Document:

ex_10-1.htm

SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

THIS SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER, dated as of February 7, 2014 (the “Agreement”), is entered into among Ruby Tuesday, Inc., a Georgia corporation (the “Borrower”), the Guarantors, the Lenders party hereto and Bank of America, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative 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).

RECITALS

WHEREAS, the Borrower, the Guarantors, the Lenders and the Administrative Agent entered into that certain Revolving Credit Agreement dated as of December 3, 2013 (as amended by that certain First Amendment to Revolving Credit Agreement and Waiver dated as of January 10, 2014 and as further amended or modified from time to time, the “Credit Agreement”);

WHEREAS, in November of 2013, three employees of the Borrower were terminated, which termination led to the Borrower’s repurchase of Equity Interests of the Borrower held by such employees in an amount equal to approximately $35,000 (the “Share Repurchase”);

WHEREAS, such Share Repurchase may have violated the terms of Section 8.4 of the Credit Agreement (the “Existing Event of Default”);

WHEREAS, the Borrower has requested that the Lenders waive the Existing Event of Default and amend the Credit Agreement as set forth below, in each case subject to the terms and conditions specified in this Agreement;

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.   Incorporation of Recitals.  The recitals to this Agreement are incorporated fully and made a part of this Agreement.

2.   Reaffirmation.  Each of the Loan Parties acknowledges and reaffirms (a) that it is bound by all of the terms of the Credit Agreement and the other Loan Documents to which it is a party and (b) that it is responsible for the observance and full performance of all Obligations, including without limitation, the repayment of the Loans and reimbursement of any drawings on a Letter of Credit.  Without limiting the generality of the preceding sentence, each of the Guarantors restates and reaffirms that it guarantees the prompt payment when due of all Obligations, in accordance with, and pursuant to the terms of the Credit Agreement.  Furthermore, the Loan Parties acknowledge and confirm (i) that the Administrative Agent and the Lenders have performed fully all of their respective obligations under the Credit Agreement and the other Loan Documents and (ii) by entering into this Agreement, the Lenders do not waive (except as specifically provided in Section 3 hereof) or release any term or condition of the Credit Agreement or any of the other Loan Documents or any of their rights or remedies under such Loan Documents or applicable law or any of the obligations of the Loan Parties thereunder.

3.           Waiver.  Subject to the other terms and conditions of this Agreement, to the extent it constituted an Event of Default, the Administrative Agent and the Lenders agree to waive the Existing Event of Default.  The waiver set forth herein shall be effective only in this specific instance and shall not obligate the Lenders or the Administrative Agent to waive any other Default or Event of Default, now 

 

  

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existing or hereafter arising.  This waiver is limited solely to the matters described in the first sentence of this Section 3 as of the date hereof, and nothing contained in this Agreement shall (a) modify the Loan Parties’ obligations to comply fully with all duties, terms, conditions or covenants contained in the Credit Agreement and the other Loan Documents or (b) be deemed to constitute a waiver of any other rights or remedies the Administrative Agent or any Lender may have under the Credit Agreement or any other Loan Documents or under applicable law.  This is a one-time waiver, and the Administrative Agent and the Lenders shall have no obligation to amend, modify or waive any provision of the Credit Agreement or any other Loan Document in the future.  The provisions and agreements set forth in this Agreement shall not establish a custom or course of dealing or conduct between the Administrative Agent, the Issuing Bank, any Lender, the Borrower or any other Loan Party.

4.           Amendment.  Section 8.4 of the Credit Agreement is hereby amended by adding the following as a new clause (c) and renumbering the existing clause (c) as clause (d):

(c)           the Borrower may repurchase its Equity Interests or options, warrants or other rights to acquire its Equity Interests owned by former directors, officers and employees following the termination of service or employment of such directors, officers or employees or in connection with the death or disability of any such director, officer or employee; provided, however, that (i) the aggregate amount of any such repurchases shall not exceed $125,000 in any fiscal year and (ii) no Default or Event of Default has occurred or is continuing after giving effect to such repurchase; and

5.           Conditions Precedent.  This Agreement shall be effective upon satisfaction of the following conditions precedent:

(a)   receipt by the Administrative Agent of counterparts of this Agreement, duly executed by the Borrower, the Guarantors, the Administrative Agent and the Required Lenders; and

(b)           receipt by Moore & Van Allen PLLC, counsel to the Administrative Agent, of its fees and expenses incurred in connection with this Agreement.

6.           Miscellaneous.

	
(a)

	
The Credit Agreement, 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.

	
(b)

	
Each Loan Party hereby represents and warrants as follows:

(i)           Each Loan Party has taken all necessary action to authorize the execution, delivery and performance of this Agreement.

(ii)           This Agreement has been duly executed and delivered by each Loan Party and constitutes the legal, valid and binding obligations of each Loan Party, enforceable in accordance with its terms, except as such enforceability may be subject to (A) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (B) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

  

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(iii)           No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by any Loan Party of this Agreement.

	
(c)

	
Each Loan Party represents and warrants to the Lenders that (i) the representations and warranties set forth in Article V of the Credit Agreement and in each other Loan Document are true and correct in all material respects (before and after giving effect to this Agreement) as of the date hereof with the same effect as if made on and as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date and (ii) no unwaived event has occurred and is continuing which constitutes a Default or an Event of Default.

	
(d)

	
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of an executed counterpart of this Agreement by telecopy shall be effective as an original and shall constitute a representation that an executed original shall be delivered.

(e)           THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF) OF THE STATE OF GEORGIA.

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Each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

BORROWER:                                                                           RUBY TUESDAY, INC.

By: s/ Scarlett May                                                

Name: Scarlett May

Title: Senior Vice President, Chief Legal Officer

and Secretary

GUARANTORS:                                                                RTBD, INC.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT FINANCE, INC.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RUBY TUESDAY GC CARDS, INC.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT TAMPA FRANCHISE, L.P.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT ORLANDO FRANCHISE, L.P.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT SOUTH FLORIDA FRANCHISE, L.P.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT NEW YORK FRANCHISE, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

 

SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.

  

  

  

RT SOUTHWEST FRANCHISE, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT MICHIANA FRANCHISE, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT FRANCHISE ACQUISITION, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT KENTUCKY RESTAURANT HOLDINGS, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT FLORIDA EQUITY, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RTGC, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT DETROIT FRANCHISE, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT MICHIGAN FRANCHISE, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.

  

  

  

RT WEST PALM BEACH FRANCHISE, L.P.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT NEW ENGLAND FRANCHISE, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT LONG ISLAND FRANCHISE, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RUBY TUESDAY, LLC

By: s/ Scarlett May                                                  

Name: Scarlett May

Title: Vice President and Secretary

RT LAS VEGAS FRANCHISE, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT MINNEAPOLIS FRANCHISE, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT INDIANAPOLIS FRANCHISE, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT DENVER FRANCHISE, L.P.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.

  

  

  

RT OMAHA FRANCHISE, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT KCMO FRANCHISE, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT PORTLAND FRANCHISE, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT ST. LOUIS FRANCHISE, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT WESTERN MISSOURI FRANCHISE, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

QUALITY OUTDOOR SERVICES, INC.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT AIRPORT, INC.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT LOUISVILLE FRANCHISE, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.

  

  

  

 

RT MCGHEE-TYSON, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT ONE PERCENT HOLDINGS, INC.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT ONE PERCENT HOLDINGS, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT MINNEAPOLIS HOLDINGS, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT OMAHA HOLDINGS, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT DENVER, INC.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT LOUISVILLE, INC.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT ORLANDO, INC.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

 

SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.

  

  

  

RT SOUTH FLORIDA, INC.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT TAMPA, INC.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT WEST PALM BEACH, INC.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT NEW HAMPSHIRE RESTAURANT HOLDINGS, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT RESTAURANT SERVICES, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT NORTHERN CALIFORNIA FRANCHISE, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RTTA, LP

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President

WOK HAY 2, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.

  

  

  

RT DISTRIBUTING, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT O’TOOLE, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT SMITH, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RT MILLINGTON, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

4721 RT OF PENNSYLVANIA, INC.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RTTT, LLC

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Manager

RTT TEXAS, INC.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Treasurer

RT JONESBORO CLUB

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Treasurer

 

SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.

  

  

  

RT ARKANSAS CLUB, INC.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Secretary and Treasurer

RUBY TUESDAY OF RUSSELLVILLE, INC.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Secretary and Treasurer

RUBY TUESDAY OF CONWAY, INC.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Secretary and Treasurer

RT KCMO KANSAS, INC.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Vice President and Secretary

RUBY TUESDAY OF BRYANT, INC.

By: s/ Scarlett May                                                      

Name: Scarlett May

Title: Secretary and Treasurer

SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.

  

  

  

ADMINISTRATIVE AGENT:                                                                BANK OF AMERICA, N.A.,

as Administrative Agent

By       s/ Erik M. Truette                                                           

Name:  Erik M. Truette

Title:    Assistant Vice President

SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.

  

  

  

LENDERS:                                                                BANK OF AMERICA, N.A.,

as a Lender and an Issuing Bank

By       s/ John Schmidt                                                

Name:  John Schmidt

Title:   Senior Vice President

 SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.

  

  

  

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a Lender

By       s/ Maureen S. Malphus                                                           

Name:  Maureen S. Malphus

Title:    Vice President

 SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.

  

  

  

REGIONS BANK,

as a Lender

By       s/ Jay Sim                                                           

Name:  Jay Sim

Title:    Vice President

 SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

RUBY TUESDAY, INC.ex_10-2.htm

FIRST AMENDMENT TO THE

RUBY TUESDAY, INC.

STOCK INCENTIVE PLAN

THIS FIRST AMENDMENT to the Ruby Tuesday Inc., Stock Incentive Plan is made on this 9th day of April, 2014 by Ruby Tuesday, Inc., a corporation duly organized and existing under the laws of the State of Georgia (the “Company”).

WHEREAS, the Company maintains the Ruby Tuesday, Inc. Stock Incentive Plan (the “Plan”), as amended and restated by indenture dated as of October 9, 2013, and as approved by the Company’s shareholders on the same date.

WHEREAS, the Company wishes to amend the Plan to allow the committee administering the Plan the authority to provide for a delegation of its award granting authority.

WHEREAS, this First Amendment shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions of this amendment.

NOW, THEREFORE, the Company does hereby amend the Plan, effective as of the date indicated above, by deleting Section 2.3 in its entirety and by substituting therefor the following:

“2.3           Administration of the Plan.  The Plan shall be administered by the Committee.  The Board of Directors may from time to time remove members from or add members to the Committee.  Vacancies on the Committee shall be filled by the Board of Directors.

 

The Committee shall have full authority in its discretion to determine from among the eligible individuals of the Company or its affiliates to whom Stock Incentives shall be granted and the terms and provisions of Stock Incentives, subject to the Plan.  Subject to the provisions of the Plan, the Committee shall have full and conclusive authority to interpret the Plan; to prescribe, amend and rescind rules and regulations relating to the Plan; to determine the terms and provisions of the respective Stock Incentive Agreements or Stock Incentive Programs and to make all other determinations necessary or advisable for the proper administration of the Plan.  The Committee’s determinations under the Plan need not be uniform and may be made by it selectively among persons who receive, or are eligible to receive, awards under the Plan (whether or not such persons are similarly situated).  The Committee’s decisions shall be final and binding on all Participants.  As to any matter involving a Participant who is not a “reporting person” for purposes of Section 16 of the Securities Exchange Act of 1934, the Committee may delegate to any member of the Board of Directors or officer of the Company the administrative authority:  (a) to grant Stock Incentives to eligible individuals of the Company and its affiliates, subject (i) to individual and aggregate 

 

  

  

  

 

quantitative limitations on the number of, or, in the case of cash-based Stock Incentives, the value of, Stock Incentives that may be granted pursuant to such delegated authority and (ii) to the requirement that all such exercises of the delegated authority be reported on a timely basis to the Committee; (b) to interpret the provisions of the Participant’s Stock Incentive Agreement and (c) to determine the treatment of Stock Incentives upon a Termination of Service, as contemplated by Plan Section 3.8.”

 

The provisions of this First Amendment shall become effective as of the date first set forth above.

IN WITNESS WHEREOF, the Company has caused this First Amendment to be executed as of the day and year first above written.

RUBY TUESDAY, INC.

   

                       /s/ James J. Buettgen 

By:           James J. Buettgen                                                                           

Title:        Chairman, President, and Chief Executive Officer 

Attest:

     /s/ Scarlett May 

                                                     

By:          /s/  Scarlett May                                                                

Title:       Senior Vice President,                                                      

Chief Legal Officer & Secretary                                                                

[CORPORATE SEAL]

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