Document:

ex10-4.htm

FIRST AMENDMENT TO

THE RUBY TUESDAY, INC. EXECUTIVE SEVERANCE PLAN

 

Pursuant to Section 8.3 of the Ruby Tuesday, Inc. Executive Severance Plan (the “Severance Plan”) the Board of Directors of Ruby Tuesday, Inc. has determined to amend the Severance Plan as described in the provision below. Accordingly, effective as of April 4, 2017, the Severance Plan shall be, and it hereby is, amended, as follows:

 

	 	
			1.

				
			Appendix A of the Severance Plan is hereby amended to read as follows:

			

 

“Appendix A – Covered Executives and Applicable Severance Multiples

 

	
			Executive Name

			 

				
			Title

				
			Severance Multiple

			
	 	
			Chief Executive Officer

			 

				
			2x

			
	 	
			Chief Legal Officer

			 

				
			1.5x

			
	 	
			Chief Financial Officer

			 

				
			1.5x

			
	 	
			President, Ruby Tuesday Concept

			 

				
			1.5x

			
	 	
			Chief Development Officer 

			 

				
			1.5x

			
	 	
			Chief Marketing Officer

			 

				
			1.5x

			
	 	
			Chief People Officer

			 

				
			1.5x

			
	 	
			Vice President 

			 

				
			1x

			

”

 

RATIFICATION AS AMENDED. Except as amended by this Amendment, the terms and conditions of the Severance Plan are confirmed, approved and ratified, and the Severance Plan, as amended by this Amendment, shall continue in full force and effect. Any reference to the “Severance Plan” shall mean the Severance Plan as amended by this Amendment.SEPARATION
AGREEMENT AND GENERAL RELEASE

 

This
Separation Agreement and General Release (“Agreement”), effective as of the date Resignation Date described in Section
1 below (the “Effective Date”), is made and entered into by and between Carolco Pictures, Inc. (“CRCO”)
and David Cohen (“Employee”).

 

WHEREAS,
Employee has been employed by CRCO as its Chief Executive Officer (“CEO”) and as a member of the Board of Directors;
and

 

WHEREAS,
Employee has communicated to the Board of Directors his decision to resign from CRCO; and

 

WHEREAS,
the parties wish to provide for the orderly transition of affairs to a new CEO, and to resolve all matters between the parties
on a full and final basis;

 

NOW,
THEREFORE, in consideration of the promises contained herein, and for other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the parties agree as follows:

 

1.
Resignation, Transition Arrangements and Return of Property: Employee will continue to serve as CEO of CRCO through April
15, 2017 or such shorter period as may be determined by the Board. Consistent with the foregoing, Employee shall resign from the
following positions on April 15, 2017 or such earlier time as may be determined by the Board (and shall execute all documents
reasonably requested by CRCO to effectuate such resignations): (a) Chief Executive Officer of CRCO, (ii) a member of the Board
of Directors and (c) all officer, board of director and board of manager positions (or comparable positions) with any affiliated
entities of CRCO (collectively, “Affiliates”). If the Board determines a shorter period, Employee shall remain an
employee of CRCO through such determined period. Employee will diligently pursue the responsibilities of Chief Executive Officer
as long as he remains in such position. Employee will assist CRCO in transitioning the role of CEO to a new person designated
by the Board and performing such other duties as shall be reasonably requested by the Board. The last day of Employee’s
final employment with CRCO is referred to as the “Resignation Date.” The period between the Effective Date of this
Agreement and the Resignation Date is referred to as the “Transition Period.” On or before the Resignation Date, Employee
will return all property of CRCO and its Affiliates, and all copies, excerpts or summaries of such property, in his possession,
custody or control.

 

2.
Consideration and Severance Benefit:

 

A.
Subject to Employee’s compliance with this Agreement, CRCO will, within fourteen days of the date hereof, transfer to Employee
ONE THOUSAND (1,000) shares of common stock of CRCO (the “Shares”). The certificate(s) representing the Shares will
contain a standard restrictive legend. In addition, Employee agrees that at any time Employee owns any of the Shares, any public
or private sale of the Shares by Employee, when added with any other public or private sale sale(s) of the Shares and other public
or private sale(s) of CRCO common stock, shall not exceed the average weekly reported volume of trading in such securities on
the OTCQB or other national securities exchanges, as reported through the automated quotation systems of a registered securities
association, and as reported in the over the counter markets, during the four calendar weeks preceding the sale (the “Volume
Limitation”). The certificate(s) representing the Shares shall either contain a restrictive legend setting forth the terms
of the Volume Limitation or a cross reference to this Agreement. Further, the Volume Limitation shall apply to any shares of CRCO
owned by Employee on or before the Effective Date, regardless of class and number.

 

    	 

     

    

 

3.
Unemployment Compensation Benefits: Employee will not make any claim for unemployment benefits after the Resignation Date.

 

4.
Mutual Releases:

 

A.
Employee’s Release: In consideration for the benefits described herein, and for other good and valuable consideration,
which are of greater value than Employee would normally be entitled upon resignation, Employee, on behalf of himself, his heirs,
executors, administrators, attorneys, agents, representatives and assigns, hereby forever releases CRCO and its Affiliates, and
its and their officers, directors, trustees, owners, shareholders, employees, insurers, benefit plans, agents, attorneys and representatives,
and each of their predecessors, successors and assigns, from any and all claims, demands, suits, actions, damages, losses, expenses,
charges or causes of action of any nature whatsoever, whether known or unknown, relating in any way to any act, omission, event,
relationship, conduct, policy or practice prior to the Effective Date, including without limitation his employment with CRCO and
the separation thereof, including, without limitation, any claims for discrimination, harassment, retaliation or any other violation
under the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act
and any other claims under all other federal, state or local laws including, but not limited to claims for breach of contract;
claims for wrongful discharge; claims for emotional distress; claims for unpaid wages, salary or back pay, defamation, fraud,
misrepresentation or any other personal injury; claims for unpaid compensation; claims relating to benefits; claims for attorneys’
fees and costs, claims for reinstatement or employment; and all other claims under any federal, state or local law or cause of
action (collectively, the “Employee Released Claims”). Employee represents that he has not filed any such Employee
Released Claims and he further agrees not to assert or file any such Employee Released Claims in the future or to seek or accept
any monetary relief with respect to Employee Released Claims filed by him or on his behalf with the EEOC or any other fair employment
agency to the fullest extent permitted by law. Employee represents and warrants that no Employee Released Claim released herein
has been assigned, expressly, impliedly, or by operation of law, and that all Employee Released Claims released herein are owned
by Employee, who has the sole authority to release them. Employee agrees that he shall forever refrain and forebear from commencing,
instituting or prosecuting any lawsuit action or proceeding, judicial, administrative or otherwise collect or enforce any Employee
Release Claim. It is understood and agreed that the release given by Employee herein does not apply to claims for breach of this
Agreement or Claims that cannot be released by law.

 

    	 

     

    

 

B.
CRCO’s Release: In consideration for the benefits described herein, and for other good and valuable consideration,
CRCO and its Affiliates hereby forever release Employee, his heirs, executors, administrators, agents, representatives and assigns,
from any and all claims, demands, suits, actions, damages, losses, expenses, charges or causes of action of any nature whatsoever,
whether known or unknown, relating in any way to any act, omission, event, relationship, conduct, policy or practice prior to
the Effective Date, including, without limitation claims for breach of any contract or duty; claims for emotional distress, defamation,
fraud, misrepresentation or any other personal injury; claims for overpaid compensation; claims relating to benefits; claims for
attorneys’ fees and costs; and all other claims under any federal, state or local law or cause of action (collectively,
the “Company Released Claims”). Company represents that it has not filed any such Company Released Claims and it further
agrees not to assert or file any such Company Released Claims in the future or to seek or accept any monetary relief with respect
to Company Released Claims filed by it or on its behalf with the EEOC or any other fair employment agency to the fullest extent
permitted by law. Company represents and warrants that no Company Released Claim released herein has been assigned, expressly,
impliedly, or by operation of law, and that all Company Released Claims released herein are owned by Company, which has the sole
authority to release them. Company agrees that it shall forever refrain and forebear from commencing, instituting or prosecuting
any lawsuit action or proceeding, judicial, administrative or otherwise collect or enforce any Company Release Claim. It is understood
and agreed that the release given by Company herein does not apply to claims for breach of this Agreement or Claims that cannot
be released by law, or claims for fraud, embezzlement, intentional misconduct or any other malfeasance by Employee.

 

5.
Reinstatement: Employee waives all claims for reinstatement or employment with CRCO and its Affiliates, and its and their
successors and assigns, and he agrees not to seek such reinstatement or employment in the future unless the parties agree otherwise
in writing.

 

6.
SEC Filing: The parties acknowledge and agree that this Agreement will be publicly filed with the SEC.

 

7.
Non-disparagement and Non-assistance: Employee agrees not to make any disparaging comments about CRCO or any of its Affiliates
or its or their past, present or future management, officers, trustees or employees to any person or entity who is not a party
to this Agreement, and he further agrees not to provide any form of assistance to, or to cooperate with, any person or entity
asserting or intending to assert any claim or legal proceeding against CRCO or any of its Affiliates except as may be required
by law or legal process. CRCO agrees that its Officers and Board members will not make any disparaging comments about Employee
to any person or entity who is not a party to this Agreement, and it agrees not to provide any form of assistance to, or to cooperate
with, any person or entity asserting or intending to assert any claim or legal proceeding against Employee, except as may be required
by law or legal process. The only information anyone in CRCO’s Human Resources Department shall disclose about Employee,
absent a subpoena or court order, is his position title, dates of employment and the fact that he resigned.

 

8.
Cooperation: Employee agrees to reasonably cooperate with CRCO upon request by answering questions and providing information
about matters of which he has personal knowledge. In the event that CRCO becomes involved in any civil or criminal litigation,
administrative proceeding or governmental investigation, Employee shall, upon request, provide reasonable cooperation and assistance
to CRCO, including without limitation, furnishing relevant information, attending meetings and providing statements and testimony.
CRCO will reimburse Employee for all reasonable and necessary time and expenses he incurs in complying with this Section 8.

 

    	 

     

    

 

9.
Confidential Information: Employee shall not, except as required by law, use or disclose to any person or entity any Confidential
Information. For the purposes of this Section 9, “Confidential Information” means information Employee obtained through
or as a consequence of his employment with CRCO relating to CRCO’s business or its tenants which is not in the public domain
and includes, without limitation, trade secrets, tenant lists, lease rates, methods of operation, business plans, leads, financial
information, research and statistical data. Information does not lose its protection as Confidential Information if it is disclosed
in violation of an obligation not to disclose it.

 

10.
Non-solicitation: During the Transition Period and for a period of twelve (12) months thereafter, Employee shall not directly
or indirectly for himself or any other person or entity, whether as an employee, officer, director, consultant, agent, representative,
partner, owner, stockholder or in any other capacity, a) solicit any person who then is or was at any time in the preceding six
month period employed by CRCO as an employee or independent contractor, to resign from CRCO or to accept employment as an employee
or independent contractor with any other person or entity; or b) solicit any person or entity who then is or was at any time in
the preceding six month period in a business relationship with CRCO to end or curtail such relationship or to engage in business
of the type engaged in by CRCO with another person or entity. Employee agrees that these restrictions are reasonable and necessary
for the protection of CRCO’s business. Employee further agrees that in the event he breaches any provision in this Section
10, CRCO shall be entitled to injunctive relief in addition to such other relief as a court may deem proper.

 

11.
Miscellaneous: This Agreement represents the entire agreement of the parties, and supersedes all other agreements, discussions
and understandings of the parties, concerning the subject matter herein. This Agreement may not be modified in any manner except
in a written document signed by both parties. Should any provision of this Agreement be held to be invalid or unenforceable by
a court of competent jurisdiction, it shall be deemed severed from the Agreement, and the remaining provisions of the Agreement
shall continue in full force and effect, provided that, should the court determine that any provision of Section 10 is unenforceable,
the court shall modify such provision to make it valid to the maximum extent permitted by law. In the event of any litigation
to enforce this Agreement, the prevailing party shall be awarded his or its reasonable attorneys’ fees and costs.

 

12.
Consultation and Consideration: CRCO hereby advises Employee to consult with an attorney at his own expense prior to signing
this Agreement. Employee may take up to twenty-one (21) days from the date he is given this Agreement to consider it, but he may
sign it sooner if he wishes. If Employee signs the Agreement, Employee will have a period of seven (7) days to revoke his signature
(the “Revocation Period”). Thus, this Agreement will not become effective or enforceable until the date that each
party has signed the Agreement and the Revocation Period has expired without Employee exercising his right of revocation (the
“Effective Date”). Any notice of revocation must be in writing and must be received by Laura Franklin prior to the
expiration of the Revocation Period. If Employee signs this Agreement, he represents that he has had sufficient time to consider
it, and that he enters into it knowingly and voluntarily with full understanding of its meaning and effect. If an effective revocation
is delivered in the foregoing manner and timeframe, this Agreement shall be of no force or effect and shall be null and void ab
initio. Employee understands that if Employee revokes this Agreement, Employee will lose all benefits of this Agreement. The promises
of CRCO in this Agreement will go into effect only if Employee has not revoked the Agreement within the Revocation Period.

 

    	 

     

    

 

13.
Governing Law: This Agreement shall be construed exclusively in accordance with the laws of the State of Florida, without
regard to the principles of conflicts of laws therein.

 

14.
Assignment: This Agreement shall be binding upon and shall inure to the benefit of the parties and their respective successors
and assigns. Employee may not assign any right or obligation hereunder without CRCO’s prior written consent. CRCO may assign
its rights and obligations here under to any successor in interest.

 

15.
Counterparts: This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and
together which shall constitute one and the same instrument.

 

16.
Non-admissions: By entering into this Agreement, neither party is admitting that it did anything wrong or improper or that
it has any liability to the other party.

 

Employee
has had an opportunity to carefully review and consider this Agreement with an attorney, and he has had sufficient time to consider
it. After such careful consideration, he knowingly and voluntarily enters into this Agreement with full understanding of its meaning
and effect.

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement.

  

	DAVID
    COHEN	 	CAROLCO
    PICTURES, INC.
	 	 	 	 
	 	 	By:
    	 
	Signature
    	 	 	 
	 	 	Title:
    	 
	 	 	 	 
	Date:		 	Date:

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