Document:

ex_10-1.htm

FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT AND CONSENT

THIS FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT AND CONSENT, dated as of October 23, 2015 (this “Agreement”), is entered into among Ruby Tuesday, Inc., a Georgia corporation (the “Borrower”), the Guarantors, the Lenders party hereto and Bank of America, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”).  All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement (as defined below).

RECITALS

WHEREAS, the Borrower, the Guarantors, the Lenders and the Administrative Agent entered into that certain Revolving Credit Agreement dated as of December 3, 2013 (as amended by that certain First Amendment to Revolving Credit Agreement and Waiver dated as of January 10, 2014, that certain Second Amendment to Revolving Credit Agreement and Waiver dated as of February 7, 2014, that certain Third Amendment to Revolving Credit Agreement dated as of August 5, 2014, that certain Fourth Amendment to Revolving Credit Agreement dated as of June 29, 2015, and as further amended or modified from time to time, the “Credit Agreement”);

WHEREAS, the Borrower has informed the Administrative Agent that the Borrower intends to explore the opportunity to Dispose of certain and specific restaurant locations and related assets and concepts through (a) the sale and/or closure of specific store units identified in Exhibit A attached hereto, and (b) the sale of the royalty streams from the store units identified in Exhibit B attached hereto and up to five (5) additional store units approved by the Administrative Agent (such approval not to be unreasonably withheld, conditioned or delayed) (collectively with the store units identified on Exhibit B attached hereto, the “Store Units”), and specific intellectual property and franchise rights owned by the Borrower and used for the organizing, owning, and funding the establishment and operation of the Store Units (each and all of the potential transactions individually and collectively, the “Specified Disposition”); and

WHEREAS, the Borrower has requested that the Lenders agree to amend the Credit Agreement and provide the consent set forth in Section 2 below, and the Required Lenders are willing to amend the Credit Agreement and provide the consent as set forth below, subject to the terms and conditions set forth below.

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1. Incorporation of Recitals.  The recitals to this Agreement are incorporated fully and made a part of this Agreement.

2. Consent.  Subject to the other terms and conditions of this Agreement, the Lenders hereby consent to the Specified Disposition notwithstanding the requirements set forth in Section 8.5 of the Credit Agreement and agree that no prepayment pursuant to Section 2.10(b)(ii) of the Credit Agreement with any Net Cash Proceeds received in connection with the Specified Disposition shall be required; provided, that, (a) no Default or Event of Default shall have occurred and be continuing before or immediately after giving effect to the Specified Disposition, and (b) the Borrower shall be in compliance on a Pro Forma Basis with the financial covenants contained in Article VII of the Credit Agreement after giving effect to the Specified Disposition.  The above consent and agreement shall not modify or affect the Loan Parties’ obligations to comply fully with the terms of Section 2.10(b)(ii) of the 

 

  

 

Credit Agreement, Section 8.5 of the Credit Agreement or any other duty, term, condition or covenant contained in the Credit Agreement or any other Loan Document in the future.  The consent and agreement set forth in this Section 2 is limited solely to the Specified Disposition, and nothing contained in this Agreement shall be deemed to constitute a waiver of Section 2.10(b)(ii) of the Credit Agreement or Section 8.5 of the Credit Agreement in the future, or any other rights or remedies the Administrative Agent or any Lender may have under the Credit Agreement or any other Loan Documents or under applicable law.

The Lenders hereby confirm and agree that the Administrative Agent is authorized to release any Lien on any Collateral granted to or held by the Administrative Agent under any Loan Document that is sold or otherwise Disposed of in connection with the Specified Disposition.

3. Amendment.  Clause (ii) of the definition of “Adjusted Total Debt” in Section 1.1 of the Credit Agreement is hereby amended to read as follows:

(ii) to the extent not included in clause (i), the present value of all lease obligations arising under operating leases of Borrower and its Subsidiaries as determined in accordance with GAAP (provided, that, notwithstanding anything to the contrary contained herein, such lease obligations shall not include payments conditioned upon the exercise of a renewal option of any rental or operating lease that would be payable by the Borrower or any of its Subsidiaries only to the extent such lease was renewed beyond the completion of the current term of such lease), applying a discount rate of ten percent (10%).

4. Reaffirmation.  Each of the Loan Parties acknowledges and reaffirms (a) that it is bound by all of the terms of the Credit Agreement and the other Loan Documents to which it is a party and (b) that it is responsible for the observance and full performance of all Obligations, including without limitation, the repayment of the Loans and reimbursement of any drawings on a Letter of Credit.  Without limiting the generality of the preceding sentence, each of the Guarantors restates and reaffirms that it guarantees the prompt payment when due of all Obligations, in accordance with, and pursuant to the terms of the Credit Agreement.  Furthermore, the Loan Parties acknowledge and confirm (i) that the Administrative Agent and the Lenders have performed fully all of their respective obligations under the Credit Agreement and the other Loan Documents and (ii) by entering into this Agreement, the Lenders do not waive or release any term or condition of the Credit Agreement or any of the other Loan Documents or any of their rights or remedies under such Loan Documents or applicable law or any of the obligations of the Loan Parties thereunder.

5. Conditions Precedent.  This Agreement shall be effective upon the receipt by the Administrative Agent of counterparts of this Agreement, duly executed by the Borrower, the Guarantors, the Administrative Agent and the Required Lenders.

6.           Miscellaneous.

(a)           The Credit Agreement, and the obligations of the Loan Parties thereunder and under the other Loan Documents, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.

(b)           Each Loan Party hereby represents and warrants as follows:

(i)           Each Loan Party has taken all necessary action to authorize the execution, delivery and performance of this Agreement.

 

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(ii)           This Agreement has been duly executed and delivered by each Loan Party and constitutes the legal, valid and binding obligations of each Loan Party, enforceable in accordance with its terms, except as such enforceability may be subject to (A) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (B) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

(iii)           No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by any Loan Party of this Agreement.

(c)           Each Loan Party represents and warrants to the Lenders that (i) the representations and warranties set forth in Article V of the Credit Agreement and in each other Loan Document are true and correct in all material respects (before and after giving effect to this Agreement) as of the date hereof with the same effect as if made on and as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date and (ii) no event has occurred and is continuing which constitutes a Default or an Event of Default.

(d)           This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of an executed counterpart of this Agreement by telecopy shall be effective as an original and shall constitute a representation that an executed original shall be delivered.

(e)           THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF) OF THE STATE OF GEORGIA.

[remainder of page intentionally left blank]

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Each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

BORROWER:                                                             RUBY TUESDAY, INC.

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Chief Legal Officer and Secretary

GUARANTORS:                                                         RTBD, INC.

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT FINANCE, INC.

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RUBY TUESDAY GC CARDS, INC.

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT TAMPA FRANCHISE, L.P.

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT ORLANDO FRANCHISE, L.P.

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT SOUTH FLORIDA FRANCHISE, L.P.

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT NEW YORK FRANCHISE, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT AND CONSENT

RUBY TUESDAY, INC.

                   RT SOUTHWEST FRANCHISE, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT MICHIANA FRANCHISE, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT FRANCHISE ACQUISITION, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT KENTUCKY RESTAURANT HOLDINGS, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT FLORIDA EQUITY, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RTGC, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT DETROIT FRANCHISE, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT MICHIGAN FRANCHISE, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

 

FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT AND CONSENT

RUBY TUESDAY, INC.

                   RT WEST PALM BEACH FRANCHISE, L.P.

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT NEW ENGLAND FRANCHISE, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT LONG ISLAND FRANCHISE, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RUBY TUESDAY, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT LAS VEGAS FRANCHISE, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT MINNEAPOLIS FRANCHISE, LLC

By      /s/ Rhonda Parish                                                           

Name:           Rhonda Parish

Title:           Vice President and Secretary

RT INDIANAPOLIS FRANCHISE, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT DENVER FRANCHISE, L.P.

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT AND CONSENT

RUBY TUESDAY, INC.

 

RT OMAHA FRANCHISE, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT KCMO FRANCHISE, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT PORTLAND FRANCHISE, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT ST. LOUIS FRANCHISE, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT WESTERN MISSOURI FRANCHISE, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT AIRPORT, INC.

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT LOUISVILLE FRANCHISE, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT MCGHEE-TYSON, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

 

FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT AND CONSENT

RUBY TUESDAY, INC.

RT ONE PERCENT HOLDINGS, INC.

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT ONE PERCENT HOLDINGS, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT MINNEAPOLIS HOLDINGS, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT OMAHA HOLDINGS, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT DENVER, INC.

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT LOUISVILLE, INC.

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT ORLANDO, INC.

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT SOUTH FLORIDA, INC.

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT AND CONSENT

RUBY TUESDAY, INC.

RT TAMPA, INC.

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT WEST PALM BEACH, INC.

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT NEW HAMPSHIRE RESTAURANT HOLDINGS, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT RESTAURANT SERVICES, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RTTA, LP

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT DISTRIBUTING, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT O’TOOLE, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT SMITH, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT AND CONSENT

RUBY TUESDAY, INC.

RT MILLINGTON, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

4721 RT OF PENNSYLVANIA, INC.

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RTTT, LLC

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RTT TEXAS, INC.

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT JONESBORO CLUB

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RUBY TUESDAY OF RUSSELLVILLE, INC.

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RUBY TUESDAY OF CONWAY, INC.

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

RT KCMO KANSAS, INC.

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT AND CONSENT

RUBY TUESDAY, INC.

 

RUBY TUESDAY OF BRYANT, INC.

By      /s/ Rhonda Parish                                                           

Name:         Rhonda Parish

Title:           Vice President and Secretary

FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT AND CONSENT

RUBY TUESDAY, INC.

ADMINISTRATIVE AGENT:                                    BANK OF AMERICA, N.A.,

as Administrative Agent

By      /s/ Erik M. Truette                                                           

Name: Erik M. Truette

Title:   Vice President

FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT AND CONSENT

RUBY TUESDAY, INC.

LENDERS:                                                                   BANK OF AMERICA, N.A.,

as a Lender and an Issuing Bank

By      /s/ Anthony Luppino                                                

Name: Anthony Luppino

Title:    Vice President

FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT AND CONSENT

RUBY TUESDAY, INC.

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a Lender

By       /s/ Darcy McLaren                                                           

Name: Darcy McLaren

Title:   Director

FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT AND CONSENT

RUBY TUESDAY, INC.

REGIONS BANK,

as a Lender

By       /s/ Jay Sim                                                

Name: Jay Sim

Title:  Vice President

FIFTH AMENDMENT TO REVOLVING CREDIT AGREEMENT AND CONSENT

RUBY TUESDAY, INC.

Exhibit A

	
HOUSE CODE

	
NAME

	
ADDRESS

	
CITY

	
STATE

	
ZIP

	
6307

	
Bridge Street Town Centre

	
335 THE BRIDGE ST #127

	
HUNTSVILLE

	
AL

	
35806

	
6310

	
Pentagon Row

	
1101 S JOYCE ST SUITE B#5

	
ARLINGTON

	
VA

	
22202

	
6317

	
Park West Village

	
3305 VILLAGE MARKET PLACE

	
MORRISVILLE

	
NC

	
27560

	
6320

	
Coconut Creek

	
4425 LYONS ROAD SUITE #106

	
COCONUT CREEK

	
FL

	
33073

	
6321

	
Downtown

	
7 WEST FLAGLER STREET

	
MIAMI

	
FL

	
33130

	
6322

	
East Lauderdale

	
1535 N. FEDERAL HIGHWAY

	
FT. LAUDERDALE

	
FL

	
33304

	
6323

	
Midtown

	
3201 N. MIAMI AVE, SUITE 100

	
MIAMI

	
FL

	
33127

	
6324

	
North Miami Beach

	
14831 BISCAYNE BLVD.

	
NORTH MIAMI BEACH

	
FL

	
33181

	
6325

	
Phillips Crossings

	
8031 TURKEY LAKE ROAD, SUITE 100

	
ORLANDO

	
FL

	
32819

	
6326

	
Winter Park Village

	
510 N. ORLANDO AVE, SUITE 100

	
WINTER PARK

	
FL

	
32789

	
6330

	
CHAPEL HILL

	
140 W FRANKLIN STREET

	
CHAPEL HILL

	
NC

	
27516

	
6331

	
Brier Creek

	
8521 BRIER CREEK PKY #101

	
RALEIGH

	
NC

	
27617

	
6332

	
U Square at The Loop

	
237 CALHOUN ST.

	
CINCINNATI

	
OH

	
45219

	
6334

	
Rookwood Exchange

	
3831 EDWARDS RD, SUITE 100

	
NORWOOD

	
OH

	
45209

	
6339

	
The Corner

	
1824 N. WESTSHORE BLVD.

	
TAMPA

	
FL

	
33607

	
6347

	
Seventh Street

	
726 7TH STREET NW

	
WASHINGTON

	
DC

	
20001

	
6354

	
Tyrone Mall

	
2468 TYRONE BLVD N

	
ST. PETERSBURG

	
FL

	
33710

	
6358

	
Daytona Beach

	
1802 W INTERNATIONAL SPEEDWAY BLVD

	
DAYTONA BEACH

	
FL

	
32114

	
6360

	
Colonial Town Park

	
1130 TOWNPARK AVE. STE 1122

	
LAKE MARY

	
FL

	
32746

 

  

Exhibit B

	
HOUSE CODE

	
ADDRESS

	
CITY

	
STATE

	
ZIP

	
6411

	
801 SOUTH UNIVERSITY DRIVE

	
PLANTATION

	
FL

	
33324

	
6412

	
601 SW 145TH TERRACE

	
PEMBROKE PINES

	
FL

	
33027

	
6413

	
9005 SW 72ND PLACE

	
MIAMI

	
FL

	
33156

	
6414

	
12516 SW 88TH STREET

	
MIAMI

	
FL

	
33186

	
6416

	
8484 NW 36TH STREET

	
DORAL

	
FL

	
33166

	
6418

	
20642 STATE ROAD 7 UNIT 1

	
BOCA RATON

	
FL

	
33498

	
6415

	
233 HOUSTON STREET

	
COLLEGE STATION

	
TX

	
77843

	
6417

	
1306 STANFORD DRIVE

	
CORAL GABLES

	
FL

	
33124ex_10-2.htm

FIFTH AMENDMENT TO THE

RUBY TUESDAY, INC.

EXECUTIVE SUPPLEMENTAL PENSION PLAN

This Fifth Amendment is made this 14th day of December, 2015, by Ruby Tuesday, Inc. (the “Company”), a corporation duly organized and existing under the laws of the State of Georgia.

 

WHEREAS, the Company maintains the Ruby Tuesday, Inc. Executive Supplemental Pension Plan (the “Plan”), as most recently amended and restated by indenture effective as of January 1, 2007, and as amended by the First through Fourth Amendments thereto.

 

WHEREAS, the Company now wishes to amend the Plan primarily to freeze the accrual of additional benefits under the Plan for all existing participants and to generally prohibit the addition of new participants.

 

NOW, THEREFORE, the Company does hereby amend the Plan, pursuant to Section 12.1 thereof, effective as of the close of business on January 1, 2016, as follows:

 

1.           By adding a new final sentence to Section 2(a), as follows:

 

“Notwithstanding any other provision of this Section 2(a), the Accrued Benefit of a Participant shall be frozen as of the Freeze Date.”

 

2.           By deleting existing Section 2(i)(d) and substituting therefor the following:

 

“(d)       Notwithstanding any other provision of this Section 2(i), no period of employment, or absence from employment, after the close of business on the Freeze Date shall constitute Continuous Service under the Plan for purposes of determining the amount of a Participant’s Accrued Benefit payable at Normal Retirement Date under Section 4.”

3.           By adding a new final sentence to Section 2(m), as follows:

 

“Notwithstanding any other provision of this Section 2(m), no Eligible Employee who is not a Participant on the Freeze Date shall thereafter become a Participant and no inactive Participant shall become an active Participant.”

 

4.           By adding a new final sentence to Section 2(o), as follows:

 

“Notwithstanding any other provision of this Section 2(o), no Annual Base Salary for any Plan Year paid after the Freeze Date, shall be taken into consideration in determining Final Base Salary and no Plan Year shall be included in determining Final Base Salary for Plan Years commencing after the Plan Year containing the Freeze Date.  Annual Base Salary for the Plan Year containing the Freeze Date shall be annualized to the extent Annual Base Salary for such Plan Year is otherwise to be taken into account in determining Final Base Salary.”

  

 

5.           By adding new Section 2(o-1), as follows:

 

“(o-1)    ‘Freeze Date’ means (i) with respect to Employees, Eligible Employees and Participants, other than Rebecca Montagne and Keith Slater, January 1, 2016; (ii) with respect to Rebecca Montagne and Keith Slater, January 1, 2018.”

 

6.           By adding a new final sentence to Section 2(q), as follows:

 

“Notwithstanding any other provision of this Section 2(q), no Eligible Employee who is not a Participant on the Freeze Date shall thereafter become a Participant or Subsection (c) Participant.”

 

7.           By adding a new final sentence to Section 2(aa), as follows:

 

“(aa)       Notwithstanding any other provision of this Section 2(aa), no period of employment, or absence from employment, after the close of business on the Freeze Date shall constitute Hours of Service for purposes of determining Years of Service.”

 

8.           By deleting the final sentence of Section 3.3.

 

9.           By deleting the existing Section 3.4 and substituting therefor the following:

 

“3.4         No New Participants. Notwithstanding any other provision of this Section 3, any person who failed to become a Participant in the Plan on or prior to the Freeze Date shall not become a Participant at any time thereafter.  No Retired Participant or other former Employee who is reemployed after the Freeze Date shall earn any increase to any Accrued Benefit attributable to that individual’s prior period of reemployment.  No inactive Participant, within the meaning of Section 3.3, shall become eligible to resume active participation in the Plan after the Freeze Date.”

10.           By adding a new final paragraph to Section 4, as follows:

 

“Notwithstanding anything to the contrary contained in the Plan, a Participant’s Accrued Benefit shall be determined on the basis of Final Base Salary and otherwise includible Continuous Service through the earlier of:  (a) the Freeze Date, or (b) any earlier Separation from Service.”

 

11.           By deleting Section 5.1 in its entirety and substituting therefor the following:

 

“5.1        Normal Retirement.  A Participant who remains in Continuous Service, determined without regard to Subsection (d) of Section 2(i), until his Normal Retirement Date shall be entitled to the payment of his Accrued Benefit upon his Separation from Service at or any time after his Normal Retirement Date.”

 

12.           By deleting the last sentence of Section 5.4.

 

  

 2

 

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

 

IN WITNESS WHEREOF, the Company has caused this Fifth Amendment to be executed as of the day and year first above written.

 

 

 
	                 RUBY TUESDAY, INC.                    
	 
	 
	By:          	 /s/ Jill Golder
	Name:      	 Jill Golder   
	Title:       	 Executive Vice President,
	 	 Chief Financial Officer, Treasurer,
	 	 & Assistant Secretary

 

 

 

Attest:    /s/ Rhonda Parish                                                      

By:         Rhonda Parish                                                                

Title:      Chief Legal Officer & Secretary                                                                

 

3

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