Document:

CBRL 8-K FY 2007 Annual Bonus Plan

    Exhibit 10.1

    
 

    CBRL
      GROUP, INC. 

    and
      

    SUBSIDIARIES

    

    FY
      2007 Annual
      Bonus Plan

    

    ARTICLE
      I

    General

    

    1.1  Establishment
      of the Plan.
      Pursuant to the 2002 Omnibus Incentive Compensation Plan (the "Omnibus Plan"),
      the Compensation and Stock Option Committee (the "Committee") of the Board
      of
      Directors of CBRL Group, Inc. (the “Company”) hereby establishes this FY 2007
      Annual Bonus Plan (the "ABP").

    

    1.2  Plan
      Purpose.
      The
      purpose of this ABP is to specify appropriate opportunities to earn an Annual
      Bonus in order to reward officers of the Company and of its subsidiaries for
      the
      Company's financial performance during fiscal year 2007 and to further align
      their interests with those of the shareholders of the Company. 

    

    1.3  ABP
      Subject to Omnibus Plan.
      This
      ABP is established pursuant to, and it comprises a part of the Omnibus Plan.
      Accordingly, all of the terms of the Omnibus Plan are incorporated in this
      ABP
      by reference as if included verbatim. In case of a conflict between the terms
      and conditions of the ABP and the Omnibus Plan, the terms and conditions of
      the
      Omnibus Plan shall supersede and control the issue.

    

    ARTICLE
      II

    Definitions

    

    2.1  Omnibus
      Plan Definitions.
      Capitalized terms used in this ABP without definition have the meanings ascribed
      to them in the Omnibus Plan, unless otherwise expressly provided.

    

    2.2  Other
      Definitions.
      In
      addition, whenever used in this plan, the following terms have the meanings
      set
      forth below: 

    

    (a)  "Additional
      Performance Factor" is that portion of the Annual Bonus based upon the degree
      of
      achievement from continuing operations of 2007 Plan Income, revenue growth
      and
      operating margins during the Company's 2007 fiscal year, and it ranges from
      100%
      to a high of 225%, calculated according to Schedule
      1
      attached
      to and part of this ABP. 

    

    (b)  "Annual
      Performance Bonus Component" is that portion of the Annual Bonus based upon
      the
      degree of achievement of Threshold Income during the Company's 2007 fiscal
      year
      and earned as follows:

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

      

    
      	 	 Annual Performance Bonus
	 2007 Income Achieved	 Component        
	 Less than Threshold Income 	  0
	 Threshold Income  	  60%
	 Ratably above Threshold	 
	     up
              to 2007 Plan
              Income 	 Between 60% and 100%
	 2007 Plan Income   	 100%

    

    

         (c)  "Company
      Performance Factor” means a percentage resulting from multiplying the Additional
      Performance Factor by the Annual Performance Bonus Component.

    

    (d)  “Performance
      Period” means the Company's 2007 fiscal year.

     

    (e)  “2007
      Income” means operating income from continuing operations during the 2007 fiscal
      year, excluding, in either event, extraordinary gains or losses and the effects
      of any acquisitions (other than the opening of restaurant facilities by the
      Company and its principal operating subsidiaries in the ordinary course of
      business). 

     

    (f)  “2007
      Plan Income” means approved 2007 Annual Plan operating income from continuing
      operations. 

     

    (g)  "Threshold
      Income" means operating income from continuing operations in fiscal year
      2006.

    

    (h)  “Target
      Bonus” means an Award equal to a Participant's applicable base salary for the
      Company's 2007 fiscal year multiplied by that Participant's Target
      Percentage.

     

    (i)  “Target
      Percentage” means a percentage applicable to each Participant that has been
      established by the Committee within the first 90 days of the Company's 2007
      fiscal year or, in the case of new hires or Participants who are promoted,
      established at the time of hiring or promotion, consistent with those
      established for the same or similar position by the Committee within the first
      90 days of the 2007 fiscal year.

     

     

    ARTICLE
      III

    Eligibility
      and Participation

    

    3.1  Eligibility.
      The
      Participants in the ABP shall be those persons designated by the Committee
      during the first 90 days of the Company's 2007 fiscal year, and those hired
      or
      promoted during the fiscal year and at that time designated as Participants
      by
      the Committee.

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      IV

    Awards

    

    4.1  Qualified
      Performance Measures.
      The
      Qualified Performance Measure for the ABP shall be a combination of the Annual
      Performance Bonus Component and the Additional Performance Factor during the
      Company's 2007 fiscal year as specified in the Company’s 2007 Annual Plan and in
      this ABP.

     

    4.2  Calculation
      and Payment of Awards.
      After
      the close of the Performance Period, the Committee shall certify in writing
      the
      achievement of the applicable Qualified Performance Measures and the amounts
      of
      any Awards payable to the Participants under all applicable formulas and
      standards. The Award due any Participant shall be calculated by multiplying
      the
      Company Performance Factor times the Target Bonus. The Award amount shall be
      paid to each Participant within a reasonable time after certification of the
      achievement of the Qualified Performance Measures by the Committee.

     

     

    ARTICLE
      V

    Termination
      of Employment

    

    5.1  Termination
      of Employment.
      Except
      upon death or disability, if, prior to the certification of the Award as set
      forth in Section 4.2, a Participant’s employment is terminated or the
      Participant voluntarily resigns, all of the Participant’s rights to an ABP Award
      for the Performance Period shall be forfeited. If a Participant’s employment is
      terminated because of a Participant's death or disability, the Award shall
      be
      reduced to reflect only the period of employment prior to termination. The
      adjusted award shall be based upon the number of days of employment during
      the
      Performance Period. In the case of a Participant’s disability, the employment
      termination shall be deemed to have occurred on the date the Committee
      determines that the disability has occurred, pursuant to the Company’s
      then-effective group long-term disability insurance benefit for officers. The
      pro-rated Award thus determined shall be payable at the time specified in
      Section 4.2.CBRL 8-K FY 2007 Mid-Term Incentive and Retention Plan

    Exhibit 10.2

    
 

    CBRL
      GROUP, INC.

    and

    SUBSIDIARIES

    

    

    FY
      2007 Mid-Term Incentive and Retention Plan

    

    ARTICLE
      I

    General

    

    1.1  Establishment
      of the Plan.
      Pursuant to the 2002 Omnibus Incentive Compensation Plan (the "Omnibus Plan"),
      the Compensation and Stock Option Committee (the "Committee") of the Board
      of
      Directors of CBRL Group, Inc. (the “Company”) hereby establishes this FY 2007
      Mid-Term Incentive and Retention Plan (the "MTIRP").

     

    1.2  Plan
      Purpose. The purposes of this MTIRP are to reward officers of the Company
      and its principal operating subsidiaries for the Company's financial performance
      during fiscal year 2007, to attract and retain the best possible executive
      talent, to motivate officers to focus attention on long-term objectives and
      strategic initiatives, and to further align their interests with those of the
      shareholders of the Company. 

     

    1.3  MTIRP
      Subject to Omnibus Plan.  This
      MTIRP is established pursuant to, and it comprises a part of the Omnibus Plan.
      Accordingly, all of the terms and conditions of the Omnibus Plan are
      incorporated in this MTIRP by reference as if included verbatim. In case of
      a
      conflict between the terms and conditions of the MTIRP and the Omnibus Plan,
      the
      terms and conditions of the Omnibus Plan shall supersede and control the
      issue.

     

    

    ARTICLE
      II

    Definitions

    

    2.1  Omnibus
      Plan Definitions. Capitalized terms used in this MTIRP without definition
      have the meanings ascribed to them in the Omnibus Plan, unless otherwise
      expressly provided. 

     

    2.2  Other
      Definitions. In addition, whenever used in this MTIRP, the following terms
      have the meanings set forth below: 

     

    (a)  "Cause,"
      in addition to those reasons specified in the Omnibus Plan, also includes
      unsatisfactory performance or staff reorganizations.

     

    (b)  "MTIRP
      Award" means an Award of Restricted Stock or Restricted Stock and cash
      determined and authorized as provided in this MTIRP.

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c)  “Net
      Operating Investment” means, as of the end of any of the Company’s fiscal
      quarters, and excluding the effect of discontinued operations, the total of
      current assets minus current liabilities minus cash and equivalents plus current
      maturities of long-term debt (including revolver balances included in current
      liabilities) plus net property, plant and equipment (P.P. & E.) plus
      capitalized operating leases (calculated at 8 times last-twelve-months
      non-billboard rent expense).

     

    (d)  “Payout
      Amount” means, for each Participant, a number equal to that Participant's Target
      Award multiplied by the applicable Payout Percentage.

     

    (e)  “Payout
      Percentage” means the percentage determined according to the relative 2007
      Revenue Growth and 2007 ROANOI (Return on Average Net Operating Investment)
      as
      set forth on Schedule A attached to and part of this MTIRP; however, the Payout
      Percentage shall never be less than 50% nor greater than 200%. 

     

    (f)  "Payout
      Date" means the first business day of the Company's 2010 fiscal year or as
      soon
      as practical thereafter.

     

    (g)  “Performance
      Period” means the Company's 2007 fiscal year.

     

    (h)  “Restricted
      Stock” means shares of Common Stock that may be earned under the MTIRP, which
      shares, once determined as of the end of the Company's 2007 fiscal year, if
      the
      applicable Qualified Performance Measures are satisfied, shall vest, without
      further or additional conditions, at the end of the Company's 2009 fiscal
      year.

     

    (i)  "Retirement"
      (or the correlative "Retire" or "Retires") means the voluntary termination
      of
      employment by a Participant in good standing under this MTIRP at a time when
      the
      age of the Participant plus the Participant's years of service with the Company,
      its predecessors or subsidiaries is equal to or greater than 65.

     

    (j)  “Target
      Award” means an amount equal to a Participant's applicable base salary for the
      Company's 2007 fiscal year multiplied by that Participant's Target
      Percentage.

     

    (k)  “Target
      Percentage” means a percentage applicable to each Participant that has been
      established by the Committee within the first 90 days of the Company's 2007
      fiscal year or, in the case of new hires or Participants who are promoted,
      established at the time of hiring or promotion, consistent with those
      established for the same or similar position by the Committee within the first
      90 days of the 2007 fiscal year.

     

    (l)     
      “2007
      Average Net Operating Investment” means the arithmetic average of Net Operating
      Investment, determined as of the end of the Company’s 2006 fiscal year and at
      the end of each of the four quarters of the Company’s 2007 fiscal year (5
      periods). 

     

    (m)  “2007
      Revenue Growth” means the percentage increase in the Company's total revenue
      from continuing operations (i.e., excluding revenue from discontinued
      operations) during the Company's 2007 fiscal year (excluding, in either case,
      

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        
extraordinary
        gains or losses and the effects of any acquisitions (other than the opening
        of
        restaurant facilities by the Company or a Subsidiary in the ordinary course
        of
        business)) when compared to the Company's total revenue from continuing
        operations (i.e., excluding revenue from discontinued operations) during
        the
        Company's 2006 fiscal year.

    

     

    (n)  “2007
      ROANOI” shall be calculated by dividing: (1) the product of (x) the Company's
      operating income plus non-billboard rent expense (both from continuing
      operations) times (y) one minus the Company’s actual tax rate used in
      determining net income from continuing operations for fiscal 2007 (before
      extraordinary gains or losses and any acquisitions) by (2) 2007 Average Net
      Operating Investment. 

     

     

    ARTICLE
      III

    Eligibility
      and Participation

    

    3.1  Eligibility.
      The Participants in the MTIRP shall be those persons designated by the Committee
      during the first 90 days of the Company's 2007 fiscal year or new hires or
      those
      persons who may be promoted and are designated as Participants by the Committee
      at the time of hiring or promotion. No new Participants are eligible after
      the
      third fiscal quarter of 2007.

     

    

    ARTICLE
      IV

    Awards

    

    4.1  Qualified
      Performance Measures. The Qualified Performance Measures for the MTIRP shall
      be a combination of the 2007 Revenue Growth and 2007 ROANOI as specified in
      this
      MTIRP.

     

    4.2  MTIRP
      Awards. MTIRP Awards shall consist either of 100% Restricted Stock or 50%
      Restricted Stock and 50% cash. Participants, prior to August 25, 2006, may
      elect
      whether the Award will consist of all Restricted Stock or 50% cash and 50%
      Restricted Stock. The failure to elect shall be deemed an election to receive
      100% Restricted Stock. The number of shares of Restricted Stock making up an
      Award shall be determined by dividing the Payout Amount (or 50% of the Payout
      Amount if a Participant has elected to receive 50% cash and 50% Restricted
      Stock) by the Fair Market Value of the Common Stock on the last trading day
      of
      the Performance Period.

     

    4.3  Payment
      of Performance Awards. After the close of the Performance Period, the
      Committee shall certify in writing the achievement of the applicable Qualified
      Performance Measures and the amounts of any Awards payable to the Participants
      under all applicable formulas and standards. The Restricted Stock, together
      with
      any cash portion of any Award (if a Participant has elected 50% cash and 50%
      Restricted Stock) and accumulated dividends pursuant to Section 6.1 of this
      document shall thereafter be distributed, subject to forfeiture or lapse as
      provided in this MTIRP, to each Participant within a reasonable time following
      the Payout Date.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      V

    Termination
      of Employment

    

    5.1  Termination
      of Employment Other Than For Cause. When a Participant Retires or a
      Participant’s employment is terminated for any reason other than for Cause or
      voluntary resignation, the Award shall be reduced to reflect only employment
      prior to that termination. The reduced award shall be based upon the number
      of
      calendar months of employment from the beginning of the Performance Period
      until
      the date of such termination. In the case of a Participant’s disability, the
      employment termination shall be deemed to have occurred on the date the
      Committee determines that the disability has occurred, pursuant to the Company’s
      then-effective group long-term disability insurance benefit for officers. The
      pro-rated Award thus determined shall be payable at the time specified in
      Section 4.3.

     

    5.2  Termination
      of Employment For Cause. If, prior to the Payout Date, a Participant’s
      employment is terminated for Cause (of which the Committee shall be the sole
      judge), or the Participant voluntarily resigns (other than through Retirement),
      all of the Participant’s rights to an MTIRP Award for the Performance Period
      shall be forfeited.

     

     

    ARTICLE
      VI

    Certain
      Rights of Participants

    

    6.1  Shareholder.
      Dividends payable on Common Stock after the Performance Period but before the
      Payout Date shall accrue on Restricted Stock awarded pursuant to this MTIRP
      and
      they shall be payable, without interest, to Participants along with the
      remainder of the Award following the Payout Date. Except as set forth in the
      preceding sentence, Participants shall have no rights as shareholders with
      respect to any Restricted Shares until after the Payout Date.

     

     

    ARTICLE
      VII

    Change
      in Control

     

    7.1  Effect
      of Change in Control. In the event of a Change in Control prior to the
      Payout Date, an MTIRP Award that has not expired or been forfeited shall be
      deemed to have been earned and shall become fully payable and the assumption
      shall be made that all Qualified Performance Measures have been fully achieved
      throughout the entire Performance Period. If a Participant is not fully vested
      in his or her MTIRP Award upon a Change in Control, that Participant’s entire
      MTIRP Award shall be fully vested effective the day prior to the date of the
      Change in Control. The entire MTIRP Award shall be paid to the Participant
      as
      soon as administratively possible, but no later than 30 days following a Change
      in Control.

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