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What is a Restitution Agreement?
A restitution agreement is a contract that outlines how much money should be repaid for an injury. For example, if a party is involved in an accident with another vehicle and the other driver leaves the scene, it may not be clear who caused what damage to whom or how much it will cost to fix everything.
To avoid this situation becoming too complicated, a party can create a restitution agreement with the at-fault party's insurance company. This way, everyone knows exactly who owes what amount of money back to whom.
Common Sections in Restitution Agreements
Below is a list of common sections included in Restitution Agreements. These sections are linked to the below sample agreement for you to explore.
Restitution Agreement Sample
Exhibit 10.1
RESTITUTION AGREEMENT
This Restitution Agreement (this “Agreement”) is made as of August 18, 2005 by and among Michael Snyder (“Snyder”) on the one hand, and Red Robin Gourmet Burgers, Inc. and Red Robin International, Inc. on the other hand (collectively, the “Company”).
RECITALS
A. WHEREAS, Snyder and the Company are parties to that certain Retirement and General Release Agreement dated as of August 10, 2005 (the “Retirement Agreement”); and
B. WHEREAS, pursuant to Section 3 of the Retirement Agreement, Snyder is obligated to reimburse the Company for certain travel, lodging, entertainment and other expenses incurred since 2001 (the “Disallowed Expenses”); and
C. WHEREAS, after conferring with Snyder, a special committee of the Company’s board of directors (the “Special Committee”) has determined the amount of Disallowed Expenses to be reimbursed by Snyder under Section 3 of the Retirement Agreement; and
D. WHEREAS, without admitting or denying the accuracy of the Special Committee’s determination as to the amount of the Disallowed Expenses, Snyder desires to accept the Special Committee’s determination in an effort to resolve this matter promptly for the benefit of the Company; and
E. WHEREAS, the Company and Snyder desire to effect a final settlement of all amounts due and owing by Snyder to the Company under Section 3 of the Retirement Agreement.
NOW, THEREFORE, in consideration of the above recitals and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, and intending to be legally bound, Snyder and the Company voluntarily agree as follows:
1. Definitions. Unless the context otherwise requires, all capitalized terms used in this Agreement without definition shall have the meanings given such terms in the Retirement Agreement.
2. Repayment of Disallowed Expenses.
(a) Snyder and the Company hereby agree that, as determined by the Special Committee, the amount of Disallowed Expenses required to be reimbursed by Snyder to the Company pursuant to Section 3 of the Retirement Agreement is $1,250,000, inclusive of all interest due under such Section 3. Without admitting or denying the accuracy of the Special Committee’s determination, Snyder hereby accepts the Special Committee’s determination of the amount due from Snyder to the Company pursuant to Section 3 of the Retirement Agreement, and Snyder hereby waives all rights under Section 3 of the
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Retirement Agreement (i) to petition the Special Committee, or (ii) otherwise to challenge the determination of the Special Committee with respect to such amount.
(b) Not later than August 19, 2005, Snyder shall pay to the Company the sum of $1,250,000 in immediately available funds. Payment of such amount by Snyder to the Company shall constitute full and complete satisfaction of Snyder’s obligations to the Company under Section 3 of the Retirement Agreement.
3. Choice of Law. This Agreement shall be deemed to have been executed and delivered within the State of Colorado, and the rights and obligations of the parties hereunder shall be construed and enforced in accordance with, and governed by, the laws of the State of Colorado without regard to principles of conflict of laws.
4. Waiver. No waiver of any breach of any term or provision of this Agreement shall be construed to be, or shall be, a waiver of any other breach of this Agreement. No waiver shall be binding unless in writing and signed by the party waiving the breach.
5. Section Headings. Section and other headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement.
6. Arbitration. Any dispute or controversy arising out of interpretation or enforcement of this Agreement shall be resolved pursuant to the terms set forth in Section 14 and Section 15 of the Employment Agreement.
[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]
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The undersigned have read and understand the consequences of this Agreement and voluntarily sign it. The undersigned declare under penalty of perjury under the laws of the State of Colorado that the foregoing is true and correct.
EXECUTED this 18th day of August 2005, at Arapahoe County, Colorado.
“Snyder” |
/s/ Michael Snyder |
Michael Snyder |
EXECUTED this 18th day of August 2005, at Arapahoe County, Colorado.
“Company” | ||
RED ROBIN GOURMET BURGERS, INC. | ||
By |
/s/ Dennis B. Mullen | |
DennisB. Mullen Chief Executive Officer |
RED ROBIN INTERNATIONAL, INC. | ||
By |
/s/ Dennis B. Mullen | |
Dennis B. Mullen Chief Executive Officer |
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Reference:
Security Exchange Commission - Edgar Database, EX-10.1 2 dex101.htm RESTITUTION AGREEMENT, Viewed January 27, 2022, View Source on SEC.
Who Helps With Restitution Agreements?
Lawyers with backgrounds working on restitution agreements work with clients to help. Do you need help with a restitution agreement?
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Meet some of our Restitution Agreement Lawyers
Morgan S.
Corporate Attorney that represents startups, businesses, investors, VC/PE doing business throughout the country. Representing in a range of matters from formation to regulatory compliance to financings to exit. Have a practice that represents both domestic and foreign startups, businesses, and entrepreneurs. Along with VC, Private Equity, and investors.
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Benjamin M.
To begin his legal career, Ben was a legal fellow with Georgia Lawyers for the Arts. Ben also assisted Michigan State University in protecting its registered intellectual property as lead intellectual property (IP) intern for Michigan State University's Center for Anti-Counterfeiting and Product Protection (A-CAPP Center). During this time, Ben organized and moderated a panel discussion with U.S. Customs and Border Patrol agents for A-CAPP's annual Brand Protection Strategy Summit. Ben was selected to join a team of law student interns in Lovran, Primorje-Gorski Kotar, Croatia, to handle matters involving cybercrime, international copyright, the Uniform Domain-Name Dispute-Resolution Policy and the General Data Protection Regulation. Before studying law, Ben worked for Core Security and Meridian Link as a software QA engineer. As a member of Million Dollar Minds Entertainment (Est. 2006) Ben produced countless commercial music recordings, engineered hundreds of songs, and served as executive producer seven studio albums. Ben enjoys spending time with his wife and two daughters. He is an alumnus of The South Carolina State University and Michigan State University College of Law.
July 31, 2023
Joeie S.
Attorney Skelly is a midwestern transplant from Iowa. She has been in Florida for the past 11 years. She went to undergrad at Buena Vista University, which is a small liberal arts college in Storm Lake, Iowa. After graduating with her Bachelor's degree in criminal justice, she went on to obtain her Master's degree in criminal justice from Kaplan university, which is now Purdue Global. While attending school full time for her Master’s degree, Attorney Skelly worked full time in social services helping children and their families who were involved in the dependency system. Attorney Skelly has a professional background in child welfare and social services having worked for 18 years in the field. Attorney Skelly always had a lifelong dream of becoming a lawyer and decided to fulfill her goal in May of 2019 by starting law school at Western Michigan University Thomas M. Cooley Law School at their Riverview campus. She did their accelerated program and completed law school in just over two years and graduated magna cum laude with honors. Attorney Skelly also received certificate of merit awards, which means attaining the highest grade in the class in secured transactions, research and writing, and family violence practice. While in law school Attorney Skelly was a teaching assistant to two tenured professors as well as a note taker for those students who had accommodations. She was also awarded the Alumni Association’s Distinguished Student Award. In her legal career, Attorney Skelly started out at the State Attorney’s Office in Fort Myers, FL. She helped prosecute several cases and personally worked as second chair on 9 jury trials and one bench trial. Once Attorney Skelly passed the bar, she worked for a family law firm under a board certified marital and family law practitioner where she gained tremendous knowledge in the area of family law which includes divorce, paternity, child custody/parenting plans, alimony and child support as well as domestic relations issues such as domestic violence injunctions. Attorney Skelly is also certified as a Guardian ad Litem and can serve as a Guardian ad Litem in family court cases. Attorney Skelly is a proud member of the Florida Bar, the Lee County Bar Association, and the American Bar Association.
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Daniel W.
In my thirteen years of practice, I've had the opportunity to argue cases in state, federal, and tribal courts; in subjects as diverse as gaming, land tenure, water rights, treaty rights, finance, employment, criminal defense, conflict of laws, and tort (among others). But the real value I brought my clients came through avoiding litigation, fostering relationships, and developing long-term strategies.
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Christopher I.
Owner at Irak Law Office in Merrillville, Indiana. Licensed attorney since 2015. Primary focuses include business/corporate law, startup formation, and contract drafting. Love working with small businesses and entrepreneurs.
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Christi D.
Attorney. I love contracts, estate plans, and prenuptial agreements! I would love to help you on the same.
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