Document:

Exhibit 10.2

2015 RENEWAL PROMISSORY NOTE (PARKSON PROPERTY)

	
$ 916,182.77

	
Executed at Broward County, Florida

	 	
December 31, 2015

FOR VALUE RECEIVED, Parkson Property LLC, a wholly owned subsidiary of Le@P Technology, Inc., with a principal place of business at 5601 N. Dixie Highway, Suite 411, Fort Lauderdale, Florida 33334 (the "Maker"), promises to pay to the order of Bay Colony Associates, Ltd. (the "Payee"), the principal sum of NINE HUNDRED SIXTEEN THOUSAND ONE HUNDRED EIGHTY-TWO DOLLARS AND SEVENTY-SEVEN CENTS ($916,182.77), together with interest at the rate of Two and One-Half Percent (2.50%) per annum due and payable in one lump sum of principal and interest on the maturity date of March 31, 2017.  Payment of principal and accrued interest shall be paid to the Payee at 5601 N. Dixie Highway, Suite 411, Ft. Lauderdale, FL 33334, or at such other place or address as the Payee may designate.

This 2015 Renewal Promissory Note (this "Note") is issued and made as described below and under and subject to the following additional terms and conditions:

1.             Renewal of Promissory Note dated September 28, 2001, Promissory Note dated March 17, 2006, Renewal Promissory Note dated October 24, 2007, Renewal Promissory Note dated January 15, 2010, Renewal Promissory Note dated January 31, 2011, Renewal Promissory Note dated February 7, 2012,  Renewal Promissory Note dated December 27, 2012 and Renewal Promissory Note dated December 17, 2014.  This Note is a renewal promissory note, and renews, amends and restates the obligations, terms and conditions of and under that certain Promissory Note made by the Maker to the Payee dated September 28, 2001 (the “Original Note”), as amended, replaced and modified by: (i) that certain Promissory Note dated March 17, 2006, (ii) that certain Renewal Promissory Note dated October 24, 2007, (iii) that certain Renewal Promissory Note dated January 15, 2010, (iv) that certain Renewal Promissory Note dated January 31, 2011 in the original principal amount of $562,500, (v) that certain Renewal Promissory Note dated February 7, 2012 in the original principal amount of $794,650.68, (vi) that certain Renewal Promissory Note dated December 27, 2012 in the original principal amount of $821,184.39, and (vii) Renewal Promissory Note dated December 17, 2014 in the original principal amount of $881,845.17 (the foregoing promissory notes listed in clauses (i) through (vi) above, together with the Original Note, are collectively referred to herein as the “Prior Note”).  By and through this Note, the maturity date for the payment of principal and accrued interest under the Prior Note (in the aggregate amount of $916,182.77, consisting of a principal amount of $881,845.17 and corresponding accrued interest through the date hereof aggregating $34,337.60) has been extended from March 31, 2016 to March 31, 2017.  It is the intention and agreement of the Maker and the Payee that this Note, given in replacement of the Prior Note and its (their) principal amount(s), accrued interest and other obligations, shall amend, restate and replace in its (their) entirety the Prior Note without constituting a novation, satisfaction, cancellation or extinguishment of the indebtedness and amounts due under the Prior Note, but that henceforth the indebtedness (including principal and accrued interest) represented and evidenced by such Prior Note and the obligations thereunder shall be due, payable and paid solely in accordance with the terms and conditions of this Note, and not in accordance with the terms and conditions of the Prior Note.

 

2.             Type of Payment.  Payment of both principal and interest shall be made in currency of the United States of America which at the time of payment shall be legal tender for the payment of public and private debts.

3.             Manner of Payment.  Payment shall be made to Payee at the Payee's address set forth above or at such other place as Payee may designate in writing.

4.             Interest on Overdue Payments.  From and after the date which is fifteen (15) days after the date upon which any payment of principal hereunder becomes due and payable, if the same is not timely paid, interest shall be payable on all sums outstanding hereunder at the rate of fifteen percent (15%) per annum.

5.             Waiver.  Payee hereby waives any and all defaults that exist or may have existed from time to time under the Prior Note (or under any of the promissory notes included or incorporated in the Prior Note), and waives the right to receive any special interest on overdue payments that may have become due or payable under the Prior Note (or under any of the promissory notes included or incorporated in the Prior Note), and accepts the terms and conditions of this Note.

6.             Miscellaneous.

 

(A)            This Note shall be binding upon the Maker and its successors and assigns.

 

(B)            If any provision hereof shall be held invalid or unenforceable by any court of competent jurisdiction or as a result of future legislative action, such holding or action shall be strictly construed and shall not affect the validity or effect of any other provision hereof.

(C)            The validity, interpretation and effect of this Note shall be exclusively governed by, and construed in accordance with, the laws of the State of Florida, excluding the "conflict of laws" rules thereof.

(D)            This Note may not be amended or modified, nor shall any waiver of any provision hereof be effective, except by an instrument in writing executed by the Maker and accepted by Payee.

(E)            In case suit shall be brought for the collection hereof, or if it is necessary to place the same in the hands of an attorney for collection, the Maker agrees to pay reasonable attorneys’ fees and costs for making such collections.

 

IN WITNESS WHEREOF, the Maker and the Payee has each caused this Note to be executed as of the day and year first above written.

 

	
PARKSON PROPERTY LLC

	
(Maker)

	 	 
	
By:

	 	
/s/ Timothy C. Lincoln

	 
	
Name:

	
Timothy C. Lincoln

	
Title:

	
Acting Principal Executive Officer and President

 

	
ACCEPTED AND AGREED:

	 	 
	
BAY COLONY ASSOCIATES, LTD.

	
(Payee)

	 	 
	
By:

	 	
/s/ Phyllis Johns

	 
	 	
Name:  Phyllis Johns

	 	
Title:    SecretaryEX-10.1

 Exhibit 10.1 

EXECUTION COPY 
 EMPLOYMENT
AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into effective as of January 1, 2016
(“Effective Date”), by and between Famous Dave’s of America, Inc., a Minnesota corporation (the “Company”), and Adam Wright (“Executive”). 

WHEREAS, the Executive is currently serving as the Company’s interim Chief Executive Officer (“CEO”); and 

WHEREAS, Executive wishes to continue to be employed by the Company and the Company desires to continue to employ Executive as its CEO on the
terms and conditions set forth herein to perform duties generally typical for a CEO of a publicly traded company operating and conducting business in the United States and its territories, Canada, Abu Dhabi and such other countries as the Company
may conduct operations and do business in during the Employment Term. 
 NOW, THEREFORE, in consideration of these premises, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and intending to be legally bound, the parties hereto hereby agree as follows: 

1. Employment; Employment Term. Upon the terms and conditions hereinafter set forth, the Company hereby agrees to retain the services
of Executive and Executive hereby accepts such employment and agrees to faithfully and diligently serve as directed by the Board of Directors of the Company (the “Board”) in accordance with this Agreement, and, unless
terminated earlier pursuant to Section 6 of this Agreement, continuing until the close of business on the two (2) year anniversary of the Effective Date (the “Employment Term”). 

2. Duties. 
 (a)
Services. During the Employment Term, Executive agrees to continue to serve as CEO of the Company and shall render his duties as CEO in a manner that is consistent with Executive’s position within the Company and as assigned by the
Board. In addition to his duties as CEO, Executive agrees to serve as an elected/appointed officer of the Company and Executive shall serve in such capacity without additional compensation during the Employment Term. Executive also agrees to serve
as any elected/appointed director or officer of any subsidiary of the Company that the Company may, in its sole discretion, deem fit and Executive shall serve in such capacity or capacities without additional compensation during the Employment Term.

 (b) Certain Obligations. During the Employment Term, Executive (i) shall devote 100% of his business time and attention to
achieve, in accordance with the policies and directives of the Board established from time to time in their discretion, the objectives of the Company, (ii) shall be subject to, and comply with, the rules, practices and policies applicable to
executive employees, whether reflected in an employee handbook, code of conduct, compliance 

 
policy or otherwise, as the same may exist and be amended from time to time, of the Company; and (iii) shall not engage in any business activities other than the performance of his duties
under this Agreement. Executive may have investments in other entities and act as a director for the entities and in the capacities set forth on Exhibit A hereto, or as otherwise approved by the Board; provided that such other entities
are not competitive with the Company, and provided that so acting shall not interfere with Executive’s duties with the Company. 
 (c)
Executive shall spend substantially all of his business time and attention at the Company’s headquarters in Minnetonka, Minnesota, however his employment under this Agreement may require travel and stay outside Minnetonka, Minnesota and the
United States in order to fulfill his duties hereunder. 
 3. Compensation. For the services rendered herein by Executive, and the
promises and covenants made by Executive herein, during the Employment Term the Company shall pay compensation to Executive as follows. 

(a) Base Salary. The Company shall pay to Executive the sum of THREE HUNDRED THOUSAND DOLLARS ($300,000) as an annual salary (the
“Base Salary”), payable in accordance with the normal payroll practices of the Company. 
 (b) Bonus.
Executive shall be eligible to receive a discretionary annual bonus, which shall be determined by the Board in its sole discretion (the “Bonus”) based upon Executive’s achievement of milestones, with said milestones
determined by the Board (and recorded in the minutes of the meeting of the Board) with input from Executive, prior to the commencement of each fiscal year (the “Milestones”). The achievement of the Milestones will be
determined by the Board in its sole discretion. The targeted amount of each annual Bonus is expected to be 50% of Base Salary, although the Board may determine in its sole discretion that it is appropriate to approve a Bonus, if any, that is less or
more than this targeted amount. The Company shall have the right to condition the payment of any Bonus on Executive’s contemporaneous execution of a reasonable document pursuant to which Executive confirms, ratifies and agrees that his
obligations under Section 5 are valid and binding and are enforceable against Executive in accordance with the terms of Section 5. Any Bonus amounts shall be paid at the same time as annual bonuses are paid to the
Company’s other executive officers, but no later than 180 days following the end of year in which the Bonus was earned. 
 (c)
Equity Grants. The Company shall grant to Executive stock options (the “Options”) exercisable for 50,000 shares of the Company’s common stock (“Common Stock”). The Options shall be granted
pursuant to and governed by the terms of the Company’s 2015 Equity Incentive Plan, as amended from time to time (the “Plan”), and evidenced by a separate stock option agreement between Executive and the Company. The
exercise price of the Options shall be no less than the fair market value of the shares of Common Stock on the date of grant, as determined in good faith by the Board. Subject to the accelerated vesting described herein and Executive remaining
continuously employed by the Company as its CEO on each vesting date (“Continuous Service Status”), the Options shall vest in installments of 2,083 options shares on first 23 monthly anniversaries of the Effective Date over
the Employment Term (the first vesting date being on the one (1) month anniversary of the Effective Date hereof) and 2,091 option shares on the 24th monthly anniversary of the Effective Date.
Notwithstanding anything to the contrary set forth in the Plan, the Options shall have the following terms: 
 (i) In the
event of a Change of Control (as defined in the Plan) during the Employment Term in which the acquiring company or successor company opts not to assume this Agreement, the vesting of the Options will accelerate such that the Options shall be fully
vested and exercisable immediately prior to such Change of Control; 

 (ii) In the event of a Corporate Transaction (as defined in the Plan), at the
option of the Board in its sole discretion, Executive shall exercise the Options or such failure to exercise will result in the Options terminating immediately prior to such Corporate Transaction; provided that, for purposes of this
agreement, a Corporate Transaction will not be deemed to have occurred solely due to the Company reducing the size of its asset base through restaurant refranchising; 

(iii) In the event of a Corporate Transaction, in exchange for the termination of the Options, the Board in its sole discretion
may make a cash payment to Executive in an amount equal to the product obtained by multiplying (x) the amount (if any) by which the transaction proceeds per share exceed the exercise price per share covered by the Option times (y) the
number of shares of Common Stock covered by the Option; 
 (iv) The Options will terminate if not exercised within six
(6) months of Executive’s termination from the Company for any reason; 
 (v) Subject to (iv) above, the
Options shall expire on the ten (10) year anniversary of the date of grant; and 
 (vi) If the Executive breaches the
Executive Notice Period set forth in Section 6(d) below, fifty percent (50%) of Executive’s vested Options shall automatically terminate. 

(d) No Additional Compensation. Except for compensation set forth in this Agreement, Executive shall not receive additional
compensation in connection with providing services to or holding executive or directorial office(s) in the Company or any of its subsidiaries unless otherwise agreed to by Executive and the Company in the Company’s sole discretion. 

4. Benefits. 
 (a)
Vacation. During Employment Term, Executive shall also be eligible to receive paid time off (“PTO”) as outlined in the Company’s PTO program. 

(b) Other Benefits. During the Employment Term, Executive will be eligible to participate in the Company’s benefit plans that are
currently and hereafter maintained by the Company and for which he is eligible including, without limitation, group medical, 401k, life insurance and other benefit plans (the “Benefits”). The Company reserves the right to
cancel or change at any time the Benefits that it offers to its employees. 
 (c) Expenses. During the Employment Term, Executive
shall be reimbursed for reasonable (travel and other) expenses incurred by Executive in the furtherance of or in connection with the performance of Executive’s duties hereunder, in accordance with the Company’s expense reimbursement policy
as in effect from time to time. Executive agrees to provide detailed backup of any expenses and indicate on any submission for reimbursement those expenses that relate to meals and entertainment. 

 5. Non-Disclosure of Information, Assignment of Intellectual Property, and Restrictive
Covenants. Executive acknowledges that the Company is in the business of developing, owning, operating and franchising barbeque restaurants globally, with a focus on the United States, the Commonwealth of Puerto Rico, and in Canada; that the
Company has and will develop and assemble extensive “know-how” and trade secrets relating to its business, the business of its franchisees and the business of its suppliers and has developed an extensive relationship with its franchisees,
suppliers and customers. Beginning from the Effective Date and continuing during Executive’s employment with the Company, Executive will have access to such trade secrets and relationships and other proprietary information of the Company.
Executive agrees to protect the Company’s Confidential Information (as defined below) as provided in this Section 5. 
 (a)
Confidential Information. “Confidential Information” means information regarding the Company not generally known and proprietary to the Company, or to a third party for whom the Company is performing work, including,
without limitation, information concerning any patents or trade secrets, confidential or secret designs, infomercial sources, media outlets, pricing, processes, formulae, source codes, plans, devices or material, research and development,
proprietary software, analysis, techniques, materials or designs (whether or not patented or patentable), directly or indirectly useful in any aspect of the business of the Company or any vendor names, customer and supplier lists, databases,
management systems and sales and marketing plans of the Company, or any confidential secret development or research work of the Company, or any other confidential information or proprietary aspects of the business of the Company. All information
which the Executive acquires or becomes acquainted with during his employment with the Company, whether developed by the Executive or by others which the Executive has a reasonable basis to believe to be Confidential Information, or which is treated
by the Company as being Confidential Information, shall be presumed to be Confidential Information. 
 (b) Confidentiality Covenant.
Except as permitted or directed by the Company, the Executive shall not, either while employed by the Company or thereafter, divulge, furnish or make accessible to anyone or use in any way (other than as required in the performance of
Executive’s duties as CEO hereunder) any Confidential Information. The Executive acknowledges that the Confidential Information constitutes a unique and valuable asset of the Company and represents a substantial investment of time and expense
by the Company, and that any disclosure or other use of such Confidential Information other than for the sole benefit of the 

 
Company would be wrongful and would cause irreparable harm to the Company. Both during and after the Employment Term under this Agreement, Consultant will refrain from any acts or omissions that
would reduce the value of such knowledge or information to the Company. The Employee agrees to acknowledge and remain bound by the Company’s Information Technology and Data Security Policy, as amended from time to time (the “Data
Security Policy”). 
 (c) Assignment of Intellectual Property. Executive agrees to assign and hereby assigns to the
Company (the “Assignment”) any and all rights, improvements and copyrightable or patentable subject matter, know-how, and other intellectual property relating to the Company’s business (or any of its subsidiaries’
businesses) which Executive conceived or developed, or may conceive or develop, either alone or with others, or which otherwise arose or may arise during Executive’s employment with the Company and for a period of nine (9) months
thereafter (“Assignable Property”). Executive shall promptly disclose to the Company all Assignable Property. Executive agrees not to assert any rights against the Company (or any of its subsidiaries) or seek compensation
from the Company (or any of its subsidiaries) for the foregoing Assignment or the Company’s (or any of its subsidiaries) use of Assignable Property. Executive shall promptly disclose to the Company all knowledge that Executive has or obtains
regarding Assignable Property and, at the request of the Company, Executive shall, at the sole cost and expense of the Company, provide the Company with whatever assistance that the Company may request of Executive including, but not limited to:
(i) signing documents to further evidence and perfect an Assignment; (ii) obtaining for the Company patents, trademarks and trademark protection, copyrights and copyright protection, assignment of rights, and protection of trade secrets;
and (iii) taking any other action the Company deems appropriate for securing or protecting its rights in Assignable Property or other intellectual property of the Company or its subsidiaries. If such assistance is requested after termination of
the Employment Term, the Company shall reimburse Executive for his reasonable expenses in connection therewith and pay Executive a $750 per diem for his time. 

(d) Non-Solicitation. During the Employment Term and for a period of eighteen (18) months thereafter, Executive shall not, whether
for his own benefit or that of any other individual, partnership, firm, corporation, or other business organization, directly or indirectly: (i) solicit or attempt to induce any employee of the Company or any of its subsidiaries (an
“Employee”) to leave his/her employment with the Company or in any way interfere with the relationship between or among the Company and any Employee; (ii) hire any person who was an Employee at any time during the
Employment Term, (iii) induce or attempt to induce any supplier, licensee, franchisee or other business relation of the Company (collectively, the “Partners”) to limit or reduce his, her or its relationship with the
Company or (iv) make any negative or disparaging statements or communications regarding the Company, any of its current or former directors, stockholders, officers, Employees or Partners (collectively, “Soliciting”).

 (e) Non-Compete. During the Employment Term and (i) if the Employee’s employment was terminated by the Company other
than for Cause or by the Employee for Good Reason, during the Severance Period (as defined below), and (ii) if the Employee’s employment was terminated by the Company for Cause or by the Employee not for Good Reason, for twelve months
following the date of termination of the Employment Term, Executive shall not (whether as an employee, consultant, agent, proprietor, principal, partner, stockholder, corporate officer, 

 
director or otherwise) directly engage, own, have an interest, or participate in the financing, operation, management or control of any person, firm, corporation or business whose primary
business is the retail sale of barbeque format food or whose restaurant business derives 30% of its food-related revenues from the sale of barbeque type food or barbeque-related products, other than as a stockholder with less than one percent
(1%) of the outstanding common stock of a publicly traded company. The foregoing covenant shall cover Executive’s activities in the United States and its territories (including for the avoidance of doubt Puerto Rico), in Canada, Abu Dhabi
and in any other country in which the Company does business during the Employment Term. 
 (f) Equitable Relief. In the event of a
breach of or threatened breach by Executive of the provisions of this Section 5, the Company shall be entitled to an injunction restraining Executive from violating these covenants. Any breach or threatened breach of such provisions will
cause irreparable injury to the Company and that money damages will not provide an adequate remedy therefor, and Executive hereby consents to the issuance of an injunction and to the ordering of such specific performance in the event the Company
seeks injunctive relief and agrees that the Company shall be entitled to recover reasonable costs and attorneys’ fees in connection therewith. Executive further agrees that no bond or other security shall be required in obtaining such equitable
relief, nor will proof of actual damages be required for such equitable relief. 
 (g) Tolling. In the event of a breach by Executive
of any covenant set forth in this Section 5, the period of time applicable to such covenant shall be extended by the duration of any violation by Executive of such covenant. 

6. Termination; Severance Payments; Etc. 

(a) At-Will Employment. Executive and the Company agree that Executive’s employment is at-will and that, subject to
Section 6(d) below, either Executive or the Company may terminate Executive’s employment, at any time, with or without any cause, with no prior notice; provided however that each party shall remain bound by the terms and provisions
of this Agreement that survive the termination in accordance with Section 9(i). 
 (b) Termination By Company Without Cause or by
Executive With Good Reason; Accrued Obligations.  
 (i) If Executive’s employment with the Company is terminated by
the Company for any reason (for the avoidance of doubt, a termination of Executive by the Company within six (6) months after a Change of Control (as defined below) shall be deemed a not for Cause termination) other than for Cause, death or
Disability (as defined below) or if Executive resigns for Good Reason (as defined below), so long as Executive has signed (and at no time revokes) a Release Agreement (as defined below), then, subject to Executive continuing to fulfill his
obligations under Section 5 hereof, Executive shall be entitled to receive (and paid periodically in accordance with the Company’s normal payroll policies) continuing payments of Base Salary for a period equal to the lesser of: (x)
six (6) months after such termination; or (y) the greater of remainder of what would have been the Employment Term had the Executive had not been terminated and four (4) 

 
months after such termination ((x) or (y), as applicable, the “Severance Period”); provided however, at its option and in its sole discretion, the Company shall, so
long as it continues to make payments of Base Salary to Executive, have the right to extend the length of the Severance Period for an additional period of time, provided that the entire Severance Period shall in no event exceed twelve
(12) months in total. The payments made or payable to Executive under this Section 6(b)(i) shall be hereinafter referred to as the “Severance Payments”. 

(ii) In the case of Executive’s death, Disability or if the Executive is terminated for any reason, the Company shall pay
Executive, or, his estate, if applicable, (A) any portion of the Base Salary that has accrued but not been paid through the date of such termination, and (B) all accrued vacation, expense and housing reimbursements due to Executive through
the date of termination (if any) (collectively the “Accrued Obligations”). 
 (c) Definitions. 

(i) As used herein, “Cause” for the Company to terminate this Agreement shall mean:
(1) Executive’s indictment for, conviction of, or plea of guilty or nolo contendere, to a felony, a misdemeanor involving fraud or dishonesty, or any crime involving moral turpitude, (2) an act of personal dishonesty taken by
Executive in connection with his responsibilities hereunder or in connection with his position at the Company, (3) an act taken by Executive that constitutes willful misconduct or gross negligence in the performance of Executive’s duties,
(4) any breach by Executive of this Agreement, (5) Executive’s repeated and unexplained or unjustified absence from the Company, or (6) Executive’s failure to substantially perform his duties or comply with any written
reasonable directive from the Board, and, if such failure is curable, failure to cure such failure within ten (10) days after receipt of written notice thereof. 

(ii) As used herein, “Disability” means Executive being unable to perform the principal functions of
his duties in a reasonable manner due to a physical or mental impairment, but only if such inability has lasted or is reasonably expected to last for at least sixty (60) consecutive calendar days or ninety (90) non-consecutive calendar
days of any twelve month (12) period and, whether Executive has a Disability will be determined by the Company. 
 (iii)
As used herein, “Good Reason” for Executive to terminate this Agreement shall mean (i) any material breach by the Company of this Agreement, including its obligations to pay Executive his Base Salary, not cured by the
Company in accordance with Section 6(d) below; or (ii) the Company relocating its principal office more than 30 miles from Minnetonka, Minnesota. In no event will Executive have Good Reason to terminate the Agreement if he resigns
more than three (3) months following the initial existence of the condition that constitutes Good Reason. 
 (d) Termination
Process. Either party may terminate this Agreement during the Employment Term; provided, however, that if such termination is by the Company for Cause 

 
or by Executive for Good Reason, the terminating party shall give the non-terminating party a written notice providing reasonable notice and detail of the alleged Cause or Good Reason, as the
case may be, and, if such Cause or Good Reason is curable, the non-terminating party shall have twenty-one (21) days following such notice to cure such Cause or Good Reason; provided further however, if the termination is by the
Executive without Good Reason, the Executive shall give the Company ninety (90) days prior notice of his termination or such shorter period as agreed to by the Company in its sole discretion (the “Executive Notice
Period”). Notwithstanding the foregoing, the Company shall not be required to give Executive the right to cure any act of Cause as set forth in Sections 6(c)(i)(1), (2), (3) or (6). If the Company
terminates Executive’s employment with Cause, it shall have no liability to Executive other than to pay him the Accrued Obligations. 

(e) Release Agreement. The Company’s obligation to make any of the Severance Payments contemplated herein shall be conditioned
upon the execution by Executive and the Company of a valid release agreement that is reasonable in form and substance (the “Release Agreement”) to be prepared by the Company and agreed to by Executive, pursuant to which
Executive shall release the Company, to the maximum extent permitted by law, from any and all claims he may have against the Company that relate to or arise out of Executive’s employment or termination of employment, except for claims arising
under the Release Agreement. The Company’s initial draft of the Release Agreement shall be delivered to Executive no later than five (5) business days following the date of Executive’s termination of employment. The Severance Payments
shall begin to be paid to Executive on the first payroll date after that Company has received a Release Agreement that is properly executed by Executive. Executive shall forfeit all rights to the Severance Payments unless such Release Agreement is
signed and delivered within twenty (20) days following the date of Executive’s termination of employment. 
 (f) In the event of a
termination of the Executive, Executive shall assist the Company in transitioning his duties to another person or person designated by the Company. 

7. Representations. 
 (a)
Executive represents that his performance of all the terms of this Agreement will not breach any agreement to keep in confidence proprietary information acquired by him in confidence or in trust prior to or outside of his employment by the Company.
Executive hereby represents and warrants that he has not entered into, and will not enter into, any oral or written agreement in conflict herewith. 

(b) Executive hereby represents that Executive is not subject to any other agreement that Employee will violate by working with the Company or
in the position for which the Company has hired Executive. Further, Executive represents that no conflict of interest or a breach of Executive’s fiduciary duties will result by working with and performing duties for the Company. 

(c) Executive further acknowledges and agrees that he has carefully read this Agreement and that he has asked any questions needed for him to
understand the terms, 

 
consequences and binding effect of this Agreement and fully understands it and that he has been provided an opportunity to seek the advice of legal counsel of his choice before signing this
Agreement. 
 (d) Executive further agrees during the Severance Period to provide a prompt response to Company in the event Company requests
non-confidential information connected to Executive’s subsequent employment after ceasing to be an employee of Company. 
 (e)
Executive represents and warrants that he is not currently involved, directly or, to his knowledge, indirectly, in any litigation as a defendant or as a party subject to any counterclaims, nor is any such litigation threatened against Executive,
directly or indirectly. 
 8. Background Verification. The Company has requested from an independent reviewer a complete background
report with respect to Executive and notwithstanding anything to the contrary set forth herein, this Agreement shall be not effective until the Company has approved such background report. 

9. Miscellaneous. 
 (a)
Notices. All notices, requests, consents and other communications hereunder (i) shall be in writing, (ii) shall be effective upon receipt, and (iii) shall be sufficient if delivered personally, electronically with receipt
confirmation, or by mail, in each case addressed as follows: 
 If to the Company: 

c/o Wexford Capital LP 
 Suite 602
East 
 777 South Flagler Drive 

West Palm Beach, Florida 33401 

Attn: Joseph Jacobs, Chairman of the Board of Directors of Famous Dave’s of America, Inc. 

Email: jjacobs@wexford.com 

With a copy to: 
 Maslon LLP 

3300 Wells Fargo Center 
 90 South
Seventh Street 
 Minneapolis, MN 55402 

Attn: William Mower 
 Email:
Bill.Mower@maslon.com 
 If to Executive: 

To Executive’s most recent residential address set forth above or otherwise known by the Company or any other address Executive may
provide to the Company in writing. 

 (b) Entire Agreement. This Agreement constitutes the entire agreement by and between the
parties with respect to the subject matter contained herein and supersedes all prior agreements or understandings, oral or written, with respect to the subject matter contained herein. Notwithstanding the foregoing, Executive shall remain subject to
and bound by the Data Security Policy, any employee handbook and any other employee policies adopted from time to time. 
 (c)
Amendments; Waivers; Etc. This Agreement may not be altered, amended or modified in any manner except by written amendment executed by the all the parties hereto that specifically states that they intended to alter, amend or modify this
Agreement. No provision of this Agreement may be waived by any party hereto except by written waiver executed by the waiving party that specifically states that it intends to waive a right hereunder. Any such waiver, alteration, amendment or
modification shall be effective only in the specific instance and for the specific purpose for which it was given. No remedy herein conferred upon or reserved by a party is intended to be exclusive of any other available remedy, but each and every
such remedy shall be cumulative and in addition to every other remedy given under this Agreement or in connection with this Agreement and now or hereafter existing at law or in equity. 

(d) Governing Law and Jurisdiction. Except as provided otherwise in Section 9(k), this Agreement shall be construed and enforced
in accordance with the laws of the State of Minnesota without regard to the principle of the conflict of laws. Any dispute arising in connection with this Agreement may be adjudicated by binding arbitration pursuant to the rules of the American
Arbitration Association, before a single arbitrator in Minneapolis, Minnesota except that the foregoing shall not preclude the Company or Executive from enforcing the award of the arbitrators in a state or Federal Court located in the State of
Minnesota, and each of the parties hereto consent to the jurisdiction of such Courts. 
 (e) Successors and Assigns. Neither this
Agreement nor any rights or obligations hereunder are assignable by Executive. The Company shall have the right to assign its rights and obligations under this Agreement to any affiliate or successor of the Company. This Agreement will be binding
upon and inure to the benefit of (a) the heirs, executors and legal representatives of Executive upon Executive’s death and (b) any successor of the Company. Any such successor of the Company (including but not limited to any person
or entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company) will be deemed substituted for the Company under the terms of this Agreement
for all purposes. 
 (f) Waiver of Jury Trial. TO THE FULLEST EXTENT PERMITTED BY LAW, THE PARTIES HERETO HEREBY WAIVE THEIR
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS AMONG THEM RELATING TO THE SUBJECT MATTER OF THE TRANSACTIONS CONTEMPLATED HEREBY. THE SCOPE OF THIS WAIVER IS INTENDED TO
BE ALL-ENCOMPASSING OF ANY AND ALL 

 
DISPUTES THAT MAY BE FILED IN ANY COURT OR WITH ANY ARBITRATOR AND THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT, INCLUDING WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY
CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THE PARTIES HERETO ACKNOWLEDGE THAT (I) THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, (II) EACH HAS ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS
AGREEMENT AND (III) EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES AGREES THAT THE PREVAILING PARTY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE ENTITLED TO RECOVER ITS REASONABLE FEES AND EXPENSES IN CONNECTION THEREWITH, INCLUDING LEGAL FEES. 

(g) Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be
deemed an original, and all of which together shall constitute one and the same instrument. 
 (h) Severability. Executive
acknowledges that the provisions, restrictions and time limitations contained in Section 5 are reasonable and properly required for the adequate protection of the business of the Company and that in the event such restriction or
limitation is deemed to be unreasonable by any court of competent jurisdiction, then Executive agrees to submit to the reduction of said restriction and limitation to such as any such court may deem reasonable. If any particular provision of
Section 5 shall be adjudicated to be invalid or unenforceable, such provision shall be considered to be divisible with respect to scope, time and geographic area, and such lesser scope, time or geographic area, as a court of competent
jurisdiction may determine to be reasonable, not arbitrary and not against public policy, shall be effective, binding and enforceable against Executive. In the event that any provision hereof becomes or is declared by a court of competent
jurisdiction to be illegal, unenforceable or void, this Agreement will continue in full force and effect without said provision. 
 (i)
Survival. Any termination of Executive’s employment and any expiration or termination of the Employment Term under this Agreement shall not affect the continuing operation and effect of Sections 5, 6 and 9
hereof, which shall continue in full force and effect with respect to the Company and its successors and assigns and respect to Executive. 

(j) Tax Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable taxes. 

(k) Internal Revenue Code Section 409(A). The intent of the parties is that payments and benefits under the Agreement comply with
or be exempt from Section 409A of the Code and the regulations and guidance promulgated thereunder (“Section 409A”) and, 

 
accordingly, to the maximum extent permitted the Agreement shall be interpreted to be in compliance therewith or exempt therefrom. To the extent any such cash payment or continuing benefit
payable upon Executive’s termination of employment is nonqualified deferred compensation subject to Section 409A, then, only to the extent required by Section 409A, such payment or continuing benefit shall not commence until the date
which is six (6) months after the date of separation from service, and any previously scheduled payments shall be made in a lump sum (without interest) on that date. For purposes of Section 409A, the phrase “termination of
employment” (or other words to that effect), as used in this Agreement, shall be interpreted to mean “separation from service” as defined under Section 409A. 

(l) Golden Parachute Limitation (Sec. 280G). Notwithstanding anything to the contrary contained herein, if any payments or benefits
provided under this Agreement constitute “parachute payments” within the meaning of Section 280G of the Code (the “Parachute Payments”) and such Parachute Payments are subject to the excise tax imposed by
Section 4999 of the Code or nondeductible under Code Section 280G (“Section 280G”) , then the Parachute Payments shall be reduced to an amount such that the aggregate of the Parachute Payments does not exceed 2.99
times the “base amount,” as defined in Section 280G, provided that the foregoing reduction shall not take place if, prior to the date of the change in ownership or control of the Company, the Parachute Payments shall have been
approved in a vote satisfying the requirements of Section 280G(b)(5) of the Code by persons who, immediately before the change in ownership or control, own more than seventy-five (75%) of the voting power of all outstanding stock of the
Company. 
 (m) Section Headings. The headings of the sections and subsections of this Agreement are inserted for convenience only
and shall not be deemed to constitute a part thereof, affect the meaning or interpretation of this Agreement or of any term or provision hereof. 

[REMAINDER OF PAGE INTENTIONALLY BLANK; SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the date first set
forth above. 

  
 13 

							
	FAMOUS DAVE’S OF AMERICA, INC.	 		 	EXECUTIVE:
				
	By:	 	 /s/ Richard A Pawlowski
	 		 	 /s/ Adam Wright

	Name:	 	Richard A. Pawlowski	 		 	ADAM WRIGHT
	Title	 	Chief Financial Officer	 		 	

 Exhibit A 

Board of Director of Blue Clay Capital Management

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