Offer Letter by and between Carl Mount and Jack in the Box Inc., dated July

July 18, 2024            

Mr. Carl Mount

[ ]

Congratulations! On behalf of Jack in the Box Inc. and its Brands (“Company”), we’re pleased to confirm our offer to you for the position of Senior Vice President, Chief Supply Chain Officer (“CSCO”) of Jack in the Box Inc. (the “Company”) reporting to Darin Harris, CEO. Your anticipated first day of work is Monday, August 26, 2024. This offer is contingent upon completion of a favorable background check and satisfactory completion of the Directors & Officers Questionnaire (“D&O Questionnaire”).

Orientation: You will be contacted to schedule your in-person new hire orientation during your first week at the Jack in the Box Restaurant Support Center (RSC) in San Diego. Please Note: You will need to provide original documents to complete section 2 of the Form I9.

Remote-Based Work Arrangement:
As agreed, you will be based in Arizona and be required and expected to travel to the RSC in San Diego as business needs require. Any and all qualified expenses related to business travel to and from Arizona to San Diego should not exceed $5,000 per month and must be in compliance with the Company’s travel and expense policy. This amount may be subject to change at the discretion of the Company based on the needs of the business and as work demands necessitate.

Base Compensation:
Your annual salary will be $450,000, paid on a bi-weekly basis equal to $17,307.70 per pay period.

Allowance:
You will receive a non-taxable annual technology allowance of $1,170, paid on a bi-weekly basis equal to $45 per pay period. This is intended to assist with the cost of using your personal cell phone, internet, or other device for business purposes.

Annual Incentive (Bonus):
Beginning with the Company’s fiscal year 2025 (which begins September 30, 2024), you will be eligible to participate in the annual Performance Incentive Program for Jack in the Box executive officers with incentive payments based on attainment of Company performance targets for the fiscal year.

The target annual incentive potential for the CSCO position is 60% of base salary, up to a maximum potential of 2x target (120%), payable as a lump sum cash payment. To be eligible to receive payment, you must be employed at the time of payment.

Long-Term Incentive (LTI):
As CSCO, you will be eligible to receive your first annual long-term incentive stock grant, anticipated to be in November or December 2024, equal to an LTI value of $500,000 at grant, with the number of shares determined by reference to the 20-day average closing stock price of Jack in the Box common stock as of the grant date. Grant awards may be made in the form of any combination of the following:

(a) performance share units (PSUs) with vesting contingent on achievement of performance goals over a 3-fiscal year performance period, (b) restricted stock units (RSUs) that vest ratably at one-third per year over three years, and (c) stock options that vest equally over three years with a seven-year term. It is anticipated that the next annual grant award will be 50% PSUs and 50% RSUs. For subsequent annual grants, the LTI value will be equal to $400,000 at grant.

Annual long-term incentive stock grants are typically made in November or December each year and are subject to approval by the Company’s Board of Directors and/or Compensation Committee thereof (the “Board”) and subject to the terms and provisions of the Jack in the Box Inc. 2023 Omnibus Incentive Plan and award agreements.

Stock Ownership Guideline:
You will be subject to a stock ownership requirement equal to 1.5x your annual base salary to be achieved within 5-years from your start date. You will be required to hold fifty-percent of the after-tax net shares resulting from the vesting of PSUs and RSUs until you meet your stock ownership requirement.

You will receive a one-time cash bonus of $200,000, subject to required tax withholding (the “Sign-On New Hire Bonus”), with $100,000 payable within two weeks from your start date, and the remaining $100,000 payable six months from your start date. In the event that prior to the one-year anniversary of your start date with the Company either (i) you resign your employment with the Company for any reason or (ii) the Company terminates your employment for Cause (as defined in the Executive Severance Plan referenced below), in either case, you will be required to repay the full amount of the Sign-On New Hire Bonus to the Company within thirty (30) days of your cessation of employment with the Company.

You will receive a one-time new hire grant of restricted stock units (RSUs) equal to an LTI value of $300,000 at grant, with the number of shares determined by reference to the 20-day average closing stock price of Jack in the Box common stock as of the grant date. The RSUs vest ratably at one-third per year over three years, and fifty-percent of the after-tax net shares resulting from the vesting of such RSUs are subject to a holding requirement until you meet your stock ownership requirement. The grant will be made effective on the second Monday following your start date, subject to the terms and provisions of the Jack in the Box Inc. 2023 Omnibus Incentive Plan and award agreement.

You will be eligible to participate in the Jack in the Box Inc. Severance Plan for Executive Officers, as described in the Company’s Form 8-K filed March 4, 2020.

You will be eligible to enter into the company’s Compensation and Benefits Assurance Agreement for Executives, which will provide for benefits in the event of a CIC for the Senior Vice President level at 1.5x multiple of salary/annual incentive and 18 months COBRA coverage.

401(k) Plan - You will be eligible to participate in the Company’s 401(k) plan (the “Easy$aver Plus Plan”). The 401(k) plan is a tax-qualified savings plan in which you can defer a portion of your pay (salary and annual incentive). The Company will match 100% of your deferrals up to 4% of pay. Deferrals in the 401(k) plan are subject to Internal Revenue Code (IRC) annual limits.

EDCP Plan - You will also be eligible to participate in the Executive Deferred Compensation Plan (EDCP) which is a non-qualified, pre-tax deferred compensation plan that allows for deferrals not subject to IRC limits. This plan is subject to 409A and therefore you will be notified when you may elect to enroll in the EDCP. At the end of each calendar year, you may receive an annual restoration matching contribution if your deferrals to the 401(k) (and related Company matching contributions) are limited due to tax code limits applicable to the 401(k) Plan.

You are eligible to participate in the Jack in the Box health plans which include medical, dental, and vision plans. These plans are contributory on a pre-tax basis and provide several choices of coverage for you and your family. You are eligible to enroll in health benefits upon hire and coverage will begin the first of the month following your hire date.

The Company provides employer-paid term life insurance, and as an officer of the Company, you will receive an enhanced level with a total life insurance value equal to $770,000. You may also elect to participate in other life and disability programs.

As CSCO, you will not accrue vacation time; time off may be taken as needed and with consideration of the needs of the business. You will accrue six days per year of sick time which may be carried over each year to a maximum of 60 days.

Note: All programs described in this offer letter are subject to the terms of provisions of the plans which are subject to change at the absolute discretion of the Company and are not guaranteed in any way. To the extent the terms of any plan or policy differ from what is in this letter, the plan or policy will determine the right and the amount of any benefits.

This offer is contingent upon our receipt of various pre-employment screening elements including, but not limited to: educational record as you have stated on your application and/or resume; background check results; and references. You will be notified once we have successfully completed all components of the pre-employment process.

Jack in the Box Inc. requires as a condition of employment that new employees agree to keep certain business information confidential, and also to submit disputes to binding arbitration. As part of your orientation, you will be required to sign our Confidentiality Agreement and Dispute Resolution Agreement.

You should also know that it is the policy of Jack in the Box Inc. that the employment relationship is one of “at will.” This simply means that either party – you or the Company – may terminate the employment at any time, with or without cause.

Notice of Rights Pursuant to Section 7 of the Defend Trade Secrets Act (DTSA) – Notwithstanding any provisions in this agreement or company policy applicable to the unauthorized use or disclosure of trade secrets, you are hereby notified that, pursuant to Section 7 of the DTSA, you cannot be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law. You also may not be held so liable for such disclosures made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition, individuals who file a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

Reporting to Governmental Agencies – Additionally, nothing in this Agreement prevents me from filing a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state, or local governmental agency or commission (“Government Agencies”). I understand this Agreement does not limit my ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company.

Your signature below will be your acknowledgement that you have read, understood, and agree to the above information, including that you are an “at will” employee. Please sign and return this copy as soon as possible to Steve Piano, SVP, Chief People Officer at [ ].

We look forward to you joining Jack in the Box Inc. as our new CSCO, congratulations!

Sincerely,

Steve Piano

SVP, Chief People Officer

Jack in the Box Inc.

Acknowledged and Accepted by: