SEC Contract Filing

Filing Date: 2024-04-30

Document Content:
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<DIV><FONT size="1" style="font-size:1pt;color:white"> 2024 Long-Term Incentive Program Denny&#8217;s Corporation Restricted Stock Unit 203 East Main Street Award Certificate Spartanburg, SC 29319 &laquo;Name&raquo; (&#8220;Grantee&#8221;), Denny&#8217;s Corporation (the &#8220;Company&#8221;) has granted to you (&#8220;Grantee&#8221;) a restricted stock unit award (the &#8220;Award&#8221;) denominated in a number of restricted stock units (the &#8220;Restricted Stock Units&#8221;). The terms and conditions relating to the Restricted Stock Units are set forth in this Award Certificate. The Restricted Stock Units are rights that entitle you to earn shares of the Company&#8217;s $0.01 par value common stock (&#8220;Shares&#8221;), on a one-for-one basis. The Award is granted under the Denny&#8217;s Corporation 2021 Omnibus Incentive Plan (the &#8220;Plan&#8221;). By accepting the Award, you shall be deemed to have agreed to the terms and conditions set forth in this Award Certificate. The Restricted Stock Units will vest (become non-forfeitable) in three (3) equal installments on the last day of the Company&#8217;s 2024, 2025, and 2026 fiscal years, subject in each case to your continued employment with the Company through such date, unless vesting is accelerated under Section 2 or Section 3 of the attached Terms and Conditions in the event of certain employment terminations or a change in control. The number of Restricted Stock Units covered by your Award will be determined as follows: &#61623; Target Value of Restricted Stock Units (&#8220;Target Value&#8221;) = $_____ &#61623; Number of Restricted Stock Units = Target Value/$[xx.xx]1 or ____ Restricted Stock Units2 This Award is governed by the terms of the Plan, and subject to the Terms and Conditions on the following page. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Plan. Grant Date: _______________ [Officer Name] [Officer Title] Denny&#8217;s Corporation 1The average closing market price per Share for the last 20 trading days of the Company&#8217;s 2023 fiscal year. 2Rounded up to the nearest whole share. </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> TERMS AND CONDITIONS 1. Vesting and Forfeiture of Award. The Award will vest and become non-forfeitable in three (3) equal installments on the last day of the Company&#8217;s 2024, 2025 and 2026 fiscal years (each a &#8220;Regular Vesting Date&#8221;) subject in each case to Grantee&#8217;s continued employment. Only a whole number of Restricted Stock Units will become vested as of any given Regular Vesting Date. If the number of Restricted Stock Units determined as of a Regular Vesting Date is a fractional number, the number vesting will be rounded down to the nearest whole number with any fractional portion carried forward. The Award shall vest, in full or in part, on an accelerated basis under certain circumstances as provided in Section 2 and Section 3 below. Notwithstanding anything contained herein to the contrary, if Grantee&#8217;s employment with the Company terminates for any reason other than as set forth in paragraph (a) or (b) of Section 2 below, Grantee shall forfeit all of Grantee&#8217;s right, title and interest in and to any unvested Restricted Stock Units as of the date of termination of employment. In addition, if Grantee&#8217;s employment is terminated by the Company for Cause, Grantee shall also forfeit any vested Restricted Stock Units that have not yet been converted to Shares. 2. Accelerated Vesting Under Certain Employment Terminations. The Award shall be subject to accelerated vesting in connection with a termination of employment under certain circumstances, as set forth below. (a) Death or Disability. Upon Grantee&#8217;s termination of employment with the Company due to death or Disability, a pro rata portion of the Restricted Stock Units, to the extent then outstanding and not previously vested, will vest and become non- forfeitable. The pro rata portion shall be determined by multiplying one third (1/3) of the number of Restricted Stock Units covered by Grantee&#8217;s Award by a fraction, (i) the numerator of which is the number of days that Grantee was employed during the Company&#8217;s fiscal year in which the employment termination date occurs, and (ii) the denominator of which is the total number of days in that fiscal year, rounded up to the next whole Restricted Stock Unit (as so determined, the &#8220;Pro Rata Amount&#8221;). (b) Retirement. Upon Grantee&#8217;s termination of employment with the Company due to Retirement (as defined below), the Pro Rata Amount (as defined in Section 2(a) above) of the Restricted Stock Units will vest and become non-forfeitable, provided Grantee does not engage in any Restricted Activities with a Competitor (each as defined below) prior to the next Regular Vesting Date (to the extent such restrictions are permissible under applicable law). For purposes of this Award Certificate: &#8220;Competitor&#8221; means all breakfast and family dining restaurants, including without limitation, [LIST OF NAMED COMPETITORS]. &#8220;Restricted Activities&#8221; means with respect to a Competitor, accepting employment, serving on a board of directors or otherwise bein