First Amendment to Ruby Tuesday, Inc. Change in Control Severance Plan (April 4, 2017)
This amendment, effective April 4, 2017, updates the Ruby Tuesday, Inc. Change in Control Severance Plan by revising Appendix A to specify the severance multiples for certain executive positions. Under the amended plan, key executives such as the CEO, CFO, and others are eligible for severance payments equal to two times their compensation, while Vice Presidents are eligible for one times their compensation. All other terms of the original plan remain unchanged and in effect.
FIRST AMENDMENT TO THE RUBY TUESDAY, INC.
CHANGE IN CONTROL SEVERANCE PLAN
Pursuant to Section 8.20 of the Ruby Tuesday, Inc. Change in Control Severance Plan (the “CIC Severance Plan”) the Board of Directors of Ruby Tuesday, Inc. has determined to amend the CIC Severance Plan as described in the provision below. Accordingly, effective as of April 4, 2017, the CIC Severance Plan shall be, and hereby is, amended, as follows:
| 1. | Appendix A of the CIC Severance Plan is hereby amended to read as follows: |
“Appendix A – Covered Executives and Applicable Severance Multiples
| Executive Name
| Title | Severance Multiple |
| Chief Executive Officer
| 2x | |
| Chief Legal Officer
| 2x | |
| Chief Financial Officer
| 2x | |
| President, Ruby Tuesday Concept
| 2x | |
| Chief Development Officer
| 2x | |
| Chief Marketing Officer
| 2x | |
| Chief People Officer
| 2x | |
| Vice President
| 1x |
”
RATIFICATION AS AMENDED. Except as amended by this Amendment, the terms and conditions of the CIC Severance Plan are confirmed, approved and ratified, and the CIC Severance Plan, as amended by this Amendment, shall continue in full force and effect. Any reference to the “CIC Severance Plan” shall mean the CIC Severance Plan as amended by this Amendment.
