Document:

First Amended and Restated Credit Agreement

 Exhibit 10.28 
 EXECUTION COPY 
 RUTH’S HOSPITALITY GROUP, INC. 
 (F/K/A/ RUTH’S CHRIS STEAK
HOUSE, INC.) 
 FIRST AMENDMENT TO 
 FIRST AMENDED AND RESTATED CREDIT AGREEMENT 
 This FIRST
AMENDMENT TO FIRST AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”) is dated as of February 26, 2009 and entered into by and among RUTH’S HOSPITALITY GROUP, INC. (f/k/a/
Ruth’s Chris Steak House, Inc.), a Delaware corporation (“Company”), the financial institutions from time to time party thereto (“Lenders”), WELLS
FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for Lenders (“Administrative Agent”), and, for purposes of Section 4
hereof, the Guarantors (as defined in Section 4 hereof) listed on the signature pages hereof, and is made with reference to that certain First Amended and Restated Credit Agreement dated as of February 19, 2008, as amended to the date
hereof (as so amended, the “Credit Agreement”), by and among Company, Lenders, Banc of America Securities LLC, as a co-lead arranger, Bank of America, N.A., as syndication agent and Wachovia Bank, National
Association and JPMorgan Chase Bank, N.A., as co-documentation agents and Administrative Agent. Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Credit Agreement. 
 R E C I T A L S 
 WHEREAS, Company and Lenders desire to amend the Credit Agreement to make certain amendments as set forth below; 
 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein
contained, the parties hereto agree as follows: 
 SECTION 1. AMENDMENTS TO THE
CREDIT AGREEMENT. 
 Section 1.1 Amendments to Section 1: Definitions. 
 A. Subsection 1.1 of the Credit Agreement is hereby amended by adding thereto the following definitions, which shall be inserted in proper
alphabetical order: 
 “’Deed of Trust’ means a security instrument (whether designated as a deed of
trust or a mortgage) executed and delivered by any Loan Party, substantially in the form of Exhibit XII annexed hereto or in such other form as may be satisfactory to Company and approved by Administrative Agent in its sole discretion, with
such changes thereto as may be recommended by Administrative Agent’s local counsel based on local laws or customary local mortgage or deed of trust practices.” 
  

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 “’First Amendment’ means the First Amendment to First Amended and
Restated Credit Agreement dated as of February 25, 2009 among Company, Lenders and Administrative Agent.” 
 “’First Amendment Effective Date’ means the date on which all conditions set forth in Section 3 of the First Amendment are satisfied.” 
 “’Florida Headquarters’ means the property located at 500 International Parkway, Suite 100, Heathrow, Florida
32746.” 
 “’Fort Lauderdale Property’ means the property located at 2525 North Federal Highway,
Fort Lauderdale, Florida 33305.” 
 “’Single Restaurant EBITDA’ means, with respect to any
restaurant, the sum, without duplication, of the amounts for such restaurant for the most recent twelve-month period preceding the sale of such restaurant for which Company’s results of operations are available of (i) Consolidated Net
Income, (ii) Consolidated Interest Expense, (iii) provisions for taxes based on income, (iv) total depreciation expense, and (v) total amortization expense, in the case of clauses (ii)-(v), to the extent deducted in the
calculation of Consolidated Net Income, determined for such restaurant in conformity with GAAP. For purposes of determining Single Restaurant EBITDA, references in the definitions of “Consolidated Net Income” and “Consolidated
Interest Expense” to Company and its Subsidiaries shall be deemed to refer to such restaurant.” 
 B. Subsection 1.1 of
the Credit Agreement is hereby further amended by deleting the definitions of “Consolidated Capital Expenditures”, “Consolidated EBITDA” and “Consolidated Leverage Ratio” therefrom in their entirety
and substituting the following therefor: 
 “’Consolidated Capital Expenditures’ means, for any period
and without duplication, the sum of the aggregate of all expenditures, including, to the extent not already included as an expenditure, the purchase price of any acquired Ruth’s Chris restaurant franchise, (whether paid in cash or other
consideration or accrued as a liability and including that portion of Capital Leases which is capitalized on the consolidated balance sheet of Company and its Subsidiaries) by Company and its Subsidiaries during that period that, in conformity with
GAAP, are included in “additions to property, plant or equipment” or comparable items reflected in the consolidated statement of cash flows of Company and its Subsidiaries. For purposes of this definition, the purchase price of any asset
that is purchased with insurance proceeds or with Net Asset Sale Proceeds shall be included in Consolidated Capital Expenditures only to the extent of the gross amount of such purchase price less the amount of such insurance proceeds or Net Asset
Sale Proceeds, as the case may be.” 
  

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 “’Consolidated EBITDA’ means, for any period, the sum, without
duplication, of the amounts for such period of (i) Consolidated Net Income, (ii) Consolidated Interest Expense, (iii) provisions for taxes based on income, (iv) total depreciation expense, (v) total amortization expense,
(vi) non-cash write-offs or impairment of restaurant assets (including write-offs due to impairment of goodwill) and cash write-offs of the Manhattan UN Facility, (vii) non-recurring costs and expenses in connection with severance
payments, hurricane and relocation costs, and business acquisition costs, (viii) ongoing non-cash GAAP costs in connection with, but not limited to, stock options, restricted stock, bank fees and pre-opening straight-line rent,
(ix) non-recurring costs and expenses in connection with restaurant closures and lease terminations in an aggregate amount not to exceed $4,000,000, and (x) Consolidated Rental Expense under the Real Property Operating Lease for the
Florida Headquarters following the sale and leaseback of such property, in the case of clauses (ii)-(x), to the extent deducted in the calculation of Consolidated Net Income, less non-cash items added in the calculation of Consolidated Net
Income, all of the foregoing as determined on a consolidated basis for Company and its Subsidiaries in conformity with GAAP; provided that in the event Company or any of its Subsidiaries acquires a Ruth’s Chris restaurant franchise
during such period, Consolidated EBITDA for such period shall be calculated on a Pro Forma Basis; provided further that Consolidated EBITDA for the Fiscal Quarters ending prior to March 29, 2009 shall include Acquisition EBITDA for such
period as reflected in the financial statements of the Acquired Business for such period delivered to Company and Administrative Agent (as if the Acquired Business were acquired on the first day of such period).” 
 “’Consolidated Leverage Ratio’ means, as at any date, the ratio of (i) the sum of Consolidated Total Debt
(other than Indebtedness with respect to any Capital Lease created through the sale and leaseback of the Florida Headquarters) as at such date plus the Letter of Credit Usage as at such date to (ii) Consolidated EBITDA for the four consecutive
Fiscal Quarter period most recently ended as at such date.” 
 Section 1.2 Amendments to Section 2: Amounts and Terms
of Commitments and Loans. 
 A. Revolving Loan Commitment. Subsection 2.1A(i) of the Credit Agreement is hereby amended by
deleting it in its entirety and substituting the following therefor: 
 “(i) Revolving Loans. Each Revolving
Lender severally agrees, subject to the limitations set forth below with respect to the maximum amount of Revolving Loans permitted to be outstanding from time to time, to lend to Company from time to time during the period from the First Amendment
Effective Date to but excluding the Revolving Loan Commitment Termination Date an aggregate amount not exceeding its Pro Rata Share of the aggregate amount of the Revolving Loan Commitments to be used for the purposes identified in subsection 2.5A.
The amount of each Revolving Lender’s Revolving Loan Commitment, as of the First Amendment Effective Date, is set forth opposite its name on Schedule 2.1 annexed hereto, and the 

  

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Revolving Loan Commitment Amount, as of the First Amendment Effective Date, is $175,000,000; provided that the amount of the Revolving Loan Commitment
of each Revolving Lender shall be adjusted to give effect to any assignment of such Revolving Loan Commitment pursuant to subsection 10.1B and shall be reduced from time to time by the amount of any reductions thereto made pursuant to subsection
2.4. Each Revolving Lender’s Revolving Loan Commitment shall expire on the Revolving Loan Commitment Termination Date and all Revolving Loans and all other amounts owed hereunder with respect to the Revolving Loans and the Revolving Loan
Commitments shall be paid in full no later than that date. Amounts borrowed under this subsection 2.1A(i) may be repaid and reborrowed to but excluding the Revolving Loan Commitment Termination Date. 
 Anything contained in this Agreement to the contrary notwithstanding, the Revolving Loans and the Revolving Loan Commitments shall be
subject to the limitation that in no event shall the Total Utilization of Revolving Loan Commitments at any time exceed the Revolving Loan Commitment Amount then in effect.” 
 B. Interest on the Loans. Clause (i) of subsection 2.2A of the Credit Agreement is hereby amended by deleting it in its entirety
and substituting the following therefor: 
 “(i) Subject to the provisions of subsections 2.2E, 2.2G and 2.7, the
Revolving Loans shall bear interest through maturity as follows: 
 if a Base Rate Loan, then at the sum of the Base Rate plus the
Base Rate Margin set forth in the table below opposite the applicable Consolidated Leverage Ratio for the four consecutive Fiscal Quarter period for which the applicable Compliance Certificate has been delivered pursuant to subsection 4.1K or
6.1(iv); or 
 if a Eurodollar Rate Loan, then at the sum of the Eurodollar Rate plus the Eurodollar Rate Margin set
forth in the table below opposite the applicable Consolidated Leverage Ratio for the four consecutive Fiscal Quarter period for which the applicable Compliance Certificate has been delivered pursuant to subsection 4.1K or 6.1(iv): 
  

									
	 	  	Consolidated
Leverage Ratio	  	Eurodollar Rate
Margin	 	 	Base
Rate Margin	 
	 Greater than
 or equal to
	  	4.00:1.00	  	4.25	%	 	3.00	%
				
	 Greater than
 or equal to
 but less than
	  	3.25:1.00
 4.00:1.00
	  	3.50	%	 	2.25	%
				
	 Greater than
 or equal to
 but less than
	  	2.50:1.00
 3.25:1.00
	  	3.00	%	 	1.75	%
				
	 Less than
	  	2.50:1.00	  	2.50	%	 	1.25	%

  

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 provided that, until the delivery of the Compliance Certificate for the second Fiscal Quarter
ending after the First Amendment Effective Date, the applicable margin on and after the First Amendment Effective Date for Revolving Loans that are Eurodollar Rate Loans shall be 3.50% per annum and for Revolving Loans that are Base Rate Loans
shall be 2.25% per annum.” 
 C. Interest Periods. Subsection 2.2B of the Credit Agreement is hereby amended by
(i) deleting the word “and” at the end of clause (vi) thereof, (ii) deleting the period at the end of clause (vii) thereof and substituting “; and” therefor, and (iii) adding the following as new clause
(viii) thereof: 
 “(viii) no Interest Period with respect to any portion of the Revolving Loans shall extend beyond
the date on which a permanent reduction of the Revolving Loan Commitment Amount is scheduled to occur unless the sum of (a) the aggregate principal amount of Revolving Loans that are Base Rate Loans plus (b) the aggregate principal amount
of Revolving Loans that are Eurodollar Rate Loans with Interest Periods expiring on or before such date plus (c) the excess of the Revolving Loan Commitment Amount then in effect over the aggregate principal amount of Revolving Loans then
outstanding equals or exceeds the permanent reduction of the Revolving Loan Commitment Amount that is scheduled to occur on such date.” 
 D. Fees. Subsection 2.3A of the Credit Agreement is hereby amended by deleting it in its entirety and substituting the following therefor: 
 “A. Commitment Fees. Company agrees to pay to Administrative Agent, for distribution to each Revolving Lender in
proportion to that Lender’s Pro Rata Share, commitment fees for the period from and including the Restatement Date to and excluding the Revolving Loan Commitment Termination Date equal to the average of the daily excess of the Revolving Loan
Commitment Amount over the sum of (i) the aggregate principal amount of outstanding Revolving Loans (but not any outstanding Swing Line Loans) plus (ii) the Letter of Credit Usage multiplied by a rate per annum equal to the
percentage set forth in the table below opposite the Consolidated Leverage Ratio for the four consecutive Fiscal Quarter period for which the applicable Compliance Certificate has been delivered pursuant to subsection 4.1K or 6.1(iv): 
  

						
	 	  	Consolidated
Leverage Ratio	  	Commitment Fee
Percentage	 
	 Greater than
 Or equal to
	  	3.25:1.00	  	0.500	%
			
	 Less than
	  	3.25:1.00	  	0.375	%

  

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 such commitment fees to be calculated on the basis of a 360-day year and the actual number of days
elapsed and to be payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each calendar year, commencing on March 31, 2009, and on the Revolving Loan Commitment Termination Date; provided
that until the delivery of the Compliance Certificate for the second Fiscal Quarter ending after the First Amendment Effective Date, the applicable commitment fee percentage on and after the First Amendment Effective Date shall be 0.500% per
annum. Upon delivery of the Compliance Certificate by Company to Administrative Agent pursuant to subsection 6.1(iv), the applicable commitment fee percentage shall be adjusted, such adjustment to become effective on the third succeeding Business
Day following the receipt by Administrative Agent of such Compliance Certificate; provided that, if at any time a Compliance Certificate is not delivered at the time required pursuant to subsection 6.1(iv), from the time such Compliance
Certificate was required to be delivered until delivery of such Compliance Certificate, the applicable commitment fee percentage shall be the maximum percentage amount set forth above.” 
 E. Reduction of Revolving Loan Commitment Amount. Subsection 2.4A of the Credit Agreement is hereby amended by adding the following at the
end of clause (ii) thereof: 
 “Any such voluntary reduction of the Revolving Loan Commitment Amount shall be
applied as specified in subsection 2.4A(iv).” 
 F. Reduction of Revolving Loan Commitment Amount. Subsection 2.4A of the
Credit Agreement is hereby further amended by adding the following at the end of clause (iii)(a) thereof: 
 “Notwithstanding anything
to the contrary contained in this clause (a), (i) no later than the first Business Day following the date of receipt by Company of Net Asset Sale Proceeds in respect of the sale of the Florida Headquarters, Company shall prepay the Loans and/or
the Revolving Loan Commitment Amount shall be permanently reduced in an amount equal to 75% of such Net Asset Sale Proceeds and (ii) Company shall not be required to prepay the Loans and/or the Revolving Loan Commitment Amount shall not be
permanently reduced in the amount of the Net Asset Sale Proceeds in respect of the sale of the Fort Lauderdale Property.” 
 G.
Reduction of Revolving Loan Commitment Amount. Subsection 2.4A of the Credit Agreement is hereby further amended by adding the following new clause (d) to clause (iv) thereof: 
 “(d) Application of Unscheduled Reductions of the Revolving Loan Commitment Amount. Any voluntary reduction of the Revolving
Loan Commitment Amount pursuant to subsection 2.4A(ii) shall be applied to reduce the scheduled reductions of the Revolving Loan Commitment Amount set forth in subsection 2.4A(v) in forward chronological order. Any mandatory reduction
of the Revolving Loan Commitment Amount pursuant to subsection 2.4A(iii) shall be applied to reduce the scheduled reductions of the Revolving Loan Commitment Amount set forth in subsection 2.4A(v) in inverse chronological
order.” 
  

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 H. Reduction of Revolving Loan Commitment Amount. Subsection 2.4A of the Credit Agreement
is hereby further amended by adding the following new clause (v) thereto: 
 “(v) Scheduled Reductions of
Revolving Loan Commitment Amount. The Revolving Loan Commitment Amount shall be permanently reduced on the last day of the Fiscal Quarter ended on or around the dates and in the amounts set forth below: 
  

				
	 Date
	  	Scheduled
Reduction
	 December 31, 2009
	  	$	5,000,000
		
	 June 30, 2010
	  	$	5,000,000
		
	 December 31, 2010
	  	$	5,000,000
		
	 June 30, 2011
	  	$	5,000,000
		
	 December 31, 2011
	  	$	5,000,000
		
	 June 30, 2012
	  	$	5,000,000
		
	 December 31, 2012
	  	$	5,000,000

 ; provided that the scheduled reductions of the Revolving Loan Commitment Amount set forth above shall be
reduced in connection with any voluntary or mandatory reductions of the Revolving Loan Commitment Amount in accordance with subsection 2.4A(iv).” 
 I. Increase in Commitments. Subsection 2.10 of the Credit Agreement is hereby amended by deleting it in its entirety and substituting the following therefor: 
 “[Intentionally Omitted]” 
 Section 1.3
Amendments to Section 6: Company’s Affirmative Covenants. 
 Subsection 6.8 of the Credit Agreement is hereby amended by adding
the following new subsections D, E and F thereto: 
 “D. Florida Headquarters. In the event that Company does not
sell the Florida Headquarters within 90 days following the First Amendment Effective Date, Company shall, no later than five Business Days thereafter, deliver to Administrative Agent: 
 1. A fully executed and notarized Deed of Trust, in proper form for recording in all appropriate places in all applicable jurisdictions,
encumbering the Florida Headquarters; 
  

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 2. (a) An ALTA mortgagee title insurance policy or unconditional commitment therefor
issued by a title company acceptable to Administrative Agent with respect to the Florida Headquarters, in an amount to be agreed upon, insuring fee simple title to such property vested in Company and assuring Administrative Agent that the applicable
Deed of Trust creates a valid and enforceable First Priority mortgage Lien on the Florida Headquarters, subject only to a standard survey exception, which policy (1) shall include an endorsement for mechanics’ liens, for future advances
under this Agreement and for any other matters reasonably requested by Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Administrative Agent may reasonably request, all of the foregoing in form and
substance reasonably satisfactory to Administrative Agent; and (b) evidence satisfactory to Administrative Agent that Company has (i) delivered to the title company all certificates and affidavits required by the title company in
connection with the issuance of the policy and (ii) paid to the title company or appropriate Government Authorities all expenses and premiums of the title company in connection with the issuance of the policy and all recording and stamp taxes
(including mortgage recording and intangible taxes) payable in connection with recording the Deed of Trust in the appropriate real estate records; 
 3. A title report issued by the title company with respect to the Florida Headquarters, dated not more than 30 days prior to the date hereof and satisfactory in form and substance to Administrative Agent; 

4. Copies of all recorded documents listed as exceptions to title or otherwise referred to in the policy or in the title report;

 5. (a) Evidence, which may be in the form of a letter from an insurance broker or a municipal engineer, as to whether
(1) the Florida Headquarters is located in an area designated by the Federal Emergency Management Agency as having special flood or mud slide hazards and (2) the community in which the Florida Headquarters is located is participating in
the National Flood Insurance Program, (b) if applicable, Company’s written acknowledgement of receipt of written notification from Administrative Agent and in the event the Florida Headquarters is located in a community that
participates in the National Flood Insurance Program, evidence that Company has obtained flood insurance in respect of such property to the extent required under the applicable regulations of the Board of Governors of the Federal Reserve System; and

 6. If requested, by Administrative Agent, an opinion of counsel (which counsel shall be reasonably satisfactory to
Administrative Agent) with respect to the enforceability of the form of Deeds of Trust to be recorded in Florida and such other matters as Administrative Agent may reasonably request, in each case in form and substance reasonably satisfactory to
Administrative Agent.” 
 “E. Other Real Property. No later than 60 days following the First Amendment
Effective Date, Company shall deliver to Administrative Agent: 
  

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 1. Fully executed and notarized Deeds of Trust, in proper form for recording in all
appropriate places in all applicable jurisdictions, encumbering each property listed on Schedule 6.8 annexed hereto; 
 2. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor issued by a title company acceptable to Administrative Agent with respect to such property, in amounts to be agreed upon, insuring fee simple title to
each such property vested in Company and assuring Administrative Agent that the applicable Deeds of Trust create valid and enforceable First Priority mortgage Liens on the respective properties encumbered thereby, subject only to a standard survey
exception, which policies (1) shall include an endorsement for mechanics’ liens, for future advances under this Agreement and for any other matters reasonably requested by Administrative Agent and (2) shall provide for affirmative
insurance and such reinsurance as Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Administrative Agent; and (b) evidence satisfactory to Administrative Agent that Company has
(i) delivered to the title company all certificates and affidavits required by the title company in connection with the issuance of the policies and (ii) paid to the title company or appropriate Government Authorities all expenses and
premiums of the title company in connection with the issuance of such policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Deeds of Trust in the appropriate real
estate records; 
 3. With respect to each such property, a title report issued by the title company with respect thereto,
dated not more than 30 days prior to the date hereof and satisfactory in form and substance to Administrative Agent; 
 4.
Copies of all recorded documents listed as exceptions to title or otherwise referred to in the policies or in the title reports; 
 5. (a) Evidence, which may be in the form of a letter from an insurance broker or a municipal engineer, as to whether (1) any such property is located in an area designated by the Federal Emergency Management Agency as having
special flood or mud slide hazards and (2) the community in which any such property is located is participating in the National Flood Insurance Program, (b) if applicable, Company’s written acknowledgement of receipt of written
notification from Administrative Agent and in the event any such property is located in a community that participates in the National Flood Insurance Program, evidence that Company has obtained flood insurance in respect of such property to the
extent required under the applicable regulations of the Board of Governors of the Federal Reserve System; and 
 6. If
requested by Administrative Agent, an opinion of counsel (which counsel shall be reasonably satisfactory to Administrative Agent) in each state in which any such property is located with respect to the enforceability of the form(s) of Deeds of Trust
to be recorded in such state and such other matters as Administrative Agent may reasonably request, in each case in form and substance reasonably satisfactory to Administrative Agent.” 
  

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 “F. Intellectual Property. No later than 30 days following the First
Amendment Effective Date, Company shall deliver to Administrative Agent cover sheets or other documents or instruments required to be filed in order to create or perfect Liens in all intellectual property of Company and its Subsidiaries in
Canada.” 
 Section 1.4 Amendments to Section 7: Company’s Negative Covenants. 
 A. Indebtedness. 
 1.
Subsections 7.1(iii) and (vi) of the Credit Agreement are hereby amended by deleting the references to “$5,000,000” contained therein and substituting a reference to “$2,500,000” therefor. 
 2. Subsection 7.1(iii) of the Credit Agreement is hereby further amended by (i) deleting the word “and” at the end of clause
(v) thereof, (ii) deleting the period at the end of clause (vi) thereof and substituting “; and” therefor and (iii) adding the following as new clause (vii) thereof: 
 “(vii) Company may become and remain liable with respect to Indebtedness in respect of a Capital Lease of the Florida
Headquarters.” 
 B. Liens. Subsection 7.2A(iv) of the Credit Agreement is hereby amended by deleting the reference
to “$5,000,000” contained therein and substituting a reference to “$2,500,000” therefor. 
 C. Investments.
Subsection 7.3 of the Credit Agreement is hereby amended by (i) deleting the word “and” at the end of clause (v) thereof, (ii) deleting the period at the end of clause (vi) thereof and substituting “; and”
therefor and (iii) adding the following as new clause (vii) thereof: 
 “(vii) Company may make a loan in the
form of a seller note in connection with the sale and leaseback of the Florida Headquarters, which seller note shall be in form and substance reasonably satisfactory to Administrative Agent.” 
 D. Restricted Junior Payments. Subsection 7.5 of the Credit Agreement is hereby amended by deleting the reference to
“3,000,000” contained in clause (i) thereof and substituting a reference to “1,000,000” therefor. 
 E.
Financial Covenants. Subsection 7.6 of the Credit Agreement is hereby amended by deleting it in its entirety and substituting the following therefor: 
  

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 “A. Minimum Adjusted Fixed Charge Coverage Ratio. Company shall not permit
the ratio of (i) Consolidated EBITDAR minus (a) taxes based on income of Company and its Subsidiaries on a consolidated basis paid in Cash and (b) Consolidated Maintenance Capital Expenditures to (ii) Consolidated Fixed
Charges for any Four Fiscal Quarter period ending during any of the periods set forth below to be less than the correlative ratio indicated: 
  

			
	 Period
	  	Minimum Fixed
Charge
Coverage Ratio
	 October 1, 2008 through December 31, 2008
	  	1.50 to 1.00
		
	 January 1, 2009 through December 31, 2009
	  	1.40 to 1.00
		
	 January 1, 2010 through June 30, 2010
	  	1.45 to 1.00
		
	 July 1, 2010 and thereafter
	  	1.50 to 1.00

 “B. Maximum Consolidated Leverage Ratio. Company shall not permit the Consolidated
Leverage Ratio as at any date during any of the periods set forth below to exceed the correlative ratio indicated: 
  

			
	 Period
	  	Maximum Leverage Ratio
	 October 1, 2008 through December 31, 2008
	  	3.75 to 1.00
		
	 January 1, 2009 through March 31, 2009
	  	4.75 to 1.00
		
	 April 1, 2009 through September 30, 2009
	  	4.80 to 1.00
		
	 October 1, 2009 through December 31, 2009
	  	4.50 to 1.00
		
	 January 1, 2010 through March 31, 2010
	  	4.25 to 1.00
		
	 April 1, 2010 through June 30, 2010
	  	3.85 to 1.00
		
	 July 1, 2010 and thereafter
	  	3.50 to 1.00

 “C. Minimum Consolidated EBITDA. Company shall not permit Consolidated EBITDA for any
period set forth below to be less than the correlative amount indicated: 
  

				
	 Period
	  	Minimum
Consolidated EBITDA
	 January 1, 2009 through March 31, 2009
	  	$	8,250,000
		
	 January 1, 2009 through June 30, 2009
	  	$	17,000,000
		
	 January 1, 2009 through September 30, 2009
	  	$	24,500,000
		
	 January 1, 2009 through December 31, 2009
	  	$	33,500,000
		
	 April 1, 2009 through March 31, 2010
	  	$	34,000,000
		
	 July 1, 2009 through June 30, 2010
	  	$	35,000 000
		
	 October 1, 2009 through September 30, 2010
	  	$	35,500,000
		
	 January 1, 2010 through December 31, 2010
	  	$	35,500,000

  

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 ; provided, however, in the event any restaurant is sold following the First Amendment Effective Date for a
sale price equal to a multiple of the Single Restaurant EBITDA for such restaurant, there shall be added to the calculation of Consolidated Net Income for a period of 18 months following such sale, an amount equal to such Single Restaurant EBITDA
minus, in the case of any restaurant sold to a franchisee, the product of such Single Restaurant EBITDA multiplied by 5%; provided further, Company shall not be required to maintain a minimum Consolidated EBITDA for any period
in the event the Consolidated Leverage Ratio as at the end of such period is less than or equal to 3.50 to 1.00.” 
 F.
Fundamental Changes; Asset Sales. Subsection 7.7 of the Credit Agreement is hereby amended by (i) deleting the word “and” at the end of clause (vi) thereof, (ii) deleting the period at the end of clause
(vii) thereof and substituting “; and” therefor and (iii) adding the following as new clause (viii) thereof: 
 “(viii) Company and its Subsidiaries may sell restaurants to franchisees, in each case provided that (a) the consideration received for any such restaurant shall be in the form of Cash or Cash Equivalents,
(b) the sale price for any such restaurant shall be at least equal to 4.75 multiplied by the Single Restaurant EBITDA for such restaurant, (c) the proceeds of such sales shall be applied as required by subsection 2.4A(iii)(a), and
(d) after giving effect to each such sale, on a reasonable and prudent pro forma basis as determined by the chief executive officer or chief financial officer of Company, as if such sale had occurred on the first day of the most recent
twelve-month period for which Company’s results of operations are available, Company would be in compliance with the covenants set forth in subsection 7.6, and Company has delivered to Administrative Agent an Officer’s Certificate so
stating and attaching financial information and calculations in form and substance satisfactory to Administrative Agent required to confirm such statement.” 
 G. Sales and Leasebacks. Subsection 7.9 of the Credit Agreement is hereby amended by deleting it in its entirety and substituting the following therefor: 
 “7.9 Sales and Lease-Backs 
 Company shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, become or remain liable as lessee or as a guarantor or other surety with respect to any lease, whether an Operating Lease or
a Capital Lease, of any property (whether real, personal or mixed), whether now owned or hereafter acquired, (i) that Company or any of its Subsidiaries has sold or transferred or is to sell or transfer to any other Person (other than Company
or any of its Subsidiaries) or (ii) that Company or any of its Subsidiaries intends to use for substantially the same purpose as any other property that has been or is to be sold or transferred by Company or any of its Subsidiaries to any
Person (other than Company or any of its Subsidiaries) in connection with such lease; provided, however, that (a) Company and its Subsidiaries may engage in such sale and lease-back transactions if all of the following conditions
are satisfied: (1) any asset sold or otherwise transferred and leased back in such transaction by Company and its Subsidiaries was acquired in connection with the 

  

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development of a Ruth’s Chris restaurant, and (2) the proceeds of such sale or transfer are promptly applied as required by subsection 2.4A(iii)(a)
and (b) Company may, within 90 days following the First Amendment Effective Date, or such later date as may be agreed to by Administrative Agent, sell and lease-back the Florida Headquarters if all of the following conditions are satisfied:
(1) at least $7,500,000 of the consideration received shall be cash and (2) the proceeds of such sale are promptly applied as required by subsection 2.4A(iii)(a).” 
 H. Capital Expenditures. Section 7 of the Credit Agreement is hereby amended by adding the following new subsection 7.14 thereto:

 “7.14. Consolidated Capital Expenditures 
 Company shall not, and shall not permit its Subsidiaries to, make or incur Consolidated Capital Expenditures, in any Fiscal Year, in an
aggregate amount in excess of (i) for Fiscal Year 2009, $12,000,000, and (ii) for Fiscal Year 2010 and each Fiscal Year thereafter $10,000,000; provided, however, Company may make additional Consolidated Capital Expenditures
in any Fiscal Year following 2009 in an amount not to exceed $5,000,000 in the event that the Consolidated Leverage Ratio, after giving effect to such Consolidated Capital Expenditures, does not exceed 3.35 to 1.00 or in an amount not to exceed
$10,000,000 in the event that (a) the Consolidated Leverage Ratio for the immediately preceding two Fiscal Quarters does not exceed 3.25 to 1.00 and (b) the Consolidated Leverage Ratio, after giving effect to such Consolidated Capital
Expenditures, does not exceed 3.35 to 1.00.” 
 Section 1.5 Modification of Schedules and Exhibits. 
 A. Schedule 2.1. Schedule 2.1 to the Credit Agreement is hereby amended by deleting said Schedule 2.1 in its entirety and
substituting in place thereof a new Schedule 2.1 in the form of Schedule 2.1 to this Amendment. 
 B. Schedule 6.8.
Schedule 6.8 to this Amendment is hereby added to the Credit Agreement as Schedule 6.8 thereto. 
 C. Exhibit XII. Exhibit XII
to this Amendment is hereby added to the Credit Agreement as Exhibit XII thereto. 
 SECTION 2. CONDITIONS
TO EFFECTIVENESS. 
 Section 1 of this Amendment shall become effective only upon the satisfaction of
all of the following conditions precedent (the date of satisfaction of such conditions being referred to herein as the “First Amendment Effective Date”): 
  

 13 

 A. On or before the First Amendment Effective Date, Company shall deliver to Lenders (or to
Administrative Agent for Lenders with sufficient originally executed copies, where appropriate, for each Lender) the following, each, unless otherwise noted, dated the First Amendment Effective Date: 
 1. Copies of all amendments to the Organizational Documents of Company executed on or after February 19, 2008, in each case,
certified by the Secretary of State of Delaware or, if such document is of a type that may not be so certified, certified by the secretary or similar officer of Company, together with a good standing certificate from the Secretary of State of the
State of Delaware, each dated a recent date prior to the First Amendment Effective Date; 
 2. Resolutions of its Board of
Directors approving and authorizing the execution, delivery, and performance of this Amendment, the Pledge Agreement Amendment (as defined below) and the Deed of Trust, certified as of the First Amendment Effective Date by the secretary or similar
officer as being in full force and effect without modification or amendment; 
 3. Signature and incumbency certificates of
its officers executing this Amendment, the Pledge Agreement Amendment and the Deed of Trust; and 
 4. Executed copies of
this Amendment and the First Amendment to Pledge and Security Agreement dated as of the date hereof between Company, its Subsidiaries and Administrative Agent (the “Pledge Agreement Amendment”). 
 B. Administrative Agent shall have received (i) a duly completed amendment to UCC financing statement, (ii) updated schedules to the
Pledge Agreement, and (iii) certificates (which certificates shall be accompanied by irrevocable undated stock powers, duly endorsed in blank and otherwise satisfactory in form and substance to Administrative Agent), in each case reflecting the
recent name change of Company. 
 C. Administrative Agent shall have received cover sheets or other documents or instruments required
to be filed in order to create or perfect Liens in all intellectual property of Company and its Subsidiaries in the United States. 
 D.
Lenders shall have received copies of one or more favorable written opinions of Jones, Walker, Waechter, Poitevent, Carrere & Denegre, L.L.P., counsel for Company, in form and substance reasonably satisfactory to Administrative Agent
and its counsel, dated as of the First Amendment Effective Date, and setting forth the matters as Administrative Agent acting on behalf of Lenders may reasonably request. 
 E. On or before the First Amendment Effective Date, all corporate and other proceedings taken or to be taken in connection with the transactions contemplated hereby and all documents incidental thereto not
previously found acceptable by Administrative Agent, acting on behalf of Lenders, and its counsel shall be satisfactory in form and substance to Administrative Agent and such counsel, and Administrative Agent and such counsel shall have received all
such counterpart originals or certified copies of such documents as Administrative Agent may reasonably request. 
  

 14 

 F. Company shall pay to each Lender executing this Amendment on or before the close of business
(San Francisco time) on February 26, 2009, an amendment fee equal to 1.0% of such Lender’s Revolving Loan Exposure. 
 SECTION 3. COMPANY’S REPRESENTATIONS AND WARRANTIES. 
 In order to induce Lenders to enter into this Amendment and to amend the Credit Agreement in the manner provided herein, Company represents and warrants to each Lender that the following statements are true, correct
and complete: 
 A. Corporate Power and Authority. Company has all requisite corporate power and authority to enter into this
Amendment, the Pledge Agreement Amendment and the Deed of Trust and to carry out the transactions contemplated by, and perform its obligations under, the Credit Agreement as amended by this Amendment (the “Amended
Agreement”), the Pledge Agreement Amendment and the Deed of Trust. 
 B. Authorization of Agreements. The
execution and delivery of this Amendment the Pledge Agreement Amendment and the Deed of Trust and the performance of the Amended Agreement, the Pledge Agreement Amendment and the Deed of Trust have been duly authorized by all necessary corporate
action on the part of Company. 
 C. No Conflict. The execution and delivery by Company of this Amendment, the Pledge Agreement
Amendment and the Deed of Trust and the performance by Company of this Amendment, the Pledge Agreement Amendment and the Deed of Trust do not and will not (i) violate any provision of any law or any governmental rule or regulation applicable to
Company or any of its Subsidiaries, the Organizational Documents of Company or any of its Subsidiaries or any order, judgment or decree of any court or other agency of government binding on Company or any of its Subsidiaries, (ii) conflict
with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation of Company or any of its Subsidiaries, (iii) result in or require the creation or imposition of any Lien upon any of
the properties or assets of Company or any of its Subsidiaries (other than Liens created under any of the Loan Documents in favor of Administrative Agent on behalf of Lenders), or (iv) require any approval of stockholders or any approval or
consent of any Person under any Contractual Obligation of Company or any of its Subsidiaries. 
 D. Governmental Consents. The
execution and delivery by Company of this Amendment, the Pledge Agreement Amendment and the Deed of Trust and the performance by Company of the Amended Agreement, the Pledge Agreement Amendment and the Deed of Trust do not and will not require any
Governmental Authorization. 
 E. Binding Obligation. This Amendment and the Pledge Agreement Amendment have been duly executed
and delivered by Company and this Amendment, the Pledge Agreement Amendment and the Amended Agreement are, and the Deed of Trust when executed and delivered, will be, the legally valid and binding obligations of Company, enforceable against Company
in accordance with their respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.

  

 15 

 F. Incorporation of Representations and Warranties From Credit Agreement. The
representations and warranties contained in Section 5 of the Credit Agreement are and will be true, correct and complete in all material respects on and as of the First Amendment Effective Date to the same extent as though made on and as of
that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true, correct and complete in all material respects on and as of such earlier date. 
 G. Absence of Default. No event has occurred and is continuing or will result from the consummation of the transactions contemplated by
this Amendment that would constitute an Event of Default or a Potential Event of Default. 
 SECTION 4. ACKNOWLEDGEMENT
AND CONSENT. 
 Each guarantor (or pledgor) listed on the signatures pages hereof (each, a
“Guarantor”) hereby acknowledges and agrees that the Subsidiary Guaranty and any Collateral Document (each, a “Credit Support Document”) to which it is a party or otherwise
bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Amendment. Each Guarantor represents and warrants
that all representations and warranties contained in this Amendment and the Credit Support Documents to which it is a party or otherwise bound are true, correct and complete in all material respects on and as of the First Amendment Effective Date to
the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true, correct and complete in all material respects on and as of such
earlier date. 
 Each Guarantor acknowledges and agrees that (i) notwithstanding the conditions to effectiveness set forth in this
Amendment, such Guarantor is not required by the terms of the Credit Agreement or any other Loan Document to consent to the amendments to the Credit Agreement effected pursuant to this Amendment and (ii) nothing in the Credit Agreement, this
Amendment or any other Loan Document shall be deemed to require the consent of such Guarantor to any future amendments to the Credit Agreement. 
 SECTION 5. MISCELLANEOUS. 
 A. Reference to and Effect on the Credit Agreement and
the Other Loan Documents. 
 (i) On and after the First Amendment Effective Date, each reference in the Credit Agreement to
“this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”,
“thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Amended Agreement. 
  

 16 

 (ii) Except as specifically amended by this Amendment and the Pledge Agreement Amendment,
the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed. 
 (iii) The execution, delivery and performance of this Amendment shall not, except as expressly provided herein, constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of Administrative Agent or any
Lender under, the Credit Agreement or any of the other Loan Documents. 
 B. Fees and Expenses. Company acknowledges that all
costs, fees and expenses as described in subsection 10.2 of the Credit Agreement incurred by Administrative Agent and its counsel with respect to this Amendment and the documents and transactions contemplated hereby shall be for the account of
Company. 
 C. Applicable Law. THIS AMENDMENT AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY,
AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL
LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION 5-1401
OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT
REGARD TO CONFLICTS OF LAWS PRINCIPLES THAT WOULD REQUIRE APPLICATION OF
ANOTHER LAW. 
 D. Counterparts; Effectiveness. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may
be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. This Amendment (other than the provisions of Section 1 hereof, the effectiveness of
which is governed by Section 2 hereof) shall become effective upon the execution of a counterpart hereof by Company, Requisite Lenders and each of the Credit Support Parties and receipt by Company and Administrative Agent of written or
telephonic notification of such execution and authorization of delivery thereof. 
 E. Collateral Documents. Each Lender
authorizes Administrative Agent, on behalf of and for the benefit of Lender, to execute the Pledge Agreement Amendment. 
 [Remainder of page
intentionally left blank] 
  

 17 

 EXECUTION COPY 
 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their
respective officers thereunto duly authorized as of the date first written above. 
 COMPANY: 
  

			
	 RUTH’S HOSPITALITY GROUP, INC.
(F/K/A/
 RUTH’S CHRIS STEAK
HOUSE, INC.)

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  
  
  

 S-1 

 LENDERS: 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, individually as a Lender, as Co-Lead Arranger and as Administrative Agent
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  
  
  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-2 

  

			
	BANK OF AMERICA, N.A., individually as a Lender and as Syndication Agent
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-3 

  

			
	WACHOVIA BANK, NATIONAL ASSOCIATION, individually as a Lender and as Co-Documentation Agent
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-4 

  

			
	JPMORGAN CHASE BANK, N.A., individually as a Lender and as Co-Documentation Agent
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-5 

  

			
	CAROLINA FIRST BANK, as a Lender
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-6 

  

			
	CITIBANK N.A., as a Lender
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-7 

  

			
	FIRST TENNESSEE BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-8 

  

			
	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. “RABOBANK NEDERLAND”, NEW YORK BRANCH, as a Lender
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-9 

  

			
	RAYMOND JAMES BANK, FSB, as a Lender
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-10 

  

			
	FIFTH THIRD BANK, as a Lender
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-11 

							
	ACKNOWLEDGED AND AGREED:	 		 	R.C. EQUIPMENT, INC. (for purposes of Section 4 only), as a Credit Support Party
				
		 		 	By:	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 

  
  
  

							
		 		 	 R.F. INC. (for purposes of Section 4 only), as a Credit Support Party

				
		 		 	By:	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 

  
  
  

							
		 		 	 RCSH HOLDINGS, INC. (for purposes of Section 4 only), as a Credit Support
Party

				
		 		 	By:	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 

  
  
  

							
		 		 	 RCSH MANAGEMENT, INC. (for purposes of Section 4 only), as a Credit Support
Party

				
		 		 	By:	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 

  
  
  

							
		 		 	 RCSH OPERATIONS, INC. (for purposes of Section 4 only), as a Credit Support
Party

				
		 		 	By:	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-12 

  

			
	RCSH OPERATIONS, LLC (for purposes of Section 4 only), as a Credit Support Party
		
	By:	 	RUTH’S HOSPITALITY GROUP, INC., as Sole Member and Manager
		 	

  

			
	
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  
  

			
	RCSH PROMOTIONS, LLC (for purposes of Section 4 only), as a Credit Support Party
		
	By:	 	RUTH’S HOSPITALITY GROUP, INC., as Sole Member and Manager
		 	

  
  

			
	
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  
  

			
	RUTH’S CHRIS STEAK HOUSE BOSTON, LLC (for purposes of Section 4 only), as a
Credit Support Party
		
	By:	 	RUTH’S HOSPITALITY GROUP, INC., as Sole Member and Manager
		 	

  
  

			
	
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-13 

			
	 RUTH’S CHRIS STEAK HOUSE DALLAS,
L.P. (for purposes of Section 4 only), as a Credit Support Party

		
	By:	 	RUTH’S HOSPITALITY GROUP, INC., as General Partner
		 	

			
	
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  
  

			
	 RUTH’S CHRIS STEAK
HOUSE TEXAS, L.P. (for purposes of Section 4 only), as a Credit Support Party
  

		
	By:	 	RUTH’S HOSPITALITY GROUP, INC., as General Partner
		 	

			
	
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  
  

			
	 RUTH’S CHRIS STEAK HOUSE #15,
INC. (for purposes of Section 4 only), as a Credit Support Party

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  
  

			
	 RUTH’S CHRIS STEAK HOUSE
FRANCHISE, INC. (for purposes of Section 4 only), as a Credit Support Party

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-14 

  

			
	 RHG FISH MARKET, INC. (for purposes of Section 4 only), as a Credit
Support Party

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  

			
	 RHG KINGFISH, LLC (for purposes of Section 4 only), as a Credit Support Party

		
	By:	 	RUTH’S HOSPITALITY GROUP, INC., as Sole Member

			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  

			
	 RCSH MILLWORK, LLC (for purposes of Section 4 only), as a Credit Support Party

		
	By:	 	RCSH OPERATIONS, LLC, as Sole Member and Manager

			
		
	By:	 	RUTH’S HOSPITALITY GROUP, INC., as Sole Member and Manager

			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  
  

			
	 RCSH UTAH, INC. (for purposes of Section 4 only), as a Credit Support
Party

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-15Severance protection letter agreement

 Exhibit 10.1 
 

 
 March 11, 2009 
 Mr. J.
Brandon Black 
 8875 Aero Drive, #200 
 San Diego, California
92123 
 Dear Brandon: 
 We are pleased to offer
you the benefits outlined in this letter agreement (this “Agreement”) in connection with your continuing service as an officer of Encore Capital Group, Inc. (the “Company”) or one of its subsidiaries. 
 Notwithstanding any benefit provided to you in this Agreement, your employment with the Company remains “at will.” This means that either you
or the Company may terminate your employment at any time and for any reason, with or without notice or cause. The Company also has the right to change at-will the compensation, benefits, duties, assignments or responsibilities of your position.
While you are being offered certain benefits payable in the future, nothing in this Agreement may be construed as guaranteeing employment of any length or changing the “at will” nature of your employment. 
 The Company hereby agrees to provide the following benefits on the terms and conditions set forth in this Agreement: 
 1. Termination Without Cause. In the event your employment is terminated without Cause following the date of this Agreement, upon your execution
and delivery of a General Release and Waiver of Claims in substantially the form attached as Exhibit A hereto, within the time period set forth therein (but in no event later than forty-five (45) days after your termination date),
the Company will pay you an amount equal to two (2) times your annual base salary, less applicable taxes and withholdings. Subject to Section 3 below, all such amounts owed to you will be paid in equal increments in accordance with the
Company’s then-current regular payroll schedule. 
 For purposes of this Agreement, “Cause” is defined as (i) your
failure to adhere to any written policy of the Company that is legal and generally applicable to employees of the Company; (ii) your failure to substantially perform your duties, which failure amounts to a repeated and consistent neglect of
your duties; (iii) the appropriation (or attempted appropriation) of a material business opportunity of the Company, including attempting to secure or securing any personal profit in connection with any transaction entered into on behalf of the
Company; (iv) the misappropriation (or attempted misappropriation) of any of the Company’s funds or property; (v) the conviction of, or the entering of a guilty plea or plea of no contest with respect to, a felony, the equivalent
thereof, a crime of moral turpitude or any other crime with respect to which imprisonment is a possible punishment; (vi) conduct materially injurious to the Company’s reputation or business; or (vii) willful misconduct. 
 2. Resignation for Good Reason. In the event you resign your employment for Good Reason following the date of this Agreement, upon your execution
and delivery of the General Release and Waiver of Claims in substantially the form attached as Exhibit A hereto, within the time period set forth therein (but in no event later than forty-five (45) days after your termination date),
the Company will pay you an amount equal to two (2) times your annual base salary, less applicable taxes and withholdings. Subject to Section 3 below, all such amounts owed to you will be paid in equal increments in accordance with the
Company’s then-current regular payroll schedule. 

 For purposes of this Agreement, a “Good Reason” is defined as any of the following
reasons: (i) a material reduction in your base or target bonus compensation; (ii) a material reduction in your authority, duties or responsibilities; (iii) a material reduction in the authority, duties or responsibilities of the
person to whom you report; (iv) a material reduction in the budget over which you retain authority; or (v) a material change in the location at which you provide services for the Company (which is defined as any relocation by the Company
of your employment to a location that is more than thirty-five (35) miles from your present office location and is more than thirty-five (35) miles from your primary residence at the time of such relocation, without your consent). To be
eligible to receive the benefits set forth in this Section, (x) you must provide written notice of the “Good Reason” condition to the Company within ninety (90) . days after the initial existence of such condition, (y) the
Company must not have cured such condition within thirty (30) days of receipt of your written notice or it must have stated unequivocally in writing that it does not intend to attempt to cure such condition; and (z) you resign from
employment within twelve (12) months following the end of the period within which the Company was entitled to remedy the condition constituting Good Reason but failed to do so. 
 3. Compliance with Code Section 409A. Compensation and benefits payable under the Agreement are intended to be exempt from the definition of
“nonqualified deferred compensation” under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) in accordance with one or more of the exemptions available under the Treasury Regulations
promulgated under Section 409A. In this regard, each such payment that is made in a series of scheduled installments shall be deemed a separate payment for purposes of Section 409A. To the extent that any amounts or benefits payable under
this Agreement are or become subject to Section 409A due to a failure to qualify for an exemption from the definition of nonqualified deferred compensation under Section 409A, this Agreement is intended to comply with the applicable
requirements of Section 409A with respect to such amounts or benefits. This Agreement shall be interpreted and administered to the extent possible in a manner consistent with the foregoing statement of intent. 
 Payments made from the date of your termination through March 15th of the calendar year following such termination are intended to be exempt from
Section 409A pursuant to the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations. Payments made following said March 15th are intended to be made upon an involuntary termination from
service and payable pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations, to the maximum extent permitted by said provision. Notwithstanding any contrary provision of this Agreement, any amount or benefit that fails to qualify
for an exemption from Section 409A shall be subject to the distribution requirements of Section 409A(a)(2)(A) of the Code, including, without limitation, the requirement of Section 409A(a)(2)(B)(i) of the Code that amounts or benefits
payable to you upon separation from service be delayed until the first regular payroll date which occurs more than 6 months after separation from service (or if earlier, the date of your death) if you are a “specified employee” within the
meaning of the aforesaid section of the Code at the time of such separation from service, with the first of such payments including all payments which would have been made during the period of such delay without regard thereto and without interest,
and with subsequent payments, if any, made in accordance with the dates and terms otherwise provided herein. 
 Your date of termination for
purposes of determining the date that any amount or benefit that is treated as nonqualified deferred compensation under Code Section 409A is to be paid (or in determining whether an exemption to such treatment applies), and for purposes of
determining whether you are a “specified employee” on the date of termination, shall be the date on which you have incurred a “separation from service” within the meaning of Section 409A(a)(2)(A)(i) and applicable guidance
thereunder. 
  

 2 

 In each case where this Agreement provides for the payment of an amount or benefit that constitutes
nonqualified deferred compensation under Section 409A to be made to you within a designated period and such period begins and ends in different calendar years, the exact payment date within such range shall be determined by the Company, in its
sole discretion, and you shall have no right to designate the year in which the payment shall be made. 
 4. Compliance with Code
Section 280G. You agree that the Company may withhold from any amounts payable to you hereunder all federal, state, local or other taxes that the Company determines are required to be withheld pursuant to any applicable law or regulation.
You further agree that if the Internal Revenue Service or other taxing authority (each, a Taxing Authority) asserts a liability against the Company for failure to withhold taxes on any payment hereunder, you will pay to the Company the amount
determined by such Taxing Authority that had not been withheld within ninety (90) days of notice to you of such determination. Such notice shall include a copy of any correspondence received from a Taxing Authority with respect to such
withholding. 
 Notwithstanding the foregoing paragraph, if any payment or benefit you would receive pursuant to a change in control of the
Company or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) be subject to the excise tax imposed by Section 4999 of the
Code (the “Excise Tax”), then such Payment shall be reduced to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment
being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax
(all computed at the highest applicable marginal rate), results in your receipt, on an after-tax basis, of the greater amount of the Payment. If the Payment equals the Reduced Amount, the reduction shall occur in the following order: reduction of
cash payments (in reverse chronological order of the date otherwise payable); cancellation of accelerated vesting of stock awards (in the reverse order of the date of grant); reduction of employee benefits (in reverse chronological order of the date
otherwise payable). 
 The accounting firm engaged by the Company for general audit purposes as of the day prior to the effective date of any
change in control shall perform all the foregoing calculations described in the preceding paragraph, including the amount of the parachute payment, if any. If the accounting firm so engaged by the Company is serving as accountant or auditor for the
individual, entity or group effecting the change in control, the Company shall appoint a different nationally recognized accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the
determinations by such accounting firm required to be made hereunder. 
 The accounting firm engaged to make the determinations hereunder
shall provide its calculations, together with detailed supporting documentation, to the Company and to you within fifteen (15) calendar days after the date on which your right to a Payment is triggered (if requested at that time by the Company
or you) or such other time as requested by the Company or you. Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and you. 
 5. Bonus Payments. If you have been terminated without Cause or have resigned for Good Reason, you will receive two (2) times the average of
your last three annual bonus payments on the earlier of when bonuses are paid to employees for such year under any such bonus program for the year in which your termination occurs or seventy-five (75) days following the end of such year, plus
an additional amount paid at such time equal to the prorated portion of your target bonus for such year to your date of 

  

 3 

 
termination. If no target bonus has been set for such year, you will be paid a prorated portion of the average of your last three annual bonus payments. It
is intended that any bonus payments made under this Agreement will not be deferred compensation within the meaning of Section 409A of the Code. Accordingly, any bonus amount will be paid out during the first two and one-half (2 1/2) months
following the end of the calendar year in which your termination occurs. 
 6. Continuation of Health Benefits. If you have been
terminated without Cause or have resigned for Good Reason, the Company will pay, on your behalf, the cost of group health continuation coverage premiums for you and your eligible dependents under Title X of the Consolidated Budget Reconciliation Act
of 1985, as amended, or comparable provisions of state law (“COBRA”), through the earliest of (x) the expiration of twenty-four (24) months after your termination date, (y) the date upon which you have obtained substantially
comparable health benefits by becoming covered under the group health plan of a subsequent employer, or (z) the date you no longer constitute a “Qualified Beneficiary” (as such term is defined in Section 4980B(g) of the Internal
Revenue Code); provided, however, that you will be solely responsible for electing such coverage within the required time period, and provided further, that to the extent COBRA coverage is not available due to the expiration of the maximum COBRA
period prior to the end of the period for which the Company is obligated to provide health benefits under this paragraph, the Company will reimburse you for the cost of premiums for individual health coverage, if obtained by you, but not in excess
of the amount of the monthly COBRA premium then being paid, for the remainder of the period for which the Company is obligated under this paragraph. You agree to provide notice to the Company within ten (10) days of securing such comparable
benefits with a subsequent employer. 
 7. Continued Cooperation. Both during and after your employment with the Company or any of its
subsidiaries, you will cooperate with all outstanding legal and administrative matters, issues that you have been involved with during your employment and other transition matters. This obligation includes, but is not limited to, spending adequate
time for preparation to testify or give depositions, and cooperating with the Company or its attorneys in gathering information regarding any legal or investigative matter. 
 8. Restrictive Covenants. 
 (a)
Non-Solicitation. You agree that for the one (1) year period commencing on and following the date of termination of your employment, you will not directly or indirectly (i) solicit or encourage the solicitation of any person who was
an employee of the Company or any Subsidiary at any time on or after the date of termination (unless more than six (6) months shall have elapsed between the last day of such person’s employment by the Company or any of its subsidiaries and
the first date of such solicitation) or (ii) induce or attempt to induce any employee of the Company or any of its subsidiaries to leave the employ thereof or in any way interfere with the relationship between the Company or any of its
subsidiaries and any employee thereof. 
 (b) Non-Disparagement. You agree (whether during or after your employment with the Company)
not to issue, circulate, publish or make any false or disparaging statements, remarks or rumors about the Company or the officers or directors of the Company other than to the extent reasonably necessary in order to (i) assert a bona fide claim
against the Company arising out of your employment with the Company, or (ii) respond in a truthful and appropriate manner to any legal process or give truthful and appropriate testimony in a legal, administrative or regulatory proceeding.

 (c) Remedies Upon Breach. If you breach the provisions of Section (a) or (b), the Company shall have the right to have such
restrictive covenants specifically enforced by any court of competent jurisdiction, it being agreed that any breach of such restrictive covenants would cause irreparable injury to the Company and that money damages would not provide an adequate
remedy for such 

  

 4 

 
injury. Accordingly, the Company shall be entitled to injunctive relief to enforce the terms of such restrictive covenants and to restrain you from any
violation thereof. The rights and remedies set forth in this Section 8(c) shall be independent of all other others rights and remedies available to the Company for a breach of such restrictive covenants, and shall be severally enforceable from,
in addition to, and not in lieu of, any other rights and remedies available at law or in equity. 
 9. Full Settlement. In the event
you are owed separation benefits as a result of the terms of this Agreement, the Company’s obligation to make any such payments shall be in full settlement of all other severance payments that may be owed to you under any other severance or
employment related agreement between you and the Company. The Company’s obligations hereunder shall not be affected by any set-off, counterclaim, recoupment defense or other claim, right or action which the Company may have against you or
others. In no event shall you be obligated to seek other employment or take other action by way of mitigation of the amounts payable to you under any of the provisions of this Agreement and such amounts shall not be reduced whether or not you obtain
other employment. 
 10. Employment with Subsidiaries. Employment with the Company for purposes of this Agreement shall include
employment with any subsidiary of the Company. 
 11. Successors. This Agreement shall not be terminated by any reorganization, merger
or consolidation involving the Company (each, a “Business Combination”). In the event of any Business Combination, the provisions of this Agreement shall be binding upon the person resulting from such Business Combination (the
“Surviving Person”), and the Surviving Person shall be treated as the Company hereunder. 
 12. Binding Agreement.
This Agreement shall inure to the benefit of and be enforceable by your personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If you shall die while any amounts would be payable to you
hereunder had you continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to such person or persons appointed in writing by you to receive such amounts or, if no person is
so appointed, to your estate. 
 13. Notice. For purposes of this Agreement all notices and other communications required or permitted
hereunder shall be in writing and shall be deemed to have been duly given (1) on the date of delivery if delivered personally or by facsimile upon confirmation of receipt, (2) on the first business day following the date of dispatch if
delivered by a recognized next-day courier service or (3) five days after deposit in the United States mail, certified and return receipt requested, postage prepaid. All such notices and communications shall be delivered as set forth below.

 If to you: To the home address last appearing in the Company’s records. 
 If to the Company: 
 Encore Capital
Group, Inc. 
 8875 Aero Drive, Suite 200 
 San Diego, California 92123 
 Attn: Chief HR Officer 
 14. Survival. The respective obligations and benefits afforded to the Company and you as provided in Sections 1 and 2 (to the extent that payments or benefits are owed as a result of a termination of
employment that occurs during the term of this Agreement) and Section 8 of this Agreement shall survive the termination of this Agreement. 
  

 5 

 15. Dispute Resolution. You and the Company agree that any controversy or claim arising out of or
relating to this Agreement (as amended) (other than a controversy under Section 8 of this Agreement), or the breach thereof, shall be settled by arbitration administered by the American Arbitration Association (“AAA”) in
accordance with its Employment Arbitration Rules then in effect. Venue for any arbitration pursuant to this Agreement will lie in the County of San Diego, California. One of the arbitrators shall be appointed by the Company, one shall be appointed
by you and the third shall be appointed by the first two arbitrators. If the first two arbitrators cannot agree on the third arbitrator within 30 days following the appointment of the second arbitrator, then the third arbitrator shall be appointed
by AAA. All three arbitrators shall be experienced in the resolution of disputes under employment agreements for senior executives of major corporations. Any award entered by the arbitrators shall be final, binding and non-appealable and judgment
may be entered thereon by either party in accordance with applicable law in any court of competent jurisdiction. This arbitration provision shall be specifically enforceable. The arbitrators shall have no authority to modify any provision of this
Agreement or to award a remedy for a dispute involving this Agreement other than a benefit specifically provided under or by virtue of this Agreement. Each party shall be responsible for its own expenses relating to the conduct of the arbitration
(including reasonable attorneys’ fees and expenses). The Company shall pay the fees of the AAA and the arbitrators, if applicable. 
 16. Prior Agreements Superseded. This Agreement shall supersede and replace in its entirety any other oral or written agreement, arrangement or award provided to you by the Company or any of its subsidiaries with respect to the
subject matter hereof. Without limiting the generality of the foregoing, this Agreement shall terminate the Employment Agreement dated as of June 13, 2005 (the “Employment Agreement”), and the Employment Agreement shall have no
further force and effect following the date of your acceptance of this Agreement. 
 17. Amendment. Neither you or the Company may
alter or amend this Agreement without a document signed by you and the President of the Company. 
 18. Governing Law; Consent to
Jurisdiction. All disputes arising under this Agreement will be governed by, and interpreted in accordance with, the laws of the State of California, without regard to its conflict of law provisions. Any action to enforce this Agreement (other
than an action which must be brought by arbitration pursuant to Section 15) must be brought in, and you and the Company hereby consent to the jurisdiction of, the County of San Diego, California. Both you and the Company hereby waive the right
to claim that any such court is an inconvenient forum for the resolution of any such action. 
 19. Headings. The section and
subsection headings contained in this Agreement are used solely for convenience of reference and shall not affect the meaning or interpretation of this Agreement or of any term or provision hereof. 
 [Remainder of Page Intentionally Blank] 
  

 6 

					
	Sincerely,	 		 	
			
	/s/ George Lund	 		 	
	George Lund	 		 	
	Chairman of the Board	 		 	
			
	AGREED AND ACCEPTED:	 		 	
			
	/s/ J Brandon Black	 		 	March 12, 2009
	(Signature of Executive)	 		 	(Date Signed)

  

 7 

 EXHIBIT A 
 GENERAL RELEASE AND WAIVER OF CLAIMS 
 TO ALL WHOM THESE PRESENTS SHALL COME OR MAY CONCERN, KNOW that: 

1. J. Brandon Black (the “Executive”), on his or her own behalf and on behalf of his or her descendants, dependents, heirs, executors and
administrators and permitted assigns, past and present, in consideration for the amounts payable to the undersigned under that letter agreement dated as of March 11, 2009 (the “Agreement”) between Executive and Encore Capital
Group, Inc. (the “Company”), does hereby agree not to bring any claim or pursue any litigation (or file any charge or otherwise correspond with any Federal, state or local administrative agency) against, and waives, releases and
discharges the Company, and its respective assigns, affiliates, subsidiaries, parents, predecessors and successors, and the past and present stockholders, employees, officers, directors, members, managers, representatives and agents or any of them
(collectively, the “Company Group”), from any and all claims, demands, rights, judgments, defenses, actions, charges or causes of action whatsoever, of any and every kind and description, whether known or unknown, accrued or not
accrued, that Executive ever had, now has or shall or may have or assert as of the date of this General Release and Waiver of Claims against any of them, including, without limiting the generality of the foregoing, any claims, demands, rights,
judgments, defenses, actions, charges or causes of action related to employment or termination of employment or that arise out of or relate in any way to the Age Discrimination in Employment Act of 1967 (“ADEA”), as amended, the
Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of 1964, as amended, and other Federal, state and local laws relating to discrimination on the basis of age, sex or other protected class, all claims under Federal, state or
local laws for express or implied breach of contract, wrongful discharge, defamation, intentional infliction of emotional distress, and any related claims for attorneys’ fees and costs; provided, however, that nothing herein shall release any
member of the Company Group from any of its obligations under the Agreement or any rights to indemnification under any charter or by-laws (or similar documents) of any member of the Company Group. The Executive further agrees that this General
Release and Waiver of Claims may be pleaded as a full defense to any action, suit or other proceeding covered by the terms hereof which is or may be initiated, prosecuted or maintained by the Executive, his or her heirs or assigns. Notwithstanding
the foregoing, the Executive understands and confirms that he is executing this General Release and Waiver of Claims voluntarily and knowingly, and that the same shall not affect the Executive’s right to claim otherwise under ADEA. In addition,
the Executive shall not be precluded by this General Release and Waiver of Claims from filing a charge with any relevant federal, state or local administrative agency, but the Executive agrees not to participate in, and agrees to waive his or her
rights with respect to any monetary or other financial relief arising from any such administrative proceeding. 
 2. Notwithstanding anything herein to the
contrary, Executive does not release any claims that the law does not permit Executive to release, including, without limitation, claims under the Family Medical Leave Act, the Fair Labor Standards Act, California Workers’ Compensation,
California Family Rights Act, and Division 3, Article 2 of the California Labor Code (including indemnification rights). 
  

 A-1 

 3. The Company, on its own behalf and on behalf of the Company Group, does hereby agree not to bring any claim or pursue
any litigation (or file any charge or otherwise correspond with any federal, state or local administrative agency) against, and waives, releases and discharges Executive and his or her heirs, successors and assigns, descendants, dependents,
executors and administrators, past and present, and any of his or her affiliates and each of them (collectively, the “Executive Releasees”) from any and all claims, demands, rights, judgments, defenses, actions, charges or causes of
action whatsoever, of any and every kind and description, whether known or unknown, accrued or not accrued, that any person or entity of the Company Group ever had, now has or shall or may have or assert as of the date of this General Release and
Waiver of Claims against any of them, based on facts known to any executive officer of the Company as of the date of this General Release and Waiver of Claims (other than the Executive), including specifically, but not exclusively and without
limiting the generality of the foregoing, any and all claims, demands, agreements, obligations and causes of action arising out of or in any way connected with any transaction, occurrence, act or omission related to Executive’s employment by
the Company or any of its subsidiaries or the termination of that employment; provided, however, that nothing herein shall release the Executive Releasees from any obligations arising out of or related in any way to Executive’s obligations
under the Agreement, the Confidentiality Agreement (as defined in the Agreement) or any agreement governing the terms of any equity award granted to the Executive or impair the right or ability of the Company to enforce the terms thereof.

 4. In furtherance of their respective agreements set forth above, each of the Executive and the Company hereby expressly waives and relinquishes any and
all rights under any applicable statute, doctrine or principle of law restricting the right of any person to release claims which such person does not know or suspect to exist at the time of executing a release, which claims, if known, may have
materially affected such person’s decision to give such a release. In connection with such waiver and relinquishment, each of the Executive and the Company acknowledges that it is aware that it may hereafter discover claims presently unknown or
unsuspected, or facts in addition to or different from those which it now knows or believes to be true, with respect to the matters released herein. Nevertheless, it is the intention of each of the Executive and the Company to fully, finally and
forever release all such matters, and all claims relative thereto which now exist, may exist or theretofore have existed, as specifically provided herein. The parties hereto acknowledge and agree that this waiver shall be an essential and material
term of the release contained above. In addition, and not by way of limitation to the foregoing, each of the Executive and the Company fully understands and knowingly and expressly waives its rights and benefits under Section 1542 of the
California Civil Code or under any similar provision of law. Section 1542 of the California Civil Code states that: 
 A GENERAL
RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE [EMPLOYEE] DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH [THE COMPANY].

 Nothing in this paragraph is intended to expand the scope of the release as specified herein. 
  

 A-2 

 5. This General Release and Waiver of Claims shall be governed by and construed in accordance with the laws of the State
of California, without regard to its conflict of law provisions. 
 6. To the extent that the Executive is forty (40) years of age or older, this
paragraph shall apply. Executive acknowledges that Executive is waiving and releasing any rights he or she may have under the ADEA and that this General Release and Waiver of Claims is entered into knowingly and voluntarily. Executive acknowledges
that this General Release and Waiver of Claims does not apply to any rights or claims that may arise under the ADEA after the date of this General Release and Waiver of Claims. Executive acknowledges that the consideration given for this General
Release and Waiver of Claims is in addition to anything of value to which Executive was already entitled. Executive further acknowledges that Executive has been advised by this writing as required by the ADEA that: 
 (a) Executive has the right to and is advised to consult with an attorney prior to executing this General Release and Waiver of Claims; 
 (b) Executive has up to twenty-one (21) days within which to consider this General Release and Waiver of Claims (although Executive may choose to
execute this General Release and Waiver of Claims earlier); 
 (c) Executive has seven (7) days following the execution of this General
Release and Waiver of Claims to revoke; and 
 (d) This General Release and Waiver of Claims and Executive’s right to receive payments or
other benefits payable by the Company pursuant to the Agreement shall not be effective until the revocation period has expired. 
 In order to cancel or
revoke this General Release and Waiver of Claims, Executive must deliver to the General Counsel of the Company written notice stating that the Executive is canceling or revoking this General Release and Waiver of Claims. If this General Release and
Waiver of Claims is timely cancelled or revoked, none of the provisions of this General Release and Waiver of Claims shall be effective or enforceable and the Company shall not be obligated to make the payments to the Executive under the Agreement
or to provide the Executive with the other benefits described in this General Release and Waiver of Claims, and all contracts and provisions modified, relinquished or rescinded hereunder shall be reinstated to the extent in effect immediately prior
hereto. 
 7. Each of the Executive and the Company acknowledge that they have entered into this General Release and Waiver of Claims knowingly and willingly
and has had ample opportunity to consider the terms and provisions of this General Release. 
  

 A-3 

 IN WITNESS WHEREOF, the parties hereto have caused this General Release and Waiver of Claims to be
executed on this ____ day of _________________, 20__. 
  

			
	
	 
	(Executive’s Signature)
	
	ENCORE CAPITAL GROUP, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 A-4

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