Document:

Exhibit 10.2

 

PROMISSORY NOTE

 

	Principal Amount: up to $250,000 	Dated as of September 8, 2022
	(as set forth on the Schedule of Borrowings attached hereto)	 

 

PropTech
Investment Corporation II, a Delaware corporation and blank check company (the “Maker”),
promises to pay to the order of HC PropTech Partners II LLC, a Delaware limited liability company (together with its successors and assigns,
the “Payee”), the principal sum of up to TWO HUNDRED
FIFTY THOUSAND AND 00/100 DOLLARS ($250,000.00) (as set forth on the Schedule of Borrowings attached hereto) in lawful money of the United
States of America, on the terms and conditions of this Promissory Note, dated as of the date hereof (as the same may be amended, restated,
replaced, supplemented or otherwise modified from time to time, this “Note”).

 

1.   Principal.
The principal balance of this Note shall be repayable as a transaction expense upon the consummation of the Maker’s merger,
share exchange, asset acquisition, share purchase, reorganization, recapitalization, or similar business combination with one or more
businesses (a “Business Combination”). Payee
understands that if a Business Combination is not consummated, this Note will not be repaid and all amounts owed hereunder will be forgiven
except to the extent that the Maker has funds available to it outside of its trust account established in connection with its initial
public offering. The timing of repayment may be delayed by the Payee in its sole discretion for up to 90 days following the consummation
of the Business Combination.

 

2.   Interest.
No interest shall accrue on the unpaid principal balance of this Note.

 

3.   Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this
Note, including (without limitation) reasonable attorneys’ fees, then to the payment in full of any late charges and finally to
the reduction of the unpaid principal balance of this Note.

 

4.   Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)   Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days
following the date when due.

 

(b)   Voluntary
Bankruptcy, Etc.  The commencement by Maker of a voluntary case under the Federal Bankruptcy Code, as now constituted or hereafter
amended, or any other applicable federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the
consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other
similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors,
or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance
of any of the foregoing.

 

(c)   Involuntary
Bankruptcy, Etc.  The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker
in an involuntary case under the Federal Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state bankruptcy,
insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official)
of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance
of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days.

 

     

     

    

 

5.   Remedies.

 

(a)   Upon
the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due and payable immediately, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder, shall
become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)   Upon
the occurrence of an Event of Default specified in Sections 4(b) and 4(c) hereof, the unpaid principal balance of, and all other sums
payable with regard to, this Note shall automatically and immediately become due and payable, in all cases without any action on the part
of Payee.

 

6.   Waivers.
Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the
terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or
personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing
for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that
may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such
writ in whole or in part in any order desired by Payee.

 

7.   Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the
payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall
not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee,
and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment
or other provisions of this Note, and agree that additional makers, endorsers, guarantors, or sureties may become parties hereto without
notice to them or affecting their liability hereunder.

 

8.   Notices.
Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally
delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery,
(iv) sent by telefacsimile or (v) sent by e-mail, to the following addresses or to such other address as either party
may designate by notice in accordance with this Section:

 

If to Maker:

PropTech Investment Corp. II

3415 N. Pines Way, Suite 204

Wilson, WY 83014

Attention: Thomas Hennessy

If to Payee:

 

HC Proptech Partners II LLC

3415 N. Pines Way, Suite 204

Wilson, WY 83014

Attention:
Thomas Hennessy

 

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Notice
shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a telefacsimile transmission
confirmation, (iii) the date on which an e-mail transmission was received by the receiving party’s on-line access
provider (iv) the date reflected on a signed delivery receipt, or (vi) two (2) Business Days following tender of delivery or
dispatch by express mail or delivery service.

 

9.   Trust
Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any
kind (“Claim”) in or to any distribution of or from
the trust account established in which proceeds of the Maker’s initial public offering of securities (“IPO”)
(including the deferred underwriters discounts and commissions) and proceeds of the sale of the private
placement warrants issued in a private placement which occurred in connection with the consummation of the IPO are deposited, as
described in greater detail in the registration statement and prospectus filed with the Securities and Exchange Commission in connection
with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for
any reason whatsoever.

 

10.   Construction.
This Note shall be construed and enforced in accordance with the domestic, internal law, but not the law of conflict of laws, of the State
of New York.

 

11.   Severability.
Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

[Remainder of Page
Intentionally Left Blank]

 

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IN
WITNESS WHEREOF, the Maker, intending to be legally bound hereby, has caused this Note to be duly executed by its Chief Executive
Officer the day and year first above written.

 

	 	PROPTECH INVESTMENT CORPORATION II
	 	 	 
	 	/s/ Thomas Hennessy
	 	Name:	Thomas Hennessy
	 	Title:	Chairman of the Board, Co-Chief Executive Officer and President

 

[Signature Page to Promissory Note]

 

    

     

    

 

 

SCHEDULE OF BORROWINGS

 

The following increases or decreases in this Promissory Note have been
made:

 	
     

    Date
    of Increase or

 Decrease
	 	Amount of 

decrease in 

Principal 

Amount of this 

Promissory Note	 	Amount of

 increase in 

Principal 

Amount of this

 Promissory Note	 	Principal 

Amount of this 

Promissory Note

 following such

 decrease or increaseEXHIBIT 10.1

 

RED ROBIN GOURMET BURGERS, INC.

EMPLOYMENT INDUCEMENT AWARD

RESTRICTED STOCK UNIT GRANT AGREEMENT

 

THIS RESTRICTED STOCK UNIT GRANT AGREEMENT (this “Agreement”)
between RED ROBIN GOURMET BURGERS, INC. (the “Company”) and G.J. Hart (“Grantee”) is dated effective
September 13, 2022 (the “Date of Grant”).

 

Grantee has been granted an award of 123,762 restricted stock units.
These units are restricted until the vest date(s) shown below, at which time you will receive shares of Red Robin Gourmet Burgers, Inc.
common stock.

 

Vesting Schedule: This award will vest in accordance with the
following:

 

	 	Shares	Vest Date	 
	 	41,254	September 13, 2023	 
	 	41,254	September 13, 2024	 
	 	41,254	September 13, 2025	 

 

 

RECITALS

 

A.       The
Board has adopted, and the stockholders have approved, the Red Robin Gourmet Burgers, Inc. 2017 Performance Incentive Plan, as may be
amended from time to time (the “Plan”);

 

B.       Although
this Agreement is not made under the Plan, this Agreement will be granted subject to and in accordance with the terms and conditions of
the Plan as if the award were granted under the Plan, to the extent applicable; and

 

C.       The
Committee has determined that Grantee is eligible to receive a restricted stock unit award as an inducement award to induce the Grantee
to become, and to retain Grantee as, Chief Executive Officer of the Company and has determined that it would be in the best interest of
the Company to grant the restricted stock unit award provided for herein.

 

 

AGREEMENT

 

1.              
Grant of Restricted Stock Unit.

 

(a)            
Award. As an employment inducement award, Grantee is hereby awarded the number of Restricted
Stock Units set forth above, each of which represents the right to receive one share of the Company's common stock, $.001 par value per
share (the “Common Stock”), subject to the conditions of the Plan and this Agreement (the “Restricted Stock
Units”). Unless and until the Restricted Stock Units vest, Grantee will have no right to receive shares of Common Stock under
such Restricted Stock Units. 

 

(b)             Plan
Incorporated. Grantee acknowledges receipt of a copy of the Plan, and agrees that this award of Restricted Stock Units shall be
subject to all of the terms and conditions set forth in the Plan, including future amendments thereto, if any, pursuant to the terms
thereof, which Plan is incorporated herein by reference as a part of this Agreement. Except as defined herein, capitalized terms
shall have the same meanings ascribed to them under the Plan. 

 

2.              
Vesting Schedule: The Restricted Stock Units awarded by this Agreement will vest in accordance
with the vesting schedule set forth above. Each date upon which vesting occurs is referred to herein as a “Vesting

 

 

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Date”.
The foregoing notwithstanding, vesting pursuant to the foregoing schedule shall occur on a Vesting Date only if Grantee remains employed
by or provides services to the Company from the Date of Grant to such Vesting Date. If Grantee ceases to be employed by or ceases to provide
services to the Company at any time prior to the final Vesting Date, all unvested Restricted Stock Units shall be canceled immediately
on the date that Grantee's employment or service is terminated and Grantee shall cease to have any right or entitlement to receive any
shares of Common Stock under such canceled Restricted Stock Units. 

 

3.              
Accelerated Vesting of Restricted Stock Units. 

 

(a)            
As provided in Section 5.3 of the Plan, if a Change in Control occurs, any unvested Restricted Stock
Units held by Grantee will become fully vested. However, if Grantee is designated on the Company’s payroll records as a Tier 1 or
Tier 2 executive or above, or an executive officer, on the date of the Change in Control no Restricted Stock Units will vest solely on
account of a Change in Control unless Grantee’s employment with the Company is terminated without Cause (as defined below) within
the two-year period following such Change in Control.

 

(b)            
For purposes of this Agreement, “Cause” means that Grantee:

 

(i)             
has been negligent in the discharge of his or her duties to the Company or any of its Subsidiaries,
has refused to perform stated or assigned duties or is incompetent in or (other than by reason of a disability or analogous condition)
incapable of performing those duties;

 

(ii)           
has been dishonest or committed or engaged in an act of theft, embezzlement or fraud, a breach of
confidentiality, an unauthorized disclosure or use of inside information, customer lists, trade secrets or other confidential information;
has breached a fiduciary duty, or willfully and materially violated any other duty, law, rule, regulation or policy of the Company, any
of its Subsidiaries or any affiliate of the Company or any of its Subsidiaries; or has been convicted of a felony or misdemeanor (other
than minor traffic violations or similar offenses);

 

(iii)         
has materially breached any of the provisions of any agreement with the Company, any of its Subsidiaries
or any affiliate of the Company or any of its Subsidiaries; or

 

(iv)          
has engaged in unfair competition with, or otherwise acted intentionally in a manner injurious to
the reputation, business or assets of, the Company, any of its Subsidiaries or any affiliate of the Company or any of its Subsidiaries;
has improperly induced a vendor or customer to enter into, break or terminate any contract with the Company, any of its Subsidiaries or
any affiliate of the Company or any of its Subsidiaries; or has induced a principal for whom the Company, any of its Subsidiaries or any
affiliate of the Company or any of its Subsidiaries acts as agent to terminate such agency relationship.

 

4.               Limits
on Transferability. Restricted Stock Units shall not be transferable except by will or the laws of descent and distribution or
pursuant to a beneficiary designation, or as otherwise permitted by the Plan. No right or benefit hereunder shall in any manner be
liable for or subject to any debts, contracts, liabilities, or torts of Grantee. Grantee agrees that the Restricted Stock Units will
not be sold or otherwise disposed of in any manner that would constitute a violation of any applicable federal or state securities
laws. Any purported assignment, alienation, pledge, attachment, sale, transfer or other encumbrance of shares of unvested Restricted
Stock Units that does not satisfy the requirements of this Agreement and the Plan shall, prior to the lapse of the restrictions on
such shares pursuant to Section 2, be void and unenforceable against the Company.

 

5.              
Issuance and Certificates. Unless the Restricted Stock Units are forfeited prior to the Vesting
Date as provided in Section 2 above, the shares of Common Stock issuable upon vesting of the Restricted Stock Units shall be deemed issued
as of the Vesting Date. As soon as administratively practicable following a Vesting Date, the Company shall cause a stock certificate
or certificates (which may be in electronic form) to be delivered to or

 

 

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on behalf of Grantee for such number of shares equal to the number
of Restricted Stock Units vested on such Vesting Date, subject to the Company's collection of applicable withholding taxes in accordance
with Section 7 below. Notwithstanding any other provisions of this Agreement, the issuance or delivery of any shares of Common Stock may
be postponed for such period as may be required to comply with any requirements under any law or regulation applicable to the issuance
or delivery of such shares. The Company shall not be obligated to issue or deliver any shares of Common Stock if the issuance or delivery
thereof shall constitute a violation of any provision of any law or of any regulation of any governmental authority.

 

6.              
Stockholder Rights. Grantee shall not have any stockholder rights, including voting or dividend
rights, with respect to the shares of Common Stock subject to the Restricted Stock Units until such shares are issued on the applicable
Vesting Date.

 

7.               Withholding.
In order to comply with all applicable federal or state income tax laws or regulations, the Company may take such action as it deems appropriate
to ensure that all applicable federal or state payroll, withholding, income or other taxes, which are the sole and absolute responsibility
of Grantee, are withheld or collected from Grantee. In accordance with the terms of the Plan, and such rules as may be adopted by the
Committee under the Plan, to satisfy Grantee’s federal and state tax withholding obligations arising from the vesting of the Restricted
Stock Units, the Company shall be permitted in its discretion to withhold shares of Common Stock otherwise to be delivered to Grantee
having a Fair Market Value equal to the amount of such taxes. The Company will not deliver any fractional shares of Common Stock. Any additional withholding amounts owed by Grantee due to the inability to deliver fractional shares will be deducted from Grantee’s
next paycheck.

 

8.               Tax
Consideration. The Company has advised Grantee to seek Grantee’s own tax and financial advice with regard to the federal and
state tax considerations resulting from Grantee’s receipt of Restricted Stock Units pursuant to this Agreement. Grantee understands
that the Company will report to appropriate taxing authorities the payment to Grantee of compensation income upon the vesting of the Restricted
Stock Units. Grantee understands that he or she is solely responsible for the payment of all federal and state taxes resulting from this
grant of Restricted Stock Units. With respect to tax withholding amounts, the Company has all of the rights specified in Section 7 of
this Agreement and has no obligations to Grantee except as expressly stated in Section 7 of this Agreement.

 

9.               Non-Solicitation.
Grantee, for the twelve (12) month period immediately following the date of termination of Grantee’s employment or services, shall
not, either on his or her own account or jointly with or as a manager, agent, officer, employee, consultant, partner, joint venturer,
owner, or shareholder, or otherwise on behalf of any other person, firm, or corporation, directly or indirectly solicit or attempt to
solicit away from the Company any of its employees or offer employment to any person who, on or during the six (6) months immediately
preceding the date of such solicitation or offer, is or was an employee of the Company. Grantee agrees that the covenant set forth in
this Section 9 is reasonable with respect to its duration, geographical area and scope. In the event that the geographic or temporal scope
of the covenant contained herein or the nature of the business or activities restricted hereby shall be declared by a court of competent
jurisdiction to exceed the maximum restrictiveness such court deems enforceable, such provisions shall be deemed to be replaced herein
by the maximum restriction deemed enforceable by such court.

 

10.             Injunctive
Relief. The parties hereto agree that either party hereto would suffer irreparable harm from a breach by the other party of any of
the covenants or agreements contained in Section 9, for which there is no adequate remedy at law. Therefore, in the event of the actual
or threatened breach by a party of any of the provisions of this Agreement, the other party, and in the case of the Company, its respective
successors or assigns, may, in addition and supplementary to other rights and remedies existing in their favor, apply to any court of
law or equity of competent jurisdiction for specific performance, injunctive or other relief (without the necessity of posting bond or
security) in order to enforce compliance with, or prevent any violation of, the provisions hereof; and that, in the event of such breach
or threat thereof by one party, the other party shall be entitled to obtain a

 

 

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temporary restraining order and/or a preliminary injunction
restraining the other party from engaging in activities prohibited hereby or such other relief as may be required to specifically enforce
any of the covenants contained herein.

 

11.             Notices.
Any notice to be given under the terms of this Agreement shall be in writing and addressed to the Company at its principal office to the
attention of the Secretary, and to Grantee at the address last reflected on the Company’s payroll records (including via e-mail
if Grantee is then employed by the Company), or at such other address as either party may hereafter designate in writing to the other.
Any such notice (if not sent via e-mail) shall be delivered in person or shall be enclosed in a properly sealed envelope addressed as
aforesaid, registered or certified, and deposited (postage and registry or certification fee prepaid) in a post office or branch post
office regularly maintained by the United States Government. Any such notice shall be given only when received, but if Grantee is no longer
employed by the Company or a Subsidiary, shall be deemed to have been duly given five business days after the date mailed in accordance
with the foregoing provisions in this Section 11.

 

12.             Conflicts
and Interpretation. In the event of a conflict or inconsistency between the terms and conditions of this Agreement and of the Plan,
the terms and conditions of the Plan shall govern. Grantee agrees to be bound by the terms of the Plan and this Agreement. Grantee acknowledges
having read and understanding the Plan, this Agreement, and the Prospectus for this Agreement. Unless otherwise expressly provided in
other sections of this Agreement, provisions of the Plan that confer discretionary authority on the Board or the Committee do not and
shall not be deemed to create any rights in Grantee unless such rights are expressly set forth herein or are otherwise in the sole discretion
of the Board or the Committee so conferred by appropriate action of the Board or the Committee under the Plan after the date hereof.

 

13.             Entire
Agreement; Amendment. Except as may otherwise be provided in any employment, severance or other agreement between the Company and
Grantee, or any Company plan in which Grantee participates, this Agreement and the Plan together constitute the entire agreement and supersede
all prior understandings and agreements, written or oral, of the parties hereto with respect to the subject matter hereof. The Company
may modify, amend or waive the terms of the Restricted Stock Unit award, prospectively or retroactively, but no such modification, amendment
or waiver shall impair the rights of Grantee without his or her consent, except as required by applicable law, NASDAQ or stock exchange
rules, tax rules or accounting rules. The waiver by either party of compliance with any provision of this Agreement shall not operate
or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party of a provision of this
Agreement.

 

14.             Applicable
Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without regard
to conflict of law principles thereunder.

 

15.             Binding
Effect. This Agreement shall bind Grantee and the Company and their beneficiaries, survivors, executors, administrators and transferees.

 

16.             No
Employment/Service Commitment. Nothing contained in this Agreement or the Plan constitutes a continued employment or service commitment
by the Company or any of its Subsidiaries, affects Grantee’s status, if he or she is an employee, as an employee at will who is
subject to termination without cause, confers upon Grantee any right to remain employed by or in service to the Company or any Subsidiary,
interferes in any way with the right of the Company or any Subsidiary at any time to terminate such employment or service, or affects
the right of the Company or any Subsidiary to increase or decrease Grantee’s other compensation. Payment of any Restricted Stock
Unit Award amount is not secured by a trust, insurance contract or other funding medium, and Grantee does not have any interest in any
fund or specific assets of the Company or any of its Affiliates by reason of this Restricted Stock Unit Award.

 

17.             Compliance with Code
Section 409A. The Restricted Stock Units granted under this Agreement are intended to fit within the “short-term deferral”
exemption from section 409A of the Internal Revenue Code. In

 

 

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administering this Agreement, the Company shall interpret this Agreement
in a manner consistent with such exemption.

 

18.             Forfeiture.
Grantee must reimburse or forfeit to the Company any payment received or to be received hereunder by Grantee to the extent required by
the clawback policy adopted by the Board of Directors.

 

19.             Definitions.
To the extent not specifically defined in this Agreement, each capitalized term used in this Agreement has the meaning ascribed to such
term in the Plan.

 

20.             Committee
Administration. The Committee has sole and exclusive responsibility for construing and interpreting this Agreement and for resolving
all questions arising under this Agreement. Any decision or action taken by the Committee arising out of, or in connection with, the construction,
administration, interpretation and effect of this Agreement will be conclusive and binding upon all persons.

 

21.             Severability.
The invalidity or unenforceability of any provision of this Agreement will not affect the validity or enforceability of the other provisions
of this Agreement, which will remain in full force and effect. Moreover, if any provision is found to be excessively broad in duration,
scope or covered activity, the provision will be construed so as to be enforceable to the maximum extent compatible with applicable law.

 

 

 

 

[Signature Appears
on Following Page]

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	 	RED ROBIN GOURMET BURGERS, INC., a Delaware corporation	 
	 	 	 	 
	 	By:	/s/ Michael Kaplan	 
	 	 	Name: Michael Kaplan	 
	 	 	Title: EVP & Chief Legal Officer	 

 

 

 

 

[Signature Page to Employment
Inducement Award Restricted Stock Unit Grant Agreement]

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