Document:

EX-10.34

 Exhibit 10.34 
  

 
 FAMOUS DAVE’S OF AMERICA, INC. 

STOCK OPTION AGREEMENT 

(Non-Employee Director) 
 This
Stock Option Agreement (the “Agreement”) is made and entered into as of January 10, 2014, between Famous Dave’s of America, Inc., a Minnesota corporation (the “Company”), and Edward H. Rensi
(“Director”). 
 Background 

A. Director is commencing service or is currently serving as a member of the Board of Directors of the Company (the “Board”)
and is not an employee of the Company or any of its subsidiaries (a “Non-Employee Director”) and the Company desires to award Director for his or her services to the Company; 

B. The Company has adopted the Famous Dave’s of America, Inc. Amended and Restated 2005 Stock Incentive Plan (the
“Plan”) under which shares of common stock of the Company have been reserved for issuance; and 
 C. Director and the
Company desire to enter into this Agreement for the granting of stock options. 
 NOW, THEREFORE, in consideration of the premises and the
mutual covenants herein contained, the parties hereto agree as follows: 
 1. Incorporation by Reference. The terms and conditions of
the Plan, a copy of which has been delivered to Director, are hereby incorporated herein and made a part hereof by reference as if set forth in full. In the event of any conflict or inconsistency between the provisions of this Agreement and those of
the Plan, the provisions of the Plan shall govern and control. 
 2. Grant of Option; Purchase Price. Subject to the terms and
conditions of this Agreement and the Plan, the Company hereby grants from the Plan to Director the right and option, hereinafter called the “Option”, to purchase all or any part of an aggregate of Twenty Thousand
(20,000) shares of common stock, $0.01 par value per share, of the Company (the “Shares”) at a purchase price per Share equal to $19.81, which price is intended to be at least 100% of the fair market value of the Company’s
common stock on the grant date (determined in accordance with the Company’s procedures for calculating such fair market value). 

  

 3. Exercise and Vesting of Option. The Option shall be exercisable only to the extent that
all, or any portion thereof, has vested in the Director. Except as provided in paragraph 4, the Option shall vest in Director in five (5) annual installments beginning on the first anniversary of the date of this Agreement and continuing on
each subsequent anniversary date, so long as Director remains a member of the Board and/or employed by or engaged as a consultant to the Company (each such date is hereinafter referred to singularly as a “Vesting Date” and
collectively as “Vesting Dates”), until the Option is fully vested, as set below: 
  

			
	 No. of Shares To Be

Vested
	  	 Vesting Date

	 4,000
	  	January 10, 2015
	 4,000
	  	January 10, 2016
	 4,000
	  	January 10, 2017
	 4,000
	  	January 10, 2018
	 4,000
	  	January 10, 2019

 4. Termination of Relationship with the Company. In the event that the Director shall cease to be
either a member of the Board (for any reason or no reason, and regardless of whether ceasing to be a member of the Board is voluntary or involuntary on the part of Director) or employed by or engaged as a consultant to the Company prior to any
Vesting Date, that part of the Option scheduled to vest on such Vesting Date, and all parts of the Option scheduled to vest in the future, shall not vest and all of Director’s rights to and under such non-vested parts of the Option shall
terminate. 
 5. Term of Option. To the extent vested, and except as otherwise provided in this Agreement, the Option shall be
exercisable for ten (10) years from the date of this Agreement; provided, however, that in the event Director ceases to be either a member of the Board (for any reason or no reason, and regardless of whether ceasing to be a member
of the Board is voluntary or involuntary on the part of Director) or employed by or engaged as a consultant to the Company, Director or his/her legal representative shall have one (1) year from the date of such termination, or, if earlier, upon
the expiration date of the Option as set forth above, to exercise any part of the Option vested pursuant to Section 3 of this Agreement. Upon the expiration of such one (1) year period, or, if earlier, upon the expiration date of the
Option as set forth above, the Option shall terminate and become null and void. 
 6. Rights of Option Holder. Director, as holder of
the Option, shall not have any of the rights of a shareholder with respect to the Shares covered by the Option except to the extent that one or more certificates for such Shares shall be delivered to him or her upon the due exercise of all or any
part of the Option (or, if applicable, Shares have been recorded as book entries in the corporate records of the Company). Nothing contained in this Agreement shall be deemed to grant Director any right to continue as a member of the Board for any
period of time, nor shall this Agreement be construed as giving Director, Director’s beneficiaries or any other person any equity or interests of any kind in the assets of the Company or creating a trust of any kind or a fiduciary relationship
of any kind between the Company and any such person. 

  

 7. Transferability. The Option shall not be transferable except to the extent permitted by
the Plan. 
 8. Securities Law Matters. Director acknowledges that the Shares to be received by him or her upon exercise of the
Option may have not been registered under the Securities Act of 1933 or the Blue Sky laws of any state (collectively, the “Securities Acts”). If such Shares have not been so registered, Director acknowledges and understands that the
Company is under no obligation to register, under the Securities Acts, the Shares received by him or her or to assist him or her in complying with any exemption from such registration if he or she should at a later date wish to dispose of the
Shares. Director acknowledges that if not then registered under the Securities Acts, the Shares shall bear a legend restricting the transferability thereof, such legend to be substantially in the following form: 

“The shares represented by this certificate have not been registered or qualified under federal or state securities laws. The shares may
not be offered for sale, sold, pledged or otherwise disposed of unless so registered or qualified, unless an exemption exists or unless such disposition is not subject to the federal or state securities laws, and the Company may require that the
availability or any exemption or the inapplicability of such securities laws be established by an opinion of counsel, which opinion of counsel shall be reasonably satisfactory to the Company.” 

9. Director Representations. Director hereby represents and warrants that Director has reviewed with his or her own tax advisors the
federal, state, and local tax consequences of the transactions contemplated by this Agreement. Director is relying solely on such advisors and not on any statements or representation of the Company or any of its agents. Director understands that he
or she will be solely responsible for any tax liability that may result to him or her as a result of the transactions contemplated by this Agreement. The Option, if exercised, will be exercised for investment and not with a view to the sale or
distribution of the Shares to be received upon exercise thereof. 
 10. Notices. All notices and other communications provided in
this Agreement will be in writing and will be deemed to have been duly given when received by the party to whom it is directed at the following addresses: 
  

					
	 If to the Company:
  

Famous Dave’s of America, Inc.

12701 Whitewater Drive, Suite 200

Minnetonka, MN 55343

Attn: Chief Executive Officer
	  	 If to Director:
  

Edward H. Rensi
 6805 Hobson Valley Road

Suite 106
 Woodridge, IL 60517

		  	  
	  	

  

  

 11. General. 

(a) The Option is granted pursuant to the Plan and is governed by the terms thereof. The Company shall at all times during the term of the
Option reserve and keep available such number of Shares as will be sufficient to satisfy the requirements of this Option Agreement. 
 (b)
This Agreement may be amended only by a written agreement executed by the Company and Director. 
 (c) This Agreement and the Plan embody
the entire agreement made between the parties hereto with respect to matters covered herein and shall not be modified except in accordance with paragraph 11(b) of this Agreement. 

(d) Nothing herein expressed or implied is intended or shall be construed as conferring upon or giving to any person, firm, or corporation
other than the parties hereto, any rights or benefits under or by reason of this Agreement. 
 (e) Each party hereto agrees to execute such
further documents as may be necessary or desirable to effect the purposes of this Agreement. 
 (f) This Agreement may be executed in any
number of counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same agreement. 
 (g) This
Agreement, in its interpretation and effect, shall be governed by the laws of the State of Minnesota applicable to contracts executed and to be performed therein. 

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

 

			
	DIRECTOR:
	
	 /s/ Edward H. Rensi

	Name: Edward H. Rensi
	
	FAMOUS DAVE’S OF AMERICA, INC.
		
	By:	 	/s/ Dean A. Riesen
	 Name:
	 	Dean A. Riesen
	 Title: 
	 	ChairmanEX-10.35

 Exhibit 10.35 
  

 
 February 10, 2014 

Edward H. Rensi 
 6805 Hobson Valley Road, Suite 106 

Woodridge, IL 60517 
 Dear Ed, 

On behalf of the Board of Directors of Famous Dave’s of America, Inc., it’s with great pleasure that we extend to you an offer for the position of
interim Chief Executive Officer, reporting directly to the Board of Directors. We are very excited at the prospect of your joining the Famous Dave’s team in such a visible and strategic position. These are dynamic times for our Company and we
look forward to the contributions you will make to our current and future success. Outlined below are the terms of our offer: 
 Base Pay 

You will receive an annualized base salary of $300,000.00 paid in accordance with the Company’s standard payroll practices. 

Bonus Potential 
 You will be eligible for
performance-based cash bonus awards from time to time. Payment of any such awards and the performance criteria on which they may be based will be fully within the discretion of the Board of Directors or the compensation committee thereof. 

Stock Option Award 
 You will be granted a five
year, 25,000 share stock option award. A grant will be made under the Company’s 2005 stock incentive plan that will be vested and exercisable with respect to 12,500 shares upon the grant date and will vest with respect to the remaining 12,500
shares on February 10, 2015. 
 Travel/Housing Allowance Expenses 

You will be reimbursed for you reasonable travel and housing expenses upon submission of appropriate vouchers or receipts therefor, in an amount not to exceed
$2,000 per month (pro rata for partial months). 
 At Will Employment 

Employment with the Company is for an indefinite period of time. Nothing in this offer letter modifies or is intended to modify the at will employment
relationship that we will have if you join the Company. 

 Company Policies 

Your employment will be subject to the Company’s policies and procedures that we establish from time to time. 

Confidentiality 
 You acknowledge and agree that
during the term of your employment with the Company you will have access to various trade secrets and confidential business information (“Confidential Information”) of the Company. You agree that you will use such Confidential Information
solely in connection with your obligations under this Agreement and, to the extent applicable, your service as a director of the Company, and you shall maintain in strictest confidence and shall not disclose any such Confidential Information,
directly or indirectly or use such information in any other way during the term of this Agreement or following the termination thereof. You further agree to take all reasonable steps necessary to preserve and protect the Confidential Information.
The provisions of this clause shall not apply to information which (i) was in your possession prior to receipt from the Company, or (ii) is or becomes generally available to the public other than as a result of a disclosure by the Company,
its directors, officers, employees, agents or advisors, or (iii) becomes available to you from a third party having the right to make such disclosure. 

Intellectual Property 
 You acknowledge that any
and all patents, licenses, copyrights, trade names, trademarks, assumed names, service marks, promotional/marketing/advertising campaigns, designs, logos, slogans, computer software and other intellectual property developed, conceived or created by
you in the course of your employment by the Company, either individually or in collaboration with others, and whether or not during normal working hours or on the premises of the Company (collectively, “Developments”) shall be, as between
the Company and you, the sole and absolute property of the Company and you agree that you will, at the Company’s request and cost, take whatever action is necessary to secure the rights thereto by patent, copyright, assignment or otherwise to
the Company. You agree to make full and prompt disclosure to the Company of any and all such Developments arising during the term of this Agreement. 

Your Representations 
 We are pleased that you have
decided to join the Company. However, it is very important for both you and the Company to make certain that there are no conflicts or potential conflicts between you and other organizations if you come to work for us. Therefore, we require that you
make the following representations to us. If any of these is a problem for you, we would be glad to discuss them with you and try to work through them. The goal is to identify any possible problems up front and resolve them. 

First, you do not have a contract with any other employer that restricts or prohibits you from working for the Company in the position that we have offered to
you. It is our policy not to wrongfully interfere with the agreements of other organizations. If you have any such contract, for example, any type of non-competition agreement, non-

  
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solicitation agreement, or confidentiality agreement, we must see it before we finalize this conditional offer of employment. 

Secondly, we do not want you to bring to the Company any property or documents that belong to another person or employer. This goes for price lists, customer
lists, sales or marketing plans, other business information, and any other information that any another employer told you verbally or in writing was its confidential information or trade secrets. In addition, we will not ask you to disclose, and you
should not disclose to us, another employer’s confidential information or trade secrets. 
 Thirdly, if you have in your possession any property
belonging to any other employer, we ask that you return it before you begin working at the Company. It does not matter if such materials are in paper or electronic format. Please return it if it belongs to another employer. 

Other Conditions of this Offer 
 For immigration
compliance purposes, we require you to produce the documents necessary to establish your identity and authorization to work in this country, and complete the federal I-9 form. 

Please confirm your acceptance of our conditional offer by signing and dating one of the two enclosed copies and returning it to the undersigned. 

Ed, on behalf of the Board of Directors we are confident of the impact you will make and are looking forward to working closely with you. 

Very Truly Yours, 
 Famous Dave’s of America, Inc. 

 

									
	By:	 	/s/ Dean A. Riesen	 		 		 	
	Member, Board of Directors	 		 		 	
				
	AGREED AND ACCEPTED:	 		 		 	
				
	     /s/ Edward H. Rensi
	 		 		 	February 10, 2014            
	Edward H. Rensi	 		 		 	Date

  
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