Document:

Exhibit

Exhibit 10.1

ManpowerGroup Inc.
100 Manpower Place
Milwaukee, Wisconsin 53212

December 11, 2017

Mara Swan
Executive Vice President, Global Strategy and Talent
ManpowerGroup Inc.
100 Manpower Place
Milwaukee, WI  53212

Mrs. Mara Swan:

ManpowerGroup Inc. (the “Corporation”) desires to retain experienced, well-qualified executives, like you, to assure the continued growth and success of the Corporation and its direct and indirect subsidiaries (collectively, the “Consolidated ManpowerGroup”).  Accordingly, as an inducement for you to continue your employment in order to assure the continued availability of your services to the Consolidated ManpowerGroup, we have agreed as follows:

		
	1.
	Definitions.  For purposes of this letter:

		
	(a)
	Benefit Plans.  “Benefit Plans” means all benefits of employment generally made available to executives of the Corporation from time to time.

		
	(b)
	Cause.  Termination by the Consolidated ManpowerGroup of your employment with the Consolidated ManpowerGroup for “Cause” will mean termination upon (i) your repeated failure to perform your duties with the Consolidated ManpowerGroup in a competent, diligent and satisfactory manner as determined by the Corporation’s Chief Executive Officer in his reasonable judgment, (ii) failure or refusal to follow the reasonable instructions or direction of the Corporation’s Chief Executive Officer, which failure or refusal remains uncured, if subject to cure, to the reasonable satisfaction of the Corporation’s Chief Executive Officer for five (5) business days after receiving notice thereof from the Corporation’s Chief Executive Officer, or repeated failure or refusal to follow the reasonable instructions or directions of the Corporation’s Chief Executive Officer, (iii) any act by you of fraud, material dishonesty or material disloyalty involving the Consolidated ManpowerGroup, (iv) any violation by you of a Consolidated ManpowerGroup policy of material import (including, but not limited to, the Code of Business Conduct and Ethics, the Statement of Policy on Securities Trading, the Anti-Corruption Policy, Policy on Gifts, Entertainment and Sponsorships and policies included in the Employee Handbook), (v) any act by you of moral turpitude which is likely to result in discredit to or loss of business, reputation or goodwill of the Consolidated ManpowerGroup, (vi) your chronic absence from work other than by reason of a serious health condition, (vii) your commission of a crime the circumstances of which substantially relate to your employment duties with the Consolidated ManpowerGroup, or (viii) the willful engaging by you in conduct which is demonstrably and materially injurious to the Consolidated ManpowerGroup.  For purposes of this Subsection 1(b), no act, or failure to act, on your part will be deemed “willful” unless done, or omitted to be done, by you not in good faith.

		
	(c)
	Change of Control.  A “Change of Control” will mean the first to occur of the following: 

		
	(i)
	the acquisition (other than from the Corporation), by any Person (as defined in Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), directly or indirectly, of beneficial ownership (within the meaning of Exchange Act Rule 13d-3) of more than 50% of the then outstanding shares of common stock of the Corporation or voting securities representing more than 50% of the combined voting power of the Corporation’s then outstanding voting securities entitled to vote generally in the election of directors; provided, however, no Change of Control shall be deemed to have occurred as a result of an acquisition of shares of common stock or voting securities of the Corporation (A) by the Corporation, any of its subsidiaries, or any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any of its subsidiaries or (B) by any other corporation or other entity with respect to which, following such acquisition, more than 60% of the outstanding shares of the common stock, and voting securities representing more than 60% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, of such other corporation or entity are then beneficially owned, directly or indirectly, by the persons who were the Corporation’s shareholders immediately prior to such acquisition in substantially the same proportions as their ownership, immediately prior to such acquisition, of the Corporation’s then outstanding common stock or then outstanding voting securities, as the case may be; or

		
	(ii)
	the consummation of any merger or consolidation of the Corporation with any other corporation, other than a merger or consolidation which results in more than 60% of the outstanding shares of the common stock, and voting securities representing more than 60% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, of the surviving or consolidated corporation being then beneficially owned, directly or indirectly, by the persons who were the Corporation’s shareholders immediately prior to such merger or consolidation in substantially the same proportions as their ownership, immediately prior to such merger or consolidation, of the Corporation’s then outstanding common stock or then outstanding voting securities, as the case may be; or

		
	(iii)
	the consummation of any liquidation or dissolution of the Corporation or a sale or other disposition of all or substantially all of the assets of the Corporation; or

		
	(iv)
	individuals who, as of the date of this letter, constitute the Board of Directors of the Corporation (as of such date, the “Incumbent Board”) cease for any reason to constitute at least a majority of such Board; provided, however, that any person becoming a director subsequent to the date of this letter whose election, or nomination for election by the shareholders of the Corporation, was approved by at least a majority of the directors then comprising the Incumbent Board shall be, for purposes of this letter, considered as though such person were a member of the Incumbent Board but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest which was (or, if threatened, would have been) subject to Exchange Act Rule 14a‐12(c); or

		
	(v)
	whether or not conditioned on shareholder approval, the issuance by the Corporation of common stock of the Corporation representing a majority of the outstanding common stock, or voting securities representing a majority of the combined voting power of the outstanding voting securities of the Corporation entitled to vote generally in the election of directors, after giving effect to such transaction.

Following the occurrence of an event which is not a Change of Control whereby there is a successor holding company to the Corporation, or, if there is no such successor, whereby the Corporation is not the surviving corporation in a merger or consolidation, the surviving corporation or successor holding company (as the case may be), for purposes of this letter, shall thereafter be referred to within this letter agreement as the Corporation.
		
	(d)
	Good Reason.  “Good Reason” will mean, without your consent, the occurrence of any one or more of the following during the Term:

		
	(i)
	any material breach of any material obligation of any member of the Consolidated ManpowerGroup for the payment or provision of compensation or other benefits to you;

		
	(ii)
	a material diminution in your base salary; 

		
	(iii)
	a material diminution in your authority, duties or responsibilities, accompanied by a material reduction in your target bonus opportunity for a given fiscal year (as compared to the prior fiscal year), except where all senior level executives have similar proportionate reductions in their target bonus percentages;

		
	(iv) 
	a material diminution in your authority, duties or responsibilities which is not accompanied by a material reduction in your target bonus opportunity but which diminution occurs within two years after the occurrence of a Change of Control;

		
	(v)
	a material reduction in your annual target bonus opportunity for a given fiscal year (as compared to the prior fiscal year) which is not accompanied by a material diminution in your authority, duties or responsibilities, but which reduction occurs within two years after the occurrence of a Change of Control; or 

		
	(vi)
	your being required by the Corporation to materially change the location of your principal office; provided such new location is one in excess of fifty miles from the location of your principal office before such change. 

Notwithstanding Subsections 1(d)(i) – (vi) above, Good Reason does not exist unless (i) you object to any material diminution or breach described above by written notice to the Corporation within twenty (20) business days after such diminution or breach occurs, (ii) the Corporation fails to cure such diminution or breach within thirty (30) days after such notice is given and (iii) your employment with the Consolidated ManpowerGroup is terminated by you within ninety (90) days after such diminution or breach occurs.  Further, notwithstanding Subsections 1(d)(i) – (vi), above, Good Reason does not exist if, at a time that is not during a Protected Period or within two years after the occurrence of a Change of Control, the Corporation’s Chief Executive Officer, in good faith and with a reasonable belief that the reassignment is in the best interest of the Consolidated ManpowerGroup, reassigns you to another senior executive level position in the Consolidated ManpowerGroup provided that your base compensation (either base salary or target bonus opportunity for any year ending after the date of reassignment) is not less than such base salary or target bonus opportunity in effect prior to such reassignment for the year in which such reassignment occurs.  

		
	(e)
	Notice of Termination.  Any termination of your employment by the Corporation, or termination by you for Good Reason during the Term will be communicated by Notice of Termination to the other party hereto.  A “Notice of Termination” will mean a written notice which specifies a Date of Termination (which date shall be on or after the date of the Notice of Termination) and, if applicable, indicates the provision in this letter applying to the termination and sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of your employment under the provision so indicated.

		
	(f)
	Date of Termination.  “Date of Termination” will mean the date specified in the Notice of Termination where required (which date shall be on or after the date of the Notice of Termination) or in any other case upon your ceasing to perform services for the Consolidated ManpowerGroup.

		
	(g)
	Protected Period.  The “Protected Period” shall be a period of time determined in accordance with the following:

		
	(i)
	if a Change of Control is triggered by an acquisition of shares of common stock of the Corporation pursuant to a tender offer, the Protected Period shall commence on the date of the initial tender offer and shall continue through and including the date of the Change of Control, provided that in no case will the Protected Period commence earlier than the date that is six months prior to the Change of Control;

		
	(ii)
	if a Change of Control is triggered by a merger or consolidation of the Corporation with any other corporation, the Protected Period shall commence on the date that serious and substantial discussions first take place to effect the merger or consolidation and shall continue through and including the date of the Change of Control, provided that in no case will the Protected Period commence earlier than the date that is six months prior to the Change of Control; and

		
	(iii)
	in the case of any Change of Control not described in Subsections 1(g)(i) or (ii), above, the Protected Period shall commence on the date that is six months prior to the Change of Control and shall continue through and including the date of the Change of Control.

		
	(h)
	Term.  The “Term” will be a period beginning on the date of this letter indicated above and ending on the first to occur of the following:  (a) the date which is the two-year anniversary of the occurrence of a Change of Control; (b) the date which is the three-year anniversary of the date of this letter indicated above if no Change of Control occurs between the date of this letter indicated above and such three-year anniversary; or (c) the Date of Termination.

		
	2.
	Compensation and Benefits on Termination.

		
	(a)
	Termination by the Corporation for Cause or by You Other Than for Good Reason.  If your employment with the Consolidated ManpowerGroup is terminated by the Corporation for Cause or by you other than for Good Reason, the Corporation will pay or provide you with (i) your unpaid bonus, if any, attributable to any complete fiscal year of the Consolidated ManpowerGroup ended before the Date of Termination (but no incentive bonus will be payable for the fiscal year in which termination occurs), and (ii) all benefits to which you are entitled under any Benefit Plans in accordance with the terms of such plans.  The Consolidated ManpowerGroup will have no further obligations to you.

		
	(b)
	Termination by Reason of Disability or Death.  If your employment with the Consolidated ManpowerGroup terminates during the Term by reason of your disability or death, the Corporation will pay or provide you with (i) your unpaid bonus, if any, attributable to any complete fiscal year of the Consolidated ManpowerGroup ended before the Date of Termination, (ii) a bonus for the fiscal year during which the Date of Termination occurs equal to your target annual bonus for the fiscal year in which the Date of Termination occurs, but prorated for the actual number of days you were employed during such fiscal year, payable within sixty days after the Date of Termination, and (iii) all benefits to which you are entitled under any Benefit Plans in accordance with the terms of such plans.  For purposes of this letter, “disability” means that you are, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Corporation or the Consolidated ManpowerGroup.  The Consolidated ManpowerGroup will have no further obligations to you.

		
	(c)
	Termination for Any Other Reason - Other than in a Change of Control.  If your employment with the Consolidated ManpowerGroup is terminated during the Term for any reason not specified in Subsections 2(a) or (b), above, and Subsection 2(d), below, does not apply to the termination, you will be entitled to the following:

		
	(i)
	the Corporation will pay you, your unpaid bonus, if any, attributable to any complete fiscal year of the Consolidated ManpowerGroup ended before the Date of Termination;

		
	(ii)
	the Corporation will pay you, a bonus for the fiscal year during which the Date of Termination occurs equal in amount to the bonus you would have received for the full fiscal year had your employment not terminated, determined by the actual financial results of the Corporation at year-end towards any non-discretionary financial goals and by basing any discretionary component at the target level of such component; provided, however, that such bonus will be prorated for the actual number of days you were employed during the fiscal year during which the Date of Termination occurs;

		
	(iii)
	the Corporation will pay, as a severance benefit to you, a lump sum payment equal to (1) the amount of your annual base salary at the highest rate in effect during the Term plus (2) your target annual bonus for the fiscal year in which the Date of Termination occurs;

		
	(iv)
	for up to a twelve‐month period after the Date of Termination, the Corporation will arrange to provide you and your eligible dependents with Health Insurance Continuation (defined below) or other substantially similar coverage based on the medical and dental plans in which you were participating in on the Date of Termination; provided, however, that benefits otherwise receivable by you pursuant to this Subsection 2(c)(iv) will be reduced to the extent other comparable benefits are actually received by you during the twelve‐month period following your termination, and any such benefits actually received by you or your dependents will be reported to the Corporation; and provided, further that any insurance continuation coverage that you may be entitled to receive under COBRA or similar foreign or state laws will commence on the Date of Termination.

For purposes of this Subsection 2(c)(iv), “Health Insurance Continuation” means that, if, and to the extent, you or any of your eligible dependents, following the Date of Termination, elect to continue coverage under the Corporation’s group medical and dental insurance plans, in accordance with the requirements of COBRA or similar foreign or state laws, the Consolidated ManpowerGroup will pay the total cost of such coverage under the Corporation’s group medical and dental insurance plans for the first twelve months for which you and/or your eligible dependents are eligible for such coverage; provided, however, that if you, your spouse or any other eligible dependent commences new employment during such twelve-month period and becomes eligible for health insurance benefits from such new employer, the Corporation’s obligation to provide such Corporation-subsidized COBRA coverage to you or such eligible dependent shall terminate as of the date you or such dependent becomes eligible to receive such health insurance benefits from such new employer.      Immediately following this period of Corporation-subsidized COBRA coverage, you and/or your eligible dependents, as applicable, will be solely responsible for payment of the entire cost of COBRA coverage if such coverage remains available and you and/or your eligible dependents choose to continue such coverage.  Within five calendar days of you or any of your eligible dependents becoming eligible to receive health insurance benefits from a new employer, you agree to inform the Corporation of such fact in writing.  If the Consolidated ManpowerGroup determines that the Corporation-subsidized COBRA payments provided by this Subsection 2(c)(iv) are taxable, the payments will be grossed-up so that the net amount received by you, after subtraction of all taxes applicable to the payments plus the gross-up amount, will equal the cost of such COBRA coverage; and

		
	(v)
	the Corporation will make available to you, an outplacement service program, chosen by the Corporation, and provided by the Corporation or its subsidiaries or an outplacement service provider selected by the Corporation.  Such outplacement service program will be of a duration chosen by the Corporation but will not, in any instance, end later than one (1) year following the Date of Termination.  Upon completion of the outplacement program specified in this Subsection 2(c)(v), you will be solely responsible for payment of any additional costs incurred as a result of your use of such outplacement services.  The Corporation will not substitute cash or other compensation in lieu of the outplacement service program specified in this Subsection 2(c)(v).

		
	(d)
	Termination for Any Other Reason – Change of Control.  If, during the Term and either during a Protected Period or within two years after the occurrence of a Change of Control, your employment with the Consolidated ManpowerGroup is terminated for any reason not specified in Subsections 2(a) or (b), above, you will be entitled to the following:

		
	(i)
	the Corporation will pay you, your unpaid bonus, if any, attributable to any complete fiscal year of the Consolidated ManpowerGroup ended before the Date of Termination;

		
	(ii)
	the Corporation will pay you, a bonus for the fiscal year during which the Date of Termination occurs equal in amount to your target annual bonus for the fiscal year in which the Change of Control occurs; provided, however, that the bonus payable hereunder will be prorated for the actual number of days you were employed during the fiscal year during which the Date of Termination occurs;

		
	(iii)
	the Corporation will pay, as a severance benefit to you, a lump-sum payment equal to two times the sum of (1) your annual base salary at the highest rate in effect during the Term and (2)  your target annual bonus for the fiscal year in which the Change of Control occurs;  

		
	(iv)
	for up to an eighteen-month period after the Date of Termination, the Corporation will arrange to provide you and your eligible dependents, at the Consolidated ManpowerGroup’s expense, with Health Insurance Continuation (defined below), or other substantially similar coverage based on the medical and dental plans in which you were participating in on the Date of Termination; provided, however, that benefits otherwise receivable by you pursuant to this Subsection 2(d)(iv) will be reduced to the extent other comparable benefits are actually received by you during the eighteen-month period following your termination, and any such benefits actually received by you or your dependents will be reported to the Corporation; and provided, further that any insurance continuation coverage that you may be entitled to receive under the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended (“COBRA”), or similar foreign or state laws will commence on the Date of Termination.

For purposes of this Subsection 2(d)(iv), “Health Insurance Continuation” means that, if, and to the extent, you or any of your eligible dependents, following the Date of Termination, elect to continue coverage under the Corporation’s group medical and dental insurance plans, in accordance with the requirements of COBRA or similar foreign or state laws, the Consolidated ManpowerGroup will pay the total cost of such COBRA coverage for the first eighteen months for which you and/or your eligible dependents are eligible for such coverage; provided, however, that if you, your spouse or any other eligible dependent commences new employment during such eighteen-month period and becomes eligible for health insurance benefits from such new employer, the Corporation’s obligation to provide such Corporation-subsidized COBRA coverage to you or such eligible dependent shall terminate as of the date you or such dependent becomes eligible to receive such health insurance benefits from such new employer.  Immediately following this period of Corporation-subsidized COBRA coverage, you and/or your eligible dependents, as applicable, will be solely responsible for payment of the entire cost of COBRA coverage if such coverage remains available and you and/or your eligible dependents choose to continue such coverage.  Within five calendar days of you or any of your eligible dependents becoming eligible to receive health insurance benefits from a new employer, you agree to inform the Corporation of such fact in writing.  If the Consolidated ManpowerGroup determines that the Corporation-subsidized COBRA payments provided by this Subsection 2(d)(iv) are taxable, the payments will be grossed-up so that the net amount received by you, after subtraction of all taxes applicable to the payments plus the gross-up amount, will equal the cost of such COBRA coverage; and
		
	(v)
	the Corporation will make available to you, an outplacement service program, chosen by the Corporation, and provided by the Corporation or its subsidiaries or an outplacement service provider selected by the Corporation.  Such outplacement service program will be of a duration chosen by the Corporation but will not, in any instance, end later than one (1) year following the Date of Termination.  Upon completion of the outplacement program specified in this Subsection 2(d)(v), you will be solely responsible for payment of any additional costs incurred as a result of your use of such outplacement services.  The Corporation will not substitute cash or other compensation in lieu of the outplacement service program specified in this Subsection 2(d)(v).

		
	(e)
	Limitation on Benefits.  The amounts paid to you pursuant to Subsections 2(c)(iii) or 2(d)(iii), above, will not be included as compensation for purposes of any qualified or nonqualified pension or welfare benefit plan of the Consolidated ManpowerGroup.  Notwithstanding anything contained herein to the contrary, the Corporation, based on the advice of its legal or tax counsel, shall compute whether there would be any “excess parachute payments” payable to you, within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), taking into account the total ‘‘parachute payments,” within the meaning of Section 280G of the Code, payable to you by the Corporation under this letter agreement and any other plan, agreement or otherwise.  If there would be any excess parachute payments, the Corporation, based on the advice of its legal or tax counsel, shall compute the net after-tax proceeds to you, taking into account the excise tax imposed by Section 4999 of the Code, as if (i) the amount to be paid to you pursuant to Subsection 2(d)(iii) were reduced, but not below zero, such that the total parachute payments payable to you would not exceed three (3) times the “base amount” as defined in Section 280G of the Code, less One Dollar ($1.00), or (ii) the full amount to be paid to you pursuant to Subsection 2(d)(iii) were not reduced.  If reducing the amount otherwise payable to you pursuant to Subsection 2(d)(iii) hereof would result in a greater after-tax amount to you, such reduced amount shall be paid to you and the remainder shall be forfeited by you as of the Date of Termination.  If not reducing the amount otherwise payable to you pursuant to Subsection 2(d)(iii) would result in a greater after-tax amount to you, the amount payable to you pursuant to Subsection 2(d)(iii) shall not be reduced.

		
	(f)
	Timing of Payments.  The bonus payment provided for in Subsections 2(c)(i) or 2(d)(i) will be made pursuant to the terms of the applicable bonus plan.  The bonus payment provided for in Subsection 2(c)(ii) will be paid between January 1 and March 15 of the calendar year following the Date of Termination.  The bonus payment provided for in Subsection 2(d)(ii) will be paid on the thirtieth (30th) day after the Date of Termination.  The severance benefit provided for in Subsections 2(c)(iii) or 2(d)(iii) will be paid in one lump sum on the thirtieth (30th) day after the Date of Termination.  While the parties acknowledge that the payments in the previous three sentences are intended to be “short-term deferrals” and therefore are exempt from the application of Section 409A of the Code, to the extent (i) further guidance or interpretation is issued by the IRS after the date of this letter agreement which would indicate that the payments do not qualify as “short-term deferrals,” and (ii) you are a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code upon the Date of Termination, such payments shall be delayed and instead shall be paid in one lump sum on the date that is the first business day immediately following the six month anniversary of the Date of Termination.  If any of such payment is not made when due (hereinafter a “Delinquent Payment”), in addition to such principal sum, the Corporation will pay you interest on any and all such Delinquent Payments from the date due computed at the prime rate, compounded monthly.  Such prime rate shall be the prime rate (currently the base rate on corporate loans posted by at least 75% of the 30 largest U.S. banks) in effect from time to time as reported in The Wall Street Journal, Midwest edition (or, if not so reported, as reported in such other similar source(s) as the Corporation shall select).

		
	(g)
	Release of Claims.  Notwithstanding the foregoing, you will have no right to receive any payment or benefit described in Subsections 2(c)(ii)-(v) or 2(d)(ii)-(v), above, unless and until you execute, and there shall be effective following any statutory period for revocation, a release, in a form reasonably acceptable to the Corporation, that irrevocably and unconditionally releases, waives, and fully and forever discharges the Consolidated ManpowerGroup and its past and current directors, officers, shareholders, members, partners, employees, and agents from and against any and all claims, liabilities, obligations, covenants, rights, demands and damages of any nature whatsoever, whether known or unknown, anticipated or unanticipated, relating to or arising out of your employment with the Consolidated ManpowerGroup, including without limitation claims arising under the Age Discrimination in Employment Act of 1967, as amended, Title VII of the Civil Rights Act of 1964, as amended, and the Civil Rights Act of 1991, but excluding any claims covered under any applicable workers’ compensation act.  The execution by you of the release and the statutory period for revocation must be completed prior to the thirtieth (30th) day after the Date of Termination.

		
	(h)
	Forfeiture.  Notwithstanding the foregoing, your right to receive the payments and benefits to be provided to you under this Section 2 beyond those described in Subsection 2(a), above, is conditioned upon your performance of the obligations stated in Sections 3-6, below, and upon your breach of any such obligations, you will immediately return to the Corporation the amount of such payments and benefits and you will no longer have any right to receive any such payments or benefits.  

		
	3.
	Nondisclosure.

		
	(a)
	You will not, directly or indirectly, at any time during the term of your employment with the Consolidated ManpowerGroup, or during the two-year period following your termination, for whatever reason, of employment with the Consolidated ManpowerGroup, use or possess for yourself or others or disclose to others except in the good faith performance of your duties for the Consolidated ManpowerGroup any Confidential Information (as defined below), whether or not conceived, developed, or perfected by you and no matter how it became known to you, unless (i) you first secure written consent of the Corporation to such disclosure, possession or use, (ii) the same shall have lawfully become a matter of public knowledge other than by your act or omission, or (iii) you are ordered to disclose the same by a court of competent jurisdiction or are otherwise required to disclose the same by law, and you promptly notify the Corporation of such disclosure.  “Confidential Information” shall mean all business information (whether or not in written form) which relates to the Consolidated ManpowerGroup and which is not known to the public generally (absent your disclosure), including, but not limited to, confidential knowledge, operating instructions, training materials and systems, customer lists, sales records and documents, marketing and sales strategies and plans, market surveys, cost and profitability analyses, pricing information, competitive strategies, personnel-related information, and supplier lists, but shall not include business information which constitutes trade secrets under applicable trade secrets law.  This obligation will survive the termination of your employment for a period of two years.  

		
	(b)
	You will not, directly or indirectly, at any time during the term of your employment with the Consolidated Manpower Group, or any time thereafter use or disclose any Trade Secret of the Consolidated ManpowerGroup.  The term “Trade Secret” shall have the meaning afforded under applicable law.  Nothing in this Agreement shall limit or supersede any common law, statutory or other protections of trade secrets or privileged information where such protections provide the Consolidated ManpowerGroup with greater rights or protections for a longer duration than provided in this Agreement.

		
	(c)
	With respect to the disclosure of a Trade Secret and in accordance with 18 U.S.C. §1833, you  shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a Trade Secret that (i) is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, provided that, the information is disclosed solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding filed under seal so that it is not disclosed to the public.  You are further notified that if you file a lawsuit for retaliation by the Consolidated ManpowerGroup for reporting a suspected violation of law, you may disclose the Consolidated ManpowerGroup’s Trade Secrets to your attorney and use the Trade Secret information in the court proceeding, provided that you file any document containing the Trade Secret under seal so that it is not disclosed to the public and does not disclose the Trade Secret, except pursuant to court order.

		
	(d)
	Upon your termination, for whatever reason, of employment with the Consolidated ManpowerGroup, or at any other time upon request of the Corporation, you will promptly surrender to the Corporation, or with the permission of the Corporation destroy and certify such destruction to the Corporation, any documents, materials, or computer or electronic records containing any Confidential Information, Trade Secrets or privileged information which are in your possession or under your control.

		
	4.
	Nonsolicitation of Employees.  You agree that you will not, at any time during the term of your employment with the Consolidated ManpowerGroup or during the one-year period following your termination, for whatever reason, of employment with the Consolidated ManpowerGroup, either on your own account or in conjunction with or on behalf of any other person, company, business entity, or other organization whatsoever, directly or indirectly induce, solicit, entice or procure any person who is a managerial employee of any company in the Consolidated ManpowerGroup (but in the event of your termination, any such managerial employee that you have had contact with in the two years prior to your termination) to terminate his or her employment with the Consolidated ManpowerGroup so as to accept employment elsewhere or to diminish or curtail the services such person provides to the Consolidated ManpowerGroup.

		
	5.
	Restrictions During Employment.  During the term of your employment with the Consolidated ManpowerGroup, you will not directly or indirectly compete against the Consolidated ManpowerGroup, or directly or indirectly divert or attempt to divert customers’ business from the Consolidated ManpowerGroup anywhere the Consolidated ManpowerGroup does or is taking steps to do business. 

		
	6.
	Noncompetition Agreement.  During the one-year period which immediately follows the termination, for whatever reason, of your employment with the Consolidated ManpowerGroup:

		
	(a)
	You will not, directly or indirectly, contact any customer of the Consolidated ManpowerGroup with whom you have had contact on behalf of the Consolidated ManpowerGroup during the two‐year period preceding the Date of Termination or any customer about whom you obtained confidential information in connection with your employment by the Consolidated ManpowerGroup during such two‐year period so as to cause or attempt to cause such customer of the Consolidated ManpowerGroup not to do business or to reduce such customer’s business with the Consolidated ManpowerGroup or divert any business from the Consolidated ManpowerGroup.

		
	(b)
	You will not, directly or indirectly, provide services or assistance of a nature similar to the services you provided to the Consolidated ManpowerGroup during the two-year period immediately preceding the Date of Termination to any entity (i) engaged in the business of providing temporary staffing services anywhere in the United States or any other country in which the Consolidated ManpowerGroup conducts business as of the Date of Termination which has, together with its affiliated entities, annual revenues from such business in excess of US $500,000,000 or (ii) engaged in the business of providing permanent placement, professional staffing, outplacement, online staffing or human resource services (including consulting, task-based services, recruitment or other talent solutions) anywhere in the United States or any other country in which the Consolidated ManpowerGroup conducts business as of the Date of Termination which has, together with its affiliated entities, annual revenues from such business in excess of US $250,000,000.  You acknowledge that the scope of this limitation is reasonable in that, among other things, providing any such services or assistance during such one‐year period would permit you to use unfairly your close identification with the Consolidated ManpowerGroup and the customer contacts you developed while employed by the Consolidated ManpowerGroup and would involve the use or disclosure of confidential information pertaining to the Consolidated ManpowerGroup.

7.    Injunctive and Other Interim Measures.  
		
	(a)
	Injunction.  You recognize that irreparable and incalculable injury will result to the Consolidated ManpowerGroup and its businesses and properties in the event of your breach of any of the restrictions imposed by Sections 3-6, above.  You therefore agree that, in the event of any such actual, impending or threatened breach, the Corporation will be entitled, in addition to the remedies set forth in Subsection 2(h), above (which the parties agree would not be an adequate remedy), and any other remedies and damages, to, including, but not limited to, provisional or interim measures, including temporary and permanent injunctive relief, without the necessity of posting a bond or other security, from a court of competent jurisdiction restraining the actual, impending or threatened violation, or further violation, of such restrictions by you and by any other person or entity for whom you may be acting or who is acting for you or in concert with you.

		
	(b)
	Equitable Extension.  The duration of any restriction in Sections 3-6, above, will be extended by any period during which such restriction is violated by you.

		
	(c)
	Nonapplication.  Notwithstanding the above, Sections 4 and 6, above, will not apply if your employment with the Corporation is terminated by you for Good Reason or by the Corporation without Cause either during a Protected Period or within two years after the occurrence of a Change of Control.

		
	8.
	Unemployment Compensation.  The severance benefits provided for in Subsection 2(c)(iii) will be assigned for unemployment compensation benefit purposes to the one‐year period following the Date of Termination, and the severance benefits provided for in Subsection 2(d)(iii) will be assigned for unemployment compensation purposes to the two‐year period following the Date of Termination, and you will be ineligible to receive, and you agree not to apply for, unemployment compensation during such periods.

		
	9.
	Nondisparagement.  Upon your termination, for whatever reason, of employment with the Corporation, the Corporation agrees that its directors and officers, during their employment by or service to the Consolidated ManpowerGroup, will refrain from making any statements that disparage or otherwise impair your reputation or commercial interests.  Upon your termination, for whatever reason, of employment with the Consolidated ManpowerGroup, you agree to refrain from making any statements that disparage or otherwise impair the reputation, goodwill, or commercial interests of the Consolidated ManpowerGroup, or its officers, directors, or employees.  However, the foregoing will not preclude the Corporation from providing truthful information about you concerning your employment or termination of employment with the Consolidated ManpowerGroup in response to an inquiry from a prospective employer in connection with your possible employment, and will not preclude either party from providing truthful testimony pursuant to subpoena or other legal process or in the course of any proceeding that may be commenced for purposes of enforcing this letter agreement.

		
	10.
	Successors; Binding Agreement.  This letter agreement will be binding on the Corporation and its successors and will inure to the benefit of and be enforceable by your personal or legal representatives, heirs and successors.

		
	11.
	Notice.  Notices and all other communications provided for in this letter will be in writing and will be deemed to have been duly given when delivered in person, sent by telecopy, or two days after mailed by United States registered or certified mail, return receipt requested, postage prepaid, and properly addressed to the other party.

		
	12.
	No Right to Remain Employed.  Nothing contained in this letter will be construed as conferring upon you any right to remain employed by the Corporation or any member of the Consolidated ManpowerGroup or affect the right of the Corporation or any member of the Consolidated ManpowerGroup to terminate your employment at any time for any reason or no reason, with or without cause, subject to the obligations of the Corporation as set forth herein.

		
	13.
	Modification.  No provision of this letter may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing by you and the Corporation.

		
	14.
	Withholding.  The Corporation shall be entitled to withhold from amounts to be paid to you hereunder any federal, state, or local withholding or other taxes or charges which it is, from time to time, required to withhold under applicable law.  

		
	15.
	Applicable Law.  This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York, United States of America, without regard to its conflict of law provisions.

		
	16.
	Reduction of Amounts Due Under Law.  You agree that any severance payment (i.e, any payment other than a payment for salary through your Date of Termination or for a bonus earned in the prior fiscal year but not yet paid) to you pursuant to this agreement will be counted towards any severance type payments otherwise due you under law.  By way of illustration, English law requires notice period of one (1) week for every year of service up to a maximum of twelve (12) weeks of notice.  In the event you are terminated without notice and you would otherwise be entitled to a severance payment hereunder, such severance payment will be considered to be payment in lieu of such notice.  

		
	17.
	Previous Agreements.  This letter, upon acceptance by you, expressly supersedes any and all previous agreements or understandings relating to your employment by the Corporation or the Consolidated ManpowerGroup, except for the letter from the Corporation to you dated July 8, 2005, regarding the Corporation’s offer of employment to you (provided this letter will supersede the sections of that prior letter concerning severance protection and restrictive covenants) or the termination of such employment, and any such agreements or understandings shall, as of the date of your acceptance, have no further force or effect.  

		
	18.
	Dispute Resolution.  Section 7 to the contrary notwithstanding, the parties shall, to the extent feasible, attempt in good faith to resolve promptly by negotiation any dispute arising out of or relating to your employment by the Consolidated ManpowerGroup pursuant to this letter agreement.  In the event any such dispute has not been resolved within 30 days after a party’s request for negotiation, either party may initiate arbitration as hereinafter provided.  For purposes of this Section 18, the party initiating arbitration shall be denominated the “Claimant” and the other party shall be denominated the “Respondent.”

		
	(a) 
	If your principal place of employment with the Consolidated ManpowerGroup is outside the United States, any dispute arising out of or relating to this letter agreement, including the breach, termination or validity thereof, shall be finally resolved by arbitration before a sole arbitrator in accordance with the International Institute for Conflict Prevention and Resolution International Rules for Non-Administered Arbitration (the “CPR International Rules”) as then in effect.  If the parties are unable to select the arbitrator within 30 days after Respondent’s receipt of Claimant’s Notice of Arbitration and the 30-day deadline has not been extended by the parties’ agreement, the arbitrator shall be selected by CPR as provided in CPR International Rule 6.  The seat of the arbitration shall be the Borough of Manhattan in the City, County and State of New York, United States of America.  The arbitration shall be conducted in the English language.  Judgment upon the award rendered by the arbitrator may be entered by any court having jurisdiction thereof.  Anything in the foregoing to the contrary notwithstanding, the parties expressly agree that at any time before the arbitrator has been selected and the initial pre-hearing conference provided for in International Rule 9.3 has been held, either of them shall have the right to apply to any court located in Milwaukee County, Wisconsin, United States of America, to whose jurisdiction they agree to submit, or to any other court that otherwise has jurisdiction over the parties, for provisional or interim measures including, but not limited to, temporary or permanent injunctive relief.

		
	(b)
	If your principal place of employment with the Consolidated ManpowerGroup is within the United States, any dispute arising out of or relating to this letter agreement, including the breach, termination or validity thereof, shall be finally resolved by arbitration before a sole arbitrator in accordance with the International Institute for Conflict Prevention and Resolution Rules for Non-Administered Arbitration (the “CPR Rules”) as then in effect.  If the parties are unable to select the arbitrator within 30 days after Respondent’s receipt of Claimant’s Notice of Arbitration and the 30-day deadline has not been extended by the parties’ agreement, the arbitrator shall be selected by CPR as provided in Rule 6 of the CPR Rules.  The seat of the arbitration shall be Milwaukee, Wisconsin, United States of America.  The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1 et seq.  Judgment upon the award rendered by the arbitrator may be entered by any court having jurisdiction thereof.  Anything in the foregoing to the contrary notwithstanding, the parties expressly agree that at any time before the arbitrator has been selected and the initial pre-hearing conference has been held as provided in Rule 9.3 of the CPR Rules, either of them shall have the right to apply to any court located in Milwaukee County, Wisconsin, United States of America to whose jurisdiction they agree to submit, or to any other court that otherwise has jurisdiction over the parties, for provisional or interim measures, including, but not limited to, temporary or permanent injunctive relief.

		
	19.
	Severability. The obligations imposed by Paragraphs 3-6, above, of this agreement are severable and should be construed independently of each other.  The invalidity of one such provision shall not affect the validity of any other such provision.  

If you are in agreement with the foregoing, please sign and return one copy of this letter which will constitute our agreement with respect to the subject matter of this letter.

Sincerely,

MANPOWERGROUP INC.

By:  /s/ Jonas Prising    
  Jonas Prising, Chief Executive Officer

Agreed as of the 11th day of December, 2017.

/s/ Mara Swan    
Mara Swan

18036302.2

1Exhibit

Exhibit 10.1

EMPLOYMENT AGREEMENT
This Employment Agreement (this “Agreement”), dated December 11, 2017 (the “Effective Date”), between Luby’s, Inc., a Delaware corporation (“Luby’s” or the “Company”), and Christopher J. Pappas, a resident of Houston, Texas (the “Executive”). For purposes of this Agreement, “Luby’s” or the “Company” shall include the subsidiaries of Luby’s. Luby’s and Executive are sometimes referred to herein individually as a “Party,” and collectively as the “Parties.”
RECITALS
WHEREAS, the parties entered into that certain Employment Agreement, dated January 24, 2014 (the “Original Agreement”);
WHEREAS, subsequent to the execution of the Original Agreement, the parties entered into First Amendment to Employment Agreement, dated December 1, 2014, Second Amendment to Employment Agreement, dated February 4, 2016, and Third Amendment to Employment Agreement, dated August 2, 2017 (collectively, the “Amendments,” and the Original Agreement, as amended by the Amendments, the “Existing Agreement”); and
WHEREAS, the Parties desire to terminate the Existing Agreement and enter into this Agreement, as hereinafter set forth, to replace and supersede the Existing Agreement in its entirety.
NOW, THEREFORE, for and in consideration of the mutual promises, covenants and obligations contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:
Section 1.  Existing Agreement.  As of the Effective Date, the Existing Agreement is  terminated and is replaced and superseded in its entirety by this Agreement.
Section 2.  Definitions. As used in this Agreement, and unless the context requires a different meaning, the following terms have the meanings indicated:
“Additional Term” has the meaning set forth in Section 4. 
“Affiliate” means, with respect to any Person, any other Person directly, or indirectly through one or more intermediaries, controlling, controlled by or under common control with such Person. For purposes of this definition and this Agreement, the term “control” (and correlative terms “controlling,” “controlled by” and “under common control with”) means possession of the power, whether by contract, equity ownership or otherwise, to direct the policies or management of a Person.
“Agreement” has the meaning set forth in the Preamble.
“Amendments” has the meaning set forth in the Recitals.
“Associate” has the meaning ascribed to such term in Rule 12b-2 under the Exchange Act.
“Awards” has the meaning set forth in Section 10(a).
“Base Salary” has the meaning set forth in Section 5(a).

“Beneficially Own” or “Beneficial Ownership” is defined in Rules 13d-3 and 13d-5 of the Exchange Act, but without taking into account any contractual restrictions or limitations on voting or other rights.
“Board” or “Board of Directors” means the Board of Directors of the Company.
“Business Combination” means (i) any consolidation, merger, share exchange or similar business combination transaction involving the Company with any Person or (ii) the sale, assignment, conveyance, transfer, lease or other disposition by the Company of all or substantially all of its assets.
“Business Day” means a day other than Saturday, Sunday or any day on which banks located in the State of Texas are authorized or obligated to close.
“Cafeteria-Style Restaurant Business” means the traditional cafeteria type business engaged in by the Company, or in a restaurant which sells food utilizing cafeteria-style serving of entrees, or selling food on an “all you can eat” basis, or utilizing buffet style serving of the general type operated by “Luby's,” “Bob Evans,” “Furr’s,” “Golden Corral,” “Piccadilly,” “Ponderosa Steakhouse,” “Ryan’s,” “Shoney’s,” or “Sizzler.”  Notwithstanding the terms of the immediately preceding sentence, for purposes of this definition the sale of food on an “all you can eat” basis or utilizing buffet-style serving, shall not include restaurants which serve primarily one type of ethnic or specialty foods such as Mexican or Chinese food or barbecue or seafood. For the avoidance of doubt, “Cafeteria-Style Restaurant Business” shall not include any of the following restaurants or businesses in the manner in which they are currently operated: Barry’s Pizza (Airport); Dot Coffee Shop; Pappas Bar-B-Q; Pappas Bar-B-Q Catering; Pappas Bros. Steakhouse; Pappas Burger; Pappas Catering; Pappas Delivery; Pappasito’s Cantina; Pappas Seafood House; Pappadeaux Seafood Kitchen; and Yia Yia Mary’s Mediterranean Kitchen.
“Cause” has the meaning set forth in Section 9(c).
“Change of Control” shall means the occurrence of any of the events described in subsections (i) through (iii) below:
(i)    Either (a) the purchase by any Person, other than the Company or a wholly-owned subsidiary of the Company or Executive or Harris J. Pappas, individually or together with their Affiliates and Associates and any 13d Group of which they are a part, of shares of Common Stock pursuant to a tender or exchange offer to acquire any Common Stock (or securities convertible into Common Stock) for cash, securities or any other consideration or (b) any Person, other than the Company or a wholly-owned subsidiary of the Company or Executive or Harris J. Pappas or any of their Affiliates, Associates or members of any 13d Group of which they are a part, individually or together, shall make any such offer to acquire any Common Stock pursuant to a tender or exchange offer for cash, securities or any other consideration and either (1) the Company shall have recommended that stockholders accept such offer or (2) within ten (10) Business Days, the Company shall have made no recommendation that stockholders reject such offer; and, after consummation of any such offer, such Person Beneficially Owns, or would Beneficially Own, directly or indirectly, fifteen percent (15%) or more of the combined voting power of the outstanding Common Stock (calculated as provided in paragraph (d) of Rule 13d-3 under the Exchange Act in the case of rights to acquire stock).
(ii)    The Company shall, after approval by the Board or an authorized committee thereof, enter into any agreement contemplating a transaction described below, other than any such transaction with Executive or Harris J. Pappas, individually or together with their Affiliates and 

Associates and any 13d Group of which they are a part: (a) a transaction pursuant to which the Company agrees to issue or sell, regardless of the consideration therefore, a number of its shares of Common Stock that would result in any Person acquiring Beneficial Ownership, directly or indirectly, of fifteen percent (15%) or more of the combined voting power of the outstanding Common Stock (calculated as provided in paragraph (d) of Rule 13d-3 under the Exchange Act in the case of rights to acquire stock); (b) any consolidation, merger or similar transaction involving the Company in which the Company is not the continuing or surviving corporation or pursuant to which shares of Common Stock would be converted into cash, securities or other property, other than a consolidation, merger or similar transaction involving the Company in which holders of its Common Stock immediately prior to the consolidation or merger or similar transaction own at least a majority of the combined voting power of the outstanding capital stock of the surviving corporation immediately after the consolidation, merger or similar transaction (or at least a majority of the combined voting power of the outstanding capital stock of a corporation which owns directly or indirectly all of the voting stock of the surviving corporation); (c) any consolidation, merger or similar transaction involving the Company in which the Company is the continuing or surviving corporation but in which the stockholders of the Company immediately prior to the consolidation, merger or similar transaction do not hold at least a majority of the combined voting power of the outstanding Common Stock of the continuing or surviving corporation (except where such holders of Common Stock hold at least a majority of the combined voting power of the outstanding capital stock of the corporation which owns directly or indirectly all of the voting stock of the Company); (d) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all the assets of the Company (except such a transfer to a corporation which is wholly owned, directly or indirectly, by the Company), or any complete liquidation of the Company; or (e) any consolidation, merger or similar transaction involving the Company where, after the consolidation, merger or similar transaction, one Person owns one hundred percent (100%) of the shares of Common Stock (except where the holders of the Company’s voting stock immediately prior to such consolidation, merger or similar transaction own at least a majority of the combined voting power of the outstanding capital stock of such Person immediately after such consolidation, merger or similar transaction).
(iii)    A change in the majority of the members of the Board within a twenty-four (24) month period unless the election or nomination for election by the shareholders of each new director was approved by the vote of at least two-thirds of the directors then still in office who were in office at the beginning of such twenty-four (24) month period.
For purposes of this Agreement, the “effective date of a Change of Control” is the date that an event described in subsection (i), (ii) or (iii) occurs or the date upon which all the events necessary to constitute the Change of Control shall have occurred.
“COBRA” means Section 4980B of the Internal Revenue Code of 1986, as amended, and Part 6 of Subtitle B of Title I of the Employee Retirement Income Security Act of 1974, as amended.
“Code of Conduct” means Luby’s Inc. Policy Guide on Standards of Conduct and Ethics, dated August 21, 2003, and Luby’s Inc. Supplemental Standards of Conduct and Ethics for the CEO, CFO, Controller and all Senior Financial Officers, dated August 21, 2003, as either may be amended from time to time.
“Common Stock” means the Company’s common stock, par value $0.32 per share, and any capital stock for or into which such Common Stock hereafter is exchanged, converted, reclassified or recapitalized by the Company or pursuant to an agreement or Business Combination to which the Company is a party.

“Company” has the meaning set forth in the Preamble.
“Confidential Information” has the meaning set forth in Section 11.
“Covenant Period” means:
(i)    twenty-four (24) months if Employee is terminated by the Company for Cause or if Executive terminates his employment without Good Reason; or
(ii)    if Executive’s employment is terminated for any other reason: (a) twelve (12) months for the activities prohibited by Section 12(b); and (b) twenty-four (24) months for the activities prohibited by any other provision of Section 12.
“Disability” has the meaning set forth in Section 9(b).
“Effective Date” has the meaning set forth in the Preamble.
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the SEC promulgated thereunder.
“Executive” has the meaning set forth in the Preamble.
“Executive’s Family Company” has the meaning set forth in Section 8.
“Existing Agreement” has the meaning set forth in the Recitals.
“Good Reason” has the meaning set forth in Section 9(d).
“Initial Term” has the meaning set forth in Section 4.
“Luby’s” has the meaning set forth in the Preamble.
“Original Agreement” has the meaning set forth in the Recitals.
“Party” or “Parties” has the meaning set forth in the Preamble. 
“Person” means an individual or a corporation, partnership, trust, incorporated or unincorporated association, limited liability company, joint venture, joint stock company, government (or an agency or political subdivision thereof) or other entity of any kind.
“Release Period” has the meaning set forth in Section 10(d).
“SEC” means the U.S. Securities and Exchange Commission.
“Term” has the meaning set forth in Section 4.
“13d Group” means a group within the meaning of Section 13(d)(3) of the Exchange Act.
Section 3.  Employment.  Luby’s hereby agrees to continue to employ Executive, and Executive hereby agrees to continue employment with Luby’s, subject to the terms and conditions set forth in this Agreement.

Section 4.  Term.  Subject to the provisions for termination of employment as provided in Section 9(a), Executive’s employment under this Agreement shall be for a period beginning on the Effective Date and ending on August 28, 2019 (the “Initial Term”), and shall automatically be renewed and extended for additional one (1) year periods (each an “Additional Term”) thereafter unless Executive’s employment is terminated by either Party giving written notice to the other Party not less than sixty (60) days in advance of the expiration of the then-existing Initial Term or Additional Term. The period during which Executive is employed hereunder shall be referred to as the “Term.”
Section 5.  Compensation.  Executive’s compensation during his employment under the terms of this Agreement shall be as follows:
(a)    Base Salary.  Luby’s shall pay to Executive a fixed annual base salary of Five Hundred Thousand Dollars ($500,000) (the “Base Salary”) for each year of the Term. The Base Salary, less amounts required to be withheld under applicable laws, shall be payable in equal, semi-monthly installments on the fifteenth (15th) day and last day of each calendar month or at such other times as in accordance with Luby’s then-current payroll practices if not consistent with payment on the fifteenth (15th) day and last day of each calendar month. All payments shall be subject to the deduction of payroll taxes, income tax withholdings, and similar deductions and withholdings as required by law or authorized by Executive.  The Base Salary may be modified at any time by the Board of Directors or an authorized committee thereof with the written consent of Executive.
(b)    Bonus.  During each year of the Term, in addition to the Base Salary, Executive shall be eligible, but not entitled, to receive bonus compensation as the Board of Directors or an authorized committee thereof shall from time to time determine in its sole discretion.
Section 6.  Expenses and Benefits.
(a)    During the Term, Executive is authorized to incur reasonable and necessary expenses related to the business of Luby’s, including expenses for entertainment, travel, and similar matters. Luby’s will reimburse Executive for such reasonable and necessary expenses upon timely presentation to the Company by Executive of such accounts and records as Luby’s may from time to time reasonably require.
(b)    Luby’s also agrees to provide Executive with the following benefits during his employment hereunder:
(i)    Employee Benefit Plans.  Executive and, to the extent applicable and subject to the terms of applicable plans and applicable law, Executive’s spouse, dependents, and beneficiaries, shall be allowed to participate on the same terms in all benefits, plans, and programs, including improvements or modifications of the same, which are now, or may hereafter be, available to other executive employees of Luby’s; provided that Executive shall not be permitted without the express consent of the Board of Directors to participate in any bonus, incentive, non-qualified profit-sharing, or similar cash payment plan. Such benefits, plans, and programs may include, without limitation, stock option or thrift plans, health insurance or health care plans, life insurance, disability insurance, supplemental retirement plans, vacation, and sick leave. Luby’s shall not, however, by reason of this paragraph be obligated to institute, maintain, or refrain from changing, amending, or discontinuing any such benefit plan or program, so long as such changes are similarly applicable to executive employees generally.

(ii)    Vacations.  Executive shall be entitled to twenty-eight (28) days of paid vacation time for each fiscal year during the Term, to be prorated for partial calendar years.  Unless stated otherwise herein, on termination of Executive’s employment for any reason, Executive shall not be entitled to receive payment for, or to use, any accrued, unused vacation. 
(iii)    Working Facilities.  Executive shall be furnished by Luby’s with an office at the Company’s principal office in Houston, Texas, secretarial help and other facilities and services, including but not limited to, full use of Luby’s mail and communication facilities and services reasonably suitable to his position and reasonably necessary for the performance of his duties under this Agreement.
Section 7.  Positions and Duties.  Executive is employed hereunder as President and Chief Executive Officer of Luby’s or in such other positions as the Parties may mutually agree. In addition, if requested to do so, Executive shall serve as the chief executive officer or other officer or as a member of the Board of Directors, or both, of any subsidiary or affiliate of Luby’s. Executive agrees to serve in the position referred to above and to perform diligently and to the best of his abilities the duties and services appertaining to such office, as well as such additional duties and services appropriate to such offices which the Parties mutually may agree upon from time to time. Executive’s employment shall also be subject to the policies maintained and established by Luby’s that are of general applicability to Luby’s executive employees, as such policies may be amended from time to time. Executive’s duties shall be performed principally at Luby’s principal place of business in Houston, Texas and at the locations of its operations. Executive acknowledges and agrees that Executive owes a fiduciary duty of loyalty to act at all times in the best interests of Luby’s. In keeping with such duty, Executive represents that he owes no duty to any other entity or person regarding, and shall make full disclosure to Luby’s of, all business opportunities pertaining to Company’s business which have not been previously renounced by the Board of Directors, as contemplated by Section 12 hereof, and shall not appropriate for Executive’s own benefit any such business opportunities.
Section 8.  Extent of Service.  Executive shall, during the Term, devote his primary working time, attention, energies and business efforts to his duties as an employee of Luby’s and to the business and affairs of Luby’s generally, and shall not, during the Term, engage, directly or indirectly, in any other business activity whatsoever, whether or not such business activity is pursued for gain, profit or other pecuniary advantage, except with the consent of the Board; however, this Section 8 shall not be construed to prevent Executive from, nor require the consent of the Board with respect to, (i) continuing executive’s senior level management of non-cafeteria style restaurant businesses operated by executive’s privately-held family company (“Executive’s Family Company”), (ii) serving as a member of the board of directors or board of trustees of Executive’s Family Company or other companies or not-for-profit entities, or (iii) from investing his personal, private assets as a passive investor in such form or manner as will not require any active services on the part of Executive in the management or operation of the affairs of the companies, partnerships, or other business entities in which any such passive investments are made; provided in case of clause (i), (ii), or (iii) such activities do not conflict with the business and affairs of Luby’s or interfere with Executive’s ability to perform the services and discharge the duties required of him hereunder.
Section 9.  Termination.
(a)    Termination of Employment.  Notwithstanding the provisions of Section 4, the employment of Executive pursuant to this Agreement shall terminate prior to the expiration of the Term upon the occurrence of any of the following events:
(i)    the death of Executive;

(ii)    the termination of Executive’s employment by Luby’s due to Executive’s Disability;
(iii)    the termination of Executive’s employment by Luby’s for Cause;
(iv)    the termination of Executive’s employment by Executive for Good Reason;
(v)    for any reason whatsoever in the discretion of Executive or Luby’s.
(b)    Disability.  For the purposes of this Agreement, the term “Disability” shall mean Executive becoming incapacitated by accident, sickness, or other circumstance that renders him physically or mentally unable to carry out the duties and services required of him hereunder on a full-time basis for more than one hundred twenty (120) days in any one hundred eighty (180) day period. If a dispute arises between the Executive and the Company concerning the Executive’s physical or mental ability to continue or return to the performance of his duties as aforesaid, the Executive shall submit to examination by a competent physician mutually agreeable to both parties or, if the parties are unable to agree, by a physician appointed by the president of the Harris County Medical Association, and such physician’s opinion shall be final and binding.
(c)    Cause.  For purposes of this Agreement, the term “Cause” shall mean:
(i)    Executive’s conviction of a crime constituting a felony, or a misdemeanor involving moral turpitude;
(ii)    the commission by Executive, or participation in, an illegal act or acts that were intended to defraud Luby’s;
(iii)    the willful refusal by Executive to fulfill the duties and responsibilities as President and Chief Executive Officer;
(iv)    the breach by Executive of material provisions of this Agreement, a policy of Luby’s, or the Code of Conduct in each case after written notice from the Board of Directors and, if correctible, the failure to correct such breach within thirty (30) days from the date such notice is given;
(v)    gross negligence or willful misconduct by Executive in the performance of his duties and obligations to Luby’s;
(vi)    willful engagement by Executive in conduct known (or which should have been known) to be materially injurious to Luby’s.
Without limiting the foregoing, a termination for Cause shall include the Board’s determination following Executive’s termination of employment for any reason that the circumstances existing prior to such termination constituted grounds to terminate Executive’s employment for Cause.
(d)    Good Reason.  For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following circumstances, without the consent of Executive:
(i)    the material diminution in the nature, scope, or duties of Executive or assignment of duties materially and negatively inconsistent with those of the President and Chief 

Executive Officer or a permanent change in the location of the principal business office of the Company in which his services are to be carried out to a place outside of Texas;
(ii)    any material breach of a material provision of this Agreement by Luby’s;
(iii)    within two (2) years after the sale by Luby’s of all or substantially all of its assets or the merger, share exchange, or other reorganization of Luby’s into or with another corporation or entity (with respect to which Luby’s does not survive, but excluding any such transaction (i) with an Affiliate of Luby’s or (ii) following which holders of Luby’s Common Stock immediately prior to the transaction own at least a majority of the combined voting power of the outstanding capital stock or other equity of the surviving entity immediately after the transaction (or at least a majority of the combined voting power of the outstanding capital stock or other voting equity of an entity which owns directly or indirectly all of the voting stock or other voting equity of the surviving entity)), a material diminution in employee benefits (including but not limited to medical, dental, life insurance, and long-term disability plans) and perquisites applicable to Executive from the greater of (A) the employee benefits and perquisites provided by the then-current employer to executives with comparable duties or (B) the employee benefits and perquisites to which Executive was entitled from Luby’s immediately prior to the date on which a Change of Control occurs.
Notwithstanding the foregoing, Good Reason shall not exist unless (A) Executive notifies the Company in writing within sixty (60) days after the occurrence of the event which Executive believes constitutes the basis for Good Reason, specifying the particular circumstances which Executive believes constitutes the basis for Good Reason, (B) the Company does not cure such circumstances within thirty (30) days after receipt of such notice, and (C) if the Company has not cured, Executive resigns, in accordance with Section 9(e), within thirty (30) days after the end of the cure period; otherwise, grounds for Good Reason with respect to such particular incident are irrevocably waived.
(e)    Notice of Termination.  If a Party desires to terminate Executive’s employment hereunder at any time prior to expiration of the Term, such Party shall do so by giving written notice to the other Party that such Party has elected to terminate Executive’s employment hereunder and stating the proposed effective date and reason for such termination, provided that no such action shall alter or amend any other provisions hereof or rights arising hereunder.
Section 10.  Consequences of Termination.
(a)    Death or Disability. If Executive’s employment is terminated during the Term by reason of Executive’s death or Disability, then, except as otherwise required by applicable law, all compensation, and entitlement to receive compensation, for periods subsequent to termination and all benefits with respect to Executive hereunder, other than any equity based compensation awards granted to Executive by Luby’s (collectively, the “Awards”), each of which is governed by its own terms in such circumstances, shall terminate contemporaneously with the termination of employment and without further obligation to Executive or Executive’s legal representatives under the Agreement (other than payment of the Base Salary in respect of the period through his date of death or termination for Disability and reimbursement of all unpaid expenses incurred prior to the date of termination in accordance with Section 6(a) hereof).
(b)    Termination by Executive without Good Reason or by the Company for Cause.  If Executive’s employment is terminated by Executive without Good Reason, or by the Company for Cause, then, except as otherwise required by applicable law, all compensation, and entitlement to 

receive compensation, for periods subsequent to termination and all benefits with respect to Executive hereunder, other than the Awards, each of which is governed by its own terms in such circumstances, shall terminate contemporaneously with such termination of employment and without further obligation to Executive or Executive’s legal representatives under this Agreement (other than payment of the Base Salary in respect of the period through his date of termination).
(c)    Termination by Executive for Good Reason or by the Company without Cause.
(i)    If Executive’s employment is terminated by the Company without Cause or by Executive for Good Reason, in either case at a time when Executive is otherwise willing and able to continue providing services hereunder, then, subject to Executive’s execution, delivery and non-revocation of a general release of claims in favor of Luby’s that is acceptable to Luby’s and that becomes final and irrevocable no later than the fifty-fifth (55th) day following Executive’s termination date (such period, the “Release Period”), the Company shall be obligated to pay to, or make available to, the Executive, (A) Executive’s monthly Base Salary for the remainder of the Term, provided that any payments of Base Salary that would have been made during the Release Period shall be accumulated and paid in a single lump sum installment on the first regular payroll date following the end of the Release Period and the timing of all subsequent payments of Base Salary shall remain unchanged, (B) such employee benefits, if any, as to which Executive may be entitled under the benefit plans, arrangement or policies of Luby’s as of the date of termination or as otherwise expressly required by applicable law (including pursuant to COBRA), and (C) reimbursement of all unpaid expenses incurred prior to the date of termination in accordance with Section 6(a) hereof.  Notwithstanding the foregoing, for such period as Executive is eligible to continue health coverage under Luby’s group health plans pursuant to COBRA, Executive must make a timely election for such coverage and timely pay applicable premiums, for which the Company will reimburse Executive upon timely presentation to the Company by Executive of such documentation of payment as Luby’s may from time to time reasonably request.  Executive shall have no obligation to seek other employment during any time period for which he may receive payment pursuant to this subsection (c), and in the event Executive obtains other employment during such period, the Company’s obligations to make payments pursuant to this subsection (c) shall not be reduced, except to the extent Executive is eligible for health coverage provided by his new employer. In the event that continued participation in any Luby’s benefit plan contemplated by Section 6(b)(i) hereof is for whatever reason impermissible during the remainder of the Term, the Company shall arrange, upon reasonably comparable terms, benefits substantially equivalent in the aggregate to those that may not be so provided under the benefit plan maintained by Luby’s. The Parties agree that the payments provided for herein constitute part of the consideration provided by the Company for Executive’s agreements contained in Section 6 hereof.
(ii)    In the event of a termination pursuant to Section 10(c)(i), each Award shall be governed by its own terms in such circumstances.
(iii)    Notwithstanding clause (i) of this subsection (c), if, at any time during which Executive would otherwise be entitled to receive any payment pursuant to clause (i) of subsection (d), Executive engages in any activity or takes any action which would be prohibited under Sections 11, 12 or 13 hereof, then Executive shall be deemed to have irrevocably forfeited any right to receive any further payments pursuant to this Agreement, provided such forfeiture shall not limit Luby’s rights to seek to enforce such provision or to seek damages; provided, however, that the Awards and the benefits thereof shall not be in any way affected by this subsection (c)(iii).

Section 11.  Disclosure of Confidential Information.  Executive acknowledges that Luby’s will disclose to Executive, or place Executive in a position to have access to or develop, trade secrets or Confidential Information of Luby’s or its Affiliates, and shall entrust Executive with business opportunities of Luby’s or its Affiliates, and shall place Executive in a position to develop business goodwill on behalf of Luby’s or its Affiliates. Executive acknowledges and agrees that Executive’s receipt of such Confidential Information is in consideration for, without limitation, Executive’s promises in this Section 11. Except to the extent required in the performance of his duties and obligations to Luby’s as expressly authorized herein, or by prior written consent of a duly authorized officer or director of Luby’s, Executive will not, directly or indirectly, at any time during his employment with Luby’s, or for eighteen (18) months subsequent to the termination thereof, for any reason whatsoever, with or without cause, breach the confidence reposed in him by Luby’s by using, disseminating, disclosing, divulging, or in any manner whatsoever disclosing or permitting to be divulged or disclosed in any manner trade secrets or Confidential Information of Luby’s to any person, firm, corporation, association, or other business entity. As used herein, the term “Confidential Information” means any and all information concerning ideas, concepts, products, processes, and services related to the business of Luby’s, including information relating to research, development, inventions, manufacture, purchasing, accounting, engineering, marketing, merchandising, or the selling of any product or products to any customers of Luby’s, disclosed to Executive or known by Executive as a consequence of or through his employment by Luby’s (or any parent, subsidiary or affiliated corporation of Luby’s) including, but not necessarily limited to, any person, firm, corporation, association, or other business entity with which Luby’s has any type of agency agreement, or any shareholders, directors, or officers of any such person, firm, corporation, association, or other business entity; provided, however, that Confidential Information shall not include (A) information generally known in any industry in which Luby’s is or may become engaged during the term of this Agreement other than as a result of an unauthorized disclosure by Executive in violation of this Agreement, (B) information disclosed publicly by Luby’s or any information, ideas, products, processes, services, and (C) concepts existing and known to Executive prior to his employment by Luby’s. On termination of employment with Luby’s, all documents, records, notebooks, e-mails, or similar repositories of or containing Confidential Information, including all copies of any documents, records, notebooks, e-mail, or similar repositories of or containing Confidential Information, then in Executive’s possession or in the possession of any third party under the control of Executive or pursuant to any agreement with Executive, whether prepared by Executive or any other person, firm, corporation, association, or other business entity, will be delivered to Luby’s by Executive.
Section 12.  Noncompetition.  Executive recognizes and understands that in performing the responsibilities of his employment, he will occupy a position of fiduciary trust and confidence, pursuant to which he will develop and acquire experience, and knowledge and Confidential Information with respect to Luby’s business. It is the expressed intent and agreement of Executive and Luby’s that such knowledge, experience, and Confidential Information shall be used exclusively in the furtherance of the interests of Luby’s and not in any manner which would be detrimental to Luby’s interests. In consideration of the benefits herein, including, without limitation, the Executive’s continued employment and the experience, knowledge, and Confidential Information provided to him by Luby’s, Executive therefore agrees that so long as he is employed by Luby’s and for the Covenant Period after termination of Executive’s employment, Executive will not directly or indirectly:
(a)    engage in any other Cafeteria-Style Restaurant Business or own any interests whether as an owner, shareholder, joint venturer, partner or otherwise, in any other association or entity that engages, directly or indirectly, in any Cafeteria-Style Restaurant Business in each case in any state where Luby’s or any of its affiliates are conducting business on the date of this Agreement or in any contiguous state; provided, however, that nothing herein shall prohibit Executive from holding or making passive investments in limited partnerships or corporations whose securities are traded in a 

generally recognized market provided that Executive’s interest, together with those of his Affiliates and family do not exceed one percent (1%) of the outstanding shares or interests in such corporation or partnership;
(b)    render advice or services to, or otherwise assist, any other person, association, or entity engaged, directly or indirectly, in any “cafeteria-style” restaurant business in any state where Luby’s or its Affiliates conduct business on the date of this Agreement or in any contiguous state; or
(c)    contact or solicit any employee of Luby’s or any of its Affiliates to induce them to terminate his or her employment with Luby’s or such Affiliates.
Section 13. Non-Disparagement.  In further consideration for the promises set forth in this Agreement, Executive agrees to not make any statements, communications, or remarks, in public or in private, that are intended to disparage, discredit or injure, or that might reasonably be construed as disparaging, discrediting or injuring the reputation of the Company.  Notwithstanding Executive’s agreement to the provisions of this Section 13, nothing in this  Agreement should be construed as prohibiting Executive from communicating directly with the SEC about a possible securities law violation, acting collectively or participating in protected concerted activities with other employees, or any other activities guaranteed by law.
Section 14.  Enforcement and Remedies.  Executive understands that the restrictions set forth herein may limit Executive’s ability to engage in certain businesses in certain geographic regions during the Term and the Covenant Period, but acknowledges that Executive will receive sufficiently high remuneration and other benefits under this Agreement to justify such restriction. Executive agrees and stipulates that money damages would not be a sufficient remedy for any breach of Section 11, Section 12 or Section 13 by Executive, and Luby’s shall be entitled to enforce the provisions thereof by terminating any payments then owing to Executive under this Agreement and/or by specific performance and injunctive relief as remedies for such breach or any threatened breach. Such remedies shall not be deemed the exclusive remedies for a breach, but shall be in addition to all remedies available at law or in equity to Luby’s, including without limitation, the recovery of damages from Executive and Executive’s agents involved in such breach and remedies available to Luby’s pursuant to other agreements with Executive.
Section 15.  Insurance.  Luby’s may, in its sole and absolute discretion, at any time after the Effective Date, apply for and procure, as owner and for its own benefit, insurance on the life of Executive, in such amounts and in such forms as Luby’s may choose. Unless otherwise agreed by Luby’s, Executive shall have no interest whatsoever in any such policy or policies, but Executive shall, at Luby’s request, submit to such medical examinations, supply such information, and execute and deliver such documents as may be required by the insurance company or companies to which Luby’s has applied for such insurance.  Executive hereby represents that Executive has no reason to believe that Executive’s life is not insurable at rates now prevailing for healthy individuals of Executive’s age and gender.
Section 16.  Section 409A.  Notwithstanding anything to the contrary herein:
(a)    The intent of the Parties is that payments and benefits under this Agreement be exempt from or otherwise comply with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (collectively “Section 409A”) and, to the maximum extent permitted, this Agreement shall be interpreted accordingly.  To the extent that any provision hereof is modified in order to comply with Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to Executive and the Company of the applicable provision without violating the 

provisions of Section 409A.  Notwithstanding anything to the contrary contained herein, neither the Company or any of its Affiliates, employees or representatives shall have any liability or obligation to Executive with respect to the imposition of any early or additional tax or other liability with respect to Section 409A.
(b)    A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amount or benefit that constitutes “nonqualified deferred compensation” upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.”  Notwithstanding anything to the contrary in this Agreement, if Executive is deemed on the date of termination to be a “specified employee” within the meaning of that term under Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered “nonqualified deferred compensation” under Section 409A payable on account of a “separation from service,” such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such “separation from service” of Executive, and (B) the date of Executive’s death, to the extent required under  Section 409A.  Within thirty (30) days after the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this Section 16(b) (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to Executive in a lump sum without interest, and all remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.
(c)    To the extent that reimbursements or other in-kind benefits under this Agreement constitute “nonqualified deferred compensation” for purposes of Section 409A, (A) all expense or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by Executive, (B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.
(d)    For purposes of Section 409A, and to the extent permissible under Section 409A, Executive’s right to receive installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments.  Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.
Section 17.  Withholding.  The Company shall have the right to withhold from any amount payable hereunder any federal, state, local and other taxes in order for the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation.
Section 18.  No Guarantee of Tax Consequences.  None of the Board of Directors, the Company, any Affiliate or any agent of any of the foregoing makes any commitment or guarantee that any federal, state, local or other tax treatment will (or will not) apply or be available to Executive (or to any Person claiming through or on behalf of Executive) and shall have no liability or responsibility with respect to taxes (and penalties and interest thereon) imposed on Executive (or on any Person claiming through or on behalf of the Employee) as a result of this Agreement or of the replacement of the Existing Agreement with this Agreement.

Section 19.  Notice.  All notices and communications hereunder shall be in writing and shall be deemed given if delivered personally or mailed by registered or certified mail (return receipt requested) to the parties at the following addresses (or at such other address for a Party as shall be specified by like notice):
If to Executive:     Christopher J. Pappas
13939 Northwest Freeway
Houston, Texas 77040

If to Luby’s:        Luby’s, Inc.
13111 Northwest Freeway, Suite 600
Houston, Texas 77040
Attention: Chairman of the Board and General Counsel

With a copy to:    SIDLEY AUSTIN LLP
1000 Louisiana Street
Suite 6000
Houston, TX 77002
Attention: George J. Vlahakos

Any of the above addresses may be changed at any time by notice given as provided above; provided, however, that any such notice of change of address shall be effective only upon receipt. All notices, requests or instructions given in accordance herewith shall be deemed received on the date of delivery, if hand delivered, on the date of receipt, if telecopied, three Business Days after the date of mailing, if mailed by registered or certified mail, return receipt requested, and one Business Day after the date of sending, if sent by Federal Express or other recognized overnight courier.
Section 20.  Controlling Law.  THIS AGREEMENT SHALL BE DETERMINED AND  GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT GIVING EFFECT TO ANY CONFLICTS OF LAW PROVISIONS.
Section 21.  Additional Instruments.  This Agreement governs the rights and obligations of Executive and Luby’s with respect to Executive’s base salary and certain perquisites of employment. Executive’s rights and obligations both during the Term and thereafter with respect to stock options, life insurance policies insuring the life of Executive, and other benefits under the plans and programs maintained by Luby’s shall be governed by the separate agreements, plans, and other documents and instruments governing such matters.
Section 22.  Liquidated Damages.  In light of the difficulties in estimating the damages for any early termination of employment, Luby’s and Executive hereby agree that the payments, if any, to be received by Executive pursuant to this Agreement shall be received by Executive as liquidated damages. Payment of the amounts set forth in this Agreement, if any, shall be in lieu of any severance benefit Executive may be entitled to under any severance plan or policy of Luby’s.
Section 23.  Severability.  If any term or other provision of this Agreement is invalid, illegal, or incapable of being enforced by any rule of applicable law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated herein are not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal, or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the 

parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated herein are consummated as originally contemplated to the fullest extent possible.
Section 24.  Miscellaneous.  No provision of this Agreement may be modified, waived or discharged orally, but only by a waiver, modification or discharge in writing signed by the Executive, and such officer of the Company as may be designated by the Board. No waiver by either Party at any time of any breach by the other Party of, or compliance with, any condition or provision of this Agreement to be performed by such other Party shall be deemed a waiver of similar or dissimilar provisions or conditions at the time or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either Party which are not expressly set forth in this Agreement. Wherever appropriate to the intention of the Parties, the respective rights and obligations of the Parties, will survive any termination or expiration of the Term as specifically set forth herein; in addition Sections 10, 11, 12, 13, 19, 20, 21, 22, 23, 24, 25, 29 and 31 shall survive such termination or expiration to the extent the context thereof requires.
Section 25.  Entire Agreement.  This Agreement constitutes the entire agreement of the Parties hereto and supersedes all prior agreements and understandings, both written and oral, among the Parties as to the subject matter hereof, including, but not limited to, the Existing Agreement. There are no representations or warranties, agreements, or covenants other than those expressly set forth herein.
Section 26.  Notice of Immunity Under the Economic Espionage Act of 1996, as amended by the Defend Trade Secrets Act of 2016 (“DTSA”).  Executive will not be held criminally or civilly liable under any federal or state law for any disclosure of a trade secret that:  (i) is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.  If Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose Company’s trade secrets to his attorney and use the trade secret information in the court proceeding if Executive files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.
Section 27. Recovery of Compensation.  All payments and benefits provided under this Agreement shall be subject to any compensation recovery or clawback policy as required under applicable law, rule or regulation or otherwise adopted by the Company from time to time.
Section 28. Executive’s Cooperation.  During the Term and thereafter, Executive shall reasonably cooperate with the Company and its Affiliates in any disputes with third parties, internal investigation or administrative, regulatory or judicial proceeding as reasonably requested by the Company (including, without limitation, Executive being available to the Company upon reasonable notice and at a reasonable location for interviews and factual investigations, appearing at the Company’s request to give testimony without requiring service of a subpoena or other legal process, volunteering to the Company all pertinent information and turning over to the Company all relevant documents which are or may come into Executive’s possession, all at times and on schedules that are reasonably consistent with Executive’s other permitted activities and commitments).  In the event the Company requires Executive’s cooperation in accordance with this Section 28 after Executive’s termination of employment, the Company shall reimburse Executive for reasonable travel expenses (including lodging and meals, upon submission of receipts) and, if Executive is required to provide more than eight (8) hours of services in any annual period, shall compensate Executive at the hourly rate based on his Base Salary in effect  immediately preceding his termination.
Section 29.  Effect of Agreement.  This Agreement shall be binding upon Executive and his heirs, executors, legal representatives, successors and assigns, and Luby’s and its legal representatives, successors 

and assigns. Except as provided in the preceding sentence, this Agreement, and the rights and obligations of the Parties hereunder, are personal and neither this Agreement, nor any right, benefit, or obligation of either Party hereto, shall be subject to voluntary or involuntary assignment, alienation, or transfer, whether by operation of law or otherwise, without the prior written consent of the other Party.
Section 30.  Execution.  This Agreement may be executed and delivered (including by facsimile transmission) in one or more counterparts all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.
Section 31.  Deemed Resignations.  Any termination of Executive’s employment shall constitute an automatic resignation as an officer and director of Luby’s and each subsidiary or Affiliate of Luby’s.

IN WITNESS WHEREOF, the Parties have executed this Agreement effective as of the Effective Date.
	
			
	LUBY’S, INC.
	 
	CHRISTOPHER J. PAPPAS

	By: /s/ Peter Tropoli
Name: Peter Tropoli
Title: Chief Operating Officer
	 
	By: /s/ Christoper J. Pappas

Signature Page to Employment Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00277-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00277-of-00352.parquet"}]]