Document:

Exhibit 10.1

 

FIRST AMENDMENT TO

EMPLOYMENT AGREEMENT

 

This Amendment to Employment
Agreement (this “Amendment”) is made as of November 19, 2021 (the “Effective Date”), by and between
Simulations Plus, Inc. (the “Company”) and Shawn O’Connor (“Employee”), and shall amend that
certain Employment Agreement dated September 3, 2020 (the “Agreement”) between the Company and Employee.

 

WHEREAS, the parties desire
to amend the Agreement to make the clarifications and changes to the Agreement as provided, below.

 

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

 

1.                 
Performance Bonus. Section 4.3(a) of the Agreement shall be amended, superseded and replaced
in its entirety by the following: 

 

“(a)       Cash
Bonus. For each fiscal year during the term of this Agreement, the Employee shall be eligible to receive a target cash performance
bonus based on individual and Corporate metrics, which target shall be 50% of the Employee’s base salary; provided, however, that
the actual amount of such bonus may be less than or exceed the target amount and shall be determined by the Board of Directors, in its
sole discretion, based upon recommendation by the Compensation Committee of the Board of Directors.”

 

2.                  
Miscellaneous.

 

(a)               
No Further Amendment; Effect of Amendment. Except as expressly amended hereby, the Agreement is in all respects ratified
and confirmed and all the terms, conditions, and provisions thereof shall remain in full force and effect. This Amendment is limited precisely
as written and shall not be deemed to be an amendment to any other term or condition of the Agreement. This Amendment shall form a part
of the Agreement for all purposes, and the parties thereto and hereto shall be bound hereby. From and after the execution of this Amendment
by the parties hereto, any reference to the Agreement shall be deemed a reference to the Agreement as amended hereby. This Amendment shall
be deemed to be in full force and effect from and after the execution of this Amendment by the parties hereto.

 

(b)               
Counterparts. This Amendment may be executed simultaneously in two or more counterparts, including counterparts bearing
a facsimile signature copy, each of which shall be deemed an original but all of which together shall constitute one and the same agreement
and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other. The parties
intend that a facsimile signature copy on this Amendment shall have the same force and effect as an original signature.

 

[REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK]

 

    	 	 	 

     

    

 

 

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

 

COMPANY:

 

SIMULATIONS PLUS, INC.

 

 

By: /s/ Walter S. Woltosz                            

Walter S. Woltosz, Chairman

 

 

EMPLOYEE:

 

Shawn O’Connor

 

__/s/ Shawn O’ConnorDocument

									
			
			

Luby’s Fiscal 2021 Year End Estimated Net Assets in Liquidation 
Increased to $5.00 per Share (of which $2.00 was paid on November 1, 2021)

HOUSTON, TX – November 19, 2021 - Luby’s, Inc. (NYSE: LUB) (“Luby’s”) which is in the process of monetizing its assets for the benefit of its shareholders, announced today its financial results for the fiscal year ended August 25, 2021.

Financial Results

Liquidation Basis of Accounting

As a result of Luby’s shareholder approval of its plan of liquidation on November 17, 2020, effective November 19, 2020, in accordance with Generally Accepted Accounting Principles (“GAAP”), the Company began reporting its financial results on the liquidation basis of accounting.  The liquidation basis of accounting requires, among other things, that management estimates net sales proceeds on an undiscounted basis, as well as include in the Company’s assets and liabilities the undiscounted estimate of future revenues and expenses through the end of the liquidation.  Based on the liquidation basis of accounting, the net assets in liquidation at August 25, 2021 are currently estimated to result in total aggregate liquidating distributions of $5.00 per common share based on the number of common shares outstanding on that date. On November 1, 2021, the Company paid a cash liquidating distribution of $2.00 per common share, reducing the estimate of future liquidating distributions to $3.00 per common share as of the date of this release. This updated estimate of future liquidating distributions represents an increase of $0.87 per share compared to last quarter’s estimate owing primarily to actual realization from completed real estate transactions as well as achieving better operating results than previously forecasted.  This estimate of future liquidating distributions includes projections of sales proceeds and net operating revenues to be received and costs and expenses to be incurred, including costs to dispose of the Company’s assets to complete the plan of liquidation which is currently projected to be substantially completed by June 30, 2022, including any transfers to a liquidating entity at that time.  

There is inherent uncertainty with these projections, and accordingly, these projections could change materially based on a number of factors both within and outside of Luby’s control. There can be no assurance that these estimated values will be realized.  Such amounts should not be taken as an indication of the timing or the amount of future distributions or our actual dissolution.

The current estimate of net assets in liquidation at August 25, 2021 has been estimated based on undiscounted cash flow projections and assumes a final liquidation on June 30, 2022 (including transfers to a liquidating entity) even though the actual timing of the sale of the Company’s remaining operating businesses and real estate holdings cannot be determined with any specificity at this time.  As such, the final liquidation of the Company is subject to future events and uncertainties.  Liabilities are carried at their contractual amounts due as adjusted for the impact of timing of the planned liquidation.  It is not possible to predict with certainty the timing or aggregate amount which may ultimately be distributed to our shareholders and no assurance can be given that the distributions will equal or exceed the estimate presented in this release.

1

Asset Sales

During fiscal year 2021, the Company closed on the sale of the Fuddruckers franchise brand.  Subsequent to fiscal year end, the Company closed on the sale of the Luby’s Cafeteria brand and 35 restaurants.

During fiscal year 2021, the Company closed on the sale of 11 real estate assets for total gross proceeds of approximately $32.1 million.  Subsequent to fiscal year end the Company sold an additional 30 real estate assets for total gross proceeds of approximately $101.0 million.  Proceeds from property sales have been used primarily to fully repay the Company’s outstanding debt balance and to make a cash liquidating distribution to its shareholders.

The Company currently owns 24 real estate assets, of which 12 are operating locations and 12 are vacant. The Company currently has 14 Luby’s Cafeterias and six Fuddruckers (including 2 combo units) which are managed by third parties as the Company pursues disposition options for owned properties and leases.  In addition, the Company currently operates Culinary Services at 25 locations, while pursuing a sale of this business as part of its liquidation plan. 

Distributions

On November 1, 2021, the Company paid a cash liquidating distribution of $2.00 per common share to stockholders of record as of October 25, 2021.

About Luby’s

Luby’s, Inc. (NYSE: LUB) previously announced its plan of liquidation and dissolution, which was approved by its shareholders on November 17, 2020. Luby’s has sold both its restaurant brands, Luby’s Cafeterias and Fuddruckers. Luby’s is actively seeking buyers for its Luby's Culinary Contract Services business segment, its packaged foods business segment and its remaining real estate assets.

Forward Looking Statements

This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical fact, are “forward-looking statements” for purposes of these provisions, including the statements regarding sales of assets, effects of the Company’s Liquidation and Dissolution Plan (the “Plan”), expected value or proceeds attributable to the sale of assets, and expected proceeds to be distributed to stockholders or the timing thereof. Luby’s cautions readers that various factors could cause its actual financial and operational results to differ materially from those indicated by forward-looking statements made from time-to-time in news releases, reports, proxy statements, registration statements, and other written communications, as well as oral statements made from time to time by representatives of Luby’s. The following factors, as well as any other cautionary language included in this press release, provide examples of risks, uncertainties and events that may cause Luby’s actual results to differ materially from the expectations Luby’s describes in such forward-looking statements: general business and economic conditions; the effects of the COVID-19 pandemic; the impact of competition; our operating initiatives; fluctuations in the costs of commodities, including beef, poultry, seafood, dairy, cheese and produce; increases in utility costs, including the costs of natural gas and other energy supplies; changes in the availability and cost of labor; the seasonality of Luby’s business; changes in governmental regulations, including changes in minimum wages; the effects of inflation; the availability of credit; unfavorable publicity relating to operations, including publicity concerning food quality, illness or other health concerns or labor relations; the continued service of key management personnel; and other risks and uncertainties disclosed in Luby’s annual reports on Form 10- K and quarterly reports on Form 10-Q, including information regarding the risks, uncertainties and other factors relating to the Plan, the expected net proceeds from the sale of assets, and expected proceeds to be distributed to stockholders.

2

For additional information contact: 
John Garilli, Interim CEO
LInvestors@lubys.com

###
3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00336-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00336-of-00352.parquet"}]]