Document:

ex_10-2.htm

MASTER AMENDMENT TO

LOAN DOCUMENTS

DATED AS OF MAY 2, 2014

FOR THE SECURED PROMISSORY NOTES

BEARING THE LOAN CONTRACT NOS.

SET FORTH ON THE ATTACHED SCHEDULE OF LOANS

By and among FIRST FRANCHISE CAPITAL CORPORATION, an Indiana corporation formerly known as IRWIN FRANCHISE CAPITAL CORPORATION, having an address of One Maynard Drive, Suite 2104, Park Ridge, New Jersey 07656 (“Secured Party” or “Lender”) and RT DENVER FRANCHISE, L.P., a Delaware limited partnership (“RT Denver”), RT DETROIT FRANCHISE, LLC, a Delaware limited liability company (“RT Detroit”), RT INDIANAPOLIS FRANCHISE, LLC, a Delaware limited liability company (“RT Indianapolis”), RT LONG ISLAND FRANCHISE, LLC, a Delaware limited liability company (“RT Long Island”), RT MINNEAPOLIS FRANCHISE, LLC, a Delaware limited liability company (“RT Minneapolis”), RT NEW ENGLAND FRANCHISE, LLC, a Delaware limited liability company (“RT New England”), RT OMAHA FRANCHISE, LLC, a Delaware limited liability company (“RT Omaha”), RT PORTLAND FRANCHISE, LLC, a Delaware limited liability company (“RT Portland”), RT ST. LOUIS FRANCHISE, LLC, a Delaware limited liability company (“RT ST. Louis”), and RT WESTERN MISSOURI FRANCHISE, LLC, a Delaware limited liability company (“RT Western Missouri” together with RT Denver, RT Detroit, RT Indianapolis, RT Long Island, RT Minneapolis, RT New England, RT Omaha, RT Portland, RT St. Louis hereinafter are individually the “Borrower” and collectively the “Borrowers”), each having an address of 150 West Church Avenue, Maryville, Tennessee 37801.

Secured Party made certain secured loans to each respective Borrower in the original principal loan amounts that are more particularly identified on the attached Schedule of Loans (individually, the “Loan”, and collectively, the “Loans”). The outstanding indebtedness of each Loan is evidenced by each Secured Promissory Note bearing the Loan Contract No., dated as of the date, made by each respective Borrower and in the original principal amount set forth on the attached Schedule of Loans (individually, the “Note”; collectively, the "Notes”).

To further evidence, secure and guarantee the outstanding indebtedness of each Note, Borrower executed and delivered to Secured Party certain loan documents including, without limitation, each (i) Mortgage identified on the attached Schedule of Loans (individually, the “Mortgage”; collectively, the "Mortgages"), and (ii) each Loan and Security Agreement identified on the attached Schedule of Loans (individually, the “Security Agreement”; collectively, the “Security Agreements”).  The payment and performance of the Loan is guaranteed by, among others, RUBY TUESDAY, INC., a Georgia corporation (“RTI” or “Guarantor”) pursuant to that certain Guaranty dated as of June 23, 2011 made by RTI in favor of Secured Party (the “Guaranty”).  The Notes, Mortgages, Security Agreements, and Guaranty together with all other documents, instruments and agreements that now or hereafter evidence, secure and/or guaranty the outstanding indebtedness of the Loans are collectively referred to herein as the “Loan Documents”.  Capitalized terms that are used herein and that are not otherwise defined herein shall have the meaning given to such terms in the Loan Documents.

In consideration of the agreement of the parties hereto and of the premises and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties wish to amend the Loan Documents as follows:

 

	
1.  

	
For so long as each Borrower is a wholly owned subsidiary of the Guarantor, the third sentence of Section 4.16 of each Security Agreement (titled “FCCR”) and any substantially similar representation, warranty or covenant of any Loan Document is modified so that the definition of “Fixed Charge Coverage Ratio” or “FCCR” is revised to read as follows:

 

 

For purposes hereof, the term “FCCR” shall mean, with respect to RTI and its subsidiaries, on a consolidated basis, for the last twelve month period, the following:

 

 

  

  

  

 

EBITDAR (Defined as Net Income PLUS Taxes PLUS Interest PLUS Depreciation & Amortization PLUS or MINUS non-cash items as commonly accepted by users of GAAP)

 

 

DIVIDED BY:

 

 

All Scheduled Principal & Interest Payments PLUS All Rents paid to third party Landlords PLUS All Prepayment Fees (recorded as Interest Expense per GAAP) in excess of $2,500,000.00 over any Trailing Twelve Month period

 

 

EBITDAR may be adjusted to include any non-recurring costs and expenses that are classified as unusual charges not typically incurred in the normal course of business.   Any adjustments to compute the EBITDAR will be at the sole judgment of the Lender.

 

 

	
2.  

	
The first sentence of Section 4.16 of each Security Agreement (titled “FCCR”) and any substantially similar covenant is modified so that the Minimum Borrower FCCR threshold set forth therein is replaced with the Minimum Borrower FCCR thresholds set forth on the attached Schedule “A” for each respective time period identified on the attached Schedule “A”.

 

 

	
3.  

	
Section 4.17 of each Security Agreement (titled “Limitations on Distributions”)  and Section 4.16 of each Security Agreement (titled “Distributions”) is deleted in its entirety.

 

 

	
  4.  

	
For so long as each Borrower is a wholly-owned subsidiary of the Guarantor, the Loan Documents are modified so that, from and after the date hereof, the Guarantor shall comply with the financial reporting requirements set forth in subclauses (i) through (vii) below, which financial reporting requirements shall be in lieu of and shall replace the financial reporting requirements set forth in the Loan Documents, including Section 3.1(7), Section 3.2 and Section 4.12 of the Security Agreements.  For clarification purposes, if, at any time after the date of this Agreement, any given Borrower is not a wholly-owned subsidiary of the Guarantor, this Section 4 shall thereafter be of no further force or effect and the original financial reporting requirements set forth in the Loan Documents (including Sections 3.1(7), 3.2 and 4.12 of the Security Agreement) shall be the operative sections for financial reporting requirements for each Borrower and each guarantor.

 

 

(i)    as soon as available and in any event upon the earlier of the date that is 90 days after the end of each fiscal year of Guarantor and the date that is 2 days after such information is filed with the Securities and Exchange Commission (the “SEC”) Guarantor shall provide Secured Party a copy of the annual audited report for such fiscal year for Guarantor, Borrowers and the other subsidiaries of Guarantor (collectively, the “Reporting Parties”), containing consolidated balance sheets of the Reporting Parties as of the end of such fiscal year and the related consolidated statements of income, stockholders’ equity and cash flows (together with all footnotes thereto) of the Reporting Parties for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and reported on by KPMG L.L.P. or other independent public accountants of nationally recognized standing (without a “going concern” or like qualification, exception or explanation and without any qualification or exception as to scope of such audit) to the effect that such financial statements are true, accurate and complete and present fairly in all material respects the financial condition and the results of operations of the Reporting Parties for such fiscal year on a consolidated basis in accordance with GAAP and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards;

 

 

(ii)           as soon as available and in any event upon the earlier of the date that is 45 days after the end of each of the first three fiscal quarters of each fiscal year of Guarantor and the date that is 2 days after such information is filed with the SEC Guarantor shall provide Secured Party an unaudited consolidated balance sheet of the Reporting Parties as of the end of such fiscal quarter and the related unaudited consolidated statements of income and cash flows of the Reporting Parties for such fiscal quarter and the then elapsed portion of such fiscal year, setting forth in each case in comparative form the figures for the corresponding quarter and the corresponding 

 

  

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portion of Guarantor’s previous fiscal year, all certified by the chief financial officer or treasurer of Guarantor as true, accurate and complete and presenting fairly in all material respects the financial condition and results of operations of the Reporting Parties on a consolidated basis in accordance with GAAP, subject to normal year-end audit adjustments and the absence of footnotes;

 

 

(iii)           concurrently with the delivery of the financial statements referred to in subclauses (i) and (ii) above and in any event upon the earlier of the date that is 90 days after the end of each fiscal year of Guarantor with respect to annual financial statements and 45 days after the end of each fiscal quarter of Guarantor with respect to quarterly financial statements, or 2 days after the financial statements referred to subclauses (i) and (ii) above are filed with the Securities and Exchange Commission, Guarantor shall provide Secured Party a certificate of the chief financial officer or treasurer of Guarantor setting forth in reasonable detail calculations demonstrating compliance with the Fixed Charge Coverage Ratio;

 

 

(iv)          within forty-five (45) days following the end of each fiscal quarter, Guarantor shall provide Secured Party internally prepared PAC Operating Reports (substantially in the form provided to Secured Party in connection with this Agreement) for all open and operating Collateral sites in which Secured Party has a security interest and for which there are obligations outstanding.  RTI further agrees to deliver to Secured Party any reasonable supplemental and/or supporting information or documentation that Secured Party may reasonably request in connection with each applicable PAC Operating Report;

 

 

(v)           at the request of the Secured Party, Guarantor shall promptly provide Secured Party an unaudited consolidated balance sheet of the Reporting Parties as of the end of such fiscal month and the related unaudited consolidated statements of income of the Reporting Parties for such fiscal month and the then elapsed portion of such fiscal year and unaudited consolidated statements of cash flows for the then elapsed portion of such fiscal year, all certified by the chief financial officer of Guarantor as true, accurrate and complete and presenting fairly in all material respects the financial condition and results of operations of the Reporting Parties on a consolidated basis in accordance with GAAP, subject to normal quarterly and year-end adjustments and the absence of footnotes;

 

 

(vi)          promptly after the same become publicly available, Guarantor shall provide Secured Party copies of all periodic and other reports, proxy statements and other materials, other than those filed under Forms 3, 4, or 5, filed by Guarantor with the SEC, or any governmental authority succeeding to any or all functions of said SEC, or with any national securities exchange, or distributed by Guarantor to its shareholders generally, as the case may be; and

 

 

(vii)         Guarantor hereby represents and warrants for itself and on behalf of each Borrower that (a) as part of Lender’s credit review, Guarantor has delivered to Lender, among other documents, Guarantor’s financial statements prepared in connection with Guarantor’s 10-Q for the fiscal quarter ending September 30, 2013 filed with the SEC on November 12, 2013 (collectively, the “Financial Statements”).  Such Financial Statements have been prepared in accordance with generally accepted accounting principles consistently applied and fully and fairly present the assets, liabilities and financial condition of Guarantor as of the respective dates thereof and for the periods covered thereby; there are no omissions of other facts or circumstances which are or may be material in Lender’s sole discretion, and there has been no adverse change in the financial condition of Guarantor since the date of such Financial Statements and (b) there are no omissions of other facts or circumstances which are or may be material in Lender’s sole discretion, and there has been no material adverse change in the financial condition of Guarantor, except as otherwise disclosed to Lender in writing.  The reports and Financial Statements of Guarantor submitted to Lender in connection with the Loan have been prepared from Guarantor’s books and records in accordance with generally accepted accounting principles and practices, consistently applied, and fully and fairly present the assets, liabilities and financial condition of Guarantor as of the respective dates thereof and for the periods covered thereby and no material adverse changes have occurred since the date of the Financial Statements, (c) Except as disclosed in the Financial Statements, Guarantor (1) has not incurred any debts, liabilities or other 

 

  

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obligations nor committed to incur any debts, liabilities or obligations, (2) has no liabilities, direct or contingent, and (3) has made no investments in, advances to, or guaranties or obligations of any other company, person, firm, corporation or entity.

 

 

	
5.  

	
[Intentionally Deleted.]

 

 

	
6.  

	
The Loan Documents are amended so that (i) the street address for each Collateral location is updated and amended to conform to the addresses listed on the attached Schedule of Loans, and (ii) any reference to the franchise concept “Wendy’s” is changed to “Ruby Tuesday’s”.  In this regard, Borrower and Guarantor represent and warrant to Secured Party that none of the Collateral locations have changed or otherwise been relocated from the locations identified in the Loan Documents and, to the best knowledge of Borrower and Guarantor, the address discrepancies noted in the attached Schedule of Loans are most likely the result of U.S. Post Office address designations or revisions thereto.

 

 

	
7.  

	
(a) Borrowers and Guarantor reaffirm the representations, warranties, covenants, terms and conditions of the Loan Documents (including, without limitation, the Collateral description set forth in Article 7 of each Security Agreement and as further recited on the attached Supplemental Schedule A to each Note (the “Supplemental Schedule A”)), after giving effect to the modifications set forth in subsection (b), below.

 

 

 (b) In this regard, the representations, warranties, covenants, terms and conditions of the Loans Documents are modified as follows:

 

 

	
(i)  

	
    Subparagraph (8) of Section 3.1 (POWER AND AUTHORIZATION) of each Security Agreement and any substantially similar representation, warranty and covenant of any Loan Document is deleted in its entirety and replaced with the following: “(8)There are no actions or proceedings which are pending or threatened in any court or before any governmental agency or instrumentality against Borrower, its assets, or the Collateral or any Guarantor which may materially adversely affect Borrower or the Collateral or Ruby Tuesday, Inc.”;

 

 

	
(ii)  

	
    Subparagraph (11) of Section 3.1 (POWER AND AUTHORIZATION) of each Security Agreement and any substantially similar representation, warranty and covenant of any Loan Document is deleted in its entirety and replaced with the following: “(11)The Borrower has not, within the six (6) year period immediately preceding the date of this Agreement, (i) changed its name, been the surviving entity of a merger or consolidation, or acquired all or substantially all of the assets of any person or entity, or (ii) been known as or used any other corporate or fictitious name, trade name, division name or other name, other than, in each case, the internal reorganization undertaken by Ruby Tuesday, Inc. and its subsidiaries resulting in the ownership structure of each entity that is set forth and  described on Exhibit A attached hereto.  In this regard, Borrower and Guarantor represent and warrant to Lender that each entity that is identified on the attached Exhibit A as possessing an ownership interest in Borrower is wholly owned, directly or indirectly, and controlled by Ruby Tuesday, Inc.;

 

 

	
(iii)  

	
    For so long as each Borrower is a wholly-owned subsidiary of the Guarantor, Section 4.3 (FRANCHISE) of each applicable Security Agreement is deleted in its entirety;

 

 

	
(iv)  

	
    Section 4.9 (PRINCIPAL PLACE OF BUSINESS) of each Security Agreement and any substantially similar representation, warranty and covenant of any Loan Document is deleted in its entirety and replaced with the following: “4.9PRINCIPAL PLACE OF BUSINESS. Borrower shall maintain and keep its principal place of business and their chief executive offices at 150 West Church Avenue, Maryville, Tennessee 37801, and at no other location without giving Lender at least thirty (30) days prior written notice of any move.  Borrower shall maintain and keep its records concerning the Collateral at that address, or the address provided for the Collateral on the Schedule of Loans attached to the Master Amendment to Loan Documents Dated as of May 2, 2014 for the Secured Promissory Notes Bearing the Loan Nos. Set Forth on the Attached Schedule of Loans, 

 

 

  

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and at no other location without giving Lender at least thirty (30) days prior written notice of any move.”

 

	
(v)  

	
    Section 4.10 (GUARANTEES AND CONTINGENT LIABILITIES) of each applicable Security Agreement and any substantially similar representation, warranty and covenant of any Loan Document is deleted in its entirety and replaced with the following: “4.10GUARANTEES AND CONTINGENT LIABILITIES.  Borrower shall not at any time directly or indirectly assume, guarantee, endorse or otherwise agree, become or remain directly or contingently liable upon or with respect to any obligations or liability of any other person or entity, other than the existing unsecured guarantees consented to by Lender pursuant to (a) that certain Waiver and Consent to Loan & Security Agreements dated as of April 27, 2012, by and between the Borrower and Lender and (b) that certain Waiver and Consent in connection with Revolving Credit Facility dated as of December 3, 2013, by and between the Borrower and Lender, which unsecured guarantees are more particularly identified on the attached Exhibit B (the “Existing Guarantees”); provided, however, the foregoing consents shall not be deemed an approval of or consent to any increase of the liabilities under the Existing Guarantees or any renewals, refinances, modifications, amendments or extensions of the obligations thereunder or with respect to any additional or future guarantees.”;

 

 

	
(vi)  

	
    Section 4.11 (DISPOSITION OF ASSETS) of each Security Agreement and any substantially similar representation, warranty and covenant of any Loan Document is deleted in its entirety and replaced with the following: “4.11DISPOSITION OF ASSETS.  Borrower shall not sell, convey, assign, lease, abandon, or otherwise transfer or dispose of, voluntarily or involuntarily, the Collateral or all or a substantial portion of its assets without the prior written consent of Lender, which consent shall be at Lender’s sole discretion.”;

 

 

	
(vii)  

	
    For so long as each Borrower is a wholly-owned subsidiary of the Guarantor the Loan Documents are modified so that, from and after the date hereof, Article V, Section (6) of each Security Agreement and any substantially similar Event of Default in any Loan Document is deleted in its entirety and replaced with the following: “(6) Ruby Tuesday, Inc. breaches or defaults after giving effect to applicable notice and cure periods, under the terms of any other agreement, instrument, or document with or for the benefit of Lender, including, without limitation, promissory notes, guaranties, equipment leases and security documents (including security agreements and deeds of trust); or”;

 

 

	
(viii)  

	
    For so long as each Borrower is a wholly-owned subsidiary of the Guarantor the Loan Documents are modified so that, from and after the date hereof, Article V, Section (9) of each Security Agreement and any substantially similar Event of Default in any Loan Document is deleted in its entirety and replaced with the following: “(9) The indictment of Borrower or Ruby Tuesday, Inc. under any criminal statute, or commencement of criminal or civil proceedings against Borrower or Ruby Tuesday, Inc. pursuant to which the proceedings, penalties, or remedies sought or available include forfeiture of any of the Collateral, the property of Borrower or the property of Ruby Tuesday, Inc.; or”;

 

 

	
(ix)  

	
    Article V, Section (10) of each Security Agreement and any substantially similar Event of Default in any Loan Document is deleted in its entirety and replaced with the following: “(10)  Borrower closes a restaurant, sells, leases, assigns, conveys, abandons, or otherwise transfers or disposes of all or substantially all of its assets with respect to any of the Collateral locations identified on the attached Schedule of Loans or a majority of voting stock in Borrower is transferred or the controlling manager/membership interest in Borrower is transferred, without the prior written consent of Lender, which consent shall be at Lender’s sole discretion; or”;

 

 

	
(x)  

	
    Article V, Section (11) of each Security Agreement and any similar Event of Default in any Loan Document is deleted in its entirety and replaced with the following: “(11)  

 

 

  

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Borrower ceases to conduct its business or is enjoined, restrained, or in any way prevented by court order from conducting all or any material part of its business and/or Borrower dies or is declared incompetent if Borrower is an individual without the prior written consent of Lender, which consent shall be at Lender’s sole discretion; or”;

 

	
(xi)  

	
    Article V, Section (13) of each Security Agreement and any similar Event of Default in any Loan Document is deleted in its entirety and replaced with the following: “(13)  There is a material adverse change in the Collateral or in the business of Borrower; or”;

 

 

	
(xii)  

	
    Article V, Section (14) of each Security Agreement and any similar Event of Default in any Loan Document is modified to read as follows:

 

 

For so long as each Borrower is wholly owned by Guarantor, with respect to  any indebtedness owed to a lender to whom Borrower and/or Guarantor owe, either individually or in combination with other indebtedness owed to such lender or any of its affiliates, the aggregate principal amount of $10,000,000.00 or more (“Material Indebtedness”), (i) Borrower or Guarantor shall fail to pay any principal of or premium or interest on such Material Indebtedness when and as the same shall become due and payable, and such failure to pay shall continue after the applicable grace period, if any, specified in the agreement or instrument evidencing such Material Indebtedness; or (ii) any other event shall occur or condition shall exist under any agreement or instrument relating to such Material Indebtedness and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or permit the acceleration of, the maturity of such Material Indebtedness; or (iii) any such Material Indebtedness shall be declared to be due and payable, or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption), purchased or defeased, or any offer to prepay, redeem, purchase or defease such Material Indebtedness shall be required to be made, in each case, prior to the stated maturity, otherwise the original terms and provisions of Article V(14) and any substantially similar provision of the Loan Documents shall apply.

 

 

	
(xiii)  

	
    Section 8.3 (NOTICES) of each Security Agreement and any similar notice provision of any Loan Document is modified whereby the notice address for Lender, Borrower and Ruby Tuesday, Inc. is as follows:

 

 

Lender:

 

First Franchise Capital Corporation

 

One Maynard Drive, Suite 2104

 

Park Ridge, New Jersey 07656

 

Attn: Chief Operating Officer

 

 

Borrower and Guarantor:

 

Ruby Tuesday, Inc.

 

150 West Church Ave.

 

Maryville, Tennessee 37801

 

Attn: Scarlett May

 

  

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8.  

	
Borrower and Guarantor affirm that the Obligations outstanding under each Loan are cross-collateralized and cross-defaulted with each other on the terms and conditions set forth herein and in the Cross-Collateral and Cross-Default Agreement.  In this regard, Borrower and Guarantor agree to execute and deliver to Secured Party the attached form of Cross-Collateral and Cross-Default Agreement simultaneously with and as a condition to the effectiveness of this Master Amendment to Loan Documents.

 

 

	
9.  

	
No later than sixty (60) days subsequent to the date hereof, Borrower and Guarantor shall execute and deliver to Secured Party all supplemental documentation which Secured Party and its legal counsel deem necessary, in their reasonable discretion, to further modify and amend the Loan Documents in order to reflect the terms and conditions set forth herein and to maintain a first priority perfected security interest in the Collateral, the execution and delivery of which is partial consideration for and a condition to the effectiveness of this Master Amendment to Loan Documents.  Notwithstanding anything in the foregoing to the contrary, Secured Party may require the preparation and/or filing/recording of (i) amendments to the existing Financing Statements on form UCC-1 for the Collateral pool, (ii) new Financing Statements on form UCC-1 for the Collateral pool, (iii) amendments to the existing Mortgages/Deeds of Trust for the Collateral pool, and (iii) each Borrower’s execution of a guaranty for the payment and performance of the Obligations (as defined in the Cross-Collateral and Cross-Default Agreement); so as to confirm and reaffirm the scope of the Collateral and the cross-collateralization and the cross-default provisions of the Loan Documents and the Obligations consistent with the terms and conditions set forth in the Loan Documents, this Agreement and the Cross-Collateral and Cross-Default Agreement.  In this regard, in accordance with the Uniform Commercial Code, Borrower authorizes Secured Party to file UCC Financing Statements and/or amendments to existing UCC Financing Statements naming each Borrower as “debtor” and Secured Party as “secured party” with respect to the Collateral for the Loan for the foregoing purposes. Secured Party may file the UCC Financing Statements in all offices and jurisdictions and in such form as it deems appropriate (including the filing of new statements and/or amendments, corrections, revisions to any existing UCC Financing Statement(s) previously filed) for the foregoing purposes.

 

 

	
10.  

	
The parties hereto have agreed that all references in the Loan Documents to “this Agreement”, shall be deemed to include the Loan Documents or modifications, amendments and supplements to such Loan Documents by this Agreement.

 

 

	
11.  

	
As partial consideration for Secured Party’s agreement to enter into the terms and conditions set forth herein and the documents and instruments contemplated hereunder and as a further condition to the effectiveness of this Master Amendment to Loan Documents, Borrower and Guarantor agree to (i) pay to Secured Party a Loan modification fee in the sum of Seventy-Five Thousand and 00/100 US Dollars ($75,000.00) no later than thirty (30) days subsequent to the date hereof, and (ii) reimburse Secured Party all fees, costs and expenses incurred in connection with the transactions contemplated hereunder including, but not limited to, Secured Party’s attorney’s fees, title search and title insurance premium/endorsement fees, filing and recording fees, costs and expenses.  All such amounts shall be due and payable in full to Secured Party no later than thirty (30) days after Secured Party’s request for reimbursement (as substantiated by reasonable documentation which may include the back-up invoice issued by the applicable third party service provider).

 

 

	
12.  

	
The Loan Documents are modified so that a default under this Master Amendment to Loan Documents (including a breach of the terms hereof or a misrepresentation by a Borrower or Guarantor hereunder) shall constitute an Event of Default under the Loan Documents and so that an Event of Default under the Loan Documents shall constitute an event of default hereunder.

 

 

	
13.  

	
Borrowers and Guarantor each represent that it is duly organized and in existence under the laws of the state of its formation and that each has the right and power and is duly authorized and empowered to enter into, execute, deliver and perform this agreement. This agreement is valid, binding upon and enforceable against Borrowers and Guarantor. Each Borrower and 

 

  

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Guarantor has taken all action required to authorize the execution, delivery and performance of this Master Amendment to Loan Documents and all other agreements, documents and instruments required hereunder and the transactions contemplated hereby.

 

	
14.  

	
Secured Party, Borrowers and Guarantor each understand and agree to the terms of this Master Amendment to Loan Documents.  If this Master Amendment to Loan Documents is made by a corporation or entity, its proper duly authorized officer(s)/representative(s) has signed this agreement and such officer(s)/representative(s) shall be deemed to have actual and apparent authority to bind each respective corporation or entity, as applicable.

 

 

	
15.  

	
This Master Amendment to Loan Documents may be executed in counterparts and a telecopy or electronically transmitted copy of this agreement delivered with partially executed signature pages for the purpose of exchanging executed counterpart signatures shall be deemed valid as an original-signature document for all purposes, including all matters of evidence and the “best evidence” rules.  All such partially executed counterparts when taken together shall constitute one complete agreement.

 

 

	
16.  

	
The terms and conditions contained in this Master Amendment to Loan Documents shall inure to the benefit of and shall be binding upon the parties hereto and their respective successors, assigns, administrators and estates.

 

 

	
17.  

	
[Intentionally Deleted].

 

 

	
18.  

	
THIS MASTER AMENDMENT TO LOAN DOCUMENTS SHALL BE DEEMED TO HAVE BEEN DELIVERED AT AND SHALL BE INTERPRETED, AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED, IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS CONFLICT OF LAW PROVISIONS. BORROWER AND GUARANTOR HEREBY IRREVOCABLY CONSENT TO PERSONAL JURISDICTION AND VENUE IN ANY STATE OR FEDERAL COURT SITTING IN THE STATE AND COUNTY OF NEW YORK , AND HEREBY WAIVE ANY CLAIM EACH BORROWER AND/OR GUARANTOR MAY HAVE THAT SUCH COURT IS AN INCONVENIENT FORUM FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS MASTER AMENDMENT TO LOAN DOCUMENTS OR ANY OF THE AGREEMENTS, DOCUMENTS, INSTRUMENTS OR TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, WHICH IS BROUGHT AGAINST ANY BORROWER AND/OR GUARANTOR, AND HEREBY FURTHER AGREE THAT ALL CLAIMS IN RESPECT OF ANY SUCH SUIT, ACTION OR PROCEEDING MAY BE HEARD OR DETERMINED IN ANY SUCH COURT. BORROWERS AND GUARANTOR FURTHER CONSENT TO THE SERVICE OF PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO ANY BORROWER AND/OR GUARANTOR AT ITS ADDRESS SET FORTH ABOVE, SUCH SERVICE TO BECOME EFFECTIVE THREE (3) DAYS AFTER SUCH MAILING.

 

 

	
19.  

	
THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING ARISING IN CONNECTION WITH, OUT OF OR OTHERWISE RELATING TO THIS MASTER AMENDMENT TO LOAN DOCUMENTS (INCLUDING THE ATTACHED EXHIBITS AND SCHEDULES AND THE TRANSACTIONS CONTEMPLATED HEREIN AND THEREIN), THE LOAN DOCUMENTS, AND ANY OTHER AGREEMENT OR DOCUMENT RELATING THERETO OR INCORPORATED HEREIN.  THE PARTIES WAIVE ANY RIGHT TO ASSERT, AND IN NO EVENT SHALL SECURED PARTY BE LIABLE (INCLUDING, WITHOUT LIMITATION, UNDER ANY THEORY OF TORT) FOR ANY SPECIAL, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT (INCLUDING THE ATTACHED EXHIBITS AND SCHEDULES AND THE TRANSACTIONS CONTEMPLATED HEREIN AND THEREIN), THE LOAN DOCUMENTS AND/OR ANY OTHER AGREEMENT OR DOCUMENT RELATING THERETO OR INCORPORATED HEREIN.

 

  

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20.  

	
The undersigned hereby each agree to and accept the above terms and conditions of this Master Amendment to Loan Documents and this Master Amendment to Loan Documents shall be effective as of the date set forth below; provided, however, that if Borrowers and/or Guarantor fail to perform and/or satisfy the terms and conditions set forth in Sections 8 and 9, above,  within the time frames provided for therein, then this Master Amendment to Loan Documents shall, at Secured Party’s option, be null and void unless Secured Party extends the time frame for the performance and satisfaction of any such term or condition pursuant to a written agreement signed by Secured Party specifically for such purpose.

 

 

	
21.  

	
Except as herein amended, all terms and conditions of the Loan Documents shall remain in full force and effect.

 

Dated:  May 2, 2014

 

  

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BORROWER:

	  

 

	
 

RT DENVER FRANCHISE, L.P.,

a Delaware limited partnership

 

Ruby Tuesday, Inc., General Partner

 

By:     /s/ Scarlett May

Name:             Scarlett May

Title:       Senior Vice President

 

RT Denver, Inc., Limited Partner

 

By:      /s/ Scarlett May

Name:              Scarlett May

Title:                Vice President

 

RT DETROIT FRANCHISE, LLC,

a Delaware limited liability company

 

 

By: /s/ Scarlett May

Name: Scarlett May

Title: Vice President

 

RT INDIANAPOLIS FRANCHISE, LLC,

a Delaware limited liability company

 

 

By: /s/ Scarlett May

Name: Scarlett May

Title: Vice President

 

RT LONG ISLAND FRANCHISE, LLC,

a Delaware limited liability company

 

 

By: /s/ Scarlett May

Name: Scarlett May

Title: Vice President

 

RT MINNEAPOLIS FRANCHISE, LLC,

a Delaware limited liability company

 

 

By: /s/ Scarlett May

Name: Scarlett May

Title: Vice President

 

RT NEW ENGLAND FRANCHISE, LLC,

a Delaware limited liability company

 

 

By: /s/ Scarlett May

Name: Scarlett May

Title: Vice President

 

 

 

 

 

	  

 

  

  

  

 

 

RT OMAHA FRANCHISE, LLC,

a Delaware limited liability company

 

  

  

By: /s/ Scarlett May

Name: Scarlett May

Title: Vice President

  

  

 

 

RT PORTLAND FRANCHISE, LLC,

a Delaware limited liability company

 

By: /s/ Scarlett May

Name: Scarlett May

Title: Vice President

 

 

  

RT ST. LOUIS FRANCHISE, LLC,

a Delaware limited liability company

 

 

By: /s/ Scarlett May

Name: Scarlett May

Title: Vice President

 

  

RT WESTERN MISSOURI FRANCHISE, LLC,

a Delaware limited liability company

 

 

By: /s/ Scarlett May

Name: Scarlett May

Title: Vice President

 

AGREED TO AND ACCEPTED BY:

 

	
GUARANTOR:

	  

RUBY TUESDAY, INC.,

a Georgia corporation

  

By: /s/ Scarlett May

Name: Scarlett May

Title: Vice President

  

  

  

SECURED PARTY:

FIRST FRANCHISE CAPITAL CORPORATION,

 an Indiana corporation

By     /s/ Alan C. Paterson

Name: Alan C. Paterson

Title:   SVP and Franchise Senior Credit Officer

 

 

 

  

  

  

SCHEDULE OF LOANS

[TO BE ATTACHED]

 

 

 

  

  

  

	
59483.000021 EMF_US 49669516v5

RUBY TUESDAY SCHEDULE OF LOANS

	
Loan

Contract 

No.

 

	
Original

Loan 

Amount

 

	
Date of

 Note

 

	
Date Paid 

Off or 

Matured

 

	
Borrower

 

	
Type of 

Note

 

	
FCCR 

Ratio

 

	
Collateral Location

 

	
007-0018793-102

	
$2,047,128.00

	
1/26/2006

	  	
RT DENVER FRANCHISE, L.P.

	
Real Property

	
1.25

	
5820 Stetson Hills Boulevard

Colorado Springs, CO  80923-3563

(El Paso County)

	
007-0018793-103

	
$  432,057.00

	
1/26/2006

	
Paid off 1/31/2012

	
RT DENVER FRANCHISE, L.P.

	
Equipment

	
1.25

	
5820 Stetson Hills Boulevard

Colorado Springs, CO 80923-3563

(El Paso County)

	
007-0018793-100

	
$1,935,620.00

	
8/5/2005

	  	
RT DENVER FRANCHISE, L.P.

	
Real Property

	
1.25

	
68th Ave. & Tower Rd.

Denver, CO

 

a/k/a

6751 Tower Road

Denver, CO  80249-6320

(Adams County)

[Per Ruby Tuesday’s website]

	
014-0018793-101

	
$  468,365.00

	
8/5/2005

	
Paid off 1/31/2012

	
RT DENVER FRANCHISE, L.P.

	
Equipment

	  	
68th Ave. & Tower Rd.

Denver, CO

 

a/k/a

6751 Tower Road

Denver, CO  80249-6320

(Adams County)

[per Ruby Tuesday’s website]

	
007-0019363-102

	
$1,392,300.00

	
4/11/2006

	
Paid off 7/25/2013

	
RT DETROIT FRANCHISE, LLC

	
Real Property

	
1.25

	
15075 Beck Road

Plymouth, MI 48170-2411

(Wayne County)

	
007-0019363-103

	
$  500,000.00

	
8/15/2006

	
Paid off 5/24/2013

	
RT DETROIT FRANCHISE, LLC

	
Equipment

	
1.20

	
15075 Beck Road

Plymouth, MI 48170

(Wayne County)

	
007-0019363-100

	
$1,093,500.00

	
8/31/2005

	  	
RT DETROIT FRANCHISE, LLC

	
Real Property

	
1.25

	
15655 Southfield Road & Quandt Avenue

Allen Park, MI  48101-2512

(Wayne County)

 

a/k/a 15655 Southfield Road, Allen Park, MI 48101-2512

	
014-0019363-101

	
$  500,000.00

	
8/31/2005

	
Paid off 1/31/2012

	
RT DETROIT FRANCHISE, LLC

	
Equipment

	
1.25

	
15655 Southfield Road & Quandt Avenue

Allen Park, MI  48101-2512

(Wayne County)

a/k/a 15655 Southfield Road, Allen Park, MI 48101-2512

	
007-0019179-102

	
$2,371,500.00

	
3/9/2007

	  	
RT INDIANAPOLIS FRANCHISE, LLC

	
Real Property

	
1.25

	
7940 US Highway 31 South

Indianapolis, IN 46227-5909

(Marion County)

	
007-0019179-103

	
$  480,000.00

	  	
Paid off 5/10/2013

	
RT INDIANAPOLIS FRANCHISE, LLC

	
Equipment

	
1.20

	
7940 US Highway 31 South

Indianapolis, IN 46227-5909

(Marion County)

	
004-0019179-101

	
$  438,596.00

	
7/8/2005

	
Paid off 1/31/2012

	
RT INDIANAPOLIS FRANCHISE, LLC

	
Equipment

	
1.25

	
9106 Wesleyan Road

Indianapolis, IN 46268-1149

(Marion County)

	
007-0019179-100

	
$1,881,931.00

	
3/30/2006

	
Paid off 1/31/2012

	
RT INDIANAPOLIS FRANCHISE, LLC

	
Real Property

	
1.25

	
9106 Wesleyan Road

Indianapolis, IN 46268-1149

(Marion County)

 

P:\DEPARTMENTS\COMMREL\First Franchise\Loans\Q - Z\Ruby Tuesday's\Final Documents\FFCC-Schedule of Loans to Ln Modif.Final 5.1.14.docx

 

  

  

  

 

	
Loan

Contract 

No.

	
Original

Loan 

Amount

	
Date of

Note

	
Date Paid 

Off or 

Matured

	
Borrower

	
Type of 

Note

	
FCCR 

Ratio

	
Collateral Location

 

	
007-0018826-100

	  	  	
Paid off

5.31.2011

	
RT LONG ISLAND FRANCHISE LLC

	
Real Property

	  	
385 Route 25A

Miller Place, NY  11764-2525

(Suffolk County)

 

[The Collateral for the Miller Place location will be excluded from the scope of FFCC’s Collateral pool]

 

 

	
014-0018826-101

	
$400,000.00

	
12/_/2004

	
Paid off

5.31.2011

	
RT LONG ISLAND FRANCHISE LLC

	
Equipment

	
1.25

	
385 Route 25A

Miller Place, NY  11764-2525

(Suffolk County)

 

[The Collateral for the Miller Place location will be excluded from the scope of FFCC’s Collateral pool]

 

 

	
007-0018826-102

	
$1,000,000.00

	
12/30/2004

	
Paid off 1/31/2012

	
RT LONG ISLAND FRANCHISE, LLC

	
Real Property

	
1.25

	
403 Commack Road

Deer Park, NY 11729-4518

(Suffolk County)

	
026-0018826-103

	
$  400,000.00

	
12/30/2004

 

	
 Matured 12/1/2011

	
RT LONG ISLAND FRANCHISE, LLC

	
Equipment

	
1.25

	
403 Commack Road

Deer Park, NY 11729-4518

(Suffolk County)

	
007-0018826-104

	
$1,870,000.00

	
4/8/2005

	  	
RT LONG ISLAND FRANCHISE, LLC

	
Real Property

	
1.25

	
5650 Sunrise Highway

Sayville, NY 11782-1009

(Suffolk County)

 

 

	
004-0018826-105

	
$  350,000.00

	
5/31/2005

	
Paid off 5/31/2011

	
RT LONG ISLAND FRANCHISE, LLC

	
Equipment

	
1.25

	
5650 Sunrise Highway/Route 27

Sayville, NY  11782-1009

(Suffolk County)

 

 

	
014-0019006-104

	
$390,218.00

	
Undated

	
Paid off

5.31.2011

	
RT MINNEAPOLIS

FRANCHISE, LLC

	
Equipment

	
1.20

	
Chaska Commons Shopping Center

Highway 41

Chaska, MN  55318

 

[The Collateral for the Chaska location will be excluded from the scope of FFCC’s Collateral pool]

 

a/k/a 320 Pioneer Trail, Chaska, MN 55318

 

 

P:\DEPARTMENTS\COMMREL\First Franchise\Loans\Q - Z\Ruby Tuesday's\Final Documents\FFCC-Schedule of Loans to Ln Modif.Final 5.1.14.docx

 

  

  

  

 

	
Loan

Contract 

No.

	
Original

Loan 

Amount

	
Date of

Note

	
Date Paid 

Off or 

Matured

	
Borrower

	
Type of 

Note

	
FCCR 

Ratio

	
Collateral Location

	
026-0019006-103

	
$  516,000.00

	
11/26/2007

	
Matured 11/25/2012

	
RT MINNEAPOLIS FRANCHISE, LLC

	
Equipment

	  	
Store #2195

234 North Garden, Mall of America

Bloomington, MN 55425-5518

(Hennepin County)

 

Store #2197

 (Hennepin County)

1975 Southdale Mall, Edina, MN 55435 (RTI site)

a/k/a

1975 Southdale Center, Edina, MN 55435 (USPS)

Store #2199

325 Rosedale Center

Roseville, MN 55113-3013

(Ramsey County)

	
004-0019006-101

	
$  421,197.35

	
3/8/2005

	
Paid off 1/31/2012

	
RT MINNEAPOLIS FRANCHISE, LLC

	
Equipment

	
1.20

	
U.S. Highway 169 and Scott County Road 83, Dean Lakes

Shakopee, MN 55379

 

a/k/a

4135 Dean Lakes Boulevard Shakopee, MN 55379

[per Ruby Tuesday’s records]

	
007-0019006-100

	
$2,003,530.00

	
3/8/2005 amended 9/30/210

	  	
RT MINNEAPOLIS FRANCHISE, LLC

	
Real Property

	
1.20

	
U.S. Highway 169 and Scott County Road 83, Dean Lakes

Shakopee, MN 55379

 

a/k/a

4135 Dean Lakes Boulevard Shakopee, MN 55379

[per Ruby Tuesday’s records]

	
007-0018714-104

	
$  987,300.00

	
9/12/2006

	  	
RT NEW ENGLAND FRANCHISE, LLC

	
Real Property

	
1.20

	
205 Civic Center Drive, The Marketplace at Augusta

Augusta, ME 04330-8033

(Kennebec County)

 

 a/k/a

58 Stephen King Drive

Augusta, ME 04330

[per Ruby Tuesday’s records]

	
007-0018714-105

	
$  439,000.00

	
9/12/2006

	
Paid off 7/1/2013

	
RT NEW ENGLAND FRANCHISE, LLC

	
Equipment

	
1.25

	
205 Civic Center Drive, The Marketplace at Augusta

Augusta, ME 04330-8033

(Kennebec County)

 

a/k/a

58 Stephen King Drive

Augusta, ME 04330

[per Ruby Tuesday’s records]

	
007-0018714-102

	
$  865,600.00

	
12/22/2005

	  	
RT NEW ENGLAND FRANCHISE, LLC

	
Real Property

	
1.20

	
649 Turner Street, Suite 1A

Auburn, ME 04210-5295

(Androscoggin County)

	
007-0018714-103

	
$  432,056.00

	
12/22/2005

	
Paid off 6/25/2013

	
RT NEW ENGLAND FRANCHISE, LLC

	
Equipment

	
1.20

	
649 Turner Street, Suite 1A

Auburn, ME 04210-8033

(Androscoggin County)

 

P:\DEPARTMENTS\COMMREL\First Franchise\Loans\Q - Z\Ruby Tuesday's\Final Documents\FFCC-Schedule of Loans to Ln Modif.Final 5.1.14.docx

 

  

  

  

 

 

	
Loan

Contract 

No.

	
Original

Loan 

Amount

	
Date of

Note

	
Date Paid 

Off or 

Matured

	
Borrower

	
Type of 

Note

	
FCCR 

Ratio

	
Collateral Location

	
007-0018714-100

	
$  885,600.00

	
5/24/2005 amended 8/30/2005

	
Paid off 7/1/2013

	
RT NEW ENGLAND FRANCHISE, LLC

	
Real Property

	
1.20

	
Biddeford, Maine

(York County)

a/k/a

515 Alfred

Biddeford, ME  04005

 

a/k/a 515 Alfred Road

Biddeford, ME 04005

 

 

a/k/a

45 Boulder Way

Biddeford, ME 04005

[per Ruby Tuesday’s records]

	
004-0018714-101

	
$  432,056.00

	
5/24/2005 amended 8/30/2005

	
Paid off 6/25/2013

	
RT NEW ENGLAND FRANCHISE, LLC

	
Equipment

	
1.20

	
Biddeford, ME(York County)

 

a/k/a

515 Alfred Street

Biddeford, ME  04005

 

a/k/a 515 Alfred Road

Biddeford, ME 04005

 

a/k/a

45 Boulder Way

Biddeford, ME 04005

[per Ruby Tuesday’s records]

	
007-0018963-106

	
$1,642,500.00

	
3/5/2007

	  	
RT OMAHA FRANCHISE, LLC

	
Real Property

	
1.20

	
2320 South Jeffers Street

North Platte, NE 69101-9696

(Lincoln County)

	
014-0018963-107

	
$  450,000.00

	
3/5/2007

	
Paid off 5/24/2013

	
RT OMAHA FRANCHISE, LLC

	
Equipment

	
1.20

	
2320 South Jeffers Street

North Platte, NE 69101-9696

(Lincoln County)

	
007-0018963-104

	
$1,896,300.00

	
1/18/2006

	  	
RT OMAHA FRANCHISE, LLC

	
Real Property

	
1.25

	
23rd Avenue at South 32nd Street

Council Bluffs, IA

(Pottawattamie County)

 

a/k/a

3150 24th Avenue

Council Bluffs IA 51501

[per Ruby Tuesday’s website]

	
026-0018963-105

	
$  426,638.84

	
1/18/2006

	  	
RT OMAHA FRANCHISE, LLC

	
Equipment

	
1.25

	
23rd Avenue at South 32nd Street

Council Bluffs, IA

(Pottawattamie County)

 

a/k/a

3150 24th Avenue

Council Bluffs IA 51501

[per Ruby Tuesday’s website]

	
004-0018963-103

	
$ 447,987.74

	
9/2/2005

	
Paid off 1/31/2012

	
RT OMAHA FRANCHISE, LLC

	
Equipment

	
1.25

	
2nd Avenue and Talmadge Road

Kearney, NE 68847

(Buffalo County)

a/k/a

108 First Avenue Place

Kearney NE 68847-7911

[per Ruby Tuesday’s website]

 

 

 

 

P:\DEPARTMENTS\COMMREL\First Franchise\Loans\Q - Z\Ruby Tuesday's\Final Documents\FFCC-Schedule of Loans to Ln Modif.Final 5.1.14.docx

 

  

  

  

 

	
Loan

Contract 

No.

	
Original

Loan 

Amount

	
Date of

Note

	
Date Paid 

Off or 

Matured

	
Borrower

	
Type of 

Note

	
FCCR 

Ratio

	
Collateral Location

	
007-0018963-102

	
$1,527,750.00

	
9/2/2005

	  	
RT OMAHA FRANCHISE, LLC

	
Real Property

	
1.25

	
2nd Avenue and Talmadge Road

Kearney, NE 68847

(Buffalo County)

a/k/a

108 First Avenue Place

Kearney NE 68847-7911

[per Ruby Tuesday’s website]

 

	
007-0018963-100

	
$1,435,500.00

	
6/21/2005

	  	
RT OMAHA FRANCHISE, LLC

	
Real Property

	
1.25

	
Eagle Run Shopping Center, U.S. 281 and West 13th

Grand Island, NE

(Hall County)

 

a/k/a

3429 West 13th Street

Grand Island NE 68803-2308

[per Ruby Tuesday’s website]

	
014-0018963-101

	
$  434,149.00

	
6/21/2005 amended 7/29/2005

	
Matured 7/1/2012

	
RT OMAHA FRANCHISE, LLC

	
Equipment

	
1.25

	
Eagle Run Shopping Center, U.S. 281 and West 13th

Grand Island, NE

(Hall County)

 

a/k/a

3429 West 13th Street

Grand Island NE 68803-2308

[per Ruby Tuesday’s website]

	
007-0022129-100

	
$  750,000.00

	
12/5/2007

	  	
RT PORTLAND FRANCHISE, LLC

	
Equipment

	  	
Store #7618

1895 NW 9th Street

Corvallis, OR 97330-2144

(Benton County)

 

Store #7623

14550 SW Murray Scholls Drive

Beaverton, OR 97007-9704 (Washington County)

	
007-0020202-102

	
$1,307,470.00

	
2/8/2007

	  	
RT ST LOUIS FRANCHISE, LLC

	
Real Property

	
1.20

	
1218 West Pearce Boulevard

Wentzville, Missouri 63385-3410

(Saint Charles County)

	
007-0020202-103

	
$468,530.00

	
2/8/2007

	
Paid off 7/1/2013

	
RT ST LOUIS FRANCHISE, LLC

	
Equipment

	
1.20

	
1218 West Pearce Boulevard

Wentzville, Missouri 63385

(Saint Charles County)

	
007-0020202-104

	
$1,062,500.00

	
11/17/2006

	  	
RT ST LOUIS FRANCHISE, LLC

	
Real Property

	
1.20

	
Cape Girardeau, Missouri

 

a/k/a

3069 State Road K

Cape Girardeau MO 63701

[Per Ruby Tuesday’s website]

 

a/k/a

3069 William Street

Cape Girardeau, MO 63703

 [per Ruby Tuesday’s records]

 

P:\DEPARTMENTS\COMMREL\First Franchise\Loans\Q - Z\Ruby Tuesday's\Final Documents\FFCC-Schedule of Loans to Ln Modif.Final 5.1.14.docx

 

  

  

  

 

 

	
Loan

Contract 

No.

	
Original

Loan 

Amount

	
Date of

Note

	
Date Paid 

Off or 

Matured

	
Borrower

	
Type of 

Note

	
FCCR 

Ratio

	
Collateral Location

	
014-0020202-105

	
$  300,000.00

	  	
Paid off 5/31/2013

	
RT ST LOUIS FRANCHISE, LLC

	
Equipment

	
1.20

	
Cape Girardeau, Missouri

 

a/k/a

3069 State Road K

Cape Girardeau MO 63701

[Per Ruby Tuesday’s website]

 

a/k/a

3069 William Street

Cape Girardeau, MO 63703

[per Ruby Tuesday’s records]

 

 

	
007-0020202-100

	
$1,377,273.00

	
8/4/2006

	  	
RT ST LOUIS FRANCHISE, LLC

	
Real Property

	
1.25

	
Highway 141 and Lambert Drury Drive

Fenton, Missouri 63026

 

a/k/a

942 Meramac Station Road

Valley Park, MO 63088

[Per Ruby Tuesday’s records]

	
026-0020202-101

	
$  482,056.00

	
8/4/2006

	
Paid off 5/31/2013

	
RT ST LOUIS FRANCHISE, LLC

	
Equipment

	
1.25

	
Highway 141 and Lambert Drury Drive

Fenton, Missouri 63026

 

a/k/a

942 Meramac Station Road

Valley Park, MO 63088

[Per Ruby Tuesday’s records]

	
007-0018907-100

	
$1,820,497.00

	
2005

	  	
RT WESTERN MISSOURI FRANCHISE, LLC

	  	
1.20

	
3310 Vandiver Drive

Columbia, MO 65202

[per Ruby Tuesday’s records]

	
004-0018907-103

	
$426,497.53

	
1/13/2006

	
Paid off 1/31/2012

	
RT WESTERN MISSOURI FRANCHISE, LLC

	
Equipment

	
1.20

	
2510 North Baltimore Street

Kirksville, MO 63501-1922

(Adair County)

	
007-0018907-102

	
$1,456,200.00

	
1/13/2006

	  	
RT WESTERN MISSOURI FRANCHISE, LLC

	
Real Property

	
1.20

	
2510 North Baltimore Street

Kirksville, MO 63501

	
014-0018907-101

	
$410,170.00

	
2/2/2005

	
Paid off 1/31/2012

	
RT WESTERN MISSOURI FRANCHISE, LLC

	
Equipment

	
1.20

	
3310 Vandiver Drive, Columbia, MO 65202[per Ruby Tuesday’s records]

	
007-0018907-106

	
$1,800,000.00

	
7/11/2007

	  	
RT WESTERN MISSOURI FRANCHISE, LLC

	
Real Property

	
1.20

	
2400 Sanders Road

Conway, Arkansas 72032

(Faulkner County)

	
007-0018907-107

	
$450,000.00

	
7/11/2007

	  	
RT WESTERN MISSOURI FRANCHISE, LLC

	
Equipment

	
1.20

	
2400 Sanders Road

Conway, Arkansas 72032

(Faulkner County)

	
007-0018907-104

	
$1,801,115.00

	
2/16/2007

	  	
RT WESTERN MISSOURI FRANCHISE, LLC

	
Real Property

	
1.20

	
State Route 60 and Old Towne Avenue

Republic, MO

(Greene County)

 

a/k/a

900 N Old Towne Ave.

Republic, MO 65738-9401

[Per Ruby Tuesday’s website]

a/k/a

900 W Old Towne Road, Republic, MO 65738

 

 

 

P:\DEPARTMENTS\COMMREL\First Franchise\Loans\Q - Z\Ruby Tuesday's\Final Documents\FFCC-Schedule of Loans to Ln Modif.Final 5.1.14.docx

 

  

  

  

 

	
Loan

Contract 

No.

	
Original

Loan 

Amount

	
Date of

Note

	
Date Paid 

Off or 

Matured

	
Borrower

	
Type of 

Note

	
FCCR 

Ratio

	
Collateral Location

	
026-0018907-105

	
$411,011.00

	
Undated

	
Paid off 1/31/2012

	
RT WESTERN MISSOURI FRANCHISE, LLC

	
Equipment

	
1.20

	
State Route 60 and Old Towne Avenue, Republic, MO 65738

(Greene County)

 

a/k/a

900 N Old Towne Ave.

Republic, MO 65738-9401

[Per Ruby Tuesday’s website]

 

a/k/a

900 W Old Towne Road, Republic, MO 65738

 

	
007-0018907-108

	
$1,131,942.00

	
7/3/2008

	  	
RT WESTERN MISSOURI FRANCHISE, LLC

	
Real Property

	
1.20

	
SWC US Highway 160 and US Highway 63, Preacher Roe Boulevard

West Plains, MO 65775

 

a/k/a

1008 Worley Drive, West Plains, MO 65775

[per Ruby Tuesday’s records]

	
007-0018907-109

	
$459,000.00

	
2/5/2008

	
Paid off 5/10/2013

	
RT WESTERN MISSOURI FRANCHISE, LLC

	
Equipment

	
1.20

	
SWC US Highway 160 and US Highway 63, Preacher Roe Boulevard

West Plains, MO 65775

 

a/k/a

1008 Worley Drive, West Plains, MO 65775

[Per Ruby Tuesday’s records]

 

For purposes hereof, the term “Matured” means that the respective loan was paid in full over the designated loan term.

 

For purposes hereof, the term “Paid off” means that the respective loan was paid in full prior to its stated maturity date.

 

P:\DEPARTMENTS\COMMREL\First Franchise\Loans\Q - Z\Ruby Tuesday's\Final Documents\FFCC-Schedule of Loans to Ln Modif.Final 5.1.14.docx

 

  

  

  

SUPPLEMENTAL SCHEDULE A TO EQUIPMENT NOTE

Supplemental Schedule A to Each Secured Promissory Note

Bearing the Loan Contract Note No. set forth on the attached

Schedule of Loans Dated as of the Date set forth on the attached Schedule of Loans

between

FIRST FRANCHISE CAPITAL CORPORATION (f/k/a Irwin Franchise Capital Corporation), as Holder

and

each respective Borrower entity set forth on the attached Schedule of Loans, as Maker

(a) the personal property of Maker set forth in any Schedule to the Note (the “Equipment”), together with all accessories, attachments and accessions now or hereafter affixed thereto and all substitutions and replacements of, and proceeds of the foregoing, plus any and all chattel paper, accounts, contract rights and general intangibles arising from the sale, lease or other disposition thereof, including but not limited to insurance proceeds and general intangibles;

(b)  any cash or cash equivalents held by Holder on Maker’s behalf, including, without limitation, any refunds, security deposits or undisbursed advances or proceeds arising in connection with any loan or equipment lease (whether given hereunder or otherwise);

(c)  all property, tangible or intangible, in which Holder has or may acquire hereafter a security interest;

(d)  a first priority Mortgage upon the Property (as defined in the Loan Documents); and

(e)  all of Maker’s present and future accounts, documents, general intangibles, and other personal property, whether now owned or hereafter acquired and wherever located; provided Holder acknowledges that  other lenders may hold security interests in other Ruby Tuesday locations owned by Borrower (i.e. locations other than those identified on the attached Schedule of Loans)  and (i) no such other lenders hold or will  hold any security interests in any of the Holder’s Collateral (as defined in the Loan Documents), and (ii) any security interests of Holder in such other locations (i.e. locations other than those identified on the attached Schedule of Loans) are subordinate to the security interests of such other lenders.

 

  

  

  

SCHEDULE “A”

[REPLACEMENT MINIMUM BORROWER FCCR THRESHOLDS]

 

 

	
Compliance Period:

	
Replacement Minimum Borrower FCCR Threshold:

	
2nd Quarter 2014

[Secured Party and Borrowers mutually agree that Secured Party will not test the

Minimum Borrower FCCR Threshold as of

2nd Quarter 2014 due to the parties working together to finalize the terms of this

Master Amendment to Loan Documents]

	
 

N/A

	
 

3rd Quarter 2014

 

	
 

1.10x

	
 

4th Quarter 2014

 

	
 

1.05x

	
 

1st Quarter 2015

 

	
 

1.05x

	
 

2nd Quarter 2015

 

	
 

1.10x

	
 

3rd Quarter 2015

 

	
 

1.10x

	
 

4th Quarter 2015

 

	
 

1.20x

	
 

1st Quarter 2016

 

	
 

1.20x

	
 

2nd Quarter 2016

 

	
 

1.25x

	
 

3rd Quarter 2016

 

	
 

1.25x

	
 

4th Quarter 2016

 

	
 

1.30x

	
 

1st Quarter 2017

 

	
 

1.30x

	
 

2nd Quarter 2017

 

	
 

1.30x

	
 

3rd Quarter 2017

 

	
 

1.30x

	
 

4th Quarter 2017

 

	
 

1.30x

	
 

Thereafter

 

	
 

1.30x

  

  

  

EXHIBIT “A”

[INTERNAL REORGANIZATION]

Effective as of February 2, 2011, the ownership interests of RT Denver Franchise, LP is as follows:

	
·  

	
Ruby Tuesday, Inc.                                           99.9%,

	
·  

	
RT Denver, Inc.           0.1%, which is 100% owned by Ruby Tuesday, Inc.  RT Denver, Inc. is managed by its Board of Directors.  The Board of Directors is comprised of officers of Ruby Tuesday, Inc.

Effective as of June 26, 2009, the ownership interests of RT Detroit Franchise, LLC is as follows:

	
·  

	
RT Franchise Acquisition, LLC                       100%, which is 100% owned by RTBD, Inc. and RTBD, Inc. is 100% owned by Ruby Tuesday, Inc.  Employees of Ruby Tuesday, Inc. control a majority of the Board of Directors of RTBD, Inc., but only one of the employees is an officer of Ruby Tuesday, Inc.

Effective as of February 2, 2011, the ownership interests of RT Indianapolis Franchise, LLC is as follows:

	
·  

	
RT One Percent Holdings, Inc.                         99%, which is 100% owned by Ruby Tuesday, Inc.  RT One Percent Holdings, Inc. is managed by its Board of Directors.  The Board of Directors is comprised of officers of Ruby Tuesday, Inc.

	
·  

	
RT One Percent Holdings, LLC                        1%, which is 100% owned by Ruby Tuesday, Inc.  RT One Percent Holdings, LLC is managed by its Board of Managers.  The Board of Managers is comprised of officers of Ruby Tuesday, Inc.

Effective as of August 4, 2010, the ownership interests of RT Long Island Franchise, LLC is as follows:

	
·  

	
Ruby Tuesday, Inc.                                           100%

Effective as of May 4, 2011, the ownership interests of RT Minneapolis Franchise, LLC is as follows:

	
·  

	
Ruby Tuesday, Inc.                                           50%

	
·  

	
RT Minneapolis Holdings, LLC                      50%, which is 100% owned by RTBD, Inc. and RTBD, Inc. is 100% owned by Ruby Tuesday, Inc.  Employees of Ruby Tuesday, Inc. control a majority of the Board of Directors of RTBD, Inc., but only one of the employees is an officer of Ruby Tuesday, Inc.

Effective as of August 4, 2010, the ownership interests of RT New England Franchise, LLC is as follows:

	
·  

	
Ruby Tuesday, Inc.                                           100%

Effective as of February 2, 2011, the ownership interests of RT Omaha Franchise, LLC is as follows:

	
·  

	
Ruby Tuesday, Inc.                                            50%

	
·  

	
RT Omaha Holdings, LLC                                 50%, which is 100% owned by RTBD, Inc. and RTBD, Inc. is 100% owned by Ruby Tuesday, Inc.  Employees of Ruby Tuesday, Inc. control a majority of the Board of Directors of RTBD, Inc., but only one of the employees is an officer of Ruby Tuesday, Inc.

Effective as of February 2, 2011, the ownership interests of RT Portland Franchise, LLC is as follows:

	
·  

	
RT One Percent Holdings, Inc.                         99%, which is 100% owned by Ruby Tuesday, Inc.  RT One Percent Holdings, Inc. is managed by its Board of Directors.  The Board of Directors is comprised of officers of Ruby Tuesday, Inc.

	
·  

	
Ruby Tuesday, Inc.                                             1%

 

 

  

  

  

Effective as of February 2, 2011, the ownership interests of RT St. Louis Franchise, LLC is as follows:

	
·  

	
RT One Percent Holdings, Inc                           50%, which is 100% owned by Ruby Tuesday, Inc.  RT One Percent Holdings, Inc. is managed by its Board of Directors.  The Board of Directors is comprised of officers of Ruby Tuesday, Inc.

	
·  

	
RT One Percent Holdings, LLC                       50%, which is 100% owned by Ruby Tuesday, Inc.  RT One Percent Holdings, LLC is managed by its Board of Managers.  The Board of Managers is comprised of officers of Ruby Tuesday, Inc.

Effective as of February 2, 2011, the ownership interests of RT Western Missouri Franchise, LLC is as follows:

	
·  

	
RT One Percent Holdings, Inc.                          50%, which is 100% owned by Ruby Tuesday, Inc.  RT One Percent Holdings, Inc. is managed by its Board of Directors.  The Board of Directors is comprised of officers of Ruby Tuesday, Inc.

	
·  

	
RT One Percent Holdings, LLC                       50%, which is 100% owned by Ruby Tuesday, Inc.  RT One Percent Holdings, LLC is managed by its Board of Managers.  The Board of Managers is comprised of officers of Ruby Tuesday, Inc.

  

  

  

EXHIBIT “B”

[EXISTING GUARANTEES]

	
1.  

	
The Borrowers are party to that certain Indenture dated as of May 14, 2012 (the “Indenture”), among Wells Fargo Bank, National Association, as Trustee, Ruby Tuesday, Inc., as the Company, RTBD, Inc., RT Finance, Inc., Ruby Tuesday GC Cards, Inc., RT Tampa Franchise, L.P., RT Orlando Franchise, L.P., RT South Florida Franchise, L.P., RT New York Franchise, LLC, RT Southwest Franchise, LLC, RT Michiana Franchise, LLC, RT Franchise Acquisition, LLC, RT Kentucky Restaurant Holdings, LLC, RT Florida Equity, LLC, RTGC, LLC, RT Detroit Franchise, LLC, RT Michigan Franchise, LLC, RT West Palm Beach Franchise, L.P., RT New England Franchise, LLC, RT Long Island Franchise, LLC, Ruby Tuesday, LLC, RT Las Vegas Franchise, LLC, RT Minneapolis Franchise, LLC, RT Indianapolis Franchise, LLC, RT Denver Franchise, L.P., RT Omaha Franchise, LLC, RT KCMO Franchise, LLC, RT Portland Franchise, LLC, RT St. Louis Franchise, LLC, RT Western Missouri Franchise, LLC, Quality Outdoor Services, Inc., RT Airport, Inc., RT Louisville Franchise, LLC, RT McGhee-Tyson, LLC, RT One Percent Holdings, Inc., RT One Percent Holdings, LLC, RT Minneapolis Holdings, LLC, RT Omaha Holdings, LLC, RT Denver, Inc., RT Louisville, Inc., RT Orlando, Inc., RT South Florida, Inc., RT Tampa, Inc., RT West Palm Beach, Inc., RT New Hampshire Restaurant Holdings, LLC, RT Restaurant Services, LLC, RT Northern California Franchise, LLC, RTTA, LP, Work Hay 2, LLC, RT Distributing, LLC, RT O’Toole, LLC, RT Smith, LLC, RT Millington, LLC, 4721 RT of Pennsylvania, Inc., RTTT, LLC, RTT Texas, Inc., RT Jonesboro Club, RT Arkansas Club, Inc., Ruby Tuesday of Russellville, Inc., Ruby Tuesday of Conway, Inc., RT KCMO Kansas, Inc. and Ruby Tuesday of Bryant, Inc., as Guarantors and the other Guarantors party thereto from time to time pursuant to a Supplement to the Indenture.

	
2.  

	
The Borrowers are party to that certain Revolving Credit Agreement dated as of December 3, 2013 (the “Credit Agreement”), among Ruby Tuesday, Inc., as Borrower, the lenders from time to time party thereto (the “Revolving Credit Lenders”), Bank of America, N.A., in its capacity as administrative agent for the Revolving Credit Lenders and as issuing bank, and RTBD, Inc., RT Finance, Inc., Ruby Tuesday GC Cards, Inc., RT Tampa Franchise, L.P., RT Orlando Franchise, L.P., RT South Florida Franchise, L.P., RT New York Franchise, LLC, RT Southwest Franchise, LLC, RT Michiana Franchise, LLC, RT Franchise Acquisition, LLC, RT Kentucky Restaurant Holdings, LLC, RT Florida Equity, LLC, RTGC, LLC, RT Detroit Franchise, LLC, RT Michigan Franchise, LLC, RT West Palm Beach Franchise, L.P., RT New England Franchise, LLC, RT Long Island Franchise, LLC, Ruby Tuesday, LLC, RT Las Vegas Franchise, LLC, RT Minneapolis Franchise, LLC, RT Indianapolis Franchise, LLC, RT Denver Franchise, L.P., RT Omaha Franchise, LLC, RT KCMO Franchise, LLC, RT Portland Franchise, LLC, RT St. Louis Franchise, LLC, RT Western Missouri Franchise, LLC, Quality Outdoor Services, Inc., RT Airport, Inc., RT Louisville Franchise, LLC, RT McGhee-Tyson, LLC, RT One Percent Holdings, Inc., RT One Percent Holdings, LLC, RT Minneapolis Holdings, LLC, RT Omaha Holdings, LLC, RT Denver, Inc., RT Louisville, Inc., RT Orlando, Inc., RT South Florida, Inc., RT Tampa, Inc., RT West Palm Beach, Inc., RT New Hampshire Restaurant Holdings, LLC, RT Restaurant Services, LLC, RT Northern California Franchise, LLC, RTTA, LP, Work Hay 2, LLC, RT Distributing, LLC, RT O’Toole, LLC, RT Smith, LLC, RT Millington, LLC, 4721 RT of Pennsylvania, Inc., RTTT, LLC, RTT Texas, Inc., RT Jonesboro Club, RT Arkansas Club, Inc., Ruby Tuesday of Russellville, Inc., Ruby Tuesday of Conway, Inc., RT KCMO Kansas, Inc. and Ruby Tuesday of Bryant, Inc., as Guarantors, and the other Guarantors party thereto from time to time pursuant to a Joinder Agreement to the Credit Agreement.

 

  

  

  

[FORM OF CROSS-COLLATERAL AND CROSS-DEFAULT AGREEMENT]

 

CROSS-COLLATERAL / CROSS-DEFAULT AGREEMENT

 

AGREEMENT made this 2nd day of May, 2014 by and between FIRST FRANCHISE CAPITAL CORPORATION, an Indiana corporation, with an office at One Maynard Drive, Suite 2104, Park Ridge, NJ 07656 formerly known as IRWIN FRANCHISE CAPITAL CORPORATION (“FFCC”) and RT DENVER FRANCHISE, L.P., a Delaware limited partnership (“RT Denver”), RT DETROIT FRANCHISE, LLC, a Delaware limited liability company (“RT Detroit”), RT INDIANAPOLIS FRANCHISE, LLC, a Delaware limited liability company (“RT Indianapolis”), RT LONG ISLAND FRANCHISE, LLC, a Delaware limited liability company (“RT Long Island”), RT MINNEAPOLIS FRANCHISE, LLC, a Delaware limited liability company (“RT Minneapolis”), RT NEW ENGLAND FRANCHISE, LLC, a Delaware limited liability company (“RT New England”), RT OMAHA FRANCHISE, LLC, a Delaware limited liability company (“RT Omaha”), RT PORTLAND FRANCHISE, LLC, a Delaware limited liability company (“RT Portland”), RT ST. LOUIS FRANCHISE, LLC, a Delaware limited liability company (“RT ST. Louis”), RT WESTERN MISSOURI FRANCHISE, LLC, a Delaware limited liability company (“RT Western Missouri”), RUBY TUESDAY, INC., a Georgia corporation (“RTI”, together with RT Denver, RT Detroit, RT Indianapolis, RT Long Island, RT Minneapolis, RT New England, RT Omaha, RT Portland, RT St. Louis, and RT Western Missouri, individually, the “Obligor”, collectively, the “Obligors”), each having an address of 150 West Church Avenue, Maryville, Tennessee 37801.

 

WITNESSETH

 

WHEREAS, FFCC and Obligors are parties to one or more conditional sale contracts, lease agreements, chattel mortgages, security agreements, notes, mortgages, and other documents or instruments (hereinafter collectively "Contracts") covering and encumbering certain real estate, furniture, fixtures and/or equipment now or hereafter situated at the locations more particularly described on the Schedule of Loans attached to the Master Amendment as more particularly described in the Loan Documents (as defined below) (hereinafter collectively "Collateral") which FFCC may own or in which FFCC may have a security interest.

 

WHEREFORE, for good and valuable consideration, the receipt of which Obligors hereby acknowledge, it is agreed as follows:

 

	
1.  

	
All presently existing and hereafter acquired Collateral in which FFCC has or shall have an ownership and/or security interest shall secure the payment and performance of all of Obligors’ liabilities and obligations to FFCC of every kind and character whether joint or several, direct or indirect, absolute or contingent, due or to become due, and whether under presently existing or hereafter created Contracts or agreements, or otherwise (herein individually and collectively designated "Obligations"). In this regard, Obligors hereby give, grant, bargain, sell, convey and confirm unto FFCC the Collateral for purposes of securing the Obligations.  For this purpose, the Obligors hereby reaffirm and remake as of this date all terms, covenants and conditions set forth in the Contracts, including the loan documents, instruments and agreements that evidence, secure and/or guarantee the outstanding indebtedness of the Obligations as modified by that certain Master Amendment to Loan Documents dated May 2, 2014 (“Master Amendment”) for the Secured Promissory Notes bearing the Loan Contract Nos. set forth on the Schedule of Loans attached to the Master Amendment (also sometimes collectively referred to herein as the “Loan Documents”).

 

	
2.  

	
Obligors further agree that FFCC’s security interest in the Collateral now owned or hereafter acquired by any Obligor with respect to the Obligations shall not be terminated in whole or in part until and unless all Obligations owed by all the Obligors to FFCC arising under the Loans identified in the attached Schedule of Loans (including the documents, instruments and agreements evidencing, securing and guaranteeing such Obligations) are fully paid and satisfied and performed by Obligors.  It is further agreed that FFCC is to retain its security interest in all Collateral now owned or hereafter acquired by Obligors relating to the Obligations, as security for payment and performance under each such Obligation, notwithstanding the fact that one or more of such Obligations may become fully paid.

 

 

  

  

  

 

	
3.  

	
An uncured default (beyond the expiration of all applicable notice and cure periods, if any), under any Obligation or other agreement between Obligors and FFCC shall be deemed to be a default under all other Obligations and agreements.  An uncured default (beyond the expiration of all applicable notice and cure periods, if any), shall (a) result if Obligor breaches any of the terms and conditions as set forth in any of the Loan Documents and Obligor fails to cure such breach within the applicable notice and cure period, if any, set forth therein, and (b) shall include, but not be limited to, subject, in each case, to the applicable notice and cure periods set forth in the applicable Loan Documents, (i) any Obligor’s failure to pay any sum when due on any Contract or agreement, (ii) if any Obligor becomes insolvent, (iii) if any Obligor ceases to do business as a going concern, (iv) if any Obligor makes an assignment for the benefit of creditors, (v) if a voluntary or involuntary bankruptcy (or similar proceeding) is filed by or against any Obligor, (vi) if a petition for a receiver in bankruptcy is filed by or against any Obligor, (vii) any of Obligors’ property is seized, attached or levied upon, or (viii) the occurrence of any other default event or condition set forth in any of the Contracts or agreements.  Upon an uncured default by any Obligor beyond the expiration of any applicable grace and cure periods, any or all Obligations and agreements shall, at FFCC’s option, become immediately due and payable without notice or demand to Obligor or any other party obligated thereon, and FFCC may exercise any and all rights and remedies of a secured party under the Uniform Commercial Code as enacted in the applicable jurisdiction(s) and as otherwise granted or accorded to FFCC under any Obligations, other agreement, rule of law, judicial decision or statute.  Each Obligor hereby waives, to the maximum extent permitted by law, notices of default (except with respect to applicable notice and cure periods expressly provided for in the Loan Documents), notices of repossession and sale or other disposition of Collateral, and all other notices, and in the event any such notice cannot be waived, each Obligor agrees that if such notice is mailed to them postage prepaid at the address shown above at least ten (10) days prior to the exercise by FFCC of any of FFCC’s rights or remedies, such notice shall be deemed to be reasonable and shall fully satisfy any requirement for giving notice.

 

	
4.  

	
All rights and remedies granted to FFCC hereunder shall be cumulative and not alternative, shall be in addition to and shall in no manner impair or affect FFCC’s rights and remedies under any existing Obligation, agreement, statute, judicial decision or rule of law.

 

	
5.  

	
This Agreement is intended to create cross-default and cross-security between and among all Obligations now owned by FFCC.

 

 

	
6.  

	
This Agreement may not be varied or altered nor its provisions waived except by FFCC’s duly executed written agreement.  This Agreement shall inure to the benefit of FFCC, its successors and assigns and shall be binding upon each Obligor and each Obligors’ heirs, administrators, executors, legal representatives, successors and assigns.

 

 

	
7.  

	
This Agreement may be executed in counterparts and a telecopy or electronically transmitted copy of this agreement delivered with partially executed signature pages for the purpose of exchanging executed counterpart signatures shall be deemed valid as an original-signature document for all purposes, including all matters of evidence and the “best evidence” rules.  All such partially executed counterparts when taken together shall constitute one complete agreement.

 

 

	
8.  

	
THIS AGREEMENT SHALL BE DEEMED TO HAVE BEEN DELIVERED AT AND SHALL BE INTERPRETED, AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED, IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS CONFLICT OF LAW PROVISIONS.

 

 

[Remainder of page intentionally blank]

 

 

  

  

  

 

IN WITNESS WHEREOF, the Obligors and FFCC hereto have executed this Agreement effective as of the day and year first above written.

 

	
LENDER:

 

FIRST FRANCHISE CAPITAL CORPORATION,  an Indiana corporation f/k/a

Irwin Franchise Capital Corporation

 

 

By /s/ Alan C. Paterson

Name: Alan C. Paterson

Title: SVP and Franchise Senior Credit Officer

	
OBLIGORS:

 

RT DENVER FRANCHISE, L.P.,

a Delaware limited partnership

 

Ruby Tuesday, Inc., General Partner

 

By: /s/ Scarlett May

Name:    Scarlett May

Title:          Senior Vice President

 

 

RT Denver, Inc., Limited Partner

 

By: /s/ Scarlett May

Name:         Scarlett May

Title:           Vice President

 

RT DETROIT FRANCHISE, LLC,

a Delaware limited liability company

 

By: /s/ Scarlett May

Name: Scarlett May

Title: Vice President

 

RT INDIANAPOLIS FRANCHISE, LLC,

a Delaware limited liability company

 

By: /s/ Scarlett May

Name: Scarlett May

Title: Vice President

 

 

RT LONG ISLAND FRANCHISE, LLC,

a Delaware limited liability company

 

By: /s/ Scarlett May

Name: Scarlett May

Title: Vice President

 

RT MINNEAPOLIS FRANCHISE, LLC,

a Delaware limited liability company

 

By: /s/ Scarlett May

Name: Scarlett May

Title: Vice President

 

 

 

 

  

  

  

	
 

	

  

RT NEW ENGLAND FRANCHISE, LLC,

a Delaware limited liability company

 

By: /s/ Scarlett May

Name: Scarlett May

Title: Vice President

 

RT OMAHA FRANCHISE, LLC,

a Delaware limited liability company

 

By: /s/ Scarlett May

Name: Scarlett May

Title: Vice President

 

RT PORTLAND FRANCHISE, LLC,

a Delaware limited liability company

 

By: /s/ Scarlett May

Name: Scarlett May

Title: Vice President

 

RT ST. LOUIS FRANCHISE, LLC,

a Delaware limited liability company

 

By: /s/ Scarlett May

Name: Scarlett May

Title: Vice President

 

RT WESTERN MISSOURI FRANCHISE, LLC,

a Delaware limited liability company

 

By: /s/ Scarlett May

Name: Scarlett May

Title: Vice President

 

RUBY TUESDAY, INC.,

a Georgia corporation

 

By: /s/ Scarlett May

Name: Scarlett May

Title: Senior Vice President,

Chief Legal Officer and SecretaryYour Internet Defender Inc. 8-K

 

Exhibit 10.1

 

Your
internet defender inc. 

2014
Stock Award Plan 

1.                              
Purpose. The purpose of the Your Internet Defender Inc. 2014 Stock Award Plan
is to provide a means through which the Company and its Affiliates may attract and retain key personnel and to provide a means
whereby current and prospective directors, officers, employees, consultants and advisors of the Company and its Affiliates can
acquire and maintain an equity interest in the Company, or be paid incentive compensation, which may (but need not) be measured
by reference to the value of Common Stock, thereby strengthening their commitment to the welfare of the Company and its Affiliates
and aligning their interests with those of the Company’s stockholders. 

2.                              
Definitions. The following definitions shall be applicable throughout the Plan:

(a)                
“Affiliate” “means with respect to any Person, any other Person
(other than an individual) that controls, is controlled by, or is under common control with such Person. The term “control,”
as used in this Plan, means the power to direct or cause the direction of the management and policies of such Person, directly
or indirectly, whether through the ownership of voting securities, by contract or otherwise. “Controlled” and
“controlling” have meanings correlative to the foregoing. 

(b)                
“Award” means, individually or collectively, any Incentive Stock
Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Stock Bonus Award, Dividend
Equivalent, and Performance Compensation Award granted under the Plan.

(c)               “Award Agreement” means any agreement or other instrument (whether
in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract
with the Company)) setting forth the terms of an Award that has been duly authorized and approved by the Committee.

(c)                
“Board” means the Board of Directors of the Company.

(d)                
“Cause” means, in the case of a particular Award, unless the applicable
Award Agreement states otherwise, (i) the Company or one of its Affiliates having “cause” to terminate a Participant’s
employment or service, as defined in any employment or consulting agreement between the Participant and the Company or one of its
Affiliates in effect at the time of such termination or (ii) in the absence of any such employment or consulting agreement
(or the absence of any definition of “cause” contained therein), (A) the Participant’s engagement in misconduct
that is materially injurious to the Company or its Affiliates, (B) the Participant’s continued failure to substantially
perform duties as reasonably directed by the Company or the Participant’s material violation of any material rule, regulation,
policy or plan for the conduct of any service provider to the Company or its Affiliates or its or their business, (C) the Participant’s
repeated dishonesty in the performance of his duties to the Company or its Affiliates, or (D) the Participant’s commission
of any act or acts constituting any (x) fraud against, or misappropriation or embezzlement from the Company or any of its Affiliates,
(y) felony or any other crime involving moral turpitude, or (z) offense that could result in jail sentence of at least 30 days.
Any determination of whether Cause exists shall be made by the Committee in its sole discretion.

    	

    	 

    

(e)                
“Change in Control” means the occurrence, in a single transaction
or in a series of related transactions, of any one or more of the following events: 

(i)                  
the sale or other disposition, in one or a series of related transactions, of all or substantially
all of the assets of the Company to any “person” or “group” (as such terms are used for purposes of Sections
13(d)(3) and 14(d)(2) of the Exchange Act) other than to an Affiliate;

(ii)                
any person or group is or becomes the “beneficial owner” (as such term is used
for purposes of Rule 13d-3 and Rule 13d-5 under the Exchange Act), directly or indirectly, of more than fifty percent (50%) of
the total voting power of the Company’s then outstanding voting securities, including by way of merger, consolidation or
otherwise; provided, however that a Change in Control shall not be deemed to occur by reason of an acquisition of the Company’s
voting securities by the Company or by an employee benefit plan (or a trust forming a part thereof) maintained by the Company.

(iii)               
during any period of twenty-four (24) months, individuals who, at the beginning of such period,
constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the
Board, provided, that any person becoming a director subsequent to the date hereof, whose election or nomination for election
was approved by a vote of at least two-thirds (2/3) of the Incumbent Directors then on the Board (either by a specific vote or
by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection
to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated
as a director of the Company as a result of an actual or threatened election contest, as such terms are used in Rule 14a-12 of
Regulation 14A promulgated under the Exchange Act, with respect to directors or as a result of any other actual or threatened solicitation
of proxies or consents by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director.

In addition,
if a Change in Control constitutes a payment event with respect to any Award which provides for the deferral of compensation and
is subject to Section 409A of the Code, the transaction or event described in subsection (i), (ii), or (iii) with respect to such
Award must also constitute a “change in control event,” as defined in Treasury Regulation §1.409A-3(i)(5) to the
extent required by Section 409A of the Code. The Committee shall have full and final authority, which shall be exercised in its
sole discretion, to determine conclusively whether a Change in Control has occurred pursuant to the above definition, and the date
of the occurrence of such Change in Control and any incidental matters relating thereto.

(f)                 
“Code” means the Internal Revenue Code of 1986, as amended, and
any successor thereto. Reference in the Plan to any section of the Code shall be deemed to include any regulations or other interpretative
guidance under such section, and any amendments or successor provisions to such section, regulations or guidance. 

    	2

    	 

    

(g)                
“Committee” means the Compensation Committee of the Board or subcommittee
thereof as may be appointed pursuant to Section 4(a), or such other committee of the Board consisting of at least two people as
the Board may appoint to administer the Plan, or, if no such committee has been appointed by the Board, the Board.

(h)                
“Common Stock” means the common stock, par value $0.0001 per share,
of the Company (and any stock or other securities into which such common stock may be converted or into which it may be exchanged).

(i)                  
“Company” means Your Internet Defender Inc., a Nevada corporation,
and any successor thereto.

(j)                 
“Corindus Shares” has the meaning given such term in Section 5(f).

(k)                
“Date of Grant” means the date on which the granting of an Award
is authorized, or such other date as may be specified in such authorization.

(l)                  
“Disability” means, in the case of a particular Award, unless the
applicable Award Agreement states otherwise, (i) the Company or one of its Affiliates having cause to terminate a Participant’s
employment or service on account of “disability,” as defined in any employment or consulting agreement between the
Participant and the Company or one of its Affiliates in effect at the time of such termination, or (ii) in the absence of any such
employment or consulting agreement, the complete and permanent inability by reason of illness or accident to perform in all material
respects his or her duties and responsibilities to the Company and its Affiliates. Any determination of whether Disability exists
shall be made by the Committee in its sole discretion.

(m)              
“Dividend Equivalent” shall mean a right to receive the equivalent
value (in cash or Common Stock) of dividends paid on Common Stock, awarded under Section 10(b) of the Plan.

(n)                
“Effective Date” means the date on which the Plan is first approved
by the stockholders of the Company.

(o)                
“Eligible Director” means a person who is (i) a “non-employee
director” within the meaning of Rule 16b-3 under the Exchange Act, and (ii) an “outside director” within
the meaning of Section 162(m) of the Code. 

(p)                
“Eligible Person” means any (i) individual employed by the
Company or any of its Affiliates; (ii) director of the Company or any of its Affiliates; (iii) consultant or advisor
to the Company or any of its Affiliates who may be offered securities registrable on Form S-8 under the Securities Act or pursuant
to Rule 701 of the Securities Act, or any other available exemption, as applicable; or (iv) prospective employees, directors,
officers, consultants or advisors who have accepted offers of employment or consultancy from the Company or its Affiliates (and
would satisfy the provisions of clauses (i) through (iii) above once such person begins employment with or providing
services to the Company or its Affiliates). 

    	3

    	 

    

(q)                
“Exchange Act” means the Securities Exchange Act of 1934, as amended,
and any successor thereto. Any reference in the Plan to any section of (or rule promulgated under) the Exchange Act shall be deemed
to include any rules, regulations or other interpretative guidance under such section or rule, and any amendments or successor
provisions to such section, rules, regulations or guidance.

(r)                 
“Exchange Ratio” has the meaning given such term in the Securities
Agreement. 

(s)                 
“Exercise Price” has the meaning given such term in Section 7(b)
of the Plan. 

(t)                 
“Fair Market Value” means, as of any date, the value of a share
of Common Stock as determined by the Committee, in its discretion, subject to the following:

(i)                  
If, on such date, Common Stock is listed on one or more established U.S. national or regional
securities exchanges, the Fair Market Value of a share shall be the closing price of a share of Common Stock as quoted on such
exchange constituting the primary market for the shares, as reported in The Wall Street Journal or such other source as the Company
deems reliable (or, if no such closing price is reported, the closing price on the last preceding date on which such price of Common
Stock is so reported).

(ii)                
Notwithstanding clause (i) above, the Committee may, in its discretion, determine the Fair
Market Value of a share of Common Stock on the basis of the opening, closing, or average of the high and low sale prices of a share
of Common Stock on such date or the preceding trading day, the actual sale price of a Share, any other reasonable basis using actual
transactions involving shares of Common Stock as reported on an established U.S. national or regional securities exchange, or on
any other basis consistent with the requirements of Section 409A of the Code. 

(iii)               
The Committee may vary its method of determining Fair Market Value as provided in this Section
for purposes of different provisions under the Plan. The Committee may delegate its authority to establish Fair Market Value for
purposes of determining whether sufficient consideration has been paid to exercise Options or SARs or for purposes of any other
transactions involving outstanding Awards.

(u)                
“Immediate Family Members” shall have the meaning set forth in Section 15(b)
of the Plan. 

(v)                
“Incentive Stock Option” means an Option that is designated by the
Committee as an incentive stock option as described in Section 422 of the Code and otherwise meets the requirements set forth
in the Plan. 

(w)               
“Indemnifiable Person” shall have the meaning set forth in Section 4(e)
of the Plan.

    	4

    	 

    

(x)                
“Initial Public Offering” means the consummation of the initial
public offering of equity interests in the Company, or any of its direct or indirect parent companies, which offering is registered
under the Securities Act.

(y)                
 “Negative Discretion” shall mean the discretion authorized by the
Plan to be applied by the Committee to eliminate or reduce the size of a Performance Compensation Award consistent with Section 162(m)
of the Code. 

(z)                
“Nonqualified Stock Option” means an Option that is not designated
by the Committee as an Incentive Stock Option. 

(aa)            
“Option” means an Award granted under Section 7 of the Plan.

(bb)            
“Option Period” has the meaning given such term in Section 7(c)
of the Plan. 

(cc)             
 “Participant” means an Eligible Person who has been selected by
the Committee to participate in the Plan and to receive an Award pursuant to Section 6 of the Plan. 

(dd)            
“Performance Compensation Award” shall mean any Award designated
by the Committee as a Performance Compensation Award pursuant to Section 11 of the Plan. 

(ee)             
“Performance Criteria” shall mean the criterion or criteria that
the Committee shall select for purposes of establishing the Performance Goal(s) for a Performance Period with respect to any Performance
Compensation Award under the Plan. 

(ff)              
“Performance Formula” shall mean, for a Performance Period, the
one or more objective formulae applied against the relevant Performance Goal to determine, with regard to the Performance Compensation
Award of a particular Participant, whether all, some portion but less than all, or none of the Performance Compensation Award has
been earned for the Performance Period. 

(gg)             
“Performance Goals” shall mean, for a Performance Period, the one
or more goals established by the Committee for the Performance Period based upon the Performance Criteria. 

(hh)            
“Performance Period” shall mean the one or more periods of time,
as the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining
a Participant’s right to, and the payment of, a Performance Compensation Award. 

(ii)                
“Permitted Transferee” shall have the meaning set forth in Section 15(b)
of the Plan. 

(jj)               
“Person” means a “person” as such term is used for purposes
of 13(d) or 14(d) of the Exchange Act, or any successor section thereto. 

(kk)            
“Plan” means the Your Internet Defender Inc. 2014 Stock Award Plan.

    	5

    	 

    

(ll)                
“Prior Plans” has the meaning given such term in Section 5(f).

(mm)        
“Prior Plan Options” means stock options that are outstanding as
of the Transaction described in Section 5(f).

(nn)            
“Replacement Option” has the meaning given such term in Section
5(f). 

(oo)            
“Restricted Period” means the period of time determined by the Committee
during which an Award is subject to restrictions or, as applicable, the period of time within which performance is measured for
purposes of determining whether an Award has been earned. 

(pp)            
“Restricted Stock” means Common Stock, subject to certain specified
restrictions (including, without limitation, a requirement that the Participant remain continuously employed or provide continuous
services for a specified period of time), granted under Section 9 of the Plan.

(qq)            
“Restricted Stock Unit” means an unfunded and unsecured promise
to deliver shares of Common Stock, cash, other securities or other property, subject to certain restrictions (including, without
limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period
of time), granted under Section 9 of the Plan. 

(rr)               
“SAR Period” has the meaning given such term in Section 8(b)
of the Plan. 

(ss)              
“Securities Act” means the Securities Act of 1933, as amended, and
any successor thereto. Reference in the Plan to any section of the Securities Act shall be deemed to include any rules, regulations
or other interpretative guidance under such section, and any amendments or successor provisions to such section, rules, regulations
or guidance. 

(tt)               
“Securities Agreement” means the Securities Exchange and Acquisition
Agreement by and between Corindus and the Company.

(uu)            
“SEC” means the Securities and Exchange Commission.

(vv)            
“Stock Appreciation Right” or “SAR” means
an Award granted under Section 8 of the Plan. 

(ww)          
“Stock Bonus Award” means an Award granted under Section 10(a)
of the Plan. 

(xx)            
“Strike Price” means, except as otherwise provided by the Committee
in the case of Substitute Awards, (i) in the case of a SAR granted in tandem with an Option, the Exercise Price of the related
Option, or (ii) in the case of a SAR granted independent of an Option, the Fair Market Value on the Date of Grant. 

(yy)            
“Substitute Award” has the meaning given such term in Section 5(e).

    	6

    	 

    

3.                  
Effective Date; Duration. The Plan shall be effective as of the Effective Date.
The expiration date of the Plan, on and after which date no Awards may be granted hereunder, shall be the tenth anniversary of
the Effective Date; provided, however, that such expiration shall not affect Awards then outstanding, and the terms
and conditions of the Plan shall continue to apply to such Awards. 

4.                  
Administration. 

(a)                
The Committee shall administer the Plan. To the extent required to comply with the provisions
of Rule 16b-3 promulgated under the Exchange Act (if the Board is not acting as the Committee under the Plan) or necessary to obtain
the exception for performance-based compensation under Section 162(m) of the Code, as applicable, it is intended that each
member of the Committee shall, at the time he takes any action with respect to an Award under the Plan, be an Eligible Director.
However, the fact that a Committee member shall fail to qualify as an Eligible Director shall not invalidate any Award granted
by the Committee that is otherwise validly granted under the Plan. The majority of the members of the Committee shall constitute
a quorum. The acts of a majority of the members present at any meeting at which a quorum is present or acts approved in writing
by a majority of the Committee shall be deemed the acts of the Committee. 

(b)                
Subject to the provisions of the Plan and applicable law, the Committee shall have the sole
and plenary authority, in addition to other express powers and authorizations conferred on the Committee by the Plan, to: (i) designate
Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of
shares of Common Stock to be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection
with, Awards; (iv) determine the terms and conditions of any Award and any amendments thereto; (v) determine whether,
to what extent, and under what circumstances Awards may be settled or exercised in cash, shares of Common Stock, other securities,
other Awards or other property, or canceled, forfeited, or suspended and the method or methods by which Awards may be settled,
exercised, canceled, forfeited, or suspended; (vi) determine whether, to what extent, and under what circumstances the delivery
of cash, Common Stock, other securities, other Awards or other property and other amounts payable with respect to an Award shall
be deferred either automatically or at the election of the Participant or of the Committee; (vii) interpret, administer, reconcile
any inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument or agreement relating to,
or Award granted under, the Plan; (viii) establish, amend, suspend, or waive any rules and regulations and appoint such agents
as the Committee shall deem appropriate for the proper administration of the Plan; (ix) accelerate the vesting or exercisability
of, payment for or lapse of restrictions on, Awards; and (x) make any other determination and take any other action that the
Committee deems necessary or desirable for the administration of the Plan. 

(c)                
Except to the extent prohibited by applicable law or the applicable rules and regulations
of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded, the Committee
may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any
part of its responsibilities and powers to any person or persons selected by it. Any such allocation or delegation may be revoked
by the Committee at any time. Without limiting the generality of the foregoing, the Committee may delegate to one or more officers
of the Company or any of its Affiliates the authority to act on behalf of the Committee with respect to any matter, right, obligation,
or election that is the responsibility of or that is allocated to the Committee herein, and that may be so delegated as a matter
of law, except for grants of Awards to persons (i) who are non-employee members of the Board or otherwise are subject to Section
16 of the Exchange Act or (ii) who are, or who are reasonably expected to be, “covered employees” for purposes of Section
162(m) of the Code.

    	7

    	 

    

(d)                
Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations,
and other decisions under or with respect to the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan
shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon all
persons or entities, including, without limitation, the Company, any of its Affiliates, any Participant, any holder or beneficiary
of any Award, and any stockholder of the Company. 

(e)                
No member of the Board, the Committee, delegate of the Committee or any officer, employee
or agent of the Company (each such person, an “Indemnifiable Person”) shall be liable for any action taken or
omitted to be taken or any determination made in good faith with respect to the Plan or any Award hereunder. Each Indemnifiable
Person shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense (including
attorneys’ fees) that may be imposed upon or incurred by such Indemnifiable Person in connection with or resulting from any
action, suit or proceeding to which such Indemnifiable Person may be a party or in which such Indemnifiable Person may be involved
by reason of any action taken or omitted to be taken under the Plan or any Award Agreement and against and from any and all amounts
paid by such Indemnifiable Person with the Company’s approval, in settlement thereof, or paid by such Indemnifiable Person
in satisfaction of any judgment in any such action, suit or proceeding against such Indemnifiable Person, provided, that
the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding and once the Company
gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company’s
choice. The foregoing right of indemnification shall not be available to an Indemnifiable Person to the extent that a final judgment
or other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person determines that
the acts or omissions of such Indemnifiable Person giving rise to the indemnification claim resulted from such Indemnifiable Person’s
fraud, gross negligence or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law
or by the Company’s Certificate of Incorporation or Bylaws. The foregoing right of indemnification shall not be exclusive
of any other rights of indemnification to which such Indemnifiable Persons may be entitled under the Company’s Certificate
of Incorporation or Bylaws or as a matter of law or otherwise, or any other power that the Company may have to indemnify such Indemnifiable
Persons or hold them harmless. 

(f)                 
Notwithstanding anything to the contrary contained in the Plan, the Board may, in its sole
discretion, at any time and from time to time, grant Awards and administer the Plan with respect to such Awards. In any such case,
the Board shall have all the authority granted to the Committee under the Plan. 

    	8

    	 

    

5.                  
Grant of Awards; Shares Subject to the Plan; Limitations. 

(a)                
The Committee may, from time to time, grant Options, Stock Appreciation Rights, Restricted
Stock, Restricted Stock Units, Stock Bonus Awards, Dividend Equivalents and/or Performance Compensation Awards to one or more Eligible
Persons. 

(b)                 Subject
to Section 12 of the Plan, the Committee is authorized to deliver under the Plan 9,035,016 shares of Common Stock; provided, however,
no more than 9,035,016 shares of Common Stock may be issued upon the exercise of Incentive Stock Options.

(c)                 Shares
of Common Stock used to pay the required Exercise Price or tax obligations, or shares not issued in connection with the
settlement of an Option or SAR or that are used or withheld to satisfy tax obligations of the Participant shall,
notwithstanding anything herein to the contrary, be available again for other Awards under the Plan. Shares underlying any
Awards under this Plan that are forfeited, cancelled, expire unexercised, or are settled in cash will be available again for
Awards under the Plan.

(d)                
Shares of Common Stock delivered by the Company in settlement of Awards may be authorized
and unissued shares, shares held in the treasury of the Company, shares purchased on the open market or by private purchase, or
a combination of the foregoing. 

(e)                
Awards may, in the sole discretion of the Committee, be granted under the Plan in assumption
of, or in substitution for, outstanding awards previously granted by an entity acquired by the Company or its Affiliates or with
which the Company or its Affiliates combines (“Substitute Awards”). The number of shares of Common Stock underlying
any Substitute Awards shall not be counted against the aggregate number of shares of Common Stock available for Awards under the
Plan. 

(f)                 
Following the exchange of shares of the common stock of Corindus, Inc., a Delaware corporation
(“Corindus” and such shares, “Corindus Shares”), for Common Stock, pursuant to that certain
Securities Agreement (the “Transaction”), each employee of the Company who holds a Prior Plan Option granted
under the Corindus, Inc. 2006 Umbrella Option Plan or the Corindus, Inc. 2008 Stock Incentive Plan (the “Prior Plans”)
will receive a Replacement Option as a result of the conversion of Prior Plan Options into Replacement Options, and such Prior
Plan Options will be cancelled in connection with the Transaction in all events prior to the issuance of any such Replacement Option
therefor, in each case. For purposes of the Plan, a “Replacement Option” is an Option granted under the Plan
as a replacement for a Prior Plan Option that was previously granted under a Prior Plan. The number of shares of Common Stock subject
to and the exercise price per share of a Replacement Option granted to a Participant will be determined using the Exchange Ratio
for the Transaction as provided in that certain Securities Agreement consistent with the requirements of the stock rights exemption
under Section 409A of the Code. In no event shall any provision of the Plan be applied or interpreted in a manner that will result
in an “additional benefit” to any Replacement Option under Treasury Regulation Section 1.424-1, a new equity grant
for purposes of applicable accounting principles or both. 

(g)                 The
terms of the Plan shall be applied and interpreted consistent with the intention that each Substitute Award or Replacement
Option, as applicable, will not be treated as the grant of a new stock right or a change in the form of payment for purposes
of Treasury Regulation Section 1.409A-1(b)(5)(v)(D) regarding substitutions and assumptions of stock rights by reason of a
restructuring or other corporate transaction. For purposes of Section 5(b) above, Substitute Options shall not be counted
against the aggregate number of shares of Common Stock available for Awards under the Plan.

    	9

    	 

    

6.                  
Eligibility. Participation shall be limited to Eligible Persons who have entered
into an Award Agreement or who have received written notification from the Committee, or from a person designated by the Committee,
that they have been selected to participate in the Plan. 

7.                  
Options.

(a)                
Generally. Each Option granted under the Plan shall be evidenced by an Award
Agreement. Each Option so granted shall be subject to the conditions set forth in this Section 7, and to such other conditions
not inconsistent with the Plan as may be reflected in the applicable Award Agreement. All Options granted under the Plan shall
be Nonqualified Stock Options unless the applicable Award Agreement expressly states that the Option is intended to be an Incentive
Stock Option. Incentive Stock Options shall be granted only to Eligible Persons who are employees of the Company or any “parent
corporation” or “subsidiary corporation” thereof within the meaning of Section 424(e) and 424(f), respectively,
of the Code, and no Incentive Stock Option shall be granted to any Eligible Person who is ineligible to receive an Incentive Stock
Option under the Code. No Option shall be treated as an Incentive Stock Option unless the Plan has been approved by the stockholders
of the Company in a manner intended to comply with the stockholder approval requirements of Section 422(b)(1) of the Code,
provided, that any Option intended to be an Incentive Stock Option shall not fail to be effective solely on account of a
failure to obtain such approval, but rather such Option shall be treated as a Nonqualified Stock Option unless and until such approval
is obtained. In the case of an Incentive Stock Option, the terms and conditions of such grant shall be subject to and comply with
such rules as may be prescribed by Section 422 of the Code. If for any reason an Option intended to be an Incentive Stock
Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such non-qualification,
such Option or portion thereof shall be regarded as a Nonqualified Stock Option appropriately granted under the Plan. 

(b)                
Exercise Price. Except as otherwise provided by the Committee in the case of
Substitute Awards, the exercise price (“Exercise Price”) per share of Common Stock for each Option shall not
be less than 100% of the Fair Market Value of such share (determined as of the Date of Grant); provided, however,
that in the case of an Incentive Stock Option granted to an employee who, at the time of the grant of such Option, owns stock representing
more than 10% of the voting power of all classes of stock of the Company or any “parent corporation” or “subsidiary
corporation” thereof within the meaning of Section 424(e) and 424(f), respectively, of the Code, the Exercise Price per share
shall not be less than 110% of the Fair Market Value per share on the Date of Grant; and provided, further, that
a Nonqualified Stock Option may be granted with an Exercise Price lower than that set forth herein if such Option is granted pursuant
to an assumption or substitution for another option in a manner satisfying the provisions of Section 424(a) and Section 409A of
the Code. 

    	10

    	 

    

(c)                
Vesting and Expiration. Options shall vest and become exercisable in such manner
and on such date or dates determined by the Committee and shall expire after such period, not to exceed ten years, as may be determined
by the Committee (the “Option Period”); provided, that if the Option Period (other than in the case of
an Incentive Stock Option) would expire at a time when trading in the shares of Common Stock is prohibited by the Company’s
insider trading policy (or Company-imposed “blackout period”), the Option Period shall be automatically extended until
the 30th day following the expiration of such prohibition; provided, however, that the Option Period shall not exceed
five years from the Date of Grant in the case of an Incentive Stock Option granted to a Participant who on the Date of Grant owns
stock representing more than 10% of the voting power of all classes of stock of the Company or any of its Affiliates; provided,
further, that notwithstanding any vesting dates set by the Committee, the Committee may, in its sole discretion, accelerate
the exercisability of any Option. 

(d)                
Method of Exercise and Form of Payment. No shares of Common Stock shall be delivered
pursuant to any exercise of an Option until payment in full of the Exercise Price therefor is received by the Company and the Participant
has paid to the Company an amount equal to any federal, state, local and non-U.S. income and employment taxes required to be withheld.
Options that have become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company in
accordance with the terms of the Option accompanied by payment of the Exercise Price. The Exercise Price shall be payable (i) in
cash, check, cash equivalent and/or shares of Common Stock valued at the Fair Market Value at the time the Option is exercised
(including, pursuant to procedures approved by the Committee, by means of attestation of ownership of a sufficient number of shares
of Common Stock in lieu of actual delivery of such shares to the Company); or (ii) by such other method as the Committee may
permit in its sole discretion, including without limitation: (A) in other property having a fair market value on the date
of exercise equal to the Exercise Price, (B) if there is a public market for the shares of Common Stock at such time, by means
of a broker-assisted “cashless exercise” pursuant to which the Company is delivered a copy of irrevocable instructions
to a stockbroker to sell the shares of Common Stock otherwise deliverable upon the exercise of the Option and to deliver promptly
to the Company an amount equal to the Exercise Price, or (C) by a “net exercise” method whereby the Company withholds
from the delivery of the shares of Common Stock for which the Option was exercised that number of shares of Common Stock having
a Fair Market Value equal to the aggregate Exercise Price for the shares of Common Stock for which the Option was exercised. Any
fractional shares of Common Stock shall be settled in cash. Notwithstanding the foregoing, the Committee may, in its sole discretion,
implement a provision in Options providing that if, on the last day that an Option may be exercised, the Participant has not then
exercised such Option, such Option shall be deemed to have been exercised by the Participant on such last day and the Company shall
make the appropriate payment to such Participant after applying minimum required tax withholding. 

(e)                
Notification upon Disqualifying Disposition of an Incentive Stock Option. Each
Participant awarded an Incentive Stock Option under the Plan shall notify the Company in writing immediately after the date he
makes a disqualifying disposition of any Common Stock acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying
disposition is any disposition (including, without limitation, any sale) of such Common Stock before the later of (A) two
years after the Date of Grant of the Incentive Stock Option or (B) one year after the date of exercise of the Incentive Stock
Option. 

    	11

    	 

    

(f)                 
Compliance With Laws, etc. Notwithstanding the foregoing, in no event shall
a Participant be permitted to exercise an Option in a manner that the Committee determines would violate the Sarbanes-Oxley Act
of 2002, or any other applicable law or the applicable rules and regulations of the SEC or the applicable rules and regulations
of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded. 

8.                  
Stock Appreciation Rights.

(a)                
Generally. Each SAR granted under the Plan shall be evidenced by an Award Agreement.
Each SAR so granted shall be subject to the conditions set forth in this Section 8, and to such other conditions not inconsistent
with the Plan as may be reflected in the applicable Award Agreement. Any Option granted under the Plan may include tandem SARs.
The Committee also may award SARs to Eligible Persons independent of any Option. 

(b)                
Vesting and Expiration. A SAR granted in connection with an Option shall become
exercisable and shall expire according to the same vesting schedule and expiration provisions as the corresponding Option. A SAR
granted independent of an Option shall vest and become exercisable and shall expire in such manner and on such date or dates determined
by the Committee and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the “SAR
Period”); provided, however, that notwithstanding any vesting dates set by the Committee, the Committee
may, in its sole discretion, accelerate the exercisability of any SAR.

(c)                
Method of Exercise. SARs that have become exercisable may be exercised by delivery
of written or electronic notice of exercise to the Company in accordance with the terms of the Award, specifying the number of
SARs to be exercised and the date on which such SARs were awarded. Notwithstanding the foregoing, if on the last day of the Option
Period (or in the case of a SAR independent of an option, the SAR Period), the Fair Market Value exceeds the Strike Price, the
Participant has not exercised the SAR or the corresponding Option (if applicable), and neither the SAR nor the corresponding Option
(if applicable) has expired, such SAR shall be deemed to have been exercised by the Participant on such last day and the Company
shall make the appropriate payment therefor. 

(d)                
Payment. Upon the exercise of a SAR, the Company shall pay to the Participant
an amount equal to the number of shares subject to the SAR that are being exercised multiplied by the excess, if any, of the Fair
Market Value of one share of Common Stock on the exercise date over the Strike Price, less an amount equal to any federal, state,
local and non-U.S. income and employment taxes required to be withheld. The Company shall pay such amount in cash, in shares of
Common Stock valued at Fair Market Value, or any combination thereof, as determined by the Committee at the Date of Grant. Any
fractional shares of Common Stock shall be settled in cash. 

9.                  
Restricted Stock and Restricted Stock Units.

    	12

    	 

    

(a)                
Generally. Each grant of Restricted Stock and Restricted Stock Units shall be
evidenced by an Award Agreement. Each such grant shall be subject to the conditions set forth in this Section 9, and to such
other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. 

(b)                
Book Entry and Stock Certificates; Escrow or Similar Arrangement. Upon the grant
of Restricted Stock, the Committee shall cause a stock certificate registered in the name of the Participant to be issued, or shall
cause share(s) of Common Stock to be registered in the name of the Participant and held in book-entry form subject to the Company’s
directions, and, if the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than delivered
to the Participant pending the release of the applicable restrictions, the Committee may require the Participant to additionally
execute and deliver to the Company (i) an escrow agreement satisfactory to the Committee, if applicable, and (ii) the
appropriate stock power (endorsed in blank) with respect to the Restricted Stock covered by such agreement. If a Participant shall
fail to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and blank stock power
within the amount of time specified by the Committee, the Award shall be null and void. Subject to the restrictions set forth in
this Section 9 and the applicable Award Agreement, the Participant generally shall have the rights and privileges of a stockholder
as to such Restricted Stock, including without limitation the right to vote such Restricted Stock. To the extent shares of Restricted
Stock are forfeited, any stock certificates issued to the Participant evidencing such shares shall be returned to the Company,
and all rights of the Participant to such shares and as a stockholder with respect thereto shall terminate without further obligation
on the part of the Company. 

(c)                
Vesting. The Restricted Period shall lapse in such manner and on such date or
dates determined by the Committee; provided, however, that notwithstanding any vesting dates set by the Committee, the Committee
may, in its sole discretion, accelerate the vesting of any Restricted Stock or Restricted Stock Units.

(d)                
Delivery of Restricted Stock and Settlement of Restricted Stock Units.

(i)                  
Upon the expiration of the Restricted Period with respect to any shares of Restricted Stock,
the restrictions set forth in the applicable Award Agreement shall be of no further force or effect with respect to such shares,
except as set forth in the applicable Award Agreement. If an escrow arrangement is used, upon such expiration, the Company shall
deliver to the Participant, or his beneficiary, without charge, the stock certificate evidencing the shares of Restricted Stock
that have not then been forfeited and with respect to which the Restricted Period has expired (rounded down to the nearest full
share). Dividends, if any, that may have been withheld by the Committee and attributable to any particular share of Restricted
Stock shall be distributed to the Participant in cash or, at the sole discretion of the Committee, in shares of Common Stock having
a Fair Market Value equal to the amount of such dividends, upon the release of restrictions on such share and, if such share is
forfeited, the Participant shall have no right to such dividends (except as otherwise set forth by the Committee in the applicable
Award Agreement). 

(ii)                
Unless otherwise provided by the Committee in an Award Agreement, upon the expiration of the
Restricted Period with respect to any outstanding Restricted Stock Units, the Company shall deliver to the Participant, or his
beneficiary, without charge, one share of Common Stock for each such outstanding Restricted Stock Unit; provided, however,
that the Committee may, in its sole discretion, allow Participants to elect to defer the delivery of Common Stock beyond the expiration
of the Restricted Period in compliance with Section 409A of the Code. 

    	13

    	 

    

(e)                
Legends on Restricted Stock. Each certificate representing Restricted Stock
awarded under the Plan shall bear a legend substantially in the form of the following in addition to any other information the
Company deems appropriate until the lapse of all restrictions with respect to such Common Stock: 

TRANSFER OF THIS CERTIFICATE AND
THE SHARES REPRESENTED HEREBY IS RESTRICTED PURSUANT TO THE TERMS OF THE YOUR INTERNET DEFENDER INC. 2014 STOCK AWARD PLAN AND
A RESTRICTED STOCK AWARD AGREEMENT, BETWEEN YOUR INTERNET DEFENDER INC. AND PARTICIPANT. A COPY OF SUCH PLAN AND AWARD AGREEMENT
IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF YOUR INTERNET DEFENDER INC.

10.               
Stock Bonus Awards; Dividend Equivalents.

(a)                
Stock Bonus Awards. The Committee may issue unrestricted Common Stock, or other
Awards denominated in Common Stock, under the Plan to Eligible Persons, either alone or in tandem with other awards, in such amounts
as the Committee shall from time to time in its sole discretion determine. Each Stock Bonus Award granted under the Plan shall
be evidenced by an Award Agreement. Each Stock Bonus Award so granted shall be subject to such conditions not inconsistent with
the Plan as may be reflected in the applicable Award Agreement. 

(b)                
Dividend Equivalents. Dividend Equivalents may be granted by the Committee based
on dividends declared on the Common Stock, to be credited as of dividend payment dates during the period between the date an Award
is granted to a Participant and the date such Award vests, is exercised, is distributed or expires, as determined by the Committee.
Such Dividend Equivalents shall be converted to cash or additional shares of Common Stock by such formula and at such time and
subject to such limitations as may be determined by the Committee. In addition, Dividend Equivalents with respect to an Award with
performance-based vesting that are based on dividends paid prior to the vesting of such Award shall only be paid out to the Participant
to the extent that the performance-based vesting conditions are subsequently satisfied and the Award vests. No Dividend Equivalent
shall be payable with respect to any Award unless specified by the Committee in the Award Agreement.

11.               
Performance Compensation Awards.

(a)                
Generally. The Committee shall have the authority, at the time of grant of any
Award described in Sections 7 through 10 of the Plan, to designate such Award as a Performance Compensation Award intended
to qualify as “performance-based compensation” under Section 162(m) of the Code. The Committee shall have the
authority to make an award of a cash bonus to any Participant and designate such Award as a Performance Compensation Award intended
to qualify as “performance-based compensation” under Section 162(m) of the Code. Notwithstanding anything to the
contrary in the Plan, the Committee shall have no obligation to grant any Award in the form of “performance-based compensation”
under Section 162(m) of the Code.

    	14

    	 

    

(b)                
Discretion of Committee with Respect to Performance Compensation Awards. With
regard to a particular Performance Period, the Committee shall have sole discretion to select the length of such Performance Period,
the type(s) of Performance Compensation Awards to be issued, the Performance Criteria that will be used to establish the Performance
Goal(s), the kind(s) and/or level(s) of the Performance Goals(s) that is (are) to apply and the Performance Formula. Within the
first ninety (90) days of a Performance Period (or, if longer or shorter, within the maximum period allowed under Section 162(m)
of the Code), the Committee shall, with regard to the Performance Compensation Awards to be issued for such Performance Period,
exercise its discretion with respect to each of the matters enumerated in the immediately preceding sentence and record the same
in writing. 

(c)                
Performance Criteria. The Performance Criteria that will be used to establish
the Performance Goal(s) shall be based on the attainment of specific levels of performance of the Company (and/or one or more of
its Affiliates, divisions or operational and/or business units, product lines, brands, business segments, administrative departments
or any combination of the foregoing) and may include any of the following: (i) net earnings or net income (before or after
taxes); (ii) basic or diluted earnings per share (before or after taxes); (iii) net revenue or net revenue growth; (iv)
gross revenue or gross revenue growth; (v) gross profit or gross profit growth; (vi) or revenue growth; (vii) net interest
margin; (viii) operating profit (before or after taxes); (ix) return measures (including, but not limited to, return
on investment, assets, capital, employed capital, invested capital, equity or sales); (x) cash flow measures (including, but
not limited to, operating cash flow, free cash flow or cash flow return on capital), which may but are not required to be measured
on a per-share basis; (xi) earnings before or after taxes, interest, depreciation and/or amortization (including EBIT and EBITDA);
(xii) share price (including, but not limited to, growth measures or total stockholder return); (xiii) expense targets,
cost reduction goals or general and administrative expense savings; (xiv) gross or net operating margins; (xv) productivity
ratios; (xvi) operating efficiency; (xvii) measures of economic value added or other “value creation” metrics;
(xviii) asset quality; (xix) inventory control; (xx) enterprise value; (xxi) sales; (xxii) stockholder return; (xxiii) client
retention; (xxiv) employee retention; (xxv) competitive market metrics; (xxvi) timely completion of new product rollouts;
(xxvii) timely launch of new facilities; (xxviii) measurements relating to a new purchasing “co-op”; (xxix) objective
measures of personal targets, goals or completion of projects (including, but not limited to, succession and hiring projects, completion
of specific acquisitions, reorganizations or other corporate transactions or capital-raising transactions, expansions of specific
business operations or meeting divisional or project budgets); (xxx) objective measures of customer satisfaction; (xxxi) working
capital targets; (xxxii) asset growth; (xxxiii) dividend yield; (xxxiv) system-wide revenues; (xxxv) royalty income;
(xxxvi) comparisons of continuing operations to other operations; (xxxvii) market share; (xxxviii) cost of capital, debt leverage
year-end cash position or book value; (xxxix) strategic objectives, development of new product lines and related revenue, sales
and margin targets, franchisee growth and retention, menu design and growth, co-branding or international operations; or (xl) any
combination of the foregoing. Any one or more of the Performance Criteria may be stated as a percentage of another Performance
Criteria, or a percentage of a prior period’s Performance Criteria, or used on an absolute, relative or adjusted basis to
measure the performance of the Company and/or one or more of its Affiliates as a whole or any divisions or operational and/or business
units, product lines, brands, business segments, administrative departments of the Company and/or one or more of its Affiliates
or any combination thereof, as the Committee may deem appropriate, or any of the above Performance Criteria may be compared to
the performance of a selected group of comparison companies, or a published or special index that the Committee, in its sole discretion,
deems appropriate, or as compared to various stock market indices. The Committee also has the authority to provide for accelerated
vesting of any Award based on the achievement of Performance Goals pursuant to the Performance Criteria specified in this paragraph.
To the extent required under Section 162(m) of the Code, the Committee shall, within the first ninety (90) days of a Performance
Period (or, if longer or shorter, within the maximum period allowed under Section 162(m) of the Code), define in an objective
fashion the manner of calculating the Performance Criteria it selects to use for such Performance Period and thereafter promptly
communicate such Performance Criteria to the Participant. 

    	15

    	 

    

(d)                
Modification of Performance Goal(s). In the event that applicable tax and/or
securities laws change to permit Committee discretion to alter the governing Performance Criteria without obtaining stockholder
approval of such alterations, the Committee shall have sole discretion to make such alterations without obtaining stockholder approval.
The Committee is authorized at any time during the first ninety (90) days of a Performance Period (or, if longer or shorter, within
the maximum period allowed under Section 162(m) of the Code), or at any time thereafter to the extent the exercise of such
authority at such time would not cause the Performance Compensation Awards granted to any Participant for such Performance Period
to fail to qualify as “performance-based compensation” under Section 162(m) of the Code, in its sole discretion,
to adjust or modify the calculation of a Performance Goal for such Performance Period, based on and in order to appropriately reflect
the following events: (i) asset write-downs; (ii) litigation or claim judgments or settlements; (iii) the effect
of changes in tax laws, accounting principles, or other laws or regulatory rules affecting reported results; (iv) any reorganization
and restructuring programs; (v) extraordinary nonrecurring items as described in Accounting Standards Codification Topic 225-20
(or any successor pronouncement thereto) and/or in management’s discussion and analysis of financial condition and results
of operations appearing in the Company’s annual report to stockholders for the applicable year; (vi) acquisitions or
divestitures; (vii) any other specific unusual or nonrecurring events, or objectively determinable category thereof; (viii) foreign
exchange gains and losses; (ix) discontinued operations and nonrecurring charges; and (x) a change in the Company’s
fiscal year.

(e)                
Payment of Performance Compensation Awards. 

(i)                  
Condition to Receipt of Payment. Unless otherwise provided in the applicable
Award Agreement, a Participant must be employed by the Company or its Affiliates on the last day of a Performance Period to be
eligible for payment in respect of a Performance Compensation Award for such Performance Period. 

(ii)                
Limitation. A Participant shall be eligible to receive payment in respect of
a Performance Compensation Award only to the extent that: (A) the Performance Goals for such period are achieved; and (B) all
or some of the portion of such Participant’s Performance Compensation Award has been earned for the Performance Period based
on the application of the Performance Formula to such achieved Performance Goals. 

    	16

    	 

    

(iii)               
Certification. Following the completion of a Performance Period, the Committee
shall review and certify in writing whether, and to what extent, the Performance Goals for the Performance Period have been achieved
and, if so, calculate and certify in writing that amount of the Performance Compensation Awards earned for the period based upon
the Performance Formula. The Committee shall then determine the amount of each Participant’s Performance Compensation Award
actually payable for the Performance Period and, in so doing, may apply Negative Discretion. 

(iv)              
Use of Negative Discretion. In determining the actual amount of an individual
Participant’s Performance Compensation Award for a Performance Period that is payable in cash, the Committee may reduce or
eliminate the amount of the Performance Compensation Award earned under the Performance Formula in the Performance Period through
the use of Negative Discretion if, in its sole judgment, such reduction or elimination is appropriate. The Committee shall not
have the discretion, except as is otherwise provided in the Plan, to (A) grant or provide payment in respect of Performance
Compensation Awards for a Performance Period if the Performance Goals for such Performance Period have not been attained; or (B) increase
a Performance Compensation Award above the applicable limitations set forth in Section 5 of the Plan. 

(f)                 
Timing of Award Payments. Performance Compensation Awards granted for a Performance
Period shall be paid to Participants as soon as administratively practicable following completion of the certifications required
by this Section 11, but in no event later than two-and-one-half months following the end of the fiscal year during which the
Performance Period is completed.

12.               
Changes in Capital Structure and Similar Events. In the event of (a) any
stock dividend, extraordinary cash dividend or other distribution (whether in the form of securities or other property), recapitalization,
stock split, reverse stock split, reorganization, merger, consolidation, split-up, split-off, combination, repurchase or exchange
of shares of Common Stock or other securities of the Company, issuance of warrants or other rights to acquire shares of Common
Stock or other securities of the Company, or other similar corporate transaction or event (including, without limitation, a Change
in Control) that affects the shares of Common Stock, or (b) unusual or nonrecurring events (including, without limitation,
a Change in Control) affecting the Company, any of its Affiliates, or the financial statements of the Company or any of its Affiliates,
or changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange or inter-dealer
quotation system, accounting principles or law, such that in either case an adjustment is determined by the Committee in its sole
discretion to be necessary or appropriate, then the Committee shall make any such adjustments in such manner as it may deem equitable,
including without limitation any or all of the following: 

(i)                  
adjusting any or all of (A) the number of shares of Common Stock or other securities
of the Company (or number and kind of other securities or other property) that may be delivered in respect of Awards or with respect
to which Awards may be granted under the Plan (including, without limitation, adjusting any or all of the limitations under Section 5
of the Plan) and (B) the terms of any outstanding Award, including, without limitation, (1) the number of shares of Common
Stock or other securities of the Company (or number and kind of other securities or other property) subject to outstanding Awards
or to which outstanding Awards relate, (2) the Exercise Price or Strike Price with respect to any Award or (3) any applicable
performance measures (including, without limitation, Performance Criteria and Performance Goals); 

    	17

    	 

    

(ii)                
subject to any limitations or reductions as may be necessary to comply with Section 409A of
the Code and the regulations thereunder, providing for a substitution or assumption of Awards, accelerating the exercisability
of, lapse of restrictions on, or termination of, Awards or providing for a period of time for exercise prior to the occurrence
of such event; and 

(iii)               
subject to any limitations or reductions as may be necessary to comply with Section 409A of
the Code and the regulations thereunder, cancelling any one or more outstanding Awards and causing to be paid to the holders thereof,
in cash, shares of Common Stock, other securities or other property, or any combination thereof, the value of such Awards, if any,
as determined by the Committee (which if applicable may be based upon the price per share of Common Stock received or to be received
by other stockholders of the Company in such event), including without limitation, in the case of any outstanding Option or SAR,
a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified by the Committee) of
the shares of Common Stock subject to such Option or SAR over the aggregate Exercise Price or Strike Price of such Option or SAR,
respectively (it being understood that, in such event, any Option or SAR having a per share Exercise Price or Strike Price equal
to, or in excess of, the Fair Market Value of a share of Common Stock subject thereto may be canceled and terminated without any
payment or consideration therefor), or, in the case of any outstanding Restricted Stock, Restricted Stock Unit, Stock Bonus Award,
or other Award denominated in Common Stock, a cash payment or equity subject to deferred vesting and delivery consistent with the
vesting restrictions applicable to such Award or the underlying shares of Common Stock subject thereto.

For the avoidance of doubt, in the
case of any “equity restructuring” (within the meaning of the Financial Accounting Standards Board (FASB) Statement
of Financial Accounting Standards Codification Topic 718, Stock Compensation), the Committee shall make an equitable or proportionate
adjustment to outstanding Awards to reflect such equity restructuring. Any adjustment in Incentive Stock Options under this Section 12
(other than any cancellation of Incentive Stock Options) shall be made only to the extent not constituting a “modification”
within the meaning of Section 424(h)(3) of the Code, and any adjustments under this Section 12 shall be made in a manner
that does not adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act, to the extent applicable.
The Company shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive
and binding for all purposes.

13.               
Effect of Change in Control. Except to the extent otherwise provided in an Award
Agreement, in the event of a Change in Control, notwithstanding any provision of the Plan to the contrary, the Committee may provide
that, with respect to all or any portion of a particular outstanding Award or Awards: 

    	18

    	 

    

(a)                
the then outstanding Options and SARs shall become immediately exercisable as of a time prior
to the Change in Control; 

(b)                
the Restricted Period shall expire as of a time prior to the Change in Control (including
without limitation a waiver of any applicable Performance Goals); 

(c)                
Performance Periods in effect on the date the Change in Control occurs shall end on such date,
and (i) determine the extent to which Performance Goals with respect to each such Performance Period have been met based upon
such audited or unaudited financial information or other information then available as it deems relevant and (ii) cause the
Participant to receive partial or full payment of Awards for each such Performance Period based upon the Committee’s determination
of the degree of attainment of the Performance Goals, or by assuming that the applicable “target” levels of performance
have been attained or on such other basis determined by the Committee; and

(d)                
cause Awards previously deferred to be settled in full as soon as practicable. 

To the extent practicable, any actions
taken by the Committee under the immediately preceding clauses (a) through (d) shall occur in a manner and at a time
which allows affected Participants the ability to participate in the Change in Control transactions with respect to the Common
Stock subject to their Awards.

14.               
Amendments and Termination.

(a)                
Amendment and Termination of the Plan. The Board may amend, alter, suspend,
discontinue, or terminate the Plan or any portion thereof at any time; provided, that (i) no amendment to Section 4(e)
shall apply with respect to any action or omitted to be taken by an Indemnifiable Person under the Plan or any Award Agreement
prior to such amendment; (ii) no amendment to Section 14(b) (to the extent required by the proviso in
such Section 14(b)) shall be made without stockholder approval and (iii) no such amendment, alteration, suspension, discontinuation
or termination shall be made without stockholder approval if such approval is necessary to comply with any tax or regulatory requirement
applicable to the Plan (including, without limitation, as necessary to comply with any rules or requirements of any securities
exchange or inter-dealer quotation system on which the shares of Common Stock may be listed or quoted or to prevent the Company
from being denied a tax deduction under Section 162(m) of the Code); provided, further, that any such amendment,
alteration, suspension, discontinuance or termination that would materially and adversely affect the rights of any Participant
or any holder or beneficiary of any Award theretofore granted shall not to that extent be effective without the written consent
of the affected Participant, holder or beneficiary. 

(b)                
Amendment of Award Agreements. The Committee may, to the extent consistent with
the terms of any applicable Award Agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue,
cancel or terminate, any Award theretofore granted or the associated Award Agreement, prospectively or retroactively; provided,
that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and
adversely affect the rights of any Participant with respect to any Award theretofore granted shall not to that extent be effective
without the written consent of the affected Participant; provided, further, that without stockholder approval, except
as otherwise permitted under Section 12 of the Plan, (i) no amendment or modification may reduce the Exercise Price of
any Option or the Strike Price of any SAR, and (ii) the Committee may not cancel any outstanding Option or SAR in order to
replace it with a new Option, SAR or other Award, and the Committee may not take any other action that is considered a “repricing”
for purposes of the stockholder approval rules of the applicable securities exchange or inter-dealer quotation system on which
the Common Stock is listed or quoted. 

    	19

    	 

    

(c)                
Extension of Termination Date. If the exercise of the Option following the termination
of the Participant’s employment or service (other than upon the Participant’s death or Disability) would be prohibited
at any time solely because the issuance of shares of Common Stock would violate the registration requirements under the Securities
Act, or any other requirements of applicable law, then the Option shall terminate on the earlier of (i) the expiration of the term
of the Option set forth in Section 7(c) and (ii) the expiration of a period of 30 days after the termination of the Participant’s
employment or service during which the exercise of the Option would not be in violation of such registration requirements or other
applicable requirements.

(d)                
Restriction on Grant of Awards. No Awards may be granted during any period of
suspension or after termination of the Plan, and in no event may any Award be granted under the Plan after the tenth anniversary
of the Effective Date.

15.               
General.

(a)                
Award Agreements. Each Award under the Plan shall be evidenced by an Award Agreement,
which shall be delivered to the Participant (whether in paper or electronic medium (including email or the posting on a web site
maintained by the Company or a third party under contract with the Company)) and shall specify the terms and conditions of the
Award and any rules applicable thereto, including without limitation, the effect on such Award of the death, Disability or termination
of employment or service of a Participant, or of such other events as may be determined by the Committee. The terms of any Award
issued hereunder shall be binding upon the executors, administrators, beneficiaries, successors and assigns of the Participant.

(b)                
Nontransferability. 

(i)                  
Each Award shall be exercisable only by a Participant during the Participant’s lifetime,
or, if permissible under applicable law, by the Participant’s legal guardian or representative. No Award may be assigned,
alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant other than by will or by the laws of
descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall
be void and unenforceable against the Company or any of its Affiliates; provided, that the designation of a beneficiary
shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 

    	20

    	 

    

(ii)                
Notwithstanding the foregoing, the Committee may, in its sole discretion, permit Awards (other
than Incentive Stock Options) to be transferred by a Participant, without consideration, subject to such rules as the Committee
may adopt consistent with any applicable Award Agreement to preserve the purposes of the Plan, to: (A) any person who is a
“family member” of the Participant, as such term is used in the instructions to Form S-8 under the Securities Act (collectively,
the “Immediate Family Members”); (B) a trust solely for the benefit of the Participant and his or her Immediate
Family Members; or (C) a partnership or limited liability company whose only partners or stockholders are the Participant
and his or her Immediate Family Members; or (D) any other transferee as may be approved either (I) by the Board or the
Committee in its sole discretion, or (II) as provided in the applicable Award Agreement (each transferee described in clauses (A),
(B) (C) and (D) above is hereinafter referred to as a “Permitted Transferee”); provided,
that the Participant gives the Committee advance written notice describing the terms and conditions of the proposed transfer and
the Committee notifies the Participant in writing that such a transfer would comply with the requirements of the Plan. 

(iii)               
The terms of any Award transferred in accordance with the immediately preceding sentence shall
apply to the Permitted Transferee and any reference in the Plan, or in any applicable Award Agreement, to a Participant shall be
deemed to refer to the Permitted Transferee, except that (A) Permitted Transferees shall not be entitled to transfer any Award,
other than by will or the laws of descent and distribution; (B) Permitted Transferees shall not be entitled to exercise any
transferred Option unless there shall be in effect a registration statement on an appropriate form covering the shares of Common
Stock to be acquired pursuant to the exercise of such Option if the Committee determines, consistent with any applicable Award
Agreement, that such a registration statement is necessary or appropriate; (C) the Committee or the Company shall not be required
to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given
to the Participant under the Plan or otherwise; and (D) the satisfaction of any applicable vesting conditions and consequences
of the termination of the Participant’s employment by, or services to, the Company or one of its Affiliates under the terms
of the Plan and the applicable Award Agreement shall continue to be applied with respect to the Participant, including, without
limitation, that an Option or SAR shall be exercisable by the Permitted Transferee only if such Option or SAR has vested due to
the Participant’s satisfaction of the applicable vesting criteria and only to the extent, and for the periods, specified
in the Plan and the applicable Award Agreement. 

(c)                
Tax Withholding.

(i)                  
A Participant shall be required to pay to the Company or any of its Affiliates, and the Company
or any of its Affiliates shall have the right and is hereby authorized to withhold, from any cash, shares of Common Stock, other
securities or other property deliverable under any Award or from any compensation or other amounts owing to a Participant, the
amount (in cash, Common Stock, other securities or other property) of any required withholding taxes in respect of an Award, its
exercise, or any payment or transfer under an Award or under the Plan and to take such other action as may be necessary in the
opinion of the Committee or the Company to satisfy all obligations for the payment of such withholding and taxes. 

    	21

    	 

    

(ii)                
Without limiting the generality of clause (i) above, the Committee may, in its sole discretion,
permit a Participant to satisfy, in whole or in part, the foregoing withholding liability by (A) the delivery of shares of
Common Stock owned by the Participant having a Fair Market Value equal to such withholding liability or (B) having the Company
withhold from the number of shares of Common Stock otherwise issuable or deliverable pursuant to the exercise or settlement of
the Award a number of shares with a Fair Market Value equal to such withholding liability (but no more than the minimum required
statutory withholding liability). 

(d)                
No Claim to Awards; No Rights to Continued Employment; Waiver. No employee of
the Company or any of its Affiliates, or other person, shall have any claim or right to be granted an Award under the Plan or,
having been selected for the grant of an Award, to be selected for a grant of any other Award. There is no obligation for uniformity
of treatment of Participants or holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee’s
determinations and interpretations with respect thereto need not be the same with respect to each Participant and may be made selectively
among Participants, whether or not such Participants are similarly situated. Neither the Plan nor any action taken hereunder shall
be construed as giving any Participant any right to be retained in the employ or service of the Company or any of its Affiliates,
nor shall it be construed as giving any Participant any rights to continued service on the Board. The Company or any of its Affiliates
may at any time dismiss a Participant from employment or discontinue any consulting relationship, free from any liability or any
claim under the Plan, unless otherwise expressly provided in the Plan or any Award Agreement. By accepting an Award under the Plan,
a Participant shall thereby be deemed to have waived any claim to continued exercise or vesting of an Award or to damages or severance
entitlement related to non-continuation of the Award beyond the period provided under the Plan or any Award Agreement, notwithstanding
any provision to the contrary in any written employment contract or other agreement between the Company and its Affiliates and
the Participant, whether any such agreement is executed before, on or after the Date of Grant.

(e)                
International Participants. With respect to Participants who reside or work
outside of the United States of America and who are not (and who are not expect to be) “covered employees” within the
meaning of Section 162(m) of the Code, the Committee may in its sole discretion amend the terms of the Plan or outstanding
Awards with respect to such Participants in order to conform such terms with the requirements of local law or to obtain more favorable
tax or other treatment for a Participant, the Company or its Affiliates. 

(f)                 
Designation and Change of Beneficiary. Each Participant may file with the Committee
a written designation of one or more persons as the beneficiary(ies) who shall be entitled to receive the amounts payable with
respect to an Award, if any, due under the Plan upon his death. A Participant may, from time to time, revoke or change his beneficiary
designation without the consent of any prior beneficiary by filing a new designation with the Committee. The last such designation
received by the Committee shall be controlling; provided, however, that no designation, or change or revocation thereof,
shall be effective unless received by the Committee prior to the Participant’s death, and in no event shall it be effective
as of a date prior to such receipt. If no beneficiary designation is filed by a Participant, the beneficiary shall be deemed to
be his or her spouse or, if the Participant is unmarried at the time of death, his or her estate. 

    	22

    	 

    

(g)                
Termination of Employment/Service. Unless determined otherwise by the Committee:
(i) neither a temporary absence from employment or service due to illness, vacation or leave of absence nor a transfer from
employment or service with the Company to employment or service with any of its Affiliates (or vice-versa) shall be considered
a termination of employment or service with the Company or such Affiliate; and (ii) if a Participant’s employment with
the Company and its Affiliates terminates, but such Participant continues to provide services to the Company and its Affiliates
in a non-employee capacity (or vice-versa), such change in status shall not be considered a termination of employment with the
Company and its Affiliates. 

(h)                
No Rights as a Stockholder. Except as otherwise specifically provided in the
Plan or any Award Agreement, no person shall be entitled to the privileges of ownership in respect of shares of Common Stock that
are subject to Awards hereunder until such shares have been issued or delivered to that person or registered in the name of that
person in book-entry form.

(i)                  
Government and Other Regulations.

(i)                  
The obligation of the Company to settle Awards in Common Stock or other consideration shall
be subject to all applicable laws, rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding
any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and
shall be prohibited from offering to sell or selling, any shares of Common Stock pursuant to an Award unless such shares have been
properly registered for sale pursuant to the Securities Act with the SEC or unless the Company has received an opinion of counsel,
satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to an available exemption
therefrom and the terms and conditions of such exemption have been fully complied with. The Company shall be under no obligation
to register for sale under the Securities Act any of the shares of Common Stock to be offered or sold under the Plan. The Committee
shall have the authority to provide that all certificates for shares of Common Stock or other securities of the Company or any
of its Affiliates delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee
may deem advisable under the Plan, the applicable Award Agreement, the federal securities laws, or the rules, regulations and other
requirements of the SEC, any securities exchange or inter-dealer quotation system upon which such shares or other securities are
then listed or quoted and any other applicable federal, state, local or non-U.S. laws, and, without limiting the generality of
Section 9 of the Plan, the Committee may cause a legend or legends to be put on any such certificates to make appropriate
reference to such restrictions. Notwithstanding any provision in the Plan to the contrary, the Committee reserves the right to
add any additional terms or provisions to any Award granted under the Plan that it in its sole discretion deems necessary or advisable
in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award is subject.

(ii)                
The Committee may cancel an Award or any portion thereof if it determines, in its sole discretion,
that legal or contractual restrictions and/or blockage and/or other market considerations would make the Company’s acquisition
of shares of Common Stock from the public markets, the Company’s issuance of Common Stock to the Participant, the Participant’s
acquisition of Common Stock from the Company and/or the Participant’s sale of Common Stock to the public markets, illegal
or impractical after the Company has used commercially reasonable efforts to comply with applicable law. If the Committee determines
to cancel all or any portion of an Award in accordance with the foregoing, the Company shall pay to the Participant an amount equal
to the excess of (A) the aggregate Fair Market Value of the shares of Common Stock subject to such Award or portion thereof
canceled (determined as of the applicable exercise date, or the date that the shares would have been vested or delivered, as applicable),
over (B) the aggregate Exercise Price or Strike Price (in the case of an Option or SAR, respectively) or any amount payable
as a condition of delivery of shares of Common Stock (in the case of any other Award). Such amount shall be delivered to the Participant
as soon as practicable following the cancellation of such Award or portion thereof. 

    	23

    	 

    

(j)                 
Payments to Persons Other Than Participants. If the Committee shall find that
any person to whom any amount is payable under the Plan is unable to care for his affairs because of illness or accident, or is
a minor, or has died, then any payment due to such person or his estate (unless a prior claim therefor has been made by a duly
appointed legal representative) may, if the Committee so directs the Company, be paid to his spouse, child, relative, an institution
maintaining or having custody of such person, or any other person deemed by the Committee to be a proper recipient on behalf of
such person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee and
the Company therefor. 

(k)                
Nonexclusivity of the Plan. Neither the adoption of this Plan by the Board nor
the submission of this Plan to the stockholders of the Company for approval shall be construed as creating any limitations on the
power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting
of stock options or other awards otherwise than under this Plan, and such arrangements may be either applicable generally or only
in specific cases. 

(l)                  
No Trust or Fund Created. Neither the Plan nor any Award shall create or be
construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any of its Affiliates,
on the one hand, and a Participant or other person or entity, on the other hand. No provision of the Plan or any Award shall require
the Company, for the purpose of satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or
other entity to which contributions are made or otherwise to segregate any assets, nor shall the Company maintain separate bank
accounts, books, records or other evidence of the existence of a segregated or separately maintained or administered fund for such
purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company, except that
insofar as they may have become entitled to payment of additional compensation by performance of services, they shall have the
same rights as other employees under general law. 

(m)              
Reliance on Reports. Each member of the Committee and each member of the Board
shall be fully justified in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed
to act in good faith, in reliance upon any report made by the independent public accountant of the Company and its Affiliates and/or
any other information furnished in connection with the Plan by any agent of the Company or the Committee or the Board, other than
himself. 

    	24

    	 

    

(n)                
Relationship to Other Benefits. No payment under the Plan shall be taken into
account in determining any benefits under any pension, retirement, profit sharing, group insurance or other benefit plan of the
Company except as otherwise specifically provided in such other plan. 

(o)                
Governing Law. Except to the extent that provisions of the Plan are governed
by applicable provisions of the Code, the Exchange Act or other substantive provisions of federal law, the Plan shall be governed
by and construed in accordance with the internal laws of the State of Nevada applicable to contracts made and performed wholly
within the State of Nevada, without giving effect to the conflict of laws provisions thereof. 

(p)                
Severability. If any provision of the Plan or any Award or Award Agreement is
or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any person or entity or Award, or
would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed
amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the
Committee, materially altering the intent of the Plan or the Award, such provision shall be construed or deemed stricken as to
such jurisdiction, person or entity or Award and the remainder of the Plan and any such Award shall remain in full force and effect.

(q)                
Obligations Binding on Successors. The obligations of the Company under the
Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization
of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business of
the Company. 

(r)                 
Code Section 162(m) Approval. If so determined by the Committee, (i) the
Plan shall be approved by the stockholders of the Company no later than the first meeting of stockholders at which directors are
to be elected that occurs not later than the close of the third calendar year following the calendar year in which the Initial
Public Offering, if any, occurs, and (ii) the provisions of the Plan regarding Performance Compensation Awards shall be disclosed
and reapproved by stockholders no later than the first stockholder meeting that occurs in the fifth year following the year in
which stockholders previously approved such provisions following the Initial Public Offering, if any, in each case in order for
certain Awards granted after such time to be exempt from the deduction limitations of Section 162(m) of the Code. Nothing
in this clause, however, shall affect the validity of Awards granted after such time if such stockholder approval has not been
obtained. 

(s)                 
Other Agreements. Notwithstanding the above, the Committee may require, as a
condition to the grant of and/or the receipt of shares of Common Stock under an Award, that the Participant execute lock-up, stockholder
or other agreements, as it may determine in its sole and absolute discretion. 

    	25

    	 

    

(t)                 
Payments. Participants shall be required to pay, to the extent required by applicable
law, any amounts required to receive shares of Common Stock under any Award made under the Plan.

(u)                
Non-Qualified Deferred Compensation.

(i)                  
To the extent applicable and notwithstanding any other provision of this Plan, this Plan and
Awards hereunder shall be administered, operated and interpreted in accordance with Section 409A of the Code. Notwithstanding any
provision of the Plan to the contrary, in the event that the Committee determines that any amounts payable hereunder will be taxable
to a Participant under Section 409A of the Code prior to the payment and/or delivery to such Participant of such amount, the
Company may (i) adopt such amendments to the Plan and related Award Agreement, and appropriate policies and procedures, including
amendments and policies with retroactive effect, that the Committee determines necessary or appropriate to preserve the intended
tax treatment of the benefits provided by the Plan and Awards hereunder and/or (ii) take such other actions as the Committee determines
necessary or appropriate to comply with the requirements of Section 409A of the Code. No action shall be taken under this Plan
which shall cause an Award to fail to comply with Section 409A of the Code, to the extent applicable to such Award. However,
in no event shall any member of the Board, the Company or any of its Affiliates (including their respective employees, officers,
directors or agents) have any liability to any Participant (or any other person) with respect to this Section 15(u).

(ii)                
With respect to any Award that is considered “deferred compensation” subject to
Section 409A of the Code, references in the Plan to “termination of employment” (and substantially similar phrases)
shall mean “separation from service” within the meaning of Section 409A of the Code. For purposes of Section 409A of
the Code, each of the payments that may be made in respect of any Award granted under the Plan are designated as separate payments.

(iii)               
Notwithstanding anything in the Plan to the contrary, if a Participant is a “specified
employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, no payments in respect of any Awards that are “deferred
compensation” subject to Section 409A of the Code and which would otherwise be payable upon the Participant’s “separation
from service” (as defined in Section 409A of the Code) shall be made to such Participant prior to the date that is six months
after the date of such Participant’s “separation from service” or, if earlier, the Participant’s date of
death. Following any applicable six month delay, all such delayed payments will be paid in a single lump sum, without interest,
on the earliest date permitted under Section 409A of the Code that is also a business day.

(v)                
Market Stand-off Provisions. If the Company or any equity holder of the Company
proposes to offer for sale any equity securities of the Company pursuant to a public offering under the Securities Act and if requested
by the Company and/or any underwriter engaged by the Company for a reasonable period of time specified by the Company or such underwriter
following the filing of the registration statement filed with respect to such offering, the Participant shall not, directly or
indirectly, offer, sell, transfer, pledge, contract to sell (including any short sale), grant any option to purchase, or otherwise
dispose of, or enter into any hedging or similar transaction with the same economic effect as a sale relating to, any shares of
the Common Stock acquired by the Participant pursuant to an Award or any other securities of the Company held by the Participant,
and shall execute and deliver such other agreements as may be reasonably requested by the Company and/or the underwriter(s) that
are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant,
the Company my impose stop transfer instructions with respect to such shares or other securities until the end of such period.

    	26

    	 

    

(w)               
Claw-back Provisions. All Awards (including any proceeds, gains or other economic
benefit actually or constructively received by a Participant upon any receipt or exercise of any Award or upon the receipt or resale
of any shares of Common Stock underlying the Award) shall be subject to the provisions of any claw-back policy implemented by the
Company, including, without limitation, any claw-back policy adopted to comply with the requirements of applicable law, including
without limitation the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder,
to the extent set forth in such claw-back policy and/or in the applicable Award Agreement. The Company shall delay the exercise
of its rights under this Section for such period as may be required to preserve equity accounting treatment.

(x)                
No Liability with Respect to Any Corporate Action. Subject to Section 15(u),
nothing contained in the Plan or in any Award Agreement will be construed to prevent the Company or any of its Affiliates from
taking any corporate action which is deemed by the Company or any of its Affiliates to be appropriate or in its best interest,
and no Participant or beneficiary of a Participant will have any claim against the Company or any of its Affiliates as a result
of any such corporate action.

(y)                
Affiliate Employees. In the case of a grant of an Award to an employee or consultant
of any Affiliate of the Company, the Company may, if the Committee so directs, issue or transfer the shares of Common Stock, if
any, covered by the Award to such Affiliate, for such lawful consideration as the Committee may specify, upon the condition or
understanding that the Affiliate will transfer the shares of Common Stock to the employee or consultant in accordance with the
terms of the Award specified by the Committee pursuant to the provisions of the Plan. All shares of Common Stock underlying Awards
that are forfeited or canceled shall revert to the Company.

(z)                
Foreign Employees and Foreign Law Considerations. The Committee may grant Awards
to individuals who are eligible to participate in the plan who are foreign nationals, who are located outside the United States
or who are not compensated from a payroll maintained in the United States, or who are otherwise subject to (or could cause the
Company to be subject to) legal or regulatory provisions of countries or jurisdictions outside the United States, on such terms
and conditions different from those specified in the Plan as may, in the judgment of the Committee, be necessary or desirable to
foster and promote achievement of the purposes of the Plan, and, in furtherance of such purposes, the Committee may make such modifications,
amendments, procedures, or subplans as may be necessary or advisable to comply with such legal or regulatory provisions.

    	27

    	 

    

(aa)            
Expenses; Gender; Titles and Headings. The expenses of administering the Plan
shall be borne by the Company and its Affiliates. Masculine pronouns and other words of masculine gender shall refer to both men
and women. The titles and headings of the sections in the Plan are for convenience of reference only, and in the event of any conflict,
the text of the Plan, rather than such titles or headings shall control. 

 

* * *

As adopted and approved by the Board
of Directors of Your Internet Defender Inc. on [______], 2014, and the stockholders of Your Internet Defender Inc. on [______],
2014.

    	28

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