Certificate of Chief Financial Officer Regarding Warrant Adjustment—Ruth’s Chris Steak House, Inc. and GS Mezzanine Partners, L.P.
This certificate, issued by the Chief Financial Officer of Ruth’s Chris Steak House, Inc., confirms an adjustment to the number of shares purchasable under a Common Stock Purchase Warrant held by GS Mezzanine Partners, L.P. The adjustment was triggered by the company’s issuance of new shares to officers and directors at a price below fair market value, as required by the terms of the warrant. The certificate details the calculation method and states the new number of shares GS Mezzanine Partners, L.P. can purchase under the warrant.
Exhibit 10.10
CERTIFICATE
OF
CHIEF FINANCIAL OFFICER
OF
RUTHS CHRIS STEAK HOUSE, INC.
(formerly Ruth U. Fertel, Inc.)
Under Common Stock Purchase Warrant
Dated September 17, 1999
This certificate has been prepared pursuant to Section 6(d)(ii) of Ruth U. Fertel, Inc. Common Stock Purchase Warrant Certificate No. W-2 (the Warrant), dated September 17, 1999, issued in the name of GS Mezzanine Partners, L.P. to purchase 18,413.837 shares (the Aggregate Number, as defined in the first paragraph of the Warrant) of Class A Common Stock, par value $0.01 per share (the Common Stock) of Ruth U. Fertel, Inc., now Ruths Chris Steak House, Inc. (the Company).
On November 8, 2004, the Company issued a total of 56,257 shares (the Shares) of its authorized but previously unissued Common Stock to five of its officers and two of its outside directors at a price of $0.05 per share, payable in cash, which is less than the Closing Fair Market Value Per Share, as defined in Section 7 of the Warrant.
Section 6(a)(iii) of the Warrant requires an adjustment of the Aggregate Number by reason of the sale of the Shares. The new Aggregate Number, after adjustment to reflect the sale of the Shares, is 20,071.730. The new Aggregate Number was calculated by the method set forth in Exhibit A attached hereto.
November 8, 2004
/S/ THOMAS J. PENNISON JR., | ||
Thomas J. Pennison Jr., | ||
Chief Financial Officer | ||
of | ||
Ruths Chris Steak House, Inc. |
EXHIBIT A
TO
CERTIFICATE OF CHIEF FINANCIAL OFFICER
OF
RUTHS CHRIS STEAK HOUSE, INC.
(formerly Ruth U. Fertel, Inc.)
Current Shares Outstanding (1) | 500,000.000 | ||
Shares Issuable Upon Exercise of Warrants, Options, etc. (2) | 121,428.294 | ||
Closing Fair Market Value/Share (3) | $ | 10.000 | |
New Shares Proposed To Be Issued (4) | 56,257.000 | ||
Price/New Share | $ | 0.050 | |
Proceeds From Issuance (5) | $ | 2,812.850 | |
Aggregate Number of GS Mezzanine Partners, L.P. Warrant Shares (6) | 18,413.837 |
Formula For Calculating New Aggregate Number
(6) | x | (1)+(2)+(4) | which equals new Aggregate Number: | 20,071.730 | ||||
(1)+(2)+((5)/(3)) | ||||||||
Additional Shares: | 1,657.893 |