Document:

exv10w6

Exhibit 10.6

January 22, 2009

Rubio’s Restaurants, Inc.

c/o Mr. Owen Hart

Cowen and Company, LLC

555 California Street, Fifth Floor

San Francisco, CA 94104

owen.hart@cowen.com

Dear Owen:

We are pleased to submit this preliminary indication of interest to acquire 100% of the outstanding
capital stock of Rubio’s Restaurants, Inc. (“Rubio’s” or the “Company”) for cash consideration of
$8.50 per share (the “Purchase Price”). The transaction described in this preliminary indication
of interest would be consummated by a group consisting of Alex Meruelo and certain of his
affiliates (the “Meruelo Parties”) and Levine Leichtman Capital Partners, Inc., or an affiliate
thereof (“LLCP” and, together with the Meruelo Parties, the “Investors”). This preliminary
indication of interest is based on the assumption that immediately prior to the closing of the
transaction (i) there will be 10,035,077 shares of common stock of the Company outstanding and the
Company will not have issued any additional stock options, restricted stock units or similar awards
since the date of this letter, (ii) the Company will be debt free, (iii) there will be
approximately $7.4 million of cash on the Company’s balance sheet, and (iv) the Company will have
adequate working capital to operate the business going forward in the ordinary course.

The Investors (together with cash available at Rubio’s at closing) will provide all of the capital
required to fund and close this transaction. There will be no third party financing required to
consummate this investment and no “financing contingency.” Furthermore, there are no consents
required internally for either LLCP or the Meruelo Parties to fund the transaction. We are highly
confident that we can quickly close on the terms set forth herein.

Immediately following the execution of a letter of exclusivity with Rubio’s, we will commence our
confirmatory business and legal due diligence investigation of the Company and all of its
subsidiaries and affiliates. We believe that within 45 to 60 days from the signing of a letter of
exclusivity, we will be able to complete our confirmatory due diligence and negotiate the
definitive documentation required to close the transaction.

The Meruelo Parties currently own approximately 11.6% of Rubio’s common stock and represent the
Company’s largest non-institutional shareholder. Alex Meruelo is the principal shareholder,
Chairman and CEO of the Meruelo Group, a minority owned and operated holding company with vested
interests in food services, construction and engineering, real estate and private equity. In 1986,
Alex established La Pizza Loca, a quick service restaurant catering to the Hispanic community,
expanding it to more than 50 franchised and company owned stores.

 

 

Real estate development soon followed and the Meruelo Group now has a diversified portfolio of
commercial/retail residential and industrial properties. In 1999, Alex purchased the first of four
construction companies and the Meruelo Group now has a presence throughout Southern California.
Alex is a founding shareholder and director of Commercial Bank of California, and sits on the board
of William Lyon Homes and ExaDigm, Inc.

Levine Leichtman Capital Partners is a Los Angeles, California-based investment firm that manages
approximately $5.0 billion of institutional investment capital through private equity partnerships
and leveraged loan funds. LLCP is currently making new investments through Levine Leichtman Capital
Partners IV, L.P. Successful investments in the restaurant industry include Quizno’s Corporation,
Cici’s Pizza and Wetzel’s Pretzels.

While a high level of interest exists in consummating the transaction described above, this letter
is not a commitment, a contract, or an offer to enter into a contract and should not be deemed to
obligate LLCP or the Meruelo Parties in any manner whatsoever. This preliminary indication of
interest should not be relied upon for any reason whatsoever.

This preliminary indication of interest supersedes the proposal letter delivered to the Company’s
Board of Directors by the Investors on October 13, 2009, in its entirety.

We look forward to having the opportunity to work with you and the Rubio’s team on this
transaction.

Sincerely,

	 	 	 	 	 	 	 
	/s/ Alex Meruelo
 

Alex Meruelo

	 	 	 	/s/ Lauren Leichtman
 

Lauren Leichtman
	 	 
	Chairman and Chief Executive Officer

	 	 	 	Chief Executive Officer	 	 
	Meruelo Group

	 	 	 	Levine Leichtman Capital Partnersexv10w1

Exhibit 10.1

AIRCRAFT TIME SHARING AGREEMENT

     THIS AIRCRAFT TIME SHARING AGREEMENT (“Agreement”) is made and entered into this 20th day of
January, 2010, by and between AMERICAN INTERNATIONAL GROUP, INC., a corporation organized and
existing under the laws of the State of Delaware (“Timesharor”), and ROBERT H. BENMOSCHE, a
individual (“Timesharee”) who together are sometimes also referred to herein individually as a
“Party” or collectively as the “Parties.”

WITNESSETH:

     WHEREAS, Timesharor is the owner and operator of the aircraft set forth on Annex A attached
hereto (individually, and collectively, the “Aircraft”); and

     WHEREAS, Timesharee desires use of the Aircraft; and

     WHEREAS, Timesharor desires to make the Aircraft available to Timesharee on a time sharing
basis in accordance with Section 91.501 of the Federal Aviation Regulations (“FARs”).

     NOW, THEREFORE, in consideration of the mutual covenants herein set forth, the Parties agree
as follows:

     1. Provision of Aircraft. Timesharor agrees to provide the Aircraft to Timesharee on
a time sharing basis in accordance with the provisions of Sections 91.501(b)(6), 91.501(c)(1) and
91.501(d) of the FARs and under the terms and conditions of this Agreement for the period
commencing upon execution of this Agreement and continuing until terminated.

     2. Reimbursement of Expenses. For each flight, including positioning,
de-positioning, or intervening ferry flights, conducted under this Agreement, Timesharee shall pay
Timesharor an amount (as determined by the Timesharor) equal to the sum of the expenses of
operating such flight to the extent permitted by FAR 91.501(d), i.e. an amount not to exceed the
sum of the expenses set forth in subparagraphs (a)-(j) below for each such flight:

	 	(a)	 	fuel, oil, lubricants and other additives;
	 
	 	(b)	 	travel expenses of the crew, including food, lodging and ground
transportation;
	 
	 	(c)	 	hangar and tie-down costs away from the Aircraft’s base of operation;
	 
	 	(d)	 	insurance obtained for the specific flight;
	 
	 	(e)	 	landing fees, airport taxes and similar assessments;
	 
	 	(f)	 	customs, foreign permit and similar fees directly related to the flight;
	 
	 	(g)	 	in-flight food and beverages;
	 
	 	(h)	 	passenger ground transportation;
	 
	 	(i)	 	flight planning and weather contract services; and
	 
	 	(j)	 	an additional charge equal to one hundred percent (100%) of the expenses
listed in subparagraph (a) above.

     3. Invoicing and Payment. All payments to be made to Timesharor by Timesharee
hereunder shall be paid in the manner set forth in this Paragraph 3. Timesharor will pay to
suppliers, employees, contractors and governmental entities all expenses related to the operation
of the Aircraft hereunder in the

 

 

ordinary course. As to each flight operated hereunder, Timesharor shall provide to Timesharee
an invoice for the charges specified in Paragraph 2 of this Agreement (plus domestic or
international air transportation excise taxes, as applicable, imposed by the Internal Revenue Code
or state law). Timesharor shall be entitled to retain any fuel tax refunds for taxes previously
paid by Timesharor that may be refunded after payment of any taxes imposed on the transportation
provided hereunder. Timesharee shall pay Timesharor the full amount of such invoice within thirty
(30) days of the date of the invoice. In the event Timesharor has not received supplier invoices
for reimbursable charges relating to such flight prior to such invoicing, Timesharor shall issue
supplemental invoice(s) for such charge(s) to Timesharee, and Timesharee shall pay such charge(s)
within thirty (30) days of the date of each supplemental invoice.

     4. Flight Requests.

     (a) Timesharee will provide Timesharor with flight requests and proposed flight schedules as
far in advance as possible, and in any case at least twenty-four (24) hours in advance of
Timesharee’s desired departure. Flight requests shall be in a form, whether oral or written,
mutually convenient to and agreed upon by the Parties. In addition to proposed schedules and
departure times, Timesharee shall provide at least the following information for each proposed
flight reasonably in advance of the desired departure time as required by Timesharor or its flight
crew:

	 	(i)	 	departure point;
	 
	 	(ii)	 	destination;
	 
	 	(iii)	 	date and time of flight;
	 
	 	(iv)	 	number and identity of anticipated passengers;
	 
	 	(v)	 	nature and extent of luggage and/or cargo to be carried;
	 
	 	(vi)	 	date and time of return flight, if any; and
	 
	 	(vii)	 	any other information concerning the proposed flight that may be
pertinent to or required by Timesharor or its flight crew.

     (b) If Timesharee shall cancel any flight previously scheduled with Timesharor on less than
twenty-four (24) hours notice, Timesharor may invoice Timesharee, and Timesharee shall pay in
accordance with Paragraph 3, any expenses incurred by Timesharor in preparing for such flight in
performing any ferry or positioning flights.

     5. Aircraft Scheduling. Timesharor shall have final authority over all scheduling of
the Aircraft; provided, however, that Timesharor will use reasonable efforts to accommodate
Timesharee’s requests. In no event shall Timesharor be required to cancel a previously scheduled
flight to accommodate Timesharee.

     6. Operational Authority and Control. Timesharor shall be responsible for the
physical and technical operation of the Aircraft and the safe performance of all flights, and shall
retain full authority and control including exclusive operational control and possession of the
Aircraft at all times during the term of this Agreement. The pilot-in-command shall have absolute
discretion in all matters concerning the preparation of the Aircraft for flight and the flight
itself, the load carried and its distribution, the decision whether or not a flight shall be
undertaken, the route to be flown, the place
where landings shall be made, and all other matters relating to operation of the Aircraft.
Timesharee specifically agrees that the flight crew shall have final and complete authority to
delay or cancel any flight for any reason or condition that

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in the sole judgment of the
pilot-in-command could compromise the safety of the flight, and to take any other action, which in
the sole judgment of the pilot-in-command, is necessitated by considerations of safety. No such
action of the pilot-in-command shall create or support any liability to Timesharee or any other
person for loss, injury, damage or delay. The Parties further agree that Timesharor shall not be
liable for delay or failure to furnish the Aircraft and crew pursuant to this Agreement when such
failure is caused by government regulation or authority, mechanical difficulty or breakdown, war,
civil commotion, strikes or labor disputes, weather conditions, acts of God, or other circumstances
beyond Timesharor’s reasonable control.

     7. Insurance and Liability.

     (a) Timesharor will maintain or cause to be maintained in full force and effect throughout
the term of this Agreement aircraft hull and liability insurance in respect of the Aircraft with
insurers of recognized responsibility in amounts no less than those listed in Annex B attached
hereto. Timesharor may terminate this Agreement immediately upon notice to Timesharee if such
insurance shall be cancelled or otherwise no longer available to Timesharor. Timesharor will use
reasonable efforts to procure such additional insurance coverage as Timesharee may reasonable
request naming Timesharee as an additional insured; provided that the additional premium for such
insurance is invoiced on a flight-by-flight basis and paid for by Timesharee.

     (b) Timesharee and Timesharor expressly agree that the insurance provided for herein shall
provide the sole remedy for loss or damage incurred by either Party hereto.

     (c) NOTWITHSTANDING ANY PROVISION OF THIS AGREEMENT TO THE CONTRARY NEITHER PARTY SHALL BE
LIABLE TO THE OTHER FOR SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO,
LOSS OF USE, REVENUE OR PROFIT, BUSINESS OPPORTUNITIES AND THE LIKE, EVEN IF THE PARTIES WERE
ADVISED, KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES.

     8. Tax Indemnity; FET. Timesharee agrees to pay when due and assume liability for,
and indemnify and hold harmless Timesharor concerning all claims of any kind whatsoever asserted by
any person in the nature of, taxes, which are incurred by Timesharee (or his guests) through his
(or their) use of the Aircraft under this Agreement. Timesharor agrees to invoice, collect and
remit for the benefit of Timesharee any Federal excise taxes imposed under IRC Section 4261
resulting from Timesharee’s (or his guests’) use of the Aircraft under this Agreement; provided,
however, that such agreement shall in no way relieve Timesharee of his duty to indemnify Timesharor
for any and all taxes as described in the immediately preceding sentence.

     9. Warranties. Timesharee warrants that:

     (a) Timesharee will use the Aircraft under this Agreement for and only for his own account,
including the carriage of its guests, and will not use the Aircraft for the purpose of providing
transportation of passengers or cargo for compensation or hire;

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     (b) Timesharee will not permit any lien, security interest or other charge or encumbrance to
attach against the Aircraft as a result of his actions or inactions, and shall not convey,
mortgage, assign, lease or in any way alienate the Aircraft or Timesharor’s rights hereunder; and

     (c) During the term of this Agreement, Timesharee will abide by and conform to all such laws,
governmental and airport orders, rules, and regulations as shall from time to time be in effect
relating in any way to the operation or use of the Aircraft under a time sharing arrangement.

     10. Notices and Communications. All notices and other communications under this
Agreement shall be in writing and shall be given (and shall be deemed to have been duly given upon
receipt or refusal to accept receipt) by personal delivery, by telecopy (with a simultaneous
confirmation copy sent by first class mail properly addressed and postage prepaid), or by a
reputable overnight courier service, addressed as follows:

	 	 	 
	If to Timesharor:

	 	If to Timesharee:
	 
	 	 
	American International Group, Inc.

	 	Robert H. Benmosche
	107 Lindbergh Drive

	 	c/o American International Group, Inc.
	Teterboro, New Jersey 07608

	 	70 Pine Street
	Attention: AIG Director of Flight Operations

	 	New York New York 10270
	 
	 	 
	Telephone: (201) 288-3432

	 	Telephone: (212) 770-3020
	Telecopy: (201) 288-8201

	 	Telecopy: (212) 344-8526

or to such other person or address as either Party may from time to time designate in writing to
the other Party.

     11. Further Acts. Timesharor and Timesharee shall from time to time perform such
other and further acts and execute such other and further instruments as may be required by law or
may be reasonably necessary (i) to carry out the intent and purpose of this Agreement, and (ii) to
establish, maintain and protect the respective rights and remedies of the other Party.

     12. Successors and Assigns. Neither this Agreement nor any Party’s interest herein
shall be assignable to any other party. This Agreement shall inure to the benefit of and be
binding upon the Parties hereto, their heirs, representatives and successors.

     13. Termination. Either Party may terminate this Agreement for any reason upon
written notice to the other, such termination to become effective thirty (30) days from the date of
the notice; provided, that this Agreement may be terminated as a result of a breach by either Party
of its obligations under this Agreement on ten (10) days’ written notice by the non-breaching Party
to the breaching Party; and provided further, that this Agreement may be terminated on such shorter
notice as
may be required to comply with applicable laws, regulations, or insurance requirements. This
Agreement will terminate automatically upon Timesharor’s sale of the Aircraft.

     14. Governing Law. This Agreement shall be construed under and the legal relations
between the Parties shall be governed by the laws of the State of New York.

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     15. Severability. If any provision of this Agreement is held to be illegal, invalid
or unenforceable, the legality, validity and enforceability of the remaining provisions shall not
be affected or impaired.

     16. Amendment or Modification. This Agreement constitutes the entire agreement
between the Parties with respect to the subject matter hereof and is not intended to confer upon
any person or entity any rights or remedies hereunder which are not expressly granted herein. This
Agreement may be amended or modified only in writing duly executed by the Parties hereto.

     17. TRUTH IN LEASING STATEMENT PURSUANT TO SECTION 91.23 OF THE FEDERAL AVIATION
REGULATIONS:

     (a) THE AIRCRAFT HAS BEEN INSPECTED AND MAINTAINED WITHIN THE 12-MONTH PERIOD PRECEDING THE
DATE OF THIS AGREEMENT IN ACCORDANCE WITH THE PROVISIONS OF FEDERAL AVIATION REGULATIONS PART 91
AND TIMESHAROR CERTIFIES THAT ALL APPLICABLE REQUIREMENTS FOR THE AIRCRAFT’S MAINTENANCE AND
INSPECTION UNDER PART 91 OF THE FEDERAL AVIATION REGULATIONS HAVE BEEN MET AND ARE VALID FOR THE
OPERATIONS TO BE CONDUCTED UNDER THIS AGREEMENT.

     (b) TIMESHAROR AGREES, CERTIFIES AND ACKNOWLEDGES THAT WHENEVER THE AIRCRAFT ARE OPERATED
UNDER THIS AGREEMENT, TIMESHAROR SHALL BE KNOWN AS, CONSIDERED AND SHALL IN FACT BE THE OPERATOR OF
THE AIRCRAFT AND THAT TIMESHAROR UNDERSTANDS ITS RESPONSIBILITIES FOR COMPLIANCE WITH APPLICABLE
FEDERAL AVIATION REGULATIONS.

     (c) THE PARTIES UNDERSTAND THAT AN EXPLANATION OF FACTORS AND PERTINENT FEDERAL AVIATION
REGULATIONS BEARING ON OPERATIONAL CONTROL CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS
DISTRICT OFFICE. TIMESHAROR FURTHER CERTIFIES THAT IT WILL SEND, OR CAUSE TO BE SENT, A TRUE COPY
OF THIS AGREEMENT TO: FEDERAL AVIATION ADMINISTRATION, AIRCRAFT REGISTRATION BRANCH, ATTN.
TECHNICAL SECTION, P.O. BOX 25724, OKLAHOMA CITY, OKLAHOMA 73125, WITHIN 24 HOURS AFTER ITS
EXECUTION, AS REQUIRED BY SECTION 91.23(c)(1) OF THE FEDERAL AVIATION REGULATIONS.

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     IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed on the
date first above written. The persons signing below warrant their authority to sign.

	 	 	 	 	 	 	 	 	 	 	 
	TIMESHAROR	 	 	 	TIMESHAREE	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 

Name:
	 	 	 	

	 	 

Name: Robert H. Benmosche
	 	 
	 

	 	Title:	 	 	 	 	 	 	 	 

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Annex A

Description of Aircraft

	 	 	 	 	 	 	 
	Type of Aircraft	 	US Registration Number	 	Manufacturer’s Serial Number
	1. Bombardier Global
Express

	 	N70PS
	 	 	9012	 
	2. Bombardier GEX 5000

	 	N720WS
	 	 	9176	 
	3. Dassault Falcon 2000 Ex

	 	N72PS
	 	 	116	 
	4. Citation Excel

	 	N175WS	 	 	5327	 
	5. Bell/Agusta AB139

	 	N71PS
	 	 	31021	 

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Annex B

Insurance Limits

No less than (i) Three Hundred Million Dollars ($300,000,000) aircraft liability for bodily injury
to or death of persons (including passengers) and property damage and (ii) One Million Dollars
($1,000,000) per passenger, including crew, passenger voluntary settlement or seat accident, and
aircraft hull insurance.

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