Document:

<PAGE>   1
                                                                   EXHIBIT 10.11

                               THIRD AMENDMENT TO
                 AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

         THIS THIRD AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT
(this "AMENDMENT") made this 31st day of January, 2000, is by and among
O'CHARLEY'S INC., a Tennessee corporation ("ORIGINAL BORROWER"), OCI, INC., a
Delaware corporation ("OCI"), O'CHARLEY'S SPORTS BAR, INC., an Alabama
corporation ("SPORTS BAR"), AIR TRAVEL SERVICES, INC., a Tennessee corporation
("AIR TRAVEL"), O'CHARLEY'S MANAGEMENT COMPANY, INC., a Tennessee corporation
("MANAGEMENT COMPANY"), DFI, INC., a Tennessee corporation ("DFI"), O'CHARLEY'S
RESTAURANT PROPERTIES, LLC, a Delaware limited liability company ("RESTAURANT
PROPERTIES"), O'CHARLEY'S SERVICE COMPANY, INC., a Tennessee corporation
("SERVICE COMPANY"; individually, OCI, Sports Bar, Air Travel, Management
Company, DFI, Restaurant Properties and Service Company are sometimes referred
to herein as an "ADDITIONAL BORROWER" and when referencing two or more of such
entities, they are sometimes referred to herein as "ADDITIONAL BORROWERS"; the
Original Borrower and the Additional Borrowers are sometimes referred to herein,
individually and collectively, as a "BORROWER" and the "BORROWERS"), each of the
undersigned Banks, BANK OF AMERICA, N.A., a national banking association,
successor in interest by merger to NationsBank, N.A., as a Bank and as Co-Agent,
and AMSOUTH BANK, an Alabama state bank, successor in interest by merger to
First American National Bank ("AGENT") as a Bank and as Agent for the Banks.

                                    RECITALS:

         Pursuant to that certain Amended and Restated Revolving Credit and
Security Agreement, dated as of December 8, 1997 (the "AMENDED AND RESTATED
AGREEMENT") by and among the Banks (other than SunTrust Bank) and Bank One, N.A.
("BANK ONE") (herein, the "ORIGINAL BANKS") and the Original Borrower, the
Original Banks made certain loans (the "LOANS") in two separate facilities, to
the Original Borrower, in an aggregate amount of up to $100,000,000.00. Pursuant
to an Assumption Agreement and Amendment to Amended and Restated Revolving
Credit Agreement dated December 7, 1998 and an Assumption Agreement and Second
Amendment to Amended and Restated Revolving Credit Agreement dated December 8,
1999, the Amended and Restated Agreement was amended to restructure the Loans
to, among other things, include the Additional Borrowers as borrowers thereunder
and to alter the Original Banks' commitments resulting from Bank One's departure
from the credit facility (the Amended and Restated Agreement, as so amended, is
hereinafter referred to as the "AGREEMENT"). Capitalized terms not otherwise
defined herein shall have the same meaning as in the Agreement. The Borrowers
have requested that the Banks further restructure the Loans to combine Facility
A and Facility B into one Loan Facility, to increase the Commitment of several
of the Banks and add SunTrust Bank as an additional Bank, to increase the
applicable principal amount of the Loans to $135,000,000.00 and to extend the
Loan Termination Date of the Loan Facility and the Swingline Facility, and the
Banks are willing to do so, subject, among other things, to execution of this
Amendment and satisfaction of the conditions contained herein.

         NOW, THEREFORE, in consideration of the foregoing premises, and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

         1. SunTrust Bank hereby becomes a Bank under the Agreement and agrees
to be bound by the covenants, agreements and obligations of a Bank to the same
extent as if it was an original signatory to the Agreement.

         2. Section 1 of the Agreement entitled "DEFINITIONS" is hereby amended
by deleting the definition of "Facility B" and changing the definition of
"Facility A" to read as follows:

            "Loan Facility" means the $135,000,000.00 revolving line of credit
         facility described in Section 2.1.

         All references throughout the Agreement to "Facility B" are hereby
         deleted and all references throughout the Agreement to "Facility A" are
         hereby changed to "Loan Facility".

         3. Section 1 of the Agreement entitled "DEFINITIONS" is hereby further
amended by amending the following definitions:

<PAGE>   2

            "Index Rate" means the rate designated from to time to time by
         Agent as its "Prime Rate" and references in the Loan Documents to
         "Index Rate" shall mean such Prime Rate.

            "Loan" means any funds which any Bank has advanced or will advance
         to the Borrowers on a revolving basis pursuant to its Commitment under
         the Loan Facility or the Swingline Facility, and shall include advances
         in the form of letters of credit issued in accordance with the terms of
         this Agreement, and "Loans" means all such advances by all Banks up to
         the aggregate amount of One Hundred Thirty-Five Million and 00/100
         Dollars ($135,000,000.00).

            "Loan Termination Date" means the earlier of (i) the occurrence of
         an Event of Default which is not waived by the Agent in accordance with
         the terms of this Agreement, or (ii) May 31, 2003 (or such later date
         as may be agreed to by the Banks pursuant to Section 2.9 of this
         Agreement).

            "Majority Banks" means Banks holding at least sixty-six and
         two-thirds percent (66 2/3%) of the then aggregate unpaid principal
         amounts of the Notes held by the Banks, or if no such principal amounts
         are outstanding, Banks have at least sixty-six and two-thirds percent
         (66 2/3%) of the Total Commitments. For purposes of determining the
         Majority Banks, $90,000,000 shall be deemed to be 66 2/3% of the Total
         Commitments.

            "Note" means a promissory note or notes substantially in the form of
         Exhibit D-1 attached hereto, duly executed and delivered to the Agent
         by Borrowers and payable to the order of a Bank in the amount of its
         Commitment and the Swingline Note, including any amendment,
         modification, renewal, extension, or replacement thereof, and "Notes"
         means the Notes of each of the Banks collectively.

            "Total Commitments" means the aggregate of the several Commitments
         of the Banks in the principal amount of up to One Hundred Thirty-Five
         Million and 00/100 Dollars ($135,000,000.00), as set forth in Section 2
         of this Agreement, including the aggregate of the several Commitments
         as they may be reduced from time to time.

         4. The second and third sentences of Section 2.1(A) of the Agreement
are hereby amended in their entirety to read as follows:

         Subject to the terms and conditions of and relying on the
         representations, warranties and covenants contained in this Agreement,
         for a period ending on the Loan Termination Date, each Bank agrees to
         fund severally, but not jointly, to the Borrowers up to the amount set
         forth below opposite their names, which for all of the Banks shall be
         the aggregate maximum principal amount of up to One Hundred Thirty-Five
         Million and 00/100 Dollars ($135,000,000.00). The maximum Commitment of
         each of the Banks and its respective percentage of the Total
         Commitments (the "COMMITMENT PERCENTAGE") of each Bank are as follows:

<TABLE>
<CAPTION>
         Bank                            Commitment Amount       Commitment Percentage
         ----                            -----------------       ---------------------
         <S>                             <C>                     <C>
         AmSouth Bank                       $32,500,000                  24.074%
         Bank of America, N.A.              $32,500,000                  24.074%
         Mercantile Bank
           National Association             $20,000,000                  14.814%
         First Union National
           Bank                             $25,000,000                  18.518%
         SunTrust Bank                      $25,000,000                  18.518%
</TABLE>

         5. The first sentence of Section 2.1(B) of the Agreement is hereby
amended in its entirety as follows:

         The Loans shall be evidenced by (i) the $32,500,000 Note of Borrower to
         AmSouth Bank, (ii) the $32,500,000 Note of Borrower to Bank of America,
         N.A., (iii) the $20,000,000 Note of Borrower to Mercantile Bank
         National Association, and (iv) the $25,000,000 Note of Borrower to
         First Union National Bank, and (v) the $25,000,000 Note of Borrowers to
         SunTrust Bank, which Notes are substantially in the form of Exhibit D-1
         attached hereto, with each Note payable in accordance with its terms.

                                       2
<PAGE>   3

         6. The second, third and fourth sentences of Section 2.1(D) of the
Agreement are hereby amended in their entirety to read as follows:

         The Swingline Facility shall be a sublimit of the Loan Facility. All
         Loans under the Swingline Facility will be Floating Rate Loans.
         Notwithstanding that the Swingline Facility shall be evidenced by a
         separate promissory note, the aggregate principal amount of all Loans
         that may be outstanding at any one time may not exceed $135,000,000.00.

         7. Section 2.1(E) of the Agreement is hereby deleted in its entirety.

         8. The sixth sentence of Section 2.2(A) of the Agreement is hereby
deleted in its entirety.

         9. Section 2.4 of the Agreement entitled "Facility Fee" is hereby
amended in its entirety to read as follows:

            2.4  Facility Fee.

            Beginning January 31, 2000 until the Loan Termination Date, the
         Borrower shall pay to the Agent for the account of the Banks a Facility
         Fee per annum equal to $135,000,000 multiplied by the applicable fee
         percentage set forth in the Table attached to this Agreement as
         Schedule I-A. All accrued but unpaid Facility Fee due until January 31,
         2000 shall be payable pursuant to the Table attached to this Agreement
         as Schedule I. The Facility Fee shall be payable quarterly, in arrears,
         on the first business day following each fiscal quarter end, the first
         such payment being due on March 31, 2000. Any accrued and unpaid
         Facility Fee shall be paid on the Loan Termination Date.

         10. The first sentence of Section 7.1 of the Agreement is hereby
amended in its entirety to read as follows:

         With respect to all funds advanced hereunder or under the Notes,
         AmSouth Bank, Bank of America, N.A., Mercantile Bank National
         Association, First Union National Bank, SunTrust Bank shall be
         obligated to advance, in the aggregate under the Loan Facility,
         $32,500,000; $32,500,000; $20,000,000; $25,000,000; and $25,000,000;
         respectively, and each such Bank shall own a corresponding undivided
         interest in this Agreement.

         11. Section 8.5(D) of the Agreement is hereby amended to add the
following Bank:

                       SunTrust Bank
                       201 Fourth Avenue North
                       Nashville, TN 37219
                       Attn: Vipul Patel

         12. The first sentence of the second paragraph of Section 8.8 of the
Agreement is hereby amended in its entirety to read as follows:

             Notwithstanding any other provision of this Agreement, the Borrower
         understands that any Bank may at any time enter into participation
         agreements with one or more participating financial institutions
         whereby such Bank will allocate certain percentages of its outstanding
         Loans and/or Commitment to such financial institution or financial
         institutions.

         13. The following described Exhibits to the Agreement will be modified
as of the date of this Amendment by the corresponding Exhibits attached to this
Amendment:

<TABLE>
<CAPTION>
          Exhibits to Agreement to be modified         Modified Exhibits attached to Amendment
          ------------------------------------         ---------------------------------------
          <S>                                          <C>
                           A                                            A-1
                           B                                            B-1
                           D                                            D-1
                           E                                            E-1
                           F                                            F-1
</TABLE>

                                       3

<PAGE>   4

<TABLE>
<S>                                                                     <C>
                           G                                            G-1
                           I                                            I-1
                           J                                            J-1
                           K                                            K-1
                           L                                            L-1
                           M                                            M-1
                           N                                            N-1
                           P                                            P-1
</TABLE>

         14. Schedule I to the Agreement setting forth the table for calculating
interest rates and facility fees shall be effective through January 30, 2000 and
thereafter shall be changed to reflect the table set forth on Schedule I-A to
this Amendment.

         15. All references to "First American National Bank" in the Agreement
are amended to read "AmSouth Bank".

         16. Conditions. The effectiveness of this Amendment is expressly
contingent upon Borrowers' delivery to Agent of the following documents, in form
and content acceptable to Agent, in its sole discretion:

             (a) The Notes executed by the Borrowers;

             (b) This Amendment executed by the Borrowers;

             (c) Copies of the resolutions of each Borrowers' governing boards,
         certified by the secretaries of each Borrower as of the date of this
         Amendment, authorizing the execution, delivery and performance of this
         Amendment, the Notes, the other Loan Documents, and each other document
         to be delivered pursuant hereto;

             (d) Copies of each Borrowers' charter or articles of organization,
         as applicable, all certified as of the most recent date practicable by
         the Secretary of State of its incorporation or formation, together with
         certificates dated the date of this Amendment of each Borrowers'
         secretary to the effect that such charters or articles of organization
         have not been amended since the date of the aforesaid Secretary of
         State certifications;

             (e) Copies of each Borrowers' by-laws or operating agreement, as
         applicable, all certified by each Borrowers' secretary as of the date
         of this Amendment;

             (f) Certificates dated as of the date of this Amendment of each
         Borrowers' secretary as to the incumbency and signatures of the
         officers of the Borrowers executing this Amendment, the Notes, the
         other Loan Documents, and each other document to be delivered pursuant
         hereto;

             (g) Certificates, as of the most recent dates practicable, of the
         aforesaid Secretary of State, the Secretary of State of each state in
         which each Borrower is qualified as foreign corporations or entities
         and of the department of revenue or taxation of the foreign states as
         to the good standing of each Borrower;

             (h) Written opinions of Bass, Berry & Sims, PLC, each Borrowers'
         counsel, dated the date of this Amendment and addressed individually to
         Agents and Banks, in form reasonably satisfactory to the Agents and
         Banks.

             (i) Payment of the Upfront Fees described in paragraph 17 below,
         together with all reasonable costs and expenses incurred by Agent in
         connection with the Amendment, including, without limitation,
         reasonable attorneys' fees.

         17. Upfront Fees. The Borrowers shall pay to the Agent upon execution
of this Amendment, for the account of each of the Banks increasing (in
connection with this Amendment and the amendment executed on December 8, 1999)
or making available its Commitment Amount, as the case may be, to the Borrower
under the Loan Facility and extending the Loan Termination Date for the portion
of the Loan formerly described as Facility B, which fees shall be in the
aggregate amount of $212,500 and will be distributed to such Banks as follows:

                                       4

<PAGE>   5

<TABLE>
<CAPTION>
        Bank                               Amount for Increased or New      Amount for Extension of Former
        ----                                       Commitment                        Facility B
                                                   ----------                        ----------
        <S>                                <C>                              <C>
        AmSouth Bank                                 $18,750                         $18,055.50
        Bank of America, N.A.                        $18,750                         $18,055.50
        Mercantile Bank
        National Association                         $12,500                         $11,110.50
        First Union National Bank                    $25,000                         $13,888.50
        SunTrust Bank                                $62,500                         $13,888.50
</TABLE>

         18. Ratification. Subject to the terms hereof, each Borrower hereby
restates and ratifies, as of the date hereof, all the representations,
warranties and covenants contained in the Agreement in favor of Agent and Banks,
and confirms that the terms and conditions of the Agreement, as amended hereby,
remain in full force and effect, that no Event of Default under the Agreement
has occurred and continues to exist and that the terms of Article 8 of the
Agreement, as hereby amended, shall continue to govern the Agreement and shall
govern this Amendment.

                                       5
<PAGE>   6

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

AGENT:                                  BORROWER:
-----                                   --------

AMSOUTH BANK                            O'CHARLEY'S INC.

By:                                     By:
   -------------------------------         ---------------------------------
Title:                                  Title:
       ---------------------------             -----------------------------

CO-AGENT:                               OCI, INC.
--------

BANK OF AMERICA, N.A.                   By:
                                            --------------------------------
By:                                     Title:
   -------------------------------             -----------------------------
Title:
       ---------------------------      O'CHARLEY'S SPORTS BAR, INC.

                                        By:
BANKS:                                      --------------------------------
-----                                   Title:
                                               -----------------------------
AMSOUTH BANK
                                        AIR TRAVEL SERVICES, INC.
By:
    ------------------------------      By:
Title:                                      --------------------------------
       ---------------------------      Title:
                                               -----------------------------
BANK OF AMERICA, N.A.
                                        O'CHARLEY'S MANAGEMENT
By:                                     COMPANY, INC.
    ------------------------------
Title:                                  By:
       ---------------------------          --------------------------------
                                        Title:
                                               -----------------------------
MERCANTILE BANK, NATIONAL
ASSOCIATION                             DFI, INC.

By:                                     By:
    ------------------------------          --------------------------------
Title:                                  Title:
       ---------------------------             -----------------------------

FIRST UNION NATIONAL BANK               O'CHARLEY'S RESTAURANT
                                        PROPERTIES, LLC

By:                                     By:
    ------------------------------          --------------------------------
Title:                                  Title:
       ---------------------------             -----------------------------

SUNTRUST BANK                           O'CHARLEY'S SERVICE COMPANY, INC.

By:                                     By:
    ------------------------------          --------------------------------
Title:                                  Title:
       ---------------------------             -----------------------------

                                       6
<PAGE>   7

                                Modified Exhibits

<PAGE>   8

                                  Schedule I-A

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
                   Funded Debt to      Applicable Index     Applicable LIBOR
                      EBITDA               Margin                 Margin              Facility Fee
------------------------------------------------------------------------------------------------------
<S>             <C>                    <C>                  <C>                       <C>
Tier I          Below 1.90                  .50%                    .75%                  .125%
------------------------------------------------------------------------------------------------------
Tier II         Between 1.90 and            .50%                    .85%                   .15%
                2.35 (including 1.90)
------------------------------------------------------------------------------------------------------
Tier III        2.35 and above              .50%                   1.10%                   .15%
------------------------------------------------------------------------------------------------------
</TABLE>

I.       Interest Rate Margins

         The applicable Margin is indicated in the Table. The Applicable Index
Margin is subtracted from the Index Rate in the case of Floating Rate Loans, and
the Applicable LIBOR Margin is added to the LIBOR Rate in the case of LIBOR
Loans. The Applicable Index Margin for Floating Rate Loans shall be 50 basis
points (.50%) at all times. The Applicable LIBOR Margin for LIBOR Loans shall
adjust at the end of each applicable Eurodollar Interest Period but, in no
event, earlier than five (5) days after the receipt by the Agent of the
Borrower's compliance certificate confirming the Borrower's financial ratios for
the preceding quarter.

II.      Facility Fee

         The applicable Facility Fee for the Loan Facility is indicated in the
Table. The applicable Facility Fee for the Loan Facility shall adjust quarterly
to reflect changes in the Funded Debt to EBITDA Ratio effective as of the first
day of the fiscal quarter immediately following the period covered by the
quarterly compliance certificate submitted to Bank in accordance with this
Agreement.<PAGE>   1
                                                                   EXHIBIT 10.19

         SEVERANCE COMPENSATION AGREEMENT dated as of February 16, 2000, between
O'Charley's Inc., a Tennessee corporation (the "Company"), and Gregory L. Burns
(the "Executive").

         The Company's Board of Directors has determined that it is appropriate
to reinforce and encourage the continued attention and dedication of certain
members of the Company's senior management, including the Executive, to their
assigned duties without distraction in potentially disturbing circumstances
arising from the possibility of a change in control of the Company.

         This Agreement sets forth the severance compensation which the Company
agrees it will pay to the Executive if the Executive's employment with the
Company terminates under one of the circumstances described herein following a
Change In Control of the Company (as defined herein).

         1. TERM. This Agreement shall terminate, except to the extent that any
obligation of the Company hereunder remains unpaid as of such time, upon the
earliest of (i) three years from the date hereof if a Change in Control of the
Company has not occurred within such three-year period; (ii) the termination of
the Executive's employment with the Company based on death, Disability (as
defined in Section 3(b)), Retirement (as defined in Section 3(c)) or Cause (as
defined in Section 3(d)) or by the Executive other than for Good Reason (as
defined in Section 3(e)); and (iii) eighteen months from the date of a Change in
Control of the Company if the Executive has not terminated his employment for
Good Reason as of such time.

         2. CHANGE IN CONTROL. No compensation shall be payable under this
Agreement unless and until (a) there shall have been a Change in Control of the
Company, while the Executive is still an employee of the Company and (b) the
Executive's employment by the Company thereafter shall have been terminated in
accordance with Section 3. For purposes of this Agreement, a Change in Control
means the happening of any of the following:

                  (i) any person or entity, including a "group" as defined in
         Section 13(d)(3) of the Securities Exchange Act of 1934, other than the
         Company, a wholly-owned subsidiary thereof, any employee benefit plan
         of the Company or any of its Subsidiaries becomes the beneficial owner
         of the Company's securities having 30% or more of the combined voting
         power of the then outstanding securities of the Company that may be
         cast for the election of directors of the Company (other than as a
         result of an issuance of securities initiated by the Company in the
         ordinary course of business); or

                  (ii) as the result of, or in connection with, any cash tender
         or exchange offer, merger or other business combination, sale of assets
         or contested election, or any combination of the foregoing transactions
         less than a majority of the combined voting power of the then
         outstanding securities of the Company or any successor corporation or
         entity entitled to vote generally in the election of the directors of
         the Company or such other corporation or entity after such transaction
         are held in the aggregate by the holders of the Company's securities
         entitled to vote generally in the election of directors of the Company
         immediately prior to such transaction; or

<PAGE>   2

                  (iii) during any period of two consecutive years, individuals
         who at the beginning of any such period constitute the Board cease for
         any reason to constitute at least a majority thereof, unless the
         election, or the nomination for election by the Company's shareholders,
         of each director of the Company first elected during such period was
         approved by a vote of at least two-thirds of the directors of the
         Company then still in office who were directors of the Company at the
         beginning of any such period.

         3. TERMINATION FOLLOWING CHANGE IN CONTROL. If a Change in Control of
the Company shall have occurred while the Executive is still an employee of the
Company, the Executive shall be entitled to the compensation provided in Section
4 upon the subsequent termination of the Executive's employment with the Company
by the Executive or by the Company unless such termination is as a result of (i)
the Executive's death; (ii) the Executive's Disability (as defined in Section
(3)(b) below); (iii) the Executive's Retirement (as defined in Section 3(c)
below); (iv) the Executive's termination by the Company for Cause (as defined in
Section 3(d) below); or (v) the Executive's decision to terminate employment
other than for Good Reason (as defined in Section 3(e) below).

             (b) DISABILITY. If, as a result of the Executive's incapacity due
to physical or mental illness, the Executive shall have been absent from his
duties with the Company on a full-time basis for six months and within 30 days
after written notice of termination is thereafter given by the Company the
Executive shall not have returned to the full-time performance of the
Executive's duties, the Company may terminate this Agreement for "Disability."

             (c) RETIREMENT. The term "Retirement" as used in this Agreement
shall mean termination by the Company or the Executive of the Executive's
employment based on the Executive's having reached age 65 or such other age as
shall have been fixed in any arrangement established with the Executive's
consent with respect to the Executive.

             (d) CAUSE. The Company may terminate the Executive's employment for
Cause. For purposes of this Agreement only, the Company shall have "Cause" to
terminate the Executive's employment hereunder only on the basis of fraud,
misappropriation or embezzlement on the part of the Executive. Notwithstanding
the foregoing, the Executive shall not be deemed to have been terminated for
Cause unless and until there shall have been delivered to the Executive a copy
of a resolution duly adopted by the affirmative vote of not less than
three-quarters of the membership of the Company's Board of Directors (excluding
the Executive) at a meeting of the Board called and held for the purpose (after
reasonable notice to the Executive and an opportunity for the Executive,
together with the Executive's counsel, to be heard before the Board), finding
that in the good faith opinion of the Board the Executive was guilty of conduct
set forth in the second sentence of this Section 3(d) and specifying the
particulars thereof in detail.

             (e) GOOD REASON. The Executive may terminate the Executive's
employment for Good Reason at any time during the term of this Agreement. For
purposes of this Agreement "Good Reason" shall mean any of the following
(without the Executive's express written consent):

                                       2
<PAGE>   3

                  (i) the assignment to the Executive by the Company of duties
         inconsistent with the Executive's position, duties, responsibilities
         and status with the Company immediately prior to a Change in Control of
         the Company, or a change in the Executive's titles or offices as in
         effect immediately prior to a Change in Control of the Company, or any
         removal of the Executive from or any failure to reelect the Executive
         to any of such positions, except in connection with the termination of
         his employment for Disability, Retirement or Cause or as a result of
         the Executive's death or by the Executive other than for Good Reason;

                  (ii) a reduction by the Company in the Executive's base salary
         as in effect on the date hereof or as the same may be increased from
         time to time during the term of this Agreement;

                  (iii) a relocation of the Company's principal executive
         offices to a location outside of Nashville, Tennessee, or the
         Executive's relocation to any place other than the location at which
         the Executive performed the Executive's duties prior to a Change in
         Control of the Company, except for required travel by the Executive on
         the Company's business to an extent substantially consistent with the
         Executive's business travel obligations at the time of a Change in
         Control of the Company;

                  (iv) any material breach by the Company of any provision of
         this Agreement;

                  (v) any failure by the Company to obtain the assumption of
         this Agreement by any successor or assign of the Company; or

                  (vi) any purported termination of the Executive's employment
         which is not effected pursuant to a Notice of Termination satisfying
         the requirements of Section 3(f), and for purposes of this Agreement,
         no such purported termination shall be effective.

             (f) NOTICE OF TERMINATION. Any termination by the Company pursuant
to Section 3(b), 3(c) or 3(d) shall be communicated by a Notice of Termination.
For purposes of this Agreement, a "Notice of Termination" shall mean a written
notice which shall indicate those specific termination provisions in this
Agreement relied upon and which sets forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive's
employment under the provision so indicated. For purposes of this Agreement, no
such purported termination by the Company shall be effective without such Notice
of Termination.

             (g) DATE OF TERMINATION. "Date of Termination" shall mean (a) if
this Agreement is terminated by the Company for Disability, 30 days after Notice
of Termination is given to the Executive (provided that the Executive shall not
have returned to the performance of the Executive's duties on a full-time basis
during such 30-day period) or (b) if the Executive's employment is terminated by
the Company for any other reason, the date on which a Notice of Termination is
given.

                                       3
<PAGE>   4

         4. SEVERANCE COMPENSATION UPON TERMINATION OF EMPLOYMENT. If the
Company shall terminate the Executive's employment following a Change in Control
other than pursuant to Section 3(b), 3(c) or 3(d) or if the Executive shall
terminate his employment following a Change in Control for Good Reason, then the
Company shall pay to the Executive as severance pay in a lump sum, in cash, on
the fifth day following the Date of Termination, an amount equal to the sum of
(i) three times the average of the aggregate annual salary paid to the Executive
by the Company during the three calendar years preceding the Change in Control
of the Company and (ii) three times the highest bonus compensation paid to the
Executive for any of the three calendar years preceding the Change in Control of
the Company; provided, however, that if the lump sum severance payment under
this Section 4, either alone or together with other payments which the Executive
has the right to receive from the Company, would constitute a "parachute
payment" (as defined in Section 28OG of the Internal Revenue Code of 1986, as
amended (the "Code")), such lump sum severance payment shall be reduced to the
largest amount as will result in no portion of the lump sum severance payment
under this Section 4 being subject to the excise tax imposed by Section 4999 of
the Code.

             (b) In addition to the lump sum payment provided in Section 4(a),
if the Company shall terminate the Executive's employment following a Change in
Control other than pursuant to Section 3(b), 3(c) or 3(d) or if the Executive
shall terminate his employment following a Change in Control for Good Reason,
then the Company shall provide to the Executive health insurance equivalent to
that provided to the Executive immediately prior to termination for a period of
two years following the Date of Termination.

         5. NO OBLIGATION TO MITIGATE DAMAGES; NO EFFECT ON OTHER CONTRACTUAL
RIGHTS. The Executive shall not be required to mitigate damages or the amount of
any payment provided for under this Agreement by seeking other employment or
otherwise, nor shall the amount of any payment provided for under this Agreement
be reduced by any compensation earned by the Executive as the result of
employment by another employer after the Date of Termination, or otherwise.

             (b) The provisions of this Agreement, and any payment provided for
hereunder, shall not reduce any amounts otherwise payable, or in any way
diminish the Executive's existing rights, or rights which would accrue solely as
a result of the passage of time, under any benefit plan, incentive plan or stock
option plan, employment agreement or other contract, plan or arrangement.

         6. SUCCESSOR TO THE COMPANY. (a) The Company will require any successor
or assign (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business and/or assets of the
Company, by agreement in form and substance satisfactory to the Executive,
expressly, absolutely and unconditionally to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession or assignment had taken place. Any
failure of the Company to obtain such agreement prior to the effectiveness of
any such succession or assignment shall be a material breach of this Agreement
and shall entitle the Executive to terminate the Executive's employment for Good
Reason. As used in this Agreement, "Company" shall mean the Company as
hereinbefore defined and any successor or assign to its business and/or assets
as aforesaid which executes and delivers the agreement provided for in this
Section 6 or which otherwise becomes bound by all the

                                       4
<PAGE>   5

terms and provisions of this Agreement by operation of law. If at any time
during the term of this Agreement the Executive is employed by any corporation a
majority of the voting securities of which is then owned by the Company,
"Company" as used in Sections 3, 4, 11 and 12 hereof shall in addition include
such employer. In such event, the Company agrees that it shall pay or shall
cause such employer to pay any amounts owed to the Executive pursuant to Section
4 hereof.

             (b) This Agreement shall inure to the benefit of and be enforceable
by the Executive's personal and legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees. If the
Executive should die while any amounts are still payable to him hereunder, all
such amounts, unless otherwise provided herein, shall be paid in accordance with
the terms of this Agreement to the Executive's devisee, legatee, or other
designee or, if there be no such designee, to the Executive's estate.

         7. NOTICE. For purposes of this Agreement, notices and all other
communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when delivered or mailed by United States
registered mail, return receipt requested, postage prepaid, as follows:

                           If to the Company:

                           O'Charley's Inc.
                           3038 Sidco Drive
                           Nashville, Tennessee 37204
                           Attention: President

                           If to the Executive:

                           Gregory L. Burns
                           3038 Sidco Drive
                           Nashville, Tennessee 37204

or such other address as either party may have furnished to the other in writing
in accordance herewith, except that notices of change of address shall be
effective only upon receipt.

         8. MISCELLANEOUS. No provisions of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to
in writing signed by the Executive and the Company. No waiver by either party
hereto at any time of any breach by the other party hereto of, or compliance
with, any condition or provision of this Agreement to be performed by such other
party shall be deemed a waiver of similar or dissimilar provisions or conditions
at the same or at any prior or subsequent time. No agreements or
representations, oral or otherwise, express or implied, with respect to the
subject matter hereof have been made by either party which are not set forth
expressly in this Agreement. This Agreement shall be governed by and construed
in accordance with the laws of the State of Tennessee.

                                       5
<PAGE>   6

         9. VALIDITY. The invalidity or unenforceability of any provisions of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

         10. COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

         11. LEGAL FEES AND EXPENSES. The Company shall pay all legal fees and
expenses which the Executive may incur as a result of the Company's contesting
the validity, enforceability or the Executive's interpretation of, or
determinations under, this Agreement.

         12. CONFIDENTIALITY. The Executive shall retain in confidence any and
all confidential information known to the Executive concerning the Company and
its business so long as such information is not otherwise publicly disclosed.
The provisions of this Section 12 are not intended to restrict the ability of
the Executive following termination of employment for any reason to engage in
any business which is, directly or indirectly, competitive with the business
conducted by the Company.

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

                                       O'CHARLEY'S INC.

                                       By: /s/ Steven J. Hislop
                                           -------------------------------------
                                            Name: Steven J. Hislop
                                            Title: President & Chief Operating
                                                   Officer

                                       /s/ Gregory L. Burns
                                       -----------------------------------------
                                       Gregory L. Burns

                                       6

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