Item 8.01. Other Events.

Effective March 4, 2022, Luby's Fuddruckers Restaurants, LLC ("Seller"), a wholly-owned subsidiary of Luby's Inc. (the "Company"), entered into an Asset Purchase Agreement (the "Purchase Agreement") with Culinary Concessions, LLC ("Purchaser") for the sale of the Company's Culinary Contract Services business, which does not include the Company's frozen packaged foods business. Purchaser, a member managed limited liability company, is wholly owned by Pappas Restaurants, Inc. ("PRI"). PRI is jointly owned and controlled by Christopher J. Pappas and Harris J. Pappas, who were formerly directors and officers of the Company. In the aggregate, Mr. Christopher J. Pappas and Mr. Harris J. Pappas are the beneficial owners of approximately 36.28% of the outstanding shares of the Company's common stock according to filings with the U.S. Securities and Exchange Commission. Additionally, the Company's Chief Operating Officer, Benjamin T. Coutee, has accepted employment with Purchaser, contingent upon closing of the transaction. The Company has been advised that Mr. Coutee does not have any equity ownership in the Purchaser. The transaction is subject to customary closing conditions, and the Purchase Agreement contains customary representations and warranties by Seller and Purchaser and certain indemnities relating to breaches of representations, warranties and covenants and the payment of assumed and excluded obligations. The consideration anticipated to be received from Purchaser has been determined to be immaterial to the Company and the transaction has been unanimously approved by the Special Committee and the Finance and Audit Committee of the Company's Board of Directors as well as the full Board of Directors.

There are no assurances that the transactions contemplated by the Purchase Agreement will be consummated.

As of March 10, 2022, the Company currently owns 18 real estate locations, which it is in the process of marketing and selling, including 6 locations that are currently under contract to sell.



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