<SEC-DOCUMENT>0000950142-20-000969.txt : 20200401
<SEC-HEADER>0000950142-20-000969.hdr.sgml : 20200401
<ACCEPTANCE-DATETIME>20200401170029
ACCESSION NUMBER:		0000950142-20-000969
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200326
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200401
DATE AS OF CHANGE:		20200401

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RED ROBIN GOURMET BURGERS INC
		CENTRAL INDEX KEY:			0001171759
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				841573084
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1229

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34851
		FILM NUMBER:		20766079

	BUSINESS ADDRESS:	
		STREET 1:		6312 FIDDLER'S GREEN CIRCLE
		STREET 2:		SUITE 200 NORTH
		CITY:			GREENWOOD VILLAGE
		STATE:			CO
		ZIP:			80111
		BUSINESS PHONE:		3038466000

	MAIL ADDRESS:	
		STREET 1:		6312 FIDDLER'S GREEN CIRCLE
		STREET 2:		SUITE 200 NORTH
		CITY:			GREENWOOD VILLAGE
		STATE:			CO
		ZIP:			80111
</SEC-HEADER>
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    <div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">UNITED STATES</div>
    <div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="FONT-SIZE: 14pt; MARGIN-BOTTOM: 6pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Washington, D.C. 20549</div>
    <div style="FONT-SIZE: 14pt; MARGIN-BOTTOM: 18pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">______________</div>
    <div style="FONT-SIZE: 18pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">FORM 8-K</div>
    <div style="FONT-SIZE: 16pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">CURRENT REPORT</div>
    <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center; line-height: 1.25;">Pursuant to Section 13 or 15(d) of the</div>
    <div style="margin-bottom: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center; line-height: 1.25;">Securities Exchange Act of 1934</div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">Date of report (Date of earliest event reported): March 26, 2020</div>
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    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: center; line-height: 1.25;"> </div>
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    <div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">RED ROBIN GOURMET BURGERS, INC.</div>
    <div style="margin-bottom: 18pt; font-family: 'Times New Roman', Times, serif; text-align: center; line-height: 1.25;">(Exact name of registrant as specified in its charter)</div>
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            <div style="font-family: 'Times New Roman', Times, serif; text-align: center; line-height: 1.25;">(State or other jurisdiction</div>
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            <div style="font-family: 'Times New Roman', Times, serif; text-align: center; line-height: 1.25;">(Commission</div>
            <div style="font-family: 'Times New Roman', Times, serif; text-align: center; line-height: 1.25;">File Number)</div>
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    <div style="font-family: 'Times New Roman', Times, serif; margin-top: 18pt; font-weight: bold; color: #000000; text-align: center; line-height: 1.25;">6312 S. Fiddler&#8217;s Green Circle, Suite 200N</div>
    <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000; text-align: center; line-height: 1.25;">Greenwood Village, Colorado 80111</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: center; line-height: 1.25;">(Address of principal executive offices) (zip code)</div>
    <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center; line-height: 1.25;">(303) 846-6000</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; text-align: center; line-height: 1.25;">(Registrant&#8217;s telephone number, including area code)</div>
    <div style="margin-bottom: 18pt; font-family: 'Times New Roman', Times, serif; margin-top: 12pt; text-align: center; line-height: 1.25;">_______________________</div>
    <div style="font-family: 'Times New Roman', Times, serif; margin-top: 12pt; color: #000000; text-align: left; line-height: 1.25;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
      registrant under any of the following provisions:</div>
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            <div style="font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; line-height: 1.25;">Written communications pursuant to Rule&#160;425 under the Securities Act (17 CFR 230.425)</div>
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            <div style="font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; line-height: 1.25;">Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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            <div style="font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; line-height: 1.25;">Pre-commencement communications pursuant to Rule&#160;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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            <div style="font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; line-height: 1.25;">Pre-commencement communications pursuant to Rule&#160;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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    <div style="margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; margin-top: 6pt; color: #000000; text-align: center; line-height: 1.25;">Securities registered pursuant to Section 12(b) of the Act:</div>
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              <div style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">on which registered</div>
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              <div style="font-family: 'Times New Roman', Times, serif; color: #000000; text-align: center; line-height: 1.25;">Common Stock,<br>
                $0.001 par value</div>
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              <div style="font-family: 'Times New Roman', Times, serif; color: #000000; text-align: center; line-height: 1.25;">NASDAQ (Global Select Market)</div>
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    <div style="LINE-HEIGHT: 1.25">&#160;</div>
    <div style="LINE-HEIGHT: 1.25">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2
      of this chapter).</div>
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    <div style="font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; line-height: 1.25;">Emerging growth company&#160;&#9744;</div>
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    <div style="font-family: 'Times New Roman', Times, serif; color: #000000; text-align: left; line-height: 1.25;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
      with any new or revised financial accounting standards provided pursuant to Section&#160;13(a)&#160;of the Exchange Act.&#160;&#9744;</div>
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      <div style="text-align: left; line-height: 1.25; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 1.01. Entry into a Material Definitive Agreement.</div>
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      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">On March 26, 2020, Red Robin Gourmet Burgers, Inc. (the <font style="color: #000000;">&#8220;</font>Company<font style="color: #000000;">&#8221;</font>) entered
        into a cooperation agreement (the <font style="color: #000000;">&#8220;</font>Agreement<font style="color: #000000;">&#8221;</font>) with Vintage Capital Management, LLC (&#8220;Vintage Capital&#8221;) and Kahn Capital Management, LLC (&#8220;Kahn Capital&#8221;) (collectively, the
        <font style="color: #000000;">&#8220;</font>Vintage Parties<font style="color: #000000;">&#8221;</font>),<font style="color: #000000;">&#160;</font>which together own approximately 11.6% of the Company<font style="color: #000000;">&#8217;</font>s common stock.</div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Under the terms of the Agreement, the Company will immediately appoint one new independent director to the Company<font style="color: #000000;">&#8217;</font>s
        Board of Directors (the <font style="color: #000000;">&#8220;</font>Board<font style="color: #000000;">&#8221;</font>), Anthony Ackil. Mr. Ackil is expected to stand for election at the Company<font style="color: #000000;">&#8217;</font>s 2020 Annual Meeting of
        Stockholders (the <font style="color: #000000;">&#8220;</font>2020 Annual Meeting<font style="color: #000000;">&#8221;</font>) and at the Company<font style="color: #000000;">&#8217;</font>s 2021 Annual Meeting of Stockholders (the &#8220;2021 Annual Meeting&#8221;). If Mr.
        Ackil resigns, refuses, or is unable to serve as a director at any time prior to the end of the Restricted Period, the Vintage Parties may recommend a substitute independent director that otherwise satisfies the Board&#8217;s criteria for selection of
        directors subject to the approval of the nomination and governance committee and the Board, such approval not to be unreasonably withheld.</div>
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      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Under the Agreement, the Vintage Parties are permitted to acquire up to 20% of the Company&#8217;s common stock without being deemed an &#8220;Acquiring Person&#8221;
        under the Company&#8217;s Rights Agreement, dated as of June 4, 2019, or triggering the restrictions on business combinations that would otherwise be imposed under Section 203 of the Delaware General Corporation Law (&#8220;Section 203&#8221;).</div>
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      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Under the Agreement, the Vintage Parties agreed to certain standstill restrictions until the date that is thirty (30) days prior to the first date on
        which stockholders may nominate individuals for election to the Board at the 2022 annual meeting of the Company&#8217;s stockholders (the &#8220;Restricted Period&#8221;), except as otherwise indicated in the Agreement.&#160; These standstill restrictions include, but
        are not limited to (i) engaging in any solicitation of proxies or consents with respect to the election or removal of directors; (ii) pursuing any change in, or attempting to influence, the Company&#8217;s operations, business, corporate strategy or
        policies or encouraging, advising or influencing any other person with respect to the giving or withholding of any proxy; (iii) forming or joining a &#8220;group&#8221; (within the meaning of Section 13(d) of the Securities Exchange Act of 1934, as amended)
        with respect to the common stock and other voting securities of the Company; (iv) beneficially owning more than 20.0% of the Company&#8217;s common stock; (v) selling, offering or agreeing to sell, through swap or hedging transactions or otherwise,
        voting rights decoupled from the underlying Company common stock; (vi) making or participating in any tender offer, exchange offer, merger, consolidation, acquisition, business combination, recapitalization, restructuring, liquidation, dissolution
        or extraordinary transaction involving the Company or its subsidiaries (an &#8220;Extraordinary Transaction&#8221;); (vii) entering into a voting trust, arrangement or agreement with respect to any Company voting securities (other than granting proxies in
        solicitations approved by the Board); (viii) seeking, alone or in concert with others, representation on the Board or the removal of any member of the Board, except as provided in the Agreement; (ix) making any stockholder proposal; (x) making any
        statutory demand for books and records; (xi) making certain public proposals, including with respect to changes in the number or term of directors or filling vacancies on the Board, changes in capitalization or dividend policy, amendments to
        governing documents, delisting of securities or termination of registration of securities; (xii) making or causing to be made any statement or announcement that disparages, defames, slanders, impugns, casts in a negative light or could damage the
        reputation of, the Company; (xiii) instituting litigation or other proceedings, or entering into negotiations or agreements with third parties, to effect actions prohibited by the standstill restrictions; (xiv) entering into any negotiations,
        agreement or understandings with any third party to take, or encouraging any third party to take, any action that the Vintage Parties are prohibited from taking pursuant to the Agreement; or (xv) making any request or submitting any proposal,
        directly or indirectly, to amend or waive the terms of the Agreement, in each case which would reasonably be expected to result in a public announcement of such request or proposal.<br>
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      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: normal;">Following the Restricted Period until the termination of the Agreement, the Vintage Parties may not (x)
        nominate, or propose to nominate, such number of individuals for election to the Board that, if elected, would constitute fifty (50%) percent or greater of the then-current size of the Board or (y) take any action to make or otherwise participate
        in an Extraordinary Transaction or otherwise make a public proposal to the Company that would reasonably be expected under applicable law to be publicly disclosed regarding any such matters.</div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
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      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Under the Agreement, the Vintage Parties agreed to certain voting commitments. At the 2020 Annual Meeting, the Vintage Parties will cause to be present
        for quorum purposes and vote or cause to be voted all common stock beneficially owned by them or their controlling or controlled affiliates in favor of (i) the election of each of the Board&#8217;s nominees and (ii) otherwise in accordance with the
        Board&#8217;s recommendation on any proposal that does not call for voting on the approval or adoption of an Extraordinary Transaction or agreement or plan relating thereto.</div>
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      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">At the 2021 Annual Meeting, the Vintage Parties will cause to be present for quorum purposes and vote or cause to be voted all common stock
        beneficially owned by them or their controlling or controlled affiliates in favor of the election of each of the Board&#8217;s nominees and for all other matters (except for a vote on an Extraordinary Transaction), the Vintage Parties will cause to be
        present for quorum purposes and vote or cause to be voted all common stock in excess of<font style="font-weight: bold; color: #0000FF;"> <font style="font-weight: normal; color: rgb(0, 0, 0);">11.6% of</font></font><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0);"> the Company&#8217;s outstanding common stock</font> beneficially owned by them or their controlling or controlled affiliates proportionate to the other non-Vintage shareholders.</div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
      </div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Following the 2021 Annual Meeting until the conclusion of the Restricted Period, the Vintage Parties will cause to be present for quorum purposes and
        vote or cause to be voted all common stock in excess of 11.6% of the Company&#8217;s outstanding common stock beneficially owned by them or their controlling or controlled affiliates proportionate to the other non-Vintage shareholders (except for a vote
        on an Extraordinary Transaction).</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">By its terms, the Agreement will remain effect until the earlier of (i) fifth (5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) anniversary of the date of the Agreement and (ii) the date that is fifteen (15) days following the date on which the Vintage Parties deliver written notice to the Company that the Vintage Parties, together with all of their
        respective affiliates, collectively beneficially own less than 11.6% of the Company&#8217;s outstanding common stock.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">The Agreement contains various other terms and provisions entered into by the Vintage Parties.</div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">The foregoing description of the terms and conditions of the Agreement does not purport to be complete and is qualified in its entirety by reference to
        the full text of the Agreement, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1 and incorporated herein by reference.</div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">ITEM&#160;5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory
        Arrangements of Certain Officers.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"> <br>
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-style: italic; font-weight: bold; text-align: justify;">Appointment of New Director</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-style: italic; font-weight: bold; text-align: justify;"> <br>
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; text-align: justify;">On March 27, 2020, the Company increased the size of the Board to eleven members and appointed Anthony S. Ackil to fill the resulting vacancy.&#160; Mr.
        Ackil was elected effective immediately and will serve as a director until the 2020 Annual Meeting or until his respective successor has been duly elected and qualified, or until the earlier of his respective death, resignation, or
        removal.&#160;Committee assignments for Mr. Ackil will be made at a later date.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; text-align: justify;"> <br>
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; text-align: justify;">Mr. Ackil is a restaurant industry executive who currently serves as the CEO of Streetlight Ventures, a retail support platform for small business and
        real estate brokers, having founded the company in 2019. He also currently serves on the boards of B.Good, and Project Bread, an organization committed to preventing and ending hunger in Massachusetts. Mr. Ackil previously founded B.Good and served
        as its CEO from 2004 to 2018. Before joining B.Good, he worked as a consultant for IBM, focusing on internet strategy and corporate structure. Previously, he was a consultant at PricewaterhouseCoopers from 1999 to 2003. Mr. Ackil received a B.A.
        from Harvard University.<br>
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; text-align: justify;"> <br>
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; text-align: justify;">Mr. Ackil, 45, will receive compensation in accordance with the Company&#8217;s standard non-employee director compensation policies, which are described in
        the Company&#8217;s Definitive Proxy Statement on Schedule 14A for the 2019 Annual Meeting of Stockholders filed with the SEC on April 10, 2019; provided that, instead of receiving his pro-rated RSU grant for the remainder of this term immediately, the
        Company will instead add that amount to his regular cycle grant in May. As of the date of these appointments, there are no transactions between the Company and Mr. Ackil that would be reportable under Item 404(a) of Regulation S-K.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; text-align: justify;"> <br>
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; text-align: justify;">As previously announced, Director Stuart Oran has decided not to stand for re-election at the 2020 Annual Meeting. Following Mr. Oran&#8217;s retirement from
        the Board, the Company expects that the Board size will be reduced to ten members.</div>
      <div style="line-height: 1.25; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"> <br>
      </div>
      <div style="line-height: 1.25; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;">ITEM 8.01 Other Events.</div>
      <div style="line-height: 1.25; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">In addition, on March 27, 2020, the Company and the Vintage Parties issued a joint press release announcing their entry into the Agreement. A copy of
        the press release is attached as Exhibit 99.1.</div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 9.01 Financial Statements and Exhibits.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">(d) Exhibits.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z93cfb6c6cdaa41c1b0394d65809ff72f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 12.57%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="line-height: 1.25; font-weight: bold;">Exhibit No.</div>
            </td>
            <td style="width: 2.67%; vertical-align: top;">&#160;</td>
            <td style="width: 84.76%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;">Description</div>
            </td>
          </tr>
          <tr>
            <td style="width: 12.57%; vertical-align: top; border-top: #000000 2px solid;">
              <div style="text-align: justify; line-height: 1.25;">10.1</div>
            </td>
            <td style="width: 2.67%; vertical-align: top;">&#160;</td>
            <td style="width: 84.76%; vertical-align: top; border-top: #000000 2px solid;">
              <div style="text-align: justify; line-height: 1.25; color: #000000;"><a href="eh2000550_ex1001.htm">Cooperation Agreement, dated as of March 26, 2020, by and among Red Robin Gourmet
                  Burgers, Inc., Vintage Capital Management, LLC and Kahn Capital Management, LLC.</a></div>
            </td>
          </tr>
          <tr>
            <td style="width: 12.57%; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25;">99.1</div>
            </td>
            <td style="width: 2.67%; vertical-align: top;">&#160;</td>
            <td style="width: 84.76%; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25; color: #000000;"><a href="eh2000550_ex9901.htm">Press release dated March 27, 2020, announcing Anthony Ackil&#8217;s appointment to
                  Board of Directors.</a></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
    </div>
    <div style="LINE-HEIGHT: 1.25"></div>
    <div style="MARGIN-TOP: 12pt; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff">
      <div style="COLOR: #000000; TEXT-ALIGN: left; FONT: bold 10pt Times New Roman, Times, serif"><br>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <div style="line-height: 1.25; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: center;"> <br>
        </div>
        <div style="text-align: center; line-height: 1.25; margin-bottom: 18pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SIGNATURES</div>
        <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: normal; text-align: justify; text-indent: 27pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this
          report to be signed on its behalf by the undersigned hereunto duly authorized.</div>
        <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: normal; text-align: justify; text-indent: 27pt;"> <br>
        </div>
        <div style="text-align: justify; text-indent: 27pt; line-height: 1.25; margin-top: 9pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;"> </div>
        <div style="text-indent: 27pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: normal;">Date:&#160;April
        1, 2020</div>
        <div style="text-indent: 27pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: normal;"> </div>
        <div style="text-indent: 27pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: normal;"> </div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
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          <table style="width: 100%; border-collapse: separate; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" border="0" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 50%;" valign="top">&#160;</td>
                <td colspan="2" style="width: 38%; font-weight: bold;" valign="top">RED ROBIN GOURMET BURGERS, INC.</td>
                <td style="width: 12%;" valign="top">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%;" valign="top">&#160;</td>
                <td style="width: 3%;" valign="top">&#160;</td>
                <td style="width: 35%;" valign="top">&#160;</td>
                <td style="width: 12%;" valign="top">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; padding-bottom: 2px;" align="left" valign="top">
                  <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><br>
                  </div>
                </td>
                <td style="width: 3%; padding-bottom: 2px;" valign="top">
                  <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left">By: </div>
                </td>
                <td style="width: 35%; border-bottom: #000000 2px solid;" align="left" valign="top">/s/ Michael L. Kaplan</td>
                <td style="width: 12%; padding-bottom: 2px;" valign="top">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%;" valign="top">&#160;</td>
                <td style="width: 3%;" valign="top">&#160;</td>
                <td style="width: 35%;" align="left" valign="bottom">Michael L. Kaplan</td>
                <td style="width: 12%;" valign="top">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%;" valign="top">&#160;</td>
                <td style="width: 3%;" valign="top">&#160;</td>
                <td style="width: 35%;" valign="top">Executive Vice President &amp; Chief Legal Officer</td>
                <td style="width: 12%;" valign="top">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%;" valign="top">&#160;</td>
                <td style="width: 3%;" valign="top">&#160;</td>
                <td style="width: 35%;" valign="top">&#160;</td>
                <td style="width: 12%;" valign="top">&#160;</td>
              </tr>

          </table>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>eh2000550_ex1001.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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  <div style="font-family: 'Times New Roman',Times,serif; text-align: right;"><font style="font-weight: bold;">EXHIBIT 10.1</font><br>
  </div>
  <div style="font-family: 'Times New Roman',Times,serif; text-align: right;"><font style="font-weight: bold;"> <br>
    </font></div>
  <div style="font-family: 'Times New Roman',Times,serif;"><br>
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  <div style="font-family: 'Times New Roman',Times,serif;">
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-weight: bold;">COOPERATION AGREEMENT</div>
    <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">Agreement dated as of March 26, 2020 (this &#8220;<font style="color: rgb(0, 0, 0);"><u>Agreement</u></font>&#8221;), between Red Robin Gourmet Burgers, Inc., a Delaware corporation (the &#8220;<font style="color: rgb(0, 0, 0);"><u>Company</u></font>&#8221;), Vintage Capital Management, LLC, a Delaware limited liability company (&#8220;<u>Vintage Capital</u>&#8221;), and Kahn Capital Management, LLC, a Delaware limited liability company(&#8220;<u>Kahn Capital</u>&#8221;
      and, together with Vintage Capital, collectively, the &#8220;<font style="color: rgb(0, 0, 0);"><u>Investors</u></font>&#8221;). Capitalized terms used herein and not otherwise defined have the meanings ascribed to them in paragraph 11 below.</div>
    <div style="text-align: center; line-height: 1.25; margin-bottom: 12pt; font-weight: bold;">RECITALS</div>
    <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;As of the date hereof, the Investors beneficially own 1,500,000 shares of the common stock, par value $0.001 per share (the &#8220;<u>Common Stock</u>&#8221;), of the Company (the
      &#8220;<u>Current Holdings</u>&#8221;).</div>
    <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Board of Directors of the Company (the &#8220;<u>Board</u>&#8221;) and the Nominating and Governance Committee thereof have considered the qualifications of Anthony S. Ackil
      (the &#8220;<u>New Director</u>&#8221;) and determined that Mr. Ackil satisfies the Board&#8217;s criteria for the selection of directors and otherwise should be elected to the Board.</div>
    <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company and the Investors have agreed that it is in their mutual interest to enter into this Agreement.</div>
    <div style="margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;">NOW, THEREFORE, the Parties agree as follows:</div>
    <div style="line-height: 1.25; margin-bottom: 12pt;">
      <div>
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              </td>
              <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">1.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>New Director</u></font><font style="font-size: 10pt;">.</font></div>
              </td>
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    <div style="text-indent: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Effective as of 5:00 p.m. Mountain Time on the date of this Agreement, (i) the number of members of the Board shall be increased by one (1)
      director, resulting in one vacancy on the Board and (ii) the New Director shall be appointed to fill such vacancy on the Board.</div>
    <div style="line-height: 1.25; margin-bottom: 12pt;">
      <div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf8ac8e48610f40449a2cfaf066f49243" cellpadding="0" cellspacing="0">

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              </td>
              <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(b)</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-family: 'Times New Roman',Times,serif;">The Company further agrees to:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-indent: 36pt; margin-left: 72pt; line-height: 1.25;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;take all actions necessary to nominate the New Director (or any replacement New Director nominated in accordance with paragraph 3) for election as a director of the
      Company at the 2020 annual meeting of the Company&#8217;s stockholders (the &#8220;<u>2020 Annual Meeting</u>&#8221;) and the 2021 annual meeting of the Company&#8217;s stockholders (the &#8220;<u>2021 Annual Meeting</u>&#8221; and, together with the 2020 Annual Meeting, the &#8220;<u>Annual
        Meetings</u>&#8221;)&#894;<br>
      <br style="line-height: 1.25;">
    </div>
    <div style="text-indent: 36pt; margin-left: 72pt; line-height: 1.25;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;take all actions necessary and appropriate to recommend, and reflect such recommendation in the Company&#8217;s definitive proxy statement in connection with each of the&#160;
      Annual Meetings, that the stockholders of the Company vote to elect the New Director (or any replacement New Director nominated or elected in accordance with paragraph 3) as a director of the Company at each of the Annual Meetings&#894;<br>
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    </div>
    <div style="text-indent: 36pt; margin-left: 72pt; line-height: 1.25;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;use efforts consistent with the efforts used by the Company to obtain proxies for the other candidates nominated by the Board to vote in favor of the election of the
      New Director (or any replacement New Director nominated or elected in accordance with paragraph 3) at each of the Annual Meetings&#894;<br>
      <br style="line-height: 1.25;">
    </div>
    <div style="text-indent: 36pt; margin-left: 72pt; line-height: 1.25;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;irrevocably determine, effective on the date of this Agreement, that none of the Investors or any Affiliate thereof is an &#8220;Acquiring Person&#8221; (or similar phrase) under
      the Company&#8217;s Rights Agreement, dated as of June 4, 2019 or any other rights agreement, rights plan, &#8220;poison pill&#8221; or similar agreement or instrument (as applicable, the &#8220;<u>Rights Agreement</u>&#8221;) for so long as the Investors, together with all of
      their respective Affiliates, collectively beneficially own less than or equal to 20% of the outstanding Common Stock (or any higher percentage resulting from a Company buyback of Common Stock or similar Company initiated transaction), it being
      understood and agreed that notwithstanding anything contained in any Rights Agreement to the contrary, the Investors and their Affiliates shall be permitted to beneficially own up to (but not more than) 20% of the outstanding Common Stock (or any
      higher percentage resulting from a Company buyback of Common Stock or similar Company initiated transaction); <u>provided</u>, that, the obligations set forth in this clause (iv) shall not apply to any Rights Agreement adopted by the Company after
      the earlier of (x) the date on which the Investors provide the Sell-Down Notice and (y) the termination of this Agreement in accordance with its terms; <u>provided</u>, further, that the parties acknowledge and agree that nothing in this Agreement
      shall prevent the Company from adopting or maintaining any Rights Agreement that would limit the ability of the Investors or the their Affiliates to acquire shares of Common Stock in excess of 20% of the outstanding shares of the Common Stock after
      the Partial Standstill Fallaway Date; and</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-indent: 36pt; margin-left: 72pt; line-height: 1.25;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;approve, effective on the date of this Agreement, the acquisition of up to (but not more than) 20% of the outstanding Common Stock by the Investors and their Affiliates
      for all purposes, including Section 203 of the Delaware General Corporation Law, it being understood and agreed that the Company shall not take any action that would be reasonably likely to limit the ability of the Investors and their Affiliates to
      purchase or otherwise acquire additional shares of Common Stock or securities convertible into or exercisable for shares of Common Stock so long as the total number of shares of Common Stock beneficially owned by the Investors and their Affiliates
      does not exceed 20% of the outstanding shares of Common Stock at any relevant time of determination; <u>provided</u>, that, the approvals contemplated by this clause (v) (including under Section 203 of the Delaware General Corporation Law) shall not
      apply to any shares of Common Stock acquired by the Investors or their Affiliates after the earlier of (x) the date on which the Investors provide the Sell-Down Notice and (y) the termination of this Agreement in accordance with its terms.<br>
      <br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; margin-left: 36pt; text-indent: 36pt;"> (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each Investor, on behalf of itself and its Affiliates, hereby irrevocably withdraws the nomination of Anthony S. Ackil, Kenneth Todd Evans, Stephen J.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; color: #000000; font-weight: normal; font-style: normal;">2</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="line-height: 1.25; margin-left: 36pt; text-indent: 36pt;"> <br>
    </div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25; margin-left: 36pt;">Lombardo, III and Craig S. Miller notified by or on behalf of it to the Company in connection with the 2020 Annual Meeting and any related materials or notices submitted to the Company in connection
        therewith or related thereto, and agrees not to nominate any new nominee for election at the 2020 Annual Meeting in substitution for Messrs. Ackil, Evans, Lombardo or Miller. Each Investor, on behalf of itself and its Affiliates, shall, and shall
        cause its representatives to, immediately cease all solicitation efforts in connection with the 2020 Annual Meeting. Each Investor agrees, on behalf of itself and its Affiliates, not to, and to cause its representatives not to, file with the SEC,
        or mail or otherwise deliver to the Company&#8217;s stockholders, any preliminary or definitive proxy statement or proxy card in respect of the 2020 Annual Meeting.<br>
        <br style="line-height: 1.25;">
      </div>
      <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>New Director Agreements, Arrangements and Understandings</u></font>. Each of the Investors agrees that neither it nor any of its
        Affiliates (a) will pay any compensation to the New Director (including replacement candidates contemplated by paragraph 3) regarding such Person&#8217;s service on the Board or any committee thereof or (b) will have any agreement, arrangement or
        understanding, written or oral, with the New Director (including replacement candidates contemplated by paragraph 3) regarding such Person&#8217;s service on the Board or any committee thereof (including without limitation pursuant to which such Person
        will be compensated for his or her service as a director on, or nominee for election to, the Board or any committee thereof).</div>
      <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Replacement New Director</u></font>. If the New Director resigns, refuses, or is unable to serve as a director at any time on or
        prior to the Partial Standstill Fallaway Date, the Investors may recommend a substitute individual in accordance with this paragraph 3 who is Independent and satisfies the Board&#8217;s criteria for the selection of directors set forth in the Company&#8217;s
        Corporate Governance Guidelines (the &#8220;<u>Replacement Director</u>&#8221;) to the Nomination and Governance Committee and the Board for their approval, such approval not to be unreasonably withheld, provided that if such approval is not provided, then the
        Investors shall continue to have the right until the Partial Standstill Fallaway Date to make such recommendations until a candidate recommended thereby is so approved. Such replacement for the New Director shall be appointed to the Board to serve
        the unexpired term of the departed New Director, and shall be considered the New Director for all purposes of this Agreement.</div>
      <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Voting of Investors&#8217; Shares</u></font>.</div>
      <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;At the 2020 Annual Meeting and the 2021 Annual Meeting (but for the 2021 Annual Meeting solely with respect to clause (i) below), the Investors will cause to be
        present for quorum purposes and vote or cause to be voted all Common Stock beneficially owned by them or their controlling or controlled Affiliates and which they or such controlling or controlled Affiliates are entitled to vote on the record date
        for any meeting of stockholders of the Company (or any solicitation of written consents of the Company&#8217;s stockholders) in favor of (i) the election of each of the Board&#8217;s nominees and (ii) at the 2020 Annual Meeting otherwise in accordance with the
        Board&#8217;s recommendation on any proposal that does not call for voting on the approval or adoption of an Extraordinary Transaction or agreement or plan relating thereto.</div>
      <div style="line-height: 1.25; text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Following the 2021 Annual Meeting (and at the 2021 Annual Meeting (solely with respect to any proposal not relating to the election of the Board&#8217;s nominees)) and ending at </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; color: #000000; font-weight: normal; font-style: normal;">3</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="line-height: 1.25; margin-bottom: 12pt;">the conclusion of the Restricted Period, the Investors will cause to be present for quorum purposes and vote or cause to be voted the Relevant Shares (if any) which are then beneficially owned by
        them or their controlling or controlled Affiliates and which they or such controlling or controlled Affiliates are entitled to vote on the record date for any meeting of stockholders of the Company (or any solicitation of written consents of the
        Company&#8217;s stockholders) in the same manner and in the same proportion as shares of Common Stock that are held by stockholders other than the Investors or their Affiliates on any proposal that does not involve voting on the approval or adoption of
        an Extraordinary Transaction or agreement or plan relating thereto, it being understood and agreed that the Investors and their Affiliates shall be free to vote in their sole discretion (and without regard for the terms set forth in this Section
        4(b)) any and all shares of Common Stock beneficially owned thereby in respect of any vote on any Extraordinary Transaction or agreement or plan relating thereto.&#160; For purposes of this Section 4(b), &#8220;<u>Relevant Shares</u>&#8221; shall mean the
        difference between (A) the total number of shares of Common Stock beneficially owned by the Investors or their controlling or controlled Affiliates on the record date for any meeting of stockholders of the Company (or any solicitation of written
        consents of the Company&#8217;s stockholders) and (B) a number of shares of Common Stock equal to the Current Holdings of approximately 11.6% of the shares of the Common Stock outstanding as of the date of this Agreement (11.6%, referred to herein as the
        &#8220;<u>Relevant Percentage</u>&#8221;) multiplied by the number of shares of Voting Securities that are outstanding as of the applicable record date and entitled to vote in respect of the relevant matter, which, it is understood and agreed, shall not
        include any equity awards of the Company that do not have the right to vote on the matter in question as of the applicable record date; provided that if the difference between (A) and (B) is a negative number, the Relevant Shares shall be deemed to
        be zero. Notwithstanding anything to the contrary contained in this Agreement, in the event the Investors would be obligated by this paragraph 4(b) to vote the Relevant Shares in proportion to the other Company shareholders, the Investors may, but
        shall not be obligated to, cause such Relevant Shares to be voted in accordance with the recommendation of the Board.</div>
      <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Company Policies</u></font>. The parties hereto acknowledge that the New Director, upon appointment to the Board, will serve as
        a member of the Board and will be governed by the same protections and obligations regarding confidentiality, conflicts of interest, related party transactions, fiduciary duties, codes of conduct, trading and disclosure policies, director
        resignation policy, and other governance guidelines and policies of the Company as are applicable to all other Independent directors of the Company (collectively, &#8220;<font style="color: rgb(0, 0, 0);"><u>Company Policies</u></font>&#8221;), and shall have
        the same rights and benefits, including with respect to insurance, indemnification, compensation and fees, as are applicable to all Independent directors of the Company. The Company represents and warrants that: (i) all Company Policies currently
        in effect are publicly available on the Company&#8217;s website or described in its proxy statement filed with the Securities and Exchange Commission (the &#8220;<font style="color: rgb(0, 0, 0);"><u>SEC</u></font>&#8221;) on April 10, 2019 or have otherwise been
        provided to the Investors, and such Company Policies will not be amended prior to the election of the New Director other than as may be required to implement this Agreement or as required by law, regulation or the rules of any applicable national
        securities exchange and (ii) prior to the expiration of the Term, any changes to the Company Policies, or new Company Policies, will be adopted in good faith and not for the purpose of undermining or conflicting with the arrangements contemplated
        hereby.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; color: #000000; font-weight: normal; font-style: normal;">4</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Standstill</u></font>. From the date of this Agreement until the Partial Standstill Fallaway Date (such period, the &#8220;<font style="color: rgb(0, 0, 0);"><u>Restricted Period</u></font>&#8221;), except to the extent expressly permitted by this paragraph 6 and subject to the last sub-paragraph of this paragraph 6, the Investors will not, and will cause their respective
        controlled and controlling Affiliates and their respective principals, directors, general partners, officers, employees, and agents and representatives acting on their behalf (collectively, the &#8220;<font style="color: rgb(0, 0, 0);"><u>Restricted
            Persons</u></font>&#8221;) not to, directly or indirectly, absent prior express written invitation or authorization by the Company or the Board:</div>
      <div style="text-indent: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;engage in any &#8220;solicitation&#8221; (as such term is defined under the Securities Exchange Act of 1934, as amended (the &#8220;<font style="color: rgb(0, 0, 0);"><u>Exchange Act</u></font>&#8221;)) of proxies or consents with respect to the election or removal of directors of the Company or any other matter or proposal or become a &#8220;participant&#8221; (as such term is defined in Instruction 3 to Item 4 of
        Schedule 14A promulgated under the Exchange Act) in any such solicitation of proxies or consents in respect of the Company;</div>
      <div style="text-indent: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;knowingly encourage, advise or influence any other Person or knowingly assist any Person in so encouraging, advising or influencing any Person
        with respect to (i) pursuing any change in, or attempting to influence, the Company&#8217;s operations, business, corporate strategy or policies, provided that the foregoing shall not in any way limit interactions by the Restricted Persons with, or
        recommendations by the Restricted Persons to, the Board, any committee thereof or management of the Company so long as such interactions and recommendations do not require the Company or any of the Restricted Persons or their Affiliates to make a
        public disclosure with respect thereto or (ii) the giving or withholding of any proxy, consent or other authority to vote or in conducting any type of referendum with respect to the Company, whether binding or non-binding (other than such
        encouragement, advice or influence that is consistent with Company management&#8217;s recommendation in connection with such matter), provided that nothing shall limit the giving by the Investors or their Affiliates of a proxy or consent in respect of
        any matter so long as the voting of the shares of Common Stock owned thereby are voted in accordance with the terms of this Agreement where applicable;</div>
      <div style="text-indent: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;form or join any partnership, limited partnership, syndicate or other group, including a &#8220;group&#8221; as defined pursuant to Section 13(d) of the
        Exchange Act with respect to any Voting Securities, other than solely with other Affiliates of the Investors with respect to Voting Securities now or hereafter owned by them;</div>
      <div style="text-indent: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;acquire, or offer, seek or agree to acquire, by purchase or otherwise, or direct any Third Party in the acquisition of, any Voting Securities, or
        rights or options to acquire any Voting Securities, or engage in any swap or hedging transactions or other derivative agreements of any nature with respect to Voting Securities, in each case with respect to Voting Securities, but only if such
        acquisition or transaction would result in the Investors, together with all of their respective controlling or controlled Affiliates, having, in the aggregate, beneficial ownership of more than 20% of the shares of outstanding Common Stock or
        economic long exposure to more than 20% of the shares of the&#160; outstanding Common Stock;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; color: #000000; font-weight: normal; font-style: normal;">5</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-indent: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;sell, offer or agree to sell, directly or indirectly, through swap or hedging transactions or otherwise, voting rights decoupled from the
        underlying Common Stock held by the Investors or their Affiliates to any Third Party;</div>
      <div style="text-indent: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;make or in any way participate, directly or indirectly, in any tender offer, exchange offer, merger, consolidation, acquisition, business
        combination, recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction involving the Company or any of its subsidiaries or its or their securities or assets (each, an &#8220;<font style="color: rgb(0, 0, 0);"><u>Extraordinary


            Transaction</u></font>&#8221;) (it being understood that the foregoing shall not restrict the Investors from tendering or voting shares, receiving payment for shares or otherwise participating in any such transaction on the same basis as is available
        to other stockholders of the Company, or from otherwise participating in any such transaction that has been approved by the Board); or make, directly or indirectly, any public proposal, either alone or in concert with others, to the Company or the
        Board that would reasonably be expected to be required under applicable law to be publicly disclosed regarding any of the types of matters set forth above in this paragraph;</div>
      <div style="text-indent: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;enter into a voting trust, arrangement or agreement or subject any Voting Securities to any voting trust, arrangement or agreement, in each case
        other than solely with other Affiliates of the Investors, with respect to Voting Securities now or hereafter owned by them and, subject to compliance with paragraph 4, other than granting proxies or written consents in any solicitation undertaken
        by any Person or entity;</div>
      <div style="text-indent: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(i) seek, alone or in concert with others, election or appointment to, or representation on, the Board or nominate or propose the nomination of,
        or recommend the nomination of, any candidate to the Board, except as expressly set forth in paragraph 3 hereof, (ii) seek, alone or in concert with others, the removal of any member of the Board or (iii) conduct a referendum of stockholders of the
        Company;&#160; provided that the preceding clauses (i) and (ii) shall not in any way limit (A) the voting rights of the Investors and their Affiliates in respect of the shares of Common Stock held thereby or (B) interactions by the Restricted Persons
        with, or recommendations by the Restricted Persons to, the Board, any committee thereof or management of the Company so long as such interactions and recommendations do not require the Company or the Restricted Persons to make a public disclosure
        with respect thereto;</div>
      <div style="text-indent: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;make or be the proponent of any stockholder proposal (pursuant to Rule 14a-8 under the Exchange Act or otherwise);</div>
      <div style="text-indent: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;make any request for stock list materials or other books and records of the Company under Section 220 of the Delaware General Corporation Law or
        other statutory or regulatory provisions providing for stockholder access to books and records;</div>
      <div style="text-indent: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;except as set forth herein, make any public proposal with respect to (i) any change in the number or term of directors or the filling of any
        vacancies on the Board, (ii) any material change in the capitalization or dividend policy of the Company, (iii) any other material change in the Company&#8217;s management, business or corporate structure, (iv) any waiver, amendment or modification to
        the Company&#8217;s Certificate of </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; color: #000000; font-weight: normal; font-style: normal;">6</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="line-height: 1.25; margin-bottom: 12pt; margin-left: 36pt;">Incorporation or Bylaws, (v) causing a class of securities of the Company to be delisted from, or to cease to be authorized to be quoted on, any securities exchange or (vi)
        causing a class of equity securities of the Company to become eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange Act;</div>
      <div style="text-indent: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;make or cause to be made any statement or announcement, including in any document or report filed with or furnished to the SEC or through the
        press, media, analysts or other Persons, that disparages, defames, slanders, impugns, casts in a negative light or could damage the reputation of, the Company or any of its Affiliates, subsidiaries or advisors, or any of its or their respective
        current or former officers, directors or employees (including, without limitation, any statements or announcements regarding the Company&#8217;s strategy, operations, performance, products or services); <u>provided</u>, that, the foregoing clause (m)
        shall not restrict the ability of any Person to comply with any subpoena or other legal process or respond to a request for information from any governmental authority with jurisdiction over the party from whom information is sought or to enforce
        such Person&#8217;s rights hereunder;</div>
      <div style="text-indent: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;institute, solicit, assist or join any litigation, arbitration or other proceeding against or involving the Company or any of its current or
        former directors or officers (including derivative actions) in order to effect or take any of the actions expressly prohibited by this paragraph 6; <u>provided</u>, <u>however</u>, that for the avoidance of doubt the foregoing shall not prevent
        any Restricted Person from (i) bringing litigation to enforce the provisions of this Agreement, (ii) making counterclaims with respect to any proceeding initiated by, or on behalf of, the Company or any of its current or former directors or
        officers against a Restricted Person, (iii) bringing bona fide commercial disputes that do not relate to the subject matter of this Agreement, or (iv) exercising statutory appraisal rights; <u>provided</u>, <u>further</u>, that the foregoing
        shall also not prevent the Restricted Persons from responding to or complying with a validly issued legal process;</div>
      <div style="text-indent: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;enter into any negotiations, agreements or understandings with any Third Party to take, or encourage, advise or assist any Third Party with
        respect to the taking of, any action that the Investors are prohibited from taking pursuant to this paragraph 6; or</div>
      <div style="text-indent: 36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;make any request or submit any proposal, directly or indirectly, to amend or waive the terms of this Agreement, in each case which would
        reasonably be expected to result in a public announcement of such request or proposal;</div>
      <div style="margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><u>provided</u></font><font style="font-size: 10pt;">, that, following the occurrence of, and solely in connection with, a Pending Third Party Extraordinary Event, this paragraph 6 shall not prevent any Restricted Person from (x) engaging in the solicitation of proxies or
          consents, or otherwise communicating with stockholders of the Company or other market participants, in opposition to any Pending Third Party Extraordinary Event, including to allow any Restricted Person to oppose such Pending Third Party
          Extraordinary Event or (y) proposing an Extraordinary Transaction in lieu of the Pending Third Party Extraordinary Transaction, and solely in connection therewith, clauses (a), (b), (c), (d) (but solely in connection with an offer by any
          Restricted Person to enter into an Extraordinary Transaction), (f), (g), (i), (j), (k), (l), (m), (n) (but only with respect to the foregoing and not in respect of any other future </font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; color: #000000; font-weight: normal; font-style: normal;">7</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt;">event) and (o) (but only with respect to the foregoing) shall be waived and
          inapplicable to the Restricted Persons.&#160; For purposes of this Agreement, a &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Pending Third Party Extraordinary Event</u></font>&#8221; means: (i) the announcement by the Company of a
          definitive agreement with respect to any Extraordinary Transaction (A) that is conditioned on the vote of the Company&#8217;s stockholders and that, if consummated, would result in any Person or group of more than 50% of the outstanding Common Stock or
          (B) that otherwise requires a vote of the Company&#8217;s stockholders or (ii) the commencement of any tender or exchange offer (by a Person other than the Investors or their Affiliates) which, if consummated, would constitute an Extraordinary
          Transaction that would result in the acquisition by any Person or group of more than 50% of the outstanding Common Stock, where the Company does not within ten (10) business days file a Schedule 14D-9 (or amendment thereto) recommending that the
          Company&#8217;s stockholders reject such tender or exchange offer or subsequently withdraws such recommendation.</font></div>
      <div style="margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;">Notwithstanding anything in this Agreement to the contrary, following the Partial Standstill Fallaway Date ) until the termination of this Agreement, the Restricted Persons may
        not (x) nominate, or propose to nominate, such number of individuals for election to the Board that, if elected, would constitute fifty (50%) percent or greater of the then-current size of the Board or (y) take any action contemplated by clauses
        (e), (f), (n) or (o) (but with respect to clauses (n) or (o) only to the extent relating to clause (e) or clause (f) or clause (x)) of this paragraph 6 that the Restricted Parties would be prohibited from taking during the Restricted Period
        (including after giving effect to the immediately preceding sub-paragraph).</div>
      <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Termination</u>.</div>
      <div style="text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This Agreement shall remain in full force and effect until the earlier of (i) fifth (5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) anniversary of
        the date hereof and (ii) the date that is fifteen (15) days following the date on which the Investors deliver written notice (the &#8220;<u>Sell-Down Notice</u>&#8221;) to the Company that the Investors, together with all of their respective Affiliates,
        collectively beneficially own less than the Relevant Percentage of the Company&#8217;s outstanding common stock; <u>provided</u> in the case of this clause (ii) that at no time during such fifteen (15) day period do the Investors together with their
        Affiliates collectively beneficially own equal to or in excess of the Relevant Percentage of the Company&#8217;s outstanding common stock.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Following termination of this Agreement, the provisions of paragraphs 15 through 25 will survive such termination, and no termination of this Agreement will relieve a person from any
        liability for any prior breach.</div>
      <div style="text-indent: 36pt; margin-left: 36pt; line-height: 1.25;"> <br style="line-height: 1.25;">
      </div>
      <div style="text-indent: 36pt; line-height: 1.25;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Private Communications</u></font>. Upon reasonable notice by the Investors to the Company, the Company shall, if requested by the Investors, cause
        its Chief Executive Officer and the Chairman of its Board to meet from time to time at reasonable intervals with a representative of the Investors during normal business hours at mutually agreeable times in such a manner as not to unreasonably
        interfere with the normal operation of the business of the Company.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; color: #000000; font-weight: normal; font-style: normal;">8</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;"><font style="color: rgb(0, 0, 0);">9.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Certain Transfers</u></font><font style="color: rgb(0, 0, 0);">.&#160; Other than in market
          transactions where the identity of the ultimate purchaser or purchasers is not known by any of the Investors or their Affiliates, no Investor or Affiliate shall, </font>prior to the date that is fifteen (15) days following the date on which the
        Investors deliver written notice to the Company to such effect, <font style="color: rgb(0, 0, 0);">sell, transfer, offer or agree to sell or otherwise transfer, directly or indirectly, any securities of the Company, or any attributes (including
          any economic exposure or beneficial ownership) of securities of the Company, including shares of Common Stock, to any Person that would, to the knowledge of any Investor or any Affiliate thereof, result in such Person, together with its
          Affiliates, owning, controlling or otherwise having any beneficial or other ownership interest (or the voting or economic attributes thereof) in excess of 10% in the aggregate of the shares of Common Stock outstanding at such time.</font></div>
      <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;"><font style="color: rgb(0, 0, 0);">10.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Press Release; SEC Filings</u></font>. No later than 9:00 a.m. Eastern Time on March
        27, 2020, the Company shall issue a press release in a form to be mutually agreed by the parties (the &#8220;<font style="color: rgb(0, 0, 0);"><u>Press Release</u></font>&#8221;) and no party shall make any statement inconsistent with the Press Release in
        connection with the announcement of this Agreement. Additionally, promptly following the execution and delivery of this Agreement (but in no case prior to the filing or other public release by the Company of the Press Release), the Company will
        file a Current Report on Form 8-K, which will report the entry into this Agreement. The Investors shall promptly, but in no case prior to the date of the filing or other public release by the Company of the Press Release, prepare and file an
        amendment to the Schedule 13D with respect to the Company originally filed by the Investors with the SEC on April 29, 2019 (the &#8220;<font style="color: rgb(0, 0, 0);"><u>Schedule 13D</u></font>&#8221;) reporting the entry into this Agreement, the withdrawal
        of its notice of nomination and amending applicable items to conform to its obligations hereunder. The amendment to the Schedule 13D and the Form 8-K shall each be consistent with the Press Release and the terms of this Agreement, and shall be in
        form and substance reasonably acceptable to the Company and the Investors.</div>
      <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Non-Disparagement</u></font>. During the Restricted Period, the Company shall refrain from making, and shall cause its
        Affiliates and their respective principals, directors, members, general partners, officers and employees not to make or cause to be made any statement or announcement including in any document or report filed with or furnished to the SEC or through
        the press, media, analysts or other Persons, that disparages, defames, slanders, impugns, casts in a negative light or could damage the reputation of, the Investors and their Affiliates and the Investors&#8217; and their Affiliates&#8217; advisors, their
        respective employees or any Person who has served as an employee of the Investors or this Affiliates and the Investors&#8217; and their Affiliates&#8217; advisors. The foregoing shall not restrict the ability of any Person to comply with any subpoena or other
        legal process or respond to a request for information from any governmental authority with jurisdiction over the party from whom information is sought or to enforce such Person&#8217;s rights hereunder.</div>
      <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Defined Terms</u></font>. As used in this Agreement, the term (a) &#8220;<font style="color: rgb(0, 0, 0);"><u>Affiliate</u></font>&#8221;
        shall have the meaning set forth in Rule 12b-2 promulgated under the Exchange Act and shall include Persons who become Affiliates of any Person subsequent to the date of this Agreement; (b) &#8220;<font style="color: rgb(0, 0, 0);"><u>beneficially own</u></font>&#8221;,


        &#8220;<font style="color: rgb(0, 0, 0);"><u>beneficially owned</u></font>&#8221; and &#8220;<font style="color: rgb(0, 0, 0);"><u>beneficial ownership</u></font>&#8221; shall have the meaning set forth in Rules 13d-3 and 13d-5(b)(l) promulgated under the Exchange Act;
        (c) &#8220;<font style="color: rgb(0, 0, 0);"><u>business day</u></font>&#8221; shall mean any day other than a Saturday, Sunday or a day on which the Federal Reserve Bank of New York is closed; (d) &#8220;<font style="color: rgb(0, 0, 0);"><u>Independent</u></font>&#8221;
        means that a Person (x) (i) shall not be an employee, director, general </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; color: #000000; font-weight: normal; font-style: normal;">9</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="line-height: 1.25; margin-bottom: 12pt;">partner, manager or other agent of an Investor or of any Affiliate of an Investor, (ii) shall not be a limited partner, member or other investor in any Investor or any Affiliate of an Investor and
        (iii) shall not have, and shall not have had, any agreement, arrangement or understanding, written or oral, with any Investor or any Affiliate of an Investor regarding such Person&#8217;s service on the Board other than a nomination agreement entered
        into prior to the date hereof that has been provided to the Company prior to the date hereof, and (y) shall be an Independent director of the Company under the Company&#8217;s independence guidelines, applicable law and the rules and regulations of the
        SEC and the Nasdaq Stock Market; (e) &#8220;<u>Partial Standstill Fallaway Date</u>&#8221; means the date that is thirty (30) days prior to the first date on which stockholders may nominate individuals for election to the Board at the 2022 annual meeting of
        the Company&#8217;s stockholders; (f)&#160; &#8220;<font style="color: rgb(0, 0, 0);"><u>Person</u></font>&#8221; shall be interpreted broadly to include, among others, any individual, general or limited partnership, corporation, limited liability or unlimited liability
        company, joint venture, estate, trust, group, association or other entity of any kind or structure; (g) &#8220;<font style="color: rgb(0, 0, 0);"><u>Third Party</u></font>&#8221; means any Person that is not a party to this Agreement or an Affiliate thereof, a
        member of the Board, a director or officer of the Company, or legal counsel to any party to this Agreement; and (h) &#8220;<font style="color: rgb(0, 0, 0);"><u>Voting Securities</u></font>&#8221; shall mean the shares of common stock of the Company and any
        other securities of the Company entitled to vote in the election of directors, or securities convertible into, or exercisable or exchangeable for, such shares or other securities, whether or not subject to the passage of time or other
        contingencies.</div>
      <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Investors&#8217; Representations and Warranties</u></font>. Each of the Investors, severally and not jointly, represents and warrants
        that (a) this Agreement has been duly authorized, executed and delivered by it and is a valid and binding obligation of such Investor, enforceable against it in accordance with its terms; (b) neither it nor any of its Affiliates has, or will during
        the Restricted Period have,&#160; any agreement, arrangement or understanding, written or oral, with the New Director or other member of the Board pursuant to which such individual has been or will be compensated for his or her service on the Board; and
        (c) as of the date of this Agreement, (i) the Investors, together with all of their respective Affiliates, collectively beneficially own 1,500,000 shares of the outstanding Common Stock and have economic exposure to 1,500,000 shares of the
        outstanding Common Stock and (ii) except as previously disclosed in writing to the Company prior to the execution of this Agreement, none of the Investors nor any of their respective Affiliates, is a party to any swap or hedging transactions or
        other derivative agreements of any nature with respect to the Voting Securities.</div>
      <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Company Representations and Warranties</u></font>. The Company represents and warrants that (a) this Agreement has been duly
        authorized, executed and delivered by it and is a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms; (b) does not require the approval of the stockholders of the Company; and (c) does not and
        will not violate any law, any order of any court or other agency of government, the Company&#8217;s Certificate of Incorporation or Bylaws, each as may be amended from time to time, or any provision of any agreement or other instrument to which the
        Company or any of its properties or assets is bound, or conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any such agreement or other instrument, or result in the creation or imposition
        of, or give rise to, any material lien, charge, restriction, claim, encumbrance or adverse penalty of any nature whatsoever pursuant to any such indenture, agreement or other instrument.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; color: #000000; font-weight: normal; font-style: normal;">10</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Specific Performance</u></font>. The Company and each of the Investors each acknowledge and agree that money damages would not
        be a sufficient remedy for any breach (or threatened breach) of this Agreement by it and that, in the event of any breach or threatened breach hereof, (a) the non-breaching party will be entitled to seek injunctive and other equitable relief,
        without proof of actual damages; (b) the breaching party will not plead in defense thereto that there would be an adequate remedy at law; and (c) the breaching party agrees to waive any applicable right or requirement that a bond be posted by the
        non-breaching party. Such remedies will not be the exclusive remedies for a breach of this Agreement, but will be in addition to all other remedies available at law or in equity.</div>
      <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Entire Agreement; Successors and Assigns; Amendment and Waiver</u></font>. This Agreement (including its exhibits) constitutes
        the only agreement between the Investors and the Company with respect to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written. This Agreement shall be binding upon and
        inure to the benefit of the parties and their respective successors and permitted assigns. No party may assign or otherwise transfer either this Agreement or any of its rights, interests, or obligations hereunder without the prior written approval
        of the other party. Any purported transfer requiring consent without such consent shall be void. No amendment, modification, supplement or waiver of any provision of this Agreement shall be effective unless it is in writing and signed by the party
        affected thereby, and then only in the specific instance and for the specific purpose stated therein. Any waiver by any party of a breach of any provision of this Agreement shall not operate as or be construed to be a waiver of any other breach of
        such provision or of any breach of any other provision of this Agreement. The failure of a party to insist upon strict adherence to any term of this Agreement on one or more occasions shall not be considered a waiver or deprive that party of the
        right thereafter to insist upon strict adherence to that term or any other term of this Agreement.</div>
      <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Severability</u></font>. If any provision of this Agreement is held invalid or unenforceable by any court of competent
        jurisdiction, the other provisions of this Agreement shall remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree shall remain in full force and effect to the extent not held invalid or
        unenforceable. The parties further agree to replace such invalid or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the purposes of such invalid or unenforceable provision.</div>
      <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Governing Law</u></font>. This Agreement shall be governed by and construed in accordance with the laws of the State of
        Delaware. Each of the Investors and the Company (a) irrevocably and unconditionally consents to the personal jurisdiction and venue of the federal or state courts located in Wilmington, Delaware; (b) agrees that it shall not attempt to deny or
        defeat such personal jurisdiction by motion or other request for leave from any such court; (c) agrees that it shall not bring any action relating to this Agreement or otherwise in any court other than such courts; and (d) waives any claim of
        improper venue or any claim that those courts are an inconvenient forum. The parties agree that mailing of process or other papers in connection with any such action or proceeding in the manner provided in paragraph 19 or in such other manner as
        may be permitted by applicable law, shall be valid and sufficient service thereof. Each of the parties, after consulting or having had the opportunity to consult with counsel, knowingly, voluntarily and intentionally waives any right that such
        party may have to a trial by jury in any </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; color: #000000; font-weight: normal; font-style: normal;">11</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="line-height: 1.25; margin-bottom: 12pt;">litigation based upon or arising out of this Agreement or any related instrument or agreement, or any of the transactions contemplated thereby, or any course of conduct, dealing, statements
        (whether oral or written), or actions of any of them. No party shall seek to consolidate, by counterclaim or otherwise, any action in which a jury trial has been waived with any other action in which a jury trial cannot be or has not been waived.</div>
      <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">19.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Parties in Interest</u></font>. This Agreement is solely for the benefit of the parties and is not enforceable by any other
        Person.</div>
      <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Notices</u></font>. All notices, consents, requests, instructions, approvals and other communications provided for herein, and
        all legal process in regard hereto, will be in writing and will be deemed validly given, made or served when delivered in person, by electronic mail, by overnight courier or two business days after being sent by registered or certified mail
        (postage prepaid, return receipt requested) as follows:</div>
      <div style="text-indent: -36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;">If to the Company:<br>
      </div>
      <div style="line-height: 1.25; margin-bottom: 12pt;">
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 4%;">
                <div>&#160;</div>
              </td>
              <td style="width: 92%;">
                <div>Red Robin Gourmet Burgers, Inc.<font style="font-family: 'Times New Roman',Times,serif;"><br>
                  </font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 4%;">
                <div>&#160;</div>
              </td>
              <td style="width: 92%;">
                <div>6312 S Fiddler&#8217;s Green Circle, Suite 200N<font style="font-family: 'Times New Roman',Times,serif;"><br>
                  </font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 4%;">
                <div>&#160;</div>
              </td>
              <td style="width: 92%;">
                <div>Greenwood Village, Colorado 80111</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 4%;">&#160;</td>
              <td rowspan="1" style="width: 92%;">Attention: General Counsel <br>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-indent: -36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;">with copies (which shall not constitute notice) to:<br>
      </div>
      <div style="line-height: 1.25; margin-bottom: 12pt;">
        <table id="z0dbaf8708f684406afee9e8e4bb8d53f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 4%;">
                <div>&#160;</div>
              </td>
              <td style="width: 92%;">
                <div>Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP<br>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 4%;">
                <div>&#160;</div>
              </td>
              <td style="width: 92%;">
                <div>1285 Avenue of the Americas <br>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 4%;">
                <div>&#160;</div>
              </td>
              <td style="width: 92%;">
                <div>New York, New York 10019-6064 <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td colspan="1" style="width: 4%;">&#160;</td>
              <td style="width: 7%;">
                <div><font style="font-family: 'Times New Roman',Times,serif;">Attention:</font> <br>
                </div>
              </td>
              <td style="width: 85%;">Scott A. Barshay | Kyle T. Seifried<font style="font-family: 'Times New Roman',Times,serif;"><br>
                </font></td>
            </tr>
            <tr>
              <td colspan="1" style="width: 4%;">&#160;</td>
              <td style="width: 7%;">
                <div style="text-align: left;"><font style="font-family: 'Times New Roman',Times,serif;">Fax No.:</font> <br>
                </div>
              </td>
              <td style="width: 85%;">
                <div>(212) 492-0040 | (212) 492-0220<br>
                </div>
              </td>
            </tr>
            <tr>
              <td colspan="1" style="width: 4%;">&#160;</td>
              <td style="width: 7%;">
                <div><font style="font-family: 'Times New Roman',Times,serif;">Email:</font> <br>
                </div>
              </td>
              <td style="width: 85%;">sbarshay@paulweiss.com | kseifried@paulweiss.com</td>
            </tr>

        </table>
      </div>
      <div style="margin: 0px 0px 0px 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif; text-indent: -36pt;"> <br>
      </div>
      <div style="text-indent: -36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;">If to the Investors:<br>
      </div>
      <div style="line-height: 1.25; margin-bottom: 12pt;">
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 4%;">
                <div>&#160;</div>
              </td>
              <td style="width: 92%;">
                <div>Vintage Capital Management, LLC<font style="font-family: 'Times New Roman',Times,serif;"><br>
                  </font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 4%;">
                <div>&#160;</div>
              </td>
              <td style="width: 92%;">
                <div>4705 S. Apopka Vineland Road, Suite 206<font style="font-family: 'Times New Roman',Times,serif;"><br>
                  </font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 4%;">
                <div>&#160;</div>
              </td>
              <td style="width: 92%;">
                <div>Orlando, FL 32819</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-top: 0px; margin-bottom: 0px; line-height: 1.25;">
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td colspan="1" style="width: 4%;">&#160;</td>
              <td style="width: 7%;">
                <div><font style="font-family: 'Times New Roman',Times,serif;">Attention:</font> <br>
                </div>
              </td>
              <td style="width: 85%;"><font style="font-family: 'Times New Roman',Times,serif;">Brian R. Kahn</font></td>
            </tr>
            <tr>
              <td colspan="1" style="width: 4%;">&#160;</td>
              <td style="width: 7%;">
                <div><font style="font-family: 'Times New Roman',Times,serif;">Fax No.:</font> <br>
                </div>
              </td>
              <td style="width: 85%;">
                <div><font style="font-family: 'Times New Roman',Times,serif;">(208) 728-8007</font></div>
              </td>
            </tr>
            <tr>
              <td colspan="1" style="width: 4%;">&#160;</td>
              <td style="width: 7%;">
                <div><font style="font-family: 'Times New Roman',Times,serif;">Email:</font> <br>
                </div>
              </td>
              <td style="width: 85%;"><font style="font-family: 'Times New Roman',Times,serif;">bkahn@vincap.com</font></td>
            </tr>

        </table>
      </div>
      <div style="margin: 0px 0px 0px 36pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif; text-indent: -36pt;"> <br>
      </div>
      <div style="text-indent: -36pt; margin-left: 36pt; line-height: 1.25; margin-bottom: 12pt;">with a copy (which shall not constitute notice) to:<br>
      </div>
      <div style="line-height: 1.25; margin-bottom: 12pt;">
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 4%;">
                <div>&#160;</div>
              </td>
              <td style="width: 92%;">
                <div>Willkie Farr &amp; Gallagher LLP</div>
              </td>
            </tr>
            <tr>
              <td style="width: 4%;">
                <div>&#160;</div>
              </td>
              <td style="width: 92%;">
                <div>787 Seventh Avenue<font style="font-family: 'Times New Roman',Times,serif;"><br>
                  </font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 4%;">
                <div>&#160;</div>
              </td>
              <td style="width: 92%;">
                <div>New York, NY 10019</div>
              </td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; color: #000000; font-weight: normal; font-style: normal;">12</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="margin: 0px 0px 0px 36pt; line-height: 1.25;">
        <div>&#160;&#160;&#160; <br>
        </div>
      </div>
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            <tr>
              <td colspan="1" style="width: 4%;">&#160;</td>
              <td style="width: 7%;">
                <div><font style="font-family: 'Times New Roman',Times,serif;">Attention:</font> <br>
                </div>
              </td>
              <td style="width: 85%;"><font style="font-family: 'Times New Roman',Times,serif;">Russell L. Leaf | Jared N. Fertman</font></td>
            </tr>
            <tr>
              <td colspan="1" style="width: 4%;">&#160;</td>
              <td style="width: 7%;">
                <div><font style="font-family: 'Times New Roman',Times,serif;">Fax No.:</font> <br>
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              <td style="width: 85%;"><font style="font-family: 'Times New Roman',Times,serif;">(212) 728-9593 | (212) 728-9670</font></td>
            </tr>
            <tr>
              <td colspan="1" style="width: 4%;">&#160;</td>
              <td style="width: 7%;">
                <div><font style="font-family: 'Times New Roman',Times,serif;">Email:</font> <br>
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              <td style="width: 85%;">
                <div><font style="font-family: 'Times New Roman',Times,serif;">rleaf@willkie.com | jfertman@willkie.com</font><font style="font-family: 'Times New Roman',Times,serif;"> </font></div>
              </td>
            </tr>

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      <div style="line-height: 1.25; margin-bottom: 12pt;">At any time, any party may, by notice given in accordance with this paragraph to the other party, provide updated information for notices hereunder.</div>
      <div style="text-indent: 36pt; line-height: 1.25;">21.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Securities Laws</u>. Each Investor acknowledges that it is aware, and will advise each of its representatives who are informed as to the matters that are the subject of this
        Agreement, that the United States securities laws may prohibit any Person who has received from an issuer material, non-public information from purchasing or selling securities of such issuer or from communicating such information to any other
        Person under circumstances in which it is reasonably foreseeable that such Person is likely to purchase or sell such securities.&#160; The Company confirms that it has not provided any material non-public information to the Investors prior to the date
        hereof.</div>
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      <div style="line-height: 1.25; margin-bottom: 12pt; text-indent: 36pt;">22.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Fees and Expenses</u></font>.&#160;&#160; Promptly following the execution of this Agreement and subject to receipt of reasonable
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        Investors&#8217; involvement with the Company, including, but not limited to, the negotiation and execution of this Agreement, provided that such reimbursement shall not exceed $200,000 in the aggregate. Except as set forth in the preceding sentence, all
        attorneys&#8217; fees, costs and expenses incurred in connection with this Agreement and all matters related hereto will be paid by the party incurring such fees, costs or expenses.</div>
      <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">23.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Interpretation</u></font>. Each of the parties acknowledges that it has been represented by counsel of its choice throughout
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        and any and all drafts relating thereto exchanged among the parties shall be deemed the work product of all of the parties and may not be construed against any party by reason of its drafting or preparation. Accordingly, any rule of law or any
        legal decision that would require interpretation of any ambiguities in this Agreement against any party that drafted or prepared it is of no application and is hereby expressly waived by each of the parties, and any controversy over interpretations
        of this Agreement shall be decided without regard to events of drafting or preparation.</div>
      <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">24.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Several Liability</u>.&#160; Notwithstanding anything contained herein to the contrary, the obligations of the Investors hereunder are several and not joint or
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        counterparts (including by fax, jpeg, .gif, .bmp and .pdf), each of which when so executed shall be an original, but all such counterparts shall together constitute one and the same instrument.</div>
      <div style="text-align: center; line-height: 1.25;">[<font style="font-style: italic;">Signature page follows</font>]</div>
      <div style="line-height: 1.25;"><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; color: #000000; font-weight: normal; font-style: normal;">13</font></div>
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      <div style="text-indent: 36pt; line-height: 1.25; margin-bottom: 12pt;">If the terms of this Agreement are in accordance with your understanding, please sign below, whereupon this Agreement shall constitute a binding agreement among us.</div>
      <div style="line-height: 1.25; margin-bottom: 12pt;">
        <table style="width: 100%; border-collapse: separate; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" border="0" cellpadding="0" cellspacing="0">

            <tr>
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              <td colspan="2" valign="top">Very truly yours,</td>
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            </tr>
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              <td rowspan="1" colspan="2" valign="top"><font style="font-weight: bold;">RED ROBIN GOURMET BURGERS, INC.</font> <br>
              </td>
              <td rowspan="1" style="width: 10%;" valign="top">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%;" valign="top">&#160;</td>
              <td style="width: 4%;" valign="top">&#160;</td>
              <td style="width: 30%;" valign="top">&#160;</td>
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                <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left">By: </div>
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              <td style="width: 30%; border-bottom: 2px solid rgb(0, 0, 0);" align="left" valign="top">/s/ Paul J.B. Murphy III </td>
              <td style="width: 10%; padding-bottom: 2px;" valign="top">&#160;</td>
            </tr>
            <tr>
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              <td style="width: 50%;" valign="top">&#160;</td>
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          </div>
        </div>
        <div><br>
        </div>
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        <div style="text-align: center; line-height: 1.25; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;">[</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">Signature Page to Cooperation Agreement</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;">]</font></div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <div style="line-height: 1.25; margin-bottom: 12pt;"> Accepted and agreed to as of the date first written above:</div>
      <div style="line-height: 1.25; margin-bottom: 12pt;">
        <table style="width: 100%; border-collapse: separate; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" border="0" cellpadding="0" cellspacing="0">

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              <td colspan="2" style="font-weight: bold;" valign="top">VINTAGE CAPITAL MANAGEMENT, LLC</td>
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            </tr>
            <tr>
              <td style="width: 50%;" valign="top">&#160;</td>
              <td style="width: 4%;" valign="top">&#160;</td>
              <td style="width: 30%;" valign="top">&#160;</td>
              <td style="width: 10%;" valign="top">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%; padding-bottom: 2px;" align="left" valign="top">
                <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><br>
                </div>
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              <td style="width: 4%; padding-bottom: 2px;" valign="top">
                <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left">By: </div>
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              <td style="width: 30%; border-bottom: 2px solid rgb(0, 0, 0);" align="left" valign="top">/s/ Brian R. Kahn </td>
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            </tr>
            <tr>
              <td style="width: 50%;" valign="top">&#160;</td>
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            </tr>
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              <td style="width: 50%;" valign="top">&#160;</td>
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              <td style="width: 10%;" valign="top">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%;" valign="top">&#160;</td>
              <td style="width: 4%;" valign="top">&#160;</td>
              <td style="width: 30%;" valign="top">&#160;</td>
              <td style="width: 10%;" valign="top">&#160;</td>
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        </table>
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            <tr>
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              <td colspan="2" style="font-weight: bold;" valign="top">KAHN CAPITAL MANAGEMENT, LLC</td>
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            </tr>
            <tr>
              <td style="width: 50%;" valign="top">&#160;</td>
              <td style="width: 4%;" valign="top">&#160;</td>
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              <td style="width: 10%;" valign="top">&#160;</td>
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                </div>
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              <td style="width: 30%; border-bottom: 2px solid rgb(0, 0, 0);" align="left" valign="top">/s/ Brian R. Kahn</td>
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            </tr>
            <tr>
              <td style="width: 50%;" valign="top">&#160;</td>
              <td style="width: 4%;" valign="top">&#160;</td>
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            </tr>
            <tr>
              <td style="width: 50%;" valign="top">&#160;</td>
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            </tr>
            <tr>
              <td style="width: 50%;" valign="top">&#160;</td>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>eh2000550_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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  <div style="line-height: 1.25; font-family: Arial; text-align: right;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">EXHIBIT 99.1 </font></div>
  <div style="line-height: 1.25; font-family: Arial;"><br style="line-height: 1.25;">
  </div>
  <br>
  <div style="line-height: 1.25;"><br style="line-height: 1.25;">
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  <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 11pt; font-weight: bold;">Red Robin Appoints Anthony Ackil to Board of Directors</div>
  <div style="line-height: 1.25;"><br style="line-height: 1.25;">
  </div>
  <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-style: italic; font-weight: bold;">Reaches Agreement with Vintage Capital Management</div>
  <div style="line-height: 1.25;"><br style="line-height: 1.25;">
  </div>
  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Greenwood Village, CO and Orlando, FL &#8211; March 27, 2020 &#8211; </font>Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) (&#8220;Red
    Robin&#8221; or the &#8220;Company&#8221;) and Vintage Capital Management, LLC (&#8220;Vintage&#8221;), an investment firm with beneficial ownership of approximately 11.6% of the Company&#8217;s outstanding shares, announced today that they have reached an agreement to appoint Anthony
    Ackil to the Company&#8217;s Board of Directors (the &#8220;Board&#8221;), effective immediately. Mr. Ackil is the fifth independent director to be added to the Board in the past eight months.</div>
  <div style="line-height: 1.25;"><br style="line-height: 1.25;">
  </div>
  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Anthony Ackil is a highly qualified restaurant industry executive. He founded B.Good, a private restaurant chain with seventy units in ten states and four
    countries, and served as its CEO from 2004 to 2018. With the appointment of Mr. Ackil, the Board will comprise eleven directors, ten of whom are independent.</div>
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  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">&#8220;We are pleased to welcome Anthony to our Board as an independent director,&#8221; said David A. Pace, Red Robin&#8217;s Board Chair. &#8220;Anthony is a well-respected
    restaurant industry executive and we believe he will enhance our Board&#8217;s collective experience and expertise. The Board is confident that this agreement with Vintage is in the best interest of our shareholders, Team Members, Guests, franchisees and
    partners, and we look forward to working with Anthony as we continue to execute our transformation strategy.&#8221;</div>
  <div style="line-height: 1.25;"><br style="line-height: 1.25;">
  </div>
  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">&#8220;We appreciate Red Robin&#8217;s constructive approach, and we are pleased to reach this agreement. We have great confidence in the Company&#8217;s newly appointed
    CEO, Paul Murphy, and its recently refreshed Board, and we look forward to working with the Company towards our mutual goal of positioning Red Robin for success and value creation,&#8221; said Brian Kahn, Managing Partner of Vintage Capital Management.</div>
  <div style="line-height: 1.25;"><br style="line-height: 1.25;">
  </div>
  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Pursuant to the terms of the agreement, the Company has temporarily increased the size of the Board to 11 directors and will include Mr. Ackil in the
    Company&#8217;s proxy statement for election at the 2020 Annual Meeting of Stockholders (the &#8220;2020 Annual Meeting&#8221;). As previously announced, Director Stuart Oran has decided not to stand for re-election at the 2020 Annual Meeting of Stockholders. Following
    Mr. Oran&#8217;s retirement from the Board, the Company expects that the Board size will be reduced again to ten members. In addition, Vintage and certain of its affiliates have agreed to certain customary standstill and voting provisions, including, but not
    limited to, voting its shares for all of Red Robin&#8217;s nominees at the 2020 Annual Meeting. Vintage has further agreed to withdraw its director nominations for the 2020 Annual Meeting.&#160; The Company has agreed to grant Vintage a waiver under the Company&#8217;s
    rights agreement allowing Vintage to acquire up to 20% of the Company&#8217;s outstanding common stock. The Company&#8217;s agreement with Vintage will be filed on a Form 8-K with the Securities and Exchange Commission (&#8220;SEC&#8221;).</div>
  <div style="line-height: 1.25;"><br style="line-height: 1.25;">
  </div>
  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">About Anthony Ackil</div>
  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Anthony Ackil is a restaurant industry executive who currently serves as the CEO of Streetlight Ventures, a retail support platform for small business and
    real estate brokers, having founded the Company in 2019. He also currently serves on the boards of B.Good, and Project Bread, an organization committed to preventing and ending hunger in Massachusetts. Mr. Ackil previously founded B.Good and served as
    its CEO from 2004 to 2018. Before joining B.Good, he worked as a consultant for IBM, focusing on internet strategy and corporate structure. Previously, he was a consultant at PricewaterhouseCoopers from 1999 to 2003. Mr. Ackil received a B.A. from
    Harvard University.</div>
  <div style="line-height: 1.25;"><br style="line-height: 1.25;">
  </div>
  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">About Red Robin</div>
  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Red Robin Gourmet Burgers, Inc. (<font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 255);"><u>www.redrobin.com</u></font>), a casual
    dining restaurant chain founded in 1969 that operates through its wholly-owned subsidiary, Red Robin International, Inc.,&#160;and under the trade name, Red Robin Gourmet Burgers and Brews,&#160;is the Gourmet Burger Authority<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8482;</sup>, famous for serving more than two dozen craveable, high-quality burgers with Bottomless Steak Fries<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup>&#160;in a fun
    environment welcoming to guests of all ages. At Red Robin, burgers are more than just something guests eat; they&#8217;re a bonding experience that brings together friends and families, kids and adults. In addition to its many burger offerings, Red Robin
    serves a wide variety of salads, soups, appetizers, entrees, desserts and signature beverages.&#160;Red Robin offers a variety of options behind the bar, </div>
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  </div>
  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">including its extensive selection of local and regional beers, and cocktails. It&#8217;s now easy to take Red Robin anywhere with online ordering for to-go and
    Gourmet Burger Bar catering pickups through Yummm2Go. There are more than 550&#160;Red Robin restaurants across the United States and Canada, including those&#160;operating under franchise agreements. Red Robin&#8230; YUMMM<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup>! Connect with Red Robin on&#160;<font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 255);"><u>Facebook</u></font>,&#160;<font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 255);"><u>Instagram</u></font>&#160;and&#160;<font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 255);"><u>Twitter</u></font>.</div>
  <div style="line-height: 1.25;"><br style="line-height: 1.25;">
  </div>
  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">About Vintage Capital Management</div>
  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Vintage Capital is a value-oriented, operations-focused, private and public equity investor specializing in the consumer, aerospace and defense, and
    manufacturing sectors. For additional information about Vintage, please visit <font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 255);"><u>www.vintcap.com</u></font>.</div>
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  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Red Robin Contact:</div>
  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">ICR</div>
  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Raphael Gross, Managing Director</div>
  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">(203) 682-8253</div>
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  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Vintage Capital Management Contact:</div>
  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Vintage Capital Management</div>
  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Brian Kahn, Managing Partner</div>
  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">bkahn@vintcap.com</div>
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