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# **PURCHASE AGREEMENT**

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# **BY AND BETWEEN**

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**BONEFISH GRILL, INC.**

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**AND**

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**FISHBUDS OF GREENWOOD LLC**

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**DATED AUGUST 20, 2003**

**PURCHASE AGREEMENT**

**TABLE OF CONTENTS**

PURCHASE OF THE PARTNERSHIP INTERESTS............................................................. 1

Purchase and Sale........................................................................................................... 1

Purchase Price............................................................................................................... 1

Closing .......................................................................................................................... 1

Adjustments to Purchase Price........................................................................................ 2

Further Assurances......................................................................................................... 2

Closing of Transfer Books............................................................................................... 2

Effective Date................................................................................................................ 2

LIABILITIES OF SELLER AND THE PARTNERSHIP........................................................ 2

Liabilities Defined........................................................................................................... 2

No Liabilities of Seller Assumed....................................................................................... 2

Liabilities of the Partnership............................................................................................. 2

Liabilities Arising from Acts or Omissions of Buyer........................................................... 2

Dissolution of Seller......................................................................................................... 3

REPRESENTATIONS AND WARRANTIES OF THE SELLER AND THE PRINCIPALS... 3

General.......................................................................................................................... 3

Authority........................................................................................................................ 3

No Violation................................................................................................................... 4

Absence of Liabilities...................................................................................................... 4

Ownership of Partnership Interests.................................................................................. 4

Tax Liabilities................................................................................................................. 4

Absence of Undisclosed Liabilities................................................................................... 5

Litigation and Government Claims.................................................................................... 5

Compliance With Laws and Orders.................................................................................. 5

Employee Benefit Plans................................................................................................... 5

Absence of Certain Changes........................................................................................... 6

No Brokers or Finders..................................................................................................... 7

Disclosure...................................................................................................................... 7

Contracts........................................................................................................................ 7

Necessary Approvals and Consents................................................................................. 7

Compliance with Laws.................................................................................................... 7

Tax Status...................................................................................................................... 8

REPRESENTATIONS, WARRANTIES AND COVENANTS OF BUYER............................ 8

4.1   Corporate....................................................................................................................... 8

4.2   Authority........................................................................................................................ 8

4.3   No Brokers or Finders..................................................................................................... 8

4.4   Disclosure...................................................................................................................... 8

4.5   Other Action................................................................................................................... 8

4.6   Compliance with Other Instruments.................................................................................. 8

COVENANTS OF SELLER AND PRINCIPALS.................................................................. 9

Noncompetition............................................................................................................... 9

Confidentiality................................................................................................................. 9

Non-Solicitation............................................................................................................. 10

Reasonableness of Restrictions; Reformation; Enforcement............................................. 10

Specific Performance.................................................................................................... 10

Access to Information and Records................................................................................ 10

Conduct of Business Pending the Closing........................................................................ 10

Consents....................................................................................................................... 11

Other Action................................................................................................................. 11

Disclosure..................................................................................................................... 11

CONDITIONS PRECEDENT TO BUYER’S OBLIGATIONS............................................. 12

6.1   Representations and Warranties True on the Closing Date............................................... 12

6.2   Compliance With Agreement......................................................................................... 12

6.3   Absence of Litigation..................................................................................................... 12

6.4   Consents and Approvals................................................................................................ 12

6.5   Delivery of Closing Documents...................................................................................... 12

CONDITIONS PRECEDENT TO SELLER’S AND OBLIGATIONS................................... 12

7.1   Representations and Warranties True on the Closing Date............................................... 12

7.2   Compliance With Agreement......................................................................................... 12

7.3   Absence of Litigation..................................................................................................... 12

7.4   Consents and Approvals................................................................................................ 12

7.5   Delivery of Closing Documents...................................................................................... 12

INDEMNIFICATION.......................................................................................................... 13

  By the Seller and Principals........................................................................................... 13

  By Buyer..................................................................................................................... 13

  Indemnification of Third‐Party Claims............................................................................ 13

  Payment...................................................................................................................... 14

  Survival of Indemnification............................................................................................ 14

Indemnification for Liabilities Arising from Acts or Omissions of Buyer............................ 14

CLOSING DOCUMENTS................................................................................................... 15

  Documents to be Delivered by the Seller and the Principals............................................. 15

  Documents to be Delivered by Buyer............................................................................ 15

TERMINATION.................................................................................................................. 16

  Right of Termination Without Breach............................................................................. 16

  Termination for Breach................................................................................................. 16

MISCELLANEOUS............................................................................................................. 16

  Disclosures and Announcements................................................................................... 16

  Assignment; Parties in Interest...................................................................................... 17

  Governing Law ........................................................................................................... 17

  Consent to Personal Jurisdiction and Venue; Waiver of Jury Trial Attorney’s Fees........... 17

  Amendment and Modification........................................................................................ 17

  Notice......................................................................................................................... 17

  Expenses..................................................................................................................... 18

  Cost of Litigation.......................................................................................................... 18

11.9 Entire Agreement.......................................................................................................... 19

11.10 Counterparts................................................................................................................ 19

11.11 Headings..................................................................................................................... 19

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# **PURCHASE AGREEMENT**

            THIS PURCHASE AGREEMENT (this “Agreement”) is dated this 20th day of August 2003, and entered into by and among BONEFISH GRILL, INC., aFlorida corporation (“Buyer”), FISHBUDS OF GREENWOOD LLC, an Indiana limited liability company (the “Seller”), SAMUEL A. TANCREDI (“Tancredi”) and CHARLES E. FIORETTI (“Fioretti”; Fioretti and Tancredi are hereaftersometimes collectively referred to at the “Principals”)

RECITALS

A.        The Principals are the sole shareholders of FISHBUDS INC., a Kentucky corporation (“Fishbuds”).

B.         FISHBUDS is the majority owner and manager of the Seller.

C.         The Seller is the owner of a forty and one half percent (40.5%) partnership interest in BONEFISH/GREENWOOD, LIMITED PARTNERSHIP, a Florida limited partnership (the“Partnership”).

D.        The Buyer is the owner of a forty-five percent (45%) partnership interest in the Partnership (the “Prior Interest”).

E.         The Partnership owns and operates, as a franchisee of Buyer, that certain Bonefish GrillTM restaurant known as #7502 Greenwood, and located at 1001 North State Road,Greenwood, IN 46142 (the “Restaurant”).

F.         The Seller desires to sell, and Buyer desires to purchase, twenty-three and four tenths of one percent (23.4%) of the limited partnership interests in the Partnership (the“Partnership Interests”), leaving the Seller with a seventeen and one tenth of one percent (17.1%) partnership interest in the Partnership.

            NOW THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants, agreements and conditions hereinafter set forth,and intending to be legally bound hereby, the parties hereto agree as follows.

**PURCHASE OF THE PARTNERSHIP INTERESTS**

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1.1        Purchase and Sale. Subject to the terms and conditions of this Agreement, at the Closing (as defined in **Section 1.3**), Seller shall sell, transfer, convey, assign anddeliver to Buyer, and Buyer shall purchase and accept, all of the Partnership Interests, free and clear of any liens, claims, or encumbrances whatsoever (the “Purchase”).

1.2        Purchase Price. Subject to adjustment as provided in **Section 1.4**, the purchase price (“Purchase Price”) for the Partnership Interests shall be FiveHundred Seventy Thousand Dollars ($570,000.00). The Purchase Price shall be paid to the Seller at the Closing (as defined in **Section 1.3** below) by wire transfer of immediately available funds.

            1.3        Closing. The closing of the transactions contemplated by this Agreement (the “Closing”), shalltake place at 10:00 a.m., Tampa time, at the offices of Buyer on August 28, 2003, or on such date and at such other time and place as is agreed upon by the parties hereto. The day on which the Closing occurs is herein referred to as the “Closing Date”. Ifany of the conditions to the obligations of the parties to this Agreement have not been satisfied or waived by the Closing Date, then the party to this Agreement that is unable to meet such condition or conditions shall be entitled to postpone the Closing by writtennotice to the other parties until such condition shall have been satisfied (which such party shall seek to cause to happen at the earliest practicable date) or waived, but the Closing shall occur not later than August 31, 2003, unless further extended by writtenagreement of the parties to this Agreement. The parties shall use their best efforts to effectuate a timely closing as provided in this **Section 1.3**.

            1.4        Adjustments to Purchase Price.Buyer has prepared a balancesheet for the Partnership, dated June 30, 2003, a copy of which is attached hereto as **Exhibit 1.4(a)** (the “Recent Balance Sheet”). The Purchase Price shall be adjusted as set forth on **Exhibit 1.4(b).**

1.5        Further Assurances. After the Closing, the parties hereto shall execute and deliver such additional documents and take such additional actions as may reasonably be deemednecessary or advisable by any party in order to consummate the transactions contemplated by this Agreement and to vest more fully in Buyer the ownership of and the rights to the Partnership Interests.

Closing of Transfer Books. Upon execution of this Agreement, the transfer books of the Partnership shall be closed and no transfer of partnership interests of the Partnershipshall thereafter be made.

            1.7        Effective Date. The parties agree that the purchase of the Partnership Interests shall be deemed effectiveas of July 1, 2003 (the “Effective Date”), and Buyer shall be allocated all taxable income or loss with respect to the Partnership Interests, and Buyer shall be entitled to all distributions with respect to the Partnership Interests from and after July 1,2003.

**LIABILITIES OF SELLER AND THE PARTNERSHIP**

2.1        Liabilities Defined. As used in this Agreement, the term “Liability” shall mean and include any direct or indirect indebtedness, guaranty, endorsement, claim,loss, damage, deficiency, cost, expense, obligation or responsibility, fixed or unfixed, known or unknown, asserted or unasserted, liquidated or unliquidated, secured or unsecured.

2.2        No Liabilities of Seller Assumed. Except as provided in **Section 2.4**, Buyer is not assuming any Liabilities of Seller whatsoever and all such Liabilities shall be andremain the responsibility of Seller.

2.3        Liabilities Attributable to the Partnership Interests. Except as provided in **Section 2.4**, Buyer is not assuming any of the portion of the Liabilities of thePartnership attributable to the Partnership Interests arising from or related to any periods prior to the Effective Date, for which Buyer would not have otherwise been liable prior to the Purchase as a result of Buyer’s ownership of the Prior Interest, and thenonly to such extent Buyer would have been liable as a result of the ownership of the Prior Interest; and all such Liabilities shall be and remain the responsibility of and be satisfied by the Seller and/or the Principals. Seller and the Principals shall, jointly andseverally, indemnify, defend and hold Buyer harmless from and against any Liability of the Sellers and any Liabilities of the Partnership attributable to the Partnership Interests arising from or related to any periods prior to the Effective Date, except as providedin **Section 2.4**, that (i) is not included on the Recent Balance Sheet, or (ii) is not specified on **Schedule 2.3**.

2.4.       Liabilities Arising from Acts or Omissions of Buyer. The parties agree that nothing contained in this **Article 2** shall make Seller or the Partnership responsible for, or causethe Buyer to be relieved of, any liability arising from any act or omission of the Buyer whether before or after the Closing Date; provided however, the parties acknowledge that the Partnership operates the Restaurant pursuant to a Restaurant Franchise Agreement (the“Franchise Agreement”) with the Buyer, and the Buyer provides certain accounting services to the Partnership pursuant to an Accounting Services Agreement (the “Accounting Agreement”) and nothing contained in this **Section 2.4** shall bedeemed to change or waive any allocation or assumption of risk, or indemnification agreed to in the Franchise Agreement or Accounting Agreement.

2.5        Dissolution of Seller. Nothing contained in this Agreement shall be construed as prohibiting Seller from dissolving after the Closing Date and transferring to theSeller’s members their proportionate right to receive the Purchase Price as provided in **Section 1.2**.

**3.         REPRESENTATIONS AND WARRANTIES OF THE SELLER AND THE PRINCIPALS**

            The Seller and Principals, jointly and severally, represent and warrant to Buyer that each of the following is true and correct in all material respects as ofthe date of this Agreement, except to the extent identified in disclosure schedules attached to or accompanying this Agreement (the “Disclosure Schedules”):

            3.1        General.

            3.1(a)   Organization of Seller. The Seller is a limited liability company duly organized, validly existing and in good standing under thelaws of the State of Indiana. The Articles of Organization and Operating Agreement of Seller are attached hereto as **Exhibit 3.1(a)**, are true and accurate copies thereof, are in full force and effect, and have not be modified or amended.

            3.1(b)   Power. Seller has all requisite power and authority to own, operate and lease its properties, and to carry on its businesses as andwhere such are now being conducted.

            3.1(c)   Qualification. Seller is duly licensed or qualified to do business and is in good standing as a foreign entity in every jurisdictionwhere the failure to so qualify would have a material adverse effect on Seller’s businesses, operations, assets or financial condition.

                        3.1(d)   Subsidiaries. Neither the Seller nor the Partnership owns anyinterest in any corporation, partnership, limited liability company or other entity, except for ownership by the Seller of partnership interests in the Partnership.

3.2        Authority. Seller has the power and authority to execute, deliver and perform its obligations under this Agreement. The execution and delivery of this Agreement and the otherdocuments and instruments to be executed and delivered by Seller pursuant hereto and the consummation of the transactions contemplated hereby and thereby have been, or shall be on the Closing Date, duly authorized by all necessary limited liability company and memberaction. The execution, delivery and performance by Seller of this Agreement and all other documents executed or to be executed in connection with this Agreement and the consummation of the transactions provided for herein have been duly authorized and approved by themanager of Seller and, on or before the Closing Date, shall have been duly authorized and approved by the members of Seller as required by the laws of the State of Indiana and Seller’s governance documents. No other or further act or proceeding on the part ofSeller, its manager or members is necessary to authorize this Agreement or the other documents and instruments to be executed and delivered by Seller pursuant hereto or the consummation of the transactions contemplated hereby and thereby. This Agreement constitutes,and when executed and delivered, the other documents and instruments to be executed and delivered by Seller pursuant hereto will constitute, valid binding agreements of Seller, enforceable in accordance with their respective terms, except as such may be limited bybankruptcy, insolvency, reorganization or other laws affecting creditors’ rights generally, and by general equitable principles.

            3.3        No Violation. Neither the execution and delivery of this Agreement or the otherdocuments and instruments to be executed and delivered by the Seller pursuant hereto, nor the consummation by the Seller of the transactions contemplated hereby and thereby (a) will violate any applicable statute, ordinance, rule or regulation (collectively“Laws”) or any applicable order, writ, injunction, judgment, plan or decree (collectively “Orders”), (b) will require any authorization, consent, approval, exemption or other action by or notice to any court, arbitrator, department,commission, board, bureau, agency, authority, instrumentally or other body, whether federal, state, municipal, foreign country or other (collectively “Government Entities”), or (c) will violate or conflict with, or constitute a default or breach (or anevent which, with notice or lapse of time, or both, would constitute a default or breach) under, or will result in the termination of, or accelerate the performance required by, or result in the creation of any Lien (as defined in **Section 3.5(b)**) upon any ofthe assets of Seller or the Partnership under any term or provision of the articles of organization, operating agreement or other governing document of Seller, or of any material contract, commitment, understanding, arrangement, agreement or restriction of any kindor character to which either (i) the Seller is a party or by which any of its assets or properties may be bound or affected, or (ii) to the knowledge of the Sellers and the Principals, the Partnership is a party or by which any of its assets or properties may bebound or affected.

3.4        Absence of Liabilities. Seller does not have any Liabilities that would in any manner impair the Partnership Interests or result in any Lien on thePartnership Interests. Except for Liabilities reflected on the Recent Balance Sheet or as set forth on **Schedule 3.4**, the Seller and the Principals have no knowledge of any basis for the assertion against the Seller or the Partnership of any Liability and tothe knowledge of the Seller and the Principals, there are no circumstances, conditions, happenings, events or arrangements, contractual or otherwise, which may give rise to Liabilities that would result in any Lien on the Partnership Interests or have a materialadverse effect on the Partnership or the Partnership Interests.

            3.5        Ownership of Partnership Interests.

                        3.5(a)   Exclusive Ownership. The Seller is the sole and exclusiveowner of the Partnership Interests. No person or entity other than the Seller has any right, title or interest in or to the Partnership Interests.

                        3.5(b)   Title to Partnership Interests.Seller has, and will have on the Closing Date, good and valid title to the Partnership Interests, free and clear of all mortgages, liens (statutory or otherwise), security interests, claims, pledges, licenses, equities, options, conditional sales contracts,assessments, levies, covenants, charges or encumbrances of any nature whatsoever, perfected or unperfected (collectively “Liens”). The Partnership Interests are not subject to any restrictions with respect to the transferability thereof, except thoserestrictions contained in the Partnership Agreement. Seller has complete and unrestricted power and right to sell, assign, convey and deliver the Partnership Interests to Buyer as contemplated hereby. On the Closing Date, Buyer will receive good and valid title toall the Partnership Interests, free and clear of all Liens of any nature whatsoever.

                        3.5(c)   No Default. The Seller is not and, to the knowledge of theSeller and the Principals, the Partnership is not in default under any agreement, contract or commitment. To the knowledge of the Seller and the Principals, no event or omission occurred which through the passage of time or the giving of notice, or both, wouldconstitute a default thereunder or cause the acceleration of any of its obligations or result in the creation of any Lien on the Partnership, any assets of the Partnership, or any of the Partnership Interests.

            3.6        Tax Liabilities. Except as set forth on **Schedule 3.6**, the Seller and, to the knowledge of theSeller and the Principals, the Partnership has timely filed or caused to be filed all federal, foreign country, state, county and local tax returns and reports required to be filed by it by the Closing Date, including those with respect to income, payroll, property,withholding, social security, unemployment, franchise, excise and sales taxes. All such tax returns and reports of the Seller and to the knowledge of the Seller and the Principals, of the Partnership were true and correct in all material respects. Except as set forthon **Schedule 3.6**, the Seller has and to the knowledge of the Seller and the Principals, the Partnership has either paid or caused to be paid in full all taxes that have become due as reflected on any tax return or report required to be filed by them by theClosing Date and any interest and penalties with respect thereto. The Seller and to the knowledge of the Seller  and the Principals, the Partnership have established adequate reserves for all taxes payable but not yet due; and have made cash deposits withappropriate governmental authorities representing estimated payments of taxes, including income taxes and employee withholding tax obligations required to be paid over or withheld. No extension or waiver of any statute of limitations or time within which to file anyreturn has been granted to Seller  and to the knowledge of the Seller and the Principals, the Partnership with respect to any tax. To the knowledge of the Seller and the Principals, no unsatisfied deficiency, delinquency or default for any tax, assessment orgovernmental charge has been claimed, proposed or assessed against Seller or the Partnership nor has Seller or the Partnership received written notice of any such deficiency, delinquency or default. Except as set forth on **Schedule 3.6**, the Seller and thePrincipals have no reason to believe that the Seller or the Partnership has or may have any tax liabilities other than those reflected on the Recent Balance Sheet, with any notes thereto, and those arising in the ordinary course of business since the date of theRecent Balance Sheet.

Seller shall have sole responsibility for filing or causing to be filed all required tax returns for Seller for all periods up to and including the Effective Date.

3.7        Absence of Undisclosed Liabilities. Except as and to the extent disclosed on the Recent Balance Sheet, or in the **Schedule 3.7**, to the knowledge of the Seller and thePrincipals, the Partnership does not have any Liabilities other than liabilities and obligations incurred since the date of the Recent Balance Sheet in the ordinary course of business and none of which has or will have a material adverse effect on the business,assets, financial condition or results of operations of the Partnership. Except as and to the extent described in the Recent Balance Sheet or in **Schedule 3.7**, the Seller and the Principals have no knowledge of any basis for the assertion against thePartnership of any Liability and to the knowledge of the Seller and the Principals, there are no circumstances, conditions, happenings, events or arrangements, contractual or otherwise, which may give rise to Liabilities of the Partnership except for liabilities andobligations incurred in the ordinary course of business. The Seller does not have any Liabilities that has or will have a material adverse effect on the business, assets, financial condition or results of operations of the Partnership, or the PartnershipInterests.

            3.8        Litigation and Government Claims. Except as set forth in **Schedule 3.8**, thereis no action, suit, claim, proceeding or arbitration, and to the knowledge of the Principals or Seller, there is no investigation or inquiry, whether civil, criminal or administrative (“Litigation”) pending or, to the knowledge of the Principals orSeller, threatened against Seller or the Partnership, or to which any of their business or assets is subject, nor does any Principal or Seller know, or have grounds to know, of any basis for any unasserted Litigation of any nature that might be asserted againstSeller or the Partnership. Except as set forth in **Schedule 3.8**, neither the Seller nor the Partnership to the knowledge of the Seller or the Principals, nor their respective business or assets is subject to any Order of any Governmental Entity that would havea material adverse effect on Seller or the Partnership.

            3.9        Compliance With Laws and Orders. Except as set forth in **Schedule 3.9**, to theknowledge of the Principals and Seller, the Seller and the Partnership the are in material compliance with all applicable Laws and Orders, including, without limitation, those applicable to franchising, foreign country operations and corrupt practices, discriminationin employment, occupational safety and health, trade practices, competition and pricing, product warranties, zoning, building and sanitation, employment, retirement and labor relations and product advertising.  Except as set forth in **Schedule 3.9**, neitherthe Seller, nor to the knowledge of the Seller or the Principals, the Partnership has received notice of any violation or alleged violation of, and is subject to no Liability for past or continuing violation of, any Laws or Orders. Except as set forth in **Schedule3.9**, all reports and returns required to be filed by the Seller and to the knowledge of the Seller or the Principals, the Partnership with any Government Entity have been filed, and were accurate and complete when filed.

3.10      Employee Benefit Plans. The Seller does not maintain any “employee benefit plan,” as defined in Section 3(3) of ERISA “Employee Plans”.

3.11      Absence of Certain Changes. Except as and to the extent set forth in **Schedule 3.11**, since the date of the Recent Balance Sheet, to the knowledge of theSeller or the Principals, there has not been:

                        3.11(a)  No Adverse Change. Any material adverse change in the financialcondition, assets, Liabilities, business or operations of the Partnership;

                        3.11(b)  No Damage. Any material loss, damage or destruction, whethercovered by insurance or not, affecting any business or properties of the Partnership;

                        3.11(c)  No Increase in Compensation. Other than in the ordinary course ofbusiness, any increase in the compensation, salaries or wages payable or to become payable to any officer or employee of the Partnership (including, without limitation, any increase or change pursuant to any bonus, pension, profit sharing, retirement or other plan orcommitment), or any bonus or other employee benefit granted, made or accrued;

                        3.11(d)  No Labor Disputes. Any labor dispute or disturbance, other thanroutine individual grievances which are not material to the business, financial condition or results of operations of the Partnership;

                        3.11(e)  No Commitments. Any material commitment or transaction by thePartnership (including, without limitation, any borrowing or capital expenditure) other than in the ordinary course of business;

                        3.11(f)  No Disposition of Property. Any sale, lease or other transfer ordisposition of any properties or assets of the Partnership, except in the ordinary course of business;

3.11(g)  No Indebtedness. Any indebtedness for borrowed money incurred, assumed or guaranteed by the Partnership;

                        3.11(h)  No Liens. Any Lien made on any of the properties or assets of thePartnership other than liens for taxes not yet due and payable;

                        3.11(i)   No Amendment of Contracts. Any entering into, amendment ortermination by the Partnership of any contract, or any waiver of material rights thereunder, other than in the ordinary course of business; or

                        3.11(j)   No Unusual Events. Any other event or condition not in theordinary course of business of the Partnership.

            3.12      No Brokers or Finders. Neither the Seller nor any of its managers, employees, members or agents have retained,employed or used any broker or finder in connection with the transaction provided for herein or in connection with the negotiation thereof.

            3.13      Disclosure. No representation or warranty by the Seller or Principals in this Agreement, nor any certificate,schedule, document or exhibit attached hereto or to be furnished at the Closing by or on behalf of the Seller or Principals pursuant to this Agreement or in connection with the transactions contemplated hereby, contains or shall contain (when considered in light ofthe entirety of all information provided by the Seller and Principals to Buyer) any misstatement of any material fact or omits any material fact necessary to make the statements contained therein not misleading. Seller and Principals have disclosed to Buyer all factsknown to them that are material to the Partnership Interests or the Partnership’s business, assets, operations, or financial condition.

            3.14      Contracts. Excluding (i) contracts between Buyer, on the one hand, and Seller or the Partnership, on the other hand(ii) contracts and commitments entered into by the Partnership to which Buyer is a party, and (iii) contracts and commitments entered into with the written consent of Buyer, **Schedule 3.14** is a complete and accurate list of all of the contracts and commitments(including summaries of oral contracts) to which Seller or the Partnership is a party or by which either of them is bound.

            3.15      Necessary Approvals and Consents. Other than (a) consents required to be obtained from applicable liquor controlauthorities, (b) consents required to be obtained from lessors, (c) consents or approvals under the provisions of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, or state securities or blue sky laws, and (d) consents requiredto be obtained from Seller’s members, no authorization, consent, permit or license or approval of or declaration, registration or filing with, any person or governmental or regulatory authority or agency is necessary for the execution and delivery by Seller ofthis Agreement and the other agreements executed or to be executed by it in connection with this Agreement. Other than consents required to be obtained from applicable liquor control authorities, no authorization, consent, permit or license or approval of ordeclaration, registration or filing with, any person or governmental or regulatory authority or agency shall be necessary at the time of Closing for the consummation by Seller of the transactions contemplated by this Agreement and the ownership by Buyer of therespective businesses and properties of the Partnership after the Closing Date in substantially the same manner as now operated.

            3.16      Compliance With Laws. Neither Seller nor either Principal has knowledge that Seller or the Partnership is not incompliance with any such laws applicable to their respective business, where failure to so comply would have a material adverse effect on their business, operations, properties, assets or conditions.

**4.         REPRESENTATIONS, WARRANTIES AND COVENANTS OF BUYER**

            Buyer represents and warrants to the Seller that each of the following is true and correct in all material respects as of the Closing Date.

            4.1        Corporate.

                        4.1(a)   Organization. Buyer is a corporation duly organized, validlyexisting and in good standing under the laws of the State of Florida.

            4.1(b)   Corporate Power. Buyer has all requisite corporate power and authority to own, operate and lease its properties, to carry on itsbusinesses as and where such are now being conducted.

            4.2        Authority.  Buyer has the corporate power and authority to execute, deliver and perform itsobligations under this Agreement.  The execution and delivery of this Agreement and the other documents and instruments to be executed and delivered by Buyer pursuant hereto and the consummation of the transactions contemplated hereby and thereby have been dulyauthorized by all necessary corporate and shareholder action. The execution, delivery and performance by Buyer of this Agreement and all other documents executed or to be executed in connection with this Agreement and the consummation of the transactions provided forherein have been duly authorized and approved by the board of directors and the shareholders of Buyer as required by the laws of the State of Florida, and Buyer’s corporate governance documents.  No other or further corporate act or proceeding on the partof Buyer or its officers, director or shareholders is necessary to authorize this Agreement or the other documents and instruments to be executed and delivered by Buyer pursuant hereto or the consummation of the transactions contemplated hereby and thereby. ThisAgreement constitutes, and when executed and delivered, the other documents and instruments to be executed and delivered by Buyer pursuant hereto will constitute, valid and binding agreements of Buyer, enforceable in accordance with their respective terms, except assuch may be limited by bankruptcy, insolvency, reorganization or other laws affecting creditors’ rights generally, and by general equitable principles.

            4.3        No Brokers or Finders. Neither Buyer nor any of its directors, officers, employees or agents haveretained, employed or used any broker or finder in connection with the transaction provided for herein or in connection with the negotiation thereof.

4.4        Disclosure. No representation or warranty by Buyer in this Agreement, nor any certificate, schedule, document or exhibit attached hereto or to be furnished at the Closing byor on behalf of Buyer pursuant to this Agreement or in connection with transactions contemplated hereby, contains or shall contain any untrue statement of material fact or omits or shall omit a material fact necessary to make the statements contained therein notmisleading.

4.5        Other Action. The Buyer shall use its best efforts to cause the fulfillment at the earliest practicable date of all the conditions to the parties’ obligations toconsummate the transactions contemplated in this Agreement.

            4.6        Compliance with Other Instruments. Neither the execution and delivery of this Agreement or the otherdocuments and instruments to be executed and delivered by the Buyer pursuant hereto, nor the consummation of the transactions contemplated hereby and thereby (a) will violate any Laws or Orders, (b) will require any authorization, consent, approval, exemption orother action by or notice to any Government Entities, or (c) will violate or conflict with, or constitute a default or breach (or an event which, with notice or lapse of time, or both, would constitute a default or breach) under, or will result in the termination of,or accelerate the performance required by, or result in the creation of any Lien (as defined in **Section 3.5(b)**) upon any of the assets of Buyer under any term or provision of the articles of incorporation, by-laws, or other governing document of Buyer or ofany material contract, commitment, understanding, arrangement, agreement or restriction of any kind or character to which Buyer is a party or by which Buyer or any of its assets or properties may be bound or affected.

**5.         COVENANTS OF SELLER AND PRINCIPALS**

5.1        Noncompetition.****For a two (2) year period commencing on the Closing Date the Seller, and each Principal shall not, individually or jointly with others, directly orindirectly, whether for his, her or its own account or for that of any other person or entity, engage in or own or hold any ownership interest in, have any interest in or lend any assistance to any seafood restaurant or any person or entity engaged in a businessowning, operating, franchising or controlling a seafood restaurant business, regardless of the geographic location of such person, entity or business, and neither Seller, nor either Principal shall act as an officer, director, employee, partner, independentcontractor, consultant, principal, agent, proprietor, or in any other capacity for, nor lend any assistance (financial or otherwise) or cooperation to, any such person, or entity; ***provided, however,*** that it shall not be a violation of this**Section 5.1** for Seller or Principal to own a one percent (1%) or smaller interest in any corporation required to file periodic reports with the Securities and Exchange Commission under the Securities Exchange Act of 1934, or successor statute.  Forpurposes of this **Article 5**,the term “seafood restaurant” shall mean any restaurant for which: (i) the word “seafood” or any item of seafood or any word connotating seafood, or any type of body ofwater, is used in its name; or (ii) the sale of seafood is regularly featured in its advertising or marketing efforts, or (iii) the sale of seafood constitutes thirty percent (30%) or more of its entrée sales, computed on a dollar basis. For purposes of thisAgreement, the term “seafood” shall mean and include all marine life forms, whether or not edible, and any part of any marine life form (for example, “shells”, “fins”, “claws”).This **Section 5.1** shall not apply to (a) the Principals’ indirect ownership through Fishbuds of any interest in the Seller, the Partnership, Fishbuds of Louisville I LLC or Fishbuds Indianapolis I, LLC, or their successors-in-interest or (b) anyPrincipal’s employment by or ownership of and interest in any affiliate of Outback Steakhouse, Inc. (“Buyer’s Affiliates”).

5.2        Confidentiality.

5.2(a)   Definition. For the purpose of this Agreement, “Proprietary Information” shall include all information which reasonably would be considered proprietary or confidential to the business ofoperating Bonefish GrillTM restaurants including but not limited to suppliers, customers, trade or industrial practices, marketing and technical plans, technology, personnel, organization or internal affairs, plans for products and ideas, recipes, menus, winelists and proprietary techniques and other trade secrets. Notwithstanding the foregoing, “Proprietary Information” shall not include information that has entered the public domain.

5.2(b)   No Disclosure, Use, or Circumvention. The Principals and the Seller shall not disclose any Proprietary Information to any third parties. Except in connection with their employment with Buyer orBuyer’s Affiliates, the Principals and the Seller will not use any Proprietary Information in any business without the prior written consent of the Buyer and then only to the extent specified in that consent. Consent may be granted or withheld at the solediscretion of the Buyer.

5.2(c)   Maintenance of Confidentiality. The Principals and Seller shall take all steps reasonably necessary or appropriate to maintain the confidentiality of the Proprietary Information in accordance withthis Agreement.

5.3        Non-Solicitation. For a five (5) year period commencing on the Closing Date neither of the Principals or the Seller shall offer employment to any employee of the Buyer,Buyer’s Affiliates or otherwise solicit or induce any employee of the Buyer or Buyer’s Affiliates to terminate his or her employment, nor shall any of the Principals or the Seller act as partner, consultant, agent, owner or part owner, for any person orentity which solicits or otherwise induces any employee of the Buyer or Buyer’s Affiliates to terminate his or her employment with the Buyer or Buyer’s Affiliates, except for non-management personnel recruited through general solicitations in print orother media.

5.4        Reasonableness of Restrictions; Reformation; Enforcement. The parties hereto recognize and acknowledge that the time limitations contained in**Sections 5.1, 5.2**and**5.3** hereof are reasonable and properly required for the adequate protection of the Buyer’s interests. It is agreed by the parties hereto that if any portion of the restrictions contained in **Sections 5.1, 5.2** or**5.3** are held to beunreasonable, arbitrary, or against public policy, then the restrictions shall be considereddivisible, with each month of the specified period being deemed a separate period of time, so that the lesser period of time shallremain effective so long as the same is not unreasonable, arbitrary, or against public policy. The parties hereto agree that in the event any court of competent jurisdiction determines the specified period to beunreasonable, arbitrary, or against public policy,a lesser time period that is determined to be reasonable, nonarbitrary, and not against public policy may be enforced. If any of thecovenants contained herein are violated and if any court action is instituted by the Buyer to prevent or enjoin such violation, then the period of time during which the business activities shall be restricted, as provided in this Agreement, shall be lengthened by aperiod of time equal to the period between the date of the breach of the terms or covenants contained in this Agreement and the date on which the decree of the court disposing of the issues upon the merits shall become final and not subject to furtherappeal.

            5.5        Specific Performance.****The parties agree that a breach of any of the covenants contained in**Sections 5.1, 5.2**and**5.3**hereof will cause irreparable injury to the Buyer for which the remedy at law will be inadequate and would bedifficult to ascertain and therefore, in the event of the breach or threatened breach of any such covenants, the Buyer shall be entitled, in addition to any other rights and remedies it may have at law or in equity, to obtain an injunction to restrain any threatenedor actual activities in violation of any such covenants. The parties hereby consent and agree that temporary and permanent injunctive relief may be granted in any proceedings that might be brought to enforce any such covenants without the necessity of proof of actualdamages, and in the event the Buyer does apply for such an injunction, that the Buyer has an adequate remedy at law shall not be raised as a defense.

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5.6        Access to Information and Records. Prior to the Closing Date, the Seller shall give Buyer, its counsel, accountants and other representatives (i) access during normalbusiness hours to all of the properties, books, records, contracts and documents of the Seller relating to the Partnership Interests for the purpose of such inspection and investigation as Buyer deems appropriate (and Seller shall furnish or cause to be furnished toBuyer and its representatives all information with respect to the business and affairs of Seller and the Partnership as Buyer may request); (ii) access to employees, agents and representatives for the purposes of such meetings and communications as Buyer reasonablydesires; and (iii) access to vendors, customers, manufacturers of its machinery and equipment, and others having business dealings with Seller and the Partnership.  Through the Closing Date, the Buyer shall not disclose any Proprietary Information obtainedpursuant to this paragraph to any third parties and until the Closing Date will not use any such Proprietary Information in the Buyer’s business or any affiliated business without the prior written consent of the Seller and then only to the extent specified inthat consent. The Buyer shall not contact any suppliers, customers, employees, affiliates or associates to circumvent the purposes of this provision. The Buyer shall take all steps reasonably necessary or appropriate to maintain the strict confidentiality of theProprietary Information through the Closing Date.

            5.7        Conduct of Business Pending the Closing. From the date hereof until the Closing Date, except as otherwiseapproved in writing by Buyer, which approval shall not be unreasonably withheld:

                        5.7(a)   No Changes. Seller, as a partner in the Partnership, will useits reasonable efforts to cause the Partnership, in all material respects, to carry on its business diligently and in the same manner as heretofore and will not make or institute any material changes in its methods of purchase, sale, management, accounting oroperation.

                        5.7(b)   Maintain Organization. The Seller will take such action asmay be necessary to maintain, preserve, renew and keep in favor the material rights and franchises of the Partnership and will use its commercially reasonable best efforts, to the extent material hereto, to preserve the business organization of the Partnershipintact, to keep available to Buyer the present employees, and to preserve for Buyer its present relationships with suppliers and customers and others having business relationships with the Partnership.

                        5.7(c)   No Breach. The Seller and Principals will not do or omit anyact, or permit any omission to act, which would reasonably be expected to cause a breach of any material contract, commitment or obligation, or any breach of any representation, warranty, covenant or agreement made by the Seller or Principals herein.

                        5.7(d)   No Material Contracts. No contract or commitment will beentered into, by either Principal or Seller on behalf of the Partnership, except contracts, commitments, purchases or sales which are in the ordinary course of business and consistent with past practice, are not material to the Partnership (individually or in theaggregate) and would not have been required to be disclosed in the Disclosure Schedules had they been in existence on the date of this Agreement.

                        5.7(e)   No Organizational Changes. Seller shall not materially amendthe Certificate of Limited Partnership or Partnership Agreement of the Partnership.

                        5.7(f)    Maintenance of Insurance. Seller shall use commerciallyreasonable efforts to cause the Partnership to maintain all of the insurance in effect as of the date hereof.

                        5.7(g)   No Negotiations. Except for Seller’s redemption of allmembers’ interests in Seller other than Fishbuds, neither the Principals nor the Seller will directly or indirectly (through a representative or otherwise) solicit or furnish any information to any prospective buyer, commence, or conduct presently ongoing,negotiations with any other party or enter into any agreement with any other party concerning the sale of the Partnership Interests, or any membership interest in Seller (an “acquisition proposal”), and the Seller and Principals shall immediately adviseBuyer of the receipt of any acquisition proposal.

            5.8        Consents. The Seller and Principals will use commercially reasonable efforts to obtain all consentsnecessary for the consummation of the transactions contemplated hereby prior to the Closing Date.

            5.9        Other Action. The Seller and Principals shall use commercially reasonable efforts to cause the fulfillmentat the earliest practicable date of all of the conditions to the parties’ obligations to consummate the transactions contemplated in this Agreement.

            5.10      Disclosure. Through the Closing Date, the Seller and Principals shall have a continuing obligation to promptly notifyBuyer in writing with respect to any matter hereafter arising or discovered which, if existing or known at the date of this Agreement, would have been required to be set forth or described in the Disclosure Schedules, but no such disclosure shall cure any breach ofany representation or warranty which is inaccurate.

**6.         CONDITIONS PRECEDENT TO BUYER’S OBLIGATIONS**

            Each and every obligation of Buyer to be performed on the Closing Date shall be subject to the satisfaction prior to or on the Closing Date of each of thefollowing conditions:

            6.1        Representations and Warranties True on the Closing Date. Each of the representations and warranties madeby the Seller and Principals in this Agreement, and the statements contained in the Disclosure Schedule or in any instrument, certificate or document delivered at the Closing by the Seller and Principals pursuant to this Agreement, shall be true and correct in allmaterial respects as of the Closing Date, except for any changes permitted by the terms of this Agreement or consented to in writing by Buyer.

            6.2        Compliance With Agreement. Seller and Principals shall have in all material respects performed andcomplied with all of their agreements and obligations under this Agreement which are to be performed or complied with by it prior to or on the Closing Date, including the delivery of the closing documents specified in **Section 9.2**.

            6.3        Absence of Litigation. No Litigation shall have been commenced or threatened, and no materialinvestigation by any Government Entity shall have been commenced, against Buyer, either of the Principals, the Seller or the affiliates, officers, directors or managers of any of them, with respect to the transactions contemplated hereby.

            6.4        Consents and Approvals. Except as otherwise specifically provided in this Agreement, all approvals,consents and waivers that are required to effect the transactions contemplated hereby shall have been received, and copies thereof shall have been delivered to Buyer, on or prior to the Closing Date. 

6.5        Delivery of Closing Documents. The Seller and the Principals shall have delivered the closing documents specified in **Section 9.1**.

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6.6        Redemption of Member Interests. Seller shall have redeemed all of the member interests in Seller other than that interest owned by Fishbuds effective June 30, 2003.

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**7.         CONDITIONS PRECEDENT TO SELLER’S AND PRINCIPALS’ OBLIGATIONS**

            Each and every obligation of the Seller and the Principals to be performed on the Closing Date shall be subject to the satisfaction prior to or on the ClosingDate of the following conditions:

7.1        Representations and Warranties True on the Closing Date. Each of the representations and warranties made by Buyer in this Agreement shall be true and correct in all materialrespects as of the Closing Date.

            7.2        Compliance With Agreement. Buyer shall have in all material respects performed and complied with all ofits agreements and obligations under this Agreement which are to be performed or complied with by Buyer prior to or on the Closing Date, including the delivery of the closing documents specified in **Section 9.2**.

7.3        Absence of Litigation. No Litigation shall have been commenced or threatened, and no material investigation by any Government Entity shall have been commenced, againstBuyer, either of the Principals, the Seller or any of the affiliates, officers, managers, directors or shareholders of either of them, with respect to the transactions contemplated hereby.

            7.4        Consents and Approvals. Except as otherwise specifically provided in this Agreement, all approvals,consents and waivers that are required to effect the transactions contemplated hereby shall have been received, and copies thereof shall have been delivered to Buyer, on or prior to the Closing Date. 

7.5        Delivery of Closing Documents. Buyer shall have delivered the closing documents and other closing deliveries specified in **Section 9.1**.

**8.         INDEMNIFICATION**

            8.1        By the Seller and the Principals. Subject to the terms and conditions of this**Section 8**, Seller andthe Principals, jointly and severally, hereby agree to indemnify, defend and hold harmless Buyer and the Partnership (hereinafter “Buyer’s Indemnitees”), from and against all Claims asserted against, resulting to, imposed upon, or incurred byBuyer’s Indemnitees or the Partnership Interests transferred to Buyer pursuant to this Agreement, by reason of, arising out of or resulting from (a) the inaccuracy or breach of any representation or warranty of any of the Seller or the Principals contained inor made pursuant to this Agreement (regardless of whether such breach is deemed “material”); (b) the breach of any covenant of any of the Seller or the Principals contained in this Agreement (regardless of whether such breach is deemed“material”); or (c) except as incurred in the ordinary course of business between the execution of this Agreement and the Closing Date, Seller’s forty and one half percent (40.5%) portion of any Liability of the Partnership not included on theRecent Balance Sheet or the Disclosure Schedules and which arises out of or relates to events first occurring prior to the Effective Date.  As used in this **Section 8**, the term “Claim” shall include (i) all Liabilities and Liens; (ii) alllosses, damages, judgments, awards, settlements, costs and expenses (including, without limitation, interest (including prejudgment interest in any litigated matter), penalties, court costs and reasonable attorneys’ fees and expenses); and (iii) all demands,claims, suits, actions, costs of investigation, costs of defense, causes of action, proceedings and assessments, whether or not ultimately determined to be valid. As used in this **Section 8.1**, the phrase “Claims asserted against, resulting to, imposedupon, or incurred by Buyer’s Indemnitees or the Partnership Interests transferred to Buyer pursuant to this Agreement” shall include those Claims as described above that are (a) directly asserted against, resulting to, imposed upon, or incurred byBuyer’s Indemnitees or the Partnership Interests transferred to Buyer pursuant to this Agreement; and (b) indirectly asserted against, resulting to, imposed upon, or incurred by Buyer’s Indemnitees or the Partnership Interests transferred to Buyerpursuant to this Agreement, where the Buyer’s Indemnitees have actual losses, damages, or other out of pocket costs and expenses.

            8.2        By Buyer. Subject to the terms and conditions of this **Section 8**, Buyer hereby agrees to indemnify,defend and hold harmless the Principals and the Seller (hereinafter “Seller’s Indemnitees”) from and against all Claims asserted against, resulting to, imposed upon or incurred by Seller’s Indemnitees by reason of, arising out of or resultingfrom (a) the inaccuracy or breach of any representation or warranty of Buyer contained in or made pursuant to this Agreement (regardless of whether such breach is deemed “material”); or (b) the breach of any covenant of Buyer contained in this Agreement(regardless of whether such breach is deemed “material”). As used in this **Section 8.2**, the phrase “Claims asserted against, resulting to, imposed upon, or incurred by Seller’s Indemnitees” shall include those Claims as describedabove that are (a) directly asserted against, resulting to, imposed upon, or incurred by Seller’s Indemnitees; and (b) indirectly asserted against, resulting to, imposed upon, or incurred by Seller’s, where the Seller’s Indemnitees have actuallosses, damages, or other out of pocket costs and expenses.

            8.3        Indemnification of Third‐Party Claims. The obligations and liabilities of anyparty to indemnify any other under this **Section 8** with respect to Claims relating to third parties shall be subject to the following terms and conditions:

                        8.3(a)   Notice and Defense. The party orparties to be indemnified (whether one or more, the “Indemnified Party”) will give the party from whom indemnification is sought (the “Indemnifying Party”) written notice of any such Claim, and the Indemnifying Party shall have the right toundertake the defense thereof, at the expense of the Indemnifying Party, by representatives and counsel approved by the Indemnified Party, which approval shall not be unreasonably delayed or withheld.  Failure to give such notice shall not affect theIndemnifying Party’s duty or obligations under this **Section 8**, except to the extent the Indemnifying Party is prejudiced thereby. The Indemnifying Party shall have the right to settle any Claim asserted by a third party subject to the IndemnifiedParty’s approval, which approval shall not be unreasonably delayed or withheld.  Each party shall make available to the other all records and other materials required by them and in the possession or under the control of such party, for the use of theother party in defending any such Claim, and shall in other respects give reasonable cooperation in such defense.

                        8.3(b)   Right to Settle The Indemnifying Party shall have the rightto undertake the defense, compromise or settlement of any Claim asserted by a third party or consent to the entry of a judgment with respect to such Claim, on behalf of and for the account and risk of the Indemnifying Party, subject to the Indemnified Party’sreasonable approval, which approval shall not be unreasonably delayed or withheld.

                        8.3(c)   Indemnified Party’s Rights. Anything in this**Section8** to the contrary notwithstanding, (i) if there is a reasonable probability that a Claim may materially and adversely affect the Indemnified Party other than as a result of money damages or other money payments, the Indemnified Party shall have the right toparticipate at its own cost and expense in the defense, compromise and settlement of  such Claim; (ii) if the Indemnifying Party fails to assume the defense of a Claim, the Indemnified Party shall have the right to defend, compromise and settle such Claim; and(iii) the Indemnifying Party shall not, without the written consent of the Indemnified Party, which approval shall not be unreasonably delayed or withheld, settle or compromise any Claim or consent to the entry of any judgment which does not include as anunconditional term thereof the giving by the claimant or the plaintiff to the Indemnified Party of a release from all Liability in respect of such Claim.

            8.4        Payment. The Indemnifying Party shall promptly pay the Indemnified Party any amountdue under this **Section 8,** which payment may be accomplished in whole or in part, at the option of the Indemnified Party, by the Indemnified Party setting off any amount owed to the Indemnifying Party by the Indemnified Party. To the extent set‐off ismade by an Indemnified Party in satisfaction or partial satisfaction of an indemnity obligation under this **Section 8** that is disputed by the Indemnifying Party, upon a subsequent determination by final judgment not subject to appeal that all or a portion ofsuch indemnity obligation was not owed to the Indemnified Party, the Indemnified Party shall pay the Indemnifying Party the amount which was set off and not owed together with interest from the date of set‐off until the date of such payment at an annual rateequal to the average annual rate in effect as of the date of the set‐off, on those three maturities of United States Treasury obligations having a remaining life, as of such date, closest to the period from the date of the set‐off to the date of suchjudgment.  Upon judgment, determination, settlement or compromise of any third party Claim, the Indemnifying Party shall pay promptly on behalf of the Indemnified Party, and/or to the Indemnified Party in reimbursement of any amount theretofore required to bepaid by it, the amount so determined by judgment, determination, settlement or compromise and all other Claims of the Indemnified Party with respect thereto, unless in the case of a judgment an appeal is made from the judgment. If the Indemnifying Party desires toappeal from an adverse judgment, then the Indemnifying Party shall post and pay the cost of the security or bond to stay execution of the judgment pending appeal. Upon the payment in full by the Indemnifying Party of such amounts, the Indemnifying Party shall succeedto the rights of such Indemnified Party, to the extent not waived in settlement, against the third party who made such third party Claim.

8.5        Survival of Indemnification. The closing of the transactions contemplated by this Agreement shall not constitute a waiver by any party of its rights to indemnificationhereunder. The indemnification obligations of the parties contained in this **Section 8** shall survive the date of this Agreement and the Closing Date for all Claims brought or demands for indemnification made prior to the expiration of two (2) years from theClosing Date, except that the indemnification obligations relating to the representations and warranties regarding tax obligations and/or obligations pursuant to gift certificate escheat laws shall survive until one (1) year after the expiration of the applicablestatute of limitations for such obligations.

8.6        Indemnification for Liabilities Arising from Acts or Omissions of Buyer. The parties agree that nothing contained in this **Article 8** shall make Seller or the Principalsresponsible for indemnifying the Buyer, the Partnership or any third party for any liability arising from any act or omission of the Buyer whether before or after the Closing Date; provided however, the parties acknowledge that the Partnership operates the Restaurantpursuant to a Restaurant Franchise Agreement (the “Franchise Agreement”) with the Buyer, and the Buyer provides certain accounting services to the Partnership pursuant to an Accounting Services Agreement (the “Accounting Agreement”) andnothing contained in this **Section 8.6** shall be deemed to change or waive any allocation or assumption of risk, or indemnification agreed to in the Franchise Agreement or Accounting Agreement.

**9.         CLOSING DOCUMENTS & DELIVERIES**

            9.1        Documents to be Delivered by the Seller and the Principals. On the Closing Date, the Seller and thePrincipals shall deliver to Buyer the following documents, in each case duly executed or otherwise in proper form:

                        9.1(a)   Assignments of Partnership Interests. Assignments ofPartnership Interests and such other instruments of assignment, transfer, conveyance and endorsement as will be sufficient in the opinion of Buyer and its counsel to transfer, assign, convey and deliver to Buyer the Partnership Interests as contemplatedhereby.

                        9.1(b)   Compliance Certificate. A certificate signed by the Sellerthat each of the representations and warranties made by the Seller in this Agreement is true and correct in all material respects on and as of the Closing Date (except for any changes permitted by the terms of this Agreement or consented to in writing by Buyer), andthat the Seller has performed and complied with all of the Seller’s obligations under this Agreement which are to be performed or complied with on or prior to the Closing Date. A certificate signed by each of the Principals that each of the representations andwarranties made by the Principals in this Agreement is true and correct in all material respects on and as of the Closing Date (except for any changes permitted by the terms of this Agreement or consented to in writing by Buyer), and that the Principals haveperformed and complied with all of the Principals’ obligations under this Agreement which are to be performed or complied with on or prior to the Closing Date.

                        9.1(c)   Certified Resolutions. A certified copy of the resolutions ofthe members and managers of the Seller, as appropriate, authorizing and approving this Agreement and the consummation of the transactions contemplated by this Agreement.

                        9.1(d)   Incumbency Certificate. Incumbency certificates relating toeach person executing any document executed on behalf of Seller and delivered to Buyer pursuant to the terms hereof.

                        9.1(e)   Other Documents. All other documents, instruments or writingsreasonably required to be delivered to Buyer on or prior to the Closing Date pursuant to this Agreement and such other certificates of authority and documents as Buyer may reasonably request.

            9.2        Documents and Deliveries to be Delivered by Buyer. At the Closing, Buyer shall deliver to the Seller thefollowing documents and deliveries, in each case duly executed or otherwise in proper form:

                        9.2(a)   Compliance Certificate. A certificate signed by an officer ofBuyer, that the representations and warranties made by Buyer in this Agreement are true and correct on and as of the Closing Date (except for any changes permitted by the terms of this Agreement or consented to in writing by the Seller), and that Buyer has performedand complied with all of its respective obligations under this Agreement which are to be performed or complied with on or prior to the Closing Date.

9.2(b)   Certified Resolutions. A certified copy of the resolutions of the Board of Directors of Buyer authorizing and approving this Agreement and the consummation of the transactions contemplated by thisAgreement.

                        9.2(c)   Incumbency Certificate. Incumbency certificates relating toeach person executing any document executed on behalf of Buyer and delivered to the Seller pursuant to the terms hereof.

                        9.2(d)   Purchase Price.  The Purchase Price by wire transfer ofimmediately available funds to an account designated by the Seller.

                       9.2(e)   OtherDocuments. All other documents, instruments or writings reasonably required to be delivered to the Seller on or prior to the Closing Date pursuant to this Agreement and such other certificates of authority anddocuments as the Seller may reasonably request.

**10.       TERMINATION**

            10.1      Right of Termination Without Breach. 

                        10.1(a)  Mutual Agreement. This Agreement may be terminated without furtherliability of either party at any time prior to the closing by mutual written agreement of Buyer and the Seller.

10.1(b)  By Either Party. This Agreement may be terminated without further liability of any party, by either Buyer or the Seller if the Closing Date of the transaction contemplated in **Section 1.1** shall nothave occurred on or before August 31, 2003, provided the terminating party has not, through breach of a representation, warranty or covenant, prevented such closing from occurring on or before such date.

            10.2      Termination for Breach.

                        10.2(a)  Termination by Buyer. This Agreement may be terminated by Buyer if(i) there has been a material violation or breach by the Seller or Principals of any of the agreements, representations or warranties contained in this Agreement which has not been waived in writing by Buyer, or (ii) there has been a failure of satisfaction of acondition to the obligations of Buyer which has not been so waived.

                        10.2(b)  Termination by the Seller. The Seller may terminate this Agreementif (i) there has been a material violation or breach by Buyer of any of the agreements, representations or warranties contained in this Agreement which has not been waived in writing by the Seller, or (ii) there has been a failure of satisfaction of a condition tothe obligations of the Seller which has not been so waived.

                        10.2(c)  Effect of Termination. Termination of thisAgreement pursuant to this **Section****10.2** shall not in any way terminate, limit or restrict the rights and remedies of any party hereto against any other party which has violated, breached or failed to satisfy any of the representations, warranties,covenants, agreements, conditions or other provisions of this Agreement prior to termination hereof.

**11.       MISCELLANEOUS**

            11.1      Disclosures and Announcements. Both the timing and the content of all disclosure to third parties and publicannouncements concerning the transactions provided for in this Agreement by the Buyer or Seller shall be subject to the approval of the other in all essential respects, except that Seller’s approval shall not be required as to any statements and otherinformation which Buyer may submit to the Securities and Exchange Commission, NYSE or the stockholders of Buyer or Buyer’s Affiliates, or be required to make pursuant to any rule or regulation of the Securities and Exchange Commission or NYSE, or otherwiserequired by law.

            11.2      Assignment; Parties in Interest. 

                        11.2(a)  Assignment. Except as expressly provided herein, the rights andobligations of a party hereunder may not be assigned, transferred or encumbered without the prior written consent of the other parties. Notwithstanding the foregoing, Buyer may, without consent of any other party, cause one or more subsidiaries or affiliates of Buyerto carry out all or part of the transactions contemplated hereby; provided, however, that Buyer shall, nevertheless, remain liable for all of its obligations, and those of any such subsidiary or affiliate, to the Seller hereunder.

                        11.2(b)  Parties in Interest. This Agreement shall be binding upon, inureto the benefit of, and be enforceable by the respective successors and permitted assigns of the parties hereto. Nothing contained herein shall be deemed to confer upon any other person any right or remedy under or by reason of this Agreement.

11.3     Governing Law.****The validity, interpretation, and performance of this Agreement shall be governed bythe laws of the State of Florida without giving effect to the principles of comity or conflicts of laws thereof.

11.4      Consent to Personal Jurisdiction and Venue; Waiver of Jury Trial; Attorney’s Fees.****Seller, Principals and Buyer hereby consent to personal jurisdiction and venue, for any actionarising out of a breach or threatened breach of this Agreement or out of the relationship established by this Agreement, exclusively in the United States District Court for the Middle District of Florida, Tampa Division, or in the Circuit Court in and forHillsborough County, Florida. Seller, Principals and Buyer hereby agree that any action brought by such person or entity, alone or in combination with others, whether arising out of this Agreement or otherwise, shall be brought exclusively in the United StatesDistrict Court for the Middle District of Florida, Tampa Division, or in the Circuit Court in and for Hillsborough County, Florida. Seller, Principals and Buyer hereby agree that any controversy that may arise of this Agreement would involve complicated and difficultfactual and legal issues and that, as a result, any action shall be determined by a judge and not a jury. In the event of any legal proceeding arising, directly or indirectly, from this Agreement, the prevailing party in such legal proceedings shall be entitled toattorney’s fees and costs from the non-prevailing party.

            11.5      Amendment and Modification. Buyer,Principalsand the Seller may amend, modify and supplement this Agreement in such manner as may be agreed upon by them in writing.

            11.6      Notice. All notices, requests, demands and other communications hereunder shall be given inwriting and shall be: (a) personally delivered; or (b) sent to the parties at their respective addresses indicated herein by registered or certified U.S. mail, return receipt requested and postage prepaid, or by private overnight mail courier service. The respectiveaddresses to be used for all such notices, demands or requests are as follows:

                        (a)        If to Buyer, to:

                                    Bonefish Grill,Inc.

                                    2202 North WestShore Boulevard, Suite 500

                                   Tampa, Florida  33607

                                   Attention:  John Cooper, President

                                   (with a copy to)

                                    Joseph J.Kadow, Vice President and General Counsel

                                    Bonefish Grill,Inc.

                                    2202 North WestShore Boulevard, Suite 500

                                    Tampa,Florida  33607

or to such other person or address as Buyer shall furnish to the Seller in writing.

                        (b)        If to Seller orPrincipalsto:

Fishbuds of Greenwood LLC

c/o Fishbuds Inc.

510 East 96th Street

Suite 125

Indianapolis, Indiana  46240

Samuel A. Tancredi

11686 Oak Tree Way

Carmel, Indiana 46032

Charles E. Fioretti

6930 Forest Glen Blvd.

Dallas, Texas 75230

(with a copy to)

Frost Brown Todd LLC

400 West Market Street

32nd Floor

Louisville, Kentucky 40202-3363

Attention:  William G. Strench

or to such other person or address as Seller or the Principals shall furnish to Buyer in writing.

            If personally delivered, such communication shall be deemed delivered upon actual receipt; if sent by overnight courier pursuant to this paragraph, suchcommunication shall be deemed delivered upon receipt; and if sent by U.S. mail pursuant to this paragraph, such communication shall be deemed delivered as of the date of delivery indicated on the receipt issued by the relevant postal service, or, if the addresseefails or refuses to accept delivery, as of the date of such failure or refusal. Any party to this Agreement may change its address for the purposes of this Agreement by giving notice thereof in accordance with this Section. Notices sent by facsimile or otherelectronic means shall not constitute notice under this Agreement.

            11.7      Expenses. Regardless of whether or not the transactions contemplated hereby are consummated eachof the parties shall bear its own expenses and the expenses of its counsel, accountants, and other agents in connection with the transactions contemplated hereby.

            11.8      Costs of Litigation. The parties agree that in any action brought with respect to or to enforce any right or remedyunder this Agreement, the judge presiding over the dispute shall have the right to award to any party or parties, all reasonable costs and expenses of any nature whatsoever incurred by such party or parties in connection with such action, including without limitationreasonable attorneys’ fees and prejudgment interest.

11.9      Entire Agreement. This instrument and the agreements referred to herein embody the entire agreement between the parties hereto with respect to the transactions contemplated herein, andthere have been and are no agreements, representations or warranties between the parties other than those set forth or provided for herein.

11.10    Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the sameinstrument.

11.11    Headings. The headings of Sections in this Agreement are provided for convenience only and will not affect its construction or interpretation. All references to “Section” or“Sections” refer to the corresponding Section or Sections of this Agreement. All words used in this Agreement will be construed to be of such gender or number as the circumstances require. Unless otherwise expressly provided, the word“including” does not limit the preceding words or terms.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date and year first above written.

ATTEST:                                                                     “BUYER”

BONEFISH GRILL, INC., a Florida corporation

______________________________                                   By:__________________________________

Joseph J. Kadow, Secretary                                                Robert D. Basham, Chief Executive Officer

ATTEST:                                                                     “SELLER”

FISHBUDS OF GREENWOOD LLC, an Indiana limited liability company

By:       FISHBUDS INC., as manager

           

                                               By:__________________________________

                                                                                                   Samuel A. Tancredi, President

                                                                                   “PRINCIPALS”

                                                                                   _____________________________________

                                                                                   Samuel A. Tancredi, individually

                                                                                   _____________________________________

                                                                                   Charles Fioretti, individually

LOULibrary/278973.2

9/30/2003 9:16 AM