Document:

Exhibit 10.1

AMENDMENT TO ASSET PURCHASE AGREEMENT

THIS AMENDMENT TO THE ASSET PURCHASE AGREEMENT (this
“Amendment”) is entered into as
of November 21, 2006, among RED ROBIN INTERNATIONAL, INC., a Nevada corporation
(the “Buyer”), MARCUS L. ZANNER,
a resident of the State of Washington (the “Sellers’
Representative”) and SOUTH SOUND RED ROBIN, INC., a Washington
corporation (“South Sound”),
ZANNER-HUBERT, INC., a Washington corporation (“Zanner-Hubert”), NORTHWEST ROBINS, LLC, a Washington limited
liability company (“Northwest Robins”)
AND WASHINGTON DINING, LLC, a Washington limited liability company formerly
known as WASHINGTON ROBINS, LLC  (“Washington Robins”).

RECITALS

1.             The
Parties have executed that certain Asset Purchase Agreement dated July 1, 2006
(the “Asset Purchase Agreement”)
by which the Buyer agreed to purchase from the Sellers substantially all of the
assets used in the operation of the Restaurants, and to assume certain
liabilities of the Sellers specified therein, and the Sellers agreed to sell
such assets in exchange for cash and the assumption of such specified
liabilities by the Buyer.

2.             The
First Closing pursuant to the Asset Purchase Agreement occurred on July 10,
2006 at which time the Buyer closed the Transactions with respect to all the
Restaurants other than (i) the restaurant owned by Northwest Robins and located
at 3609 9th Street SW, Puyallup, WA 98373 (the “Puyallup Restaurant”), and (ii) the restaurant owned by
South Sound and located at 2233 South 320th Street,
Federal Way, WA 98003 (the “Federal Way
Restaurant”).

3.             The
Asset Purchase Agreement contemplates that the Buyer and the Sellers will
consummate the Second Closing at which time the Buyer will close the
Transactions with respect to the Puyallup Restaurant and the Federal Way
Restaurant.

4.             From
the First Closing Date to the date hereof (the “Interim Period”) the Buyer has operated the Puyallup
Restaurant and the Federal Way Restaurant under the terms of the Management
Agreement.

5.             The
Buyer and the Sellers have agreed to amend the Asset Purchase Agreement to
remove the Puyallup Restaurant for purposes of the Second Closing and to
consummate the Second Closing with respect to only the Federal Way Restaurant
effective at 12:01 a.m. on November 17, 2006 on the terms provided in the Asset
Purchase Agreement and this Amendment.

6.             The
Buyer and Northwest Robins are negotiating that certain Limited Liability
Company Unit Purchase Agreement (the “LLC
Purchase Agreement”) by which the Buyer will acquire all the
outstanding equity ownership interests of Northwest Robins in lieu of the
consummation of the Second Closing for the Puyallup Restaurant.

7.             Capitalized
terms not otherwise defined herein shall have the meanings set forth in the
Asset Purchase Agreement.

NOW, THEREFORE, in
consideration of these premises, the mutual promises herein made, and in
consideration of the representations, warranties, and covenants herein
contained, the Parties agree as follows:

 

 

1.             Puyallup Restaurant.  The Parties hereby agree that neither the Sellers
nor the Buyer shall have any obligation to consummate the Second Closing with
respect to the Puyallup Restaurant, provided that, in the event the Buyer and
Northwest Robins have not executed and consummated the sale of the Puyallup
Restaurant to the Buyer, whether as contemplated by the LLC Purchase Agreement,
or otherwise, on or before December 31, 2006, the Parties shall once again be
obligated to consummate the Second Closing with respect to the Puyallup
Restaurant as provided in the Asset Purchase Agreement.  This Section 1 shall not affect (i) the
Parties’ obligations with respect to the Second Closing for the Federal Way
Restaurant, or (ii) any obligations of the Buyer and Northwest Robins under the
contemplated LLC Purchase Agreement.

2.             Closing for Federal
Way Restaurant.

2.1           South Sound and the Buyer hereby
agree to consummate the Second Closing with respect to only the Federal Way
Restaurant effective at 12:01 a.m. on November 17, 2006 on the terms provided
in the Asset Purchase Agreement and this Section 2.

2.2           The Second Closing for the Federal
Way Restaurant shall occur upon satisfaction or waiver of the conditions set
forth in Article VI of the Asset Purchase Agreement, provided, however,
that, for the purpose of the Second Closing for the Federal Way Restaurant
only, any condition set forth in Article VI and pertaining to the Puyallup
Restaurant or Northwest Robins need not be met at the Second Closing, and provided,
further that any action by the Buyer in connection with its occupancy and
operation of the Federal Way Restaurant under the terms of the Management
Agreement shall not result in a breach of any of the representations and
warranties set forth in Article III  of
the Asset Purchase Agreement.

2.3           In lieu of the requirements set forth
in Section 2.3(b) of the Asset Purchase Agreement, at the Second Closing, South
Sound shall convey, transfer, assign and deliver all of its right, title and
interest in the Federal Way Restaurant to Buyer, and shall also deliver to
Buyer the following:

(a)           Such Bills of Sale reasonably acceptable to the Buyer and its
counsel, duly executed by South Sound, to effectuate the transfer of the
Purchased Assets which are used or held for use by South Sound in the operation
of the Federal Way Restaurant, including the membership interests in RR #5,
LLC, and the Assumed Liabilities of South Sound which are related to or arose
in connection with the operation of the Federal Way Restaurant to the Buyer;

(b)           An executed
counterpart to the Assignment and Assumption Agreement with respect to the Real
Property Leases for the Federal Way Restaurant in the form attached hereto as Exhibit
A (the “Federal Way Assignment Agreement”);

(c)           A certificate, signed
by an officer of South Sound, to the effect that each of the conditions to the
consummation of the Second Closing specified in Section 6.1 through 6.8 and
6.16 of the Asset Purchase Agreement have been satisfied;

(d)           A legal opinion from
Graham & Dunn PC dated the Second Closing Date substantially in the form
attached to the Asset Purchase Agreement as Exhibit D, which opinion
need only address the Federal Way Restaurant and South Sound;

(e)           Any closing documents
reasonably requested by the Title Company in connection with the issuance of
the Title Policy (as defined in Section 6.15 of the Asset Purchase Agreement)
for the Federal Way Restaurant.

 2
 

 

 

2.4           In lieu of the requirements set forth
in Section 2.3(d) of the Asset Purchase Agreement, at the Second Closing, the
Buyer shall deliver:

(a)           To the Sellers’ Representative an
amount payable by wire transfer of immediately available U.S. funds to the
account previously identified to the Buyer (unless contrary written
instructions are furnished by the Sellers’ Representative prior to the Second
Closing Date) equal to:

(i)            $3,344,996, plus 

(ii)           $11,998.64  (as contemplated by Section 2.3(d)(iii) of
the Asset Purchase Agreement);

(b)           To the Escrow Agent, $81,585, to be
held in accordance with the terms of the Escrow Agreement, as amended, and this
Agreement;

(c)           To South Sound, a counterpart of each
Bill of Sale for the transfer of the Purchased
Assets which are used or held for use by the Sellers in the operation of the
Federal Way Restaurant;

(d)           To South Sound, such instruments of assumption as the Sellers may reasonably request,
in form reasonably satisfactory to the Buyer and its counsel, in order to
effectuate the assumption of the Assumed Liabilities of the Sellers that are
related to or arose in connection with the operation of the Federal Way
Restaurant to the Buyer; and

(e)           An executed
counterpart to the Federal Way Assignment Agreement.

3.             Miscellaneous
Amendments

3.1           After the Closing (as
defined in the LLC Purchase Agreement), for the Puyallup Restaurant (the “Puyallup Closing”), Section 9.4 of the
Asset Purchase Agreement shall not be applicable with respect to Northwest
Robins.

3.2           After the Puyallup
Closing, all references to “Seller” or “Sellers” in Section 9.6 shall be
understood to not include Northwest Robins. 
For the avoidance of doubt, following the Puyallup Closing, the Sellers’
Representative shall have no authority to act on behalf of Northwest Robins.

3.3           After the Puyallup
Closing, Section 9.9 of the Asset Purchase Agreement shall not be applicable
with respect to Northwest Robins, provided, however, that each
other Seller’s Allocated Percentage shall not increase solely as a result of
the removal of Northwest Robins.  At or
immediately prior to the Puyallup Closing, Northwest Robins shall be permitted
to distribute to its owners all cash being held by Northwest Robins for the
purpose of complying with the covenant set forth in Section 9.9 of the Asset
Purchase Agreement or otherwise.

4.             Management
Agreement.  The Management Agreement shall be
terminated with respect to the Federal Way Restaurant effective as of the date
hereof.

5.             No Waiver.
Except as expressly modified herein, all terms and provisions of the Asset
Purchase Agreement shall remain unchanged and in full force and effect and this
Amendment will not constitute a
novation or have the effect of discharging any liability or obligation
evidenced by the Asset Purchase Agreement or any related document.  This Amendment shall not be deemed to
prejudice any rights or 

 3
 

 

 

remedies which any Party
may now have or may have in the future under or in connection with the Asset
Purchase Agreement or any of the instruments or agreements referred to therein,
as the same may be amended, restated or otherwise modified.

[signature page follows]

 4
 

 

 

IN WITNESS WHEREOF, the Parties
have executed this Amendment to the Asset Purchase Agreement as of the date
first above written.

	
  Buyer:

  	
  RED ROBIN INTERNATIONAL, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Katherine L. Scherping

  
	
   

  	
   

  	
  Name: Katherine L. Scherping

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Sellers:

  	
  SOUTH SOUND RED ROBIN, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marcus L. Zanner

  
	
   

  	
   

  	
  Name: Marcus L. Zanner

  
	
   

  	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ZANNER-HUBERT, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marcus L. Zanner

  
	
   

  	
   

  	
  Name: Marcus L. Zanner

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NORTHWEST ROBINS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marcus L. Zanner

  
	
   

  	
   

  	
  Name: Marcus L. Zanner

  
	
   

  	
   

  	
  Title: Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WASHINGTON DINING, LLC

  
	
   

  	
  (f/k/a Washington Robins, LLC)

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marcus L. Zanner

  
	
   

  	
   

  	
  Name: Marcus L. Zanner

  
	
   

  	
   

  	
  Title: Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Sellers’
  Representative:

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Marcus L. Zanner

  
	
   

  	
   

  	
  Marcus L. Zanner

  

 

 5Exhibit
10.1

SEPARATION
AGREEMENT

AGREEMENT, dated as of November
21, 2006 (this “Agreement”), is entered into by and between Owens-Illinois,
Inc. (the “Company”) and Steven R. McCracken (the “Executive”).  The Company and the Executive are sometimes
referred to herein as the “Parties.”

WHEREAS, the Executive is
currently employed by the Company pursuant to the terms of a letter agreement
dated March 31, 2004, as amended by letter agreements dated March 10, 2005 and
August 3, 2006 (the “Employment Agreement”); and

WHEREAS, the Board of Directors
of the Company (the “Board”) and the Executive have agreed that Executive’s
employment will terminate and he will resign (i) as a director of the Company
and (ii) from his positions as Chairman of the Board, and Chief Executive
Officer of the Company all effective as of November 30, 2006 (the “Effective
Date”);

WHEREAS, the Parties now agree
and intend that the terms and conditions set forth in this Agreement shall
determine all matters regarding the Executive’s separation of  employment with the Company and the Parties’
respective rights, duties, and obligations in connection therewith; and

WHEREAS, the Parties desire that
the compensation payable to Executive upon his separation from the Company will
comply with the requirements of Section 409A of the Internal Revenue Code of
1986, as amended (the “Code”).

NOW, THEREFORE, in consideration
of the mutual promises and conditions set forth herein, the parties hereto
agree as follows:

1.             Effective Date and Effectiveness
of Agreement.  As of the
Effective Date, Executive’s employment with the Company will terminate and
Executive hereby resigns:  (i) as a
director of the Company; (ii) from his positions as Chairman of the Board and
Chief Executive Officer of the Company; and (iii) from all other offices and
directorships he may hold with the Company and its subsidiaries.  Upon the Effective Date, the Employment
Agreement shall terminate and Executive shall be entitled only to the payments
and benefits described in this Agreement

2.             Separation Benefits.  Subject to the effectiveness of a
validly binding release of claims by the Executive in the form attached hereto
as Exhibit A (the “Release”), Executive’s compliance with Sections 3 and
4 hereof and in satisfaction of all obligations to Executive, the Company will
provide the following payments and benefits to Executive following the
Effective Date pursuant to the terms of this Agreement:

(a)           A
lump sum cash payment equal to $4,500,000.

(b)           A
lump sum cash payment equal to $3,499,940  which represents
payment of Executive’s benefits under the Company’s Supplemental Retirement
Benefit Plan.

 

 

(c)           A
lump sum cash payment equal to the greater of (i) $618,750, or (ii) the full
amount of the bonus, if any, that the Executive would otherwise receive for
2006 determined as if the entire amount of such bonus were calculated
solely  by reference to corporate
performance.  Such amount shall be paid
as soon as practicable after the date such bonus has been determined but not
later than March 15, 2007.

(d)           Executive
shall be fully vested in all previously granted options to purchase shares of
the Company’s common stock, all previously granted restricted stock and all
previously granted restricted stock units (the “Equity Awards”) which are unvested
as of the Effective Date, notwithstanding anything in the Executive’s grant
agreements to the contrary.  However, the
number of shares payable under the restricted stock unit awards shall be
determined according to the terms of the restricted stock unit agreements based
on the performance of the Company and shall be delivered to the Executive in
accordance with the terms of such agreements. In addition, (i) all of Executive’s
options are hereby amended to provide that they shall remain exercisable pursuant
to the terms of the option agreements and the plans pursuant to which they were
granted through the original term of the option without regard to Executive’s
separation from employment, and (ii) the Company shall cooperate with the
Executive, or his designated representative, to permit him or such
representative to make a timely election, on or prior to the latest date
permitted by proposed or final regulations promulgated under Code Section 409A,
of the year or years for exercise of such options, as necessary to avoid
application of penalty taxes under such Section.  The Company hereby consents to (x) the
withholding of applicable taxes from the shares of stock deliverable upon
vesting of the restricted stock and as payment for the restricted stock units
and from the exercise proceeds upon exercise of options, as well as, (y)  the payment of the exercise price of the
options by sale of shares through whatever brokered exercise arrangements or
other arrangements for the net exercise of options are then maintained by the
Company.

(e)           For
a period of two years following the Effective Date, Executive shall be entitled
to continue receiving the perquisites he received as an employee of the
Company, including tax gross ups in accordance with past practices, except that
he shall not be entitled to (i) a company provided automobile, or (ii)
executive physicals.  Executive’s usage
of the Company’s aircraft for personal use shall be subject to availability and
limited to thirty (30) hours each year. 
After the expiration of the two year period, the Company in its sole
discretion may determine to extend the receipt of any or all of the perquisites
for an additional year on a year to year basis.

(f)            Executive
and his spouse and dependents shall be entitled to continue coverage under the
Company’s group health plan for active employees for the period of time
required by Section 4980B of the Internal Revenue Code (“COBRA”) but not less
than 24 months.  Executive shall pay the
full cost of COBRA coverage for the first six months of such coverage.  On the date that is six (6) months and one
(1) day following the Effective Date, the Company shall reimburse the Executive
in an amount equal to the difference between the COBRA rate paid by the
Executive for the first six (6) months of coverage and the rate that Executive
would have paid if he had remained employed with the Company.  Thereafter, the Executive shall pay the cost
paid by active employees of the Company for such coverage.

 2
 

 

 

(g)           The
Company shall continue in force and pay the premiums on the life insurance
policy that the Company holds on Executive’s life under the Company’s Executive
Life Insurance Plan (“ELIP”) for a period of five years through 2011.  The Company acknowledges that the premium for
2007 has already been paid.  Upon the
fifth anniversary of the Effective Date the Company shall transfer to the
Executive such life insurance policy.  In
the event of Executive’s death prior to the fifth anniversary of the Effective
Date, Executive’s designated beneficiary (as previously filed with the Company)
shall be entitled to the Death Benefit under the terms of the ELIP.

(h)           Executive
shall be entitled to payment of his base salary for the month of December,
2006, for all unpaid salary and all accrued but unused vacation and other paid
time off through the Effective Date; unreimbursed business expenses and amounts
payable under any Company benefit plans in accordance with the terms of the
Company’s policies and plans.

(i)            Executive
shall be entitled to retain his computer, after all Company confidential
information and proprietary programs have been removed.

(j)            Executive
may assume the lease on his Company provided automobile or may purchase such
automobile from the Company at the cost to the Company to buy out the lease.

(k)           Executive
shall be provided with access to administrative staff for a period of two
years.

Amounts payable under paragraphs (a) and (b) shall be paid on the
eighth day following Executive’s execution of the Release, provided Executive
has not revoked the Release.

3.             Cooperation.  Executive agrees that he will, consistent
with his health, provide reasonable cooperation to the Company, its
subsidiaries, affiliates, officers, employees, directors, and their successors
and assigns (the “Company Parties”) at mutually agreeable times and places in
response to requests made by the Company or their attorneys in matters relating
to internal investigations, external investigations, and/or judicial or
administrative proceedings arising out of or relating in any way to any facts
known to Executive occurring prior to Effective Date, including but not limited
to, reasonable cooperation with the Company’s independent registered accounting
firm in preparation of the Company’s annual report on Form 10-K for 2006, as well
as, reasonable participation in conferences and meetings, assisting counsel,
making himself available for interviews and depositions, providing documents or
information, aiding in the analysis of documents, testifying, or complying with
any other reasonable requests by the Company Parties with respect to the
investigation currently pending by the Securities and Exchange Commission.  Executive agrees to maintain in confidence
(except to the extent required by subpoena or court order) any confidential
information regarding past, current or potential claims, governmental
proceedings, investigations or administrative or judicial litigation relating
to the Company Parties.  Executive agrees
to provide notice of any motion, subpoena, order or other correspondence
relating to the Company Parties within a reasonable time after his receipt of
same, by forwarding such document to the General Counsel of the Company;
provided, however, that the foregoing shall not restrict or limit in any way
the testimony of

 3
 

 

 

Executive or a
Company Party in connection with any judicial or administrative proceeding.
This cooperation is an integral part of this Agreement, and Executive will not
be compensated for such cooperation, other than reimbursement for any
reasonable expenses Executive may incur in connection with such cooperation.

4.             Certain Covenants.

(a)           Noncompetition.  For the one year period following the
Effective Date Executive shall not have any ownership interest (of record or
beneficial) in, or have any interest as an employee, consultant, officer or
director in, or otherwise aid or assist in any manner, any firm, corporation,
partnership, proprietorship or other business that engages in any county, city
or part thereof in the United States and/or any foreign country in a business
which competes directly or indirectly (as determined by the Board) with the
Company’s business in such county, city or part thereof, so long as the
Company, or any successor in interest of the Company to the business and
goodwill of the Company, remains engaged in such business in such county, city
or part thereof or continues to solicit customers or potential customers
therein; provided, however, that Executive may own, directly or
indirectly, solely as an investment, securities of any entity which are traded
on any national securities exchange if Executive (x) is not a controlling
person of, or a member of a group which controls, such entity; or (y) does
not, directly or indirectly, own one percent (1%) or more of any class of securities
of any such entity.

(b)           Confidentiality.  Executive hereby agrees that he shall not,
directly or indirectly, disclose or make available to any person, firm,
corporation, association or other entity for any reason or purpose whatsoever,
any Confidential Information (as defined below).  Executive further agrees that as soon as
practicable following the Effective Date all Confidential Information in his
possession that is in written or other tangible form (together with all copies
or duplicates thereof, including computer files) shall be returned to the
Company and shall not be retained by Executive or furnished to any third party,
in any form except as provided herein; provided,  however,
that, this Section 4(b) shall not apply to Confidential Information that (i) was
publicly known at the time of disclosure to Executive, (ii) becomes publicly
known or available thereafter other than by any means in violation of this
Agreement or any other duty owed to the Company by Executive, (iii) is lawfully
disclosed to Executive by a third party, (iv) is required to be disclosed by
law or by any court, arbitrator, mediator or administrative or legislative body
(including any committee thereof) with actual or apparent jurisdiction to order
Executive to disclose or make accessible any information, or (v) is related to
any litigation, arbitration or mediation between the parties, including, but
not limited to, the enforcement of this Agreement.  As used in this Agreement, the term “Confidential
Information” means: confidential information disclosed to Executive or
known by Executive as a consequence of or through Executive’s relationship with
the Company about the customers, employees, business methods, public relations
methods, organization, procedures or finances, including, without limitation,
information of or relating to customer lists, product lists, product road maps,
technology specifications or other information related to the products and
services of the Company and its affiliates. 
Nothing herein shall limit in any way any obligation Executive may have
relating to Confidential Information under any other agreement with or promise
to the Company.

5.             Restrictive Modification.  If any of the rights or
restrictions contained herein shall be deemed to be unenforceable by reason of
the duration or scope of such rights or

 4
 

 

 

restrictions, the parties hereby agree that a court of competent
jurisdiction shall reduce such duration or scope and enforce such right or
restriction in its reduced form for all purposes in the manner contemplated
hereby; provided that such duration and scope shall only be reduced to the
extent necessary in order to make such right or restriction enforceable.

6.             Mitigation and Offset.  Executive shall not be required to mitigate
the amount of any payment provided for in Section 2 of this Agreement by
seeking employment or otherwise. Payment or benefit provided for in Section 2
of this Agreement shall not be reduced by any compensation earned by the
Executive as a result of employment by another employer, or by retirement
benefits.

7.             Miscellaneous.

(a)           Survival.  The respective obligations of the Company and
the Executive under this Agreement will survive the termination of this
Agreement to the extent necessary to satisfy their obligations under this
Agreement.

(b)           Entire
Agreement.  Upon its
effectiveness this Agreement will supersede any and all existing agreements
between the Executive and the Company or any of its subsidiaries or affiliates
relating to the terms of Executive’s separation of employment with the Company,
including but not limited to the Employment Agreement, which upon the Effective
Date shall be terminated and cancelled. 
This Agreement does not supersede or in anyway affect the Executive’s
rights to be indemnified or the Company’s obligations to indemnify the
Executive by reason of his having been an officer and director of the Company,
to the fullest extent permitted by law and in accordance with the Company’s
bylaws or articles of incorporation, and pursuant to any directors and officers
liability insurance, nor shall it supersede or in any way affect any claim that
Executive may now or hereafter have for indemnification, all of which shall
survive this Agreement and continue on in full force and effect according to
the terms and conditions of each such agreements.

(c)           Amendments and Waivers.  No provisions of this Agreement may be
amended, modified, waived or discharged except as agreed to in writing by the
Executive and the Company.  The failure
of a party to insist upon strict adherence to any term of this Agreement on any
occasion will not be considered a waiver thereof or deprive that party of the
right thereafter to insist upon strict adherence to that term or any other term
of this Agreement.

(d)           Successors.  The obligations of this Agreement may not be
assigned by the Executive, but may be assigned by the Company to any successor
in interest.  The benefits of this
Agreement may be assigned or encumbered by Executive.  Any amounts payable under Section 2 which are
unpaid at Executive’s death shall be paid to Executive’s beneficiary, heirs or
estate.  This Agreement shall be binding
upon and inure to the benefit of the Executive, the Executive’s heirs, the
Company, and the Company’s successors and assigns.

(e)           Governing Law.  This Agreement will be governed by and
construed in accordance with the laws of the State of Ohio applicable to
agreements made and/or to be performed in that State, without regard to any
choice of law provisions thereof.

 5
 

 

 

(f)            Withholdings.  The Company shall withhold from any benefit
provided or payment due hereunder the usual and customary amount of withholding
taxes due any federal, state, or local authority in respect of such benefit or
payment and to take such other action as may be necessary in the opinion of the
Company to satisfy all obligations for the payment of such withholding taxes.

(g)           Severability.  If any provision of this Agreement is invalid
or unenforceable, the balance of this Agreement will remain in effect, and if
such provision is inapplicable to any person or circumstance, it will
nevertheless remain applicable to all other persons and circumstances.

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

IN WITNESS WHEREOF, the Executive has hereto set his
hand and the Company has caused these presents to be executed in their name on
their behalf, all as of the day and year first above written.

	
   

  	
   

  	
  /s/ Steven R. McCracken

  	
   

  
	
   

  	
   

  	
  STEVEN R.
  MCCRACKEN

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  OWENS-ILLINOIS,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James W.
  Baehren

  	
   

  
	
   

  	
   

  	
  Name: James W. Baehren

  
	
   

  	
   

  	
  Title: Senior Vice President & General Counsel

  
					

 

 6

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