (limited by Delaware law, as reflected in Company's form of Indemnity Agreement being executed by Executive and Company contemporaneously herewith) as in effect on the date hereof as amended from time to time and in accordance with the terms of any other indemnification which is generally applicable to executive officers of Company or of its Affiliates that may be provided by Company or any such Affiliate from time to time.  The foregoing indemnity is contractual and will survive any adverse amendment to or repeal of the Certificate of Incorporation.  Company shall also cover Executive under any policy of officers' and (if Executive is a director at the relevant time) directors' liability insurance provided that such coverage is comparable to that provided currently or hereafter to any other executive officer or (if Executive is a director at the relevant time) director of Company.  The provisions of this Paragraph 2.5 shall survive termination of Executive's employment.

 

3.           Termination of Employment.

 

3.1           Upon Death.  Executive's employment hereunder shall terminate upon his death.

 

3.2           By Company.  Company may terminate Executive's employment hereunder at any time with or without Cause.

 

3.3           By Executive.  Executive may terminate his employment hereunder at any time for any reason.

 

3.4           Notice of Termination.  Any termination of Executive's employment hereunder (other than by death) shall be communicated by thirty (30) days' advance written Notice of Termination by the terminating party to the other party to this Agreement; provided that no Notice of Termination is required in advance if the  Executive is terminated by Company for Cause.

 

  

3

  

 

4.           Payments in the Event of Termination of Employment.

 

4.1           Payments in the Event of Termination by Company for Cause or Voluntary Termination by Executive.  If Executive's employment hereunder is terminated by Company for Cause or by Executive other than for Good Reason, Company shall pay Executive (a) his accrued and unpaid Base Salary through the Date of Termination and (b) any vested or accrued and unpaid payments, rights or benefits Executive may be otherwise entitled to receive pursuant to the terms of any retirement, pension or other employee benefit or compensation plan (but not any Incentive Compensation Program) maintained by Company at the time or times provided therein.

 

4.2           Payments in the Event of Termination by Company other than for Cause or by Executive for Good Reason.  If Executive's employment hereunder is terminated by Company other than for Cause, or by Executive for Good Reason, and Executive experiences a Separation From Service:

 

(a)          Company shall pay Executive:

 

(i) his accrued and unpaid Base Salary through the Date of Termination;

 

(ii) any accrued and unpaid bonus or additional compensation under any annual bonus plan (the "Incentive Bonus") for any calendar year ended before the Date of Termination;

 

(iii) a pro rata share (based on days employed during the applicable year) of any unpaid Incentive Bonus Executive would otherwise have received with respect to the year in which the Date of Termination occurs, payable at the time the Incentive Bonus would otherwise be payable to Executive; provided, however, that 100% of the Incentive Bonus shall be determined solely with reference to the actual financial performance of Company for the full year (based on the goals previously established with respect thereto) (rather than a portion of the Incentive Bonus determined on the basis of individual performance), if there are such financial goals previously established; provided, further, in the event that no Company financial performance goals have been established for such year, then that portion of the Incentive Bonus that would have (but for this Section 4.2(a)) related to the achievement of the individual performance target shall be deemed to have been fully achieved and shall determine 100% of the Incentive Bonus potential; and

 

(iv) any vested or accrued and unpaid payments, rights or benefits Executive may be otherwise entitled to receive pursuant to the terms of any written retirement, pension or other employee benefit or compensation plan maintained by Company at the time or times provided therein.

 

	
  

	
(b)

	
In addition to the compensation and benefits described in Section 4.2(a):

 

  

4

  

 

(i)          If Executive's employment hereunder is terminated by Company other than for Cause or if Executive terminates his employment for Good Reason, and in either event Executive experiences a Separation From Service, then subject to the conditions stated below Company shall pay Executive, in substantially equal installments at Executive's regular pay intervals in effect prior to such Separation From Service, over a period of twenty four (24) months, an aggregate amount equal to two (2.0) (the "Multiple") times the sum of

 

(aa)          Executive's annual Base Salary, and

 

(bb)          the target Incentive Bonus for Executive with respect to the year in which the Separation From Service occurs (or if no target has been set for that year, the target Incentive Bonus for the most recent year in which a target Incentive Bonus was in effect).

 

The initial installment shall be paid to Executive on the first regular pay date which would have been in effect for Executive but for the Separation From Service and which occurs on or first following the date (the “First Severance Payment Date”) which is thirty (30) days after the date of Executive’s Separation From Service (the “Separation Date”).

 

(ii)          On the Separation Date, Executive's rights under any compensation or benefits programs shall become vested and any restrictions on restricted stock, stock options or contractual rights granted to Executive shall be removed, except as provided in Section 4.7 below.

 

(iii)           In addition, Company shall compensate Executive for transition expenses in the amount of $60,000 payable on the First Severance Payment Date.

 

(c)          Executive shall not be required to mitigate the amount of any payment provided for in this Section 4.2 by seeking other employment or otherwise, and no such payment shall be offset or reduced as a result of Executive obtaining new employment.

 

(d)          Notwithstanding anything else to the contrary in this Agreement, Company's obligation regarding the payments and acceleration provided for in Section 4.2(b)(i), (ii) and (iii) is expressly contingent upon Executive both (i) executing a general release in the form attached hereto as Attachment "B" (the "General Release") within twenty one (21) days after the Separation Date, and

 

     (ii) the time for revocation of the General Release having lapsed (as determined by counsel to Company) prior 

to the date which is thirty (30) days after the Separation Date.

 

  

5

  

 

	
  

	
4.3

	
Payment in the Event of Termination Upon Change in Control of Company.

 

(a)  In addition to Company's payment and benefits obligations to Executive upon events described in Section 4.2, if Executive remains employed by Company for the six-month period following the Change in Control, then, during the thirty (30) days following that six-month period, Executive shall be entitled to terminate his employment as a Separation From Service without Good Reason, and upon any such Separation From Service Company shall be obligated to make the payments and provide the benefits to Executive as set forth in Section 4.2, except that the aggregate amount payable pursuant to the Multiple shall be paid in a lump sum on the First Severance Payment Date.

 

(b)  Nothing set forth in Section 4.3(a) is intended or shall be construed to limit Executive's right to terminate his employment for Good Reason during the aforementioned six month period or to limit Company's obligation to make the payments or provide the benefits set forth in Section 4.2 upon events described in Section 4.2.

 

    (c)  Executive shall not be required to mitigate the amount of any payment provided for in this Section 4.3 by seeking other employment or otherwise, and no such payment shall be offset or reduced as a result of Executive obtaining new employment.

 

4.4           Payments in the Event of Termination upon Death or Termination by Company upon Disability.  If Executive's employment hereunder is terminated as a result of death or by Company as a result of Executive’s Disability:

 

(a)           Company shall pay Executive (i) his accrued and unpaid Base Salary through the Date of Termination and (ii) any vested or accrued and unpaid payments, rights or benefits Executive may be otherwise entitled to receive pursuant to the terms of any retirement, pension or other employee benefit or compensation plan maintained by Company at the time or times provided therein; and

 

(b)           Executive's rights under any compensation or benefits programs shall become vested and any restrictions on restricted stock, stock options or contractual rights granted to Executive shall be removed, except as provided in Section 4.7.

 

4.5           Flight Benefits.  After a Separation From Service, Company will provide flight benefits (x) on flights operated by Company as to which no permission is required from any other airline and (y) will request and use reasonable efforts to cause Delta Airlines (and any other of Company's customers requested by Executive) to extend travel benefits, (i) to Executive and his family for two years following termination of Executive’s employment (aa) by Company upon Disability or for other than Cause, (bb) by Executive upon a Change in Control or (cc) by Executive for Good Reason and (ii) to Executive’s family for two years following termination of this Agreement upon Executive’s death.

  

6

  

4.6           Transfer of Insurance Policies Upon Termination.  Upon termination of Executive's employment by Company or by Executive, then within seventy five (75) days after the termination of employment Company shall transfer to Executive the transferable ownership of any Company owned insurance policy or policies on the life of Executive.  Executive shall be solely responsible for the payment of any premiums due after the Date of Termination.

 

4.7           Cash Awards Under Long-Term  Incentive Plan (“LTIP”).  As set forth in Sections 4.2(b)(ii) and 4.4(b), accelerated vesting of Executive’s rights under compensation and benefit programs occurs under the circumstances described in those sections.  For purposes of cash awards under Company’s LTIP as described in Attachment A, such acceleration means that (a) if the annual performance objective applicable to an award is achieved in a subject year that ended before the Separation Date and the payment date, then Company will pay Executive on the payment date the full amount of the award, and (b) if the annual performance objective applicable to an award is achieved in a subject year that ended after the Separation Date and prior to the payment date, then Company will pay Executive on the payment date an amount equal to such full amount multiplied by a fraction equal to the portion of the subject year which expired on the Separation Date.

 

4.8           Section 409A Applicability Notwithstanding any other provision of this Agreement to the contrary, in the case of compensation or benefits provided under Sections 4.2(b)(i) and 4.2(b)(iii) or similar compensation or benefits provided under Section 4.3(a), if the Executive is determined to be a Specified Employee at the time of a Separation From Service and the payment or provision of such compensation is made as a result of the Separation From Service, then no portion of such benefits or other such compensation shall be made before the date that is six (6) months after the Separation Date or, if earlier, the date of death of the Specified Employee.  Any compensation which would otherwise be paid within such six (6) month period after the Separation Date shall be paid on the date which is six (6) months and one day after the Separation Date, or the first business day thereafter.  The provisions and application of this paragraph will be construed and applied in a manner consistent with Code Section 409A and Treasury Regulations or other guidance issued thereunder.

 

5.           Board/Committee Resignation.  Executive's Separation From Service for any reason, shall constitute, as of the date of such termination and to the extent applicable, a resignation as an officer of Company and a resignation from the Board (and any committees thereof, including any committees as to which Executive bears some fiduciary responsibility to third parties, including fiduciary responsibilities arising under ERISA) and the Board of Directors (and any committees thereof) of any of Company's Affiliates and from the board of directors or similar governing body of any corporation, limited liability company or other entity in which Company or any Affiliate holds an equity interest and with respect to which board or similar governing body Executive serves as Company's or such Affiliate's designee or other representative.

 

 

  

7

  

 

	
  

	
6.

	
Confidentiality, Non-Competition, Non-Solicitation, Non-Disparagement.

 

(a)  Confidentiality.  While employed by Company and thereafter, Executive shall not disclose any Confidential Information either directly or indirectly, to anyone (other than appropriate Company employees and advisors), or use such information for his own account, or for the account of any other person or entity, without the prior written consent of Company or except as required by law. This confidentiality covenant has no temporal or geographical restriction. For purposes of this Agreement, "Confidential Information" shall mean all non-public information respecting Company's business, including, but not limited to, its services, pricing, scheduling, products, research and development, processes, customer lists, marketing plans and strategies, and  financing plans, but excluding information that is, or becomes, available to the public (unless such availability occurs through an unauthorized act on the part of Executive). Upon termination of this Agreement, Executive shall promptly supply to Company all property and any other tangible product or document that has been produced by, received by or otherwise submitted to Executive during or prior to his term of employment, and shall not retain any copies thereof.

 

(b)  Non-Competition.  Executive acknowledges that his services are of special, unique and extraordinary value to Company. Accordingly, the  Executive shall not at any time prior to the first anniversary of the Date of Termination become an employee, consultant, officer, partner or director of any air carrier which competes with Company (or any of its Affiliates).  Provided, however, Executive shall not be bound by the preceding sentence if his employment hereunder has been terminated in the circumstances described in Section 4.2(b) or 4.3(a) unless he is being paid by Company the amounts due him under one of those Sections.

 

(c)  Non-solicitation.  Executive shall not, at any time prior to the first anniversary of the date of termination, whether on Executive's own behalf or on behalf of or in conjunction with any person, company, business entity or other organization whatsoever, directly or indirectly, (x) solicit or encourage any employee of Company or its Affiliates to leave the employment of Company or its Affiliates or (y), without permission of Company, knowingly hire a former employee of Company or its Affiliates.

 

(d)  Non-disparagement.  While employed by Company and at any time prior to the later of the first anniversary of the Date of Termination or the cessation of any payments due Executive under Section 4.2 or 4.3, Executive agrees not to make any untruthful or disparaging statements, written or oral, about Company, its Affiliates, their predecessors or successors or any of their past and present officers, directors, stockholders, partners, members, agents and employees or Company's business practices, operations or personnel policies and practices to any of Company's customers, clients, competitors, suppliers, investors, directors, consultants, employees, former employees, or the press or other media in any country.

  

8

  

 

(e)  Condition and Remedies.  Notwithstanding the foregoing, if Executive is entitled to any payments under Sections 4.2 or 4.3 hereof, then Executive's obligations pursuant to this Section 6 are specifically conditioned on Company paying (whether in installments or as a lump sum, as required herein) any amounts to which Executive may be entitled thereunder in the manner required. Executive agrees that any breach of the terms of this Section 6 would result in irreparable injury and damage for which there would be no adequate remedy at law, and that, in the event of said breach or any threat of breach, Company shall be entitled to (i) an immediate injunction and restraining order to prevent such breach or threatened breach, without having to prove damages and (ii) any other remedies to which Company may be entitled at law or in equity. Executive further agrees that the provisions of the covenant not to compete are reasonable. Should a court determine, however, that any provision of the covenant not to compete is unreasonable, either in period of time, geographical area, or otherwise, the parties hereto agree that the covenant should be interpreted and enforced to the maximum extent which such court deems reasonable. The provisions of this Section 6 shall survive any termination of this Agreement and Executive's term of employment.  The existence of any claim or cause of action or otherwise, shall not constitute a defense to the enforcement of the covenants and agreements of this Section 6.

 

7.           Successors and Assigns.

 

(a)  This Agreement shall bind any successor to Company, whether by purchase, merger, consolidation or otherwise, in the same manner and to the same extent that Company would be obligated under this Agreement if no such succession had taken place.

 

(b)  This Agreement shall not be assignable by Executive.  This Agreement and all rights of Executive hereunder shall inure to the benefit of and be enforceable by, Executive's personal or legal representatives, executors, administrators, successors, heirs, distributes, devises and legatees.

 

8.           Term.  The term of this Agreement shall commence on the Effective Date and end upon termination of Executive's employment.  The rights and obligations of Company and Executive shall survive the termination of this Agreement to the fullest extent necessary to give effect to the terms hereof.

 

9.           Notices.  Notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or e-mail, the day after delivery to Federal Express for overnight delivery, two days after delivery to the United States Postal Service for mailing, addressed:

 

(a) if to Executive, to the address set forth on the signature page hereto, and

 

(b) if to Company, c/o Pinnacle Airlines, Inc., 1689 Nonconnah Blvd., Suite 111, Memphis, TN 38132,  Attention: Chairman of the Board of Directors, or, in each case, to such other address as may have been furnished in writing.

 

  

9

  

 

10.           Withholding.  All payments required to be made by Company hereunder shall be subject to the withholding and/or deduction of such amounts as are required to be withheld or deducted pursuant to any applicable law or regulation.  Company shall have the right and is hereby authorized to withhold or deduct from any compensation or other amount owing to Executive, applicable withholding taxes and deductions and to take such action as may be necessary in the opinion of Company to satisfy all obligations for the payment of such taxes or deductions.

 

	
  

	
11.

	
Certain Defined Terms.  As used herein, the following terms have the following meanings:

 

"Agreement" shall mean this Management Compensation Agreement, as the same may be amended, supplemented or otherwise modified from time to time in accordance herewith.

 

"Affiliate" shall mean any corporation, trust, partnership, limited liability company or other organization which controls, is controlled by, or is under common control with Company.

 

"Base Salary" shall mean the salary of Executive in effect from time to time under Section 2.1.

 

"Board" shall mean the Board of Directors of Company.

 

"Cause" shall mean with respect to termination by Company of Executive's employment hereunder (i) an act or acts of dishonesty by Executive resulting in, or intended to result in, directly or indirectly, any personal enrichment of Executive, (ii) an act or acts of dishonesty by Executive intended to cause substantial injury to Company, (iii) material breach (other than as a result of a Disability) by Executive of Executive's obligations under this Agreement which action was (a) undertaken without a reasonable belief that the action was in the best interests of Company and (b) not remedied within a reasonable period of time after receipt of written notice from Company specifying the alleged breach, (iv) Executive's conviction of, or plea of nolo contendere to, (a) a crime constituting  a felony under the laws of any country, the United States or any state thereof or (b) a misdemeanor involving moral turpitude, (v) a material breach of (a) Company's policies and procedures in effect from time to time or (b) the provisions of this Agreement; provided, however, that such breach shall constitute "Cause" only if Company gives Executive notice pursuant to Section 9 hereof, which shall include a detailed and specific description of the alleged material breach or breaches.

 

"Change in Control" shall have the meaning given such term in the Stock Incentive Plan in effect on the effective date of this Agreement.

 

"Company" shall mean Pinnacle Airlines Corp., a Delaware corporation, and any successor thereto.

 

"Date of Termination" shall mean, with respect to Executive, the date of termination of Executive's employment hereunder after the notice period provided by Section 3.4.

  

10

  

 

"Disability" shall mean Executive's physical or mental condition which prevents continued performance of his duties hereunder, if Executive establishes by medical evidence that such condition will be permanent and continuous during the remainder of Executive's life or is likely to be of at least three (3) years duration.

 

"Effective Date" shall mean the date Executive's employment commences, if not later than July 1, 2011.

 

"Good Reason" shall mean with respect to an Executive, any one or more of the following:

 (a)           a material reduction in Executive's Base Salary or level of target bonus under the Bonus Plan or any successor bonus plan without Executive's consent;

 

 (b)           any substantial and sustained diminution in Executive's title, position, authority, or responsibilities hereunder (unless due to Executive's Disability);

 

 (c)           Company moves its headquarters outside the Memphis, Tennessee Standard Metropolitan Statistical Area and requests the Executive also to move his residence outside the Memphis, Tennessee Standard Metropolitan Statistical Area; or

 

 (d)           a failure by Company to comply with any provision of this Agreement; provided, however, that the foregoing events shall constitute Good Reason only if Company fails to cure such event within thirty (30) days after receipt from Executive of written notice of the event which constitutes Good Reason; provided, further, that "Good Reason" shall cease to exist for an event on the 90th day following the later of its occurrence or Executive's knowledge thereof, unless Executive has given Company written notice thereof prior to such date.

 

In order for Executive's termination of his employment to be considered for Good Reason, such termination must occur within one (1) year after the event giving rise to such Good Reason. Executive's continued employment shall not constitute consent to, or a waiver of rights with respect to, any circumstance constituting Good Reason hereunder.

 

"Incentive Compensation Programs"  shall have the meaning set forth in Section 2.2, and shall include the Annual Bonus and the Long-Term Incentive programs referenced in Attachment "A".

 

"Notice of Termination"  shall mean a notice specifying the Date of Termination.

 

" Separation Date" shall mean the date of Executive's Separation From Service.

 

 

  

11

  

 

"Separation From Service" shall mean the date from and after which the parties reasonably anticipate that that no further services will be performed by Executive, or (if Executive is anticipated to continue providing services to Company in any capacity) that the level of bona fide services Executive would perform for Company from and after such date (whether rendered as an employee or as an independent contractor) would permanently not exceed twenty (20) percent of the average level of bona fide services performed (whether rendered as an employee or as an independent contractor) by the individual during the immediately preceding thirty-six (36) month period.  (Thus, Executive would not be entitled to the benefit of Sections 4.2 and 4.3 unless and until he has experienced a Separation From Service, as defined in the preceding sentence.)

 

“Specified Employee” means a service provider who, as of the date of the service provider’s Separation from Service, is a key employee of a service recipient any stock of which is publicly traded on an established securities market or otherwise. A key employee is any individual who is described in Code Section 416(i)(1)(A)(i), (ii), or (iii) (applied in accordance with the Regulations thereunder and disregarding section 416(i)(5)) at any time during the 12-month period ending on a Specified Employee identification date. The provisions and application of this paragraph will be construed and applied in a manner consistent with Code Section 409A and Treasury Regulations of other guidance issued thereunder.

 

12.           Executive Representation.  Executive hereby represents to Company that the execution and delivery of this Agreement by Executive and Company and the performance by Executive of Executive's duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any employment agreement or other agreement or policy to which Executive is a party or otherwise bound.

 

13.           Amendment.  No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by Executive and an officer of Company authorized by the Board to do so.  No waiver of any provision of this Agreement shall be deemed a continuing waiver or a waiver of any other provision, whether or not similar.

 

14.           Governing Law.  The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Tennessee, without regard to principles of conflicts of laws. The provisions of this Agreement are intended to be construed and applied in a manner consistent with compliance with Code Section 409A, where applicable.  Accordingly, the provisions hereof shall be construed and applied consistent with such intent, to the extent applicable.

 

15.           Validity.  The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement which shall remain in full force and effect.

 

  

12

  

 

16.           Arbitration.  Except as otherwise provided in Paragraph 17 of this Agreement, all disputes and controversies arising from or in conjunction with Executive's employment with, or any termination from, Company and all disputes and controversies arising under or in connection with this Agreement (except claims for vested benefits brought under ERISA) shall be settled by mandatory arbitration conducted before one arbitrator having knowledge of employment law in accordance with the rules for expedited resolution of employment disputes of the American Arbitration Association then in effect. The arbitration shall be held in the Memphis, Tennessee metropolitan area at a location selected by Company. The determination of the arbitrator shall be made within thirty (30) days following the close of the hearing on any dispute or controversy and shall be final and binding on the parties. The parties hereby waive their right to a trial of any and all claims arising out of this Agreement or breach of this Agreement.  Each party agrees to pay his or its own costs and expenses incurred in connection with any arbitration including, without limitation, attorney's fees and one-half of the arbitrator's fees, unless the arbitrator determines that such expenses must be otherwise allocated under applicable law to maintain the validity of this Section 16.

 

17.           Specific Performance.  Notwithstanding Section 16 of this Agreement, if Executive breaches or threatens to commit a breach of Section 6 of this Agreement, Company shall have the right to specific performance (i.e., the right and remedy to have the terms and conditions of Section 6 specifically enforced by a court of competent jurisdiction), it being agreed that any breach or threatened breach of Section 6 would cause irreparable injury and that money damages may not provide an adequate remedy.  If Company exercises its right to seek specific performance in a court of competent jurisdiction, Executive may assert any claims he may have against Company or its Affiliates in such action, and nothing set forth in Paragraph 16 of this Agreement is intended or shall be construed to limit Executive's right to assert such claims.

 

18.           Cooperation.  Executive shall provide his reasonable cooperation in connection with any investigation, action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during Executive's employment hereunder. This provision shall survive any termination of this Agreement.

 

19.           Compensation Limitation.  Notwithstanding the foregoing, Executive and Company agree that (i) to the extent permitted by any Federal statute (the "Act") that limits compensation of Executive hereunder, any payments or benefits payable to Executive under this Agreement (including, without limitation, payments under Sections 2 and 4 hereof) or pursuant to any other compensation or benefit plan of Company or other arrangement between Company and Executive that do not comply with the Act shall be deferred until such payments or benefits may be paid under the Act, and (ii) to the extent the Act does not permit the deferral of any such payments or benefits, the maximum compensation and/or severance Executive may receive from Company under this Agreement or any other compensation or benefit plan of Company or other arrangement between Company and Executive will not exceed the amount allowed under the Act’ provided, however, that nothing contained in this paragraph is intended nor shall it be construed to permit any such deferral or limitation as a result of Company’s inability to claim an allowable deduction from income for such payments for purposes of federal or state income taxes.

 

  

13

  

 

20.           Entire Agreement.  This Agreement, any award agreement between Company and Executive entered into pursuant to Company's stock Incentive Compensation Programs, and Company's employee benefit plans in which Executive will continue to participate as provided in this Agreement, contain the entire understanding between Company and Executive with respect to Executive's employment with Company and supersede in all respects any prior or other agreement or understanding between Company or any Affiliate of Company and Executive with respect to Executive's employment.

 

 

 

 

[This space purposely left blank.  Next page is the signature page.]

 

  

14

  

 

IN WITNESS WHEREOF, Company and Executive have executed this Agreement as of the day and year first above written.

 

PINNACLE AIRLINES CORP.

 

By:  /s/ Donald J. Breeding 

   Donald J. Breeding 

   Interim Chief Executive Officer

 

EXECUTIVE:

 

/s/ Sean E. Menke                                                                

Sean E. Menke

  

15

  

 

Attachment "A"

 

Position:                                               President & Chief Executive Officer

Responsibilities:                                  As outlined in "Appendix 1", and as revised from time to time by the Board of Directors

Reporting to:                                        Board of Directors

Location:                                              Memphis, Tennessee.  Executive and Executive's family will be expected to relocate and take up full-time 

              residence in the Memphis area at Executive's earliest convenience

	
Base Salary:

	
$425,000, subject to review on an annual basis

	
Annual Bonus:

	
Executive will be eligible to participate in Company’s Annual Bonus Program, with an annual target of 60% of Base Salary and a maximum of 120% of Base Salary, with the actual amount determined by the Board of Directors based on Executive's performance relative to pre-established corporate and individual objectives.  For the 2011 fiscal year, Executive's bonus will not be less than the target amount (pro-rated based on start date) and could be higher than the target amount (pro-rated based on start date), at the discretion of the Board of Directors.  Objectives for 2011 will be established by mutual agreement between the Board and Executive soon after the start date but no later than August 10, 2011.  Payment will be no later than April 30 of each year.

	
Long-Term Incentive:

	
Executive will participate in Company’s Long-Term Incentive Program under which Executive will receive a restricted stock award and, except for 2011, a cash award.

	
  

	
Restricted Stock Award.  Each year Executive will receive under the LTIP a restricted stock award under Company’s 2003 Stock Incentive Plan, as amended May 15, 2008 (or any successor plan), of shares valued at no less than 100% of Base Salary and the shares will vest ratably over three years without regard to performance of Company; provided, however, that the Board of Directors may cause the LTIP to be amended to permit awards of equity to Executive based upon performance, so long as the shares are valued at no less than 100% of Base Salary and the LTIP equity awards to all executive officers of Company are also subject to performance objectives and Executive has the ability to provide input into the setting of the objectives for all executive officers by the Compensation Committee and the Board of Directors.  The issuance and resale of shares under such plan are  registered with the Securities and Exchange Commission pursuant to a Registration Statement on form S-8.

  

16

  

 

	
  

	
Cash Award.  The cash award will be at a targeted amount of 100% of Base Salary (“Target”) and a maximum of 125% of Base Salary, with the actual amount determined by the Board of Directors based on corporate performance relative to pre-established annual objectives.  The objectives for Executive will be the same as for other Program participants.  The cash portion will be payable within 10 business days after the third anniversary of the award date.  The objectives for Executive will be the same as for other Program participants.

	
  

	
Example:  For clarification purposes, the 2012 LTIP award and annual awards thereafter will provide the following: (a) restricted stock award that is awarded at no less than 100% of annual salary and vests in three equal installments on the first, second and third anniversary dates of the award date, and (b) cash award targeted at 100% of annual salary with a maximum payout of 125% upon meeting or exceeding objectives agreed upon with the Board of Directors.  The cash award is paid in one lump sum on or before the April 30  following the third anniversary of the award date.

2011 LTIP Restricted Stock Award.  For the 2011 fiscal year, Executive's LTIP restricted stock award shall be 100% of Base Salary of $425,000 (prorated for the portion of 2011 from the date hereof through December 31, 2011), and the vesting schedule shall be the same as the vesting schedule for other officers of Company that were recipients of a restricted stock award under the LTIP for fiscal 2011 (being 1/3 of the restricted stock award vesting on February 8th in each of the years 2012, 2013 and 2014.

	
Cash Award in Lieu of  

	
 

	
2011 LTIP Cash Award

	
In lieu of a cash award under the LTIP for 2011, Company will make the following payments to Executive on  the following dates:

 

 

	
Amount

	
Payment Date

(no later than)

	
$141,667 pro rated for the number of days from the date of this Agreement through December 31, 2011.

	
April 30, 2012

	  	  
	
$283,334 for 2012

	
April 30, 2013

	  	  
	
$425,000 for 2013

	
April 30, 2014

  

17

  

 

The foregoing payments are not contingent on the achievement of any performance objectives and will be paid to Executive on the specified payment dates whether or not he is employed on such dates, subject only to the following contingencies:

1.  If, prior to a payment date, Executive experiences a Separation Date because he terminates his employment without Good Reason or is terminated by the Company for Cause the amount otherwise due on such date will be forfeited.

2.  If Executive experiences a Separation Date prior to December 31, 2011, because of termination by Company without Cause or by Executive for Good Reason, then any amount payable shall be reduced to a fraction of the stated amount equal to the number of days between the Effective Date and the Separation Date divided by the number of days between the Effective Date and December 31, 2011; provided that, if Separation From Service is due to Executive's death or Disability, there shall be no reduction of any such amounts payable.

	
Incoming Equity Grant:

	
    Executive will be given an incoming equity grant, in the form of restricted stock, valued at $425,000, vesting 

    ratably over three years

	
401(k):

	
Currently, Company matches employee contributions at 100% on the first 3% and at 67% on the next 3%, and will do so for Executive.  However, if these percentages change in the future, then the match for Executive's contributions will be the same as for all other participants.

	
Employment Benefits:

	
Executive will be eligible to participate in Company’s health benefit plans on the same basis made available to other executives of Company.

	
Executive Physical:

	
Annual visit to the Mayo Clinic for a medical checkup.

	
Vacation:

	
2 weeks per year for the first three years, and 3 weeks per year thereafter.

	
Travel Benefits:

	
Positive space, first class (where available) travel benefits for Executive, Executive's spouse, and Executive's children on all Pinnacle Airlines and Delta Air Lines (mainline and Delta Connection) flights.

	
Other Benefits:

	
Annual Delta SkyClub membership.  Complimentary parking at Memphis airport

  

18

  

 

	
Incoming Relocation:

	
Company will reimburse Executive, with supporting receipts, for customary and reasonable relocation expenses associated with moving Executive, Executive's spouse, and Executive's children and household possessions from the Denver area to the Memphis area.  Such expenses include: (a) real estate and legal fees associated with the sale of Executive's home in Denver and the purchase of a home in the Memphis area, (b) packing, shipping, storage, and transportation of Executive's household goods, (c) one-way transportation for Executive, Executive's spouse, and children to the Memphis area, and (d)  temporary living expenses for a period not to exceed nine months.  Executive will be reimbursed for such expenses as per the terms of Company’s standard relocation policy.  Executive will also be provided with two house-hunting trips for Executive and Executive's wife

	
  

	
Additionally, Company agrees to cover the second 10% of any loss Executive incur on the sale of Executive's Denver home (with Executive covering the first 10%), subject to a maximum of $125,000.  The amount of the loss is defined as the gross sale value less total capital cost (purchase price plus documented household improvements since purchase).  Executive will have 24 months from start date to claim support on any such loss.

	
Outside Board Service:

	
Continuation of role as an independent director on the board of Aveos Fleet Performance, Inc. is agreed subject to periodic review to ensure that Executive's primary focus remains on Company.   Any other outside business activities will be subject to prior approval by the Board

	
Legal Expenses:

	
Company will reimburse Executive for Executive's reasonable legal expenses associated with the negotiation of an employment agreement, if such negotiations lead to a mutually agreeable employment agreement.

	
Start Date:

	
No later than July 1, 2011

	
Conditions:

	
Medical examination revealing no illness or medical condition which the Board of Directors reasonably believes would constitute a material impediment to the performance by Executive of his duties; execution of Company's form of Indemnity Agreement concurrently herewith.

  

19

  

Appendix 1

Position Summary

Reporting to and serving on Company’s Board of Directors, the President and Chief Executive Officer (CEO) of Pinnacle Airlines Corp. is responsible for the safe, efficient and profitable development and operation of Company and its subsidiary airline operations.  The CEO leads the growth and management of the airline, with responsibility for all key functional aspects of the carrier, including corporate strategy, commercial and customer relations, finance, human resources, government and regulatory affairs, legal, information technology and all aspects of operations – flight operations, maintenance and engineering, ground operations, in-flight customer service and systems operations control.

In the near term, the focus of the new CEO will be to ensure that Pinnacle: (a) effectively and successfully completes the integration of the newly acquired Mesaba Airlines and the associated consolidation of its three airline operating certificates into two, (b) achieves a high degree of operational reliability on a sustainable basis and (c) lays the foundation for a broader revenue diversification strategy that leverages its assets and its strengths.

Given the nature of the role, the CEO also leads an effective program of liaison with key external constituent groups, including key airline customers, investors, labor groups, government and regulators, to ensure that Pinnacle’s interests are coordinated with those of its stakeholders.

Given the wholesale business model at Pinnacle, the CEO plays an active role in ensuring a strong focus on operational excellence, with respect to reliability, on-time performance, customer support and cost efficiency.

The position is based at Pinnacle Airlines Corp. corporate headquarters in Memphis, Tennessee.

Key Relationships

Reports to:                                                                     Board of Directors

 

 

Direct reports:                                                                       Chief Operating Officer

Senior Vice President, Pinnacle Operations

Senior Vice President, Mesaba Operations

Senior Vice President, Ground Operations

Senior Vice President, Education and Training

Vice President, Contracts and Purchasing

Vice President, Information Technology

  

20

  

 

Chief Financial Officer

Vice President and Controller

Vice President, Finance and Treasurer

Vice President, Operations Finance

Director, Financial Analysis

	
  

	
            Director, Marketing Planning and Revenue Management

Director, Internal Audit

General Counsel and Chief Compliance Officer

	
  

	
           Vice President, Risk Managementand Corporate Real Estate

	
  

	
           Vice President, Human Resourcesand Administration

Director, Legal Affairs (2)

Director, Corporate Real Estate Projects

Vice President, Government and Regulatory Affairs

Vice President, Corporate Culture and Communications

 

Major Responsibilities

The CEO oversees a wide portfolio of responsibilities across five primary domains:

Operations

	
·  

	
Ensure that Pinnacle is an industry leader in safety across all facets of its business and that Company adheres to all safety-related regulations and policies.

	
·  

	
Ensure that Company maintains a strong focus on operational quality and reliability as the most important performance objective, given its criticality to customer satisfaction and retention.

	
·  

	
Through his or her team, oversees the day-to-day operations of the carrier, ensuring adherence to high levels of safety, customer service, cost control, on-time and financial performance.  Displays, and acts on, a real and ongoing concern for the delivery of outstanding customer service and operating integrity by probing into daily operating performances and spending time “in the field.”

	
·  

	
Through a team of qualified deputies, provides active leadership in the resolution of operational issues as they arise.

	
·  

	
Ensures that the airline meets all government and corporate regulations and policies on an ongoing basis.  Addresses potential deviations immediately.

  

21

  

 

	
·  

	
Ensures that the airline has full emergency preparedness.  Leads and manages the response process when, and if, emergencies occur.

Strategy and Finance

	
·  

	
Leads the development of the overall strategic direction and business plan for Pinnacle by orchestrating an ongoing planning process which produces a clear and compelling corporate vision and mid- and long-term business objectives.

	
·  

	
Identifies, evaluates, pursues and, as appropriate, executes important strategic initiatives to evolve the Pinnacle business model in the areas of new capacity purchase agreements, pro-rate agreements, new business lines, new fleet types, and mergers and acquisitions.

	
·  

	
Engages the Board in the evaluation and selection of new strategic alternatives such as those outlined above.  Based on the broad direction provided by the strategic plan, develops and gains approval for the airline’s annual business plan, operating plan and operating budget.

	
·  

	
Manages ongoing business and operating performance against the plans and budgets above, on a quarterly, monthly and weekly basis.

	
·  

	
Provides timely and accurate reporting on financial and operating results and other special projects and initiatives under his or her direction.

	
·  

	
Ensures that the airline secures and maintains appropriate funding and capitalization and that it evolves toward an optimal capital structure suited to its business needs.

	
·  

	
Drives the airline’s growth trajectory to ensure that it secures the scale necessary to achieve commercial and financial success.

	
·  

	
Partnering with the chief financial officer, manages the airline’s relationships with the investor community and stock market analysts.  Defines, articulates and promulgates the Pinnacle “story” to key external constituents, most notably the investor and analyst community.

Commercial

	
·  

	
Develops and implements an effective revenue diversification strategy for Company that ensures, over time, a balanced and diversified portfolio.

	
·  

	
Ensures that Pinnacle develops and maintains, in the face of current and future competition, a compelling and differentiable customer value proposition that drives profitable growth.

	
·  

	
Plays the lead role in cultivating, negotiating, transacting and managing major customer relationships with major airlines, charter customers and other parties.

Organization and Human Resources

	
·  

	
Develops and maintains an organizational plan for all key functions within the airline that details the organization’s personnel needs as a function of the airline’s strategic and operating plans.  Ensures that major functional “holes” in the organization are addressed and that the organization grows alongside the carrier’s revenue base, all while maintaining a lean cost structure.

  

22

  

 

	
·  

	
Provides strong and inspired leadership to all the employees of Pinnacle, promoting and maintaining strong employee morale.  Establishes high expectations for all employees with regard to performance and adherence to company values.

	
·  

	
Plays the lead role in nurturing and evolving the corporate culture for the airline in a manner consistent with the business focus of Company and shareholder return expectations.

	
·  

	
Plays a key role in the ongoing nurturing and management of productive, trust-based relations with labor leaders, building on the healthy context in place today at Company.

Constituent Management

	
·  

	
Manages the overall relationship with the Board of Directors, keeping the group fully abreast of developments and issues.  Engages the Board in discussion and decision making on key strategic issues as they arise.

	
·  

	
Working through key internal functions, negotiates and oversees important commercial arrangements with aircraft suppliers, aircraft lessors, airports, maintenance, repair and overhaul service providers and other suppliers.

	
·  

	
Manages relationships with senior representatives of various key external constituents and functions as the primary external ambassador for the carrier.

	
·  

	
Ensures that Pinnacle maintains productive and beneficial relationships with the media and the public at large.

  

23

  

Attachment "B"

 

 

GENERAL RELEASE

 

 

This Release is made and entered into by SEAN E. MENKE (the "Executive") and Pinnacle Airlines, Inc. (the "Company").

 

In consideration of the payments, benefit continuation and acceleration provided for in Section 4.2(b)(i) and (ii) of this Management Compensation Agreement, Executive, on behalf of himself and for any person or entity who may claim by or through him, irrevocably and unconditionally releases, waives, and forever discharges Company, its past, present, and future subsidiaries, divisions, Affiliates, successors, and their respective officers, directors, attorneys, agents, and present and past employees from any and all claims or causes of action that Executive had, has, or may have relating to Executive's employment with Company and/or termination therefrom up to and including the date of this Agreement, including but not limited to any claims under Title VII of the Civil Rights Act of 1964, as amended, the Tennessee Human Rights Act, the Age Discrimination in Employment Act ("ADEA"), and claims under any other federal, state, or local statute, regulation, or ordinance, including wrongful or retaliatory discharge.

Nothing contained in this Release will release or discharge Company with respect to any obligation Company had or has to Executive under indemnification provisions contained in Company’s Certificate of Incorporation or any contract between Company and Executive, medical or health insurance, life insurance and vested portion under a 401(k) plan, if any, to which Executive was entitled from Company before the effective date of this Release.  Executive acknowledges and agrees that Company will end any and all contributions made on behalf of Executive to any of the aforementioned benefits as of the effective date of this Release.  This provision, however, in no way alters or affects Executive’s rights under the federal Consolidated Omnibus Budget Reconciliation Act (“COBRA”), as amended, to continue participation in Company’s health insurance benefit plan pursuant to the terms and conditions of COBRA.  Executive will separately receive notice of Executive’s right to continue health insurance coverage under COBRA pursuant to the Employee Retirement Income Security Act of 1974 (as amended).

 

 

This Release shall not be construed as an admission by Company of any liability, wrongdoing, or violation of any law, statute, regulation, agreement or policy, and Company denies any such liability or wrongdoing.

  

24

  

 

 

Executive acknowledges and agrees that this Release includes a release and waiver as to claims under the ADEA.  Executive acknowledges and confirms that he understands and agrees to the terms and conditions of this Release; that these terms are written in layperson terms, and that he has been fully advised of his rights to seek the advice and assistance of consultants, including an attorney, to review this Release.  Executive further acknowledges that he does not waive any rights or claims under the ADEA that arise after the date this Release is signed by him, and specifically, Executive understands that he is receiving money and benefits beyond anything of value to which he is already entitled from Company.  Executive acknowledges that he has had up to 21 days to consider whether to accept and sign this Release, and has had adequate time and opportunity to review the Release and consult with any legal counsel or other advisors of his choosing.  Executive understands that if he signs this Release before the expiration of the 21-day period, his signature will evidence his voluntary election to forego waiting the full 21 days to sign this Release.  If Executive chooses not to accept, or the 21-day period expires without his acceptance, then the offer in this Release is null and void.  Executive further acknowledges that in compliance with the Older Workers' Benefit Protection Act of 1990, he has been fully advised by Company of his right to revoke and nullify this Release, and that this revocation must be exercised, if at all, within seven days of the date he signs this Release.  Executive may revoke his acceptance at any time within the seven days following his signing of this Release by notifying Company of his decision to revoke the acceptance by writing directed and delivered to Pinnacle Airlines, Inc., 1689 Nonconnah Boulevard, Suite 111, Memphis, TN 38132, Attention:  Chairman of the Board.

 

Acceptance of this offer is strictly voluntary.  Executive is hereby advised to consult with an attorney prior to executing the Management Compensation Agreement and this Release.  This Release shall become effective and enforceable only after the seven-day revocation period has expired.  Should Executive decline to accept the benefits of this Release, or if is revoked by him, Executive will not receive the proposed additional compensation and benefits.

 

By his signature below, Executive accepts the terms of this Release.

 

 

	
PINNACLE AIRLINES, INC.

	
EXECUTIVE

	
By:  ______________________                                                              

	 ______________________   
	
Name:                                                                

	
Sean E. Menke

	
Title:                                                                

	 
	
 

 

Date:                                                                

	
Date:                                                               

 

  

25Aramark Holdings Corp 2007 Mgt Stock Incentive Plan (as amended and restated)

 Exhibit 10.1 
 ARAMARK HOLDINGS CORPORATION 
 AMENDED AND RESTATED 2007 MANAGEMENT STOCK
INCENTIVE PLAN 
 ARTICLE I 
 PURPOSE OF THE PLAN 
 The purpose of the AMENDED AND RESTATED ARAMARK
CORPORATION 2007 MANAGEMENT STOCK INCENTIVE PLAN (the “Plan”) is to further the growth and success of Aramark Holdings Corporation, a Delaware corporation (the “Company”), and its Affiliates (as hereinafter defined)
by enabling directors and employees of, or consultants to, the Company or any of its Affiliates to acquire Shares (as hereinafter defined), thereby increasing their personal interest in such growth and success and to provide a means of rewarding
outstanding performance by such persons to the Company and/or its Affiliates. Awards granted under the Plan shall include nonqualified stock options (referred to herein as “Options”), restricted shares of Common Stock
(“Restricted Stock”), the opportunity to purchase shares of Common Stock (“Purchased Stock”) and such Other Stock-Based Awards as the Board may determine (collectively, the “Awards”). 

ARTICLE II 

DEFINITIONS 
 As used in the Plan, the following terms shall have the meanings set forth below: 

“Adoption Agreement” means an agreement between the Company and an individual eligible to become a Participant or a
holder of Shares, pursuant to which such individual agrees to become a party to the Stockholders Agreement. 

“Affiliate” means with respect to any Person, any other Person that, directly or indirectly through one or more
intermediaries controls, is controlled by, or is under common control with, such Person or any other entity designated by the Board in which the Company or an Affiliate has an interest. As used in this definition, the term “control,”
including the correlative terms “controlling,” “controlled by” and “under common control with,” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
(whether through the ownership of securities or any partnership or other ownership interests, by contract or otherwise) of a Person. The term “Affiliate” shall not include at any time any portfolio companies of any of the Sponsor
Stockholders or any of their Affiliates, other than the Company and its Subsidiaries. 
 “Award” has the
meaning set forth in Article I hereof. 
 “Award Agreement” means any writing setting forth the terms of an
Award that has been duly authorized and approved by the Board or the Committee. 

 “Award Committee” has the meaning set forth in Section 3.3(b)
hereof. 
 “Board” means the Board of Directors of the Company. 

“Cause” means, with respect to a Participant: (i) if such Participant is at the time of termination a party to any
employment, consulting or other similar agreement (any such agreement, an “Individual Agreement”) that defines such term, the meaning given in such Individual Agreement; (ii) otherwise if such Participant is at the time of
termination a party to an Award Agreement which was entered into under this Plan and defines such term, the meaning given in the Award Agreement; and (iii) in all other cases, such Participant’s (A) commission of a felony or a crime
of moral turpitude; (B) commission of a willful and material act of dishonesty involving the Company; (C) material breach of the Company’s Business Conduct Policy that causes harm to the Company or its business reputation; or
(D) willful misconduct that causes material harm to the Company or its business reputation. 
 “Change of
Control” has the meaning set forth in the Stockholders Agreement. 
 “Closing Date” has the meaning
ascribed thereto in the Agreement and Plan of Merger made and entered into as of the 8th day of August, 2006, by and among RMK Acquisition Corporation, a Delaware corporation, RMK Finance LLC, a Delaware limited liability company, and the Company
(the “Merger Agreement”). 
 “Code” means the Internal Revenue Code of 1986, as amended.

 “Committee” means the Compensation and Human Resources Committee of the Board or such other committee
appointed by the Board to administer the Plan (and, before the time that the Board appoints such committee and such committee first meets to take action, the Board). 
 “Common Stock” means the common stock of the Company, par value $.01 per share. 
 “Company” has the meaning set forth in Article I hereof. 

“Corporate Transaction” has the meaning set forth in Section 7.1 hereof. 

“Deferred Stock Unit” or “DSU” means the right to receive one whole Share for each whole Deferred Stock
Unit, and cash for fractional Deferred Stock Units, upon the terms and conditions set forth in the respective Award Agreement granting the Award. 
 “Disability” means, unless the Award granted to the applicable Participant is subject to Section 409A of the Code, with respect to each Participant, the Participant is
(1) unable to perform the material and substantial duties of the Participant’s Regular Occupation (as defined herein below) due to the Participant’s sickness or injury; and (2) the Participant is under the regular care of a
qualified doctor; and (3) the Participant has incurred a 20% or more loss in the Participant’s monthly earnings due to that sickness or injury (or such other definition of disability that results in a termination of employment and
commencement of receipt of benefits under the Company or its Affiliate’s long term disability plan, as in effect at the applicable time 

  
 2 

 
(the “LTD Plan”)). In the event that the Award granted to the applicable Participant is subject to Section 409A of the Code, the term Disability, shall instead have the
meaning of “Disability” as defined under Section 409A of the Code or any successor provision of the Code at the applicable time. For purposes of this definition, the term “Regular Occupation” means the occupation the
Participant is routinely performing when the Participant’s Disability begins, which shall be determined by the LTD Plan Claims Administrator as provided in the LTD Plan. 
 “Effective Date” means January 25, 2007 (the date the Plan was adopted by the Board and approved by the shareholders of the Company). 

“Excess” has the meaning set forth in Section 7.2 hereof. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Fair Market Value” means (1) on the Closing Date, the price the Sponsor Stockholders paid to acquire the Common
Stock and (2) as of any subsequent, specified date, if the Common Stock is listed on a national securities exchange, the closing price of the Common Stock on any national securities exchange or any national market system (including, but not
limited to, The NASDAQ National Market) on that date, or if no prices are reported on that date, on the last preceding date on which such prices of the Common Stock are so reported. If the Common Stock is not then listed on any national securities
exchange but is traded over the counter at the time determination of its Fair Market Value is required to be made, its Fair Market Value shall be deemed to be equal to the average between the reported high and low sales prices of Common Stock on the
most recent date on which Common Stock was publicly traded. If the Common Stock is not publicly traded at the time a determination of its Fair Market Value is to be made, then “Fair Market Value” shall have the meaning set forth in the
Stockholders Agreement. In connection with any of the foregoing, solely to the extent necessary to avoid causing an Option or an Other Stock-Based Award (if and where applicable) to be deemed deferred compensation within the meaning of
Section 409A of the Code, the Board may deviate from such meaning and determine Fair Market Value in such manner as it deems appropriate, reasonable and in good faith is required to comply with Section 409A of the Code, after consultation
with counsel to the Company, but in all cases will make such determination in a manner that is as close as possible to that set forth herein. 
 “IPO” has the meaning set forth in the Stockholders Agreement. 

“Installment Stock Purchase Opportunity Option” or “ISPO Option” means those Options that the Committee
(or Award Committee, as applicable) have designated as “ISPO Options”, which constitute Options that have limited periods of exercisability, as set forth in the relevant Award Agreement. 

“Net Exercise” means a Participant’s ability to exercise an Option by directing the Company to deduct from the
shares of Common Stock issuable upon exercise of his Options a number of Shares having an aggregate Fair Market Value equal to the sum of the aggregate Option Price therefor plus the amount of the Participant’s Tax Withholding, and the Company
shall thereupon issue to the Participant the net remaining number of Shares after such deductions. 

  
 3 

 “Notice” has the meaning set forth in Section 5.6 hereof.

 “Option” has the meaning set forth in Article I hereof. 

“Option Price” has the meaning set forth in Section 5.4 hereof. 

“Option Shares” has the meaning set forth in Section 5.6(b) hereof. 

“Original Shares” has the meaning set forth in the Stockholders Agreement. 

“Other Stock-Based Awards” has the meaning set forth in Section 6.1 hereof. 

“Participant” has the meaning set forth in Section 4.1 hereof. 

“Performance Based Awards” has the meaning set forth in Section 3.5 hereof. 

“Person” shall include an individual, a partnership, a corporation, an association, a joint stock company, a limited
liability company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 
 “Plan” has the meaning set forth in Article I hereof. 

“Public Offering” has the meaning set forth in the Stockholders Agreement. 

“Reserved Shares” means, subject to adjustment in accordance with Section 7.1 below: (1) an aggregate number
of Shares equal to 15.5% of the fully-diluted Common Stock of the Company as of immediately after the Closing Date (the “Fully Diluted Equity”), up to 11% of which will be granted at or within ninety days following the Closing Date
(the “Initial Grant Pool”) and the remainder of which will be granted in future years; provided that any amount of Shares subject to the Initial Grant Pool that are not granted within such ninety-day period, and any related
Returned Shares, may be granted under an Award at any time during the term of this Plan; plus (2) the aggregate number of Shares that constitute Original Shares (other than those held by Joseph Neubauer or any of the Sponsor Stockholders) (and
any related Returned Shares); plus (3) 200,000 Shares, subject to adjustment in accordance with Section 7.1 below, available exclusively for issuance under the Plan pursuant to Awards of Deferred Stock Units to non-employee directors of
the Company. 
 “Retirement” means with respect to a Participant the retirement of such Participant upon or
after achieving age 60 and five (5) years of employment with the Company, any of its Affiliates, and/or any of their respective predecessors. 
 “Returned Shares” has the meaning set forth in Section 3.5(b) hereof. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Shares” means shares of Common Stock. 

  
 4 

 “Spin-off” means any distribution without consideration of shares of a
Subsidiary to shareholders of the Company. 
 “Sponsor Stockholders” has the meaning set forth in the
Stockholders Agreement. 
 “Sponsor Investment” means direct or indirect investments in Shares made by the
Sponsor Stockholders on or after the Closing Date, but excluding any purchases or repurchases of Shares on any securities exchange or any national market system after an IPO. Any direct or indirect investments in Shares made by the Sponsor
Stockholders after the Closing Date shall be included in this definition except in the event and to the extent that the Sponsor Stockholders waive such inclusion herein for any purpose under this Plan. 

“Stockholders Agreement” means the Stockholders Agreement, dated on or about January 26, 2007, among the Company
and the holders party thereto, as it is amended, supplemented, restated or otherwise modified from time to time. 

“Subsidiary” means any corporation or other entity of which the Company owns securities or interests having a majority,
directly or indirectly, of the ordinary voting power in electing the board of directors, managers, general partners or similar governing Persons thereof. 
 “Tax Withholding” means a Participant’s minimum tax withholding with respect to any Award granted hereunder. 
 “Termination Date” means the tenth anniversary of the Effective Date. 
 “Termination of Relationship” means (i) if the Participant is an employee of the Company or any Affiliate, the termination of the Participant’s employment with the Company and
its Affiliates for any reason; (ii) if the Participant is a consultant to the Company or any Affiliate, the termination of the Participant’s consulting relationship with the Company and its Affiliates for any reason; and (iii) if the
Participant is a director of the Company or any Affiliate, the termination of the Participant’s service as a director of the Company or such Affiliate for any reason; including, in the case of clauses (i), (ii) or (iii), as a result of
such Affiliate no longer being a Affiliate of the Company because of a sale, divestiture or other disposition of such Affiliate by the Company (whether such disposition is effected by the Company or another Affiliate thereof). Notwithstanding the
foregoing, unless otherwise approved by the Chief Executive Officer of the Company (provided that such authority shall be effective only to the extent that neither its existence nor its exercise would result in imposition of taxes under
Section 409A of the Code), a Termination of Relationship shall not be deemed to have occurred if a Participant remains an employee or director of the Company or any Affiliate, but a Termination of Relationship shall be deemed to have occurred
if a Participant remains a consultant of the Company or any Affiliate. 
 “Vested Options” means Options that
have vested in accordance with the applicable Award Agreement. 

  
 5 

 ARTICLE III 
 ADMINISTRATION OF THE PLAN; SHARES SUBJECT TO THE PLAN 

Section 3.1. Committee. 
 The Plan shall be administered by the Committee. 
 Section 3.2.
Procedures. 
 The Committee shall adopt such rules and regulations as it shall deem appropriate concerning the
holding of meetings and the administration of the Plan, which shall be consistent with the current practice of the Compensation and Human Resources Committee of ARAMARK CORPORATION as of the Effective Date. 

Section 3.3. Interpretation; Powers of Committee. 

Except as may otherwise be expressly reserved to the Board as provided herein, and with respect to any Award, except as may otherwise be
provided in the Award Agreement evidencing such Award or an Individual Agreement between the Participant and Company, the Committee shall have all powers with respect to the administration of the Plan, including the authority to: 

(a) determine eligibility and the particular persons who will receive Awards; 

(b) grant Awards to eligible persons, determine the price and number of securities to be offered or awarded to any of such
persons, determine the other specific terms and conditions of Awards consistent with the express limits of the Plan, establish the installments (if any) in which such Awards will become exercisable or will vest and the respective consequences
thereof (or determine that no delayed exercisability or vesting is required), and establish the events of termination or reversion of such Awards; provided, however, that the Committee may also delegate, at any time and from time to
time, to any sub-committee of the Committee and the Board may also delegate, at any time and from time to time, to any other committee of the Board (in either case which shall consist of one or more members of the Committee or Board, respectively,
and may consist solely of the Chief Executive Officer of the Corporation so long as he or she is a member of the Committee or Board, respectively) (an “Award Committee”), subject to such guidelines as the Board, the Committee or the
Award Committee may establish from time to time, the authority to grant Awards under the Plan 
 (c) approve the
forms of Award Agreements, which need not be identical either as to type of Award or among Participants; 
 (d)
construe and interpret the provisions of the Plan and any Award Agreement or other agreement defining the rights and obligations of the Company and Participants under the Plan, make factual determinations with respect to the

  
 6 

 
administration of the Plan, further define the terms used in the Plan, and prescribe, amend and rescind rules and regulations relating to the administration of the Plan; 

(e) cancel, modify, or waive the Company’s rights with respect to, or modify, discontinue, suspend, or terminate any
or all outstanding Awards held by Participants, subject to any required consent under Article X; 
 (f)
accelerate or extend the exercisability or extend the term of any or all outstanding Awards, subject to any consent required under ARTICLE X; and 
 (g) make all other determinations and take such other action as contemplated by this Plan or as may be necessary or advisable for the administration of this Plan and the effectuation of its purposes,
other than the amendment of any Plan provision, which power and authority shall be held by the Board and subject to the Stockholders Agreement. 
 All decisions of the Board or the Committee, as the case may be, shall be made in good faith and shall be conclusive and binding on all Participants in the Plan. 

Section 3.4. Terms of Certain Award Agreements. 

Notwithstanding anything else set forth in this Plan document to the contrary, any grants of Options shall be made using the form attached
hereto as Exhibit A with only such changes as may be made by the Board solely with respect to the Option Price (to the extent required to comply with Section 5.4 of this Plan), the EBIT Targets (as such term is defined in Exhibit A) for any
applicable Fiscal Years subsequent to those identified in Exhibit A and the Sponsor shareholder return targets, the date on which the vesting of the Options shall commence (namely, to reflect the later grant date of the Options), and any other terms
as the Board may determine appropriate; provided that the Committee may make changes to the form to correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any Award or to aid in the administration of the Plan or
any Award, in the manner and to the extent the Committee deems necessary or desirable. Fifty percent of Options granted will vest upon the attainment of performance goals, and fifty percent of Options will vest in equal annual installments on each
of the first four anniversaries of the applicable date of grant, in each case in a manner substantially similar to the manner set forth in the Award Agreement attached as Exhibit A (subject to the changes noted in the preceding sentence). In
connection with all of the foregoing, the Committee shall in good faith consider making additional Award grants following the fourth anniversary of the Closing Date. In addition to the foregoing, Participants who are non-employee directors of the
Company may be granted Deferred Stock Units upon the terms and conditions pursuant to an Award Agreement attached hereto as Exhibit C with such changes as may be made by the Board; provided that the Committee may make changes to the form to correct
any defect or supply any omission or reconcile any inconsistency in the Plan or in any Award or to aid in the administration of the Plan or any Award in the manner and to the extent the Committee deems necessary or desirable. Notwithstanding the
foregoing, with respect to ISPO Options, the Committee may approve the forms of Award Agreements, which need not be identical among Participants. 

  
 7 

 Section 3.5. Compliance with Code Section 162(m). 

In the event the Company becomes a “publicly-held corporation” as defined in Code §162(m)(2), the Company may establish a
committee of outside directors meeting the requirements of Code §162(m)(2) to (i) approve Awards that might reasonably be anticipated to result in the payment of employee remuneration that would otherwise exceed the limit on employee
remuneration deductible for income tax purposes by the Company pursuant to Code §162(m); and (ii) administer the Plan. In such event, the powers reserved to the Committee in the Plan shall be exercised by such compensation committee. In
addition, to the extent Code §162(m) is applicable, Awards under the Plan may be granted upon satisfaction of the conditions to such grants provided pursuant to Code §162(m) and any Treasury Regulations promulgated thereunder. In
connection with the foregoing, (i) subject to adjustment in accordance with Section 7.1, the maximum number of Shares for which Options, and any Other Stock-Based Awards that are intended to qualify as performance-based compensation under
Code §162(m) (“Performance Based Awards”), may be granted during any calendar year to any Participant shall be 7,500,000, and (ii) the maximum amount of a Performance Based Award that can be paid in cash to any Participant
during any calendar year shall be $90,000,000. 
 Section 3.6. Number of Shares. 

(a) Subject to the provisions of Article VII (relating to adjustments upon changes in capital structure and other corporate transactions),
the aggregate number of Shares with respect to which Awards may be granted under the Plan shall not exceed the Reserved Shares. 

(b) Shares that are subject to or underlie Options granted under the Plan that expire, are redeemed as part of a Net Exercise settlement
or as part of the payment of any Option Price, or for any reason are canceled or terminated without having been exercised (or Shares subject to or underlying the unexercised portion of any Options, in the case of Options that were partially
exercised at the time of their expiration, cancellation or termination), including in any such instance any Options, or Shares subject to or underlying Options, that are purchased by the Company from the Participants pursuant to the Stockholders
Agreement or otherwise, and Shares that were Purchased Stock or other Shares issued in exchange for shares of common stock of the Company in connection with the Merger by a Participant, that are purchased by the Company from the Participants
pursuant to the Stockholders Agreement or otherwise, shall again become available for subsequent Awards of Options or of Purchased Stock under the Plan (any Shares so expired, redeemed, cancelled, terminated or purchased, “Returned
Shares”). In addition to the foregoing, Shares that are subject to Awards of Deferred Stock Units that are forfeited without settlement of Shares, and Shares purchased by the Company from any Participants who are non-employee directors of
the Company pursuant to the Stockholders Agreement or otherwise, shall again only become available for subsequent Awards of Deferred Stock Units under the Plan, and for all purposes of this Plan shall be included in the term “Returned
Shares” as defined in the immediately preceding sentence. 
 Section 3.7. Reservation of Shares.

  
 8 

 The number of Shares reserved for issuance with respect to Awards granted under the Plan
shall at no time be less than the maximum number of Shares which may be issued or delivered at any time pursuant to outstanding Awards. 
 ARTICLE IV 
 ELIGIBILITY 

Section 4.1. General. 
 Awards may be granted under the Plan only to persons who are employees or directors of, or consultants to, the Company or any of its Affiliates on the date of the grant. Each such person to whom an Award
is granted under the Plan is referred to herein as a “Participant” 
 ARTICLE V 

STOCK OPTIONS 
 Section 5.1. General. 
 Options may be granted under the Plan at
any time and from time to time on or prior to the Termination Date. Each Option granted under the Plan shall be subject to the terms and conditions set forth in the Plan. Each Option shall be evidenced by an Award Agreement incorporating the terms
and provisions of the Plan that shall be executed by the Company and the Participant. The Award Agreement shall specify the number of Shares for which such Option shall be exercisable, the Option Price (as defined in Section 5.4 below) for such
Shares and the other terms and conditions of the Option. 
 Section 5.2. Vesting. 

The Committee, in its sole discretion, shall determine whether and to what extent any Options are subject to vesting based upon the
Participant’s continued service to, or the Participant’s performance of duties for, the Company and its Subsidiaries, and/or upon any other basis. 
 Section 5.3. Date of Grant. 
 Except as may be otherwise
provided in an Award Agreement or as may be required by applicable law, the date of grant of an Option under this Plan shall be the date as of which the Committee approves the grant. 

Section 5.4. Option Price. 
 The “Option Price” shall be the exercise price per Share of any Option granted under this Plan, to be determined by the Committee and set forth in the Award Agreement. In no event,
however, may the Committee determine an Option Price that is less than the Fair Market Value of the Share on the date of grant. 

  
 9 

 Section 5.5. Payment of Option Price and Tax Withholding. 

The aggregate Option Price (and any Tax Withholding due) shall, to the extent permitted by applicable law, be paid: 

(a) in cash (by wire transfer of immediately available funds to a bank account of the Company, by delivery of a certified
check payable to the Company); 
 (b) by surrender of shares of Common Stock (by delivery of such shares or by
attestation) with a Fair Market Value equal to the Option Price; provided that such Shares have been held by the Participant for such period, if any, as may be required from time to time by the Committee in order to satisfy applicable
generally accepted accounting principles); 
 (c) pursuant to a Net Exercise arrangement; provided,
however, that in such event, the Committee may exercise its discretion to limit or prohibit the use of a Net Exercise solely with respect to Tax Withholding if the Committee determines in good faith that to allow for a Net Exercise with
respect to Tax Withholding would result in a material negative impact on the Company’s and its Subsidiaries, near-term liquidity needs; provided, further, however, that solely with respect to an ISPO Option, a Net Exercise
arrangement may be limited or prohibited as provided in the Award Agreement; 
 (d) if the Common Stock is a
class of securities then listed or admitted to trading on any national securities exchange or traded on any national market system (including, but not limited to, The Nasdaq National Market), in compliance with any cashless exercise program
authorized by the Board or the Committee for use in connection with the Plan at the time of such exercise (but, subject in any case, to the applicable limitations of Rule 16b-3 under the Exchange Act); or 

(e) a combination of the methods set forth in this Section 5.5. 

Section 5.6. Notice of Exercise. 
 A Participant (or other person, as provided in Section 8.2) may exercise an Option (for the Shares represented thereby) granted under the Plan in whole or in part (but for the purchase of
whole Shares only), as provided in the Award Agreement evidencing his Option, by delivering a notice (the “Notice”) to the Company in accordance with the Option exercise notice practices and procedures in effect at ARAMARK
CORPORATION as of the Effective Date. In accordance therewith, the Notice may include the following: 
 (a) that
the Participant elects to exercise the Option; 
 (b) the number of Shares with respect to which the Option is
being exercised (the “Option Shares”); 
 (c) the method of payment for the Option Shares (which
method must be available to the Participant under the terms of his Award Agreement); 

  
 10 

 (d) the date upon which the Participant desires to consummate the purchase
of the Option Shares (which date must be prior to the termination of such Option); and 
 (e) any additional
provisions with respect to Notice consistent with the Plan as the Committee may from time to time require. 
 The exercise date
of an Option shall be the date on which the Company receives the Notice and any payment due from the Participant. Such Notice shall also contain, to the extent such Participant is not then a party to the Stockholders Agreement (and the Stockholders
Agreement has not been terminated prior to such date), an Adoption Agreement, in form and substance satisfactory to the Board pursuant to which the Participant agrees to become a party to the Stockholders Agreement. 

ARTICLE VI 

OTHER EQUITY AWARDS 
 Section 6.1. Other Equity-Based Awards. 
 Subject to the
Stockholders Agreement (including, without limitation, Section 1.09(a)) and subject to the Reserved Shares limit referred to in Section 3.6(a) of this Plan, the Committee may grant or sell awards of Shares, including awards of
Restricted Stock, Purchased Stock (including the right to purchase shares on one or more dates that are up to 18 months after the date a Participant becomes employed by the Company or any of its Affiliates or is admitted to the Executive Leadership
Council of the Company or any of its Affiliates or is promoted to an eligible employment band, which right the Committee shall provide to such newly hired, admitted or promoted employees as the Chief Executive Officer of the Company may recommend)
and awards that are valued in whole or in part by reference to, or are otherwise based on the Fair Market Value of, Shares, including, without limitation, awards of Deferred Stock Units (such other awards, the “Other Stock-Based
Awards”). Such Other Stock-Based Awards shall be in such form, and dependent on such conditions, as the Committee shall determine, including, without limitation, the right to receive, or vest with respect to, one or more Shares (or the
equivalent cash value of such Shares) upon the completion of a specified period of service, the occurrence of an event and/or the attainment of performance objectives. Other Stock-Based Awards may be granted alone or in addition to any other Awards
under the Plan. Subject to the provisions of the Plan and the Stockholders’ Agreement, the Committee shall determine to whom and when other equity-based Awards will be made, the number of Shares to be awarded under (or otherwise related to)
such Awards; whether such Awards shall be settled in cash, Shares or a combination of cash and Shares; and all other terms and conditions of such awards (including, without limitation, the vesting provisions thereof and provisions ensuring that all
Shares so awarded and issued shall be fully paid and non-assessable). 
 Section 6.2. Issuance of Shares to
Participants. 
 The Company shall issue Shares to a Participant upon the entry by the Company into the stockholder
records of the Company in the name of the Participant (or other person exercising the applicable Option in accordance with the provisions of Section 8.2) of the number 

  
 11 

 
of Shares acquired by the Participant under the Plan, whether upon exercise of an Option (in which case such issuance shall occur as soon as practicable after receipt of the Notice and payment of
the aggregate Option Price for such Shares) or otherwise; provided that the Company, in its sole discretion, may elect to not issue any fractional Shares upon the exercise of an Option (determining the fractional Shares after aggregating all
Shares issuable to a single holder as a result of an exercise of an Option for more than one Share) and, in lieu of issuing such fractional Shares, shall pay the Participant the Fair Market Value thereof. Neither the Participant nor any person
exercising an Option in accordance with the provisions of Section 8.2 shall have any privileges as a stockholder of the Company with respect to any Shares of stock issuable upon exercise of an Option granted under the Plan until the date
of entry of the stockholdings of the Participant into the stockholder records of the Company representing such Shares pursuant to this Section 6.2. 
 ARTICLE VII 
 ADJUSTMENTS 

Section 7.1. Changes in Capital Structure. 
 (a) Subject to Section 7.2, in the event of a stock dividend, stock split, reverse stock split, share combination, or recapitalization or similar event affecting the capital structure of the
Company, an extraordinary cash dividend, separation, Spin-off or a reorganization, the Committee shall act in good faith and make appropriate and equitable substitutions or adjustments, as applicable, to: (A) the aggregate number and kind of
Shares or other securities reserved for issuance and delivery under the Plan, (B) the number and kind of Shares or other securities subject to outstanding Awards; (C) performance metrics and targets underlying outstanding Awards; and
(D) the Option Price of outstanding Options. 
 (b) In the event of a merger, consolidation, acquisition of property or
shares, stock rights offering, liquidation, disaffiliation, or similar event affecting the Company or any of its Subsidiaries (each, a “Corporate Transaction”), the Committee shall act in good faith and make appropriate and
equitable substitutions or adjustments, as applicable, to (A) the aggregate number and kind of Shares or other securities reserved for issuance and delivery under the Plan, (B) the number and kind of Shares or other securities subject to
outstanding Awards; (C) performance metrics and targets underlying outstanding Awards; and (D) the Option Price of outstanding Options. In the case of a Corporate Transaction that does not constitute a Change of Control, the Committee
shall act in good faith and make appropriate and equitable substitutions or adjustments, which, in addition to those identified in the immediately preceding sentence, may also include, without limitation, (1) the cancellation of outstanding
Awards in exchange for, on a per Share basis, the same amount and kind of consideration, in the same proportion, as that received by each Sponsor Stockholder in respect of each Share held (directly or indirectly) by the Sponsor Stockholder (less, in
the event an Award is an Option, the applicable Option Price); and (2) the substitution of other property (including, without limitation, cash or other securities of the Company and securities of entities other than the Company) for the Shares
subject to outstanding Awards. 

  
 12 

 (c) In the case of a Corporate Transaction that does constitute a Change in Control, unless
any given Participant agrees otherwise with respect to his or her own Awards, all then outstanding Awards shall be cancelled in exchange for, on a per Share basis, the same amount and kind of consideration, in the same proportion, as that received
by each Sponsor Stockholder in respect of each Share held (directly or indirectly) by the Sponsor Stockholder (less, in the event an Award is an Option, the applicable Option Price). 

Section 7.2. Extraordinary Cash Distributions. 

In the event of an extraordinary cash distribution on Shares subject to an Option, the Option Price of such Option shall be reduced by the
amount of such cash distribution (the “Adjustment Amount”), but only to the extent permitted without subjecting such Option to Section 409A of the Code. If the Adjustment Amount exceeds the reduction permitted without subjecting such
Option to Section 409A of the Code (such excess, the “Excess”), then, if and when the Option becomes a Vested Option, the holder thereof shall receive, in addition to the Shares subject to such Option, an amount in cash or in
the form of additional Shares having a value equal to the Excess. 
 ARTICLE VIII 

RESTRICTIONS ON AWARDS 
 Section 8.1. Compliance With Securities Laws. 
 (a) No Awards
shall be granted under the Plan, and no Shares shall be issued and delivered pursuant to Awards granted under the Plan, unless and until the Company and/or the Participant shall have complied with all applicable Federal, state or foreign
registration, listing and/or qualification requirements and all other requirements of law or of any regulatory agencies having jurisdiction. 
 (b) The Committee in its discretion may, as a condition to the delivery of any Shares pursuant to any Award granted under the Plan, require under the Award Agreement that the applicable Participant
(i) represent in writing that the Shares received pursuant to such Award are being acquired for investment and not with a view to distribution and (ii) make such other representations and warranties as are deemed reasonably appropriate by
the Committee. Stock certificates representing Shares acquired under the Plan that have not been registered under the Securities Act shall, if required by the Committee, bear such legends as may be required by the Stockholders Agreement and the
applicable Award Agreement. 
 Section 8.2. Nonassignability of Awards. 

(a) No Award granted under this Plan shall be assignable or otherwise transferable by the Participant, except by designation of a
beneficiary, by will or by the laws of descent and distribution. An Award may be exercised during the lifetime of the Participant only by the Participant, unless the Participant becomes subject to a Disability. If a Participant dies or becomes
subject to a Disability, his Options shall thereafter be exercisable, during the period specified in the applicable Award Agreement (as the case may be), by the Participant subject to a 

  
 13 

 
Disability by his designated beneficiary or if no beneficiary has been designated in writing, by his executors or administrators to the full extent (but only to such extent) to which such Options
were exercisable by the Participant at the time of (and after giving effect to any vesting that may occur in connection with) his death or Disability. 
 (b) Before granting any Awards or issuing any Shares under the Plan to any person who is not already a party to the Stockholders Agreement, the Company shall obtain an executed Adoption Agreement from
such person, unless a Public Offering shall have already occurred prior to such grant or issuance. 
 Section 8.3. No
Right to an Award or Grant. 
 Neither the adoption of the Plan nor any action of the Board or the Committee shall be
deemed to give an employee, director or consultant any right to be granted an Option to purchase Common Stock, receive an Award under the Plan except as may be evidenced by an Award Agreement duly executed on behalf of the Company, and then only to
the extent of and on the terms and conditions expressly set forth in the Award Agreement. The Plan will be unfunded. The Company will not be required to establish any special or separate fund or to make any other segregation of funds or assets to
assure the payment of any Award. 
 Section 8.4. No Evidence of Employment or Service. 

Nothing contained in the Plan or in any Award Agreement shall confer upon any Participant any right with respect to the continuation of
his employment by or service with the Company or any of its Subsidiaries or interfere in any way with the right of the Company or any such Subsidiary, in its sole discretion (subject to the terms of any separate agreement to the contrary), at any
time to terminate such employment or service or to increase or decrease the compensation of the Participant from the rate in existence at the time of the grant of an Award. 
 Section 8.5. No Liability with Respect to Any Corporate Action. 

Subject to Section 3.4 and Article XIII, nothing contained in the Plan or in any Award Agreement will be construed to prevent
the Company or any Subsidiary or Affiliate of the Company from taking any corporate action which is deemed by the Company or by its Subsidiaries and Affiliates to be appropriate or in its best interest and no Participant or beneficiary of a
Participant will have any claim against the Company or any affiliate as a result of any such corporate action. 
 ARTICLE IX

 TERM OF THE PLAN 
 This Plan shall become effective on the Effective Date and shall terminate on the Termination Date. No Awards may be granted after the Termination Date. Any Award outstanding as of the Termination Date
shall remain in effect and the terms of the Plan will apply until such Award terminates as provided in the Plan or the applicable Award Agreement. 

  
 14 

 ARTICLE X 
 AMENDMENT OF PLAN 
 Subject to any applicable provision of the Stockholders
Agreement, the Plan may be modified or amended in any respect, and at any time or from time to time, by the Board or by the Committee with the prior approval of the Board. Notwithstanding the foregoing, the Plan may not be modified or amended as it
pertains to any existing Award Agreement without the consent of an applicable Participant where such modification or amendment would materially impair the rights of such Participant. In addition, no such amendment shall be made without the approval
of the Company’s stockholders to the extent such approval is required by applicable law or regulation or the listing standards of the securities exchange, which is, at the applicable time, the principal market for the Common Stock. 

ARTICLE XI 

CAPTIONS 

The use of captions in the Plan is for convenience. The captions are not intended to provide substantive rights. 

ARTICLE XII 
 WITHHOLDING TAXES 
 Upon any exercise or payment of any Award, the
Participant shall be required to pay or provide for payment of the amount of any Tax Withholding which the Company or any Subsidiary may be required to withhold with respect to any exercise of an Option or other payment of an Award; provided,
that to the extent permitted by applicable law or as otherwise provided in the Award Agreement, the Participant may satisfy such payment obligations to the Company through (i) the deduction from any amount payable to the Participant in cash or
securities in respect of the Award the amount of any taxes which the Company may be required to withhold with respect to such exercise or payment; or (ii) in accordance with the provisions of Section 5.5(c) hereof, the reduction of
the number of Shares to be delivered to the Participant in connection with such exercise or payment by the appropriate number of Shares, valued at their then Fair Market Value, to satisfy the minimum Tax Withholding obligation; provided,
however, that in such event, the Committee may exercise its discretion to limit or prohibit the use of Shares for such Tax Withholding if the Committee determines in good faith that to allow for the use of such Shares with respect to Tax
Withholding would result in a material negative impact on the Company’s and its Subsidiaries, near-term liquidity needs; provided, further, however, that solely with respect to an ISPO Option, a Net Exercise arrangement may
be limited or prohibited as provided in the Award Agreement. In no event will the value of Shares withheld under clause (ii) above exceed the minimum amount of required Tax Withholding under applicable law. 

  
 15 

 ARTICLE XIII 
 CODE SECTION 409A COMPLIANCE 
 If any term, distribution or settlement of
an Award, or any other action by the Company (including by the Committee) pursuant to the terms of this Plan or an Award Agreement, subjects a Participant to tax under Section 409A of the Code, the Company shall indemnify and hold harmless the
Participant for any taxes, interest and penalties the Participant may incur under Section 409A of the Code as a result thereof, such that on a net-after-tax basis, the Participant shall not be liable for any such taxes, interest or penalties,
or for any taxes, interest or penalties imposed upon the Company’s provision of such indemnity. The Company and the Participant shall cooperate in good faith, and consult with tax counsel to the Company, to restructure the Award and the Award
Agreement (which may require the provision of an alternative payment or benefit, but which shall not convey an economic benefit to the Participant that is diminished in value to the Participant other than in a de minimis manner) in a manner that
will cause the Participant to not be subject to such taxes, interest and penalties in respect of the Award and the Award Agreement (or any such restructured arrangement). 
 ARTICLE XIV 
 SECTION 16 COMPLIANCE 

In the event that the Company becomes subject to Section 16 of the Exchange Act, it is intended that the Plan and any Award made to
a Participant subject to Section 16 of the Exchange Act will meet all of the requirements of Rule 16b-3. Accordingly, unless otherwise provided by the Committee, if any provisions of the Plan or any Award would disqualify the Plan or the Award,
or would otherwise not comply with Rule 16b-3, such provision or Award will be construed or deemed amended to conform to Rule 16b-3. 
 ARTICLE XV 
 OTHER PROVISIONS 

Each Award granted under the Plan may contain such other terms and conditions not inconsistent with the Plan as may be determined by the
Committee, in its sole discretion. 
 ARTICLE XVI 
 NUMBER AND GENDER 
 With respect to words used in the Plan, the singular
form shall include the plural form, the masculine gender shall include the feminine gender, and vice versa, as the context requires. 

  
 16 

 ARTICLE XVII 
 MISCELLANEOUS 
 Section 17.1. Affiliate Employees.

 In the case of a grant of an Award to an employee or consultant of any Affiliate of the Company, the Company may, if the
Committee so directs, issue or transfer the shares of Common Stock, if any, covered by the Award to the Affiliate, for such lawful consideration as the Committee may specify, upon the condition or understanding that the Affiliate will transfer the
shares of Common Stock to the employee or consultant in accordance with the terms of the Award specified by the Committee pursuant to the provisions of the Plan. All shares of Common Stock underlying Awards that are forfeited or canceled shall
revert to the Company. 
 Section 17.2. Foreign Employees and Foreign Law Considerations. 

The Committee may grant Awards to individuals who are eligible to participate in the plan who are foreign nationals, who are located
outside the United States or who are not compensated from a payroll maintained in the United States, or who are otherwise subject to (or could cause the Company to be subject to) legal or regulatory provisions of countries or jurisdictions outside
the United States, on such terms and conditions different from those specified in the Plan as may, in the judgment of the Committee, be necessary or desirable to foster and promote achievement of the purposes of the Plan, and, in furtherance of such
purposes, the Committee may make such modifications, amendments, procedures, or subplans as may be necessary or advisable to comply with such legal or regulatory provisions. 
 Section 17.3. Information Delivery. 
 The Company will provide
the following information to all Participants who hold Options until such times as the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act or is no longer relying on the exemption from registration
of stock options under the Exchange Act as provided in Rule 12h-1(f)(1) of the Exchange Act; provided that the Company’s obligation to provide any such information may be subject to any confidentiality requirements imposed by the
Company: 
 The information described in Rules 701(e)(3), (4), and (5) under the Securities Act every six months, with the
financial statements being not more than 180 days old and with such information provided either by physical or electronic delivery to the Participants who hold Options or by written notice to the Participants who hold Options of the availability of
the information on an Internet site that may be password-protected and of any password needed to access the information. 

  
 17 

 ARTICLE XVIII 
 GOVERNING LAW 
 All questions concerning the construction, interpretation
and validity of the Plan and the instruments evidencing the Awards granted hereunder shall be governed by and construed and enforced in accordance with the domestic laws of the State of Delaware, without giving effect to any choice or conflict of
law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. In furtherance of the foregoing, the internal law of the State of
Delaware will control the interpretation and construction of this Plan, even if under such jurisdiction’s choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily apply. 

* * * * * * 
 As
adopted by the Board and the shareholders of ARAMARK Holdings Corporation on January 25, 2007; amended and restated and approved by the Board on November 13, 2007 and by the shareholders of ARAMARK Holdings Corporation on November 13,
2007; amended as approved by the Board on January 23, 2008; amended as approved by the Board on December 9, 2009; amended as approved by the Board on March 1, 2010; and as amended and restated and approved by the Board on June 21,
2011 and by the shareholders of ARAMARK Holdings Corporation on June 21, 2011. 

  
 18

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00191-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00191-of-00352.parquet"}]]