Document:

ex10-6.htm

FIRST AMENDMENT TO THE

RUBY TUESDAY, INC. STOCK INCENTIVE AND

DEFERRED COMPENSATION PLAN FOR DIRECTORS

(AS AMENDED AND RESTATED AS OF OCTOBER 8, 2008)

THIS FIRST AMENDMENT is made on this 21 day of July, 2011 by Ruby Tuesday, Inc. a corporation duly organized and existing under the laws of the State of Georgia (hereinafter called the “Primary Sponsor”).

WITNESSETH:

WHEREAS, the Primary Sponsor maintains the Ruby Tuesday, Inc. Stock Incentive and Deferred Compensation Plan for Directors (the “Plan”) under an amended and restated indenture which became effective as of October 8, 2008; and

WHEREAS, the Primary Sponsor now wishes to amend the Plan to provide greater flexibility in determining the maximum option terms for Annual Options (as defined in the Plan); to provide optionees with additional methods for payment of the exercise prices of Annual Options; and to provide the Committee (as defined in the Plan) with the discretion to include specified accelerated vesting events as terms in both newly granted and outstanding Restricted Stock Awards (as defined in the Plan) and Annual Options.

NOW, THEREFORE, the Primary Sponsor does hereby amend the Plan, effective immediately, as follows:

1.           By deleting Subsections (a), (b) and (c) of Section 3.2 in their entirety and by substituting therefor the following:

“(a)           Vesting.  Each Annual Option granted under this Plan is exercisable by whom, at such time or times, or upon the occurrence of such event or events, and in such amounts, as the Committee specifies in the Stock Incentive Agreement; provided, however, that no Annual Option shall initially provide a vesting schedule permitting the exercise of any portion of an Annual Option any earlier than the first anniversary of the date the Annual Option is granted.   Notwithstanding the foregoing, the terms of a Stock Incentive Agreement, or any amendment thereto, may include terms accelerating the time or times at which an Annual Option, or any portion thereof, may be exercised upon the occurrence of specified events, including, without limitation, upon death, Disability, retirement or a Change in Control.  Any portion of an Annual Option that has not become exercisable as of the date the Participant’s service as a director of the Company ceases, that unvested portion of the Annual Option shall be forfeited.

 

  

  

  

 

(b)           Option Period.  Each Annual Option shall have a maximum term of up to ten (10) years (or any shorter period specified by the Stock Incentive Agreement), but shall expire no later than (i) ninety (90) days following any earlier termination of the Participant’s service as a director of the Company due to a voluntary resignation or involuntary termination other than for Cause; and (ii) fifteen (15) days following any earlier involuntary termination of the Participant’s service as a director of the Company for Cause.

 

(c)           Method of Exercise.  All Annual Options granted hereunder shall be exercised by written notice directed to the Secretary of the Company at its principal place of business or to such other person as the Committee may direct.  Each notice of exercise shall identify the Annual Option which the Participant is exercising (in whole or in part) and shall be accompanied by payment of the applicable exercise price for the number of shares specified in such notice.  The exercise price shall be payable upon the exercise of an Annual Option in an amount equal to the number of shares then being purchased times the per share exercise price.  Payment at the election of the Participant (or his successors) shall be (i) in cash; (ii) by delivery to the Company of a certificate or certificates for shares of Stock then held by the Participant duly endorsed for transfer to the Company; (iii) by a cashless exercise executed through a broker, dealer, or other creditor, as defined by Regulation T promulgated by the Board of Governors of the Federal Reserve System; or (iv) by having a number of shares of Stock withheld, the Fair Market Value of which as of the date of exercise is sufficient to satisfy the Exercise Price, following delivery by the Participant to the Company of instructions in a form acceptable to the Company.”

 

2.           By deleting Section 4.3 in its entirety and by substituting therefor the following:

“4.3           Vesting.  The shares of Stock subject to a Restricted Stock Award shall vest on the day immediately preceding the first anniversary of the grant date (the “Scheduled Vesting Date”) for that Restricted Stock Award, provided the Participant remains a member of the Board of Directors as of the Scheduled Vesting Date.  In the event a Participant ceases to be a member of the Board of Directors prior to the Scheduled Vesting Date of a Restricted Stock Award, all unvested shares under that Restricted Stock Award shall be forfeited.  Notwithstanding the preceding sentence, to the extent determined by the Committee in the applicable Stock Incentive Agreement, or any amendment thereto, all shares of Stock subject to a Restricted Stock Award may become vested prior to the Scheduled Vesting Date on any one or more of the following earlier events:  (a) the Participant’s death or Disability; (b) upon the Participant attaining age 70; (c) the Participant’s retirement; or (d) upon a Change in Control.”

 

Except as specifically amended hereby, the Plan shall remain in full force and effect prior to this First Amendment.

IN WITNESS WHEREOF, the Primary Sponsor has caused this First Amendment to be executed on the day and year first above written.

RUBY TUESDAY, INC.

By:          /s/ Samuel E. Beall, III

Title:       Chairman, CEO and President

ATTEST:

By:          /s/ Scarlett May

Title:       VP, General Counsel and Secretary

[CORPORATE SEAL]exhibit4b.htm

Exhibit 4(b)

CONTRACT SPECIFICATIONS

Contract Number:                                          [0123456]

Annuitant:                                                      [John Doe]

Age at Issue:                                                  [35]

Contract Date:                                               [May 1, 2010]

Initial Purchase Payment:                              [$50,000]

Maturity Date:                                                [May 1, 2065]

Owner(s):                                                      [John Doe]

                  [Mary Doe]

Death Benefit on Contract Date: [Guarantee of Principal]

PURCHASE PAYMENT AND ALLOCATION REQUIREMENTS:

Minimum Subsequent Gross Purchase Payment Transmitted Electronically: [$25]

Minimum Subsequent Gross Purchase Payment Transmitted Other Than Electronically: [$100]

Minimum Allocation to Any One Variable Subaccount: [$20]

[Minimum Allocation to the DCA Fixed Account: [$1,500] ]

ACCOUNT FEE:

    The Account Fee is [$0] per Contract Year. 

SALES CHARGE:

   A Sales Charge does not apply to this Contract.

 

VARIABLE ACCOUNT:

    [Lincoln New York Account N for Variable Annuities]

DCA FIXED ACCOUNT:

Minimum Guaranteed Interest Rate: 3.00%

 

VARIABLE ACCOUNT REQUIREMENTS:

 

MORTALITY AND EXPENSE RISK AND ADMINISTRATIVE CHARGE PRIOR TO THE ANNUITY

COMMENCEMENT DATE:

We assess a daily charge equal on an annual basis to the percentages shown of the average daily net asset value of each Variable Subaccount. The daily charge on an annualized basis will not exceed the percentages shown. If, on the Contract Date, one of the below listed Death Benefit Option(s) has been selected, the Mortality and Expense Risk and Administrative Charge will be as indicated for the Death Benefit Option selected.

Death Benefit Option(s):                  Charge:

[Contract Value Death Benefit:                0.75%]

[Guarantee of Principal Death Benefit:             0.80%]

Enhanced Guaranteed Minimum Death Benefit:          0.90%]

      

 

 

 

30070ANY 5/03 CD2(3-10)             3.1                                        [InvestmentSolutions]

 

 

 

 

MORTALITY AND EXPENSE RISK AND ADMINISTRATIVE CHARGE ON OR AFTER THE ANNUITY

COMMENCEMENT DATE: [0.65%]

 

    The daily charge on an annualized basis will not exceed the perceentage shown.

TRANSFER REQUIREMENTS PRIOR TO THE ANNUITY COMMENCEMENT DATE:

    Transfers cannot be made during the first [30] days.

   LNY reserves the right to require a [30] day minimum time period between each transfer. This requirement will be imposed as required by an Variable Subaccount involved in the transfer or by LNY if we deem the transfer to be short-term market timing.

 

Maximum Number of Transfers: [12] per Contract Year, excluding automatic DCA transfers. There will be no fee imposed for these [twelve (12)] transfers. Transfers in excess of [12] per Contract Year must be authorized by LNY. LNY reserves the right to impose a fee for any transfer in excess of [12] per Contract Year. This feel will not exceed [$25] per transfer 

 

Variable Account:

 

Minimum Single Transfer Amount from a Variable Subaccount: The lesser of 1) [$300]; or 2) the remaining amount in the Variable Subaccount. Transfers to the DCA Fixed Account are not allowed.

Minimum Transfer Amount to a Variable Subaccount: [$300]

Fixed Account:

Minimum Single Transfer Amount from the DCA Fixed Account: The lesser of 1) [$300]; or 2) the remaining amount in the DCA Fixed Account. This restriction does not apply to automatic DCA transfers. 

 

 

30070ANY 5/03 CD2(3-10)             3.2                                        [InvestmentSolutions]

 

 

 

WITHDRAWAL AND SURRENDER REQUIREMENTS:

Minimum Partial Withdrawal Amount: [$100]

DEATH BENEFIT REQUIREMENTS PRIOR TO THE ANNUITY COMMENCEMENT DATE:

The Owner may select a Death Benefit Option to be effective as of the Contract Date. If no Death Benefit Option is selected, the Guarantee of Principal Death Benefit will be the Death Benefit Option effective as of the Contract Date.

ANNUITY PAYMENT REQUIREMENTS:

Determination of the First Annuity Payment Date:

For 100% Fixed Annuity Payment, the Annuity Payment Date must be at least 30 days after the Annuity Commencement Date. If any portion of the annuity payment will be on a variable basis, the Annuity Payment Date will be 14 days after the Annuity Commencement Date. The Annuity Unit value, if applicable, and Contract Value used to effect annuity payments will be determined as of the Annuity Commencement Date.

Minimum Annuity Payment Amount: [$100]

Minimum Guaranteed Interest Rate for the Fixed Annuity Payment: [1.50%]

Assumed Investment Rate for the Variable Annuity Payment: [3%, 4% or 5%]

 

WITH A MORTALITY AND EXPENSE RISK AND ADMINISTRATIVE CHARGE OF [0.75%], THE SMALLEST RATE OF INVESTMENT RETURN REQUIRED TO ENSURE THAT THE DOLLAR AMOUNT OF VARIABLE ANNUITY PAYMENTS DOES NOT DECREASE IS:

 

[3.75%] FOR VARIABLE ANNUITY OPTIONS BASED ON AN ASSUMED INVESTMENT RATE OF 3.0% PER YEAR; OR

[4.75%] FOR VARIABLE ANNUITY OPTIONS BASED ON AN ASSUMED INVESTMENT RATE OF 3.0% PER YEAR; OR

[5.75%] FOR VARIABLE ANNUITY OPTIONS BASED ON AN ASSUMED INVESTMENT RATE OF 3.0% PER YEAR; OR

 

30070ANY 5/03 CD2(3-10)             3.3                                        [InvestmentSolutions]

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