Document:

SEPARATION AND RELEASE AGREEMENT

         THIS SEPARATION AND RELEASE  AGREEMENT (the  "Agreement"),  dated March
28, 2001, is made in Orlando,  Orange  County,  Florida  between  Hughes Supply,
Inc.,  a Florida  corporation  (the  "Company"),  and A.  Stewart  Hall,  Jr., a
resident of the State of Florida  and a Director  and  executive  officer of the
Company ("Mr. Hall").

                             BACKGROUND INFORMATION

         A. Effective  August 13, 1973, Mr. Hall was employed by the Company and
currently  serves as the Company's  President and Chief Operating  Officer,  and
serves as a member of the Company's Board of Directors. Mr. Hall does not have a
written employment agreement with the Company.

         B. On  September  30,  1986,  the Company and Mr. Hall  entered  into a
Supplemental  Executive Retirement Plan Agreement which was amended and restated
on August 28,  1996 (the  "SERP"),  a copy of which is  attached  as Exhibit "A"
hereto.

         C.  On  August  20,  1997,   March  15,  1999,  and  August  18,  1999,
respectively,  Mr.  Hall  was  granted  10,000,  6,296,  and  10,000  shares  of
restricted  common stock of the Company  (the  "Restricted  Stock")  pursuant to
Hughes  Supply,  Inc. 1997  Executive  Stock Plan (the "1997 Stock  Plan").  The
Restricted  Stock will not vest prior to Mr.  Hall's  termination  of employment
hereunder.

         D. Mr. Hall has been granted both incentive stock options ("ISO's") and
non-qualified  stock options ("NQSO's")  pursuant to the 1988 Stock Option Plan,
the 1997 Stock Plan and grant  agreements  executed by the Company and Mr. Hall.
The grant date,  expiration date, number of options,  and exercise price of such
options are as follows:

                 Grant             Expiration       Number of        Exercise
                  Date                Date           Options           Price
                 -----             ----------       ---------        --------

            05/28/91                Ten Years         38,874         $  8.417
            03/12/96                Ten Years         22,500          $18.667
            11/21/97                Ten Years          2,900          $34.000
            11/21/97                Ten Years         25,000          $34.000
            05/16/00                Ten Years          5,000          $18.750
            5/16/00                 en Years          17,500          $18.750

         E. Mr. Hall and the Company  have  previously  entered  into The Hughes
Supply,  Inc.  Management  Insurance Plan Agreement (the  "Management  Insurance
Plan") in order to assist Mr. Hall in  purchasing a  permanent,  cash value life
insurance policy on the life of Mr. Hall.

         F. Mr. Hall desires to resign from the employment of the Company on the
terms and  conditions  set forth below,  and the Company  desires to accept such
resignation effective immediately, and to grant the additional consideration set
forth below.

         G.  Both  the  Company  and  Mr.  Hall  (collectively,  the  "Parties",
individually,  a "Party")  have  agreed to release  each other from  claims that
arose prior to the execution of this Agreement.

<PAGE>

                                    AGREEMENT

         The  Parties  acknowledge  the  accuracy  of the  foregoing  Background
Information and agree as follows:

         1. Salary Continuation.  The Company shall continue to pay Mr. Hall his
regular  base  salary  through  and  including  January  31,  2003 (the  "Salary
Continuation  Date").  Such compensation  shall be subject to federal income tax
and FICA withholding,  but Mr. Hall shall not be eligible for any other benefits
that  normally are  available  to employees of the Company,  except as otherwise
provided herein. In the event of his death, such compensation  shall continue to
be payable to Mr. Hall's estate. As of the date of this Agreement Mr. Hall shall
resign (i) as President and Chief  Operating  Officer of the Company,  (ii) as a
member of the Company's  Board of Directors,  (iii) as an officer or director of
any affiliate or subsidiary of the Company,  and (iv) from any trade association
of which Mr. Hall is a member,  officer or director and is in any way associated
with the Company or any business  conducted by the Company  (including,  without
limitation,  supplyforce.com).  Following  such  resignation  Mr.  Hall shall no
longer have the authority or duties associated with such positions.

         2.  Supplemental  Executive  Retirement  Pay.  In  accordance  with the
formula set forth in Section 1 of the SERP,  the Parties  agree that Mr.  Hall's
SERP  payment  shall be $95,550 a year for 15 years,  payable  in equal  monthly
installments of $7,962.50,  commencing  February 1, 2003 (the "SERP  Payments").
Such  payments  shall be  subject  to the  terms  and  conditions  of the  SERP,
including  without  limitation,  Section 1(b)  providing for a  continuation  of
payments  after the death of Mr. Hall and the  termination of such SERP payments
in the  event of a breach  of the  "non-competition"  provisions  of  Section  3
thereof.

         In consideration of the additional benefits payable or distributable to
Mr. Hall set forth in this  Agreement,  Mr. Hall agrees that payment of the SERP
benefits also will be subject to his  compliance  with the  Non-competition  and
Confidentiality provisions set forth in Sections 9 and 10 below.

         3.  Health   Insurance.   From  the  date  hereof  through  the  Salary
Continuation Date Mr. Hall and his spouse shall continue to be covered under the
Company's group health plan (the "Health Plan") as an employee,  the premiums of
which shall be deducted  from the  amounts he is to receive  under  Section 1 of
this  Agreement.  Effective  February 1, 2003,  Mr. Hall and his spouse shall be
covered under the Health Plan as a "retiree" and his spouse ("Retiree  Status"),
at no cost to Mr. Hall or his spouse  (other  than any  federal  income tax cost
associated with such coverage) until Mr. Hall's  attainment of age 65; provided,
however, that the Health Plan shall make no more than $250,000 in Retiree Status
payments to or on behalf of Mr. Hall, and $100,000 in "Retiree  Status" payments
to or on behalf of his  spouse,  under the terms of the  Health  Plan.  Upon the
termination of the foregoing  Retiree Status health coverage,  the Company shall
issue a COBRA health care  continuation  notice to Mr. Hall and his spouse,  and
they then shall have the right to elect COBRA health care continuation coverage,
at their  own  cost,  in  accordance  with  the  terms  of the  Health  Plan and
applicable federal law (i.e., COBRA).  Notwithstanding  anything to the contrary
contained  herein,  and unless  otherwise  required by law, all health  benefits
available  to Mr.  Hall and his  spouse  under  the  Health  Plan (or any  other
agreement with the Company)  shall cease upon Mr. Hall becoming  employed with a
subsequent employer.

         4. Company  Automobile.  Upon the revocation date enumerated at the end
of this Agreement  (the  "Revocation  Date"),  the Company shall transfer to Mr.
Hall as additional  compensation,  title to his Company vehicle, which is a 2001
Ford Expedition.  Such transfer shall be included in Mr. Hall's  compensation in
accordance with the Internal Revenue Code and applicable Treasury Regulations.

                                        2
<PAGE>

         5. Management Insurance Plan. On the Revocation Date, the Company shall
deliver to Mr. Hall the General  American Life Insurance  Company policy that is
the  subject   matter  of  the  Management   Insurance   Plan  (the   "Policy").
Notwithstanding  Sections 3 and 4 of the Management  Insurance Plan, the Company
shall  continue to pay the annual premium on the Policy until the earlier of (i)
the date Mr. Hall elects to terminate the Policy, (ii) the death of Mr. Hall, or
(iii) the  payment of fifteen  (15) years of premium  payment  (including  those
payments  made  prior  to the  termination  of Mr.  Hall's  employment  with the
Company).  Consistent with Section 3 of the Management  Insurance Plan, Mr. Hall
shall  continue  to be  responsible  for the  payment  of the  lesser of (a) the
current, published term insurance rate of the insurer, or (b) the "P.S. 58" rate
(both expressed as a rate per $1,000 of coverage), multiplied by 50. Such amount
shall be withheld from any SERP Payment due Mr. Hall.

         6. Restricted  Stock.  The Parties  acknowledge  that Mr. Hall has been
awarded  10,000,  6,296,  and 10,000 shares of Restricted  Stock,  on August 20,
1997, March 15, 1999, and August 18, 1999,  respectively,  pursuant to Section 8
of the 1997 Stock Plan. In accordance with Mr. Hall's resignation as descried in
Section 1 of this Agreement,  and accordance with the grant agreements  executed
in  accordance  with the grant  agreements  delivered to Mr. Hall under the 1997
Stock Plan,  effective on the  Revocation  Date such  Restricted  Stock shall be
cancelled  and  returned to the  authorized  but unissued  capital  stock of the
Company.

         7. Stock  Options.  The  Parties  agree  that Item D of the  Background
Information  above  accurately  reflects  all  ISO's and  NQSO's  that have been
granted to Mr.  Hall.  Notwithstanding  the vesting  schedules  set forth in the
grant agreements for such ISO's and NQSO's, effective as of the Revocation Date,
Mr. Hall shall be 100% vested in all such unexercised  ISO's and NQSO's.  Except
with respect to the vesting for such options,  all other terms and conditions of
such options shall remain in effect, including, without limitation, the exercise
prices,  terms of the  options,  and the  date(s) by which the  options  must be
exercised or be forfeited.  Mr. Hall shall be solely  responsible for any income
taxes,  alternative  minimum taxes, FICA or other federal,  state or local taxes
that may result from the exercise of such ISO's and/or NQSO's.

         8. Loan of Money.  The Company shall lend to Mr. Hall the principal sum
of $978,000  pursuant to a promissory  note attached  hereto as Exhibit "B" (the
"Note").  With respect to the amounts  represented  by the Note, of such amounts
$100,000 will be attributed as additional  consideration for the Non-Competition
provisions  of Section 9 of this  Agreement.  Provided Mr. Hall does not violate
the terms of the SERP and Sections 9 and 10 below,  one-third  of the  principal
amount,  plus all accrued interest on the Note, shall be forgiven on February 1,
2003,  February  1, 2004 and  February  1, 2005.  The  Company  shall issue such
form(s) in connection  with such  forgiveness as may be required by the Internal
Revenue Service. Mr. Hall shall be solely responsible for any income, excise and
social security taxes associated with such forgiveness,  and shall indemnify and
hold the company harmless from any costs,  penalties,  damages,  taxes,  payroll
taxes,  interest,  losses and/or  attorney's fees which the Company may incur in
connection with such forgiveness.  The Company may offset such costs, penalties,
damages,  taxes, payroll taxes, interest,  losses and/or attorney's fees against
future SERP payments made pursuant to Section 2 above.

         9. Non-Competition.  In consideration of Company's agreement to provide
to Mr. Hall the benefits as outlined in this Agreement:

         (a) For a period of two (2) years  following the  Revocation  Date (the
"Noncompetition  Period"), Mr. Hall specifically agrees that Mr. Hall shall not,
either directly or indirectly, as a stockholder of any corporation or partner of
any partnership or as an owner, investor, principal, officer, director or agent,
or in any other manner,  engage in any business (including any trade association
which relates to any business

                                        3

<PAGE>

of the Company),  within the continental United States (the "Geographic  Area"),
which competes in any manner with any business conducted by Company  immediately
prior to the Revocation Date.

         (b) Mr. Hall agrees not to  directly or  indirectly  solicit any of the
Company's  employees  to  work  for  Mr.  Hall  or for  any  business  which  is
competitive  with any business  conducted by the Company prior to the Revocation
Date, within the Geographic Area and during the Noncompetition Period.

         (c) Mr.  Hall  specifically  acknowledges  that he has  had  access  to
Confidential Information (as hereinafter defined), including without limitation,
prospective and existing  customers or customer lists of the Company,  including
the most sensitive and confidential information concerning the operations of the
Company. Mr. Hall covenants and agrees that during the Noncompetition Period and
within the  Geographic  Area,  except as  otherwise  approved  in writing by the
Company, Mr. Hall shall not, directly or indirectly, for himself, or through, on
behalf of, or in conjunction with any person, persons, partnership, association,
corporation,  or entity,  divert or attempt to divert or solicit any prospective
or  existing  customer  of  Company  to any  competitor  by direct  or  indirect
inducement or otherwise,  and shall not disclose any Confidential Information to
any third party.

         (d) The  periods  of time  during  which Mr.  Hall is  prohibited  from
engaging in such business  practices pursuant to Subsections 9(a), 9(b) and 9(c)
shall be extended  by any length of time  during  which Mr. Hall is in breach of
any of such covenants.

         (e) The  restrictive  covenants  contained  within  this  Section 9 are
essential  elements of this  Agreement,  and that,  but for the agreement of Mr.
Hall to comply with such covenants, the Company would not have entered into this
Agreement.

         (f) If any  portion of the  covenants  set forth in this  Section 9 are
held by a court of  competent  jurisdiction  to be  unreasonable,  arbitrary  or
against public policy,  then such portion of such covenants  shall be considered
divisible both as to time and geographical  area. The Company and Mr. Hall agree
that, if any court of competent jurisdiction  determines that the Noncompetition
Period or the  Geographic  Area  applicable to this  Agreement is  unreasonable,
arbitrary   and/or  against  public  policy,   then  a  lesser  time  period  or
geographical  area which is determined to be reasonable,  non-arbitrary  and not
against public policy may be enforced against Mr. Hall.

         (g) Mr.  Hall does  hereby  represent  and  warrant to the  Company and
Hughes:

             (i)  Mr.  Hall  has had  access  to and  has  become  knowledgeable
concerning, the trade secrets of Company;

             (ii) That this  Section 9 is being  executed by Mr. Hall to protect
the legitimate business interests of Company, including,  without limitation the
trade secrets, valuable confidential information that otherwise does not qualify
as trade secrets,  and the substantial  relationships  that the Company has with
existing or prospective customers;

             (iii) That the  Noncompetition  Period and the  Geographic  Area is
appropriate  and  reasonable  in all  respects  in  light of the  nature  of the
business of the Company  and the  legitimate  need of the Company to protect its
customer bases and branch locations; and

             (iv)  That  the  execution  and  delivery  of this  Agreement,  the
performance by Mr. Hall of the covenants and agreements  contained  herein,  and
the  enforcement by Company of the provisions  contained  herein,  will cause no
undue hardship on Mr. Hall.

                                        4

<PAGE>

         (h) The  Company and Mr. Hall agree that the  foregoing  covenants  are
appropriate  and reasonable when considered in light of the nature and extent of
the business conducted by the Company.

         10.  Confidentiality.  In addition to such other  obligations which Mr.
Hall may have to the  Company  prior to the  date of this  Agreement,  Mr.  Hall
agrees that for the period  beginning  with the  Revocation  Date and continuing
until  December  31, 2016 (which is the period the Company is  obligated to make
SERP Payments  pursuant to Section 2 above), he will not, directly or indirectly
use for his own  benefit,  or  disclose  to or use for the  benefit of any other
person or entity, any Confidential Information of the Company.

         For  purposes  of  this  Agreement,  "Confidential  Information"  shall
include,   without  limitation,   confidential  or  proprietary  information  of
customers of the Company, vendor information (including without limitation,  any
rebate   programs)  and  the  Company's   proprietary   information,   marketing
techniques, methods and/or costs of manufacturing, vendor lists, customer lists,
administrative procedures,  financial information,  computer programs, personnel
information,  business plans (strategic or otherwise) and other similar business
information.  In the event any such Confidential Information is in tangible form
and in the possession of Mr. Hall at his termination of employment, he agrees to
immediately return such Confidential Information to the Company.

         In the event of a breach of the foregoing confidentiality provision, in
addition to the  remedies  provided in the SERP,  the Company no longer shall be
obligated  to make any  payment or provide  any  benefit  provided  herein,  any
unexercised  ISO's and NQSO's  shall be  forfeited,  and no further loan amounts
shall be  forgiven  pursuant  to Section 8 above (and the Company may demand the
immediate repayment of any amounts outstanding under the Note).

         11. Remedies.

         (a) Mr. Hall  acknowledges  that any  violation  of Sections 9 or 10 of
this Agreement will result in irreparable  injury to the Company for which there
is no adequate  remedy at law.  Accordingly,  if Mr. Hall  commits a breach,  or
threatens  to  commit  a  breach  of any of the  provisions  of  this  Agreement
(including Sections 9 or 10 of this Agreement), the Company shall be entitled to
all  available  legal and  equitable  remedies,  including  without  limitation,
temporary and permanent  injunctive  relief and to the extent  permitted by law,
the Company shall not be required to post a surety bond in connection therewith.
The Company also shall be entitled to money  damages for any loss suffered or to
be suffered as a consequence of Mr. Hall's breach of this Agreement.

         (b) The Company and Mr. Hall  further  agree that in the event Mr. Hall
violates the provisions contained in Sections 9 or 10 of this Agreement, and the
Company brings an action against Mr. Hall to enforce such provisions, payment of
any compensation or other sums hereunder and the providing of all benefits,  may
be  suspended,  without  penalty to the  Company,  pending  the  outcome of such
litigation.  If a court of competent  jurisdiction  determines that Mr. Hall has
breached the provisions of Section 9 or 10 of this  Agreement,  Mr. Hall's right
to such then unpaid portion of any  compensation  due him hereunder shall cease.
However, if a court of competent  jurisdiction  determines that Mr. Hall has not
breached the  provisions of either Section 9 or 10 of this  Agreement,  Mr. Hall
shall receive any unpaid portion of such  consideration  and such other benefits
and payments as Mr. Hall shall have otherwise been entitled.

                                        5

<PAGE>

         12. Release of All Claims.

         (a) Mr.  Hall (on his own behalf  and on behalf of his heirs,  personal
representatives, and any other person who may be entitled to make a claim on his
behalf or through him) hereby  releases the Company,  its  employees,  officers,
directors,  agents,  representatives  and shareholders from all claims which are
related to his employment with the Company or the separation of that employment,
including  without  limitation those arising under Title VII of the Civil Rights
Act  of  1964,   as  amended  by  the  Civil  Rights  Act  of  1991  (42  U.S.C.
ss.ss.200e-200e-17),  the Age  Discrimination  in  Employment  Act of  1967,  as
amended,  the  Employee  Retirement  Income  Security  Act of  1974  (29  U.S.C.
ss.ss.1161-1168),  the Consolidated  Omnibus Budget  Reconciliation Act of 1985,
the Florida Civil Rights Act (chapter 760,  Fla.  Stat.) and any other  federal,
state  or  local  statute,   rule  or  regulation  dealing  with  employment  or
discrimination  on any basis,  including  without  limitation  that of age, sex,
race, national origin, religion,  marital status or disability.  Mr. Hall agrees
that this  release  includes  claims or  lawsuits  based on theories of contract
(oral, written or implied),  tort (including negligence),  statute,  regulation,
law,  ordinance  or rule  (federal,  state or local) or any other  common law or
equitable  basis of  action,  whether  based on common law or  otherwise,  which
relate to his employment  with the Company or separation of employment  from the
Company.  Mr. Hall further agrees that this release covers and includes all acts
and omissions of the Company and its directors, officers, employees, principals,
shareholders,   agents,  and  representatives  from  all  actions  or  omissions
mentioned above in this Section.

         (b) The Company  releases Mr. Hall from all claims  relating to acts or
omissions of Mr. Hall while employed by the Company as an officer or Director of
the Company  provided such acts were not illegal and were in the best  interests
of the Company,  were in accordance  with Company  policy and were actions which
otherwise would have afforded him the protection of the business judgment rule.

         (c) Mr. Hall  represents  that he does not presently  have on file, and
has not made in any forum,  any complaints,  charges,  or claims (whether civil,
administrative, or criminal) against the Company. Mr. Hall agrees that if, after
signing this  Agreement,  he  thereafter  commences,  joins in, or in any manner
seeks relief  through any suit arising out of, based upon, or relating to any of
the claims released hereunder,  or asserts in any manner against the Company any
of the claims  released  hereunder,  Mr.  Hall  shall pay to the  Company or the
employee,  officer, director, agent,  representative,  or shareholder,  or their
successor  in  interest,  in addition to any other  damages  caused by him,  all
attorneys' fees incurred by any of them in defending or in otherwise  responding
to such suit or claim.

         13.  After-Discovered  Claims.  The Parties  acknowledge  that they are
aware that they may hereafter  discover  claims now unknown or  unsuspected,  or
facts in addition to, or different from,  those that they now believe or know to
be true, with respect to the matters  released herein.  Nevertheless,  it is the
intention of the Parties, through this Agreement, to fully, finally, and forever
settle and  generally  release all such  matters and claims as are  described in
Section 12 above. In furtherance of such  intention,  the general release herein
shall be and  remain in  effect as a full and  complete  release  of all  claims
described in Section 12 above  notwithstanding the discovery or existence of any
additional claims or facts.

         14. Review Period.  Mr. Hall understands and agrees that this Agreement
specifically  refers  to  rights  or  claims  that  he may  have  under  the Age
Discrimination  in Employment Act of 1967, as amended,  and that Mr. Hall is not
waiving  any rights or claims  that arise after the  Revocation  Date.  Mr. Hall
further  acknowledges  that he has  received  additional  money for signing this
Agreement,  in addition to anything of value to which he is already entitled and
that he has been given at least 21 days within which to consider this Agreement.
He also  understands  that he may voluntarily  accept this Agreement at any time
during the 21-day period. Mr. Hall also acknowledges that he has been advised to

                                       6

<PAGE>

discuss this termination and release with an attorney of his own choice prior to
signing the Agreement.

         Mr. Hall further  understands  and agrees that for a period of at least
seven (7) days following his signing of this  Agreement,  that he may revoke and
cancel  this  Agreement,  and  the  Agreement  shall  not  become  effective  or
enforceable until this seven (7) day revocation period has expired.  If Mr. Hall
should chose to revoke and cancel this  Agreement,  he must do so in writing and
the revocation and  cancellation  must be received in hand by the Company within
the seven (7) day revocation  period. By signing this Agreement,  Mr. Hall fully
understands,  recognizes and agrees that he is knowingly and voluntarily waiving
any rights he has under the Age  Discrimination  in  Employment  Act of 1967, as
amended.

         15. Voluntary Acceptance.  Having read and understood Section 14 above,
Mr. Hall hereby  voluntarily  accepts this Agreement,  subject only to the above
described seven (7) day right of revocation.

         16.  All  Other  Agreements  Void.  Except  for the  terms of the SERP,
Management  Insurance  Agreement,  1997 Stock  Plan,  and all ISO and NQSO grant
agreements, as modified by this Agreement, seven (7) days after the execution of
the Agreement,  all agreements,  written or oral, between the Parties,  shall be
void,  and all terms  thereof  shall be void and  unenforceable.  The rights and
remedies  of the  Parties  shall be  limited  to  those  provided  herein.  This
Agreement supersedes any prior agreements of the Parties.

         17.  Assignability and Parties in Interest.  The Company may assign any
of its rights or delegate any of its obligations hereunder to a purchaser of the
business of the Company or wholly owned  subsidiary  of the Company  without the
prior written consent of Mr. Hall. In all other  instances,  no party may assign
any of its rights or delegate any of its obligations hereunder without the prior
written consent of the other party. This Agreement binds,  inures to the benefit
of and is enforceable by the respective  successors and permitted assigns of the
parties and it does not confer any rights on any other persons or entities.

         18.  Applicable  Laws and  Venue.  This  Agreement  shall  be  governed
exclusively  by the laws of the United  States and the State of  Florida.  Venue
shall be  exclusively  in the state or federal  trial  courts  located in Orange
County, Florida.

         19. Attorneys Fees. In the event any party hereto institutes litigation
to enforce its rights or remedies under this Agreement,  the party prevailing in
such  litigation  shall be entitled to receive an award from the  non-prevailing
party of the prevailing party's reasonable attorneys' fees and costs incurred in
connection  with  such  litigation.   The  foregoing  shall  include  reasonable
attorneys' fees and costs (including paralegals' fees) incurred at trial, on any
appeal and in any proceeding in bankruptcy.

         20.  Counterparts.  This  Agreement  may be  executed  in any number of
counterparts,  each of which  shall be an  original,  but all of which  together
constitute but one and the same agreement.

                                       7
<PAGE>

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

                                           COMPANY:

                                           Hughes Supply, Inc.

Attest:                                    By:
       -------------------------------         ---------------------------------
       Benjamin P. Butterfield, Secretary      David H. Hughes, Chairman and CEO

Witness:                                   MR. HALL:

--------------------------------------     ------------------------------------
Benjamin P. Butterfield                    A. Stewart Hall, Jr.

                        Revocation Date is April 4, 2001.

                                       8Exhibit 10.11

	

EXHIBIT 10.11 

EMPLOYMENT
AGREEMENT 

     This
EMPLOYMENT AGREEMENT (the “Agreement”) is entered into this 6th day of March, 2001,
between THE CHEESECAKE FACTORY INCORPORATED (the “Company”) and DAVID M. OVERTON (the
“Employee”).  

     WHEREAS,
the Board of Directors of the Company (the “Board”) has approved and authorized the entry
into this Agreement with the Employee; and  

     WHEREAS,
the parties desire to enter into this Agreement setting forth the terms and conditions
for the employment relationship to the Employee with the Company.  

     NOW,
THEREFORE, in consideration of the promises and mutual covenants and agreements herein
contained and intending to be legally bound hereby, the Company and the Employee hereby
agree as follows:  

     1.
Employment. The Employee is employed as Chief Executive Officer and Chairman of the Board
of the Company. In this capacity, the Employee shall have such duties and
responsibilities as may be designated to him by the Board from time to time and as are
not inconsistent with the Employee’s position with respect to any subsidiaries of the
Company, as may be designated by the Board. Employee shall devote substantially all his
time, attention and energies to the business and affairs of the Company and the
subsidiaries. The Company acknowledges that the Employee is a member of the Board and
that such membership constitutes an integral part of the Employee’s duties hereunder. 

     2.
Term. The “initial term” of this Agreement shall be for the period commencing on the date
hereof and ending on the third anniversary of the date hereof; provided, however, that on
the such anniversary, and on each subsequent anniversary date thereafter, the term of
this Agreement shall automatically be extended for one additional year unless, not later
than 90 days prior to such applicable anniversary date, the Company or the Employee shall
give notice not to extend this Agreement. The “Term of this Agreement” or “Term” shall
mean, for purposes of this Agreement, both the “initial term” and subsequent extensions,
if any. 

     3.
Salary and Bonus. Subject to the further provisions of this Agreement, the Company shall
pay the Employee during the Term of this Agreement a salary at an annual rate equal to:
(a) $450,000 for the first 12 months from the date hereof, (b) $475,000 for the next 12
months thereafter, and (c) $500,000 for the next 12 months thereafter continuing through
the Term of this Agreement. Such salary may be increased at such times, if any, and in
such amounts as determined by the Board. Any increase in salary shall not serve to limit
or reduce any other obligation of the Company hereunder and, after any increase, the Base
Salary shall not be reduced. Such salary shall be payable by the Company to the Employee
not less frequently than monthly. The Board may at any time grant a discretionary bonus
to the Employee. Participation in deferred compensation, discretionary bonus, retirement,
stock option and other employee benefit plans and in fringe benefits shall not reduce the
Base Salary. 

     4.
Participation in Bonus, Retirement and Employee Benefit Plans. The Employee shall be
entitled to participate equitably with other executive officers in any plan of the
Company relating to bonuses, stock options, stock purchases, pension, thrift, profit
sharing, life insurance, medical coverage, education, or other retirement or employee
benefits that the Company has adopted or may adopt for the benefit of its executive
officers. 

     5.
Fringe Benefits; Automobile; Health Insurance. The Employee shall be entitled to receive
all other fringe benefits which are now or may be provided to the Company’s executive
officers. In addition, the Company shall provide the Employee during the Term of this
Agreement (a) with a non-accountable car allowance of $2,000 per month, and (b)
reimbursement to Employee and his family members for any co-payment or deductible
incurred under the Company’s health insurance policies. 

     6.
Vacations. The Employee shall be entitled to an annual paid vacation in accordance with
the Company’s general administrative policy. 

1  

	

     7.
Business Expenses. During such time as the Employee is rendering services hereunder, the
Employee shall be entitled to incur and be reimbursed for all reasonable business
expenses. The Company agrees that it will reimburse the Employee for all such expenses
upon the presentation by the Employee, from time to time, of an itemized account of such
expenditures setting forth the date, the purposes for which incurred, and the amounts
thereof, together with such receipts showing payments in conformity with the Company’s
established policies. Reimbursement shall be made within a reasonable period after the
Employee’s submission of an itemized account. 

     8.
Insurance. 

	 	     (a)
The Employee shall be entitled to term insurance on the life of the Employee with such
beneficiary as the Employee may designate in an amount equal to at least $2,000,000, with
all premiums to be paid by the Company. 

	 	     (b)
The Employee shall be entitled to an insurance policy for disability for his benefit, in
an amount commercially available, with all premiums to be paid by the Company. 

	

     9.
Indemnity. The Company shall indemnify and hold the Employee harmless from any cost,
expense or liability arising out of or relating to any acts or decisions made by the
Employee on behalf of or in the course of performing services for the Company to the same
extent the Company indemnifies and holds harmless other executive officers and directors
of the Company and in accordance with the Company’s established policies. The Company
agrees to seek to maintain Directors and Officers Liability Insurance. 

     10.
Certain Terms Defined. For purposes of this Agreement: 

	 	     (a)
Employee shall be deemed to be “Permanently Disabled” if a physical or mental condition
occurs and persists which, in the written opinion of a licensed physician selected by the
Board of Directors in good faith, has rendered Employee unable to perform Employee’s
duties hereunder for a period of ninety (90) days or more and, in the written opinion of
such physician, the condition will continue for an indefinite period of not less than an
additional ninety (90) day period, rendering the Employee unable to return to Employee’s
duties. 

	 	     (b)
“Affiliate” means any corporation affiliated with any Person whose actions result in a
Change of Control (or which, as a result of the completion of the transactions causing a
Change of Control shall become affiliated) within the meaning of the Code. 

	 	     (c)
“Base Salary” means, as of any date of termination of employment, the highest annual base
salary of Employee in any of the last three fiscal years preceding such date of
termination of employment. 

	 	     (d)
“Beneficial Owner” shall have the meaning given to such term in the Exchange Act. 

	 	     (e)
“Cause” means termination upon: (1) the willful failure by the Employee to substantially
perform his duties with the Company (other than any such failure resulting from his
incapacity due to physical or mental illness), after a written demand for substantial
performance is delivered to him by the Board, which demand specifically identifies the
manner in which the Board believes that he has not substantially performed his duties;
(2) the Employee’s willful misconduct that is demonstrably and materially injurious to
the Company, monetarily or otherwise; or (3) the Employee’s commission of such acts of
dishonesty, fraud, misrepresentation or other acts of moral turpitude as would prevent
the effective performance of his duties. No act, or failure to act, on the Employee’s
part shall be deemed “willful” unless done, or omitted to be done, by him not in good
faith and without the reasonable belief that his action or omission was in the best
interest of the Company. Notwithstanding the foregoing, the Employee shall not be deemed
to have been terminated for Cause unless and until there shall have been delivered to him
a copy of a resolution duly adopted by the affirmative vote of a majority of the members
of the Board at a meeting of such members (after reasonable notice to him and an
opportunity for him, together with his counsel, to be heard before such members of the
Board), finding that he has engaged in the conduct set forth above in this subsection (e)
and specifying the particulars thereof in detail. 

	

2  

	

	 	     (f)
A “Change of Control” occurs if: 

	 	     (i)
any Person (other than Employee) or that Person’s Affiliate is or becomes the Beneficial
Owner, directly or indirectly, of securities of the Company representing 20% of more of
the combined voting power of the Company’s then outstanding voting securities (“Voting
Securities”); or  

	 	     (ii)
the stockholders of the Company approve a merger or consolidation of the Company with any
other corporation (or other entity), other than:  

	 	     I.
a merger or consolidation which would result in the Voting Securities of the Company
outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity) more
than 80% of the combined voting power of the Voting Securities of the Company or such
surviving entity outstanding immediately after such merger or consolidation;  

	 	     II.
a merger or consolidation effected to implement a recapitalization of the Company (or
similar transaction) in which no Person acquires more than 20% of the combined voting
power of the Company’s then outstanding Voting Securities; or  

	 	     III.
a merger or consolidation which would result in the directors of the Company (who were
directors immediately prior thereto) continuing to constitute at least 50% of all
directors of the surviving entity after such merger or consolidation. In this paragraph
(iv), “surviving entity“shall mean only an entity in which all the Company’s
stockholders immediately before such merger or consolidation (determined without taking
into account any stockholders properly exercising appraisal or similar rights) become
stockholders by the terms of such merger or consolidation, and the phrase “directors
of the Company (who were directors immediately prior thereto)“shall include only
individuals who were directors of the Company at the beginning of the 24 consecutive
month period preceding the date of such merger or consolidation.  

	 	     (iii)
the stockholders of the Company approve a plan of complete liquidation or an agreement
for the sale or disposition of all or substantially all of the Company’s assets; or 

	 	     (iv)
during any period of 24 consecutive months, individuals, who at the beginning of such
period constitute the Board of Directors of the Company, and any new director whose
election by the Board of Directors, or whose nomination for election by the Company’s
stockholders, was approved by a vote of at least one-half (1⁄2) of the directors
then in office (other than in connection with a contested election), cease for any reason
to constitute at least a majority of the Board of Directors;  

	 	     (g)
“Code” means the Internal Revenue Code of 1986, as amended. 

	 	     (h)
“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

	 	     (i)
“Person” is given the meaning as such term is used in Sections 13(d) and 14(d) of the
Exchange Act; provided, however, that unless this Agreement provides to the contrary, the
term shall not include the Company, any trustee or other fiduciary holding securities
under an employee benefit plan of the Company, or any corporation owned, directly or
indirectly, by the stockholders of the Company in substantially the same proportions as
their ownership of stock of the Company. 

	

     11.
Termination. 

	 	     (a)
Death or Disability. This Agreement shall terminate automatically upon the Employee’s
death or Permanent Disability. 

	 	     (b)
Cause. The Company may terminate Employee for Cause. 

	 	     (c)
Change of Control. Employee may terminate this Agreement at any time within 18 months
after a Change of Control. 

	

3  

	

	 	     (d)
Notice of Termination. Any termination of the Employee’s employment by the Company for
Cause or following a Change of Control shall be communicated by Notice of Termination to
the other party hereto given in accordance with Section 16. Any termination by the
Company due to Permanent Disability shall be communicated by giving written notice of its
intention to terminate the Employee’s employment, and his employment shall terminate
after receipt of such notice (“Disability Effective Date”). For purposes of this
Agreement, a “Notice of Termination” means a written notice which (i) indicates the
specific termination provision in this Agreement relied upon; (ii) except in the event of
a termination following a Change of Control, sets forth in reasonable detail the facts
and circumstances claimed to provide a basis for termination of the Employee’s employment
under the provision so indicated; and (iii) specifies the Date of Termination (defined
below). 

	 	     (e)
Date of Termination. “Date of Termination” means the date of actual receipt of the Notice
of Termination or any later date specified therein (but not more than fifteen (15) days
after the giving of the Notice of Termination), as the case may be; provided that (i) if
the Employee’s employment is terminated by the Company for any reason other than Cause or
because the Employee becomes Permanently Disabled, the Date of Termination is the date on
which the Company notifies the Employee of such termination; (ii) if the Employee’s
employment is terminated due to Permanent Disability, the Date of Termination is the
Disability Effective Date; and (iii) if the Employee’s employment is terminated due to
the Employee’s death, the Date of Termination shall be the date of death. 

	

     12.
Certain Benefits Upon Termination. 

	 	     (a)
If Employee’s employment by the Company is terminated for any reason (including by reason
of death or Permanent Disability), except for a termination for Cause or a voluntary
resignation by Employee, and Section 12(b) is inapplicable to such termination, then the
Company shall pay Employee a lump sum severance payment (the “Severance Payment”) equal
to three times Employee’s Base Salary. 

	 	     (b)
If within 18 months after a Change of Control of the Company, Employee gives notice of
termination of employment for any reason, gives notice of nonrenewal, or Employee
otherwise terminates employment (other than due to Employee’s death or Permanent
Disability) or is terminated by the Company without Cause, (i) the Company shall pay
Employee a Severance Payment in cash equal to $2 million, provided, however, that in the
event of a Change of Control and Employee dies or becomes Permanently Disabled within 18
months after such Change of Control, then the Severance Payment shall be equal to three
times Employee’s Base Salary and, (iii) for 36 months (the “Continuation Period”) the
Company shall at its expense continue on behalf of the Employee and his dependents and
beneficiaries, the life insurance, disability, medical, dental and hospitalization
benefits provided (x) to the Employee at any time during the 90-day period prior to the
date of termination or at any time thereafter or (y) to other similarly situated
executives who continue in the employ of the Company during the continuation period. The
coverage and benefits (including deductibles and costs) provided in this Section 12(b)
during the Continuation Period shall be no less favorable to the Employee and his
dependents and beneficiaries, than the most favorable of such coverages and benefits
during any of the periods referred to in clauses (x) and (y) above. The Company’s
obligation hereunder with respect to the foregoing benefits shall be limited to the
extent that the Employee obtains any such benefits pursuant to a subsequent employer’s
benefit plans, in which case the Company may reduce the coverage of any benefits it is
required to provide the Employee hereunder so long as the aggregate coverages and
benefits of the combined benefit plans is no less favorable to the Employee than the
coverages and benefits required to be provided hereunder. This Section 12(b) shall not be
interpreted so as to limit any benefits to which the Employee, his dependents or
beneficiaries may be entitled under any of the Company’s employee benefit plans, programs
or practices following the Employee’s termination of employment, including without
limitation, retiree medical and life insurance benefits. 

	 	     (c)
In the event either (a) or (b) above occurs, (i) in addition to the Severance Payment
provided therein, the Company shall pay all accrued but unpaid salary and amounts due
under the Company’s Performance Incentive Plan or any other bonus or incentive plan then
in effect, and all accrued but unpaid or unused vacation, sick pay and expense
reimbursement benefit, and (ii) all other benefits shall vest (unless a plan specifically
provides vesting standards in which event the plan’s terms and conditions shall govern
vesting). 

	

4  

	

	 	     (d)
In the event that Employee’s employment terminates by reason of Employee’s death, all
benefits provided in this Section 12 shall be paid to Employee’s estate or as Employee’s
executor shall direct, but payment may be deferred until Employee’s executor or personal
representative has been appointed and qualified pursuant to the laws in effect in
Employee’s jurisdiction of residence at the time of Employee’s death. 

	 	     (e)
Company shall make all cash payments to which Employee is entitled hereunder within
thirty (30) days following the date of termination of Employee’s employment or earlier,
if required by applicable law. 

	 	     (f)
In the event Employee has provided notice to the Company of his intent to terminate or
not renew this Agreement pursuant to Section 2 or Company has provided written notice to
the Employee of its intent not to renew this Agreement pursuant to Section 2: 

	 	     (i)
Salary and Benefits. The salary and other benefits to which Employee would have otherwise
been entitled shall continue through the remainder of the period of notice specified by
Section 2, provided that Employee is otherwise in compliance with the terms of this
Agreement, unless (x) Employee subsequently terminates his employment or the Company
terminates Employee’s employment for Cause, (y) Employee is entitled to the
Severance Payment provided in Section 12(a) pursuant to the provisions of Section
12(f)(ii), or (z) Employee is entitled to the Severance Payment provided in Section
12(b).  

	 	     (ii)
Section 12(a) Benefit. Employee shall be entitled to the extraordinary payment provided
in Section 12(a) (unless Employee is otherwise entitled to the Severance Payment provided
by Section 12(b)) in the event that, subsequent to such notice, (x) Employee is
terminated without Cause by the Company, or (y) Employee’s employment terminates due
to death or Permanent Disability.  

	 	     (iii)
Section 11(b) Benefit. Employee shall have no rights under Section 12(b); provided,
however, that if Company and a third party have executed a commitment letter or agreement
under which a Change of Control is to occur and such agreement was entered into prior to
the Company having provided notice to Employee of its intent not to renew pursuant to
Section 2, then Employee shall be entitled to the extraordinary payment provided in
Section 12(b), if that Change of Control in fact occurs.  

	 	     (g)
In the event Employee is entitled hereunder to any payments or benefits set forth in
Section 12(a) or (b), Employee shall have no obligation to notify Company of employment
subsequent to Employee’s termination or to offset Company’s obligation by payments due to
such employment and shall have no duty to mitigate. 

	 	     (h)
The provisions for Severance Payments contained in this Section 12 may be triggered only
once during the term of this Agreement, so that, for example, should Employee be
terminated because of a Permanent Disability and should there thereafter be a Change of
Control, then Employee would be entitled to be paid only under Section 12(a) and not
under Section 12(b) as well. In addition, Employee shall not be entitled to receive
severance benefits of any kind from any wholly owned subsidiary or other affiliated
entity of the Company if in connection with the same event of series of events the
Severance Payments provided for in this Section 12 have been triggered. 

	 	     (i)
Excise Tax Payments: 

	

5  

	

	 	     (i)
In the event that any payment or benefit (within the meaning of Section 280G(b)(2)
of the Code, to the Employee or for his benefit paid or payable or distributed or
distributable pursuant to the terms of this Agreement or otherwise in connection with, or
arising out of, his employment with the Company or a change in ownership or effective
control of the Company or of a substantial portion of its assets (a “Payment“or
“Payments”), would be subject to the excise tax imposed by Section 4999 of
the Code or any interest or penalties are incurred by the Employee with respect to such
excise tax (such excise tax, together with any such interest and penalties, are
hereinafter collectively referred to as the “Excise Tax”), then the Employee
will be entitled to receive an additional payment (a “Gross-Up Payment”) in an
amount such that after payment by the Employee of all taxes (including any interest or
penalties, other than interest and penalties imposed by reason of the Employee’s
failure to file timely a tax return or pay taxes shown due on his return, imposed with
respect to such taxes and the Excise Tax), including any Excise Tax imposed upon the
Gross-Up Payment, the Employee retains an amount of the Gross-Up Payment equal to the
Excise Tax imposed upon the Payments.  

	 	     (ii)
An initial determination as to whether a Gross-Up Payment is required pursuant to this
Agreement and the amount of such Gross-Up Payment shall be made at the Company’s
expense by an accounting firm selected by the Company and reasonably acceptable to the
Employee which is designated as one of the four largest accounting firms in the United
States (the “Accounting Firm”). The Accounting Firm shall provide its
determination (the “Determination”), together with detailed supporting
calculations and documentation to the Company and the Employee within five days of the
Termination Date if applicable, or such other time as requested by the Company or by the
Employee (provided the Employee reasonably believes that any of the Payments may be
subject to the Excise Tax) and if the Accounting Firm determines that no Excise Tax is
payable by the Employee with respect to a Payment or Payments, it shall furnish the
Employee with an opinion reasonably acceptable to the Employee that no Excise Tax will be
imposed with respect to any such Payment or Payments. Within ten days of the delivery of
the Determination to the Employee, the Employee shall have the rights to dispute the
Determination (the “Dispute”). The Gross-Up Payment, if any, as determined
pursuant to this Section 12(i)(ii) shall be paid by the Company to the Employee
within five days of the receipt of the Accounting Firm’s determination. The
existence of the Dispute shall not in any way affect the Employee’s right to receive
the Gross-Up Payment in accordance with the Determination. Upon the final resolution of a
Dispute, the Company shall promptly pay to the Employee any additional amount required by
such resolution. If there is no Dispute, the Determination shall be binding, final and
conclusive upon the Company and the Employee.  

	 	     (j)
Company agrees to take reasonable steps to ensure that in the event Company has an
obligation to perform under Section 12(b), Company shall have the financial ability to do
so. 

	

     13.
Fees and Expenses. The Company shall pay all legal fees and related expenses (including
the costs of experts, evidence and counsel) incurred by the Employee as they become due
as a result of (a) the Employee’s termination of employment (including all such fees and
expenses, if any, incurred in contesting or disputing any such termination or
employment), or (b) the Employee seeking to obtain or enforce any right or benefit
provided by this Agreement or by any other plan or arrangement maintained by the Company
under which the Employee is or may be entitled to receive benefits. 

     14. No
Set Off, Interest. Except as provided herein, the Company’s obligation to make the
payments provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any circumstances, including without limitation any
set-off, counterclaim, recoupment, defense or other right which the Company may have
against the Employee or others. All amounts provided herein shall include, in each case,
interest, compounded quarterly, on the total unpaid amount determined to be payable under
this Agreement, such interest to be calculated on the basis of the prime commercial
lending rate announced by Bank of America National Trust and Savings Association in
effect from time to time during the period of such nonpayment. 

     15.
Assignment. 

	 	     (a)
This Agreement is personal to each of the parties hereto. No party may assign or delegate
any rights or obligations hereunder without first obtaining the written consent of the
other party hereto, except that this Agreement shall be binding upon and inure to the
benefit of any successor corporation to the Company. 

	

6  

	

	 	     (b)
The Company shall require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of
the Company to expressly 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 had taken place. As used in this Agreement, “Company” shall mean the Company
as hereinbefore defined and any successor to its business and/or assets as aforesaid
which assumes this Agreement by operation of law, or otherwise. 

	 	     (c)
This Agreement shall inure to the benefit of and be enforceable by the Employee and his
personal or legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees. 

	16. 	     
(a) Confidential Information. During the Term of this Agreement and thereafter, the
Employee shall not, except as may be required to perform his duties hereunder or as
required by applicable law, disclose to others for use, whether directly or indirectly,
any Confidential Information regarding the Company. “Confidential Information”shall
mean information about the Company, its subsidiaries and affiliates, and their respective
clients and customers that is not available to the general public and that was learned by
the Employee in the course of his employment by the Company, including (without
limitation) any data, formulae, information, proprietary knowledge, trade secrets and
client and customer lists and all papers, resumes, records and the documents containing
such Confidential Information. The Employee acknowledges that such Confidential
Information is specialized, unique in nature and of great value to the Company, and that
such information gives the Company a competitive advantage. Upon the termination of his
employment, the Employee will promptly deliver to the Company all documents (and all
copies thereof) containing any Confidential Information. 

	 	     (b)
Noncompetition. The Employee agrees that during the Term of this Agreement, he will not,
directly or indirectly, without the prior written consent of the Company, provide
consultative service with or without pay, own, manage, operate, join, control,
participate in, or be connected as a stockholder, partner, or otherwise with any
business, individual, partner, firm, corporation, or other entity which is then in
competition with the Company or any present affiliate of the Company; provided, however,
that the “beneficial ownership” by the Employee, either individually or as a member of a
“group,” as such terms are used in Rule 13d of the Exchange Act, of not more than 1% of
the voting stock of any publicly held corporation shall not be a violation of this
Agreement. It is further expressly agreed that the Company will or would suffer
irreparable injury if the Employee were to compete with the Company or any subsidiary or
affiliate of the Company in violation of this Agreement and that the Company would by
reason of such competition be entitled to injunctive relief in a court of appropriate
jurisdiction, and the Employee further consents and stipulates to the entry of such
injunctive relief in such a court prohibiting the Employee from competing with the
Company or any subsidiary or affiliate of the Company in violation of this Agreement. 

	 	     (c)
Right to Company Materials. The Employee agrees that all styles, designs, recipes, lists,
materials, books, files, reports, correspondence, records, and other documents (“Company
Material”) used, prepared, or made available to the Employee, shall be and shall remain
the property of the Company. Upon the termination of his employment or the expiration of
this Agreement, all Company Materials shall be returned immediately to the Company, and
Employee shall not make or retain any copies thereof. 

	 	     (d)
Antisolicitation. The Employee promises and agrees that during the Term of this
Agreement, and for a period of one year thereafter, he will not influence or attempt to
influence customers, franchisees, landlords, or suppliers of the Company or any of its
present or future subsidiaries or affiliates, either directly or indirectly, to divert
their business to any individual, partnership, firm, corporation or other entity then in
competition with the business of the Company, or any subsidiary or affiliate of the
Company. 

	

7  

	

     17. Notice.For
the purpose of this Agreement, notices and all other communications provided for in this
Agreement shall be in writing and shall be deemed to have been duly given when delivered
or mailed by United States certified or registered mail, return receipt requested,
postage prepaid, addressed to the respective addresses set forth below, or to such other
addresses as either party may have furnished to the other in writing in accordance
herewith, except that notice of a change of address shall be effective only upon actual
receipt: 

	 	Company:

          

with a copy to:

Employee: 	The Cheesecake Factory Incorporated
          
26950 Agoura Road
Calabasas Hills, California 91301

the Secretary of the Company;

          
David M. Overton

              ————————

	

     18.
Amendments or Additions. No amendment or additions to this Agreement shall be binding
unless in writing and signed by both parties hereto. 

     19.
Section Headings. The section headings used in this Agreement are included solely for
convenience and shall not affect, or be used in connection with, the interpretation of
this Agreement. 

     20.
Severability. The provisions of this Agreement shall be deemed severable and the
invalidity or unenforceability of any provision shall not affect the validity or
enforceability of the other provisions hereof. 

     21.
Counterparts. This Agreement may be executed in counterparts, each of which shall be
deemed to be an original, but both of which together will constitute one and the same
instrument. 

     22.
Arbitration. Any dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration, conducted before a panel of three
arbitrators in Los Angeles, California, in accordance with the rules of the American
Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award
in any court having jurisdiction. 

     23. Miscellaneous.No
provision of this Agreement may be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in writing and signed by the Employee and such
officer as may be specifically designated by the Board. 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
expressly set forth in this Agreement. The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the State of California
without regard to its conflicts of law principles. All references to sections of the
Exchange Act or the Code shall be deemed also to refer to any successor provisions to
such sections. 

9  

	

     Any
payments provided for hereunder shall be paid net of any applicable withholding required
under federal, state or local law. Sections 13, 15 and 21 shall survive the expiration of
the Term of this Agreement.  

     IN
WITNESS WHEREOF, each of the parties hereto has executed this Agreement on the date first
indicated above.  

	 	COMPANY: 
	  
	 	CHEESECAKE FACTORY INCORPORATED 
	  
	  
	 	By: 	
          /s/ LINDA J. CANDIOTY
—————————————————————

          Executive Vice President and Secretary 
	  
	  
	 	EMPLOYEE: 
	  
	  
	 	
          /s/ DAVID OVERTON
———————————————————————

          DAVID OVERTON 

	

9

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