Document:

Exhibit 4(d)

    

    

    

    
      FIRST AMENDMENT TO CREDIT AGREEMENT

       

      THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of July 18, 2019 among CRACKER BARREL OLD COUNTRY STORE, INC., a Tennessee corporation (the “Borrower”),
        the Guarantors party hereto, the Lenders party hereto and BANK OF AMERICA, N.A., as Administrative Agent and Collateral Agent.  All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the
        Credit Agreement (as defined below and amended hereby).

       

      RECITALS

       

      WHEREAS, the Borrower, the Guarantors party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent and Collateral Agent, have entered into that
        certain Credit Agreement dated as of September 5, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); and

       

      WHEREAS, the Borrower has requested that the Lenders amend the Credit Agreement as set forth below.

       

      NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
        acknowledged, the parties hereto agree as follows:

       

      1.            Amendments.  Subject to the terms and conditions set forth herein, the Credit Agreement is hereby amended as follows:

       

      (a)           Section 1.01 of the Credit Agreement is amended to add the following new defined terms in the appropriate alphabetical order:

       

      “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and
        interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

       

      “Covered Entity” means any of the following: (a) a “covered entity” as that term is
        defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (b) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (c) a “covered FSI” as that term is defined in, and interpreted in
        accordance with, 12 C.F.R. § 382.2(b).

       

      “Covered Party” has the meaning specified in Section 9.25.

       

      “Default Right” has the meaning assigned to that term in, and shall be interpreted in
        accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

       

      “First Amendment Closing Date” means July 18, 2019.

       

      “Punch Bowl” means PBS Holdco, LLC, a Delaware limited liability company.

       

      
        
          

      

      
      “Punch Bowl Investment” means (i) the acquisition or subscription by a Loan Party of approximately 46% of the voting
        Equity Interests on a fully diluted basis and approximately 54% of the aggregate Equity Interests in Punch Bowl on a fully diluted basis, for an aggregate purchase price of not more than $89,100,000, (ii) the acquisition by a Loan Party of that
        certain promissory note issued by Punch Bowl as of February 22, 2019 in favor of Eatertainment Holdings, LLC having a face value of $2,400,000 for a purchase price equal to the face value thereof plus accrued interest thereon, (iii) the acquisition
        by a Loan Party of certain promissory notes issued by Punch Bowl as of June 2019 and July 2019 in favor of Eatertainment Holdings, LLC having an aggregate face value of approximately $4,500,000 million for a purchase price equal to the face value
        thereof plus accrued interest thereon, and (iv) additional Investments by a Loan Party in Punch Bowl or the purchase of existing Punch Bowl debt in connection with the closing, in an aggregate amount not to exceed $10,000,000, less the amount of
        promissory notes acquired  pursuant to the preceding clause (iii), in each case pursuant to the Punch Bowl Investment Agreements.

       

      “Punch Bowl Investment Agreements” means (i) the  Purchase and Subscription Agreement
        dated as of the First Amendment Closing Date by and among, inter alios, CB Eatertainment, Inc., a wholly-owned subsidiary of the Borrower as the buyer party thereto, Punch Bowl and Eatertainment Holdings,
        LLC, as the seller party thereto, and (ii) the Second Amended and Restated Limited Liability Company Agreement of Punch Bowl, dated as of the First Amendment Closing Date, by and among the members party thereto.

       

      “QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance
        with, 12 U.S.C. 5390(c)(8)(D).

       

      “QFC Credit Support” has the meaning specified in Section 9.25.

       

      “Supported QFC” has the meaning specified in Section 9.25.

       

      “U.S. Special Resolutions Regimes” has the meaning specified in Section 9.25.

       

      (b)          The definition of “Subsidiary” in Section 1.01 of the Credit Agreement is amended and restated in its entirety to read as follows:

       

      “Subsidiary” of any Person means any corporation, partnership, joint venture, limited liability company, trust or
        estate of which (or in which) more than 50% of (a) the issued and outstanding capital stock having ordinary voting power to elect a majority of the Board of Directors of such corporation (irrespective of whether at the time capital stock of any
        other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency), (b) the interest in the capital or profits of such partnership, joint venture or limited liability company or (c) the beneficial
        interest in such trust or estate is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person’s other Subsidiaries. Notwithstanding the
        foregoing, Punch Bowl and its Subsidiaries (if any) shall not be considered Subsidiaries of the Borrower or of any Subsidiary of the Borrower for so long as the Borrower and its Subsidiaries own not more than 50% of the voting Equity Interests in
        Punch Bowl on a fully diluted basis and Punch Bowl and its Subsidiaries are not consolidated with the Borrower and the Borrower’s Subsidiaries in accordance with GAAP.

       

      (c)          Section 1.07 of the Credit Agreement is amended and restated in its entirety to read as follows:

       

      
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      SECTION 1.07 Times of Day; Rates.  Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as
        applicable). The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to, the administration, submission or any other matter related to the rates in the definition of
        “Eurodollar Rate” or with respect to any rate that is an alternative or replacement for or successor to any of such rates (including any LIBOR Successor Rate) or the effect of any of the foregoing, or of any LIBOR Successor Rate Conforming Changes.

       

      (d)         Section 5.02(f) of the Credit Agreement is amended by (i) deleting the word “and” at the end of clause (viii) thereof; (ii) amending and restating clause (ix)
        thereof in its entirety to read as set forth below; and (iii) adding a new clause (x) to read as set forth below:

       

      (ix)        (A) the Punch Bowl Investment on the First Amendment Closing Date and (B) after (or substantially concurrent with) the consummation of
        the Punch Bowl Investment on the First Amendment Closing Date, additional Investments in Punch Bowl or the purchase of existing Punch Bowl debt, in an aggregate amount not to exceed $41,000,000 during the term of this Agreement, so long as (in the
        case of both clause (A) and clause (B)) (1) immediately after giving effect to any such Investment and any related incurrence of Indebtedness, (x) the Consolidated Total Leverage Ratio shall be at least 0.25:1.00 less than the ratio required to be
        maintained at such time by Section 5.04(a), such compliance to be determined on a pro forma basis as though such Investment (and any related incurrence of Indebtedness) had been consummated as of the first day of the fiscal period covered thereby,
        and (y) the Borrower and its Subsidiaries shall be in pro forma compliance with all of the covenants set forth in Section 5.04, such compliance to be determined on a pro forma basis as though such Investment (and any related incurrence of
        Indebtedness) had been consummated as of the first day of the fiscal period covered thereby, (2) immediately before and immediately after giving effect to any such Investment and any related incurrence of Indebtedness, no Default shall have
        occurred and be continuing and (3) the Borrower shall have delivered to the Administrative Agent, on behalf of the Lender Parties, a certificate of a Responsible Officer, in form and substance reasonably satisfactory to the Administrative Agent, 
        certifying that all of the requirements set forth in this clause (ix) have been satisfied or will be satisfied on or prior to the consummation of such Investment; and

       

      (x)         Investments that comprise the assets of the Non-Qualified Deferred Compensation Plan.

       

      (e)           Article IX of the Credit Agreement is amended to add a new Section 9.25 immediately following Section 9.24 of the Credit Agreement to read
        as follows:

       

      
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      9.25      Acknowledgement Regarding Any Supported QFC.  To the extent that the Loan Documents provide support, through a guarantee or
        otherwise, for any Swap Obligation or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the
        resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S.
          Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the
        State of New York and/or of the United States or any other state of the United States): in the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution
        Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC
        Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights
        in property) were governed by the laws of the United States or a state of the United States.  In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default
        Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be
        exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States.  Without limitation of the foregoing, it is understood and agreed that
        rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

       

      2.            Conditions Precedent.  This Amendment shall be effective upon satisfaction of the following conditions precedent:

       

      (a)          receipt by the Administrative Agent of counterparts of this Amendment duly executed by (i) an authorized officer acceptable to the Administrative Agent of each Loan
        Party, (ii) the Required Lenders, and (iii) the Administrative Agent; and

       

      (b)         the Borrower shall have paid all reasonable costs and expenses of the Administrative Agent (including reasonable and documented fees and expenses of its legal
        counsel) in connection with this Amendment to the extent invoiced prior to or on the date hereof (paid directly to such counsel if requested by the Administrative Agent), without prejudice to a final settling of accounts between the Administrative
        Agent and the Borrowers.

       

      3.            Miscellaneous.

       

      (a)          The Credit Agreement (as amended hereby) and the obligations of the Loan Parties thereunder and under the other Loan Documents are hereby ratified and confirmed and
        shall remain in full force and effect according to their terms.  This Amendment shall not be deemed or construed to be a satisfaction, reinstatement, novation or release of any Loan Document or a waiver by the Administrative Agent or any Lender of
        any rights and remedies under the Loan Documents, at law or in equity.

       

      (b)         Each Guarantor (i) acknowledges and consents to all of the terms and conditions of this Amendment, (ii) affirms all of its obligations under the Loan Documents, and
        (iii) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Credit Agreement or the other Loan Documents.

       

      (c)          The Borrowers and the Guarantors hereby represent and warrant to the Administrative Agent and the Lenders as follows:

       

      
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      (i)          Each Loan Party has taken all necessary corporate or other organizational action to authorize the execution, delivery and performance of this Amendment.  This
        Amendment and the execution and performance hereof by the Loan Parties do not conflict with any Loan Party’s organizational documents or any law, agreement or obligation by which any Loan Party is bound.

       

      (ii)         This Amendment has been duly executed and delivered by each Loan Party and constitutes a legal, valid and binding obligation of each Loan Party, enforceable against
        each such Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity.

       

      (iii)        No approval, consent, exemption, authorization or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or
        required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Amendment.

       

      (d)         The Loan Parties represent and warrant to the Administrative Agent and the Lenders that (i) after giving effect to this Amendment, the representations and warranties
        contained in each Loan Document are true and correct in all material respects (or, in the case of any representation or warranty that is qualified by materiality or Material Adverse Effect, such representation or warranty is true and correct in all
        respects) on and as of the date hereof as though made on and as of the date hereof, other than any such representations or warranties that, by their express terms, refer to a specific earlier date, in which case as of such specific date, and (ii)
        no event has occurred and is continuing which constitutes a Default or an Event of Default.

       

      (e)          This Amendment shall constitute a Loan Document for all purposes. This Amendment may be executed in counterparts (and by different parties hereto in different
        counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other electronic imaging
        means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Amendment.  This Amendment constitutes the entire contract among the parties relating to the subject matter hereof and supersedes any and all
        previous agreements and understandings, oral or written, relating to the subject matter hereof.  This Amendment will inure to the benefit of and bind the respective successors and permitted assigns of the parties hereto.

       

      (f)          THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN
          ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  THE TERMS OF SECTIONS 9.05 AND 9.06 OF THE CREDIT AGREEMENT ARE INCORPORATED HEREIN BY REFERENCE, MUTATIS MUTANDIS.

       

      [SIGNATURE PAGES FOLLOW]

      

      

      
        5

        
          

      

      IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

       

      	
              BORROWER:

            	
              CRACKER BARREL OLD COUNTRY STORE, INC.,

            
	 	
              a Tennessee corporation

            
	 	 
	 	
              By:

            	
              /s/Jill M. Golder

            
	 	 	
              Name:

            	
              Jill M. Golder

            
	 	

            	
              Title:

            	
              Senior Vice President and Chief Financial Officer

            
	 	 	 	 
	
              GUARANTORS:

            	
              CBOCS SUPPLY, INC.,

            
	 	
              a Tennessee corporation

            
	 	 
	 	
              By

            	
              /s/Richard M. Wolfson

            
	 	 	
              Name:

            	
              Richard M. Wolfson

            
	 	 	
              Title:

            	
              Secretary

            
	 	 	 	 
	 	
              CBOCS WEST, INC.,

            
	 	
              a Nevada corporation

            
	 	 
	 	
              By

            	
              /s/Richard M. Wolfson

            
	 	 	
              Name:

            	
              Richard M. Wolfson

            
	 	 	
              Title:

            	
              Secretary

            
	 	 	 	 
	 	
              CB MUSIC LLC,

            
	 	
              a Tennessee limited liability company

            
	 	 
	 	
              By

            	
              /s/Richard M. Wolfson

            
	 	 	
              Name:

            	
              Richard M. Wolfson

            
	 	 	
              Title:

            	
              Secretary

            

      

      

      [Signature Pages Continue]

      

      

      
        
          CRACKER BARREL OLD COUNTRY STORE, INC.

          FIRST AMENDMENT TO CREDIT AGREEMENT

        

        
          

      

      	 	
              CBOCS PENNSYLVANIA, LLC,

            
	 	
              a Pennsylvania limited liability company

            
	 	 
	 	
              By

            	
              /s/ Richard M. Wolfson

            
	 	 	
              Name:

            	
              Richard M. Wolfson

            
	 	 	
              Title:

            	
              Secretary

            
	 	 	 	 
	 	
              CBOCS DISTRIBUTION, INC.,

            
	 	
              a Tennessee corporation

            
	 	 
	 	
              By

            	
              /s/Jeffrey M. Wilson

            
	 	 	
              Name:

            	
              Jeffrey M. Wilson

            
	 	 	
              Title:

            	
              Secretary

            
	 	 	 	 
	 	
              ROCKING CHAIR, INC.,

            
	 	
              a Nevada corporation

            
	 	 
	 	
              By

            	
              /s/Donna Roberts

            
	 	 	
              Name:

            	
              Donna Roberts

            
	 	 	
              Title:

            	
              Secretary

            
	 	 	 	 
	 	
              CBOCS TEXAS, LLC,

            
	 	
              a Tennessee limited liability company

            
	 	 
	 	
              By

            	
              /s/Jeffrey M. Wilson

            
	 	 	
              Name:

            	
              Jeffrey M. Wilson

            
	 	 	
              Title:

            	
              Secretary

            
	 	 	 	 
	 	
              CBOCS PROPERTIES, INC.,

            
	 	
              a Michigan corporation

            
	 	 
	 	
              By

            	
              /s/S. Victoria Harvey

            
	 	 	
              Name:

            	
              S. Victoria Harvey

            
	 	 	
              Title:

            	
              Secretary

            

      

      

      
        
          CRACKER BARREL OLD COUNTRY STORE, INC.

          FIRST AMENDMENT TO CREDIT AGREEMENT

        

        
          

      

      	
              ADMINISTRATIVE AGENT

            	  
	
              AND COLLATERAL AGENT:

            	
              BANK OF AMERICA, N.A.,

            
	 	
              as Administrative Agent and Collateral Agent

            
	 	 
	 	
              By:

            	
              /s/Joan Mok

            

      	 	
              Name:

            	
              Joan Mok

            
	 	
              Title:

            	
              Vice President

            

      

      

      
        
          CRACKER BARREL OLD COUNTRY STORE, INC.

          FIRST AMENDMENT TO CREDIT AGREEMENT

        

        
          

      

      	
              LENDERS:

            	
              BANK OF AMERICA, N.A.,

            
	 	
              as an Issuing Bank, Swing Line Bank and a Lender

            
	 	 	 	 
	 	
              By:

            	
              /s/Robert J. Beckley

            
	 	 	
              Name:

            	
              Robert J. Beckley

            
	 	 	
              Title:

            	
              Senior Vice President

            

      

      

      
        
          CRACKER BARREL OLD COUNTRY STORE, INC.

          FIRST AMENDMENT TO CREDIT AGREEMENT

        

        
          

      

      	 	
              WELLS FARGO BANK, NATIONAL ASSOCIATION,

            
	 	
              as an Issuing Bank and a Lender

            
	 	 	 	 
	 	
              By:

            	
              /s/Maureen Malphus

            
	 	 	
              Name:

            	
              Maureen Malphus

            
	 	 	
              Title:

            	
              Vice President

            

      

      

      
        
          CRACKER BARREL OLD COUNTRY STORE, INC.

          FIRST AMENDMENT TO CREDIT AGREEMENT

        

        
          

      

      	 	
              COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. “RABOBANK NEDERLAND”, NEW YORK BRANCH, as a Lender

            
	 	 	 	 
	 	
              By:

            	
              /s/Chris Grimes

            
	 	 	
              Name:

            	
              Chris Grimes

            
	 	 	
              Title:

            	
              Executive Director

            
	 	 	 	 
	 	
              By:

            	
              /s/Jennifer Smith

            
	 	 	
              Name:

            	
              Jennifer Smith

            
	 	 	
              Title:

            	
              Vice President

            

      

      

      
        
          CRACKER BARREL OLD COUNTRY STORE, INC.

          FIRST AMENDMENT TO CREDIT AGREEMENT

        

        
          

      

      	 	
              REGIONS BANK, as a Lender

            
	 	 	 	 
	 	
              By:

            	
              /s/Scott C. Tocci

            
	 	 	
              Name:

            	
              Scott C. Tocci

            
	 	 	
              Title:

            	
              Managing Director

            

      

      

      
        
          CRACKER BARREL OLD COUNTRY STORE, INC.

          FIRST AMENDMENT TO CREDIT AGREEMENT

        

        
          

      

      	 	
              SUNTRUST BANK, as a Lender

            
	 	 	 	 
	 	
              By:

            	
              /s/Katie Lundin

            
	 	 	
              Name:

            	
              Katie Lundin

            
	 	 	
              Title:

            	
              Director

            

      

      

      
        
          CRACKER BARREL OLD COUNTRY STORE, INC.

          FIRST AMENDMENT TO CREDIT AGREEMENT

        

        
          

      

      	 	
              U.S. BANK NATIONAL ASSOCIATION, as a Lender

            
	 	 
	 	
              By:

            	
              /s/Sean P. Walters

            
	 	 	
              Name:

            	
              Sean P. Walters

            
	 	 	
              Title:

            	
              Vice President

            

      

      

      
        
          CRACKER BARREL OLD COUNTRY STORE, INC.

          FIRST AMENDMENT TO CREDIT AGREEMENT

        

        
          

      

      	 	
              BRANCH BANKING AND TRUST COMPANY, as a Lender

            
	 	 
	 	
              By:

            	
              /s/Steven Thompson

            
	 	 	
              Name:

            	
              Steven Thompson

            
	 	 	
              Title:

            	
              Vice President

            

      

      

      
        
          CRACKER BARREL OLD COUNTRY STORE, INC.

          FIRST AMENDMENT TO CREDIT AGREEMENT

        

        
          

      

      	 	
              PNC BANK, NATIONAL ASSOCIATION, as a Lender

            
	 	 	 	 
	 	
              By:

            	
              /s/Creighton Reiss

            
	 	 	
              Name:

            	
              Creighton Reiss

            
	 	 	
              Title:

            	
              Vice President

            

      

      

      
        
          CRACKER BARREL OLD COUNTRY STORE, INC.

          FIRST AMENDMENT TO CREDIT AGREEMENT

        

        
          

      

      	 	
              SYNOVUS BANK, as a Lender

            
	 	 	 	 
	 	
              By:

            	
              /s/Chandra Cockrell

            
	 	 	
              Name:

            	
              Chandra Cockrell

            
	 	 	
              Title:

            	
              Corporate Banker

            

      

      

      
        
          CRACKER BARREL OLD COUNTRY STORE, INC.

          FIRST AMENDMENT TO CREDIT AGREEMENT

        

        
          

      

      	 	
              PINNACLE BANK, as a Lender

            
	 	 
	 	
              By:

            	
              /s/William H. Diehl

            
	 	 	
              Name:

            	
              William H. Diehl

            
	 	 	
              Title:

            	
              Senior Vice President

            

      

        

        
          CRACKER BARREL OLD COUNTRY STORE, INC.

          FIRST AMENDMENT TO CREDIT AGREEMENTExhibit 4(f)

    

    

    

    
      Description of Capital Stock

       

      The following description of the capital stock of Cracker Barrel Old Country Store, Inc. (“us,” “our,” “we,” “CBRL” or the “Company”) is a summary of the rights of our common stock and certain
        provisions of our amended and restated charter (the “Charter”) and amended and restated bylaws (the “Bylaws”) as currently in effect. This summary does not purport to be complete and is qualified in its entirety by the provisions of our Charter,
        Bylaws and Rights Agreement (defined below), copies of which are filed as exhibits to this Annual Report on Form 10-K and are incorporated by reference herein, and to the applicable provisions of Tennessee law. We encourage you to read our Charter,
        Bylaws, and Rights Agreement and the applicable provisions of Tennessee law for additional information.

       

      General

       

      Our authorized capitalization consists of 500,000,000 shares, of which 400,000,000 shares are classified and designated common stock, par value $0.01 per share, and 100,000,000 shares are
        classified and designated preferred stock, par value $0.01 per share. Our board of directors (the “Board of Directors”) has designated and authorized the issuance of a series of up to 300,000 shares of Series A Junior Participating Preferred Stock,
        $0.01 par value per share (the “Series A Junior Participating Preferred Stock”).

       

      Common Stock

       

      Our common stock is listed and principally traded on the Nasdaq Global Select Market under the symbol “CBRL.” All outstanding shares of our common stock are fully paid and nonassessable. Each
        outstanding share of our common stock is entitled to one vote on all matters submitted to a vote of shareholders. Our Board of Directors is declassified, and each director stands for election every year. The holders of our outstanding common stock
        do not have the right to cumulate their votes with respect to the election of directors or any other matters. The holders of outstanding shares of our common stock are entitled to receive dividends out of assets legally available for the payment of
        dividends at the times and in the amounts as our Board of Directors may from time to time determine. The shares of common stock are neither redeemable nor convertible. Holders of our common stock have no preemptive or subscription rights to
        purchase any securities of CBRL. Upon liquidation, dissolution or winding up of CBRL, the holders of our common stock are entitled to receive pro rata the assets of CBRL that are legally available for distribution, after payment of all debts and
        other liabilities and subject to the prior rights of any holders of preferred stock then outstanding.

       

      Preferred Stock

       

      Our Charter authorizes our Board of Directors to issue, without further shareholder approval, up to 100,000,000 shares of preferred stock from time to time in one or more series with such
        designations, powers, preferences and relative rights, including voting rights, conversion rights, distribution rights, dividend rights, liquidation preference, transfer rights, redemption rights, merger rights and other rights, or restrictions as
        may be provided for the issue of such series by resolution and amendment to our Charter adopted by our Board of Directors. This generally is referred to as “blank check” preferred stock. The preferred stock could have priority over common stock as
        to dividends and as to the distribution of our assets upon any liquidation, dissolution or winding up of CBRL. Accordingly, the Board of Directors’ ability to authorize, without shareholder approval, the issuance of preferred stock with conversion
        and other rights may adversely affect the rights of holders of our common stock or other series of preferred stock that may be outstanding.

       

      
        

        
          

        

      

      No shares of our preferred stock are currently issued and outstanding and we currently have no plans to issue any of the 100,000,000 authorized shares of preferred stock, except as described under
        “—Series A Junior Participating Preferred Stock” and “—Shareholder Rights Agreement.”

       

      Series A Junior Participating Preferred Stock

       

      On April 9, 2018, the Board of Directors authorized the issuance of a series of 300,000 shares of Series A Junior Participating Preferred Stock. The Series A Junior Participating Preferred Stock
        may be issued in fractions of one one-hundredth of a share upon the exercise by holders of our common stock of certain preferred share purchase rights (the “Rights”) pursuant to the Rights Agreement. Our Board of Directors authorized and declared a
        dividend to shareholders of record at the close of business on April 19, 2019 of one Right for each outstanding share of common stock of the Company. The terms of the Series A Junior Participating Preferred Stock are governed by our Charter.

       

      For additional information regarding the Rights Agreement, see “—Shareholder Rights Agreement.”

       

      Transfer Agent and Registrar

       

      The transfer agent and registrar for our common stock and the Rights is American Stock Transfer & Trust Company.

       

      Our Charter and Bylaws Contain Provisions That May Have an Anti-Takeover Effect

       

      Our Charter and Bylaws contain certain provisions that could have the effect of delaying, deferring or discouraging another party from acquiring control of the Company. These provisions, which are
        summarized below, could discourage takeovers, coercive or otherwise. These provisions are also designed, in part, to encourage persons seeking to acquire control of us to negotiate first with our Board of Directors. We believe that the benefits of
        increased protection of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal to acquire us.

       

      Undesignated preferred stock.    As discussed above, our Board of Directors has the ability
          to designate and issue preferred stock with voting or other rights or preferences that could deter hostile takeovers or delay changes in our control or management.

       

      Limits on the ability of shareholders to act by written consent.    Our Charter provides
          that our shareholders may not act by written consent, which may lengthen the amount of time required to take shareholder actions. As a result, the holders of a majority of our capital stock would not be able to amend our Charter or Bylaws or
          remove directors without holding a meeting of shareholders called in accordance with our Bylaws.

       

      
        

        
          

        

      

      Requirements for advance notification of shareholder nominations and proposals.    Our
          Charter and Bylaws contain advance notice procedures with respect to shareholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of our Board of Directors or a committee of
          the Board of Directors. These advance notice procedures may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed and may also discourage or deter a potential acquirer from conducting
          a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempt to obtain control of our company.

       

      Amendment of Certificate of Incorporation and Bylaws.    Tennessee law provides generally
          that the affirmative vote of a majority of the shares entitled to vote on any matter is required to amend a corporation’s certificate of incorporation or Bylaws, unless a corporation’s Charter or Bylaws, as the case may be, requires a greater
          percentage. Our Charter provides that certain sections of our Charter and Bylaws may only be amended or revised by the affirmative vote of at least 75% of the outstanding shares of the capital stock of the Company entitled to vote, voting as one
          class.

       

      Removal of directors.    Under Tennessee law, a director can be removed by shareholders
          with or without cause, unless a corporation’s charter provides that the director can only be removed for cause. Our Charter includes this restriction, which could make it more difficult for shareholders to remove existing members of our Board
          other than in connection with an annual meeting elect directors at which their annual terms expire.

       

      Calling a special meeting.    Under Tennessee law, a special meeting of a Tennessee
          corporation’s shareholders can be called by its board of directors or, unless the charter provides otherwise, the holders of at least 10% of the outstanding voting stock. Our Charter provides that a special meeting can be called only by the
          holders of 20% or more of the voting stock, which could diminish the ability of shareholders to call special meetings or effect proposals outside the annual meeting context.

       

      Tennessee Anti-Takeover Statutes.

       

      In addition to certain of the Charter and Bylaws provisions discussed above and below, Tennessee has adopted a series of statutes which can have an anti-takeover effect and may delay or prevent a
        tender offer or takeover attempt that a shareholder might consider in its best interest, including those attempts that might result in a premium over the market price for our capital stock.

       

      The Tennessee Business Corporation Act

       

      The Tennessee Business Corporation Act (the “TBCA”) applies to all Tennessee companies. It imposes a five-year standstill on transactions such as mergers, share exchanges, sales of assets,
        liquidations and other interested party transactions between Tennessee corporations and “interested shareholders” and their associates or affiliates, unless the business combination is approved by the board of directors before the interested
        shareholder goes above the 10% ownership threshold. Thereafter, the transaction either requires a two-thirds vote of the shareholders other than the interested shareholder or satisfaction of certain fair price standards.

       

      
        

        
          

        

      

      The TBCA also provides for additional exculpatory protection for the board of directors in resisting mergers, exchanges and tender offers if a Tennessee corporation’s charter specifically
        incorporates such provisions. A Tennessee corporation’s charter may authorize the members of a board of directors, in the exercise of their judgment, to give due consideration to factors other than price and to consider whether a merger, exchange,
        tender offer or significant disposition of assets would adversely affect the corporation’s employees, customers, suppliers, the communities in which the corporation operates, or any other relevant factor in the exercise of their fiduciary duty to
        the shareholders.

       

      The Tennessee Control Share Acquisition Act

       

      The Tennessee Control Share Acquisition Act (the “TCSA”) limits the voting rights of shares owned by a person above certain percentage thresholds, unless the non-interested shareholders of the
        corporation approve the interested shareholder’s acquisition above the designated threshold. However, the TCSA only applies to corporations whose charter or bylaws contain an express declaration that control share acquisitions are to be governed by
        the TCSA. In addition, the charter or bylaws may specifically provide for the redemption of control shares or appraisal rights for dissenting shareholders in a control share transaction. Our Charter makes all of the express declarations necessary
        to avail us of the full protection under the TCSA.

       

      Our charter makes all of the express declarations necessary to avail us of the full protection under the TBCA and TCSA. The provisions described above will have the general effect of discouraging,
        or rendering more difficult, unfriendly takeover or acquisition attempts. Consequently, such provisions could make takeover transactions less likely or have an adverse effect on the market price of our securities. However, our Board of Directors
        believes that such provisions are advantageous to shareholders in that they will encourage potential acquirers to negotiate with the Board of Directors with respect to any takeover proposal, thus enabling our Board of Directors to seek the greatest
        value and most favorable terms reasonably obtainable for our shareholders in such circumstances.

       

      Shareholder Rights Agreement

       

      On November 15, 2018, the Company’s shareholders approved the adoption by our Board of Directors of the Rights Agreement, dated as of April 9, 2018 (the “Rights Agreement”). In connection with the
        adoption of the Rights Agreement, on April 9, 2018, our Board of Directors authorized and declared a dividend to shareholders of record at the close of business on April 19, 2019 of one Right for each outstanding share of common stock of the
        Company. Upon certain triggering events, each Right would entitle the holder to purchase from the Company one one-hundredth (subject to adjustment) of one share of Series A Junior Participating Preferred Stock, at an exercise price of $600.00 (the
        “Purchase Price”) per one one-hundredth of a share of Series A Junior Participating Preferred Stock. In addition, if a person or group acquires beneficial ownership of 20% or more of the Company’s common stock without prior approval of the Board of
        Directors, each holder of a Right (other than the acquiring person or group whose Rights will become void) will have the right to purchase, upon payment of the Purchase Price and in accordance with the terms of the Rights Agreement, a number of
        shares of the Company’s common stock having a market value of twice the Purchase Price.

       

      
        

        
          

        

      

      The Rights Agreement is intended to enable all of our shareholders to realize the full potential value of their investment in the Company and to protect the interests of the Company and its
        shareholders by reducing the likelihood that any person or group gains control of the Company through open market accumulation or other tactics without paying an appropriate control premium. The Rights Agreement could render more difficult, or
        discourage, a merger, tender offer, or assumption of control of the Company that is not approved by our Board of Directors. The Rights Agreement, however, is not intended to interfere with any merger, tender or exchange offer or other business
        combination approved by our Board of Directors. In addition, the Rights Agreement does not prevent our Board of Directors from considering any offer that it considers to be in the best interest of the Company’s shareholders.

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