Document:

EX-10.2

 Exhibit 10.2 

Levy Acquisition Corp. 
 444 North
Michigan Avenue, Suite 3500 
 Chicago, IL 60611 

June 30, 2015 
 GS Mezzanine Partners 2006
Institutional, L.P. 
 200 West Street 
 New York, NY 10282 

 

	Re:	Agreement and Plan of Merger (as amended or modified from time to time, the “Merger Agreement”), dated as of March 12, 2015, by and among Levy Acquisition Corp., a Delaware corporation
(“Buyer”), Levy Merger Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of Buyer (“Merger Sub”), and Del Taco Holdings, Inc., a Delaware corporation (the “Company”), pursuant to
which Merger Sub merged with and into the Company (the “Merger”), with the Company continuing as the surviving corporation of the Merger (the “Surviving Corporation”). 

Ladies and Gentlemen: 
 This letter serves to define certain
rights of GS Mezzanine Partners 2006 Institutional, L.P. (“GSMP VCOC”) in order for GSMP VCOC’s indirect investment in shares of common stock of Buyer, which GSMP 2006 Institutional US, Ltd. (“GSMP 2006
Institutional”) acquired as result of the Merger, to be constitute “management rights” required to qualify as a venture capital investment under Department of Labor regulation Section 2510.3-101(d)(3). 

 

	 	1.	Information Rights. Buyer will deliver or make available to GSMP VCOC: (i) within 120 days after the end of each financial year, copies of the audited consolidated financial statements, including the
consolidated balance sheet and consolidated statements of income and cash flows, of Buyer and its subsidiaries for that financial year prepared in conformity with generally accepted accounting principles in the United States applied on a consistent
basis, except as otherwise noted therein, together with an auditor’s report thereon of a firm of established national reputation; (ii) within 45 days of the end of each accounting quarter, copies of the consolidated management accounts of
Buyer and its subsidiaries as at the end of and for that accounting quarter, including a profit and loss account, balance sheet and cash flow statement prepared in conformity with generally accepted accounting principles in the United States applied
on a consistent basis, except as otherwise noted therein and setting forth comparative figures for the related period and related cumulative period in the previous financial year; (iii) true and correct copies of all documents, reports,
financial data and such additional information as GSMP VCOC may at any time reasonably request; and (iv) all reports, any annual reports, quarterly reports and other periodic reports of Buyer that are filed with the Securities and Exchange
Commission (“SEC”) pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, promptly after such reports are filed with the SEC. For purposes of determining whether an item has been reasonably
requested pursuant to clause (iii) of this Section 1, the fact that Buyer and its subsidiaries are subject to securities and other laws will be taken into consideration. 

	 	2.	Inspection and Consultation Rights. GSMP VCOC shall have the right to meet from time to time with management personnel of Buyer, the Surviving Corporation and their direct and indirect subsidiaries, upon
reasonable notice to Buyer and the Surviving Corporation, for the purpose of consulting with and advising management, obtaining information on all matters relating to the operation of Buyer, the Surviving Corporation and their direct and indirect
subsidiaries or expressing the views of GSMP VCOC on such matters and, as may be reasonably requested and on reasonable notice, to visit and inspect any of the properties of Buyer, the Surviving Corporation and their direct and indirect
subsidiaries, including the books of account and to discuss its and their affairs, finances and accounts with management personnel of Buyer, the Surviving Corporation and their direct and indirect subsidiaries. Buyer agrees, and shall cause its
direct and indirect subsidiaries, to give consideration in good faith to any advice given and proposals made by GSMP VCOC; provided that Buyer and its subsidiaries shall not be obligated to follow any such advice or proposals.

  

	 	3.	Confidentiality. GSMP VCOC agrees to keep any information received in connection with this letter agreement confidential, not use it for any purpose other than monitoring its investment in Buyer and not disclose
it to anyone except (i) to its Affiliates (as defined in Section 5), directors, officers, employees and professional advisors, auditors or accountants solely for the purpose of monitoring its investment and only to the extent such persons
agree to keep the information confidential pursuant to the terms hereof; (ii) (x) where requested or required by any court or any judicial, governmental, supervisory or regulatory body or otherwise in connection with any judicial or
administrative proceeding in which GSMP VCOC or any of its Affiliates is involved, provided that GSMP VCOC will give Buyer prompt written notice of such request or requirement (if permitted by law) so that Buyer may take steps to resist or
narrow the scope of such request or requirement and/or seek an appropriate protective order or other remedy (and GSMP VCOC agrees to cooperate with Buyer to obtain such protective order or other appropriate remedy), (y) where required by the
rules of any stock exchange on which the shares or other securities of GSMP VCOC or any of its Affiliates are listed, or (z) where required by any laws or regulations; or (iii) with the prior written consent of Buyer. The foregoing
obligations shall not apply to (a) information which is at the time of disclosure, or thereafter becomes, publicly available; (b) information received by GSMP VCOC from a third party not known by GSMP VCOC to be in violation of a
confidentiality obligation to Buyer or the Surviving Corporation; or (iii) information relating to the United States federal income tax treatment of the matter (excluding the identity of any parties involved therewith) that is the subject of
such information. 

  

	 	4.	 Amendment. This letter agreement may be amended by a document which indicates that it is intended to be an amendment hereto and which is
executed by GSMP VCOC and Buyer. The parties agree that if legal counsel for GSMP VCOC reasonably concludes that the rights granted hereby should be altered to preserve the qualification of GSMP VCOC’s investment in Buyer as a “venture
capital investment” for purposes of ERISA, 

	 	
the parties hereto will agree to amendments to this letter agreement to effect such alterations; provided that no such alteration would result in a material adverse effect on the
operation, business or prospects of Buyer. 

  

	 	5.	Assignment. For the avoidance of doubt, in the event that GSMP VCOC transfers all or any portion of its investment in Buyer to an Affiliate or Qualified Fund (as defined below), GSMP VCOC shall be entitled, at
its option, to assign all its rights hereunder (including, without limitation, to consult with management, to have access to properties, and to receive other information) to an Affiliate or Qualified Fund, and in such event the parties hereto agree
to execute a management rights agreement in the form of this document with such Affiliate or Qualified Fund, and the name of the assignee shall be substituted for GSMP VCOC in each place it appears in this letter agreement. For purposes hereof, an
“Affiliate” of any entity means another entity that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such first entity, and a “Qualified Fund”
is an investment fund managed by an Affiliate. 

  

	 	6.	Securities Law. Without limiting the obligations of Buyer or its subsidiaries to provide information under this letter agreement, GSMP VCOC understands that it may receive material non-public information relating
to Buyer and its subsidiaries pursuant to this letter agreement, or upon exercise of its rights hereunder, and acknowledge that none of Buyer and/or its subsidiaries shall have any duty to disclose any information publicly or privately to any other
person in connection with any actual or proposed transfer of common stock of Buyer or any interest therein. GSMP VCOC hereby acknowledges that it is aware that the securities laws of the United States prohibit any person who is in possession of
material nonpublic information from trading in Buyer’s securities or communicating such information to another person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities.

  

	 	7.	Successors. This letter agreement shall be binding upon Buyer and its successors and assigns, and Buyer shall require any successor or assign to expressly assume and agree to perform this letter agreement in the
same manner and to the same extent that Buyer would be required to perform it if no such succession or assignment had taken place. The term “Buyer” as used herein shall include any such successors and assigns. The term the “Surviving
Corporation” as used herein shall include any such successors and assigns. The term “successors and assigns” as used herein shall mean a corporation or other entity acquiring all or substantially all the assets and business of
Buyer or the Surviving Corporation (including this letter agreement) whether by operation of law or otherwise. 

  

	 	8.	Governing Law. This letter agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to the conflicts of laws principles thereof. 

	 	9.	Termination. This letter agreement shall terminate at the earlier of: (i) such time as GSMP VCOC no longer has any direct or indirect investment in Buyer; (ii) such time as GSMP VCOC no longer needs to
qualify as a venture capital operating company, and (iii) such time that the investment of GSMP VCOC in Buyer is “freely transferrable” as defined under the Department of Labor regulation Section 2510.3-101. 

 

	 	10.	Counterparts. This letter agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this letter agreement and all of which, when taken together, will be deemed
to constitute one and the same agreement. A signature delivered by facsimile or by electronic means intended to preserve the original graphic and pictorial appearance thereof shall be deemed to be an original signature. 

[Signatures Follow] 

 
					
	Very truly yours,
	
	LEVY ACQUISITION CORP.
		
	By:		 /s/ Ari Levy

			Name:		Ari Levy
			Title:		President

 Accepted and agreed to as of 

this 30th day of June, 2015 
  

					
	GS MEZZANINE PARTNERS 2006 INSTITUTIONAL, L.P.
		
	By:		GS Mezzanine Advisors 2006, L.L.C., its General Partner
		
	By:		 /s/ Wei Yan

			Name:		Wei Yan
			Title:		Vice President

 Signature Page to Management Rights LetterEX-10.3

 Exhibit 10.3 

John Danhakl 
 Sagittarius Brands, Inc. 

January 15, 2009 
 Mr. Paul J.B. Murphy,
III 
 30593 Gold Club Point 
 Evergreen, Colorado 80439 

Dear Paul, 
 On behalf of the Board of Directors of Sagittarius
Brands, Inc. (“Sagittarius”). I am pleased to confirm our offer to you of employment as Chairman and Chief Executive Officer of Del Taco, Inc. (“Del Taco,” or the “Company”). With your leadership, we believe that we
will achieve our vision for the business and create significant value for al1 of our shareholders, including you. The following information describes the terms of our offer. 

Title and Management Role 
 You wi11 serve as Chairman of
the Company’s Board and Chief Executive Officer of the Del Taco. 
 Base Salary 

The Company compensates its employees on a bi-weekly basis. Your gross salary will be $22,076.92 every two weeks ($600,000 annually), payable via direct
deposit. 
 Management Incentive Plan 
 You will
participate in the Company’s annual Management Incentive Plan (“MIP”) at 100% of base salary as your target award (prorated for your days of service during each fiscal year). The Company will pay your target award in accordance with a
payout schedule for the MIP as determined by the Compensation Committee of the Company’s Board, with a 100% payout when the Company meets its annual EBITDA target. The Company’s EBITDA target for 2009 is $70 million pursuant to the budget
recently adopted by the Board. 
 Your MIP award for 2009 will be the greater of (a) $300,000 or (b) the bonus earned pursuant to the terms of the
MIP. The Company will pay you this guaranteed bonus at the time bonuses are paid in normal course. 
 Long-term Incentive 

Subject to Board and other required approvals, Sagittarius will grant you, for nominal consideration, restricted shares representing 2.5% of its common stock.
Restrictions as to 50% of such shares will lapse based upon the passage of time over a five-year period. 
 For the remaining 50%, restrictions will lapse
as to half when the Company’s principal investors have received distributions equal to their equity investments and as to the final portion when such distributions reach two times such equity investments. 

 The restricted share grant will result in more favorable tax treatment for you than nonqualified options, as your
gains will be taxed at capital gain, rather than ordinary income rates. 
 If you leave the Company for any reason, shares that are still subject to
restrictions as of your separation date will be subject to repurchase and, prior to an initial public offering of the Sagittarius’s common stock, any unrestricted shares would be subject to customary buy-back rights. In addition, you will have
to exeeu1e the Company’s customary non-solicitation and confidentiality agreement While the value of this grant will depend on the future performance of the Company and Sagittarius (and, therefore,
carries no guarantee), we believe it has considerable upside potential and hope that you will view it, as we do, as the most significant and meaningful component of your overall compensation package. 

Benefits 
 In addition to your base salary, you will be
eligible for the Company’s executive benefit package consistent with the plans in place at Del Taco when you start your employment. Those standard benefits include the following: 

 

	 	•	 	Medical, dental, vision, and life insurance, with premiums paid at 100% for company medical, dental, vision, and basic life benefits. 

 

	 	•	 	Four weeks of paid leave each year beginning on the date of your employment and each anniversary date of your employment. Paid leave allows employees time off for vacation, illness or personal matters.

  

	 	•	 	Monthly car allowance of $620.00 and reimbursement of eligible mileage expenses. 

  

	 	•	 	Customary relocation benefits including house hunting trips, moving assistance, realtor costs and temporary housing 

Severance 
 If the Company terminates you without cause,
you will receive a severance amount equal to one year of base salary, plus a pro rata portion of your prior year bonus, based upon the date of termination within the given year. The Company will pay the severance in equal installments during a
one-year period, consistent with the Company’s then existing payroll period. The amount of those payments will decrease (to not less than zero) by the amount of any compensation you receive during the severance payment period as an employee.
consultant or agent for any individual or entity. 
 Company Policies 

The Company is making this employment offer contingent on your compliance with the Company’s Conflict of Interest Policy and the results of the
Company’s customary background Investigations for new employees. You also must comply with all of the Company’s policies regarding the terms and conditions of your employment, as amended from time to time in the Company’s sole
discretion, including (without limitation) the Company’s Employee Dispute Resolution Program. 
 As Chairman and Chief Executive Officer of the
Company, you will have the opportunity to guide the transformation of Del Tacos build our business, and create a legacy that you will be proud of; all while creating significant value for all of the shareholders in the business. Our entire board
looks forward to the opportunity to work together with you to grow a larger and successful company that sets new standards in customer satisfaction, performance, growth and profitability. 

 This offer letter, if acceptable to you, will serve as the basis for the drafting of a customary contract of
employment over the next couple of weeks. If you have any questions, please call me at (310) 954-0435. Over the weekend I can be reached at home (310) 459-9962 or my cell (310) 567-6276. 

We very much appreciate your consideration of this opportunity on an expedited basis and look forward to working with you. 

Sincerely, 
 John Danhakl 

Sagittarius Brands, Inc. 
 Accepted and Agreed: 

 

	
	 /s/ Paul B. Murphy, III

	Paul B. Murphy, III

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