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                                                                   EXHIBIT 10.27

                       FIRST AMENDMENT TO CREDIT AGREEMENT

         THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is made as
of the 20th day of December, 2000, by and among OUTBACK STEAKHOUSE, INC., a
Delaware corporation (the "Borrower"), WACHOVIA BANK, N.A., as Agent and a Bank,
SUNTRUST BANK, SOUTHTRUST BANK, THE HUNTINGTON NATIONAL BANK, HIBERNIA NATIONAL
BANK and BANK OF AMERICA, N.A. (collectively referred to herein as the "Banks")
and OUTBACK STEAKHOUSE OF FLORIDA, INC., CARRABBA'S ITALIAN GRILL, INC., OUTBACK
STEAKHOUSE INTERNATIONAL, INC., OS CAPITAL, INC., OS PACIFIC, INC., OS PRIME,
INC. and OUTBACK SPORTS, LLC (collectively referred to herein as the
"Guarantors").

                                   RECITALS:

         The Borrower, the Agent and the Banks have entered into a certain
Credit Agreement dated December 21, 1999 (the "Credit Agreement"). Capitalized
terms used in this Amendment which are not otherwise defined in this Amendment
shall have the respective meanings assigned to them in the Credit Agreement. The
Guarantors executed and delivered a certain Guaranty Agreement (the "Guaranty
Agreement") dated December 21, 1999 for the benefit of the Secured Parties (as
defined therein).

         The Borrower and Guarantors have requested the Agent and the Banks to
amend the Credit Agreement to modify certain provisions of the Credit Agreement
as more fully set forth herein. The Banks, the Agent, the Guarantors and the
Borrower desire to amend the Credit Agreement upon the terms and conditions
hereinafter set forth.

         NOW, THEREFORE, in consideration of the Recitals and the mutual
promises contained herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Borrower, the
Guarantors, the Agent and the Banks, intending to be legally bound hereby, agree
as follows:

         SECTION 1. Recitals. The Recitals are incorporated herein by reference
and shall be deemed to be a part of this Amendment.

         SECTION 2. Amendments. The Credit Agreement is hereby amended as set
forth in this Section 2.

                  SECTION 2.01. Amendment to Definition of Termination Date. The
definition of "Termination Date" as set forth in Section 1.01 of the Credit
Agreement is amended and restated to read in its entirety as follows:

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         "`Termination Date' means December 21, 2004."

                  SECTION 2.02. Amendment to Section 2.05. Section 2.05(b) of
the Credit Agreement is hereby deleted in its entirety.

                  SECTION 2.03. Amendment to Section 9.05. Section 9.05(a) of
the Credit Agreement is hereby amended and restated to read in its entirety as
follows:

                  SECTION 9.05. Amendments and Waivers. (a) Any provision of
         this Agreement, the Notes or any other Loan Documents may be amended or
         waived if, but only if, such amendment or waiver is in writing and is
         signed by the Borrower and the Required Banks (and, if the rights or
         duties of the Agent are affected thereby, by the Agent); provided that
         no such amendment or waiver shall, unless signed by all the Banks, (i)
         change the Commitment of any Bank or subject any Bank to any additional
         obligation, (ii) change the principal of or reduce the rate of interest
         on any Loan or any fees hereunder or any of the Obligations (as defined
         in the Guaranty) under the Guaranty, (iii) change the date fixed for
         any payment of principal of or interest on any Loan or any fees
         hereunder or any of the Obligations (as defined in the Guaranty) under
         the Guaranty, (iv) change the amount of principal, or reduce the amount
         of interest or fees due on any date fixed for the payment thereof under
         this Agreement, the Notes or any other Loan Documents, (v) change the
         percentage of the Commitments or of the aggregate unpaid principal
         amount of the Notes, or the percentage of Banks, which shall be
         required for the Banks or any of them to take any action under this
         Section or any other provision of this Agreement or modify the
         definition of Required Banks, (vi) change the manner of application of
         any payments made under this Agreement, the Guaranty or the Notes,
         (vii) release or substitute all or any substantial part of the Pledged
         Stock and Related Collateral held as security for the Loans or any of
         the Obligations, or (viii) release, discharge or terminate any guaranty
         given to support payment of the Loans (including without limitation the
         Guaranty); provided further that no such amendment or waiver shall,
         unless signed by the Swing Line Lender, change any provision of this
         Agreement (including without limitation Section 2.14) relating to the
         Swing Line Loans.

                  SECTION 3. Conditions to Effectiveness. The effectiveness of
this Amendment and the obligations of the Banks hereunder are subject to the
following conditions, unless the Required Banks waive such conditions:

         (a)      receipt by the Agent from each of the parties hereto of a duly
executed counterpart of this Amendment signed by such party; and

         (b)      the fact that the representations and warranties of the
Borrower and Guarantors contained in Section 5 of this Amendment shall be true
on and as of the date hereof.

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         SECTION 4. No Other Amendment. Except for the amendments set forth
above, the text of the Credit Agreement shall remain unchanged and in full force
and effect. This Amendment is not intended to effect, nor shall it be construed
as, a novation. The Credit Agreement and this Amendment shall be construed
together as a single agreement. Nothing herein contained shall waive, annul,
vary or affect any provision, condition, covenant or agreement contained in the
Credit Agreement, except as herein amended, nor affect nor impair any rights,
powers or remedies under the Credit Agreement as hereby amended. The Banks and
the Agent do hereby reserve all of their rights and remedies against all parties
who may be or may hereafter become secondarily liable for the repayment of the
Notes. The Borrower promises and agrees to perform all of the requirements,
conditions, agreements and obligations under the terms of the Credit Agreement,
as heretofore and hereby amended and the other Loan Documents, the Credit
Agreement, as amended, and the other Loan Documents being hereby ratified and
affirmed. The Borrower hereby expressly agrees that the Credit Agreement, as
amended, and the other Loan Documents are in full force and effect. The
Guarantors promise and agree to perform all of the requirements, conditions,
agreements and obligations under the terms of the Guaranty Agreement and the
other Loan Documents, the Guaranty Agreement and the other Loan Documents being
hereby ratified and affirmed. The Guarantors hereby expressly agree that the
Guaranty Agreement and the other Loan Documents are in full force and effect.

         SECTION 5. Representations and Warranties. The Borrower and Guarantors
hereby represent and warrant to each of the Banks as follows:

         (a)      No Default or Event of Default, nor any act, event, condition
or circumstance which with the passage of time or the giving of notice, or both,
would constitute an Event of Default, under the Credit Agreement or any other
Loan Document has occurred and is continuing unwaived by the Banks on the date
hereof.

         (b)      The Borrower and Guarantors have the power and authority to
enter into this Amendment and to do all acts and things as are required or
contemplated hereunder, or thereunder, to be done, observed and performed by
them.

         (c)      This Amendment has been duly authorized, validly executed and
delivered by one or more authorized officers of the Borrower and Guarantors and
constitutes legal, valid and binding obligations of the Borrower and Guarantors
enforceable against them in accordance with its terms, provided that such
enforceability is subject to general principles of equity.

         (d)      The execution and delivery of this Amendment and the
performance hereunder by the Borrower and Guarantors do not and will not require
the consent or approval of any regulatory authority or governmental authority or
agency having jurisdiction over the Borrower or any Guarantor, nor be in
contravention of or in conflict with the articles of incorporation, bylaws or
other organizational documents of the Borrower or any Guarantor, or the
provision of any statute, or any judgment, order or indenture, instrument,
agreement or undertaking, to which the Borrower or any Guarantor is party or by
which the assets or properties of the Borrower or any Guarantor are or may
become bound.

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         SECTION 6. Counterparts. This Amendment may be executed in multiple
counterparts, each of which shall be deemed to be an original and all of which,
taken together, shall constitute one and the same agreement.

         SECTION 7. Governing Law. This Amendment shall be construed in
accordance with and governed by the laws of the State of Georgia.

         SECTION 8. Effective Date. This Amendment shall be effective as of
December   , 2000 (the "Effective Date").

         SECTION 9. Commitment Fee. On the Effective Date the Borrower shall pay
to each Bank executing this Amendment a fee equal to: (i) the amount of such
Bank's Commitment, multiplied by (ii) .05%.

         SECTION 10. Consent by Guarantors. The Guarantors consent to the
foregoing amendments. The Guarantors promise and agree to perform all of the
requirements, conditions, agreements and obligations under the terms of the
Guaranty and Indemnity Subrogation and Contribution Agreement, said Guaranty and
Indemnity Subrogation and Contribution Agreement being hereby ratified and
affirmed. The Guarantors hereby expressly agree that the Guaranty and Indemnity
Subrogation and Contribution Agreement are in full force and effect.

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         IN WITNESS WHEREOF, the parties hereto have executed and delivered, or
have caused their respective duly authorized officers or representatives to
execute and deliver, this Amendment as of the day and year first above written.

                                    BORROWER:

                                    OUTBACK STEAKHOUSE, INC.

                                    By:                                   (SEAL)
                                       -----------------------------------
                                    Title:
                                           ------------------------------------

                                    OUTBACK STEAKHOUSE OF FLORIDA, INC.

                                    By:                                   (SEAL)
                                       -----------------------------------
                                    Title:
                                           ------------------------------------

                                    CARRABBA'S ITALIAN GRILL, INC.

                                    By:                                   (SEAL)
                                       -----------------------------------
                                    Title:
                                           ------------------------------------

                                    OUTBACK STEAKHOUSE INTERNATIONAL, INC.

                                    By:                                   (SEAL)
                                       -----------------------------------
                                    Title:
                                           ------------------------------------

                                    OS CAPITAL, INC.

                                    By:                                   (SEAL)
                                       -----------------------------------
                                    Title:
                                           ------------------------------------

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                                    OS PACIFIC, INC.

                                    By:                                   (SEAL)
                                       -----------------------------------
                                    Title:
                                           ------------------------------------

                                    OS PRIME, INC.

                                    By:                                   (SEAL)
                                       -----------------------------------
                                    Title:
                                           ------------------------------------

                                    OUTBACK SPORTS, LLC

                                    By:                                   (SEAL)
                                       -----------------------------------
                                    Title:
                                           ------------------------------------

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                                    WACHOVIA BANK, N.A., as Agent and a Bank

                                    By:                                   (SEAL)
                                       -----------------------------------
                                    Title:
                                           ------------------------------------

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                                   SUNTRUST BANK

                                    By:                                   (SEAL)
                                       -----------------------------------
                                    Title:
                                           ------------------------------------

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                                    SOUTHTRUST BANK

                                    By:                                   (SEAL)
                                       -----------------------------------
                                    Title:
                                           ------------------------------------

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                                    THE HUNTINGTON NATIONAL BANK

                                    By:                                   (SEAL)
                                       -----------------------------------
                                    Title:
                                           ------------------------------------

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                                    HIBERNIA NATIONAL BANK

                                    By:                                   (SEAL)
                                       -----------------------------------
                                    Title:
                                           ------------------------------------

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                                    BANK OF AMERICA, N.A.

                                    By:                                   (SEAL)
                                       -----------------------------------
                                    Title:
                                           ------------------------------------

                                       12<PAGE>   1
                                                                   EXHIBIT 10.28

                            OUTBACK STEAKHOUSE, INC.

                     AMENDED AND RESTATED STOCK OPTION PLAN

     1. Purpose. The purpose of this Stock Option Plan ("Plan") is to provide
long-term incentives to key employees and members of the board of directors
("Directors") of OUTBACK STEAKHOUSE, INC., a Delaware corporation (the
"Corporation"), its subsidiaries and affiliated partnerships; to compensate
existing key employees and Directors for their efforts on behalf of the
Corporation and its subsidiaries; to assist in retaining people of ability and
initiative in professional, management and other key positions; and to induce
such key employees to refrain from competing with the Corporation and its
subsidiaries. These purposes are intended to be achieved, in part, through the
grant of stock options ("Options"), some of which are intended to qualify as
"Incentive Stock Options" within the meaning of Section 422 of the Internal
Revenue Code of 1986, as amended (the "Code"). In the event and to the extent
that in connection with the grant of Options intended to qualify as such
"Incentive Stock Options" this Plan shall not conform with a pertinent mandatory
requirement under Section 422 or any related Treasury Regulation, then this Plan
shall be deemed to have incorporated such a mandatory provision and shall be
construed accordingly, notwithstanding any other provision contained in this
Plan to the contrary.

     2. Administration of the Plan. The Plan shall be administered by a
committee of the board of directors of the Corporation (the "Board") or, at the
Board's election, by the full Board (such committee or the Board, if it
administers the Plan, the "Committee"). Any Committee designated by the Board to
administer the Plan shall consist of two or more members. The Committee shall be
composed of such members and shall be operated in a manner that will permit
Options granted under the Plan to be exempt from the short-swing profit
provisions of Section 16(b) of the Securities Exchange Act of 1934 and the rules
promulgated by the Securities and Exchange Commission thereunder.

     The Committee shall have full power to interpret and administer the Plan
and full authority to select the eligible individuals to whom Options will be
granted and to determine the type and amount of Options to be granted to each
participant, the terms and conditions of Options granted under the Plan and the
terms and conditions of the agreements which will be entered into with
participants.

     The Committee shall have the authority to adopt, alter and repeal such
rules, guidelines and practices governing the Plan as it shall, from time to
time, deem advisable; to interpret the terms and provisions of the Plan and any
Option issued under the Plan (and any agreements relating thereto); to direct
employees of the Corporation or other advisors to prepare such materials or
perform such analysis as the Committee deems necessary or appropriate; and
otherwise to supervise the administration of the Plan.

     Any interpretation or administration of the Plan by the Committee, and all
actions of the Committee, shall be final, binding and conclusive on the
Corporation, its stockholders, subsidiaries, and all participants in the Plan,
their respective legal representatives, successors and assigns, and upon all
persons claiming under it through any of them. No member of the Board or of

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the Committee shall incur any liability for any action taken or omitted, or any
determination made, in good faith in connection with the Plan.

     3. Shares Subject to this Plan. The total number of shares which may be
issued and sold upon exercise of Options granted pursuant to this Plan shall not
exceed 22,500,000 shares of the Corporation's Common Stock, $.01 par value
("Common Stock"), except to the extent of adjustments authorized by Paragraph 7
of this Plan. The maximum number of shares of Common Stock for which options may
be granted to any one individual under the Plan during its term is 900,000 per
year, except to the extent of adjustments authorized by Paragraph 7 of this
Plan. Such Common Stock may be treasury shares or authorized but unissued shares
or a combination of the foregoing. If an Option granted under this Plan shall
expire or terminate for any reason other than its exercise, the shares subject
to, but not delivered under, such Option shall be available for the grant of
other Options to the same employee or other employees. The Committee will
maintain records showing the cumulative total of number of shares of Common
Stock subject to Options outstanding under the Plan.

     4. Eligibility. The Committee may, from time to time and upon such terms
and conditions as it may determine, authorize the granting of Options to
Directors, officers and to other key salaried employees of the Corporation or
any of its subsidiaries or affiliated partnerships (each an "Optionee") to
purchase from the Corporation shares of Common Stock and may fix the number of
shares to be covered by such Option. Successive Options may be granted to the
same person whether or not the Option or Options first granted to such person
remain unexercised. Notwithstanding the foregoing, Options under this Plan shall
not be granted to Directors who are not employees of the Company except that
each non-employee Director shall receive, upon his or her initial election as a
Director, a one time grant of Options for Forty Five Thousand (45,000) shares of
Common Stock.

     Options granted under the Plan may be (i) options which are intended to
qualify as incentive stock options under Section 422 of the Code ("Incentive
Stock Options"); (ii) options which are not intended to qualify under Section
422 of the Code; or (iii) both of the foregoing if granted separately, not in
tandem. No option granted under the Plan shall be an Incentive Stock Option
unless the stock option agreement evidencing such option specifically states
that the option is intended to be an Incentive Stock Option.

     5. Term of Option and Transferability. The term of each Option granted
under the Plan shall be established by the Committee, but the term of Incentive
Stock Options shall not exceed ten years from the date of grant; provided,
however, that in the case of an Optionee who owns stock possessing more than 10%
of the total combined voting power of all classes of stock of the Corporation or
of its parent or subsidiary corporations at the time an Option which is intended
to qualify as an Inventive Stock Option is granted, the term of such Option
shall not exceed five years from the date of grant. No Option shall be
transferable by the Optionee otherwise than by will or the laws of descent and
distribution. Options shall be exercisable during the Optionee's lifetime only
by the Optionee or by his or her legal guardian or legal representative.

     6. Option Price and Payment. The Option price (which may not be less than
fair market value, except that Options may be granted to individuals who are not
officers or directors at an Option

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price determined by the weighted average of the fair market of the Company's
Common Stock for the three calendar months preceding the month of grant) shall
be established by the Committee, provided that in the case of an Option intended
to qualify as an Incentive Stock Option the Option price shall be not less than
the fair market value of the shares covered by the Option at the time the Option
is granted (110% of such fair market value in the case of an Option intended to
qualify as an Incentive Stock Option granted to an individual who, at the time
the Option is granted, owns shares possessing more than 10% of the total
combined voting power of all classes of shares of the Corporation, its parent or
any of its subsidiaries). If Common Stock of the same class as the stock subject
to Incentive Stock Options granted or to be granted hereunder are at any time
traded on a national securities exchange, the term "fair market value" shall
mean (i) the mean between the highest and lowest selling prices reported by the
consolidated stock exchange network for such stock on the date as of which the
determination is to be made; or (ii) if there are no sales of such Common Stock
reported by the consolidated stock exchange network on such date, the mean
between the highest and lowest reported selling prices on the consolidated stock
exchange network on the nearest trading date before such date and on which there
were such sales. If such shares of Common Stock are at any time traded only
otherwise than on a national securities exchange, the term "fair market value"
shall mean the mean between the bid and asked prices of the stock as reported by
such sources as shall be, in the judgment of the Committee, appropriate evidence
of such prices or, if quoted on NASDAQ, the mean between NASDAQ high and low
selling prices, as of the close of business on the date for which a
determination is being made. If there shall be no trading in such Common Stock
at any time, then the term "fair market value" means the value per share of
stock as determined by the Committee upon consideration of such financial and
market data as the Committee may deem necessary and appropriate. The Option
price shall be payable (i) in cash, (ii) by check acceptable to the Corporation,
(iii) by delivery of Common Stock of the sale class of stock subject to the
Option, or (iv) a combination of the above so that the sum of the fair market
value of any such cash, check or Common Stock equals the Option price.

     7. Adjustments. The Committee shall make or provide for such adjustments in
the Option price and in the number or kind of shares of Common Stock or other
securities covered by outstanding Options as the Committee in its sole
discretion, exercised in good faith, may determine are equitably required to
prevent dilution or enlargement of the rights of Optionees that would otherwise
result from (i) any share dividend, share split, combination of shares, issuance
of rights or warrants to purchase shares, recapitalization or other change in
the capital structure of the Corporation; (ii) any merger, consolidation,
separation, reorganization or partial or complete liquidation; or (iii) any
other corporate transaction or event having an effect similar to any of the
foregoing. The Committee shall not have the power to reduce the Option price for
outstanding Options except in the case of transactions described in the
preceding sentence. The Committee shall also make or provide for such
adjustments in the number or kind of shares of Common Stock which may be sold
under this Plan as the Committee in its sole discretion, exercised in good
faith, may determine are appropriate to reflect any transaction or event
described in this Section.

     8. Other Terms. Each grant of Options hereunder shall be evidenced by a
stock option agreement. Each stock option agreement shall contain provisions
established by the Committee setting forth the manner of exercise of such
Option, whether the Option granted is intended to qualify or not to qualify as
an Incentive Stock Option and such other terms and conditions not inconsistent
herewith as shall be approved by the Committee.

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     9. Amendment. This Plan may be amended from time to time by the Board but,
without further approval by the stockholders of the Corporation, no such
amendment shall (i) increase the aggregate number of shares of Common Stock that
may be issued and sold under this Plan (except to the extent authorized by
Paragraph 7), (ii) change the designation in Paragraph 4 of the class of
employees eligible to receive Options, or (iii) materially increase the benefits
accruing to Optionees.

     10. Time of Granting Options. The date of grant of an Option under this
Plan shall, for all purposes, be the date on which the Committee makes the
determination to grant such Option. Notice of the determination shall be given
to each employee to whom an Option is so granted within a reasonable time after
the date of such grant.

     11. Termination of Plan. This Plan shall be terminated and no further
Options shall be granted hereunder as of the tenth anniversary of the earlier of
(i) the date the Plan is adopted by the Board or (ii) the date this Plan is
approved by the Corporation's stockholders.

     12. General Provisions. Neither the adoption of this Plan nor its
operation, nor any document describing or referring to this Plan or any part
thereof, shall confer upon any Optionee any right to continue in the employ of
the Corporation or any parent or subsidiary corporation, or shall in any way
affect the right and power of the Corporation or any parent or subsidiary
corporation to terminate the employment of any Optionee under the Plan at any
time with or without assigning a reason therefor, to the same extent as the
Corporation might have done if the Plan had not been adopted.

     13. Compliance with Law and Approval of Regulatory Body. No Option shall be
exercisable and no stock will be delivered under this Plan except in compliance
with all applicable federal and state laws and regulations, including, without
limitation, compliance with applicable withholding tax requirements, if any, and
the rules of all domestic stock exchanges on which the Corporation may be
listed. Any stock certificates issued to evidence stock as to which an Option is
exercised may bear such legends and statements as the Committee shall deem
advisable to assure compliance with federal and state laws and regulations. No
Option shall be exercisable, and no stock will be delivered under this Plan,
until the Corporation has obtained such consent or approval from the regulatory
body, federal or state, having jurisdiction over such matters as the Committee
may deem advisable.

     In the case of the exercise of an Option by a person or estate acquiring
the right to exercise such Option by bequest or inheritance, the Committee may
require reasonable evidence as to the ownership of such Option and may require
such consents and releases of taxing authorities as the Committee may deem
advisable.

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