Document:

depo_Ex10_2

		
			Exhibit 10.2
		

		
			 
		

		
			DEPOMED, INC.
		

		
			 
		

		
			Waiver and Release Agreement
		

		
			 
		

		
			Depomed, Inc. has offered to pay me certain benefits (the “Benefits”) as described herein, which were offered to me in exchange for my agreement, among other things, to waive all of my claims against and release Depomed, Inc. and its predecessors, successors and assigns (collectively referred to as the “Company”), all of the affiliates (including parents and subsidiaries) of the Company (collectively referred to as the “Affiliates”) and the Company’s and Affiliates’ directors and officers, employees and agents, insurers, employee benefit plans and the fiduciaries and agents of said plans (collectively, with the Company and Affiliates, referred to as the “Corporate Group”) from any and all claims, demands, actions, liabilities and damages arising out of or relating in any way to my employment with or separation from the Company or the Affiliates; provided, however, that this Waiver and Release shall not apply to (1) any existing right I have to indemnification, contribution and a defense, (2) any directors and officers and general liability insurance coverage, (3) any rights I may have as a shareholder of the Company, (4) any rights I have to the Benefits, (5) rights to vested benefits under the Company’s benefit plans and (6) any rights which cannot be waived or released as a matter of law.
		

		
			 
		

		
			I understand that signing this Waiver and Release is an important legal act.  I acknowledge that the Company has advised me in writing to consult an attorney before signing this Waiver and Release and has given me at least twenty-one (21) calendar days from the day I received a copy of this Waiver and Release to sign it.  
		

		
			 
		

		
			I understand and agree that my employment with Depomed, Inc. will terminate on July 31, 2017 or such earlier date as mutually agreed between me and the Company (such date the “Separation Date”), but that I will remain a full-time employee of Depomed, Inc. until the Separation Date.  I agree that on the Separation Date my employment with the Company will cease and I will no longer hold any positions as an employee, officer or director of the Company or any Affiliate.  In consideration for (i) executing and not revoking this Agreement, (ii) on the Separation Date, executing and not revoking the Supplemental Release attached hereto as Exhibit A, and (iii) complying with this Agreement and the Supplemental Release, the Company will provide me with the following Benefits: 
		

		
			 
		

		
			(i)         A lump sum cash payment equal to my current annual base salary, or $445,018 (less applicable taxes and withholdings), 
		

		
			(ii)        a lump sum cash payment equal to a pro-rata portion (seven-twelfths (7/12)) of the annual bonus I would have earned for 2017 based on actual performance of the Company (i.e., based on the Company’s achievement of its corporate objectives as determined by the Company’s Board of Directors) over the entire year (less applicable taxes and withholdings), payable in 2018 at the same time annual bonuses are paid to executives generally, 
		

		
			(iii)       payment by the Company of the full cost of the health insurance benefits provided to me and my spouse and dependents, as applicable, immediately prior to the Separation Date pursuant to the terms of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) or other applicable law 
		

		
			
		

		
			

		 

		

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			through the earlier of the end of the twelve (12) month period following the Separation Date or the date upon which I am no longer eligible for such COBRA or other benefits under applicable law,
		

		
			(iv)       payment for up to three (3) months of outplacement services not to exceed $5,000 per month (with a provider and in a program selected by me); provided I commence such services within ninety (90) days of the Separation Date.   
		

		
			 
		

		
			Notwithstanding the foregoing:  (a) you and the Company agree that your receipt of Benefits is not conditioned on continued employment through the Separation Date; and (b) in the event the Company concludes in its reasonable judgment that the provision of subsidized COBRA benefits to me is likely to cause the Company to become subject to excise tax as a result of the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act of 2010, the Company will pay me a monthly amount in cash equal to the amount of the COBRA subsidy during the period the Company is obligated to provide subsidized COBRA benefits to me. 
		

		
			 
		

		
			By signing below, I acknowledge and agree that I am not entitled to any payments or benefits pursuant to my management continuity agreement with Depomed, Inc., effective as of February 12, 2016 (the “Management Continuity Agreement”), in connection with the termination of my employment with the Company, and that payment of the Benefits described above shall be the sole severance compensation I will receive in connection with such termination of employment.
		

		
			 
		

		
			In exchange for the payment to me of Benefits, I (1) agree not to sue in any local, state and/or federal court regarding or relating in any way to my employment with or separation from the Company or the Affiliates, (2) knowingly and voluntarily waive all claims and release the Corporate Group from any and all claims, demands, actions, liabilities, and damages, whether known or unknown, arising out of or relating in any way to my employment with or separation from the Company or the Affiliates (including any claim for a bonus in respect of actual performance for the year of termination in the event that such bonus has not yet been paid) and (3) waive any rights that I may have under any of the Company’s involuntary severance benefit plans (including, but not limited to, the Management Continuity Agreement), except to the extent that my rights are vested under the terms of an employee benefit plan sponsored by the Company or an Affiliate and except with respect to such rights or claims as may arise after the date this Waiver and Release is executed.  This Waiver and Release includes, but is not limited to, claims and causes of action under:  Title VII of the Civil Rights Act of 1964, as amended (“Title VII”); the Age Discrimination in Employment Act of 1967, as amended, including the Older Workers Benefit Protection Act of 1990 (“ADEA”); the Civil Rights Act of 1866, as amended; the Civil Rights Act of 1991; the Americans with Disabilities Act of 1990 (“ADA”); the Energy Reorganization Act, as amended, 42 U.S.C. §§ 5851; the Workers Adjustment and Retraining Notification Act of 1988; the Sarbanes-Oxley Act of 2002; the Employee Retirement Income Security Act of 1974, as amended; the Family and Medical Leave Act of 1993; the Fair Labor Standards Act; the Occupational Safety and Health Act; the California Fair Employment and Housing Act, as amended; the California Labor Code; claims in connection with workers’ compensation or “whistle blower” statutes (except to the extent prohibited by law); and/or contract, tort, defamation, slander, wrongful termination or any other state or federal regulatory, 
		

		
			
		

		
			

		 

		

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			statutory or common law.  Further, I expressly represent that no promise or agreement which is not expressed herein has been made to me in executing this Waiver and Release, and that I am relying on my own judgment in executing this Waiver and Release, and that I am not relying on any statement or representation of the Company, any of the Affiliates or any other member of the Corporate Group or any of their agents.  I agree that this Waiver and Release is valid, fair, adequate and reasonable, is entered into with my full knowledge and consent, was not procured through fraud, duress or mistake and has not had the effect of misleading, misinforming or failing to inform me. 
		

		
			 
		

		
			In further exchange for the payment to me of Benefits, I agree not to make any disparaging or derogatory statements concerning the Company. The Company hereby agrees to instruct its officers and directors not to make any disparaging statements concerning you.  These non-disparagement obligations shall not in any way affect my or the Company’s obligation or rights in connection with any legal proceeding.  I further acknowledge and agree that I am bound by and will comply with the Employee Confidential Information and Inventions Agreement and any similar agreements that I have entered into with the Company and that I will, within seven (7) calendar days of the date of this Waiver and Release, return all Company property to the Company.
		

		
			 
		

		
			Notwithstanding the foregoing, nothing contained in this Waiver and Release is intended to prohibit or restrict me in any way from (1) bringing a lawsuit against the Company to enforce the Company’s obligations under this Agreement; (2) making any disclosure of information required by law; (3) providing information to, or testifying or otherwise assisting in any investigation or proceeding brought by, any federal regulatory or law enforcement agency or legislative body, any self-regulatory organization, or the Company’s legal, compliance or human resources officers; (4) testifying or participating in or otherwise assisting in a proceeding relating to an alleged violation of any federal, state or municipal law relating to fraud or any rule or regulation of the Securities and Exchange Commission or any self-regulatory organization; or (5) filing any claims that are not permitted to be waived or released under applicable law (although my ability to recover damages or other relief is still waived and released to the extent permitted by law).  Nothing contained in this Waiver and Release is intended to waive any rights I may have related to unemployment compensation and workers’ compensation and indemnification claims under Section 2802 of the California Labor Code.
		

		
			 
		

		
			I acknowledge that I may discover facts different from or in addition to those which I now know or believe to be true and that this Waiver and Release shall be and remain effective in all respects notwithstanding such different or additional facts or the discovery thereof.  I hereby expressly waive any and all rights and benefits conferred upon me by the provisions of Section 1542 of the Civil Code of the State of California, and/or any analogous law of any other state.  Section 1542 states:
		

		
			 
		

		
			A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.
		

		
			
		

		
			

		 

		

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			Should any of the provisions set forth in this Waiver and Release be determined to be invalid by a court, agency or other tribunal of competent jurisdiction, it is agreed that such determination shall not affect the enforceability of other provisions of this Waiver and Release.  I acknowledge that this Waiver and Release sets forth the entire understanding and agreement between me and the Company or any other member of the Corporate Group concerning the subject matter of this Waiver and Release and supersede any prior or contemporaneous oral and/or written agreements or representations, if any, between me and the Company or any other member of the Corporate Group on the same subject matter.  I understand that for a period of seven (7) calendar days following the date that I sign this Waiver and Release, I may revoke my acceptance of the offer, provided that my written statement of revocation is received on or before that seventh day by the Vice President, Human Resources, Depomed, Inc., 7999 Gateway Boulevard, Suite 300, Newark, California 94560, facsimile number:  (510) 744-8001, in which case the Waiver and Release will not become effective.  In the event I revoke my acceptance of this offer, the Company shall have no obligation to provide me Benefits.  I understand that failure to revoke my acceptance of the offer within seven (7) calendar days from the date I sign this Waiver and Release will result in this Waiver and Release being permanent and irrevocable.
		

		
			 
		

		
			I acknowledge that I have read this Waiver and Release, have had an opportunity to ask questions and have it explained to me and that I understand that this Waiver and Release will have the effect of knowingly and voluntarily waiving any action I might pursue, including breach of contract, personal injury, retaliation, discrimination on the basis of race, age, sex, national origin, or disability and any other claims arising prior to the date of this Waiver and Release.  By execution of this document, I do not waive or release or otherwise relinquish any legal rights I may have which are attributable to or arise out of acts, omissions, or events of the Company or any other member of the Corporate Group which occur after the date of the execution of this Waiver and Release.
		

		
			 
		

		
			In exchange for the releases and other covenants set forth herein, the Company hereby, (A) agrees not to sue me in any local, state and/or federal court regarding or relating in any way to my employment with or separation from the Company or the Affiliates, and (2) knowingly and voluntarily waives all claims and releases me from any and all claims, demands, actions, liabilities, and damages, whether known or unknown, arising out of or relating in any way to my employment with or separation from the Company or the Affiliates. 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Srinivas G. Rao, Chief Medical Officer

					
					
						    

					
					
						Sharon M. Larkin, Senior Vice President HR

				
	
					
						Employee’s Name and Title

					
					
						 

					
					
						Company Representative’s Name and Title

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						/s/ Srinivas G. Rao

					
					
						 

					
					
						/s/ Sharon M. Larkin

				
	
					
						Employee’s Signature

					
					
						 

					
					
						Company’s Representative’s Signature

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						June 29, 2017

					
					
						 

					
					
						June 30, 2017

				
	
					
						Employee’s Signature Date

					
					
						 

					
					
						Company’s Execution Date

				

		
			 
		

		
			 
		

		
			

		 

		

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			DEPOMED, INC.
		

		
			 
		

		
			SUPPLEMENTAL Release Agreement
		

		
			 
		

		
			Depomed, Inc. has offered to pay me the Benefits (as defined in that certain Waiver and Release Agreement, dated June 30, 2017 (the “Waiver and Release Agreement”)), which were offered to me in exchange for my agreement, among other things, to waive all of my claims against and release Depomed, Inc. and its predecessors, successors and assigns (collectively referred to as the “Company”), all of the affiliates (including parents and subsidiaries) of the Company (collectively referred to as the “Affiliates”) and the Company’s and Affiliates’ directors and officers, employees and agents, insurers, employee benefit plans and the fiduciaries and agents of said plans (collectively, with the Company and Affiliates, referred to as the “Corporate Group”) from any and all claims, demands, actions, liabilities and damages arising out of or relating in any way to my employment with or separation from the Company or the Affiliates; provided, however, that this Supplemental Release shall not apply to (1) any existing right I have to indemnification, contribution and a defense, (2) any directors and officers and general liability insurance coverage, (3) any rights I may have as a shareholder of the Company, (4) any rights I have to the Benefits, (5) rights to vested benefits under the Company’s benefit plans and (6) any rights which cannot be waived or released as a matter of law.
		

		
			 
		

		
			I understand that signing this Supplemental Release is an important legal act.  I acknowledge that the Company has advised me in writing to consult an attorney before signing this Supplemental Release and has given me at least twenty-one (21) calendar days from the day I received a copy of this Supplemental Release to sign it.  
		

		
			 
		

		
			In exchange for the payment to me of Benefits, I (1) agree not to sue in any local, state and/or federal court regarding or relating in any way to my employment with or separation from the Company or the Affiliates, (2) knowingly and voluntarily waive all claims and release the Corporate Group from any and all claims, demands, actions, liabilities, and damages, whether known or unknown, arising out of or relating in any way to my employment with or separation from the Company or the Affiliates (including any claim for a bonus in respect of actual performance for the year of termination in the event that such bonus has not yet been paid) and (3) waive any rights that I may have under any of the Company’s involuntary severance benefit plans (including, but not limited to, the Management Continuity Agreement (as defined in the Waiver and Release Agreement)), except to the extent that my rights are vested under the terms of an employee benefit plan sponsored by the Company or an Affiliate and except with respect to such rights or claims as may arise after the date this Supplemental Release is executed.  This Supplemental Release includes, but is not limited to, claims and causes of action under:  Title VII of the Civil Rights Act of 1964, as amended (“Title VII”); the Age Discrimination in Employment Act of 1967, as amended, including the Older Workers Benefit Protection Act of 1990 (“ADEA”); the Civil Rights Act of 1866, as amended; the Civil Rights Act of 1991; the Americans with Disabilities Act of 1990 (“ADA”); the Energy Reorganization Act, as amended, 42 U.S.C. §§ 5851; the Workers Adjustment and Retraining Notification Act of 1988; the Sarbanes-Oxley Act of 2002; the Employee Retirement Income Security Act of 1974, as amended; the Family and Medical Leave Act of 1993; the Fair Labor Standards Act; the Occupational Safety and Health Act; the California Fair Employment and Housing Act, as amended; the California Labor Code; claims in connection with workers’ compensation or 
		

		
			
		

		
			

		 

		

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			“whistle blower” statutes (except to the extent prohibited by law); and/or contract, tort, defamation, slander, wrongful termination or any other state or federal regulatory, statutory or common law.  Further, I expressly represent that no promise or agreement which is not expressed herein has been made to me in executing this Supplemental Release, and that I am relying on my own judgment in executing this Supplemental Release, and that I am not relying on any statement or representation of the Company, any of the Affiliates or any other member of the Corporate Group or any of their agents.  I agree that this Supplemental Release is valid, fair, adequate and reasonable, is entered into with my full knowledge and consent, was not procured through fraud, duress or mistake and has not had the effect of misleading, misinforming or failing to inform me. 
		

		
			 
		

		
			In further exchange for the payment to me of Benefits, I agree not to make any disparaging or derogatory statements concerning the Company. The Company hereby agrees to instruct its officers and directors not to make any disparaging statements concerning you.  These non-disparagement obligations shall not in any way affect my or the Company’s obligation or rights in connection with any legal proceeding.  I further acknowledge and agree that I am bound by and will comply with the Employee Confidential Information and Inventions Agreement and any similar agreements that I have entered into with the Company and that I will, within seven (7) calendar days of the date of this Supplemental Release, return all Company property to the Company.
		

		
			 
		

		
			Notwithstanding the foregoing, nothing contained in this Supplemental Release is intended to prohibit or restrict me in any way from (1) bringing a lawsuit against the Company to enforce the Company’s obligations under the Waiver and Release Agreement; (2) making any disclosure of information required by law; (3) providing information to, or testifying or otherwise assisting in any investigation or proceeding brought by, any federal regulatory or law enforcement agency or legislative body, any self-regulatory organization, or the Company’s legal, compliance or human resources officers; (4) testifying or participating in or otherwise assisting in a proceeding relating to an alleged violation of any federal, state or municipal law relating to fraud or any rule or regulation of the Securities and Exchange Commission or any self-regulatory organization; or (5) filing any claims that are not permitted to be waived or released under applicable law (although my ability to recover damages or other relief is still waived and released to the extent permitted by law).  Nothing contained in this Supplemental Release is intended to waive any rights I may have related to unemployment compensation and workers’ compensation and indemnification claims under Section 2802 of the California Labor Code.
		

		
			 
		

		
			I acknowledge that I may discover facts different from or in addition to those which I now know or believe to be true and that this Supplemental Release shall be and remain effective in all respects notwithstanding such different or additional facts or the discovery thereof.  I hereby expressly waive any and all rights and benefits conferred upon me by the provisions of Section 1542 of the Civil Code of the State of California, and/or any analogous law of any other state.  Section 1542 states:
		

		
			 
		

		
			A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.
		

		
			
		

		
			

		 

		

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			Should any of the provisions set forth in this Supplemental Release be determined to be invalid by a court, agency or other tribunal of competent jurisdiction, it is agreed that such determination shall not affect the enforceability of other provisions of this Supplemental Release.  I acknowledge that this Supplemental Release sets forth the entire understanding and agreement between me and the Company or any other member of the Corporate Group concerning the subject matter of this Supplemental Release and supersede any prior or contemporaneous oral and/or written agreements or representations, if any, between me and the Company or any other member of the Corporate Group on the same subject matter.  I understand that for a period of seven (7) calendar days following the date that I sign this Supplemental Release, I may revoke my acceptance of the offer, provided that my written statement of revocation is received on or before that seventh day by the Vice President, Human Resources, Depomed, Inc., 7999 Gateway Boulevard, Suite 300, Newark, California 94560, facsimile number:  (510) 744-8001, in which case the Supplemental Release will not become effective.  In the event I revoke my acceptance of this offer, the Company shall have no obligation to provide me Benefits.  I understand that failure to revoke my acceptance of the offer within seven (7) calendar days from the date I sign this Supplemental Release will result in this Supplemental Release being permanent and irrevocable.
		

		
			 
		

		
			I acknowledge that I have read this Supplemental Release, have had an opportunity to ask questions and have it explained to me and that I understand that this Supplemental Release will have the effect of knowingly and voluntarily waiving any action I might pursue, including breach of contract, personal injury, retaliation, discrimination on the basis of race, age, sex, national origin, or disability and any other claims arising prior to the date of this Supplemental Release.  By execution of this document, I do not waive or release or otherwise relinquish any legal rights I may have which are attributable to or arise out of acts, omissions, or events of the Company or any other member of the Corporate Group which occur after the date of the execution of this Supplemental Release.
		

		
			 
		

		
			In exchange for the releases and other covenants set forth herein, the Company hereby, (A) agrees not to sue me in any local, state and/or federal court regarding or relating in any way to my employment with or separation from the Company or the Affiliates, and (2) knowingly and voluntarily waives all claims and releases me from any and all claims, demands, actions, liabilities, and damages, whether known or unknown, arising out of or relating in any way to my employment with or separation from the Company or the Affiliates. 
		

		
			 
		

			
					
						 

					
					
						    

					
					
						 

				
	
					
						Employee’s Name

					
					
						 

					
					
						Company Representative’s Signature

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Employee’s Signature

					
					
						 

					
					
						Company’s Representative’s Name and Title

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Employee’s Signature Date

					
					
						 

					
					
						Company’s Execution Date

				

		
			 
		

		 

		

			3EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

TERMINATION AGREEMENT 

THIS TERMINATION AGREEMENT (this “Agreement”) is made and entered into as of August 3, 2017, by and between Black Knight
Advisory Services, LLC, a Delaware limited liability company (“Advisor”), and J. Alexander’s Holdings, LLC, a Delaware limited liability company (the “Company”). Advisor and the Company are collectively
referred to herein as the “Parties.” Capitalized terms not otherwise defined herein shall have the meanings set forth in the Consulting Agreement (as hereinafter defined). 

RECITALS 
 WHEREAS, the
Company and Advisor are parties to that certain Management Consulting Agreement, dated as of September 28, 2015 (the “Consulting Agreement”), pursuant to which Advisor provides certain consulting services to the Company, and
that certain Unit Grant Agreement, dated as of October 6, 2015 (the “Unit Grant Agreement”), pursuant to which the Company granted to Advisor 1,500,024 Class B Units of the Company (as such units are defined in the
Company’s Limited Liability Company Agreement in effect as of the date hereof (the “Existing LLC Agreement”)) (such Class B Units, the “Incentive Compensation Units”); and 

WHEREAS, the Parties desire to terminate the Consulting Agreement and to enter into this Agreement to memorialize the terms and conditions of
such termination. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and other consideration the receipt and sufficiency of
which are expressly acknowledged hereby, the Parties hereby agree as follows: 
 1. The Parties agree that effective as of and conditioned
upon the closing (the “Closing”) of the merger and other transactions contemplated by that certain Agreement and Plan of Merger dated as of the date hereof, by and among the Company, J. Alexander’s Holdings, Inc.
(“Parent”), Nitro Merger Sub, Inc., Fidelity National Financial Ventures, LLC, Fidelity Newport Holdings, LLC and 99 Restaurants, LLC (the “Merger Agreement”), the Consulting Agreement shall thereupon terminate and
be of no further force or effect; provided, that, in accordance with the terms of the Consulting Agreement, payments made or required to be made pursuant to Section 2(b) and the reimbursement and indemnity provisions of
Section 9 and the corresponding rights and obligations set forth in such Section 2(b) and Section 9 shall survive the termination of the Consulting Agreement. In consideration of such termination, the Company shall simultaneously with
the Closing pay a termination fee of $2,090,384.00 to the Advisor in immediately available funds by wire transfer pursuant to wire instructions set forth on Annex A (the “Termination Fee”). The Parties acknowledge that the
Termination Fee has been calculated in accordance with the formula for an Early Termination Amount payment calculated in respect of a termination of the Consulting Agreement following a Sale of the Company as set forth in the Consulting Agreement.

 2. The Parties acknowledge and agree that (i) the Company’s payment of the Termination
Fee to Advisor shall satisfy any and all obligations that the Company or any of its Affiliates, successors or assigns may have under the Consulting Agreement, and (ii) Advisor shall have no right to any additional compensation, reimbursements
or other payments thereunder, in each case except pursuant to Section 2(b) and Section 9 of the Consulting Agreement, which shall survive the termination in accordance with its terms. 

3. The Parties recognize that pursuant to the Company’s Limited Liability Company Agreement, as it shall be amended and restated
effective upon the Closing (the “Restated LLC Agreement”), and the Unit Grant Agreement, the Advisor’s Incentive Compensation Units will vest fully upon the Closing and Advisor may effect an Exchange (as defined in the Restated
LLC Agreement, which term and the procedures related thereto shall not deviate from the exchange provisions governing the Incentive Compensation Units in the Existing LLC Agreement) within ninety (90) days following the termination of the
Consulting Agreement; provided, that, the Incentive Compensation Units shall be immediately and automatically cancelled and forfeited for no consideration if an Exchange is not effected pursuant to the Restated LLC Agreement within
such ninety (90) day period; provided, further, that the Company shall notify Advisor of the expiration of such ninety (90) day period at least ten (10) business days prior to such expiration. 

4. In the event that the Merger Agreement is terminated prior to the Closing and the transactions contemplated thereunder are not consummated,
this Agreement will automatically terminate and be of no further force or effect. For the avoidance of doubt, if this Agreement is terminated in accordance with the foregoing sentence, the Consulting Agreement shall remain in full force and effect
and the Incentive Compensation Units shall not become vested. 
 5. Waiver and Release. 

(a) Effective as of and conditioned upon the Closing and the payment of the Termination Fee, each of the Parties hereto hereby waives, and
agrees and covenants not to assert, any rights or claims each may have under the terms of the Consulting Agreement; provided, that, the waiver set forth in this Section 5(a) expressly excludes and shall not be
applicable to payments made or required to be made pursuant to Section 2(b) of the Consulting Agreement and the reimbursement and indemnity provisions of Section 9 of the Consulting Agreement. 

(b) In consideration of payment of the Termination Fee to Advisor, and subject to and effective upon such payment, the Advisor knowingly and
voluntarily (for itself, its members and affiliates) releases and forever discharges Parent, the Company and their subsidiaries (the “Company Parties”) from any and all claims, suits, controversies, actions, causes of action, cross
claims, counter claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, both past and
present and whether known or unknown, suspected, or claimed against any of the Company Parties that Advisor may have, which arise out of or are related to the Consulting Agreement, other than 

  
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claims for payments made or required to be made pursuant to Section 2(b) of the Consulting Agreement and claims for reimbursement and indemnity brought under Section 9 of the Consulting
Agreement; provided, however, that nothing contained herein will operate to release any rights or obligations of the Company Parties arising under this Agreement, Sections 2(b) and Section 9 of the Consulting Agreement, the
Restated LLC Agreement, the Unit Grant Agreement or the Merger Agreement, as applicable. Advisor hereby irrevocably covenants to refrain from, directly or indirectly, asserting any claim, or commencing, instituting or causing to be commenced, any
proceeding of any kind against any Company Party based upon any matter purported to be released hereby. 
 (c) In consideration of the
covenants of Advisor set forth herein, and subject to the performance thereof, the Company knowingly and voluntarily (for itself, and any Company Party) releases and forever discharges Advisor, its members and affiliates (the “Advisor
Parties”) from any and all claims, suits, controversies, actions, causes of action, cross claims, counter claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and
attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, both past and present and whether known or unknown, suspected, or claimed against the Advisor Parties that the Company Parties may have, which arise out of or are
related to the Consulting Agreement; provided, however, that nothing contained herein will operate to release any rights or obligations of the Advisor Parties arising under this Agreement, Section 9 of the Consulting Agreement,
the Restated LLC Agreement, the Unit Grant Agreement or the Merger Agreement, as applicable. The Company hereby irrevocably covenants to refrain from, directly or indirectly, asserting any claim, or commencing, instituting or causing to be
commenced, any proceeding of any kind against the Advisor Parties based upon any matter purported to be released hereby. 
 (d) The Parties
acknowledge and agree that the waivers and releases set forth herein are essential and material terms of this Agreement and that without such waiver the Parties would not have agreed to the terms of the Agreement. 

6. Representations and Warranties. Each of the Parties represents and warrants to the other that: 

(a) Such Party is duly organized and validly existing under the laws of the jurisdiction of its formation. 

(b) Such Party has all requisite corporate or other power and authority and has taken all other actions necessary to execute and deliver this
Agreement and to perform its obligations provided for in this Agreement. 
 (c) This Agreement has been duly authorized, executed and
delivered by such Party and constitutes a valid and binding obligation enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to
or affecting creditors’ rights and to general equity principles. 

  
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 (d) All third-party consents, authorizations and government approvals which are necessary for the
execution and delivery of this Agreement and the performance of such Party’s obligations hereunder have been obtained and are in full force and effect, and no other action by, and no notice or filing with, any governmental authority or other
individual or entity is required for such execution, delivery or performance. 
 (e) The execution, delivery and performance of this
Agreement does not and will not (i) violate any provision of its organizational documents, any authorization, any government rule or any government approval or, (ii) conflict with, result in a breach of or constitute a default under any
mortgage, indenture, loan, credit agreement or other agreement to which such Party is a party or by which such Party or its property may be bound or affected in any material respect. 

7. General Provisions. 

(a) Entire Agreement; Amendment. This Agreement contains the entire agreement of the Parties hereto relating to the subject matter
hereof, and shall supersede any previous agreement, negotiation or commitment between the Parties with respect to any aspect of the subject matter hereof. No amendment, waiver or modification of this Agreement shall be valid or binding unless made
in writing and duly executed by each of the Parties hereto. 
 (b) Notices. All notices which may be or are required to be given
pursuant to this Agreement shall be (i) (x) delivered in person, (y) sent via postage prepaid, certified or registered mail, return receipt requested or (z) sent by email transmission (provided confirmation of email receipt is
obtained from the recipient), and (ii) addressed to the party to whom sent or given at the address set forth on the signature page hereof or to such other address as any party hereto may have given to the party hereto in such manner. If
delivered, such notice shall be deemed given when received; if mailed, such notice shall be deemed made or given five (5) days after such notice has been mailed, as provided above; if sent by email transmission, such notice shall be deemed
given on the date of confirmed receipt by recipient. 
 8. This Agreement and the rights and obligations of the Parties hereunder shall be
governed by the laws of the State of Tennessee without regard to choice or conflict of laws. 
 9. This Agreement shall be binding upon and
inure to the benefit of the Parties hereto and their respective successors and permitted assigns. 
 10. This Agreement may be executed in
any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement. 
 11.
This Agreement may be executed and delivered by electronic means, including, but not limited to, scanning as a “.pdf” or facsimile with the same force and effect as if it were a manually executed and delivered counterpart. 

[Remainder of page intentionally left blank; signature page follows.] 

  
 4 

 IN WITNESS WHEREOF, the duly authorized representatives of the Parties hereto have
executed this Agreement as of the day and year first above written. 
  

					
	J. ALEXANDER’S HOLDINGS, LLC
		
	By:	 	 /s/ Lonnie J. Stout II

		 	     Name:	 	Lonnie J. Stout II
		 	     Title:	 	Chief Executive Officer, President and Manager

 [SIGNATURE PAGE TO BLACK KNIGHT TERMINATION AGREEMENT] 

 
					
	BLACK KNIGHT ADVISORY SERVICES, LLC
		
	By:	 	 /s/ Michael L. Gravelle

		 	     Name:	 	Michael L. Gravelle
		 	     Title:	 	Member

 [SIGNATURE PAGE TO BLACK KNIGHT TERMINATION AGREEMENT]

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