First Amendment to the Ruby Tuesday, Inc. Stock Incentive Plan




THIS FIRST AMENDMENT is made this 5th day of October, 2016, by Ruby Tuesday, Inc., a corporation organized and existing under the laws of the State of Georgia (hereinafter called the “Company”).


WHEREAS, the Company maintains the Ruby Tuesday, Inc. Stock Incentive Plan (the “Plan”), as approved by the Company’s shareholders at the October 2015 Annual Meeting;


WHEREAS, the Company wishes to amend the Plan to modify certain definitions to align them with corresponding definitions in certain of the Company’s other compensatory arrangements;


WHEREAS, this First Amendment shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions of this amendment.


NOW, THEREFORE, the Company does hereby amend the Plan, as follows:


1.     By deleting Section 1.1(b) in its entirety and by substituting therefor the following:


(b)     “Cause” shall mean: (i) fraud or dishonesty in the performance of Participant’s duties with the Company or its affiliates; (ii) willful misconduct; (iii) any intentional, willful and material failure of Participant to perform his or her employment duties (other than any such failure resulting from Participant's Disability) for thirty (30) days after the Board of Directors delivers a written demand for performance to Participant that specifically identifies the manner in which the Board of Directors believes that Participant has not substantially performed his or her employment duties; (iv) conduct in material violation of the Company’s Code of Business Conduct and Ethics; (v) conviction or plea of guilty or nolo contendere to a felony; or (vi) material breach or violation of the terms of any agreement to which Participant and the Company (or any affiliate) are party. For purposes of this paragraph, no act or failure to act on the part of Participant shall be considered "intentional "or "willful" unless it is done, or omitted to be done, by Participant in bad faith and without reasonable belief that Participant's act or omission was in the best interests of the Company and its affiliates, and any act or failure to act based upon authority given pursuant to a resolution duly adopted by the Board of Directors or advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by Participant in good faith and in the best interests of the Company and its affiliates.





2.     By adding the following new paragraph after subsection (v) of Section 1.1(c):


Notwithstanding anything in this Plan to the contrary, to the extent any provision of this Plan or a Stock Incentive would cause a payment or benefit not exempt from the requirements of Code Section 409A to be made because of the occurrence of a Change in Control, then such payment or benefit shall not be made unless such Change in Control also constitutes a “change in ownership”, “change in effective control” or “change in ownership of a substantial portion of the Company’s assets” within the meaning of Code Section 409A. Any payment that would have been made except for the application of the preceding sentence shall be made in accordance with the payment schedule that would have applied in the absence of a Change in Control (and other Participant rights that are tied to a Change in Control shall not be affected by this paragraph).


These amendments to Sections 1.1 shall be effective with respect to Stock Incentives granted on or after the date first set forth above.


IN WITNESS WHEREOF, the Company has caused this First Amendment to be executed on the day and year first above written.




                  By:     /s/ F. Lane Cardwell, Jr. 

                  Title:  Interim President & Chief Executive Officer 


Attest:/s/ Rhonda Parish

By:     Rhonda Parish                    

Title:  Chief Legal Officer & Secretary