SEC Contract Filing

Filing Date: 2020-04-28

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>wtrh-ex101_7.htm
<DESCRIPTION>EX-10.1
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p>
<p style="text-align:right;margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.1</p>
<p style="text-align:center;margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">PERFORMANCE BONUS AGREEMENT</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.94%;font-size:12pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This Performance Bonus Agreement (this &#8220;<font style="text-decoration:underline;">Agreement</font>&#8221;) is entered into effective as of April 23, 2020 (the &#8220;<font style="text-decoration:underline;">Effective Date</font>&#8221;), by and among Waitr Holdings Inc., a Delaware corporation (the &#8220;<font style="text-decoration:underline;">Company</font>&#8221;), and Carl A. Grimstad (&#8220;<font style="text-decoration:underline;">Executive</font>&#8221;).</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.94%;font-size:12pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Company employs Executive as its Chief Executive Officer pursuant to an Employment Agreement, dated as of January 3, 2020, by and between the Company and Executive (the &#8220;<font style="text-decoration:underline;">Employment Agreement</font>&#8221;); and</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.94%;font-size:12pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Company and Executive desire to enter into this Agreement pursuant to which Executive is eligible to earn certain incentive compensation based on the attainment of certain performance goals in accordance with the terms and conditions set forth in this Agreement.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.94%;font-size:12pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties, and agreements contained herein, and for other valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Performance Bonus Opportunity</font>. Subject to Section 2 below, upon the occurrence of a Corporate Change (as defined in the Employment Agreement) in which the holders of the Company&#8217;s common stock receive per share consideration that is equal to or greater than $2.00, subject to adjustment in accordance with Section 5 of the Waitr Holdings Inc. 2018 Omnibus Incentive Plan, the Company shall pay to Executive an amount equal to $5 million (the &#8220;<font style="text-decoration:underline;">Performance Bonus</font>&#8221;). Notwithstanding anything to the contrary herein, the Performance Bonus, if any, shall only be paid to Executive upon the first Corporate Change to occur following the Effective Date and any subsequent transaction shall not confer upon Executive any rights hereunder.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-size:12pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Vesting/Termination</font>. In order to receive the Performance Bonus, Executive must remain continuously employed with the Company through the date of a Corporate Change; provided, however, that in the event Executive terminates the Employment Agreement for Good Reason (as defined in the Employment Agreement) or the Company terminates the Employment Agreement other than for Misconduct (as defined in the Employment Agreement), Executive will be entitled to receive the Performance Bonus provided the Corporate Change (as a result of which Executive becomes entitled to receive the Performance Bonus) occurs on or before January 3, 2022. Notwithstanding anything to the contrary herein, this Agreement shall terminate automatically upon the earliest to occur of the following: (i) the date on which the Performance Bonus has been paid in full to Executive following the occurrence of a Corporate Change, as a resu