Document:

EXHIBIT 10.1

 

EXECUTION
VERSION

 

WAIVER

 

THIS
WAIVER, dated as of December 31, 2016 (this “Agreement”), is entered into among Ruby Tuesday, Inc., a Georgia
corporation (the “Borrower”), the Guarantors, the Lenders party hereto and Bank of America, N.A., as administrative
agent for the Lenders (in such capacity, the “Administrative Agent”). All capitalized terms used herein and
not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement (as defined below).

 

RECITALS

 

WHEREAS,
the Borrower, the Guarantors, the Lenders and the Administrative Agent entered into that certain Revolving Credit Agreement dated
as of December 3, 2013 (as amended by that certain First Amendment to Revolving Credit Agreement and Waiver dated as of January
10, 2014, that certain Second Amendment to Revolving Credit Agreement and Waiver dated as of February 7, 2014, that certain Third
Amendment to Revolving Credit Agreement dated as of August 5, 2014, that certain Fourth Amendment to Revolving Credit Agreement
dated as of June 29, 2015, that certain Fifth Amendment to Revolving Credit Agreement and Consent dated as of October 23, 2015,
that certain Sixth Amendment to Revolving Credit Agreement dated as of August 10, 2016, and as further amended or modified from
time to time, the “Credit Agreement”);

 

WHEREAS,
the Borrower has informed the Administrative Agent that an Event of Default has occurred and is continuing under the Credit Agreement
as a result of the Borrower’s failure to maintain a Consolidated Fixed Charge Coverage Ratio of not less than 1.65:1.00
as of the fiscal quarter ending November 29, 2016 pursuant to Section 7.1 of the Credit Agreement (the “Acknowledged
Event of Default”); and

 

WHEREAS,
the Borrower has requested that the Lenders waive the Acknowledged Event of Default, subject to the terms and conditions specified
in this Agreement.

 

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

 

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

 

2.       Waiver.
Subject to the other terms and conditions of this Agreement, the Required Lenders hereby waive the Acknowledged Event of Default
until January 31, 2017 (the “Waiver Termination Date”); provided, that, from the date hereof
through and including the Waiver Termination Date, (a) the aggregate principal amount of Revolving Loans and Letters of Credit
outstanding at any time under the Credit Agreement shall not exceed $16,100,000.00 (the “Waiver Period Revolving Cap”),
it being understood and agreed that (i) in the absence of a Waiver Termination Event (as defined below), the Borrower shall be
permitted to borrow, repay and re-borrow Revolving Loans and request, renew, amend and extend Letters of Credit under the Credit
Agreement up to the Waiver Period Revolving Cap, and (ii) the Waiver Period Revolving Cap shall not constitute a reduction of
the Revolving Commitments; (b) notwithstanding anything to the contrary set forth in the Loan Documents, the Loan Parties shall
not make (i) any Acquisitions permitted under Section 8.3(h) of the Credit Agreement, or (ii) any Investments permitted under
Section 8.3(j) of the Credit Agreement, and (c) notwithstanding anything to the contrary set forth in the Loan Documents, the
Loan Parties shall not make any Restricted Payments permitted under Section 8.4(c) of the Credit Agreement or Section 8.4(d) of
the Credit Agreement. From the date hereof through and including the Waiver Termination Date, the Administrative Agent and the
Lenders

 

     

    

    

shall, subject
to the terms and conditions set forth herein, forbear exercising their rights and remedies arising exclusively as a result of
the Acknowledged Event of Default; provided, that, the Administrative Agent and the Lenders shall be free to exercise
any or all of their rights and remedies arising on account of the Acknowledged Event of Default upon the earliest to occur of
(A) the occurrence of any Default or Event of Default under the Credit Agreement or any other Loan Document other than the Acknowledged
Event of Default, (B) a breach of any obligation or covenant of any Loan Party under this Agreement, (C) the exercise of any default
remedies by the holders of any former franchise partner Indebtedness with respect to mortgage loan obligations existing on the
date hereof and (D) the Waiver Termination Date (the occurrence of any event described in the foregoing clauses (A), (B),
(C) or (D) being referred to herein as a “Waiver Termination Event”). The waiver set forth herein
shall be effective only in this specific instance and shall not obligate the Lenders or the Administrative Agent to waive any
other Default or Event of Default, now existing or hereafter arising. This temporary waiver is limited solely to the matter described
in the first sentence of this Section 2 as of the date hereof, and nothing contained in this Agreement shall (1) modify
the Loan Parties’ obligations to comply fully with all other duties, terms, conditions or covenants contained in the Credit
Agreement and the other Loan Documents or (2) be deemed to constitute a waiver of any other rights or remedies the Administrative
Agent or any Lender may have under the Credit Agreement or any other Loan Documents or under applicable law. This is a one-time
waiver, and the Administrative Agent and the Lenders shall have no obligation to amend, modify or waive any provision of the Credit
Agreement or any other Loan Document in the future. The provisions and agreements set forth in this Agreement shall not establish
a custom or course of dealing or conduct between the Administrative Agent, the Issuing Bank, any Lender, the Borrower or any other
Loan Party.

 

3.       Reaffirmation.
Each Loan Party hereby acknowledges and agrees that as of December 31, 2016, (a) the outstanding principal amount of the Revolving
Loans is $0.00; and (b) the aggregate amount of Letters of Credit issued under the Credit Agreement is $11,090,514.00, which amounts
constitute valid and subsisting obligations of each Loan Party to the Administrative Agent and the Lenders that are not subject
to any credits, offsets, defenses, claims, counterclaims or adjustments of any kind. Each Loan Party hereby (i) acknowledges the
existence of the Acknowledged Event of Default, (ii) acknowledges and reaffirms that it is bound by all of the terms of the Credit
Agreement and the other Loan Documents to which it is a party and (iii) acknowledges and reaffirms that it is responsible for
the observance and full performance of all Obligations, including without limitation, the repayment of the Loans and reimbursement
of any drawings on a Letter of Credit. Without limiting the generality of the preceding sentence, each of the Guarantors restates
and reaffirms that it guarantees the prompt payment when due of all Obligations, in accordance with, and pursuant to the terms
of the Credit Agreement. Furthermore, the Loan Parties acknowledge and confirm (A) that the Administrative Agent and the Lenders
have performed fully all of their respective obligations under the Credit Agreement and the other Loan Documents and (B) by entering
into this Agreement, except as expressly set forth herein, the Lenders do not waive or release any term or condition of the Credit
Agreement or any of the other Loan Documents or any of their rights or remedies under such Loan Documents or applicable law or
any of the obligations of the Loan Parties thereunder.

 

4.       Release.
In consideration of the Administrative Agent’s and the Lenders’ willingness to enter into this Agreement, each Loan
Party hereby releases and forever discharges the Administrative Agent, the Issuing Bank, the Lenders and each of their respective
predecessors, successors, assigns, officers, managers, directors, employees, agents, attorneys, representatives and affiliates
(hereinafter, all of the above collectively referred to as the “Lender Group”) from any and all claims, counterclaims,
demands, damages, debts, suits, liabilities, actions and causes of action of any nature whatsoever, in each case to the extent
arising in connection with this Agreement or any of the other Loan Documents or any of the negotiations, activities, events or
circumstances arising out of or related to this Agreement or the other Loan Documents through the date of this Agreement, whether
arising at law or in equity, whether

 

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known or
unknown, whether liability be direct or indirect, liquidated or unliquidated, whether absolute or contingent, foreseen or unforeseen,
and whether or not heretofore asserted, which each Loan Party may have or claim to have against any entity within the Lender Group.

 

5.       Conditions
Precedent. This Agreement shall be effective upon the receipt by the Administrative Agent of:

 

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

 

(b)       a
certificate of a Responsible Officer of the Borrower attaching and certifying as true and complete the agreements waiving all
financial covenant events of default under any former franchise partner Indebtedness with respect to mortgage loan obligations
existing on the date hereof, in each case executed by the lender or lenders providing such Indebtedness and in form and substance
reasonably satisfactory to the Administrative Agent; and

 

(c)       all
fees and other amounts due and payable on or prior to the date hereof, including reimbursement or payment of all out-of-pocket
expenses (including reasonable fees, charges and disbursements of counsel to the Administrative Agent) required to be reimbursed
or paid by the Borrower hereunder or under any other Loan Document.

 

6.       Disclosure.
The Borrower covenants and agrees that as soon as possible following the satisfaction (or waiver) of the conditions precedent
set forth in Section 5, but in any event within one (1) Business Day following the date of this Agreement (or such longer
period of time as may be agreed by the Administrative Agent in its sole discretion), the Borrower shall file with the SEC a Current
Report on Form 8-K incorporating a complete copy of this Agreement.

 

7.       Miscellaneous.

 

(a)       The
Credit Agreement, and the obligations of the Loan Parties thereunder and under the other Loan Documents, are hereby ratified and
confirmed and, except as expressly modified by this Agreement, shall remain in full force and effect according to their terms.
This Agreement shall constitute a Loan Document.

 

(b)       Each
Loan Party hereby represents and warrants as follows: (i) such Loan Party has taken all necessary action to authorize the execution,
delivery and performance of this Agreement; (ii) this Agreement has been duly executed and delivered by such Loan Party and constitutes
the legal, valid and binding obligations of such Loan Party, enforceable in accordance with its terms, except as such enforceability
may be subject to (A) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting
creditors’ rights generally and (B) general principles of equity (regardless of whether such enforceability is considered
in a proceeding at law or in equity); and (iii) no consent, approval, authorization or order of, or filing, registration or qualification
with, any court or governmental authority or third party is required in connection with the execution, delivery or performance
by such Loan Party of this Agreement.

 

(c)       Each
Loan Party represents and warrants to the Lenders that (i) the representations and warranties set forth in Article V of the Credit
Agreement and in each other Loan Document are true and correct in all material respects (after giving effect to this Agreement)
as of the date hereof with the same effect as if made on and as of the date hereof, except to the

 

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extent
such representations and warranties expressly relate to an earlier date and (ii) no unwaived event has occurred and is continuing
which constitutes a Default or an Event of Default.

 

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

 

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

 

[remainder
of page intentionally left blank]

 

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

 

	BORROWER:	RUBY TUESDAY, INC.	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/  Rhonda Parish 	 
	 	Name:	Rhonda Parish	 
	 	Title:	Chief Legal Officer and Secretary 	 
	 	 	 	 
	GUARANTORS:	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	 
	 	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.	 

    WAIVER
RUBY TUESDAY, INC.

    

    

	 	RT
    NEW HAMPSHIRE RESTAURANT HOLDINGS, LLC	 
	 	RT RESTAURANT
    SERVICES, LLC	 
	 	RTTA,
    LP	 
	 	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	 
	 	RUBY TUESDAY
    OF RUSSELLVILLE, INC.	 
	 	RUBY TUESDAY
    OF CONWAY, INC.	 
	 	RT KCMO
    KANSAS, INC.	 
	 	RUBY TUESDAY
    OF BRYANT, INC.	 
	 	 	 
	 	 	 
	 	By:	/s/ Rhonda Parish 	 
	 	Name:	Rhonda Parish	 
	 	Title:	Vice President and
    Secretary 	 

 

    WAIVER
RUBY TUESDAY, INC.

    

    

 

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

                    as Administrative Agent
	 
	 	 	 
	 	 	 
	 	By:	/s/ Kelly Weaver	 
	 	Name:	Kelly Weaver	 
	 	Title:	Vice President	 

 

 

    WAIVER
RUBY TUESDAY, INC.

    

    

	LENDERS:	BANK OF AMERICA, N.A.,

                    as a Lender and an Issuing
Bank
	 
	 	 	 
	 	 	 
	 	By:	/s/ Anthony Luppino	 
	 	Name:	Anthony Luppino	 
	 	Title:	Vice President	 

 

    WAIVER
RUBY TUESDAY, INC.

    

    

		WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as a Lender

	 
	 	 	 
	 	 	 
	 	By:	/s/ Maureen S. Malphus	 
	 	Name:	Maureen S. Malphus	 
	 	Title:	Vice President	 

 

 

    WAIVER
RUBY TUESDAY, INC.

    

    

		
REGIONS BANK,

as a Lender

	 
	 	 	 
	 	 	 
	 	By:	/s/ Jay R Goldstein	 
	 	Name:	Jay R Goldstein	 
	 	Title:	Managing Director	 

 

    WAIVER
RUBY TUESDAY, INC.EXHIBIT 10.2

 

EXECUTION
COPY

 

FIRST
AMENDMENT TO WAIVER AGREEMENT

 

This
FIRST AMENDMENT TO WAIVER AGREEMENT (as it may be amended, supplemented, extended or renewed from time to time, this “Amendment”)
is entered into as of December 30, 2016 by and among RUBY TUESDAY, INC., a Georgia corporation (“Guarantor”),
whose address is 150 West Church Avenue, Maryville, Tennessee 37801, the borrowers listed on the signature page hereto (each,
a “Borrower” and, collectively, “Borrowers”), each of whose address is 150
West Church Avenue, Maryville, Tennessee 37801, and FIRST TENNESSEE BANK, N.A. (“Lender”), whose
address is 17851 N. 85th Street, Suite 155, Scottsdale, Arizona 85255.

 

RECITALS:

 

A.       Borrowers,
Guarantor and Lender have previously entered into that certain Waiver Agreement dated as of November 29, 2016 (the “Agreement”).
Capitalized terms used herein without definition shall have the meanings assigned to such terms in the Agreement.

 

B.       Borrowers
and Guarantor have requested that Lender amend the Agreement for purposes of extending the Waiver Termination Date, and Lender
is willing to do so, subject to the terms and conditions set forth in this Agreement.

 

AGREEMENT

 

For
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrowers, Guarantor and
Lender agree as follows:

 

1.             Accuracy of Recitals; Effective Date. Borrowers, Guarantor and Lender acknowledge
the accuracy of the Recitals set forth above and the parties hereby agree that the Recitals are a part of this Amendment.

 

2.             Extension
of Waiver Termination Date. Subject to the satisfaction of all conditions precedent set forth in Section 7 hereof,
the Waiver Termination Date is hereby extended to January 31, 2017. Without limitation of the terms of the Agreement, Borrowers
and Guarantor hereby acknowledge and agree that Lender shall be free to exercise any or all of its rights and remedies arising
on account of any Potential Event of Default (a) at any time after the occurrence of any Default or Event of Default under any
Loan Document other than any Potential Event of Default or (b) at any time after the Waiver Termination Date. The foregoing extension
of the Waiver Termination Date is a one-time extension, and the Lender shall have no obligation to amend, modify or waive any
provision of the Agreement or any other Loan Documents in the future. The provisions and agreements set forth in this Amendment
shall not establish a custom or course of dealing or conduct between the Lender, any Borrower or the Guarantor.

 

3.             Borrower Representations, Warranties and Covenants. As additional consideration
to and inducement for Lender to enter into this Amendment, each Borrower represents and warrants to and covenants with Lender
as follows:

 

     

    

    

(a)               
Representations and Warranties. Each and all representations and warranties of each Borrower in the Current Loan
Documents are and will continue to be accurate, complete and correct in all material respects (other than any representation or
warranty expressly relating to an earlier date). The representations and warranties in the Agreement, as amended by this Amendment,
are true, complete and correct as of the date set forth above, will continue to be true, complete and correct as of the consummation
of the transactions contemplated by this Amendment, and will survive such consummation.

 

(b)              
No Defaults. Other than the Potential Events of Default, no Borrower is in default under any of the Current Loan
Documents, nor has any event or circumstance occurred that is continuing that, with the giving of notice or the passage of time,
or both, would be a default or an event of default by a Borrower under any of the Current Loan Documents.

 

(c)               
No Material Changes. There has been no material adverse change in the financial condition of Guarantor, any Borrower
or any other person whose financial statement has been delivered to Lender in connection with the Loans from the most recent financial
statement received by Lender from Guarantor, any Borrower or such other persons.

 

(d)              
No Conflicts; No Consents Required. Neither execution nor delivery of this Agreement nor fulfillment of or compliance
with the terms and provisions hereof will conflict with, or result in a breach of the terms or conditions of, or constitute a
default under, any agreement or instrument to which any Borrower is a party or by which any Borrower may be bound. No consents,
approvals or authorizations are required for the execution and delivery of this Agreement by any Borrower or for any Borrower’s
compliance with its terms and provisions.

 

(e)               
Claims and Defenses. No Borrower has any claims, counterclaims, defenses or set-offs with respect to the Loans or
the Loan Documents. Lender and its predecessors in interest have performed all of their obligations under the Loan Documents,
and no Borrower has any defenses, offsets, counterclaims, claims or demands of any nature which can be asserted against Lender
or its predecessors in interest for damages or to reduce or eliminate all or any part of the obligations of such Borrower under
the Loan Documents.

 

(f)               
Validity. The Agreement, as amended by this Amendment, and the other Loan Documents are and will continue to be
the legal, valid and binding obligations of each Borrower, enforceable against each Borrower in accordance with their terms.

 

(g)              
Valid Existence, Execution and Delivery, and Due Authorization. Each Borrower validly exists under the laws of the
State of its formation or organization and has the requisite power and authority to execute and deliver this Amendment and to
perform the Loan Documents. The execution and delivery of this Amendment and the performance of the Loan Documents have been duly
authorized by all requisite action by or on behalf of each Borrower. This Amendment has been duly executed and delivered on behalf
of each Borrower.

 

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(h)              
Ratification of Current Loan Documents and Collateral. The Current Loan Documents, as modified by the Agreement
(as amended by this Amendment), are ratified and affirmed by each Borrower and shall remain in full force and effect. The liens
of Lender on and security interests in any and all real or personal property (tangible or intangible) granted as security for
any of the Loans shall continue in full force and effect and none of such property is or shall be released from such liens and
security interests. Except as expressly provided herein, this Amendment shall not constitute a waiver of any rights or remedies
of Lender in respect of the Loan Documents.

 

(i)                
No Duress. Each Borrower has executed this Amendment as a free and voluntary act, without any duress, coercion or
undue influence exerted by or on behalf of Lender or any other party.

 

4.             Consent;
Reaffirmation; and Acknowledgement. Guarantor (a) consents to the terms and conditions of this Amendment and (b) reaffirms
the Guaranties and confirms and agrees that, notwithstanding the Agreement, as amended by this Amendment, and the consummation
of the transactions contemplated hereby and thereby, the Guaranties and all of Guarantor’s covenants, obligations, agreements,
waivers, and liabilities set forth in the Guaranties continue in full force and effect in accordance with their terms with respect
to the obligations guaranteed.

 

5.             Guarantor Representations and Warranties. Guarantor represents and warrants
to Lender that:

 

(a)               
No Material Changes. There has been no material adverse change in the financial condition of Guarantor from the
most recent financial statement received by Lender from Guarantor.

 

(b)              
Existing Representations and Warranties. Each and all representations and warranties of Guarantor in the Current
Loan Documents are and will continue to be accurate, complete and correct in all material respects (other than any representation
or warranty expressly relating to an earlier date).

 

(c)               
No Conflicts; No Consents Required. Neither execution nor delivery of this Agreement nor fulfillment of or compliance
with the terms and provisions hereof will conflict with, or result in a breach of the terms or conditions of, or constitute a
default under, any agreement or instrument to which Guarantor is a party or by which Guarantor may be bound. No consents, approvals
or authorizations are required for the execution and delivery of this Agreement by Guarantor or for Guarantor’s compliance
with its terms and provisions.

 

(d)              
Claims and Defenses. Guarantor has no claims, counterclaims, defenses, or offsets against Lender or its predecessors
in interest or with respect to any of its obligations or other liabilities under the Guaranties as a result of the Agreement,
as amended by this Amendment, or otherwise, any such claims, counterclaims, defenses or offsets being hereby waived and released.

 

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(e)               
Validity. The Agreement, as amended by this Amendment, the Existing Loan Modification Agreements and the Guaranties
are the legal, valid and binding agreements of Guarantor and are enforceable against Guarantor in accordance with their terms.

 

(f)               
Power and Authority. Guarantor has the full power, authority, capacity and legal right to execute and deliver this
Amendment, and the party executing this Amendment on behalf of Guarantor is fully authorized and directed to execute the same
to bind Guarantor.

 

(g)              
No Duress. Guarantor has executed this Amendment as a free and voluntary act, without any duress, coercion or undue
influence exerted by or on behalf of Lender or any other party.

 

6.             Release.
Guarantor and each Borrower fully, finally and forever release and discharge (a) Lender; (b) its predecessors in interest; (c)
their respective successors, assigns and affiliates; and (d) the directors, officers, employees, agents and representatives of
Lender, such predecessors in interest, and such successors, assigns and affiliates (individually a “Lender Party”)
from any and all actions, causes of action, claims, debts, demands, liabilities, obligations and suits, of whatever kind or nature,
in law or equity, that Guarantor or any Borrower has or in the future may have, whether known or unknown (i) in respect of the
Loans, the Agreement, as amended by this Amendment, the other Loan Documents or the actions or omissions of Lender in respect
of the Loans or the Loan Documents and (ii) arising from events occurring prior to the date of this Amendment. GUARANTOR AND EACH
BORROWER EXPRESSLY WAIVES ANY PROVISION OF STATUTORY OR DECISIONAL LAW TO THE EFFECT THAT A GENERAL RELEASE DOES NOT EXTEND TO
CLAIMS WHICH THE RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN SUCH PARTY’S FAVOR AT THE TIME OF EXECUTING THE RELEASE,
WHICH, IF KNOWN BY SUCH PARTY, MUST HAVE MATERIALLY AFFECTED SUCH PARTY’S SETTLEMENT WITH THE RELEASED PARTIES, INCLUDING
PROVISIONS SIMILAR TO SECTION 1542 OF THE CALIFORNIA CIVIL CODE, WHICH PROVIDES: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS
WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM
MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.”

 

7.             Conditions
Precedent. The obligations of Lender to consummate the transactions contemplated by this Amendment are subject to satisfaction
of the following conditions precedent, each in the sole and absolute discretion of Lender:

 

(a)               
Borrower Performance. Guarantor and Borrowers have duly executed and delivered this Agreement to Lender.

 

(b)              
Representations and Warranties. The representations and warranties of Guarantor and Borrowers contained in this
Amendment, the Agreement and any other document or instrument expressly contemplated hereby or thereby shall be true and correct
in all material respects.

 

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8.             Entire
Agreement; Change; Discharge; Termination or Waiver. The Loan Documents, including the Agreement, as amended by this Agreement,
contain the entire understanding and agreement of Guarantor, Borrowers and Lender in respect of the Loans and supersede all prior
representations, warranties, agreements and understandings. No provision of the Loan Documents may be changed, discharged, supplemented,
terminated or waived except in a writing signed by Lender, Guarantor and Borrowers.

 

9.             No Limitations. The description of the Loan Documents contained in the Agreement
is for informational and convenience purposes only and shall not be deemed to limit, imply or modify the terms or otherwise affect
the Loan Documents. The description in the Agreement of the specific rights of Lender shall not be deemed to limit or exclude
any other rights to which Lender may now be or may hereafter become entitled to under the Loan Documents at law, in equity or
otherwise.

 

10.           Fees
and Costs. Guarantor shall pay to Lender all out-of-pocket costs and expenses incurred by Lender in connection with the preparation
and negotiation of the Agreement, this Amendment and the closing of the transactions contemplated hereby and thereby, including
attorneys’ fees incurred by Lender in connection with the foregoing.

 

11.           Time
of the Essence. Time is of the essence in this Amendment.

 

12.           Binding Effect. This Amendment shall be binding upon, and inure to the benefit
of, Borrowers, Guarantor and Lender and their respective successors and assigns.

 

13.           Further Assurances. Guarantor and Borrowers shall execute, acknowledge (as
appropriate) and deliver to Lender such additional agreements, documents and instruments as reasonably required by Lenders to
carry out the intent of this Amendment.

 

14.           Counterpart Execution. This Amendment may be executed in one or more counterparts,
each of which shall be deemed an original and all of which together shall constitute one and the same document. Signature pages
may be detached from the counterparts and attached to a single copy of this Amendment to physically form one document.

 

15.           Limitation of Liability for Certain Damages. In no event shall any Lender Party
be liable to Guarantor, any Borrower or any of their respective affiliates (collectively the “Credit Parties”
and individually a “Credit Party”) on any theory of liability for any special, indirect, consequential
or punitive damages (including any loss of profits, business or anticipated savings). GUARANTOR, BORROWERS AND EACH OTHER CREDIT
PARTY HEREBY WAIVE, RELEASE AND AGREE NOT TO SUE UPON (AND GUARANTOR AND BORROWERS SHALL CAUSE EACH OF THE OTHER CREDIT PARTIES
TO SO WAIVE, RELEASE, AND AGREE NOT TO SUE UPON) ANY SUCH CLAIM FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES,
WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN ITS FAVOR.

 

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16.           Jurisdiction
and Service of Process.

 

(a)               
Submission to Jurisdiction. Any legal action or proceeding with respect to any Loan Document shall be brought exclusively
in the courts of the State of Arizona located in Maricopa County or of the United States for the District of Arizona, and Guarantor,
each Borrower and each other Credit Party accepts for itself and in respect of its property, generally and unconditionally, the
jurisdiction of the aforesaid courts; provided, however, that nothing in this Amendment shall limit or restrict
the right of Lenders to commence any proceeding in the federal or state courts located in the States in which the property securing
the Loans is located to the extent Lender deems such proceedings necessary or advisable to exercise remedies available under any
Loan Document. Lender, Guarantor, each Borrower and each other Credit Party hereby irrevocably waive any objection, including
any objection to the laying of venue or based on the grounds of forum non conveniens, that any of them may now or hereafter have
to the bringing of any such action or proceeding in such jurisdictions.

 

(b)              
Service of Process. Guarantor, each Borrower and each other Credit Party hereby irrevocably waive personal service
of any and all legal process, summons, notices and other documents and other service of process of any kind and consents to such
service in any suit, action or proceeding brought in the United States of America with respect to or otherwise arising out of
or in connection with any Loan Document by any means permitted by applicable law, including by the mailing thereof (by registered
or certified mail, postage prepaid) to the address of Guarantor or Borrowers specified above (and shall be effective when such
mailing shall be effective, as provided in Section 17 below). Guarantor, each Borrower and each other Credit Party
agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law.

 

(c)               
Non-Exclusive Jurisdiction. Nothing contained in this Section shall affect the right of Lender to serve process
in any other manner permitted by applicable law or commence legal proceedings or otherwise proceed against any Borrower Party
in any other jurisdiction.

 

17.           Notices.
All notices, demands, requests, directions and other communications (collectively, “Notices”) required
or expressly authorized to be made by the Loan Documents will be written and addressed (a) if to Guarantor, a Borrower or any
other Credit Party, to the address set forth above for Guarantor or such Borrower or other Credit Party or such other address
as shall be notified in writing to Lenders after the date hereof; and (b) if to Lender, at the address set forth above for Lender
or such other address as shall be notified in writing to Guarantor or any Borrower after the date hereof. Notices may be given
by hand delivery; by overnight delivery service, freight prepaid; or by U.S. mail, postage paid. Notices given as described above
shall be effective and be deemed to have been received (x) upon personal delivery to a responsible individual at Lender’s
business office in Scottsdale, Arizona, if the Notice is given by hand delivery; (y) one business day after delivery to an overnight
delivery service, if the Notice is given by overnight delivery service; and (z) two business days following deposit in the U.S.
mail, if the Notice is given by U.S. mail.

 

    6 

    

    

18.           WAIVER OF JURY TRIAL. LENDER, GUARANTOR, BORROWERS AND EACH OTHER CREDIT PARTY,
TO THE EXTENT PERMITTED BY LAW, WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING ARISING OUT OF, IN CONNECTION
WITH OR RELATING TO, THIS AMENDMENT, THE OTHER LOAN DOCUMENTS AND ANY OTHER TRANSACTION CONTEMPLATED HEREBY OR THEREBY. THIS WAIVER
APPLIES TO ANY ACTION, SUIT OR PROCEEDING WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE.

 

19.           Governing
Law. The laws of the State of Arizona (without giving effect to its conflicts of laws principles) shall govern all matters
arising out of, in connection with or relating to this Agreement, including its validity, interpretation, construction, performance
and enforcement.

 

[SIGNATURE
PAGE FOLLOWS]

 

 

    7 

    

    

Executed
and effective as of the date first set forth above.

 

	 	BORROWERS:

                     

         

        RT
        INDIANAPOLIS FRANCHISE, LLC, a Delaware limited liability company

        
	 
	 	 	 
	 	 	 
	 	By:	/s/
    Rhonda Parish	 
	 	 	Name:Rhonda Parish	 
	 	 	Its:     Vice President
    and Secretary	 
	 	 	 
	 	 	 
	 	RT WESTERN MISSOURI FRANCHISE,
    LLC, a Delaware limited liability company	 
	 	 	 
	 	 	 
	 	By:	/s/ Rhonda
    Parish	 
	 	 	Name:Rhonda Parish	 
	 	 	Its:     Vice President
    and Secretary	 
	 	 	 
	 	 	 
	 	RT MICHIANA FRANCHISE, LLC,
    a Delaware limited liability company	 
	 	 	 
	 	 	 
	 	By:	/s/ Rhonda
    Parish	 
	 	 	Name:Rhonda Parish	 
	 	 	Its:     Vice President
    and Secretary	 
	 	 	 
	 	 	 
	 	RT SMITH, LLC, a Delaware
    limited liability company	 
	 	 	 
	 	 	 
	 	By:	/s/ Rhonda
    Parish	 
	 	 	Name:Rhonda Parish	 
	 	 	Its:     Vice President
    and Secretary	 

 

 

 

    
[EXECUTION PAGE OF FIRST AMENDMENT TO WAIVER AGREEMENT]

    

    

	 	RT MICHIGAN FRANCHISE, LLC,
    a Delaware limited liability company	 
	 	 	 
	 	 	 
	 	By:	/s/
    Rhonda Parish	 
	 	 	Name:Rhonda Parish	 
	 	 	Its:     Vice President
    and Secretary	 
	 	 	 
	 	 	 
	 	RT ORLANDO FRANCHISE, L.P.,
    a Delaware limited partnership	 
	 	 	 
	 	 	 
	 	By:	/s/ Rhonda
    Parish	 
	 	 	Name:Rhonda Parish	 
	 	 	Its:     Vice President
    and Secretary	 
	 	 	 
	 	 	 
	 	RT WEST PALM FRANCHISE, L.P.,
    a Delaware limited partnership	 
	 	 	 
	 	 	 
	 	By:	/s/ Rhonda
    Parish	 
	 	 	Name:Rhonda Parish	 
	 	 	Its:     Vice President
    and Secretary	 
	 	 	 
	 	 	 
	 	 	 

    
[EXECUTION PAGE OF FIRST AMENDMENT TO WAIVER AGREEMENT]

    

    

	 	GUARANTOR:

         

         

        RUBY
        TUESDAY, INC., a Georgia corporation

        
	 
	 	 	 
	 	 	 
	 	By:	/s/
    Rhonda Parish	 
	 	 	Name:Rhonda Parish	 
	 	 	Its:     Chief
    Legal Officer and Secretary	 

 

 

 

    
[EXECUTION PAGE OF FIRST AMENDMENT TO WAIVER AGREEMENT]

    

    

	 	LENDER:

         

         

        FIRST
        TENNESSEE BANK, N.A.

        
	 
	 	 	 
	 	 	 
	 	By:	/s/
    Daniel Nunes	 
	 	 	Name:Daniel Nunes	 
	 	 	Its:     Senior
    Vice President	 
	 	 	 

 

 

    
[EXECUTION PAGE OF FIRST AMENDMENT TO WAIVER AGREEMENT]

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