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                                                                   Exhibit 10.23

                   PROMISSORY NOTE SECURED BY PLEDGE OF STOCK

$300,000                                                       February 27, 2001

On May 11, 2005, for value received, I, Michael J. Snyder ("Maker") promise to
pay to the order of Red Robin International, Inc. ("Payee"), at 5575 DTC
Parkway, Suite 110, Englewood, Colorado 80111, or at such other place as Payee
may direct in writing prior to the due date, the sum of $300,000, with interest
at 6.62 percent per annum compounded annually. If Payee achieves cumulative
EBITDA for the 2001 and 2002 fiscal years of Payee of at least $46,983,000, all
interest accrued under this Promissory Note shall be forgiven, and no additional
interest shall accrue after the end of Payee's fiscal year 2002. Any amount
unpaid when due shall bear interest at the greater of: (a) 6.62 percent per
annum, or (b) the lower of the prime rate published in the Wall Street Journal
(New York Edition) plus 2 percent per annum, or the highest rate that may be
charged by law. Borrower may pre-pay this note in whole or in part at any time
without penalty.

Pursuant to that certain Pledge Agreement dated June 30, 2000, between Payee, as
holder of the pledge, and Maker, as maker of the pledge, Maker has deposited
with Payee as collateral security for payment of a Promissory Note in favor of
Payee in the amount of $300,000, dated June 30, 2000, 150,000 shares of common
stock of Red Robin International, Inc. Pursuant to a certain Pledge Agreement
dated February 27, 2001, between Payee, as holder of the pledge, and Maker, as
maker of the pledge, Maker has agreed that said common stock shall also be
pledged to Payee as collateral security for payment of this Promissory Note. If
Maker sells all or any portion of the shares of the common stock held by Payee
(other than a sale which is a Permitted Transfer to a Related Transferee, as
defined in the Shareholders Agreement, dated May 11, 2000, to which Maker is a
party), the proceeds from the sale of the Shares after deduction of any taxes
due thereon shall be paid to Payee and applied to the sums due under this
Promissory Notes.

The whole of the principal and any unpaid interest due under this Promissory
Note shall immediately become due and payable to Payee upon the earlier of: (a)
the due date stated above, or (b) the date Payee terminated Maker's employment
for Cause, or the date Maker terminates his employment other than for
Substantial Breach (as defined in the Employment Agreement described below) by
Payee, (c) at such time as Maker becomes insolvent, (d) upon the appointment of
an assignee for the benefit of creditors or of a receiver, trustee, or custodian
for Maker, (e) the filing of a petition under any provision of the Bankruptcy
Code either by or against Maker, or (f) at such time as Maker is unable to meet
his obligations as they become due, without demand for payment and without
notice to Maker.

Payee may transfer this Promissory Note to any other person, firm, or
corporation, and may deliver the collateral to the transferee of such Promissory
Note, who shall thereupon become vested with all the powers and rights given to
the Payee in respect thereto, and Payee shall thereafter be forever relieved and
discharged from any responsibility or

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liability in the matter.

In any action brought to enforce or to interpret this Promissory Note, the
prevailing party in such action shall be entitled to recover from the losing
party the prevailing party's reasonable attorney's fees.

Maker hereby waives notice of dishonor and protest, presentment, and of
impairment of recourse or collateral.

Capitalized terms used in this Promissory Note and not otherwise defined herein
shall have the meanings assigned to them in the Employment Agreement between Red
Robin International, Inc. and Michael J. Snyder, dated May 11, 2000, or in the
other documents referred to therein.

This Promissory Note shall be enforced and interpreted under the laws of the
state of Colorado. Any action brought to enforce or to interpret this Promissory
Note shall be brought in the state or Federal court of appropriate jurisdiction
closest to Payee's headquarters at the time the action is commenced.


Michael J. Snyder
-----------------
Michael J. Snyder

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