Document:

Exhibit 10.5

 

EMPLOYMENT
AGREEMENT

(W. Kent Taylor)

 

                THIS EMPLOYMENT
AGREEMENT (this “Agreement”) is entered into as of May 5, 2004 by and
between TEXAS ROADHOUSE, INC., a Delaware corporation (the “Company”),
and W. KENT TAYLOR, a resident of the Commonwealth of Kentucky (“Executive”).

 

RECITALS

 

A.            The Company is preparing for an initial public offering
(the “IPO”) of its shares of Class A Common Stock, $0.001 par value (“Class
A Common Stock”), and has filed a Registration Statement on Form S-1 (the “Registration
Statement”) with the Securities and Exchange Commission under the
Securities Act of 1933, as amended.

 

B.            Executive has been appointed as Chairman of the Company.

 

C.            The Company desires that the employment of Executive, and
Executive wishes such employment, as Chairman of the Company following the IPO,
to be governed by the terms and conditions set forth in this Agreement.

 

AGREEMENT

 

                NOW, THEREFORE, in
consideration of the foregoing premises and the respective agreements of the
Company and Executive set forth below, the Company and Executive, intending to
be legally bound, agree as follows:

 

1.             Effective Date. The
terms and conditions of Executive’s employment hereunder shall become effective
upon completion and closing of the IPO (the “Effective Date”).
Notwithstanding the preceding sentence, the terms and conditions of Executive’s
employment hereunder shall not become effective and this Agreement shall
immediately terminate if, prior to the Effective Date, any of the following
shall occur: (a) Executive resigns from his employment with the Company, (b)
the death or Disability (as defined in Section 10 hereof) of Executive, (c) the
withdrawal of the Registration Statement prior to its effectiveness, (d) if the
IPO does not close on or prior to December 31, 2004, or (e) Executive’s
employment is terminated by the Company. Neither Executive nor the Company may
revoke or cancel this Agreement prior to the Effective Date without written
agreement of the other party.

 

2.             Employment. Subject to
all the terms and conditions of this Agreement, Executive’s period of
employment under this Agreement shall be the period  commencing on the Effective Date and ending
on the last day of the twelfth full fiscal quarter following the Effective Date
(the “Third Anniversary Date”), which initial twelve fiscal quarter
term, unless otherwise agreed to by the parties, shall be extended on the Third
Anniversary Date and on each anniversary of that date thereafter, for a period
of four fiscal quarters thereafter (which initial twelve fiscal quarter term
together with any such extensions, if any, the “Term”), unless the
Executive’s employment terminates

 

 

earlier in accordance with
Section 9 hereof. Thereafter, if Executive continues in the employ of the
Company, the employ­ment relationship shall continue to be at will, terminable
by either Executive or the Company at any time and for any reason, with or
without cause, and subject to such terms and conditions established by the
Company from time to time.

 

3.             Position and Duties.

 

(a)           Employment with the Company.
While Executive is employed by the Company during the Term, Executive shall be
employed as Chairman of the Company, and such other titles as the Company may
designate, and shall perform such duties and responsibilities as the Company
shall assign to him from time to time, including duties and responsibilities
relating to the Company’s wholly-owned and partially owned subsidiaries and
other affiliates.

 

(b)           Performance of Duties and
Responsibilities. Executive shall serve the Company faithfully and
to the best of his ability and shall devote his full working time, attention
and efforts to the business of the Company during his employment with the
Company hereunder. While Executive is employed by the Company during the Term,
Executive shall report to the Board of Directors of the Company (the “Board”).
Executive hereby represents and confirms that he is under no contractual or
legal commitments that would prevent him from fulfilling his duties and
responsibilities as set forth in this Agreement. During his employment with the
Company, Executive shall not accept other employment or engage in other
material business activity, except as approved in writing by the Board.
Executive may participate in charitable activities and personal investment
activities to a reasonable extent, and he may serve as a director of business
organizations as approved by the Board, so long as such activities and
directorships do not interfere with the performance of his duties and
responsibilities hereunder.

 

4.             Compensation.

 

(a)           Base Salary. While
Executive is employed by the Company during the Term, the Company shall pay to
Executive a base salary at the rate of Three Hundred Thousand and no/100
Dollars ($300,000.00) per fiscal year, less deductions and withholdings, which
base salary shall be paid in accordance with the Company’s normal payroll
policies and procedures.  The Executive’s
base salary may be reviewed by the Compensation Committee of the Board on or
after September 30, 2005, and annually thereafter, to determine whether it
should be increased.

 

(b)           Incentive Bonus.
Commencing with the first full fiscal quarter following the Effective Date and
for each full fiscal quarter thereafter that Executive is employed by the
Company during the Term, Executive shall be eligible for a quarterly incentive
bonus in an amount up to Fifty Thousand and no/100 Dollars ($50,000), based
upon achievement of defined goals established by the Compensation Committee of
the Board and in accordance with the terms of any incentive plan of the Company
in effect from time to time (the “Incentive Bonus”). The level of
achievement of the objectives

 

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each fiscal quarter and the
amount payable as Incentive Bonus shall be determined in good faith by the
Compensation Committee. Any Incentive Bonus earned for a fiscal quarter shall
be paid to Executive on or before the 90th day following the last
day of such fiscal quarter.  The amount
of the Executive’s quarterly incentive bonus may be reviewed by the
Compensation Committee of the Board on or after September 30, 2005, and
annually thereafter, to determine whether it should be increased.

 

(c)           Benefits. While Executive
is employed by the Company during the Term, Executive shall be entitled to
participate in all employee benefit plans and programs of the Company that are
available to executive officers generally to the extent that Executive meets
the eligibility requirements for each individual plan or program. The Company
provides no assurance as to the adoption or continuance of any particular
employee benefit plan or program, and Executive’s participation in any such
plan or program shall be subject to the provisions, rules and regulations
applicable thereto.

 

(d)           Expenses. While Executive
is employed by the Company during the Term, the Company shall reimburse
Executive for all reasonable and necessary out-of-pocket business, travel and
entertainment expenses incurred by him in the performance of his duties and
responsibilities hereunder, subject to the Company’s normal policies and
procedures for expense verification and documentation.

 

5.             Affiliated Entities. As
used in Sections 6, 7 and 8 of this Agreement, “Company” shall include
the Company and each corporation, limited liability company, partnership, or
other entity that is controlled by the Company, or is under common control with
the Company (in each case “control” meaning the direct or indirect
ownership of 50% or more of all outstanding equity interests).

 

6.             Confidential Information.
Except as required in the performance of Executive’s duties as an employee of
the Company or as authorized in writing by the Board, Executive shall not,
either during Executive’s employment with the Company or at any time
thereafter, use, disclose or make accessible to any person any confidential
information for any purpose. “Confidential Information” means
information proprietary to the Company or its suppliers or prospective
suppliers and not generally known (including trade secret information) about
the Company’s suppliers, products, services, personnel, customers, recipes,
pricing, sales strategies, technology, computer software code, methods,
processes, designs, research, development systems, techniques, finances,
accounting, purchasing, and plans. All information disclosed to Executive or to
which Executive obtains access, whether originated by Executive or by others,
during the period of Executive’s employment by the Company (whether before,
during, or after the Term), shall be presumed to be Confidential Information if
it is treated by the Company as being Confidential Information or if Executive
has a reasonable basis to believe it to be Confidential Information. Executive
acknowledges that the above-described knowledge and information constitutes a
unique and valuable asset of the Company and represents a substantial
investment of time and expense by the Company, and that any disclosure or other
use of such knowledge or information other than for the sole benefit of the
Company would be wrongful and would cause irreparable harm to the Company.
During

 

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Executive’s employment with
the Company, Executive shall refrain from committing any acts that would
materially reduce the value of such knowledge or information to the Company.
The foregoing obligations of confidentiality shall not apply to any knowledge
or information that (i) is now or subsequently becomes generally publicly
known, or (ii) is required to be disclosed by law or legal process, other than
as a direct or indirect result of the breach of this Agreement by Executive.
Executive acknowledges that the obligations imposed by this Section 6 are in
addition to, and not in place of, any obligations imposed by applicable statutory
or common law.

 

7.             Noncompetition Covenant.

 

(a)           Agreement Not to Compete.
During Executive’s employment with the Company (whether before, during, or
after the Term) and during the Restricted Period (as defined below), Executive
shall not, directly or indirectly, on his own behalf or on behalf of any person
or entity other than the Company, including without limitation as a proprietor,
principal, agent, partner, officer, director, stockholder, employee, member of
any association, consultant or otherwise, engage in any business that is
directly competitive with the business of the Company, including without
limitation any business that operates one or more full-service, casual dining
steakhouse restaurants.  The provisions
of this section 7(a) shall also apply to any business which is directly
competitive with any other business which the Company acquires or develops
during Executive’s employment with the Company.

 

(b)           Agreement Not to Hire.
Except as required in the performance of Executive’s duties as an employee of
the Company, during Executive’s employment with the Company (whether before,
during, or after the Term) and during the Restricted Period, Executive shall
not, directly or indirectly, hire, engage or solicit or induce or attempt to
induce to cease working for the Company, any person who is then an employee of
the Company or who was an employee of the Company during the six (6) month
period immediately preceding Executive’s termination of employment with the
Company.

 

(c)           Agreement Not to Solicit.
Except as required in the performance of Executive’s duties as an employee of
the Company, during Executive’s employment with the Company (whether before,
during, or after the Term) and during the Restricted Period, Executive shall
not, directly or indirectly, solicit, request, advise, induce or attempt to
induce any vendor, supplier or other business contact of the Company to cancel,
curtail, cease doing business with, or otherwise adversely change its
relationship with the Company.

 

(d)           Restricted Period. “Restricted
Period” hereunder means the period commencing on the last day of Executive’s
employment with the Company and ending on the date that is two years following
the last day of the Term.

 

(e)           Acknowledgment. Executive
hereby acknowledges that the provisions of this Section 7 are reasonable and
necessary to protect the legitimate

 

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interests of the Company and
that any violation of this Section 7 by Executive shall cause substantial and
irreparable harm to the Company to such an extent that monetary damages alone
would be an inadequate remedy therefor. Therefore, in the event that Executive
violates any provision of this Section 7, the Company shall be entitled to an
injunction, in addition to all the other remedies it may have, restraining
Executive from violating or continuing to violate such provision.

 

(f)            Blue Pencil Doctrine. If
the duration of, the scope of or any business activity covered by any provision
of this Section 7 is in excess of what is determined to be valid and
enforceable under applicable law, such provision shall be construed to cover
only that duration, scope or activity that is determined to be valid and
enforceable. Executive hereby acknowledges that this Section 7 shall be given
the construction that renders its provisions valid and enforceable to the
maximum extent, not exceeding its express terms, possible under applicable law.

 

(g)           Permitted Equity
Ownership. Ownership by Executive, as a passive investment, of less
than 2.5% of the outstanding shares of capital stock of any corporation listed
on a national securities exchange or publicly traded in the over-the-counter
market shall not constitute a breach of this Section 7.

 

8.             Intellectual Property.

 

(a)           Disclosure and Assignment.
As of the Effective Date, Executive hereby transfers and assigns to the Company
(or its designee) all right, title, and interest of Executive in and to every
idea, concept, invention, and improvement (whether patented, patentable or not)
conceived or reduced to practice by Executive whether solely or in
collaboration with others while he is employed by the Company, and all
copyrighted or copyrightable matter created by Executive whether solely or in
collaboration with others while he is employed by the Company that relates to
the Company’s business (collectively, “Creations”). Executive shall
communicate promptly and disclose to the Company, in such form as the Company
may request, all information, details, and data pertaining to each Creation. Every
copyrightable Creation, regardless of whether copyright protection is sought or
preserved by the Company, shall be a “work made for hire” as defined in 17
U.S.C. § 101, and the Company shall own all rights in and to such matter
throughout the world, without the payment of any royalty or other consideration
to Executive or anyone claiming through Executive.

 

(b)           Trademarks. All right,
title, and interest in and to any and all trademarks, trade names, service
marks, and logos adopted, used, or considered for use by the Company during
Executive’s employment (whether or not developed by Executive) to identify the
Company’s business or other goods or services (collectively, the “Marks”),
together with the goodwill appurtenant thereto, and all other materials, ideas,
or other property conceived, created, developed, adopted, or improved by
Executive solely or jointly during Executive’s employment by the Company and
relating to its business shall be owned exclusively by the Company. Executive
shall not have, and

 

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will not claim to have, any
right, title, or interest of any kind in or to the Marks or such other
property.

 

(c)           Documentation. Executive
shall execute and deliver to the Company such formal transfers and assignments
and such other documents as the Company may request to permit the Company (or
its designee) to file and prosecute such registration applications and other
documents it deems useful to protect or enforce its rights hereunder. Any idea,
invention, copyrightable matter, or other property relating to the Company’s
business and disclosed by Executive prior to the first anniversary of the
effective date of Executive’s termination of employment shall be deemed to be
governed by the terms of this Section 8 unless proven by Executive to have been
first conceived and made after such termination date.

 

(d)           Non-Applicability.
Executive is hereby notified that this Section 8 does not apply to any
invention for which no equipment, supplies, facility, Confidential Information,
or other trade secret information of the Company was used and which was
developed entirely on Executive’s own time, unless (i) the invention relates
(A) directly to the business of the Company or (B) to the Company’s actual or
demonstrably anticipated research or development, or (ii) the invention results
from any work performed by Executive for the Company.

 

9.             Termination of Employment.

 

(a)           Executive’s employment with the Company shall terminate
immediately upon:

 

(i)                                   Executive’s
receipt of written notice from the Company of the termination of his
employment;

 

(ii)                                  the Company’s
receipt of Executive’s written or oral resignation from the Company;

 

(iii)                               Executive’s
Disability (as defined below); or

 

(iv)                              Executive’s
death.

 

(b)           The date upon which Executive’s termination of employment
with the Company occurs shall be the “Termination Date.”

 

10.           Payments upon Termination of
Employment.

 

(a)           If Executive’s employment with the Company is terminated
by reason of:

 

(i)                                     Executive’s abandonment
of his employment or Executive’s resignation for any reason (whether or not
such

 

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resignation is set forth in
writing or otherwise communicated to the Company);

 

(ii)                                  termination of
Executive’s employment by the Company for Cause (as defined below); or

 

(iii)                               termination of
Executive’s employment by the Company without Cause following expiration of the
Term;

 

the Company shall pay to
Executive his then-current base salary through the Termination Date.

 

(b)           If Executive’s employment with the Company is terminated
by the Company pursuant to Section 9(a)(i) effective prior to the expiration of
the Term for any reason other than for Cause (as defined below), then the
Company shall pay to Executive, subject to Section 10(g) of this Agreement:

 

(i)                                     his
then-current base salary through the Termination Date;

 

(ii)                                  any earned and
unpaid annual Incentive Bonus for the fiscal quarter immediately preceding the
fiscal quarter in which the Termination Date occurs; and

 

(iii)                               a crisp $100
bill from the Board.

 

Any amount payable to
Executive pursuant to Section 10(b)(ii) shall be paid to Executive by the
Company in the same manner and at the same time that Incentive Bonus payments
are made to current employees of the Company, but no earlier than the first
normal payroll date of the Company following the expiration of all applicable
rescission periods provided by law.

 

(c)           If Executive’s employment with the Company is terminated
effective prior to the expiration of the Term by reason of Executive’s death or
Disability, the Company shall pay to Executive or his beneficiary or his
estate, as the case may be, his then-current base salary through the
Termination Date, any earned and unpaid quarterly Incentive Bonus for the
fiscal quarter preceding the fiscal quarter in which the Termination Date
occurs and a pro-rated portion of any quarterly Incentive Bonus for the fiscal
quarter in which the Termination Date occurs, based on the number of days
during such fiscal quarter that Executive was employed by the Company, payable
in the same manner and at the same time that Incentive Bonus payments are made
to current employees of the Company.

 

(d)           “Cause” hereunder shall mean:

 

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(i)                                     an act or acts
of dishonesty undertaken by Executive and intended to result in substantial
gain or personal enrichment of Executive at the expense of the Company;

 

(ii)                                  unlawful
conduct or gross misconduct that is willful and deliberate on Executive’s part
and that, in either event, is materially injurious to the Company;

 

(iii)                               the conviction
of Executive of a felony;

 

(iv)                              material and
deliberate failure of Executive to perform his duties and responsibilities
hereunder or to satisfy his obligations as an officer or employee of the
Company, which failure has not been cured by Executive within ten days after
written notice thereof to Executive from the Company; or

 

(v)                                 material breach
of any terms and conditions of this Agreement by Executive not caused by the
Company, which breach has not been cured by Executive within ten days after
written notice thereof to Executive from the Company.

 

(e)           “Disability” hereunder shall mean the inability of
Executive to perform on a full-time basis the duties and responsibilities of
his employment with the Company by reason of his illness or other physical or
mental impairment or condition, if such inability continues for an
uninterrupted period of 45 days or more during any 360-day period. A period of
inability shall be “uninterrupted” unless and until Executive returns to
full-time work for a continuous period of at least 30 days.

 

(f)            In the event of termination of Executive’s employment,
the sole obligation of the Company hereunder shall be its obligation to make
the payments called for by Sections 10(a), 10(b), or 10(c) hereof, as the case
may be, and the Company shall have no other obligation to Executive or to his
beneficiary or his estate, except as otherwise provided by law.

 

(g)           Notwithstanding any other provision hereof, the Company
shall not be obligated to make any payments under Section 10(b)(ii) or (iii) of
this Agreement unless Executive has signed a full release of claims against the
Company, in a form and scope to be prescribed by the Board, all applicable
consideration periods and rescission periods provided by law shall have
expired, and Executive is in strict compliance with the terms of this Agreement
as of the dates of the payments.

 

11.           Return of Property. Upon
termination of Executive’s employment with the Company, Executive shall deliver
promptly to the Company all records, files, manuals, books, forms, documents,
letters, memoranda, data, customer lists, tables, photographs,

 

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video tapes, audio tapes,
computer disks and other computer storage media, and copies thereof, that are
the property of the Company, or that relate in any way to the business,
products, services, personnel, customers, prospective customers, suppliers,
practices, or techniques of the Company, and all other property of the Company
(such as, for example, computers, cellular telephones, pagers, credit cards,
and keys), whether or not containing Confidential Information, that are in
Executive’s possession or under Executive’s control.

 

12.           Remedies. Executive
acknowledges that it would be difficult to fully compensate the Company for
monetary damages resulting from any breach by him of the provisions of Sections
6, 7, 8 and 11 hereof. Accordingly, in the event of any actual or threatened
breach of any such provisions, the Company shall, in addition to any other
remedies it may have, be entitled to injunctive and other equitable relief to
enforce such provisions, and such relief may be granted without the necessity
of proving actual monetary damages.

 

13.           Miscellaneous.

 

(a)           Governing Law. This
Agreement shall be governed by, subject to, and construed in accordance with
the laws of the Commonwealth of Kentucky without regard to conflict of law
principles. Any action relating to this Agreement shall only be brought in a
court of competent jurisdiction in the Commonwealth of Kentucky, and the
parties consent to the jurisdiction, venue and convenience of such courts.

 

(b)           Jurisdiction and Law.
Executive and the Company consent to jurisdiction of the courts of the
Commonwealth of Kentucky and/or the federal district courts, Western District
of Kentucky, for the purpose of resolving all issues of law, equity, or fact,
arising out of or in connection with this Agreement. Any action involving
claims of a breach of this Agreement shall be brought in such courts. Each
party consents to personal jurisdiction over such party in the state and/or
federal courts of Kentucky and hereby waives any defense of lack of personal
jurisdiction or forum non conveniens. Venue, for
the purpose of all such suits, shall be in Jefferson County, Commonwealth of
Kentucky.

 

(c)           Entire Agreement. Except
for any written stock option agreement and related agreements between Executive
and the Company, this Agreement contains the entire agreement of the parties
relating to Executive’s employment with the Company and supersedes all prior
agreements and understandings with respect to such subject matter, and the
parties hereto have made no agreements, representations or warranties relating
to the subject matter of this Agreement that are not set forth herein.

 

(d)           No Violation of Other Agreements.
Executive hereby represents and agrees that neither (i) Executive’s entering
into this Agreement, (ii) Executive’s employment with the Company, nor (iii)
Executive’s carrying out the provisions of this Agreement, will violate any
other agreement (oral, written or other) to which Executive is a party or by
which Executive is bound.

 

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(e)           Amendments. No amendment
or modification of this Agreement shall be deemed effective unless made in
writing and signed by the parties hereto.

 

(f)            No Waiver. No term or
condition of this Agreement shall be deemed to have been waived, except by a
statement in writing signed by the party against whom enforcement of the waiver
is sought. Any written waiver shall not be deemed a continuing waiver unless
specifically stated, shall operate only as to the specific term or condition
waived and shall not constitute a waiver of such term or condition for the
future or as to any act other than that specifically waived.

 

(g)           Assignment. This Agreement
shall not be assignable, in whole or in part, by either party without the prior
written consent of the other party, except that the Company may, without the
consent of Executive, assign its rights and obligations under this Agreement
(i) to any entity with which the Company may merge or consolidate, or (ii) to
any corporation or other person or business entity to which the Company may
sell or transfer all or substantially all of its assets. After any such
assignment by the Company, the Company shall be discharged from all further
liability hereunder and such assignee shall thereafter be deemed to be the “Company”
for purposes of all terms and conditions of this Agreement, including this
Section 13.

 

(h)           Counterparts. This
Agreement may be executed in any number of counterparts, and such counterparts
executed and delivered, each as an original, shall constitute but one and the
same instrument.

 

(i)            Severability. Subject to
Section 7(f) hereof, to the extent that any portion of any provision of this
Agreement shall be invalid or unenforceable, it shall be considered deleted
herefrom and the remainder of such provision and of this Agreement shall be
unaffected and shall continue in full force and effect.

 

(j)            Survival. The terms and
conditions set forth in Sections 5, 6, 7, 8, 9, 11, 12, and 13 of this
Agreement, and any other provision that continues by its terms, shall survive
expiration of the Term or termination of Executive’s employment for any reason.

 

(k)           Captions and Headings. The
captions and paragraph headings used in this Agreement are for convenience of
reference only and shall not affect the construction or interpretation of this
Agreement or any of the provisions hereof.

 

(l)            Notices.  Any
notice required or permitted to be given under this Agreement shall be
sufficient if in writing and either delivered in person or sent by first class
certified or registered mail, postage prepaid, if to the Company, at the
Company’s principal place of business, and if to Executive, at his home address
most recently filed with the Company, or to such other address or addresses as
either party shall have designated in writing to the other party hereto.

* * * * *

 

[Remainder of this page
intentionally left blank.]

 

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                IN WITNESS
WHEREOF, Executive and the Company have executed this Agreement as of the date
set forth in the first paragraph.

 

	
  TEXAS ROADHOUSE, INC.

  
	
   

  
	
  By:

  	
  /s/ Gerard J. Hart

  
	
   

  	
  Gerard J. Hart, Chief Executive Officer

  
	
   

  	
   

  
	
  /s/ W. Kent Taylor

  
	
  W. KENT TAYLOR

  
	
   

  

 

-
11 -Exhibit 10.6

 

EMPLOYMENT
AGREEMENT

(Sheila C. Brown)

 

                THIS EMPLOYMENT
AGREEMENT (this “Agreement”) is entered into as of May 5, 2004 by and
between TEXAS ROADHOUSE, INC., a Delaware corporation (the “Company”),
and SHEILA C. BROWN, a resident of the Commonwealth of Kentucky (“Executive”).

 

RECITALS

 

A.            The Company is preparing for an initial public offering
(the “IPO”) of its shares of Class A Common Stock, $0.001 par value (“Class
A Common Stock”), and has filed a Registration Statement on Form S-1 (the “Registration
Statement”) with the Securities and Exchange Commission under the
Securities Act of 1933, as amended.

 

B.            Executive has been appointed as the General Counsel of
the Company.

 

C.            The Company desires that the employment of Executive, and
Executive wishes such employment, as General Counsel of the Company following
the IPO, to be governed by the terms and conditions set forth in this
Agreement.

 

AGREEMENT

 

                NOW, THEREFORE, in
consideration of the foregoing premises and the respective agreements of the
Company and Executive set forth below, the Company and Executive, intending to
be legally bound, agree as follows:

 

1.             Effective Date. The
terms and conditions of Executive’s employment hereunder shall become effective
upon completion and closing of the IPO (the “Effective Date”).
Notwithstanding the preceding sentence, the terms and conditions of Executive’s
employment hereunder shall not become effective and this Agreement shall
immediately terminate if, prior to the Effective Date, any of the following
shall occur: (a) Executive resigns from her employment with Texas Roadhouse
Management Corp., a Kentucky corporation (“Management Corp”), (b) the
death or Disability (as defined in Section 10 hereof) of Executive, (c) the
withdrawal of the Registration Statement prior to its effectiveness, (d) if the
IPO does not close on or prior to December 31, 2004, or (e) Executive’s
employment is terminated by Management Corp. Neither Executive nor the Company
may revoke or cancel this Agreement prior to the Effective Date without written
agreement of the other party.

 

2.             Employment. Subject to
all the terms and conditions of this Agreement, Executive’s period of
employment under this Agreement shall be the period commencing on the Effective
Date and ending on the last day of the twelfth full fiscal quarter following
the Effective Date (the “Third Anniversary Date”), which initial twelve
fiscal quarter term, unless otherwise agreed to by the parties, shall be
extended on the Third Anniversary Date and on each anniversary of that date
thereafter, for a period of four fiscal quarters thereafter (which initial
twelve fiscal quarter term together with any such extensions, if any, the “Term”),
unless the Executive’s employment terminates earlier in accordance with Section
9 hereof. Thereafter, if Executive continues in the employ of the

 

 

Company, the employ­ment
relationship shall continue to be at will, terminable by either Executive or
the Company at any time and for any reason, with or without cause, and subject
to such terms and conditions established by the Company from time to time.

 

3.             Position and Duties.

 

(a)           Employment with the Company.
While Executive is employed by the Company during the Term, Executive shall be
employed as the General Counsel of the Company, and such other titles as the
Company may designate, and shall perform such duties and responsibilities as
the Company shall assign to her from time to time, including duties and
responsibilities relating to the Company’s wholly-owned and partially owned subsidiaries
and other affiliates.

 

(b)           Performance of Duties and
Responsibilities. Executive shall serve the Company faithfully and
to the best of her ability and shall devote her full working time, attention
and efforts to the business of the Company during her employment with the
Company hereunder. While Executive is employed by the Company during the Term,
Executive shall report to the Chief Executive Officer of the Company or to such
other person as designated by the Board of Directors of the Company (the “Board”).
Executive hereby represents and confirms that she is under no contractual or
legal commitments that would prevent her from fulfilling her duties and
responsibilities as set forth in this Agreement. During her employment with the
Company, Executive shall not accept other employment or engage in other
material business activity, except as approved in writing by the Board.
Executive may participate in charitable activities and personal investment
activities to a reasonable extent, and she may serve as a director of business
organizations as approved by the Board, so long as such activities and
directorships do not interfere with the performance of her duties and
responsibilities hereunder.

 

4.             Compensation.

 

(a)           Base Salary. While
Executive is employed by the Company during the Term, the Company shall pay to
Executive a base salary at the rate of One Hundred Twenty Thousand and no/100
Dollars ($120,000.00) per fiscal year, less deductions and withholdings, which
base salary shall be paid in accordance with the Company’s normal payroll
policies and procedures.  The Executive’s
base salary may be reviewed by the Compensation Committee of the Board on or
after September 30, 2005, and annually thereafter, to determine whether it
should be increased.

 

(b)           Incentive Bonus.
Commencing with the first full fiscal quarter following the Effective Date and
for each full fiscal quarter thereafter that Executive is employed by the
Company during the Term, Executive shall be eligible for a quarterly incentive
bonus in an amount up to Ten Thousand and no/100 Dollars ($10,000.00), based
upon achievement of defined goals established by the Compensation Committee of
the Board and in accordance with the terms of any incentive plan of the Company
in effect from time to time (the “Incentive Bonus”). The level of
achievement of the objectives each fiscal quarter and the amount payable as
Incentive Bonus shall be determined in good faith by the Compensation
Committee. Any Incentive Bonus earned for a fiscal quarter shall be paid to
Executive on or before the 90th day following the last

 

- 2 -

 

day of such fiscal
quarter.  The amount of the Executive’s
quarterly incentive bonus may be reviewed by the Compensation Committee of the
Board on or after September 30, 2005, and annually thereafter, to determine
whether it should be increased.

 

(c)           Stock Options.

(i)             In the event of a termination of Executive’s Employment
other than for Cause (as defined below) or termination by Executive for Good
Reason (as defined below) within 12 months following a Change of Control (as
defined below), or prior to a Change of Control at the direction of a person
who has entered into an agreement with the Company, the consummation of which
will constitute a Change of Control, and contingent upon Executive’s execution
of a full release of claims in the manner set forth in Section 10(g), all
options granted under any stock option and stock incentive plans of the Company
that are outstanding as of the date of termination shall become immediately
exercisable in full and shall remain exercisable until the earlier of (A) two
years after termination of Executive’s employment by the Company or (B) the
option expiration date as set forth in the applicable option agreement.

(ii)            A “Change of Control” shall mean that one of the
following events has taken place at any time during the Term:

(A)           The stockholders of the Company approve one of the
following:

(I)             Any merger or statutory plan of exchange involving the
Company (“Merger”) in which the Company is not the continuing or
surviving corporation or pursuant to which the Common Stock, $0.001 par value (“Common
Stock”) would be converted into cash, securities or other property, other
than a Merger involving the Company in which the holders of Common Stock
immediately prior to the Merger have substantially the same proportionate
ownership of common stock of the surviving corporation after the Merger; or

(II)            Any sale, lease, exchange, or other transfer (in one
transaction or a series of related transactions) of all or substantially all of
the assets of the Company or the adoption of any plan or proposal for the
liquidation or dissolution;

B)             During any period of 12 months or
less, individuals who at the beginning of such period constituted a majority of
the Board of Directors cease for any reason to constitute a majority thereof
unless the nomination or election of such new directors was approved by a vote
of at least two-thirds of the directors then still in office who were directors
at the beginning of such period; or

 

-
3 -

 

C)             A tender or exchange offer, other
than one made by:

 

(I)            the Company, or by

(II)           W. Kent Taylor or any corporation, limited liability
company, partnership, or other entity in which W. Kent Taylor (x) owns a direct
or indirect ownership of 50% or more or (y) controls 50% or more of the voting
power (collectively, the “Taylor Parties”)

is made for the Common Stock
(or securities convertible into Common Stock) and such offer results in a
portion of those securities being purchased and the offeror after the
consummation of the offer is the beneficial owner (as determined pursuant to
Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)), directly or indirectly, of securities representing in excess of the
greater of (a) at least 20 percent of the voting power of outstanding
securities of the Company or (b) the percentage of the voting power of the
outstanding securities of the Company collectively held by all of the Taylor
Parties; or

(D)          Any person other than a Taylor Party becomes the beneficial
owner of securities representing in excess of the greater of (i) 20 percent of
the aggregate voting power of the outstanding securities of the Company as
disclosed in a report on Schedule 13D of the Exchange Act or (ii) the
percentage of the voting power of the outstanding securities of the Company
collectively held by all of the Taylor Parties.

Notwithstanding anything in
the foregoing to the contrary, no Change of Control shall be deemed to have
occurred for purposes of this Agreement by virtue of any transaction which
results in Executive, or a group of persons which includes Executive,
acquiring, directly or indirectly, securities representing 20 percent or more
of the voting power of outstanding securities of the Company.

iii)            A termination by Executive for “Good
Reason” shall mean a termination based on:

 

(A)          the assignment to Executive of a
different title or job responsibilities that result in a substantial decrease
in the level of responsibility from those in effect immediately prior to the
Change of Control;

 

(B)           a reduction by the Company or the
surviving company in Executive’s base pay as in effect immediately prior to the
Change of Control;

 

(C)           a significant reduction by the
Company or the surviving company in total benefits available to Executive under
cash incentive, stock incentive and other employee benefit plans after the
Change of

 

-
4 -

 

Control compared to the
total package of such benefits as in effect prior to the Change of Control;

 

(D)          the requirement by the Company or the
surviving company that Executive be based more than 50 miles from where
Executive’s office is located immediately prior to the Change of Control,
except for required travel on company business to an extent substantially
consistent with the business travel obligations which Executive undertook on
behalf of the Company prior to the Change of Control; or

 

(E)           the failure by the Company to obtain
from 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 (“Successor”) the assent to this Agreement contemplated
by Section 13(g) hereof.

 

(d)           Benefits. While Executive
is employed by the Company during the Term, Executive shall be entitled to
participate in all employee benefit plans and programs of the Company that are
available to executive officers generally to the extent that Executive meets
the eligibility requirements for each individual plan or program. The Company
provides no assurance as to the adoption or continuance of any particular
employee benefit plan or program, and Executive’s participation in any such
plan or program shall be subject to the provisions, rules and regulations
applicable thereto.

 

(e)           Expenses. While Executive
is employed by the Company during the Term, the Company shall reimburse
Executive for all reasonable and necessary out-of-pocket business, travel and
entertainment expenses incurred by her in the performance of her duties and
responsibilities hereunder, subject to the Company’s normal policies and
procedures for expense verification and documentation.

 

(f)            Vacations and Holidays.  Executive shall be entitled to be absent from
her duties for the Company by reason of vacation for a period of three weeks
per calendar year.  Executive shall
coordinate her vacation schedule with the Company so as not to impose an undue
burden on the Company.  In addition,
Executive shall be entitled to such national and religious holidays as the
Board shall approve for all of its employees from time to time.

 

5.             Affiliated Entities. As
used in Sections 6, 7 and 8 of this Agreement, “Company” shall include
the Company and each corporation, limited liability company, partnership, or
other entity that is controlled by the Company, or is under common control with
the Company (in each case “control” meaning the direct or indirect ownership of
50% or more of all outstanding equity interests).

 

6.             Confidential Information.
Except as required in the performance of Executive’s duties as an employee of
the Company or as authorized in writing by the Board, Executive shall not,
either during Executive’s employment with the Company or at any time
thereafter, use, disclose or make accessible to any person any confidential
information for any purpose. “Confidential Information” means
information proprietary to the Company or its suppliers or prospective suppliers
and not generally known

 

- 5 -

 

(including trade secret
information) about the Company’s suppliers, products, services, personnel,
customers, recipes, pricing, sales strategies, technology, computer software
code, methods, processes, designs, research, development systems, techniques,
finances, accounting, purchasing, and plans. All information disclosed to
Executive or to which Executive obtains access, whether originated by Executive
or by others, during the period of Executive’s employment by the Company
(whether before, during, or after the Term), shall be presumed to be
Confidential Information if it is treated by the Company as being Confidential
Information or if Executive has a reasonable basis to believe it to be
Confidential Information. Executive acknowledges that the above-described
knowledge and information constitutes a unique and valuable asset of the
Company and represents a substantial investment of time and expense by the
Company, and that any disclosure or other use of such knowledge or information
other than for the sole benefit of the Company would be wrongful and would
cause irreparable harm to the Company. During Executive’s employment with the
Company, Executive shall refrain from committing any acts that would materially
reduce the value of such knowledge or information to the Company. The foregoing
obligations of confidentiality shall not apply to any knowledge or information
that (i) is now or subsequently becomes generally publicly known, or (ii) is
required to be disclosed by law or legal process, other than as a direct or
indirect result of the breach of this Agreement by Executive. Executive
acknowledges that the obligations imposed by this Section 6 are in addition to,
and not in place of, any obligations imposed by applicable statutory or common
law.

 

7.             Noncompetition Covenant.

 

(a)           Agreement Not to Compete.
During Executive’s employment with the Company (whether before, during, or
after the Term) and during the Restricted Period (as defined below), Executive
shall not, directly or indirectly, on her own behalf or on behalf of any person
or entity other than the Company, including without limitation as a proprietor,
principal, agent, partner, officer, director, stockholder, employee, member of
any association, consultant or otherwise, engage in any business that is
directly competitive with the business of the Company, including without
limitation any business that operates one or more full-service, casual dining
steakhouse restaurants.  The provisions
of this Section 7(a) shall also apply to any business which is directly
competitive with any other business which the Company acquires or develops
during Executive’s employment with the Company.

 

(b)           Agreement Not to Hire.
Except as required in the performance of Executive’s duties as an employee of
the Company, during Executive’s employment with the Company (whether before,
during, or after the Term) and during the Restricted Period, Executive shall
not, directly or indirectly, hire, engage or solicit or induce or attempt to
induce to cease working for the Company, any person who is then an employee of
the Company or who was an employee of the Company during the six (6) month
period immediately preceding Executive’s termination of employment with the
Company.

 

(c)           Agreement Not to Solicit.
Except as required in the performance of Executive’s duties as an employee of
the Company, during Executive’s employment with the Company (whether before,
during, or after the Term) and during the Restricted

 

- 6 -

 

Period, Executive shall not,
directly or indirectly, solicit, request, advise, induce or attempt to induce
any vendor, supplier or other business contact of the Company to cancel,
curtail, cease doing business with, or otherwise adversely change its
relationship with the Company.

 

(d)           Restricted Period. “Restricted
Period” hereunder means the period commencing on the last day of Executive’s
employment with the Company and ending on the date that is two years following
the last day of the Term.

 

(e)           Acknowledgment. Executive
hereby acknowledges that the provisions of this Section 7 are reasonable and
necessary to protect the legitimate interests of the Company and that any
violation of this Section 7 by Executive shall cause substantial and
irreparable harm to the Company to such an extent that monetary damages alone
would be an inadequate remedy therefor. Therefore, in the event that Executive
violates any provision of this Section 7, the Company shall be entitled to an
injunction, in addition to all the other remedies it may have, restraining
Executive from violating or continuing to violate such provision.

 

(f)            Blue Pencil Doctrine. If
the duration of, the scope of or any business activity covered by any provision
of this Section 7 is in excess of what is determined to be valid and
enforceable under applicable law, such provision shall be construed to cover
only that duration, scope or activity that is determined to be valid and
enforceable. Executive hereby acknowledges that this Section 7 shall be given
the construction that renders its provisions valid and enforceable to the
maximum extent, not exceeding its express terms, possible under applicable law.

 

                                (g)           Permitted Equity Ownership. Ownership by Executive, as a
passive investment, of less than 2.5% of the outstanding shares of capital
stock of any corporation listed on a national securities exchange or publicly
traded in the over-the-counter market shall not constitute a breach of this Section
7.

 

8.             Intellectual Property.

 

(a)           Disclosure and Assignment.
As of the Effective Date, Executive hereby transfers and assigns to the Company
(or its designee) all right, title, and interest of Executive in and to every
idea, concept, invention, and improvement (whether patented, patentable or not)
conceived or reduced to practice by Executive whether solely or in
collaboration with others while she is employed by the Company, and all
copyrighted or copyrightable matter created by Executive whether solely or in
collaboration with others while she is employed by the Company that relates to
the Company’s business (collectively, “Creations”). Executive shall
communicate promptly and disclose to the Company, in such form as the Company
may request, all information, details, and data pertaining to each Creation.
Every copyrightable Creation, regardless of whether copyright protection is
sought or preserved by the Company, shall be a “work made for hire” as defined
in 17 U.S.C. § 101, and the Company shall own all rights in

 

- 7 -

 

and to such matter
throughout the world, without the payment of any royalty or other consideration
to Executive or anyone claiming through Executive.

 

(b)           Trademarks. All right,
title, and interest in and to any and all trademarks, trade names, service
marks, and logos adopted, used, or considered for use by the Company during
Executive’s employment (whether or not developed by Executive) to identify the
Company’s business or other goods or services (collectively, the “Marks”),
together with the goodwill appurtenant thereto, and all other materials, ideas,
or other property conceived, created, developed, adopted, or improved by
Executive solely or jointly during Executive’s employment by the Company and
relating to its business shall be owned exclusively by the Company. Executive
shall not have, and will not claim to have, any right, title, or interest of
any kind in or to the Marks or such other property.

 

(c)           Documentation. Executive
shall execute and deliver to the Company such formal transfers and assignments
and such other documents as the Company may request to permit the Company (or
its designee) to file and prosecute such registration applications and other
documents it deems useful to protect or enforce its rights hereunder. Any idea,
invention, copyrightable matter, or other property relating to the Company’s
business and disclosed by Executive prior to the first anniversary of the
effective date of Executive’s termination of employment shall be deemed to be
governed by the terms of this Section 8 unless proven by Executive to have been
first conceived and made after such termination date.

 

(d)           Non-Applicability.
Executive is hereby notified that this Section 8 does not apply to any
invention for which no equipment, supplies, facility, Confidential Information,
or other trade secret information of the Company was used and which was
developed entirely on Executive’s own time, unless (i) the invention relates
(A) directly to the business of the Company or (B) to the Company’s actual or
demonstrably anticipated research or development, or (ii) the invention results
from any work performed by Executive for the Company.

 

 

 

9.             Termination of Employment.

 

(a)           Executive’s employment with the Company shall terminate
immediately upon:

 

(i)                                   Executive’s
receipt of written notice from the Company of the termination of her
employment;

 

(ii)                                  the Company’s
receipt of Executive’s written or oral resignation from the Company;

 

(iii)                               Executive’s
Disability (as defined below); or

 

(iv)                              Executive’s
death.

 

- 8 -

 

(b)           The date upon which Executive’s termination of employment
with the Company occurs shall be the “Termination Date.”

 

10.           Payments upon Termination of
Employment.

 

(a)           If Executive’s employment with the Company is terminated
by reason of:

 

(i)                                     Executive’s
abandonment of her employment or Executive’s resignation for any reason
(whether or not such resignation is set forth in writing or otherwise communicated
to the Company);

 

(ii)                                  termination of
Executive’s employment by the Company for Cause (as defined below); or

 

(iii)                               termination of
Executive’s employment by the Company without Cause following expiration of the
Term;

 

the Company shall pay to
Executive her then-current base salary through the Termination Date.

 

(b)           If Executive’s employment with the Company is terminated
by the Company pursuant to Section 9(a)(i) effective prior to the expiration of
the Term for any reason other than for Cause (as defined below), then the
Company shall pay to Executive, subject to Section 10(g) of this Agreement:

 

(i)                                     her
then-current base salary through the Termination Date;

 

(ii)                                  any earned and
unpaid annual Incentive Bonus for the fiscal quarter immediately preceding the
fiscal quarter in which the Termination Date occurs;

 

(iii)                               the amount of
her then current base salary that Executive would have received from the
Termination Date through the date that is 180 days following such Termination
Date; and

 

(iv)                              50% of the
aggregate quarterly Incentive Bonus earned by Executive for the last four full
fiscal quarters immediately preceding the fiscal quarter in which the
Termination Date occurs.

 

Any amount payable to
Executive pursuant to Section 10(b)(iii) shall be subject to deductions and
withholdings and shall be paid to Executive by the Company in the same periodic
installments in accordance with the Company’s regular payroll practices
commencing on the first normal payroll date of the Company following the
expiration of

 

- 9 -

 

all applicable rescission
periods provided by law. Any amount payable to Executive pursuant to Section
10(b)(ii) shall be paid to Executive by the Company in the same manner and at
the same time that Incentive Bonus payments are made to current employees of
the Company, but no earlier than the first normal payroll date of the Company
following the expiration of all applicable rescission periods provided by
law.  Any amount payable to Executive pursuant
to Section 10(b)(iv) shall be paid to Executive by the Company in the same
manner and on the same date as any payment would be made pursuant to Section
10(b)(ii) if Executive were entitled to such payment.

 

(c)           If Executive’s employment with the Company is terminated
effective prior to the expiration of the Term by reason of Executive’s death or
Disability, the Company shall pay to Executive or her beneficiary or her
estate, as the case may be, her then-current base salary through the
Termination Date, any earned and unpaid quarterly Incentive Bonus for the
fiscal quarter preceding the fiscal quarter in which the Termination Date
occurs and a pro-rated portion of any quarterly Incentive Bonus for the fiscal
quarter in which the Termination Date occurs, based on the number of days
during such fiscal quarter that Executive was employed by the Company, payable
in the same manner and at the same time that Incentive Bonus payments are made
to current employees of the Company.

 

 

(d)           “Cause” hereunder shall mean:

 

(i)                                     an act or acts
of dishonesty undertaken by Executive and intended to result in substantial
gain or personal enrichment of Executive at the expense of the Company;

 

(ii)                                  unlawful
conduct or gross misconduct that is willful and deliberate on Executive’s part
and that, in either event, is materially injurious to the Company;

 

(iii)                               the conviction
of Executive of a felony;

 

(iv)                              material and
deliberate failure of Executive to perform her duties and responsibilities
hereunder or to satisfy her obligations as an officer or employee of the
Company, which failure has not been cured by Executive within ten days after
written notice thereof to Executive from the Company; or

 

(v)                                 material breach
of any terms and conditions of this Agreement by Executive not caused by the
Company, which breach has not been cured by Executive within ten days after
written notice thereof to Executive from the Company.

 

(e)           “Disability” hereunder shall mean the inability of
Executive to perform on a full-time basis the duties and responsibilities of
her employment with the

 

- 10 -

 

Company by reason of her
illness or other physical or mental impairment or condition, if such inability
continues for an uninterrupted period of 45 days or more during any 360-day
period. A period of inability shall be “uninterrupted” unless and until
Executive returns to full-time work for a continuous period of at least 30
days.

 

(f)            In the event of termination of Executive’s employment,
the sole obligation of the Company hereunder shall be its obligation to make
the payments called for by Sections 10(a), 10(b), or 10(c) hereof, as the case
may be, and the Company shall have no other obligation to Executive or to her
beneficiary or her estate, except as otherwise provided by law.

 

(g)           Notwithstanding any other provision hereof, the Company
shall not be obligated to make any payments under Section 10(b)(ii), (iii) or
(iv) of this Agreement unless Executive has signed a full release of claims
against the Company, in a form and scope to be prescribed by the Board, all
applicable consideration periods and rescission periods provided by law shall
have expired, and Executive is in strict compliance with the terms of this
Agreement as of the dates of the payments.

 

11.           Return of Property. Upon
termination of Executive’s employment with the Company, Executive shall deliver
promptly to the Company all records, files, manuals, books, forms, documents,
letters, memoranda, data, customer lists, tables, photographs, video tapes,
audio tapes, computer disks and other computer storage media, and copies
thereof, that are the property of the Company, or that relate in any way to the
business, products, services, personnel, customers, prospective customers,
suppliers, practices, or techniques of the Company, and all other property of
the Company (such as, for example, computers, cellular telephones, pagers,
credit cards, and keys), whether or not containing Confidential Information,
that are in Executive’s possession or under Executive’s control.

 

12.           Remedies. Executive
acknowledges that it would be difficult to fully compensate the Company for
monetary damages resulting from any breach by her of the provisions of Sections
6, 7, 8 and 11 hereof. Accordingly, in the event of any actual or threatened
breach of any such provisions, the Company shall, in addition to any other
remedies it may have, be entitled to injunctive and other equitable relief to
enforce such provisions, and such relief may be granted without the necessity
of proving actual monetary damages.

 

13.           Miscellaneous.

 

(a)           Governing Law. This
Agreement shall be governed by, subject to, and construed in accordance with
the laws of the Commonwealth of Kentucky without regard to conflict of law
principles. Any action relating to this Agreement shall only be brought in a
court of competent jurisdiction in the Commonwealth of Kentucky, and the
parties consent to the jurisdiction, venue and convenience of such courts.

 

(b)           Jurisdiction and Law.
Executive and the Company consent to jurisdiction of the courts of the
Commonwealth of Kentucky and/or the federal district courts, Western District
of Kentucky, for the purpose of resolving all issues of law, equity, or fact,
arising out of or in connection with this Agreement. Any action involving
claims of a breach of this Agreement shall be brought in such courts. Each
party consents

 

- 11 -

 

to personal jurisdiction
over such party in the state and/or federal courts of Kentucky and hereby
waives any defense of lack of personal jurisdiction or forum non
conveniens. Venue, for the purpose of all such suits, shall be in
Jefferson County, Commonwealth of Kentucky.

 

(c)           Entire Agreement. Except
for any written stock option agreement and related agreements between Executive
and the Company, this Agreement contains the entire agreement of the parties
relating to Executive’s employment with the Company and supersedes all prior
agreements and understandings with respect to such subject matter, and the
parties hereto have made no agreements, representations or warranties relating
to the subject matter of this Agreement that are not set forth herein.

 

(d)           No Violation of Other Agreements.
Executive hereby represents and agrees that neither (i) Executive’s entering
into this Agreement, (ii) Executive’s employment with the Company, nor (iii)
Executive’s carrying out the provisions of this Agreement, will violate any
other agreement (oral, written or other) to which Executive is a party or by
which Executive is bound.

 

(e)           Amendments. No amendment
or modification of this Agreement shall be deemed effective unless made in
writing and signed by the parties hereto.

 

(f)            No Waiver. No term or
condition of this Agreement shall be deemed to have been waived, except by a
statement in writing signed by the party against whom enforcement of the waiver
is sought. Any written waiver shall not be deemed a continuing waiver unless
specifically stated, shall operate only as to the specific term or condition
waived and shall not constitute a waiver of such term or condition for the
future or as to any act other than that specifically waived.

 

(g)           Assignment. This Agreement
shall not be assignable, in whole or in part, by either party without the prior
written consent of the other party, except that the Company may, without the
consent of Executive, assign its rights and obligations under this Agreement
(i) to any entity with which the Company may merge or consolidate, or (ii) to
any corporation or other person or business entity to which the Company may
sell or transfer all or substantially all of its assets. Upon Executive’s
written request, the Company will seek to have any Successor by agreement
assent to the fulfillment by the Company of its obligations under this Agreement.  After any assignment by the Company pursuant
to this Section 13(g), the Company shall be discharged from all further
liability hereunder and such assignee shall thereafter be deemed to be the “Company”
for purposes of all terms and conditions of this Agreement, including this
Section 13.

 

(h)           Counterparts. This
Agreement may be executed in any number of counterparts, and such counterparts
executed and delivered, each as an original, shall constitute but one and the
same instrument.

 

(i)            Severability. Subject to
Section 7(f) hereof, to the extent that any portion of any provision of this
Agreement shall be invalid or unenforceable, it shall be considered deleted
herefrom and the remainder of such provision and of this Agreement shall be
unaffected and shall continue in full force and effect.

 

(j)            Survival. The terms and
conditions set forth in Sections 5, 6, 7, 8, 9, 11, 12, and 13 of this
Agreement, and any other provision that continues by its terms,

 

- 12 -

 

shall survive expiration of
the Term or termination of Executive’s employment for any reason.

 

(k)           Captions and Headings. The
captions and paragraph headings used in this Agreement are for convenience of
reference only and shall not affect the construction or interpretation of this
Agreement or any of the provisions hereof.

 

(l)            Notices.  Any
notice required or permitted to be given under this Agreement shall be
sufficient if in writing and either delivered in person or sent by first class
certified or registered mail, postage prepaid, if to the Company, at the
Company’s principal place of business, and if to Executive, at her home address
most recently filed with the Company, or to such other address or addresses as
either party shall have designated in writing to the other party hereto.

 

- 13 -

 

                IN WITNESS
WHEREOF, Executive and the Company have executed this Agreement as of the date
set forth in the first paragraph.

 

	
  TEXAS ROADHOUSE, INC.

  
	
   

  
	
  By:

  	
  /s/ Gerard J. Hart

  
	
   

  	
  Gerard J. Hart, Chief Executive Officer

  
	
   

  	
   

  
	
  /s/ Sheila C. Brown

  
	
  SHEILA C. BROWN

  
	
   

  

 

-
14 -

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