Document:

Form of Stock Option Agreement

 Exhibit 10.15 
  
 GORDON BIERSCH BREWERY RESTAURANT GROUP, INC. 
  
 2006 LONG-TERM EQUITY PLAN 
  
 FORM OF STOCK OPTION AGREEMENT 
  
 This Agreement dated as of                     
(the “Date of Grant”) between Gordon Biersch Brewery Restaurant Group, Inc., a Tennessee corporation (the “Company”) and
                     (the “Participant”). 
  
 1. Award of Option. The Company hereby awards to the Participant, an option (the “Option”) to
purchase up to an aggregate of              shares (the “Shares”) of the Company’s common stock, no par value per share (the “Common Stock”),
on the terms and conditions hereinafter set forth, at the purchase price of $             per share (the “Exercise Price”). The Option is intended to qualify as an
incentive stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). 
  
 2. The Plan. The 2006 Long-Term Equity Plan (the “Plan”), a copy of which is available by contacting the Company’s Secretary,
or the then current administrator of the Plan (the “Plan Administrator”) is incorporated herein by reference and is made a part of this Agreement as if fully set forth herein. This Agreement is subject to, and the Company and the
Participant agree to be bound by, all of the terms and conditions of the Plan as the same exists at the time into which this Agreement was entered. The Plan shall control in the event there is any express conflict between the Plan and the terms
hereof, and on such matters that are not expressly covered in this Agreement. Subsequent amendments to the Plan shall not adversely affect the Participant’s rights under this Agreement. 
  
 3. Exercise of Option. 
  
 (a) Exercisability of Option. The Option to purchase the Shares is
exercisable in accordance with Schedule I hereto. 
  
 The periods of time following the Participant’s cessation of service, death or disability during which the Option remains exercisable as provided in subsections (c) and (d) below, shall not be included
for purposes of determining the exercisability of the Option under this subsection (a). 
  
 (b) Expiration Date. Except as otherwise provided in this Agreement, the Option may not be exercised after the date that is the tenth anniversary of the Date of Grant (the “Expiration Date”).

  
 (c) Termination of Employment. If a Participant who is
an Employee (as defined in the Plan) at the time the Option is awarded ceases to be an Employee for any reason other than death or disability or 

  

 -1- 

 
discharge for “cause”, as provided in subsection (e) below, the right to exercise such Option shall terminate three months after such
cessation (but in no event after the Expiration Date). 
  
 (d)
Exercise Period Upon Death or Disability. If the Participant dies or becomes disabled (within the meaning of Section 22(e) (3) of the Code) prior to the Expiration Date, while he or she is an Employee, or if the Participant dies
within three months after the Participant ceases to be an Employee (other than as a result of a discharge for “cause” as specified in subsection (e) below), the Option shall be exercisable, within the period of one year following the
date of death or disability of the Participant (but in no event after the Expiration Date), by the Participant, the Participant’s legal representative (in the event of legal incapacity) or by the person to whom the Option is transferred by will
or the laws of descent or distribution. 
  
 (e) Discharge for
Cause. If the Participant, prior to the Expiration Date, ceases to be an Employee because he or she is discharged for “cause” (as defined below, if not otherwise defined in an employment agreement between the Participant and the
Company then in effect), the right to exercise the Option shall terminate immediately upon such cessation of employment. “Cause” shall mean (i) any material breach by the Participant of any of his/her material obligations under
the Participant’s employment agreement with the Company (if any), (ii) failure by the Participant to perform satisfactorily the duties required by and appropriate for his/her position as determined by the Board and such failure to perform
has not been cured by the Participant within 30 days following receipt of written notice thereof from the Board, or (iii) other conduct of the Participant involving any willful misconduct with respect to the Company, including, without
limitation, fraud, embezzlement, theft or proven dishonesty in the course of his employment or conviction of a felony. 
  
 (f) Notice Concerning ISO Treatment. If this option is designated as an incentive stock option within the meaning of Section 422 of the Code,
it ceases to qualify for favorable tax treatment as an incentive stock option to the extent certain requirements are not met. Loss of favorable tax treatment may occur if the option is exercised (i) more than three months after the date the
Participant ceases to be an Employee for any reason other than death or permanent and total disability (as defined in section 22(e)(3) of the Code), (ii) more than 12 months after the date the Participant ceases to be an Employee by reason of
such permanent and total disability or (iii) after the Participant has been on a leave of absence for more than 90 days, unless the Participant’s reemployment rights are guaranteed by statute or contract. In addition, favorable tax
treatment may be lost if any stock acquired under the option plan is disposed of by the Participant (i) within two years of the date of grant of the option or (ii) within one year of the date of exercise of the option. Participants are
strongly urged to consult their tax advisors with respect to the various requirements necessary to obtain incentive stock option treatment and the consequences of failing to meet such requirements. 
  

 -2- 

 4. Manner of Exercise. 
  
 (a) Exercise Procedure. The Option shall be exercised by the Participant’s delivery of written notice of his or
her election to exercise this Option in substantially the form of Notice of Stock Option Exercise attached to this Agreement to the chief financial officer of the Company, specifying the number of Shares to be purchased and the aggregate Exercise
Price to be paid therefor and accompanied by payment in full in accordance with subsection (b) below. Such exercise shall be effective upon receipt by the chief financial officer of the Company of such written notice together with the required
payment. 
  
 (b) Full payment for the Shares purchased shall be
made at the time of exercise of the Option. The purchase price shall be payable to the Company either (i) in United States dollars in cash or by check, bank draft, or postal or express money order, (ii) by delivery of shares of Common
Stock owned by the Participant, (iii) through a cashless exercise effected in accordance with rules adopted by the Board, (iv) any other manner permitted by law and allowed by the Board in its sole discretion, or (v) any combination
of the foregoing. 
  
 5. Non-Transferability. Except as
otherwise provided herein, the Option and the rights and privileges conferred hereby may not be transferred, assigned, pledged or hypothecated in any way, other than by will or the laws of descent and distribution, and the Option shall be
exercisable during the Participant’s lifetime only by the Participant or his conservator. 
  
 6. No Special Employment Rights. Nothing contained in the Plan or in this Agreement shall be construed or deemed by any person under any circumstances to bind the Company or any Parent Corporation or any
Subsidiary (as such terms are defined in the Plan) to continue the employment of any Participant for the period within which the Option may be exercised. During the period of the employment of any Participant, the Participant shall render the
services which are assigned to the Participant from time to time by the Board of Directors of the Company or the executive officers of the Company or any Parent Corporation or Subsidiary and shall at no time take any action which directly or
indirectly would be inconsistent with the best interests of the foregoing entities. 
  
 7. Taxes and Withholding. All payments to the Participant or to his legal representative shall be subject to any applicable tax, community property, or other statutes or regulations of the United States or any
state having jurisdiction thereof. The Participant may be required to pay to the Company the amount of any withholding taxes which the Company is required to withhold with respect to the Option or its exercise. In the event that such payment is not
made when due, the Company shall have the right to 

  

 -3- 

 
deduct, to the extent permitted by law, from any payment of any kind otherwise due to such person all or a part of the amount required to be withheld.

  
 8. Premature Disposition of Shares. If the Participant
or the Participant’s estate sells or otherwise disposes of any Shares acquired upon exercise of the Option within one year from the date such Shares were acquired or two years from the date of this Agreement, the Participant (or such person
exercising the Option) agrees that the Participant or the Participant’s estate will deliver a written report to the Plan Administrator within thirty days following the sale or other disposition of such Shares detailing the net proceeds of such
sale or disposition. 
  
 9. Representations; Legend.

  
 (a) Investment Representations. As of the time of any
exercise of the Option, the Participant represents and warrants and covenants to the Company that: 
  
 (i) Any Shares purchased upon exercise of the Option shall be acquired for the Participant’s account for investment only and not with
a view to, or for sale in connection with, any distribution of the Shares in violation of the Securities Act of 1933, as amended (the “Securities Act”), or any rule or regulation thereunder. 
  
 (ii) The Participant has had such opportunity as he or she
has deemed adequate to obtain from the representatives of the Company such information as is necessary to permit the Participant to evaluate the merits and risks of an investment in the Company. 
  
 (iii) The Participant is able to bear the economic risk of
holding such Shares for an indefinite period. 
  
 (iv) The Participant understands that (A) the Shares will not be registered under the Securities Act and are “restricted securities” within the meaning of Rule 144 under the Securities Act; (B) the Shares cannot be sold,
transferred or otherwise disposed of unless they are subsequently registered under the Securities Act or an exemption from registration is then available; (C) in any event, the exemption from registration under Rule 144 will not be available
for at least one year and even then will not be available unless a public market then exists for the Common Stock, adequate information concerning the Company is then available to the public, and other terms and conditions of Rule 144 are complied
with; and (D) the Company has no obligation or current intention to register any Shares acquired pursuant to the exercise of the Option under the Securities Act. 
  
 (b) Tax Consequences. The Participant hereby represents that the Participant has obtained appropriate legal
or tax advice with respect to the tax consequences to the Participant of exercising the Option and selling the Shares. 
  

 -4- 

 (c) Legend On Stock Certificates. In the event the Shares issuable under this Agreement have not
been registered with the Securities and Exchange Commission, all stock certificates representing such Shares issued to the Participant upon exercise of the Option shall have affixed thereto legends substantially in the following form, in addition to
any other legends required by applicable state law: 
  
 THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS AMENDED, (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE
SECURITIES LAWS OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED. 
  
 By making payment upon exercise of the Option, the Participant shall be deemed to have reaffirmed, as of the date of such payment, the representations
made in this Section 9. 
  
 10. Notices. Each notice
to the Company relating to this Agreement shall be in writing and delivered in person or by registered mail to the Company at its office located at 2001 Riverside Drive, Chattanooga, Tennessee 37406, to the attention of the Secretary. All notices to
the Participant or other person then entitled to exercise any right pursuant to this Agreement shall be delivered to the Participant or such other address as the Participant or such other person may specify in writing to the Company by a notice
delivered in accordance with this paragraph. 
  

 -5- 

 11. Choice of Law. This Agreement shall be governed by, and construed in accordance with, the laws
of the State of Tennessee as such laws are applied to contracts entered into and performed in such State. 
  
 12. Miscellaneous. This Agreement and the Plan constitute the entire contract between the parties to this Agreement with regard to the subject
matter of this Agreement. They supersede any other agreements, representations or understandings (whether oral or written and whether express or implied) which relate to the subject matter of this Agreement. 
  
 This Agreement shall inure to the benefit of and be binding upon each
successor of the Company and to the extent specifically provided herein and in the Plan shall inure to the benefit of and be binding upon the Participant’s heirs, legal representatives and successors. 
  

 -6- 

 IN WITNESS WHEREOF, this Agreement is executed by the Participant and by the Company through its duly
authorized officer or officers and delivered as of the date written above. 
  

									
	PARTICIPANT:	 	 	 	 GORDON BIERSCH BREWERY
 RESTAURANT
GROUP, INC.

				
	 	 	 	 	By:	 	 
	 (Print Name)
	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	 (Signature)
	 	 	 	 	 	 

  
 Address for Notices:

	
	
	 
	
	  
	
	 

  
 Consent of Spouse

  
 I, the spouse of the above-named Participant,
acknowledge and agree that I am bound by the terms of this Agreement and the Plan as to any and all interests I may have in this Option or the Shares acquired by my spouse under this Option. 
  

									
	 	 	 	 	 
					
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 Print Name

  

			
	 Attachments:
	  	 (1)    2006 Long-Term Equity Plan

	 	  	 (2)    Form of Notice of Stock Option Exercise

  

 -7- 

 Schedule I 
  

Vesting Schedule 
  

 -8-Subordinated Promissort Note

 Exhibit 10.32 
  
 SUBORDINATED PROMISSORY NOTE 
  

THE SECURITY REPRESENTED BY THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD OR
TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER. THE SECURITY REPRESENTED BY THIS NOTE IS SUBJECT TO CERTAIN TRANSFER RESTRICTIONS SET FORTH HEREIN. THE PAYMENT OF
PRINCIPAL AND INTEREST HEREON IS SUBJECT TO THE SUBORDINATION PROVISIONS SET FORTH IN THAT CERTAIN HANCOCK PARK SUBORDINATION AGREEMENT, DATED OCTOBER 27, 2004 AS AMENDED FROM TIME TO TIME, (AS SO AMENDED, THE “SUBORDINATION
AGREEMENT”), BY AND AMONG HANCOCK PARK CAPITAL II, L.P. AND GORDON BIERSCH BREWERY RESTAURANT GROUP, INC. IN FAVOR OF THE HOLDERS OF SENIOR DEBT (AS DEFINED THEREIN) AND, ABLECO FINANCE LLC, AS COLLATERAL AGENT FOR THE LENDERS
IDENTIFIED THEREIN AND WELLS FARGO FOOTHILL, INC., AS ADMINISTRATIVE AGENT FOR THE LENDERS IDENTIFIED THEREIN. 
  

			
	 MARCH 31, 2006
	  	$1,000,000

  
 Subject to the terms
and conditions hereof, Gordon Biersch Brewery Restaurant Group, Inc., a Tennessee corporation (the “Company”), hereby promises to pay to the order of Hancock Park Capital II, L.P., a Delaware limited partnership (the
“Holder”), the principal amount of $1,000,000, together with interest thereon calculated from the date hereof in accordance with the provisions of this Subordinated Promissory Note (the ”Note”).

  
 1. Payment of Interest. 
  
 Interest on the unpaid principal balance of this Note shall
accrue at the rate of 16% per annum (the “Applicable Rate”) from the date hereof through the date the principal of this Note is paid in full, and such interest shall accrue on the basis of actual days based on
a 365-day year and shall be paid quarterly in arrears on each March 31, June 30, September 30 and December 31 (each a “Quarterly Payment Date”), commencing on June 30, 2006. 
  
 Notwithstanding the foregoing, until the termination of the
Subordination Agreement the interest due on any Quarterly Payment Date shall be paid by capitalizing such interest due (“Capitalized Interest”) by adding such Capitalized Interest to the principal amount of this Note on such
Quarterly Payment Date. Capitalized Interest on 

  

			
	 Gordon Biersch - Hancock Park Subordinated Promissory Note (March 31, 2006)
	  	 

 
this Note shall be deemed for all purposes to be principal of this Note, whether or not this Note is marked to indicate the addition of such Capitalized
Interest. Interest at the Applicable Rate shall begin to accrue on the Capitalized Interest beginning on and including the Quarterly Payment Date on which such Capitalized Interest is added to the principal amount of this Note, and shall continue to
accrue at the Applicable Rate and shall continue to be capitalized on each Quarterly Payment Date and added to the principal amount of this Note. 
  
 From and after the occurrence of an Event of Default (as hereinafter defined) and during the continuance thereof, all principal, interest,
Capitalized Interest, or other amounts evidenced by and due under this Note shall bear interest at a rate equal to 2% over the Applicable Rate. 
  
 2. Payment of Principal on Note. 
  
 (a) Scheduled Payment. Subject to the terms hereof, the Company shall repay the entire unpaid principal amount of the Note and any
accrued and unpaid interest thereon on January 26, 2010 (the “Maturity Date”). 
  
 (b) Optional Prepayments. Subject to the provisions of the Subordination Agreement, the Company may, at any time and from time to
time, without premium or penalty, prepay all or any portion of the outstanding principal amount of the Note; provided, however, that any prepayment shall first be applied to any accrued but unpaid interest. 
  
 3. Events of Default. “Event of Default” shall
mean any of the following events: 
  
 (a) If
default shall be made in the due and punctual payment of any principal or interest on the Note when and as the same shall become due and payable, and such default shall have continued for a period of three (3) business days; or 
  
 (b) (i) A dissolution or liquidation of the Company; or
(ii) a merger or consolidation in which the Company is not the surviving entity; or (iii) the sale of all or substantially all the assets of the Company; or (iv) a sale or series of sales of shares of capital stock of the Company in
which the holders of more than 50% of the Company’s outstanding voting shares immediately prior to such transaction or series of transactions fail to own more than 50% of the Company’s outstanding voting shares immediately after
such transaction or series of transactions; or 
  
 (c) If the Company shall (i) file a petition seeking relief for itself under Title 11 of the United States Code, as now constituted or hereafter amended, or file an answer consenting to, admitting the material allegations of, or
otherwise not controverting, or fail timely to controvert, a petition filed against it seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or (ii) file such a petition or answer with respect to
relief under the provisions of any other now existing or future applicable bankruptcy, insolvency, or other similar law of the United States of America, or State thereof, or of any other country or jurisdiction providing for 

  

			
	 Gordon Biersch - Hancock Park Subordinated Promissory Note (March 31, 2006)
	  	-2-

 
\the reorganization, winding-up or liquidation of corporations or an arrangement, composition, extension or adjustment with its creditors; or 
  
 (d) If an order for relief shall be entered against the
Company under Title 11 of the United States Code, as now constituted or hereafter amended, which order is not stayed; or upon the entry of an order, judgment or decree by operation of law, or by a court having jurisdiction in the premises which
is not stayed, adjudging it as bankrupt or insolvent under, or ordering relief against it under, or approving as properly filed a petition seeking relief against it under, the provisions of any other now existing or future applicable bankruptcy,
insolvency or other similar law of the United States of America or any State thereof, or of any other country or jurisdiction providing for the reorganization, winding-up or liquidation of corporations or any arrangement, composition, extension or
adjustment with creditors, or appointing a receiver, liquidator, assignee, sequestrator, trustee or custodian of the Company or any substantial part of its property, or ordering the reorganization, winding-up or liquidation of its affairs or upon
the expiration of thirty (30) days after the filing of any involuntary petition against it seeking any of the relief specified in paragraph (b) above or this paragraph (c) without the petition being dismissed prior to that time; or

  
 (e) If the Company shall (i) make a
general assignment for the benefit of its creditors, or (ii) consent to the appointment of or taking possession by a receiver, liquidator, assignee, sequestrator, trustee or custodian of the Company of all or a substantial part of its property,
or (iii) admit its insolvency or inability to pay its debts generally as such debts become due, or (iv) fail generally to pay its debts as such debts become due, or (v) take any action (or if such action is taken by its directors or
shareholders) looking to the dissolution or liquidation of the Company. 
  
 4. Consequences of the Occurrence of an Event of Default. 
  
 (a) If an Event of Default has occurred under Section 3(a) and is continuing, the Holder may, subject to the terms and conditions hereof, declare all or any portion of the outstanding principal amount of the Note
due and payable and demand immediate payment of all or any portion of the outstanding principal amount of the Note. If the Holder demands immediate payment of all or any portion of the Note, the Company shall immediately pay to the Holder the
principal amount of the Note requested to be paid plus accrued and unpaid interest thereupon. 
  
 (b) If an Event of Default has occurred under Sections 3(b), 3(c), 3(d), or 3(e) all of the outstanding principal amount of the Note
shall automatically become due and payable immediately and the Company shall immediately pay to the Holder the principal amount of the Note plus accrued and unpaid interest thereupon. 
  
 5. Amendment and Waiver. Except as otherwise expressly provided herein, no modification, amendment, or waiver of the
provisions of the Note shall be binding or effective unless the Company has obtained the prior written consent of the Holder. No delay or omission on the part of the Holder in the exercise of any right or remedy 

  

			
	 Gordon Biersch - Hancock Park Subordinated Promissory Note (March 31, 2006)
	  	-3-

 
hereunder shall operate as a waiver thereof and no partial exercise of any right or remedy precludes other or further exercise thereof or the exercise of any
other rights or remedy. 
  
 6. Transfer. The Holder shall
not sell, transfer, assign, pledge or otherwise dispose of the Note without the prior written consent of the Company, which shall not be unreasonably withheld. The Note shall bear a legend evidencing such transfer restrictions. 
  
 7. Cancellation. After all principal and accrued interest at any time
owed on the Note has been paid in full, the Note shall be surrendered to the Company for cancellation and shall not be reissued. 
  
 8. Replacement. Upon receipt of evidence reasonably satisfactory to the Company of the mutilation, destruction, loss or theft of the Note and the
ownership thereof, and, in the case of any such mutilation, upon surrender and cancellation of this Note, the Company shall, upon the written request of the Holder, execute and deliver in replacement thereof a new Note in the same form, in the same
original principal amount and dated the same date as the Note so mutilated, destroyed, lost or stolen, and such Note so mutilated, destroyed, lost or stolen shall then be deemed no longer outstanding hereunder. 
  
 9. Place of Payment; Notices. Payment of principal and interest are to
be made by Company by check or wire transfer of funds and the payments (if by check) and any notices hereunder are to be delivered to the following address: 
  
 Hancock Park Capital II, L.P. 
 10323 Santa
Monica Boulevard 
 Suite 101 
 Los Angeles, California 90025 
 Attn: Michael J. Fourticq, Sr. 
  
 or to such other address as specified by prior written notice to the Company. Notices sent by the Company shall be deemed received when
delivered personally or one (1) business day after being sent by Federal Express or other reputable overnight carrier (postage prepaid) or four (4) business days after being sent by certified or registered mail (postage prepaid and return
receipt requested). 
  
 10. Conformity to Applicable Law.
It is the intention of the Company and the Holder to conform to all applicable laws now and hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed
under the applicable laws as now or hereafter construed by the courts having jurisdiction over such matters. 
  
 11. Governing Law. This Note shall be governed by and construed in accordance with the internal laws (and not the law of conflicts) of the State of
New York. 
  
 12. Waiver of Presentment, Demand and
Dishonor. The Company hereby waives presentment for payment, protest, demand, notice of protest, notice of nonpayment and diligence with respect to the Note, and waives and renounces all rights to the benefits of any statute of limitations or
any moratorium, appraisement, exemption, or homestead now provided or that hereafter may be provided by any federal or applicable state statute, including but not limited to exemptions provided by or allowed under the Federal Bankruptcy Code, both
as to itself and as to all of its property, whether real or personal, against the enforcement and collection of the obligations evidenced by the Note and any and all extensions, renewals, and modifications hereof. 
  

			
	 Gordon Biersch - Hancock Park Subordinated Promissory Note (March 31, 2006)
	  	-4-

 IN WITNESS WHEREOF, the Company has executed and delivered this Note on the date first above written. 
  

			
	 Gordon Biersch Brewery Restaurant
 Group, Inc.,
 a Tennessee corporation

		
	By	 	 
	 Name:
	 	 
	 Title:
	 	 

  

			
	 Gordon Biersch - Hancock Park Subordinated Promissory Note (March 31, 2006)
	  	-5-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]