First Amendment to Ruby Tuesday, Inc. Executive Severance Plan (April 4, 2017)

Summary

This amendment, effective April 4, 2017, updates the Ruby Tuesday, Inc. Executive Severance Plan by revising Appendix A to specify the severance pay multiples for certain executive positions, including the CEO, CFO, and other key officers. The amendment confirms that all other terms of the original Severance Plan remain unchanged and in effect. The Board of Directors approved this change, which clarifies the severance benefits for covered executives if their employment ends under qualifying circumstances.

EX-10.4 5 ex10-4.htm AMENDMENT TO THE RUBY TUESDAY, INC. EXECUTIVE SEVERANCE PLAN, DATED APRIL 4, 2017 ex10-4.htm

FIRST AMENDMENT TO
THE RUBY TUESDAY, INC. EXECUTIVE SEVERANCE PLAN

Pursuant to Section 8.3 of the Ruby Tuesday, Inc. Executive Severance Plan (the “Severance Plan”) the Board of Directors of Ruby Tuesday, Inc. has determined to amend the Severance Plan as described in the provision below. Accordingly, effective as of April 4, 2017, the Severance Plan shall be, and it hereby is, amended, as follows:

Appendix A of the 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	1.5x
	Chief Financial Officer	1.5x
	President, Ruby Tuesday Concept	1.5x
	Chief Development Officer	1.5x
	Chief Marketing Officer	1.5x
	Chief People Officer	1.5x
	Vice President	1x

”

RATIFICATION AS AMENDED. Except as amended by this Amendment, the terms and conditions of the Severance Plan are confirmed, approved and ratified, and the Severance Plan, as amended by this Amendment, shall continue in full force and effect. Any reference to the “Severance Plan” shall mean the Severance Plan as amended by this Amendment.