Document:

Exhibit 10.1

 

PolarityTE
Separation, Transition and Release of Claims Agreement

 

THIS
SEPARATION, TRANSITION AND RELEASE OF CLAIMS AGREEMENT (the “Agreement”) is entered into as of the 31st
day of March 2020 (the “Transition Date”) by and between Paul E. Mann (the “Employee”);
and PolarityTE, Inc., a Delaware corporation, and PolarityTE MD, Inc., a Nevada corporation, and subsidiary of PolarityTE, Inc.
(collectively the “Company”). Employee and the Company are collectively referred to as the “Parties”.

 

RECITALS

 

WHEREAS,
Employee has been employed as Chief Financial Officer since June 21, 2018;

 

WHEREAS,
the Parties have agreed that the Executive Employment Agreement between the Parties dated May 12, 2018, as amended June 28, 2019
(the “EEA”) is ending as of the Transition Date and Employee will assist in the smooth transition of his duties and
responsibilities during the period (the “Transition Period”) between the Transition Date and April 15, 2020,
or such later date as the Employee and Company shall mutually agree (the “End of Service Date”); and

 

WHEREAS,
the Parties have agreed that after the End of Service Date and through December 31, 2020, the Employee will continue to be engaged
by the Company as a consultant;

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Parties hereby agree as follows:

 

1.
Transition; End of Service; Consulting Arrangement.

 

(a)
Employee hereby acknowledges his resignation, as of the Transition Date, from the role of Chief Financial Officer, and from any
and all offices, appointments and memberships that Employee held with or on the boards of directors, boards of managers and other
governing boards or bodies of the Company and each of its affiliates. As of the Transition Date, Employee transitions to the role
of a non-executive employee of the Company. Employee shall cooperate with the Company and each of its affiliates and do all acts
and execute all additional documents, if and to the extent required, that may be reasonably requested by the Company to confirm
Employee’s resignation from any and all offices, appointments and memberships that Employee holds with the Company and each
of its affiliates.

 

(i)
The Company agrees to continue to employ Employee, and Employee agrees to continue in the employ of the Company, pursuant to the
terms of this Agreement during the Transition Period.

 

(ii)
During the Transition Period, Employee agrees to assist with the transition of Finance Department functions and matters to the
new chief financial officer, transition finance and investment banking opportunities and relationships to the President of the
Company, and such additional duties and services to which the Parties mutually agree upon from time to time. In providing the
services under this Agreement, Employee shall be a non-executive employee of the Company and as such shall have no authority to
bind the Company or its affiliates to any agreement or obligation of any type or nature. Employee shall act in accordance with
such status and not hold himself out as an officer of the Company or any affiliate.

 

    	 

     

    

 

(iii)
During the Transition Period Employee will devote the requisite business time, energy and best efforts to the business and affairs
of the Company and its affiliates. Notwithstanding the foregoing, the Parties acknowledge and agree that Employee may (A) engage
in and manage Employee’s personal investments, and (B) pursue and engage in new business and employment opportunities; provided,
that in doing so Employee does not violate any non-disclosure or confidentiality obligations that apply to Employee as contemplated
by Section 6 of this Agreement.

 

(b)
Unless this Agreement is earlier terminated, Employee acknowledges that his last working day with the Company as a full-time employee
will be the End of Service Date. Employee shall receive regular salary through the end of the End of Service Date (or last day
of service, if earlier) payable in accordance with the Company’s customary payroll practices, less applicable statutory
deductions and tax withholdings. Employee shall be entitled to continue to receive his existing medical and other insurance benefits
(at the same cost to Employee) through the end of April 2020. Employee may thereafter elect to continue healthcare coverage at
Employee’s expense in accordance with the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended,
or COBRA.

 

(c)
Beginning April 16, 2020 and continuing through the earlier of the date Employee commences employment with another person and
December 31, 2020 (the “Consulting Period”) the Employee shall provide to the Company as requested by the Company,
but not to exceed 10 hours of service per month, consulting services to the Company on finance and related business matters. In
consideration for such services, the Company will pay to Employee in arrears a consulting fee of $1,000 per calendar month (prorated
for any portion of a calendar month of service), which shall be paid within 10 days following the end of each calendar month.
Employee shall act at all times during the Consulting Period as an independent contractor as that term is defined in the Internal
Revenue Code of 1986, as amended, with respect to the Company, and not as an employee, partner, agent or co-venturer of or with
the Company. Except as set forth herein, PolarityTE shall neither have nor exercise control or direction whatsoever over the services
of Employee during the Consulting Period, and Employee shall neither have nor exercise any control or direction whatsoever over
the employees, agents or subcontractors hired by the Company. The Company will make no deductions from any of the payments due
to Employee under this Section 1(c) for state or federal tax purposes. Employee agrees that he shall be personally responsible
for any and all taxes and other payments due on payments received by him form the Company under this Section 1(c).

 

    	 	2	 

    	 

    

 

2.
Severance Payment and Benefits. As consideration for the Employee’s services under Section 1(a), waiver and
release of claims in Section 3, and other post-termination obligations, the Company agrees to provide the following benefits to
which the Employee is not otherwise entitled:

 

(a)
Equity Awards. As of the Transition Date all unvested stock options, restricted stock units, and unvested restricted stock
awards shall cease to vest, except for the following:

 

(i)
65,000 restricted stock awards July 1, 2019, shall accelerate and fully vest on May 13, 2020;

 

(ii)
67,500 restricted stock awards granted August 6, 2019, shall accelerate and fully vest on May 15, 2020; and

 

(iii)
67,500 restricted stock awards granted August 6, 2019, shall accelerate and fully vest on May 18, 2020.

 

The
Employee shall satisfy any federal, state or local tax withholding obligation by one of the following means: (A) tendering a cash
payment for the full amount of the federal, state or local tax withholding obligation; or (B) full payment effected through a
broker-dealer sale and remittance procedure pursuant to which Optionee shall provide concurrent irrevocable written instructions
(I) to a brokerage firm to effect the immediate sale of a sufficient number of the shares to be issued to generate the funds required
to cover the applicable Federal, state and local income and employment taxes required to be withheld in connection with such issuance,
and remit such funds to the Company out of the sale proceeds available on the settlement date, and (II) to the Company to deliver
the shares to be issued directly to such brokerage firm in order to complete the sale transaction.

 

(b)
Health Benefits Payment. If this Agreement is not terminated before the End of Service Date and Employee elects to continue
healthcare coverage in accordance with COBRA beyond April 30, 2020, Company will pay to Employee as additional compensation one
month of COBRA premiums through the date of May 31, 2020, subject to Employee’s continued coverage under the health plan
during that period.

 

(c)
Full Satisfaction. The Parties acknowledge and agree that the consideration set forth in this Section 2 is in full, final
and complete settlement of any and all claims that Employee could make in any complaint, charge, or civil action, whether for
actual, nominal, compensatory, or punitive damages (including attorneys’ fees). Employee acknowledges that such consideration
is being made as consideration for the waivers and releases set forth in Section 3.

 

    	 	3	 

    	 

    

 

3.
Release. In consideration for the payments and benefits described above and for other good and valuable consideration,
Employee hereby releases and forever discharges the Company, as well as its affiliates and all of their respective directors,
officers, Employees, members, agents, and attorneys (the “PolarityTE Released Parties”), of and from any and
all manner of actions and causes of action, suits, debts, claims, and demands whatsoever, in law or equity, known or unknown,
asserted or unasserted, which he ever had, now has, or hereafter may have on account of his employment with the Company, the termination
of his employment with the Company, or any other fact, matter, incident, claim, injury, event, circumstance, happening, occurrence,
or thing of any kind or nature which arose or occurred prior to the date when he executes this Agreement, including, but not limited
to, any and all claims based on breach of any implied or express employment contract; unpaid compensation of any kind; breach
of any fiduciary duty or duty of loyalty; breach of any implied covenant of good faith and fair dealing; negligent or intentional
infliction of emotional distress; defamation; fraud; unlawful discrimination, harassment; or retaliation based upon age, race,
sex, gender, sexual orientation, marital status, religion, national origin, medical condition, disability, handicap, or otherwise;
any and all claims arising under arising under Title VII of the Civil Rights Act of 1964, as amended (“Title VII”);
the Utah Anti-Discrimination Act, as amended; the Equal Pay Act of 1963, as amended (“EPA”); the Americans
with Disabilities Act of 1990, as amended (“ADA”); the Family and Medical Leave Act, as amended (“FMLA”);
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”); the Sarbanes-Oxley Act of 2002,
as amended (“SOX”); the Worker Adjustment and Retraining Notification Act of 1988, as amended (“WARN”);
or any other federal, state, or local law(s) or regulation(s); any and all claims for damages of any nature, including compensatory,
general, special, or punitive; and any and all claims for costs, fees, or other expenses, including attorneys’ fees, incurred
in any of these matters. The Company also acknowledges that Employee does not release or waive any claims, and that he retains
any rights he may have, to any vested 401(k) monies (if any) or benefits (if any), or any other benefit entitlement that is vested
as of the End of Service Date pursuant to the terms of any Company-sponsored benefit plan governed by ERISA. Nothing contained
herein shall release the Company from its obligations set forth in this Agreement or limit the right of the Employee to indemnification
from the Company on the terms stated in the Company’s Certificate of Incorporation, as amended, and Bylaws, as amended.
However, this general release and waiver of claims excludes, and the Employee does not waive, release, or discharge any right
to file an administrative charge or complaint with, or testify, assist, or participate in an investigation, hearing, or proceeding
conducted by the U.S. Securities and Exchange Commission (“SEC”), the Equal Employment Opportunity Commission or other
similar federal or state administrative agencies, although the Employee waives any right to monetary relief related to any filed
charge or administrative complaint, with the sole exception of any right to monetary relief to an SEC award issued to Employee
pursuant to Section 922 of the Dodd Frank Wall Street Reform and Consumer Protection Act. Employee further promises that he will
not file, instigate or participate in any proceeding or claim against any of the PolarityTE Released Parties relating to released
hereunder, and in the event that Employee breaches this covenant he agrees to indemnify the PolarityTE Released Parties for all
damages and expenses, including attorneys’ fees, incurred by the PolarityTE Released Parties in defending, participating
in or investigating any matter or proceeding covered by this covenant.

 

4.
Verification of Employment. In response to any third-party inquiry the Company will not comment on Employee’s
employment unless directed to do so by the Employee in writing. It is the Company’s current reference policy to confirm
only the Employee’s dates of employment, job title and most recent salary upon receipt of a reference request.

 

5.
Non-Disparagement. Each of Employee and the Company hereby agrees, for himself and itself and any other of their
respective representatives while they are acting on his or its behalf, that he and it have not and will not, directly or indirectly,
disparage, make negative statements about or act in any manner that is intended to or does damage to the goodwill or business
or personal reputations of the other Party or their respective affiliates.

 

    	 	4	 

    	 

    

 

6.
Non-Disclosure; Non-Competition; Non-Solicitation. The Employee and Company are parties to the Proprietary Information,
Invention Assignment, and Restrictive Covenant Agreement dated June 16, 2018, and Intellectual Property Rights Ownership Clarification
and Assignment Agreement dated August 26, 2019, true and correct copies of which are attached hereto under Exhibit A (collectively
the “IP Agreements”). The Parties hereto agree and acknowledge that the IP Agreements are not affected by this Agreement,
will continue if full force and effect during the Consulting Period, will survive the execution and delivery of this Agreement,
and remains in full force and effect until the expiration of the term stated therein.

 

7.
Confidentiality. Employee agrees that he (including his agents and representatives) shall keep the fact of this
Agreement, including its terms, strictly confidential, and Employee promises that neither he nor his agents or representatives
shall disclose, either directly or indirectly, any information concerning the fact or terms of this Agreement to anyone, except
that:

 

(a)
Employee may disclose this Agreement to his spouse and his legal, financial and tax advisors as may be necessary for the rendition
of professional services, each of whom must agree to be bound by the terms of this Confidentiality provision; and

 

(b)
Employee may disclose this Agreement to the extent required by law, or in an action to enforce this Agreement or arising from
the breach of alleged breach of this Agreement.

 

By
executing this Agreement, Employee represents that he has not disclosed, either directly or indirectly, any information concerning
the fact or terms of this Agreement to anyone, except as allowed under this Section 7.

 

8.
Future Cooperation. Employee agrees to reasonably cooperate with Company, its financial and legal advisors in any
pending and future claims, investigations, administrative proceedings or lawsuits that relate to Company and for which Employee
may possess relevant knowledge or information. Any travel and accommodation expenses incurred by the Employee as a result of such
cooperation will be reimbursed in accordance with Company’s standard policies. The Parties agree that should Employee’s
assistance be required in connection with any such matters that the Parties will agree to reasonable compensation for such services
and schedule such cooperation at such times to not unreasonably interfere with Employee’s future employment or service obligations.

 

9.
Applicable Law and Dispute Resolution. Except as to matters preempted by ERISA or other laws of the United States
of America, this Agreement shall be interpreted solely pursuant to the laws of the State of Utah, exclusive of its conflicts of
laws principles. Each of the Parties hereto irrevocably submits to the exclusive jurisdiction and venue of the federal and state
courts located in the State of Utah, County of Salt Lake, for the purposes of any suit, action, or other proceeding arising out
of this Agreement or any transaction contemplated hereby.

 

    	 	5	 

    	 

    

 

10.
Entire Agreement. This Agreement may not be changed or altered, except by a writing signed by both Parties. Until
such time as this Agreement has been executed and subscribed by both Parties hereto, its terms and conditions and any discussions
relating thereto, without any exception whatsoever, shall not be binding nor enforceable for any purpose upon any Party. This
Agreement constitutes an integrated, written contract, expressing the entire agreement and understanding between the Parties with
respect to the subject matter hereof (including survival and enforceability of the IP Agreements pursuant to Section 6, above)
and supersedes any and all prior agreements and understandings, oral or written, between the Parties.

 

11.
Assignment. Neither Party has assigned or transferred any claim such Party is releasing, nor has such Party purported
to do so. If any provision in this Agreement is found to be unenforceable, all other provisions will remain fully enforceable.
This Agreement binds, and inures to the benefit of, the Parties and each Party’s heirs, administrators, representatives,
executors, successors, and assigns.

 

12.
No Claim Filed. Employee represents that Employee has not filed any claim, complaint, charge or lawsuit against
any of the PolarityTE Released Parties with any governmental agency or any state or federal court, and covenants not to file any
lawsuit at any time hereafter concerning any matter, claim or incident, known or unknown, that occurred or arises out of events
or omissions occurring prior to the date of this Agreement or concerning or relating to any claim released herein.

 

13.
Binding Effect. This Agreement will be deemed binding and effective immediately upon its execution by the Employee.

 

14.
Acknowledgements. The Parties agree that:

 

(a)
Each Party fully understands the significance of all of the terms and conditions of this Agreement and has discussed them with
each of their respective independent legal counsel or has been provided with a reasonable opportunity to do so;

 

(b)
Each has had answered to his or its satisfaction any questions asked with regard to the meaning and significance of any of the
provisions of this Agreement;

 

(c)
Employee is signing this Agreement knowingly, voluntarily, and in full settlement of all claims that existed in the past or that
currently exist that arise out of his employment with the Company or the circumstances surrounding his resignation prior to the
date when he executes this Agreement; and

 

(d)
Each agrees to abide by all the terms and conditions contained herein.

 

15.
Notices. For the purposes of this Agreement, notices, demands and all other communications provided for in this
Agreement shall be in writing and shall be delivered (i) personally or (ii) by first class mail, certified, return receipt requested,
postage prepaid, (iii) by overnight courier, with acknowledged receipt, in the manner provided for in this Section, and properly
addressed as follows:

 

    	 	6	 

    	 

    

 

If
to the Company:

PolarityTE
MD, Inc.

Legal
Department

123
North Wright Brothers Drive

Salt
Lake City, UT 84116

Legal@PolarityTE.com

 

If
to Employee:

Paul
E. Mann

XXXXXXXXXXXXXXX

XXXXXXXXXXXXXXX

 

16.
Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and
the same agreement and shall become effective when one or more such counterparts have been signed by each of the Parties and delivered
to the other Party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable
document format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of
the Party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were
an original thereof.

 

17.
Attorneys’ Fees. If any Party shall commence any action or proceeding against another Party in order to enforce
the provisions hereof, or to recover damages as the result of the alleged breach of any of the provisions hereof, the prevailing
Party therein shall be entitled to seek to recover all reasonable costs incurred in connection therewith, including, but not limited
to, reasonable attorneys’ fees.

 

[Signature
page follows]

 

    	 	7	 

    	 

    

 

IN
WITNESS HEREOF, the Parties hereby enter into this Agreement and affix their signatures as stated below:

 

POLARITYTE,
INC.

 

And
its subsidiary, PolarityTE MD, Inc.

 

	By:	/s/
David Seaburg	 
	Name:	David
    Seaburg, President	 

 

Date:
March 31, 2020

 

EMPLOYEE

 

	/s/
    Paul Mann	 
	Paul
    E. Mann	 

 

	Date:
    	March
    31, 2020 	 

 

    	 	8	 

    	 

    

 

Excluded
Exhibits: The following documents included under Exhibit A of the Agreement have been excluded from this document as filed
with the Securities and Exchange Commission:

 

	 	●	Proprietary
    Information, Invention Assignment, and Restrictive Covenant Agreement dated June 16, 2018, and
	 	 	 
	 	●	Intellectual
    Property Rights Ownership Clarification and Assignment Agreement dated August 26, 2019.EXHIBIT 10.1

  

   

    

  

  

  
    COOPERATION AGREEMENT

    Agreement dated as of March 26, 2020 (this “Agreement”), between Red Robin Gourmet Burgers, Inc., a Delaware corporation (the “Company”), Vintage Capital Management, LLC, a Delaware limited liability company (“Vintage Capital”), and Kahn Capital Management, LLC, a Delaware limited liability company(“Kahn Capital”
      and, together with Vintage Capital, collectively, the “Investors”). Capitalized terms used herein and not otherwise defined have the meanings ascribed to them in paragraph 11 below.

    RECITALS

    1.          As of the date hereof, the Investors beneficially own 1,500,000 shares of the common stock, par value $0.001 per share (the “Common Stock”), of the Company (the
      “Current Holdings”).

    2.          The Board of Directors of the Company (the “Board”) and the Nominating and Governance Committee thereof have considered the qualifications of Anthony S. Ackil
      (the “New Director”) and determined that Mr. Ackil satisfies the Board’s criteria for the selection of directors and otherwise should be elected to the Board.

    3.          The Company and the Investors have agreed that it is in their mutual interest to enter into this Agreement.

    NOW, THEREFORE, the Parties agree as follows:

    
      
        	

              	1.	
                New Director.

              

      

    

    (a)          Effective as of 5:00 p.m. Mountain Time on the date of this Agreement, (i) the number of members of the Board shall be increased by one (1)
      director, resulting in one vacancy on the Board and (ii) the New Director shall be appointed to fill such vacancy on the Board.

    
      
        	

              	(b)	
                The Company further agrees to:

              

      

    

    (i)          take all actions necessary to nominate the New Director (or any replacement New Director nominated in accordance with paragraph 3) for election as a director of the
      Company at the 2020 annual meeting of the Company’s stockholders (the “2020 Annual Meeting”) and the 2021 annual meeting of the Company’s stockholders (the “2021 Annual Meeting” and, together with the 2020 Annual Meeting, the “Annual
        Meetings”);

      

    

    (ii)          take all actions necessary and appropriate to recommend, and reflect such recommendation in the Company’s definitive proxy statement in connection with each of the 
      Annual Meetings, that the stockholders of the Company vote to elect the New Director (or any replacement New Director nominated or elected in accordance with paragraph 3) as a director of the Company at each of the Annual Meetings;

    

    
      
        

    

    
    

    

    (iii)          use efforts consistent with the efforts used by the Company to obtain proxies for the other candidates nominated by the Board to vote in favor of the election of the
      New Director (or any replacement New Director nominated or elected in accordance with paragraph 3) at each of the Annual Meetings;

      

    

    (iv)          irrevocably determine, effective on the date of this Agreement, that none of the Investors or any Affiliate thereof is an “Acquiring Person” (or similar phrase) under
      the Company’s Rights Agreement, dated as of June 4, 2019 or any other rights agreement, rights plan, “poison pill” or similar agreement or instrument (as applicable, the “Rights Agreement”) for so long as the Investors, together with all of
      their respective Affiliates, collectively beneficially own less than or equal to 20% of the outstanding Common Stock (or any higher percentage resulting from a Company buyback of Common Stock or similar Company initiated transaction), it being
      understood and agreed that notwithstanding anything contained in any Rights Agreement to the contrary, the Investors and their Affiliates shall be permitted to beneficially own up to (but not more than) 20% of the outstanding Common Stock (or any
      higher percentage resulting from a Company buyback of Common Stock or similar Company initiated transaction); provided, that, the obligations set forth in this clause (iv) shall not apply to any Rights Agreement adopted by the Company after
      the earlier of (x) the date on which the Investors provide the Sell-Down Notice and (y) the termination of this Agreement in accordance with its terms; provided, further, that the parties acknowledge and agree that nothing in this Agreement
      shall prevent the Company from adopting or maintaining any Rights Agreement that would limit the ability of the Investors or the their Affiliates to acquire shares of Common Stock in excess of 20% of the outstanding shares of the Common Stock after
      the Partial Standstill Fallaway Date; and

    

    

    (v)          approve, effective on the date of this Agreement, the acquisition of up to (but not more than) 20% of the outstanding Common Stock by the Investors and their Affiliates
      for all purposes, including Section 203 of the Delaware General Corporation Law, it being understood and agreed that the Company shall not take any action that would be reasonably likely to limit the ability of the Investors and their Affiliates to
      purchase or otherwise acquire additional shares of Common Stock or securities convertible into or exercisable for shares of Common Stock so long as the total number of shares of Common Stock beneficially owned by the Investors and their Affiliates
      does not exceed 20% of the outstanding shares of Common Stock at any relevant time of determination; provided, that, the approvals contemplated by this clause (v) (including under Section 203 of the Delaware General Corporation Law) shall not
      apply to any shares of Common Stock acquired by the Investors or their Affiliates after the earlier of (x) the date on which the Investors provide the Sell-Down Notice and (y) the termination of this Agreement in accordance with its terms.

      

    

     (c)          Each Investor, on behalf of itself and its Affiliates, hereby irrevocably withdraws the nomination of Anthony S. Ackil, Kenneth Todd Evans, Stephen J.

    
      2

      
        

    

     

    

    
      Lombardo, III and Craig S. Miller notified by or on behalf of it to the Company in connection with the 2020 Annual Meeting and any related materials or notices submitted to the Company in connection
        therewith or related thereto, and agrees not to nominate any new nominee for election at the 2020 Annual Meeting in substitution for Messrs. Ackil, Evans, Lombardo or Miller. Each Investor, on behalf of itself and its Affiliates, shall, and shall
        cause its representatives to, immediately cease all solicitation efforts in connection with the 2020 Annual Meeting. Each Investor agrees, on behalf of itself and its Affiliates, not to, and to cause its representatives not to, file with the SEC,
        or mail or otherwise deliver to the Company’s stockholders, any preliminary or definitive proxy statement or proxy card in respect of the 2020 Annual Meeting.

        

      

      2.          New Director Agreements, Arrangements and Understandings. Each of the Investors agrees that neither it nor any of its
        Affiliates (a) will pay any compensation to the New Director (including replacement candidates contemplated by paragraph 3) regarding such Person’s service on the Board or any committee thereof or (b) will have any agreement, arrangement or
        understanding, written or oral, with the New Director (including replacement candidates contemplated by paragraph 3) regarding such Person’s service on the Board or any committee thereof (including without limitation pursuant to which such Person
        will be compensated for his or her service as a director on, or nominee for election to, the Board or any committee thereof).

      3.          Replacement New Director. If the New Director resigns, refuses, or is unable to serve as a director at any time on or
        prior to the Partial Standstill Fallaway Date, the Investors may recommend a substitute individual in accordance with this paragraph 3 who is Independent and satisfies the Board’s criteria for the selection of directors set forth in the Company’s
        Corporate Governance Guidelines (the “Replacement Director”) to the Nomination and Governance Committee and the Board for their approval, such approval not to be unreasonably withheld, provided that if such approval is not provided, then the
        Investors shall continue to have the right until the Partial Standstill Fallaway Date to make such recommendations until a candidate recommended thereby is so approved. Such replacement for the New Director shall be appointed to the Board to serve
        the unexpired term of the departed New Director, and shall be considered the New Director for all purposes of this Agreement.

      4.          Voting of Investors’ Shares.

      (a)          At the 2020 Annual Meeting and the 2021 Annual Meeting (but for the 2021 Annual Meeting solely with respect to clause (i) below), the Investors will cause to be
        present for quorum purposes and vote or cause to be voted all Common Stock beneficially owned by them or their controlling or controlled Affiliates and which they or such controlling or controlled Affiliates are entitled to vote on the record date
        for any meeting of stockholders of the Company (or any solicitation of written consents of the Company’s stockholders) in favor of (i) the election of each of the Board’s nominees and (ii) at the 2020 Annual Meeting otherwise in accordance with the
        Board’s recommendation on any proposal that does not call for voting on the approval or adoption of an Extraordinary Transaction or agreement or plan relating thereto.

      (b)          Following the 2021 Annual Meeting (and at the 2021 Annual Meeting (solely with respect to any proposal not relating to the election of the Board’s nominees)) and ending at 

      
        3

        
          

      

      the conclusion of the Restricted Period, the Investors will cause to be present for quorum purposes and vote or cause to be voted the Relevant Shares (if any) which are then beneficially owned by
        them or their controlling or controlled Affiliates and which they or such controlling or controlled Affiliates are entitled to vote on the record date for any meeting of stockholders of the Company (or any solicitation of written consents of the
        Company’s stockholders) in the same manner and in the same proportion as shares of Common Stock that are held by stockholders other than the Investors or their Affiliates on any proposal that does not involve voting on the approval or adoption of
        an Extraordinary Transaction or agreement or plan relating thereto, it being understood and agreed that the Investors and their Affiliates shall be free to vote in their sole discretion (and without regard for the terms set forth in this Section
        4(b)) any and all shares of Common Stock beneficially owned thereby in respect of any vote on any Extraordinary Transaction or agreement or plan relating thereto.  For purposes of this Section 4(b), “Relevant Shares” shall mean the
        difference between (A) the total number of shares of Common Stock beneficially owned by the Investors or their controlling or controlled Affiliates on the record date for any meeting of stockholders of the Company (or any solicitation of written
        consents of the Company’s stockholders) and (B) a number of shares of Common Stock equal to the Current Holdings of approximately 11.6% of the shares of the Common Stock outstanding as of the date of this Agreement (11.6%, referred to herein as the
        “Relevant Percentage”) multiplied by the number of shares of Voting Securities that are outstanding as of the applicable record date and entitled to vote in respect of the relevant matter, which, it is understood and agreed, shall not
        include any equity awards of the Company that do not have the right to vote on the matter in question as of the applicable record date; provided that if the difference between (A) and (B) is a negative number, the Relevant Shares shall be deemed to
        be zero. Notwithstanding anything to the contrary contained in this Agreement, in the event the Investors would be obligated by this paragraph 4(b) to vote the Relevant Shares in proportion to the other Company shareholders, the Investors may, but
        shall not be obligated to, cause such Relevant Shares to be voted in accordance with the recommendation of the Board.

      5.          Company Policies. The parties hereto acknowledge that the New Director, upon appointment to the Board, will serve as
        a member of the Board and will be governed by the same protections and obligations regarding confidentiality, conflicts of interest, related party transactions, fiduciary duties, codes of conduct, trading and disclosure policies, director
        resignation policy, and other governance guidelines and policies of the Company as are applicable to all other Independent directors of the Company (collectively, “Company Policies”), and shall have
        the same rights and benefits, including with respect to insurance, indemnification, compensation and fees, as are applicable to all Independent directors of the Company. The Company represents and warrants that: (i) all Company Policies currently
        in effect are publicly available on the Company’s website or described in its proxy statement filed with the Securities and Exchange Commission (the “SEC”) on April 10, 2019 or have otherwise been
        provided to the Investors, and such Company Policies will not be amended prior to the election of the New Director other than as may be required to implement this Agreement or as required by law, regulation or the rules of any applicable national
        securities exchange and (ii) prior to the expiration of the Term, any changes to the Company Policies, or new Company Policies, will be adopted in good faith and not for the purpose of undermining or conflicting with the arrangements contemplated
        hereby.

      
        4

        
          

      

      6.          Standstill. From the date of this Agreement until the Partial Standstill Fallaway Date (such period, the “Restricted Period”), except to the extent expressly permitted by this paragraph 6 and subject to the last sub-paragraph of this paragraph 6, the Investors will not, and will cause their respective
        controlled and controlling Affiliates and their respective principals, directors, general partners, officers, employees, and agents and representatives acting on their behalf (collectively, the “Restricted
            Persons”) not to, directly or indirectly, absent prior express written invitation or authorization by the Company or the Board:

      (a)          engage in any “solicitation” (as such term is defined under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of proxies or consents with respect to the election or removal of directors of the Company or any other matter or proposal or become a “participant” (as such term is defined in Instruction 3 to Item 4 of
        Schedule 14A promulgated under the Exchange Act) in any such solicitation of proxies or consents in respect of the Company;

      (b)          knowingly encourage, advise or influence any other Person or knowingly assist any Person in so encouraging, advising or influencing any Person
        with respect to (i) pursuing any change in, or attempting to influence, the Company’s operations, business, corporate strategy or policies, provided that the foregoing shall not in any way limit interactions by the Restricted Persons with, or
        recommendations by the Restricted Persons to, the Board, any committee thereof or management of the Company so long as such interactions and recommendations do not require the Company or any of the Restricted Persons or their Affiliates to make a
        public disclosure with respect thereto or (ii) the giving or withholding of any proxy, consent or other authority to vote or in conducting any type of referendum with respect to the Company, whether binding or non-binding (other than such
        encouragement, advice or influence that is consistent with Company management’s recommendation in connection with such matter), provided that nothing shall limit the giving by the Investors or their Affiliates of a proxy or consent in respect of
        any matter so long as the voting of the shares of Common Stock owned thereby are voted in accordance with the terms of this Agreement where applicable;

      (c)          form or join any partnership, limited partnership, syndicate or other group, including a “group” as defined pursuant to Section 13(d) of the
        Exchange Act with respect to any Voting Securities, other than solely with other Affiliates of the Investors with respect to Voting Securities now or hereafter owned by them;

      (d)          acquire, or offer, seek or agree to acquire, by purchase or otherwise, or direct any Third Party in the acquisition of, any Voting Securities, or
        rights or options to acquire any Voting Securities, or engage in any swap or hedging transactions or other derivative agreements of any nature with respect to Voting Securities, in each case with respect to Voting Securities, but only if such
        acquisition or transaction would result in the Investors, together with all of their respective controlling or controlled Affiliates, having, in the aggregate, beneficial ownership of more than 20% of the shares of outstanding Common Stock or
        economic long exposure to more than 20% of the shares of the  outstanding Common Stock;

      
        5

        
          

      

      (e)          sell, offer or agree to sell, directly or indirectly, through swap or hedging transactions or otherwise, voting rights decoupled from the
        underlying Common Stock held by the Investors or their Affiliates to any Third Party;

      (f)          make or in any way participate, directly or indirectly, in any tender offer, exchange offer, merger, consolidation, acquisition, business
        combination, recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction involving the Company or any of its subsidiaries or its or their securities or assets (each, an “Extraordinary

            Transaction”) (it being understood that the foregoing shall not restrict the Investors from tendering or voting shares, receiving payment for shares or otherwise participating in any such transaction on the same basis as is available
        to other stockholders of the Company, or from otherwise participating in any such transaction that has been approved by the Board); or make, directly or indirectly, any public proposal, either alone or in concert with others, to the Company or the
        Board that would reasonably be expected to be required under applicable law to be publicly disclosed regarding any of the types of matters set forth above in this paragraph;

      (g)          enter into a voting trust, arrangement or agreement or subject any Voting Securities to any voting trust, arrangement or agreement, in each case
        other than solely with other Affiliates of the Investors, with respect to Voting Securities now or hereafter owned by them and, subject to compliance with paragraph 4, other than granting proxies or written consents in any solicitation undertaken
        by any Person or entity;

      (h)          (i) seek, alone or in concert with others, election or appointment to, or representation on, the Board or nominate or propose the nomination of,
        or recommend the nomination of, any candidate to the Board, except as expressly set forth in paragraph 3 hereof, (ii) seek, alone or in concert with others, the removal of any member of the Board or (iii) conduct a referendum of stockholders of the
        Company;  provided that the preceding clauses (i) and (ii) shall not in any way limit (A) the voting rights of the Investors and their Affiliates in respect of the shares of Common Stock held thereby or (B) interactions by the Restricted Persons
        with, or recommendations by the Restricted Persons to, the Board, any committee thereof or management of the Company so long as such interactions and recommendations do not require the Company or the Restricted Persons to make a public disclosure
        with respect thereto;

      (i)          make or be the proponent of any stockholder proposal (pursuant to Rule 14a-8 under the Exchange Act or otherwise);

      (j)          make any request for stock list materials or other books and records of the Company under Section 220 of the Delaware General Corporation Law or
        other statutory or regulatory provisions providing for stockholder access to books and records;

      (k)          except as set forth herein, make any public proposal with respect to (i) any change in the number or term of directors or the filling of any
        vacancies on the Board, (ii) any material change in the capitalization or dividend policy of the Company, (iii) any other material change in the Company’s management, business or corporate structure, (iv) any waiver, amendment or modification to
        the Company’s Certificate of 

      
        6

        
          

      

      Incorporation or Bylaws, (v) causing a class of securities of the Company to be delisted from, or to cease to be authorized to be quoted on, any securities exchange or (vi)
        causing a class of equity securities of the Company to become eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange Act;

      (l)          make or cause to be made any statement or announcement, including in any document or report filed with or furnished to the SEC or through the
        press, media, analysts or other Persons, that disparages, defames, slanders, impugns, casts in a negative light or could damage the reputation of, the Company or any of its Affiliates, subsidiaries or advisors, or any of its or their respective
        current or former officers, directors or employees (including, without limitation, any statements or announcements regarding the Company’s strategy, operations, performance, products or services); provided, that, the foregoing clause (m)
        shall not restrict the ability of any Person to comply with any subpoena or other legal process or respond to a request for information from any governmental authority with jurisdiction over the party from whom information is sought or to enforce
        such Person’s rights hereunder;

      (m)          institute, solicit, assist or join any litigation, arbitration or other proceeding against or involving the Company or any of its current or
        former directors or officers (including derivative actions) in order to effect or take any of the actions expressly prohibited by this paragraph 6; provided, however, that for the avoidance of doubt the foregoing shall not prevent
        any Restricted Person from (i) bringing litigation to enforce the provisions of this Agreement, (ii) making counterclaims with respect to any proceeding initiated by, or on behalf of, the Company or any of its current or former directors or
        officers against a Restricted Person, (iii) bringing bona fide commercial disputes that do not relate to the subject matter of this Agreement, or (iv) exercising statutory appraisal rights; provided, further, that the foregoing
        shall also not prevent the Restricted Persons from responding to or complying with a validly issued legal process;

      (n)          enter into any negotiations, agreements or understandings with any Third Party to take, or encourage, advise or assist any Third Party with
        respect to the taking of, any action that the Investors are prohibited from taking pursuant to this paragraph 6; or

      (o)          make any request or submit any proposal, directly or indirectly, to amend or waive the terms of this Agreement, in each case which would
        reasonably be expected to result in a public announcement of such request or proposal;

      provided, that, following the occurrence of, and solely in connection with, a Pending Third Party Extraordinary Event, this paragraph 6 shall not prevent any Restricted Person from (x) engaging in the solicitation of proxies or
          consents, or otherwise communicating with stockholders of the Company or other market participants, in opposition to any Pending Third Party Extraordinary Event, including to allow any Restricted Person to oppose such Pending Third Party
          Extraordinary Event or (y) proposing an Extraordinary Transaction in lieu of the Pending Third Party Extraordinary Transaction, and solely in connection therewith, clauses (a), (b), (c), (d) (but solely in connection with an offer by any
          Restricted Person to enter into an Extraordinary Transaction), (f), (g), (i), (j), (k), (l), (m), (n) (but only with respect to the foregoing and not in respect of any other future 

      
        7

        
          

      

      event) and (o) (but only with respect to the foregoing) shall be waived and
          inapplicable to the Restricted Persons.  For purposes of this Agreement, a “Pending Third Party Extraordinary Event” means: (i) the announcement by the Company of a
          definitive agreement with respect to any Extraordinary Transaction (A) that is conditioned on the vote of the Company’s stockholders and that, if consummated, would result in any Person or group of more than 50% of the outstanding Common Stock or
          (B) that otherwise requires a vote of the Company’s stockholders or (ii) the commencement of any tender or exchange offer (by a Person other than the Investors or their Affiliates) which, if consummated, would constitute an Extraordinary
          Transaction that would result in the acquisition by any Person or group of more than 50% of the outstanding Common Stock, where the Company does not within ten (10) business days file a Schedule 14D-9 (or amendment thereto) recommending that the
          Company’s stockholders reject such tender or exchange offer or subsequently withdraws such recommendation.

      Notwithstanding anything in this Agreement to the contrary, following the Partial Standstill Fallaway Date ) until the termination of this Agreement, the Restricted Persons may
        not (x) nominate, or propose to nominate, such number of individuals for election to the Board that, if elected, would constitute fifty (50%) percent or greater of the then-current size of the Board or (y) take any action contemplated by clauses
        (e), (f), (n) or (o) (but with respect to clauses (n) or (o) only to the extent relating to clause (e) or clause (f) or clause (x)) of this paragraph 6 that the Restricted Parties would be prohibited from taking during the Restricted Period
        (including after giving effect to the immediately preceding sub-paragraph).

      7.          Termination.

      (a)          This Agreement shall remain in full force and effect until the earlier of (i) fifth (5th) anniversary of
        the date hereof and (ii) the date that is fifteen (15) days following the date on which the Investors deliver written notice (the “Sell-Down Notice”) to the Company that the Investors, together with all of their respective Affiliates,
        collectively beneficially own less than the Relevant Percentage of the Company’s outstanding common stock; provided in the case of this clause (ii) that at no time during such fifteen (15) day period do the Investors together with their
        Affiliates collectively beneficially own equal to or in excess of the Relevant Percentage of the Company’s outstanding common stock.

      

      

      (b)          Following termination of this Agreement, the provisions of paragraphs 15 through 25 will survive such termination, and no termination of this Agreement will relieve a person from any
        liability for any prior breach.

       

      

      8.          Private Communications. Upon reasonable notice by the Investors to the Company, the Company shall, if requested by the Investors, cause
        its Chief Executive Officer and the Chairman of its Board to meet from time to time at reasonable intervals with a representative of the Investors during normal business hours at mutually agreeable times in such a manner as not to unreasonably
        interfere with the normal operation of the business of the Company.

      
        8

        
          

      

      9.          Certain Transfers.  Other than in market
          transactions where the identity of the ultimate purchaser or purchasers is not known by any of the Investors or their Affiliates, no Investor or Affiliate shall, prior to the date that is fifteen (15) days following the date on which the
        Investors deliver written notice to the Company to such effect, sell, transfer, offer or agree to sell or otherwise transfer, directly or indirectly, any securities of the Company, or any attributes (including
          any economic exposure or beneficial ownership) of securities of the Company, including shares of Common Stock, to any Person that would, to the knowledge of any Investor or any Affiliate thereof, result in such Person, together with its
          Affiliates, owning, controlling or otherwise having any beneficial or other ownership interest (or the voting or economic attributes thereof) in excess of 10% in the aggregate of the shares of Common Stock outstanding at such time.

      10.          Press Release; SEC Filings. No later than 9:00 a.m. Eastern Time on March
        27, 2020, the Company shall issue a press release in a form to be mutually agreed by the parties (the “Press Release”) and no party shall make any statement inconsistent with the Press Release in
        connection with the announcement of this Agreement. Additionally, promptly following the execution and delivery of this Agreement (but in no case prior to the filing or other public release by the Company of the Press Release), the Company will
        file a Current Report on Form 8-K, which will report the entry into this Agreement. The Investors shall promptly, but in no case prior to the date of the filing or other public release by the Company of the Press Release, prepare and file an
        amendment to the Schedule 13D with respect to the Company originally filed by the Investors with the SEC on April 29, 2019 (the “Schedule 13D”) reporting the entry into this Agreement, the withdrawal
        of its notice of nomination and amending applicable items to conform to its obligations hereunder. The amendment to the Schedule 13D and the Form 8-K shall each be consistent with the Press Release and the terms of this Agreement, and shall be in
        form and substance reasonably acceptable to the Company and the Investors.

      11.          Non-Disparagement. During the Restricted Period, the Company shall refrain from making, and shall cause its
        Affiliates and their respective principals, directors, members, general partners, officers and employees not to make or cause to be made any statement or announcement including in any document or report filed with or furnished to the SEC or through
        the press, media, analysts or other Persons, that disparages, defames, slanders, impugns, casts in a negative light or could damage the reputation of, the Investors and their Affiliates and the Investors’ and their Affiliates’ advisors, their
        respective employees or any Person who has served as an employee of the Investors or this Affiliates and the Investors’ and their Affiliates’ advisors. The foregoing shall not restrict the ability of any Person to comply with any subpoena or other
        legal process or respond to a request for information from any governmental authority with jurisdiction over the party from whom information is sought or to enforce such Person’s rights hereunder.

      12.          Defined Terms. As used in this Agreement, the term (a) “Affiliate”
        shall have the meaning set forth in Rule 12b-2 promulgated under the Exchange Act and shall include Persons who become Affiliates of any Person subsequent to the date of this Agreement; (b) “beneficially own”,

        “beneficially owned” and “beneficial ownership” shall have the meaning set forth in Rules 13d-3 and 13d-5(b)(l) promulgated under the Exchange Act;
        (c) “business day” shall mean any day other than a Saturday, Sunday or a day on which the Federal Reserve Bank of New York is closed; (d) “Independent”
        means that a Person (x) (i) shall not be an employee, director, general 

      
        9

        
          

      

      partner, manager or other agent of an Investor or of any Affiliate of an Investor, (ii) shall not be a limited partner, member or other investor in any Investor or any Affiliate of an Investor and
        (iii) shall not have, and shall not have had, any agreement, arrangement or understanding, written or oral, with any Investor or any Affiliate of an Investor regarding such Person’s service on the Board other than a nomination agreement entered
        into prior to the date hereof that has been provided to the Company prior to the date hereof, and (y) shall be an Independent director of the Company under the Company’s independence guidelines, applicable law and the rules and regulations of the
        SEC and the Nasdaq Stock Market; (e) “Partial Standstill Fallaway Date” means the date that is thirty (30) days prior to the first date on which stockholders may nominate individuals for election to the Board at the 2022 annual meeting of
        the Company’s stockholders; (f)  “Person” shall be interpreted broadly to include, among others, any individual, general or limited partnership, corporation, limited liability or unlimited liability
        company, joint venture, estate, trust, group, association or other entity of any kind or structure; (g) “Third Party” means any Person that is not a party to this Agreement or an Affiliate thereof, a
        member of the Board, a director or officer of the Company, or legal counsel to any party to this Agreement; and (h) “Voting Securities” shall mean the shares of common stock of the Company and any
        other securities of the Company entitled to vote in the election of directors, or securities convertible into, or exercisable or exchangeable for, such shares or other securities, whether or not subject to the passage of time or other
        contingencies.

      13.          Investors’ Representations and Warranties. Each of the Investors, severally and not jointly, represents and warrants
        that (a) this Agreement has been duly authorized, executed and delivered by it and is a valid and binding obligation of such Investor, enforceable against it in accordance with its terms; (b) neither it nor any of its Affiliates has, or will during
        the Restricted Period have,  any agreement, arrangement or understanding, written or oral, with the New Director or other member of the Board pursuant to which such individual has been or will be compensated for his or her service on the Board; and
        (c) as of the date of this Agreement, (i) the Investors, together with all of their respective Affiliates, collectively beneficially own 1,500,000 shares of the outstanding Common Stock and have economic exposure to 1,500,000 shares of the
        outstanding Common Stock and (ii) except as previously disclosed in writing to the Company prior to the execution of this Agreement, none of the Investors nor any of their respective Affiliates, is a party to any swap or hedging transactions or
        other derivative agreements of any nature with respect to the Voting Securities.

      14.          Company Representations and Warranties. The Company represents and warrants that (a) this Agreement has been duly
        authorized, executed and delivered by it and is a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms; (b) does not require the approval of the stockholders of the Company; and (c) does not and
        will not violate any law, any order of any court or other agency of government, the Company’s Certificate of Incorporation or Bylaws, each as may be amended from time to time, or any provision of any agreement or other instrument to which the
        Company or any of its properties or assets is bound, or conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any such agreement or other instrument, or result in the creation or imposition
        of, or give rise to, any material lien, charge, restriction, claim, encumbrance or adverse penalty of any nature whatsoever pursuant to any such indenture, agreement or other instrument.

      
        10

        
          

      

      15.          Specific Performance. The Company and each of the Investors each acknowledge and agree that money damages would not
        be a sufficient remedy for any breach (or threatened breach) of this Agreement by it and that, in the event of any breach or threatened breach hereof, (a) the non-breaching party will be entitled to seek injunctive and other equitable relief,
        without proof of actual damages; (b) the breaching party will not plead in defense thereto that there would be an adequate remedy at law; and (c) the breaching party agrees to waive any applicable right or requirement that a bond be posted by the
        non-breaching party. Such remedies will not be the exclusive remedies for a breach of this Agreement, but will be in addition to all other remedies available at law or in equity.

      16.          Entire Agreement; Successors and Assigns; Amendment and Waiver. This Agreement (including its exhibits) constitutes
        the only agreement between the Investors and the Company with respect to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written. This Agreement shall be binding upon and
        inure to the benefit of the parties and their respective successors and permitted assigns. No party may assign or otherwise transfer either this Agreement or any of its rights, interests, or obligations hereunder without the prior written approval
        of the other party. Any purported transfer requiring consent without such consent shall be void. No amendment, modification, supplement or waiver of any provision of this Agreement shall be effective unless it is in writing and signed by the party
        affected thereby, and then only in the specific instance and for the specific purpose stated therein. Any waiver by any party of a breach of any provision of this Agreement shall not operate as or be construed to be a waiver of any other breach of
        such provision or of any breach of any other provision of this Agreement. The failure of a party to insist upon strict adherence to any term of this Agreement on one or more occasions shall not be considered a waiver or deprive that party of the
        right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

      17.          Severability. If any provision of this Agreement is held invalid or unenforceable by any court of competent
        jurisdiction, the other provisions of this Agreement shall remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree shall remain in full force and effect to the extent not held invalid or
        unenforceable. The parties further agree to replace such invalid or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the purposes of such invalid or unenforceable provision.

      18.          Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
        Delaware. Each of the Investors and the Company (a) irrevocably and unconditionally consents to the personal jurisdiction and venue of the federal or state courts located in Wilmington, Delaware; (b) agrees that it shall not attempt to deny or
        defeat such personal jurisdiction by motion or other request for leave from any such court; (c) agrees that it shall not bring any action relating to this Agreement or otherwise in any court other than such courts; and (d) waives any claim of
        improper venue or any claim that those courts are an inconvenient forum. The parties agree that mailing of process or other papers in connection with any such action or proceeding in the manner provided in paragraph 19 or in such other manner as
        may be permitted by applicable law, shall be valid and sufficient service thereof. Each of the parties, after consulting or having had the opportunity to consult with counsel, knowingly, voluntarily and intentionally waives any right that such
        party may have to a trial by jury in any 

      
        11

        
          

      

      litigation based upon or arising out of this Agreement or any related instrument or agreement, or any of the transactions contemplated thereby, or any course of conduct, dealing, statements
        (whether oral or written), or actions of any of them. No party shall seek to consolidate, by counterclaim or otherwise, any action in which a jury trial has been waived with any other action in which a jury trial cannot be or has not been waived.

      19.          Parties in Interest. This Agreement is solely for the benefit of the parties and is not enforceable by any other
        Person.

      20.          Notices. All notices, consents, requests, instructions, approvals and other communications provided for herein, and
        all legal process in regard hereto, will be in writing and will be deemed validly given, made or served when delivered in person, by electronic mail, by overnight courier or two business days after being sent by registered or certified mail
        (postage prepaid, return receipt requested) as follows:

      If to the Company:

      

      
        	
                 

              	
                Red Robin Gourmet Burgers, Inc.

                  

              
	
                 

              	
                6312 S Fiddler’s Green Circle, Suite 200N

                  

              
	
                 

              	
                Greenwood Village, Colorado 80111

              
	 	Attention: General Counsel 

              

      

      with copies (which shall not constitute notice) to:

      

      
        	
                 

              	
                Paul, Weiss, Rifkind, Wharton & Garrison LLP

                

              
	
                 

              	
                1285 Avenue of the Americas 

                

              
	
                 

              	
                New York, New York 10019-6064 

                

              

      

      
        	 	
                Attention: 

                

              	Scott A. Barshay | Kyle T. Seifried

                
	 	
                Fax No.: 

                

              	
                (212) 492-0040 | (212) 492-0220

                

              
	 	
                Email: 

                

              	sbarshay@paulweiss.com | kseifried@paulweiss.com

      

       

      

      If to the Investors:

      

      
        	
                 

              	
                Vintage Capital Management, LLC

                  

              
	
                 

              	
                4705 S. Apopka Vineland Road, Suite 206

                  

              
	
                 

              	
                Orlando, FL 32819

              

      

      
        	 	
                Attention: 

                

              	Brian R. Kahn
	 	
                Fax No.: 

                

              	
                (208) 728-8007

              
	 	
                Email: 

                

              	bkahn@vincap.com

      

       

      

      with a copy (which shall not constitute notice) to:

      

      
        	
                 

              	
                Willkie Farr & Gallagher LLP

              
	
                 

              	
                787 Seventh Avenue

                  

              
	
                 

              	
                New York, NY 10019

              

      

      
        12

        
          

      

      
            

        

      

      
        	 	
                Attention: 

                

              	Russell L. Leaf | Jared N. Fertman
	 	
                Fax No.: 

                

              	(212) 728-9593 | (212) 728-9670
	 	
                Email: 

                

              	
                rleaf@willkie.com | jfertman@willkie.com 

              

      

      At any time, any party may, by notice given in accordance with this paragraph to the other party, provide updated information for notices hereunder.

      21.          Securities Laws. Each Investor acknowledges that it is aware, and will advise each of its representatives who are informed as to the matters that are the subject of this
        Agreement, that the United States securities laws may prohibit any Person who has received from an issuer material, non-public information from purchasing or selling securities of such issuer or from communicating such information to any other
        Person under circumstances in which it is reasonably foreseeable that such Person is likely to purchase or sell such securities.  The Company confirms that it has not provided any material non-public information to the Investors prior to the date
        hereof.

       

      

      22.          Fees and Expenses.   Promptly following the execution of this Agreement and subject to receipt of reasonable
        supporting documentation in respect thereof, the Company shall reimburse the Investors for their reasonable, documented out-of-pocket fees and expenses (including legal expenses) incurred through the date of this Agreement in connection with the
        Investors’ involvement with the Company, including, but not limited to, the negotiation and execution of this Agreement, provided that such reimbursement shall not exceed $200,000 in the aggregate. Except as set forth in the preceding sentence, all
        attorneys’ fees, costs and expenses incurred in connection with this Agreement and all matters related hereto will be paid by the party incurring such fees, costs or expenses.

      23.          Interpretation. Each of the parties acknowledges that it has been represented by counsel of its choice throughout
        all negotiations that have preceded the execution of this Agreement, and that it has executed this Agreement with the advice of such counsel. Each party and its counsel cooperated and participated in the drafting and preparation of this Agreement,
        and any and all drafts relating thereto exchanged among the parties shall be deemed the work product of all of the parties and may not be construed against any party by reason of its drafting or preparation. Accordingly, any rule of law or any
        legal decision that would require interpretation of any ambiguities in this Agreement against any party that drafted or prepared it is of no application and is hereby expressly waived by each of the parties, and any controversy over interpretations
        of this Agreement shall be decided without regard to events of drafting or preparation.

      24.          Several Liability.  Notwithstanding anything contained herein to the contrary, the obligations of the Investors hereunder are several and not joint or
        collective.

      25.          Counterparts. This Agreement may be executed by the parties in separate
        counterparts (including by fax, jpeg, .gif, .bmp and .pdf), each of which when so executed shall be an original, but all such counterparts shall together constitute one and the same instrument.

      [Signature page follows]

      

      

      
        13

        
          

      

      

      

      If the terms of this Agreement are in accordance with your understanding, please sign below, whereupon this Agreement shall constitute a binding agreement among us.

      
        	 	Very truly yours,	 
	 	 	 
	 	RED ROBIN GOURMET BURGERS, INC. 

              	 
	 	 	 	 
	

              	
                By: 

              	/s/ Paul J.B. Murphy III 	 
	 	Name:

              	Paul J.B. Murphy III 	 
	 	Title:

              	President and Chief Executive Officer 	 
	 	 	 	 

      

      
        
          

          

        

        

        

        

        [Signature Page to Cooperation Agreement]

      

      
        
          

      

       Accepted and agreed to as of the date first written above:

      
        	 	VINTAGE CAPITAL MANAGEMENT, LLC	 
	 	 	 	 
	
                

                

              	
                By: 

              	/s/ Brian R. Kahn 	 
	 	 	Name: Brian R. Kahn	 
	 	 	Title: Manager

              	 
	 	 	 	 

      

      
        	 	KAHN CAPITAL MANAGEMENT, LLC	 
	 	 	 	 
	
                

                

              	
                By: 

              	/s/ Brian R. Kahn	 
	 	 	Name: Brian R. Kahn	 
	 	 	Title: Manager

              	 
	 	 	 	 

      

      
        

        

      

      
        [Signature Page to Cooperation Agreement]

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