Document:

CONFIDENTIAL
SEPARATION AGREEMENT

 

THIS
AGREEMENT (the “Agreement”) is entered into as of the Effective Date, as defined in Paragraph 6 hereof, by
and between Advaxis, Inc. (the “Company”) and Daniel J. O’Connor (“Executive”). Together,
the Company and Executive may be referred to hereinafter as the “Parties”.

 

In
consideration of the payments, covenants and releases described below, and in consideration of other good and valuable consideration,
the receipt and sufficiency of all of which is hereby acknowledged, the Company and Executive agree as follows:

 

1. Separation
from Employment. Executive hereby confirms his resignation as President and Chief Executive Officer and a member of the board
of directors of the Company and from all other positions within the Company and all of its subsidiaries, effective July 6, 2017
(the “Termination Date”). Executive will not be expected to perform any services for the Company between the
date he signs this Agreement and the Effective Date, except that Executive will make himself available during this period as reasonably
requested by the Company, without any additional compensation, to assist with the conclusion of his employment and the transition
of his job duties.

 

2. Separation
Obligations of the Company. In consideration of Executive’s promises contained in this Agreement, the Company agrees
as follows:

 

a. Severance
Pay. The Company will pay to Executive (i) a lump sum of Two Hundred and Eighty Thousand Dollars ($280,000), less withholding
for taxes and other similar items, payable upon the expiration of the Revocation Period (as defined in Paragraph 6 below) and
(ii) a total gross amount of Five Hundred and Sixty Thousand Dollars ($560,000), less withholding for taxes and other similar
items (the “Severance Pay”) to be paid in equal monthly installments beginning on the first business day of
the month following the Termination Date and continuing for 12 months thereafter provided Executive properly executes and does
not revoke this Agreement.

 

b. Reimbursement
of COBRA Premiums. If Executive elects to continue participation in any group medical plan benefits to which Executive and/or
Executive’s eligible dependents would be entitled under Section 4980B of the Internal Revenue Code (COBRA), then for a period
not to exceed twelve (12) months (the “Health Benefits Continuation Period”), the Company shall pay to the
insurer of the Company’s medical plan (or to the Executive if the insurer will not accept partial payment from the Company)
a monthly amount equal to the Company paid portion of health benefit premiums as if Executive was actively employed; provided,
however, that (i) that if Executive becomes eligible to receive group health benefits under a program of a subsequent employer
or otherwise (including coverage available to Executive’s spouse), or if Executive otherwise ceases to be eligible for COBRA
continuation coverage, the Company’s obligation to pay the cost of health coverage as described herein shall cease; and
(ii) the Health Benefits Continuation Period shall run concurrently with any period for which Executive is eligible to elect health
coverage under COBRA.

 

Employee
Initials: ______

 

Company
Initials: ______

 

    	- 1 -

    	 

    

 

c. Pro-Rated
Bonus. Within forty-five (45) days of his Termination Date, the Company shall pay Executive a lump sum amount equal to Executive’s
2017 target Bonus Percentage, multiplied by Executive’s current Base Salary, as further reduced to a pro-rated amount based
on the number of days Executive was employed during the year, less any applicable deductions or withholdings.

 

d. Acceleration
of Vesting. The Parties agree that Exhibit A to this Agreement accurately reflects all outstanding awards of stock options
(“Options”) and restricted stock units (“RSUs”) held by Executive as of the Effective Date.
As of the Effective Date, (i) all of Executive’s Options shall become vested and exercisable in full and shall remain outstanding
and exercisable until July 5, 2021, and (ii) all of Executive’s RSUs shall become vested and shall be settled in shares
of Company common stock. The Company agrees that tax withholding requirements with respect to Options or RSUs may be satisfied
by withholding from the shares of Common Stock to be distributed shares having a fair market value on the date of withholding
equal to the minimum amount required to be withheld by the Company for tax purposes.

 

e. Other
Stock. The Company shall issue all Common Stock earned by the Executive, if any, within four (4) business days of the Termination
Date and will remove all restrictive legends on shares held by Executive that qualify for such treatment within ten (10) days
of presentation of such shares to the Company’s transfer agent.

 

f. Other
Payments and Obligations.

 

	 	(i)	The
    Company will pay Executive for all accrued and unused vacation days that have accrued as of the Termination Date as well as
    reimbursement for expenses for which expense reports have been provided to the Company prior to the Effective Date, all in
    accordance with Company policies. 
	 	 	 
	 	(ii)	The
    Company will continue the financial consultation provided by Ayco for 12 months from the Effective Date on the same basis
    as currently provided to the Executive. 
	 	 	 
	 	(iii)	The
    Company will cooperate in transferring ownership to Executive of any insurance policies paid for by the Company on the Executive’s
    behalf as of the Termination Date.

 

g. Representations
by the Company. The Company represents that as of the date the Company executes this Agreement: (i) the Management Team of
the Company (as defined in Paragraph 10 below) is not aware of any facts that would reasonably form the basis of any legal claim
against Executive by the Company; (ii) the Company does not have a present intention of pursuing a lawsuit or other legal action
against Executive; and (iii) there is no negative information about Executive contained in his Company personnel file.

 

h. Neutral
Reference. To the extent that any future potential employer of Executive seeks a reference from the Company regarding Executive,
Executive shall direct such potential employer to contact the Company’s Human Resource department, and in response to such
inquiry, the Company will provide only Executive’s dates of employment and job title with the Company.

 

Employee
Initials: ______

 

Company
Initials: ______

 

    	 	 - 2 -	 

    	 		 

    

 

The
Company’s obligation to provide the payments and benefits set forth in this Paragraph 2 is expressly contingent on Executive
executing and not revoking this Agreement pursuant to Paragraph 6 below. The Company’s obligation to make the payment set
forth herein shall cease upon Executive’s breach of any of his continuing contractual obligations to the Company.

 

3. General
Release of Claims and Covenant Not To Sue.

 

a. General
Release of Claims. In consideration of the payments made to him by the Company and the promises contained in this Agreement,
Executive on behalf of himself and his agents and successors in interest, hereby UNCONDITIONALLY RELEASES AND DISCHARGES the Company,
its successors, subsidiaries, parent companies, assigns, joint ventures, and affiliated companies and their respective agents,
legal representatives, shareholders, attorneys, employees, members, managers, officers and directors (collectively, the “Releasees”)
from ALL CLAIMS, LIABILITIES, DEMANDS AND CAUSES OF ACTION which he may by law release, as well as all contractual obligations
not expressly set forth in this Agreement, whether known or unknown, fixed or contingent, that he may have or claim to have against
any Releasee for any reason as of the date of execution of this Agreement. This Release and Covenant Not To Sue includes, but
is not limited to, claims arising under federal, state or local laws prohibiting employment discrimination; claims arising under
severance plans and contracts; and claims growing out of any legal restrictions on the Company’s rights to terminate its
employees or to take any other employment action, whether statutory, contractual or arising under common law or case law. Executive
specifically acknowledges and agrees that he is releasing any and all rights under federal, state and local employment laws including
without limitation the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, Title VII of the Civil
Rights Act of 1964, 42 U.S.C. § 1981, the Americans With Disabilities Act, the Family and Medical Leave Act, the Genetic
Information Nondiscrimination Act, the anti-retaliation provisions of the Fair Labor Standards Act, the Employee Retirement Income
Security Act, the Equal Pay Act, the Occupational Safety and Health Act, the Worker Adjustment and Retraining Notification Act,
the Employee Polygraph Protection Act, the Fair Credit Reporting Act, the New Jersey Law Against Discrimination, the New Jersey
Conscientious Employee Protection Act, the New Jersey Family Leave Act, and any and all other local, state, and federal law claims
arising under statute or common law. It is agreed that this is a general release and it is to be broadly construed as a release
of all claims, except those that cannot be released by law.

 

b. Covenant
Not to Sue. Except as expressly set forth in Paragraph 5 below, Executive further hereby AGREES NOT TO FILE A LAWSUIT or other
legal claim or charge to assert against any of the Releasees any claim released by this Agreement.

 

c. Acknowledgement
Regarding Payments and Benefits. Executive acknowledges and agrees that he has been paid all wages and accrued benefits to
which he is entitled through the date of execution of this Agreement. Other than the payments set forth in this Agreement, the
Parties agree that the Company owes no additional amounts to Executive for wages, back pay, severance pay, bonuses, damages, accrued
vacation, benefits, insurance, sick leave, other leave, or any other reason.

 

Employee
Initials: ______

 

Company
Initials: ______

 

    	 	 - 3 -	 

    	 		 

    

 

d. Other
Representations and Acknowledgements. This Agreement is intended to and does settle and resolve all claims of any nature that
Executive might have against the Company arising out of their employment relationship or the termination of employment or relating
to any other matter, except those that cannot be released by law. By signing this Agreement, Executive acknowledges that he is
doing so knowingly and voluntarily, that he understands that he may be releasing claims he may not know about, and that he is
waiving all rights he may have had under any law that is intended to protect him from waiving unknown claims. Executive warrants
that he has not filed any notices, claims, complaints, charges, or lawsuits of any kind whatsoever against the Company or any
of the Releasees as of the date of execution of this Agreement. This Agreement shall not in any way be construed as an admission
by the Company or any of the Releasees of wrongdoing or liability or that Executive has any rights against the Company or any
of the Releasees. Executive represents and agrees that he has not transferred or assigned, to any person or entity, any claim
that he is releasing in this Paragraph 3.

 

4. Protected
Rights. Executive understands that nothing contained in this Agreement limits his ability to file a charge or complaint with
the Equal Employment Opportunity Commission, the National Labor Relations Board, the Securities and Exchange Commission or any
other federal, state or local governmental agency or commission (“Government Agencies”). Executive further
understands that this Agreement does not limit his ability to communicate with any Government Agencies or otherwise participate
in any investigation or proceeding that may be conducted by any Government Agencies in connection with any charge or complaint,
whether filed by Executive, on his behalf, or by any other individual. However, based on Executive’s release of claims set
forth in Paragraph 3 of this Agreement, Executive understands that he is releasing all claims that he may have, as well as, to
the extent permitted by applicable law, his right to recover monetary damages or obtain other relief that is personal to Executive
in connection with any claim he is releasing under this Agreement.

 

5. Acknowledgment.
The Company hereby advises Executive to consult with an attorney prior to executing this Agreement and Executive acknowledges
and agrees that the Company has advised, and hereby does advise, him of his opportunity to consult an attorney or other advisor
and has not in any way discouraged him from doing so. Executive expressly acknowledges and agrees that he has been offered at
least twenty-one (21) days to consider this Agreement before signing it, that he has read this Agreement and Release carefully,
that he has had sufficient time and opportunity to consult with an attorney or other advisor of his choosing concerning the execution
of this Agreement. Executive acknowledges and agrees that he fully understands that the Agreement is final and binding, that it
contains a full release of all claims and potential claims, and that the only promises or representations he has relied upon in
signing this Agreement are those specifically contained in the Agreement itself. Executive acknowledges and agrees that he is
signing this Agreement voluntarily, with the full intent of releasing the Company from all claims covered by Paragraph 3.

 

6. Revocation
and Effective Date. The Parties agree Executive may revoke the Agreement at will within seven (7) days after he executes the
Agreement (the “Revocation Period”) by giving written notice of revocation to Company. Such notice must be
delivered to Sara Bonstein, and must actually be received by her at or before the above-referenced seven-day deadline. The Agreement
may not be revoked after the expiration of the seven-day deadline. In the event that Executive revokes the Agreement within the
Revocation Period, this Agreement shall not be effective or enforceable, and all rights and obligations hereunder shall be void
and of no effect. Assuming that Executive does not revoke this Agreement within the Revocation Period, the effective date of this
Agreement (the “Effective Date”) shall be the eighth (8th) day after the day on which Executive
executes this Agreement.

 

Employee
Initials: ______

 

Company
Initials: ______

 

    	 	 - 4 -	 

    	 		 

    

 

7. Return
of Materials. In further consideration of the promises and payments made by the Company hereunder, Executive agrees that on
or before the Termination Date, he will return all documents, confidential information, other information, materials, equipment
(including, but not limited to, cell phones, pagers, laptops, computers, or other personal computing devices) and other things
in his possession or control provided to him by the Company, created during his employment with the Company or otherwise relating
to or belonging to the Company, without retaining or providing to anyone else copies, summaries, excerpts, portions or other representations
thereof. To the extent that Executive has electronic files or information in his possession or control that relate to or belong
to the Company or contain confidential information belonging to the Company (specifically including but not limited to electronic
files or information stored on personal computers, mobile devices, electronic media, or in cloud storage), Executive agrees that
he will immediately, and before receiving payment under this Agreement: (a) provide the Company with an electronic copy of all
of such files or information (in an electronic format that readily accessible by the Company); (b) after doing so, delete all
such files and information, including all copies and derivatives thereof, from all non-Company-owned computers, mobile devices,
electronic media, cloud storage, or other media, devices, or equipment, such that such files and information are permanently deleted
and irretrievable; and (c) provide a written certification to the Company that the required deletions have been completed and
specifying the files and information deleted and the media source from which they were deleted.

 

8. Termination
of Employment Agreement; Survival of Restrictive Covenants. Executive acknowledges and agrees that the Employment Agreement
originally executed by the Parties on or about August 19, 2013 (the “Employment Agreement”) and as subsequently
amended is hereby terminated, without further action by the Parties, as of the Termination Date and shall be of no further force
and effect, and that except as expressly set forth in this Agreement, the Company shall have no continuing obligations to Executive
under the Employment Agreement; provided, however, that Sections 5 (Restrictive Covenant), 6 (Confidentiality), and 7 (Works for
Hire) of the Employment Agreement and Section 8 (Indemnification) of Amendment No. 3 of his Employment Agreement shall survive
and remain in full force and effect in accordance with their terms.

 

9. Non-Disparagement.

 

	 	a.	Agreement
    of Executive. Executive agrees that, except as may be required by law, court order, or a valid request by a Government
    Agency, he will not, directly or indirectly, make any statement, oral or written, or perform any act or omission which disparages
    or casts in a negative light the Company, its products, its employees, or any of the Releasees. This Paragraph 9(a) shall
    not in any way limit any of the Protected Rights contained in Paragraph 5 of this Agreement, or in any way limit Executive’s
    ability to provide truthful testimony or to a subpoena, court order, or valid request by a Government Agency, or as otherwise
    required by law.

 

Employee
Initials: ______

 

Company
Initials: ______

 

    	 	 - 5 -	 

    	 		 

    

 

	 	b.	Agreement
    of Company. The Company agrees that, except as may be required by law, court order, or a valid request by a Government
    Agency, no member of the Board of Directors will, directly or indirectly, make any statement, oral or written, or perform
    any act or omission which disparages Executive or casts Executive in a negative light. This Paragraph 9(b) shall not in any
    way limit the ability of the Company or any member of the Board of Directors to provide truthful testimony or information
    in response to a subpoena, court order, or valid request by a Government Agency, or as otherwise required by law.

 

10. Final
Agreement. This Agreement contains the entire agreement between the Company and Executive with respect to the subject matter
hereof, and supersedes all prior agreements between the Parties, except as set forth in Paragraph 8 above. The Parties agree that
this Agreement may not be modified except by a written document signed by both Parties. The Parties agree that this Agreement
may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of
which, when taken together, will be deemed to constitute one and the same agreement.

 

11. Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the state of New Jersey without giving
effect to its conflict of law principles.

 

12. Waiver.
The failure of either party to enforce any of the provisions of this Agreement shall in no way be construed to be a waiver of
any such provision. Any waiver of any provision of this Agreement must be in a writing signed by the party making such waiver.
No waiver of any breach of this Agreement shall be held to be a waiver of any other or subsequent breach.

 

13. Code
Section 409A. This Agreement shall be interpreted and administered in a manner so that any amount or benefit payable hereunder
shall be paid or provided in a manner that is either exempt from or compliant with the requirements of Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”) and applicable Internal Revenue Service guidance and Treasury
Regulations issued thereunder. The tax treatment of the benefits provided under the Agreement is not warranted or guaranteed to
Executive, who is responsible for all taxes assessed on any payments made pursuant to this Agreement, whether under Section 409A
of the Code or otherwise. Neither the Company nor its directors, officers, employees or advisers shall be held liable for any
taxes, interest, penalties or other monetary amounts owed by Executive as a result of the application of Section 409A of the Code.
Executive’s right to receive any installment payments as Severance Pay shall be treated as a right to receive separate and
distinct payments for purposes of Section 409A of the Code.

 

Employee
Initials: ______

 

Company
Initials: ______

 

    	 	 - 6 -	 

    	 		 

    

 

The
Parties hereby signify their agreement to these terms by their signatures below.

 

EMPLOYEE

 

	/s/
    Daniel J. O’Connor	 
	Daniel J. O’Connor	 
	 	 	 
	Date:
    	July
    6, 2017	 
	 	 	 
	ADVAXIS, INC.	 
	 	 	 
	By:
    	/s/
    David Sidransky	 
	 	David
    Sidransky, 	 
	 	Chairman
    of the Board	 
	Date:
    	July
    6, 2017	 

 

[Signature
Page to Confidential Separation Agreement]

 

Employee
Initials: ______

 

Company
Initials: ______

 

    	 	 - 7 -	 

    	 		 

    

 

Exhibit
A

O’Connor
Outstanding Equity Awards

 

OPTIONS

 

	# of Units	 	 	Strike Price	 	 	Revised

                                                      Expiration Date

	8,000	 	 	$	3.63	 	 	July 5, 2021
	8,000	 	 	$	9.38	 	 	July 5, 2021
	670,000	 	 	$	13.44	 	 	July 5, 2021
	450,000	 	 	$	12.81	 	 	July 5, 2021
	170,235	 	 	$	7.71	 	 	July 5, 2021

 

1,306,235                 TOTAL OPTION UNITS

 

RESTRICTED
STOCK UNITS (Gross)

 

	# of Shares	 	 	Description of Award
	177,102	 	 	2017 Performance RSUs
	142,996	 	 	2017 LTI Award

 

320,098
                TOTAL RSUs

 

Employee
Initials: ______

 

Company
Initials: ______Exhibit

AMENDMENT NO. 6 TO CREDIT AGREEMENT

THIS AMENDMENT NO. 6 TO CREDIT AGREEMENT dated as of June 30, 2017 (this “Amendment”), is among DIVERSIFIED RESTAURANT HOLDINGS, INC., a Nevada corporation (“Holdings” and a “Guarantor”), each of the undersigned Subsidiaries of Holdings identified as a “Borrower” on the signature pages hereto (each, a “Borrower” and, collectively, the “Borrowers”), each of the undersigned Subsidiaries of Holdings identified as a “Guarantor” on the signature pages hereto (each, a “Guarantor” and together with Holdings, collectively, the “Guarantors”), CITIZENS BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent (in such capacity, the “Administrative Agent”), and each of the Lenders (as defined below) party hereto.

RECITALS:

A.Holdings, the Borrowers, the lenders from time to time party thereto (collectively, the “Lenders”) and the Administrative Agent have entered into a Second Amended and Restated Credit Agreement dated as of June 29, 2015 (as amended by Amendment No. 1 to Credit Agreement dated as of July 27, 2015, Amendment No. 2 to Credit Agreement dated as of August 24, 2015, Amendment No. 3 to Credit Agreement dated as of December 22, 2015, Limited Consent dated as of October 19, 2016, Amendment No. 4 to Credit Agreement and Limited Consent dated as of December 23, 2016 and Amendment No. 5 to Credit Agreement dated as of March 27, 2017, and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).  Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement.
B.Holdings and the Borrowers have requested that the Administrative Agent and the Lenders amend the Credit Agreement as set forth below.
C.Subject to the terms and conditions set forth below, the Administrative Agent and the Lenders party hereto have agreed to so amend the Credit Agreement.

In furtherance of the foregoing, the parties agree as follows:

Section 1.    AMENDMENT.  Subject to the terms and conditions set forth herein and in reliance upon the representations and warranties set forth herein, the Credit Agreement is hereby amended as follows:

(a)    The definition of “Consolidated EBITDA” in Section 1.2 of the Credit Agreement is hereby amended and restated in its entirety as follows:

“Consolidated EBITDA” means, with respect to the Consolidated Group for any period, an amount equal to the sum of (a) Consolidated Net Income for such period, plus (b) the following to the extent deducted in arriving at Consolidated Net Income for such period, (i) Consolidated Interest Expense, (ii) the provision for federal, state, local and foreign income taxes (and franchise tax in the nature of income tax), (iii) depreciation and amortization expense, (iv) Pre-Opening Expense, (v) non-cash stock compensation charges, (vi) other non-cash items reducing Consolidated Net Income that do not represent a cash item in such period or any future period, (vii) nonrecurring expenses; provided that the aggregate amount of such expenses added back pursuant to this clause (vii) during any Four-Quarter Period shall not exceed $500,000, (viii) extraordinary losses, (ix) nonrecurring cash fees and expenses paid in connection with the Bagger Dave’s Legendary Burger Tavern Restaurant Spin-Off; provided that the aggregate amount of such fees and expenses added back pursuant to this clause (ix) during the term of this Agreement shall not exceed $250,000, and (x) with respect to any period that includes a Fiscal Quarter that ended on or prior to June 30, 2017, expected cost savings and operating expense reductions related to operating improvements, restructurings and cost saving initiatives that have been identified to the Administrative Agent prior to June 30, 2017 and which are pursuant to actions that have been already taken in an aggregate amount for such Fiscal Quarter equal to $734,650 (in the case of the Fiscal Quarter ending on or about September 30, 2016), $596,153 (in the case of the Fiscal Quarter ending on or about December 31, 2016), $619,744 (in the case of the Fiscal Quarter ending on or about March 31, 2017) and $460,232 (in the case of the Fiscal Quarter ending on or about June 30, 2017), minus (c) the following to the extent included in arriving at Consolidated Net Income for such period, (i) federal, state, local and foreign 

income tax credits, (ii) all non-cash items increasing Consolidated Net Income for such period, (iii) cash capital gains and (iv) nonrecurring and extraordinary gains; provided that, for the purpose of calculating the Consolidated Lease-Adjusted Leverage Ratio and the Consolidated Debt Service Coverage Ratio, with respect to each Fiscal Quarter set forth on Schedule 1.1(d), the Consolidated EBITDA for such Fiscal Quarter shall be deemed to be the amount set forth opposite such Fiscal Quarter on such Schedule.

(b)    Section 10.17(a) of the Credit Agreement is amended by replacing the table set forth therein with the following table: 
	
		
	Date of Measurement
	Maximum Consolidated Lease-Adjusted Leverage Ratio

	Last day of the Fiscal Quarter ending on or about June 30, 2017  through the day immediately prior to the end of the Fiscal Quarter ending on or about December 31, 2017
	6.25 to 1.00

	Last day of the Fiscal Quarter ending on or about December 31, 2017 through the day immediately prior to the end of the Fiscal Quarter ending on or about March 31, 2018
	6.00 to 1.00

	Last day of the Fiscal Quarter ending on or about March 31, 2018 through the day immediately prior to the end of the Fiscal Quarter ending on or about December 31, 2018
	5.75 to 1.00

	Last day of the Fiscal Quarter ending on or about December 31, 2018 through the day immediately prior to the end of the Fiscal Quarter ending on or about December 31, 2019
	5.50 to 1.00

	Last day of the Fiscal Quarter ending on or about December 31, 2019 and thereafter
	5.25 to 1.00

(c)    The schedules to Exhibit E to the Credit Agreement are hereby amended to incorporate those changes that are necessary in order to conform the calculation(s) of the financial covenants set forth therein to the amendment(s) of the financial covenants and related definitions contemplated by this Amendment.  A copy of the revised Exhibit E to the Credit Agreement has been provided to Holdings and the Borrowers. 

The amendments to the Credit Agreement are limited to the extent specifically set forth above and no other terms, covenants or provisions of any Loan Document are intended to be affected hereby.

Section 2.    CONDITIONS PRECEDENT.  The parties hereto agree that this Amendment shall be effective as of the date first written above upon (a) the Administrative Agent’s receipt of counterparts of this Amendment duly executed by each Borrower, each Guarantor, the Administrative Agent and Lenders constituting Required Lenders, (b) the payment by the Borrowers of an amendment fee to each Lender party hereto in the amount of 0.25% (25.0 basis points) of such Lender’s Total Credit Exposure (which amount shall be delivered to the Administrative Agent for distribution to such Lenders) and (c) the payment by the Borrowers of all other documented fees and expenses (including estimated fees and expenses) due to Citizens and its counsel (without prejudice to rights of reimbursement at a later date for any amounts not so invoiced on or prior to the date hereof).  The parties hereto further agree that upon the effectiveness of this Amendment as provided in the preceding sentence the amendments set forth in Section 1 above shall be retroactively applicable to the calculation of the financial covenants for the Four-Quarter Period ending on or about June 30, 2017.

Section 3.    REPRESENTATIONS AND WARRANTIES.  

(a)    In order to induce the Administrative Agent and the Lenders party hereto to enter into this Amendment, Holdings and each Borrower represents and warrants to the Administrative Agent and the Lenders party hereto as follows:

(i)    the representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct on and as of the date hereof, except to the extent that any such representation and warranty expressly relates to an earlier date, in which case such representation and warranty is true and correct on and as of such earlier date and except that, for purposes of this Amendment, the representations and warranties contained in Section 8.5 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b) of Section 9.1 of the Credit Agreement.

(ii)    since December 28, 2015, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

(iii)    no Default or Event of Default has occurred and is continuing or will exist after giving effect to this Amendment. 

(b)    In order to induce the Administrative Agent and the Lenders to enter into this Amendment, each Borrower and each Guarantor represents and warrants to the Administrative Agent and the Lenders that this Amendment has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation.

Section 4.    MISCELLANEOUS.

(a)    Ratification and Confirmation of Loan Documents.  Each Borrower and each Guarantor hereby consents, acknowledges and agrees to the amendment(s) set forth herein and hereby confirms and ratifies in all respects the Loan Documents to which such Person is a party (including without limitation, with respect to any Guarantor, the continuation of its payment and performance obligations under the Guaranty or the Subsidiary Guaranty Agreement, as the case may be, and, with respect to each Borrower and each Guarantor, the continuation and extension of the liens granted under the Collateral Documents to secure the Obligations), in each case upon and after the effectiveness of the amendment(s) contemplated hereby.    

(b)    Fees and Expenses.  The Borrowers shall pay on demand all reasonable costs and expenses of the Administrative Agent in connection with the preparation, reproduction, execution, and delivery of this Amendment and any other documents prepared in connection herewith, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent.

(c)    Governing Law; Waiver of Jury Trial.  This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York, and shall be further subject to the provisions of Sections 14.5 and 14.6 of the Credit Agreement.

(d)    Counterparts.  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 in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Amendment.

(e)    Entire Agreement.  This Amendment, together with all the Loan Documents (collectively, the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter.  No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty.  Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to the other.  None of the terms or conditions of this Amendment may be changed, modified, waived or canceled orally or otherwise except in a writing and in accordance with Section 14.2 of the Credit Agreement.  This Amendment is a Loan Document.

(f)    Enforceability.  Should any one or more of the provisions of this Amendment be determined to be illegal or unenforceable as to one or more of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto.

(g)    Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of each Borrower, each Guarantor, the Administrative Agent, each Lender and their respective successors and assigns (subject to Section 14.10 of the Credit Agreement).

[Remainder of Page Intentionally Left Blank; Signature Pages Follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 6 to Credit Agreement to be executed by their duly authorized officers, all as of the date and year first written above.

BORROWERS:
AMC ADRIAN, INC.
AMC BAGLEY, INC.    
AMC BIRCH RUN, INC.
AMC CALUMET CITY, INC.
AMC CHESTERFIELD, INC.
AMC CHICAGO, INC.
AMC CLEARWATER, INC.
AMC CROWN POINT INC.
AMC DETROIT, INC.
AMC FLINT, INC.
AMC FT. MYERS, INC.
AMC GRAND BLANC, INC.
AMC HAMMOND INC.
AMC HOBART INC.
AMC HOMEWOOD, INC.
AMC LAKELAND, INC.
AMC LANSING, INC.
AMC LAPEER, INC.
AMC LARGO, INC.
AMC MARQUETTE, INC.
AMC NORTH PORT, INC.
AMC OLDSMAR, INC.
AMC PETOSKEY, INC.
AMC PINELLAS PARK, INC. 
AMC PORT HURON, INC.
AMC RIVERVIEW, INC.
AMC ROYAL OAK, INC.
AMC SARASOTA, INC.
AMC SAULT STE. MARIE, INC.
AMC SCHERERVILLE INC.

By:      \s\ David G. Burke
Name:  David G. Burke
Title:    Treasurer  

BORROWERS (continued):
AMC TRAVERSE CITY, INC.
AMC TRINITY, INC.
AMC TROY, INC.
AMC VALPARAISO INC.
AMC WARREN, LLC
AMC WESLEY CHAPEL, INC.
AMC YBOR, INC.
ANKER, INC.
BEARCAT ENTERPRISES, INC.
BUCKEYE GROUP, LLC
BUCKEYE GROUP II, LLC
DMM GROUP, LLC
FLYER ENTERPRISES, INC.
MCA ENTERPRISES BRANDON, INC.
TMA ENTERPRISES OF NOVI, INC.
    

By:     \s\ David G. Burke
Name:  David G. Burke
Title:    Treasurer 
    

BORROWERS (continued):
AMC BALLWIN, INC.
AMC BELLEVILLE, INC. 
AMC BRENTWOOD, INC.
AMC CAPE CORAL, INC.
AMC CHESTERFIELD MISSOURI, INC.
AMC COLUMBIA, INC.
AMC CREVE COEUR MISSOURI, INC.
AMC EDWARDSVILLE, INC.
AMC FENTON MISSOURI, INC.
AMC JEFFERSON CITY, INC.
AMC KIRKWOOD, INC.
AMC LAKE OZARK, INC.
AMC O’FALLON ILLINOIS, INC.
AMC O’FALLON MISSOURI, INC.
AMC ROLLA, INC.
AMC SOUTH TAMPA, INC.
AMC ST. CHARLES, INC.
AMC ST. LOUIS, INC.
AMC ST. PETERS, INC.
AMC WENTZVILLE, INC.
AMC BRADENTON, INC.
AMC TYRONE, INC.
    

By:     \s\ David G. Burke
Name:     David G. Burke 
Title:     Treasurer     

    

GUARANTORS:
    
DIVERSIFIED RESTAURANT HOLDINGS, INC.

By:      \s\ David G. Burke
Name:   David G. Burke
Title:     President and Chief Executive Officer  
AMC GROUP, INC.
AMC WINGS, INC.
AMC REAL ESTATE, INC.

By:       \s\ David G. Burke
Name:   David G. Burke
Title:     Treasurer  
    
 
ADMINISTRATIVE AGENT / LENDERS:

CITIZENS BANK, NATIONAL ASSOCIATION, as Administrative Agent, LC Issuer and a Lender

By:    \s\ Joseph Philip                        
Name:     Joseph Philip
Title:     Vice President

BMO HARRIS BANK, N.A., as a Lender

By:    \s\ Elizabeth Kurtti                        
Name:     Elizabeth Kurtti
Title:     Director

FIFTH THIRD BANK, as a Lender

By:    \s\ Douglas P. Best                        
Name:     Douglas P. Best
Title:    Vice President

REGIONS BANK, as a Lender

By:    \s\ Jay Sim                        
Name:     Jay Sim
Title:    Director

BANK OF AMERICA, N.A., as a Lender

By:                            
Name:     
Title:

THE HUNTINGTON NATIONAL BANK, as a Lender

By:    \s\ Kevin Contat                        
Name:     Kevin Contat
Title:    Vice President

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