Document:

<PAGE>   1
                                                                    EXHIBIT 4.30

                             JOINT VENTURE AGREEMENT

Article I.    Introduction

         This Agreement is entered into as of ________________, 1999, among
RY-8, Inc., a Hawaii corporation (being a wholly owned subsidiary of Roy's
Holdings, Inc., a Hawaii corporation) ("Roy's") and OS Pacific, Inc., a Florida
corporation (being a wholly owned subsidiary of Outback Steakhouse, Inc., a
Delaware corporation) ("Outback") for the purpose of carrying on a joint
venture. The name of the joint venture shall be "Roy's/Outback Joint Venture."

Article II.    Purpose of Joint Venture

         The purpose of the joint venture shall be to develop, own and operate
throughout the world (excluding Hawaii, Japan, Guam and certain markets in the
United States where there are existing franchisees as of the date hereof to the
extent such franchisees have been granted exclusive territories) a chain of
casual, fine dining restaurants featuring Pacific Rim cuisine, the culinary
style and concept having been originally developed by Chef Roy Yamaguchi and
Hawaiian Pacific Restaurant Group, Inc. (a wholly owned subsidiary of Roy's
Holdings, Inc.), and which are commonly referred to as "Roy's," followed by a
geographic tag, e.g., Roy's at Pebble Beach, Roy's Scottsdale and Roy's Bonita
Springs (the "Restaurants" or "Restaurant").

Article III.    Duties of Parties

3.1.     General Duties

         Each Joint Venturer will devote such time and efforts as may be
reasonably necessary to develop, own and operate as many Restaurants as are
viable and feasible in the shortest period of time, provided, however, that (i)
the quality of each new Restaurant and all existing Restaurants shall not be
impaired, and (ii) mutually agreed upon rates of return are achieved.

3.2.     Exclusive and Primary Obligations

3.2.1    Exclusive Obligations

         Each Joint Venturer agrees that neither one shall engage in any
activities that would conflict with the operations and business purpose of the
Joint Venture. Notwithstanding the foregoing, the preceding sentence shall not
be construed in any way to limit Outback's ability to expand its existing chain
of Outback Steakhouse restaurants, nor to limit Outback's ability to acquire,
invest in or otherwise be involved with other casual, fine dining concepts (or
any other restaurant concepts) as long as such concepts are not considered to
feature Pacific Rim or Euro-Asian cuisine and Outback's involvement with such
other concepts does not materially impair the growth and viability of the Joint
Venture. Similarly, said first sentence shall not be construed in any way to
limit Roy's ability to own and operate its existing Roy's restaurants in Hawaii

<PAGE>   2

and Denver (including reopening any existing restaurant that should close), nor
to limit its activities as franchisor in relation to the existing Roy's
franchises as of the date hereof and any renewals and extensions thereof. As to
any new franchisees and locations worldwide (except as aforesaid), only the
Joint Venture may grant the same. The rights and obligations of the Joint
Venturers under this Section 3.2.1 shall extend to their affiliated companies
("Affiliates"). "Affiliates" mean a parent company, brother-sister company,
subsidiary or other company in which the Joint Venturer's parent company or the
Joint Venturer owns or controls over 50% of the voting interests of said
company.

         The parties acknowledge and agree that Roy Yamaguchi ("RY"), in his
individual capacity, is free to pursue other business opportunities other than
restaurant concepts, such as writing books, personal appearances (TV and other
media) and any product endorsements which do not impair the image of the
Restaurants. Any restaurant concept that RY wishes to be involved with must
first be presented to the Joint Venture and only if the Joint Venture declines
to become involved, then RY may pursue such opportunity, provided his
involvement does not materially impair the growth and viability of the Joint
Venture, as determined by the Joint Venture in its reasonable discretion.
Notwithstanding the foregoing, RY agrees to exert his time, efforts and skill in
such reasonable amounts as may be necessary to maximize the success and growth
of the Joint Venture and the Restaurants.

3.2.2    Roy's Primary Duties and Obligations

         Roy's shall be primarily responsible for consulting with the President
regarding the training, development and supervision of all Joint Venture
executive level and Restaurant managerial level employees relating to the
quality and integrity of the Roy's concept to be sure it is being properly
executed, maintained and enhanced, including but not limited to, developing the
schematic and conceptual drawings for each Restaurant for approval by the Joint
Venture, recommending to the Joint Venture for approval the appropriate
"corporate" operations executives who will possess the necessary knowledge and
skill to train the Restaurant managerial employees concerning the proper
execution of the Roy's concept, hiring and firing of the executive chef, sous
chef and pastry chef, training and supervision of said chefs, control over menu
and recipe development, control over kitchen design, control over wine lists and
training and supervision of the general manager and assistant managers.
Notwithstanding the foregoing, the parties acknowledge and agree that the
day-to-day implementation of the foregoing duties and obligations will be
delegated to the President of the Joint Venture, as provided for in Section 8.1,
below, except that said President and the Joint Venturers will recognize and
give due consideration to the unique and specialized knowledge and skill of each
Joint Venturer in its respective area of primary duties and obligations.

3.2.3    Outback's Primary Duties and Obligations

         Outback shall be primarily responsible for consulting with the
President regarding the training, development and supervision of all Joint
Venture executive level and Restaurant managerial employees relating to the
administrative, financial and other aspects of the Restaurants that do not
materially impair the quality and integrity of the food and customer service at

                                       2
<PAGE>   3

the Restaurants or the Roy's concept, including but not limited to, conducting
preliminary site selection and negotiations with landlords, preparing
development and operating budgets for approval by the Joint Venture, selection
of and negotiations with the contractor(s) for the construction of each
Restaurant, hiring and firing of the bookkeeper for each Restaurant,
establishment of accounting and cash control policies and procedures, selection
of and negotiation with all liability, property, health and workers'
compensation insurers, preparation of all operating and financial statements for
each Restaurant and the Joint Venture, preliminary selection of the general
manager and assistant managers for each Restaurant for approval by the Joint
Venture, and recommending to the Joint Venture for approval the appropriate
general and administrative staff (executive, managerial and non-managerial) to
support the Restaurants and the Joint Venture. Notwithstanding the foregoing,
the parties acknowledge and agree that the day-to-day implementation of the
foregoing duties and obligations will be delegated to the President of the Joint
Venture, as provided for in Section 8.1, below, except that said President and
the Joint Venturers will recognize and give due consideration to the unique and
specialized knowledge and skill of each Joint Venturer in its respective area of
primary duties and obligations.

Article IV.  Contributions/Liabilities

4.1.     Nature and Amount of Contributions

         The amount and nature of the contributions of each Joint Venturer are
as follows:

         Outback                    $1,000,000 cash

         Roy's                      $1,000,000 cash

         In addition to the foregoing, Roy's shall grant or cause to be granted
to the Joint Venture a royalty-free master license for the exclusive use in the
world of the service mark "Roy's" and the Roy's system and shall contribute the
services specified in Article III, above. Such license, however, shall expressly
reserve unto Roy's the right to continue use and licensing of the service mark
in connection with its existing Hawaii and franchise operations. Attached hereto
as Exhibit "A" is a list of said existing Hawaii and franchise operations.

         In addition to the foregoing, Outback agrees to cause its parent
company, Outback Steakhouse, Inc. to provide the Joint Venture with financial
guarantees for up to 50% of any debt of the Joint Venture where such guarantees
will be beneficial to the Joint Venture, including but not limited to,
Restaurant premises leases, any promissory notes or other indebtedness of the
Joint Venture, and any lease for furniture, fixture and equipment. Outback shall
also contribute the services described in Article III, above.

4.2.    Time for Making Contributions

                                       3
<PAGE>   4

         (a) The contributions of money by each party must be made on or before
June 30, 1999.

         (b) The contributions of services and skill must be made commencing
immediately following the full execution of this Agreement.

4.3.    Effect of Failure To Make Contributions

         If any Joint Venturer fails to make that Joint Venturer's contribution
within the time specified in this Agreement, the nondefaulting Joint Venturer
shall have the right to enforce any and all remedies available at law or in
equity, including but not limited to, rescinding this Agreement, seeking
injunctive relief and/or recovering damages.

4.4.    Subsequent Capital Contributions

         In no event shall any Joint Venturer be obligated to make any
additional capital contributions, except as otherwise expressly provided herein.

4.5.    Interest on Capital Contributions

         No Joint Venturer shall receive, or be entitled to receive, interest on
its contributions to the capital of the Joint Venture

4.6      Liabilities

4.6.1.   Liability for Certain Obligations

         The parties acknowledge that the Joint Venture will incur certain
material long term obligations, including, without limitation, liability as
lessee under leases for Restaurant premises and liability on loans. Roy's and
Outback covenant and agree that as to any debt, liability, or obligation of the
Joint Venture, including, without limitation, the liabilities described in the
preceding sentence, Roy's and Outback shall each be proportionately liable to
the third party creditor for only up to fifty percent (50%) of amounts
outstanding under such obligations and shall not be jointly and severally liable
therefor.

4.6.2.   Documentation

         Roy's and Outback covenant and agree that all documentation evidencing
the Joint Venture's material, long term obligations, including, without
limitation, a Restaurant premises lease, any promissory notes, and any lease for
furniture, fixture and equipment, shall limit the liability of each of Roy's and
Outback to proportionately fifty percent (50%) of any amounts outstanding under
such obligations and shall specifically state that Roy's and Outback shall not

                                       4
<PAGE>   5

be individually liable for the entire amount thereof, nor jointly and severally
liable therefor.

4.6.3    Indemnification

         Roy's and Outback each hereby indemnify and hold each other harmless
from and against any liability, claim, damage, action or obligation for any
material long term obligation of the Joint Venture, including, but not limited
to, the liabilities described herein, in excess of fifty percent (50%) of
amounts outstanding under such obligations.

Article V.    Ownership of Venture Property

5.1.    Title to Property

         All property of the Joint Venture shall be held in the name of the
Joint Venture.

5.2.    Interest in Property

         Except as provided below, the beneficial interest of each party in
Joint Venture property, unless changed pursuant to the terms of this Agreement,
shall be as follows: Fifty percent (50%) Roy's and Fifty percent (50%) Outback.

5.3      Interest in Recipes

         All recipes developed by the Joint Venture shall be owned by the Joint
Venture. All recipes developed by Roy's shall be owned by Roy's. Any recipes
developed through the collaborative efforts of Roy's and the Joint Venture,
shall be owned jointly by Roy's and the Joint Venture. During the continued
existence of the Joint Venture, Roy's and the Joint Venture agree to license to
the other use of each other's recipes.

Article VI.    Term

         The term of the Joint Venture will commence on the date first indicated
above and shall terminate as provided in Article X, below.

Article VII.    Distributions; Allocation of Profits and  Losses

7.1.    Division or Share of Profits

         Any profits of the Joint Venture shall be allocated among the Joint
Venturers in the following percentages unless that percentage is changed
pursuant to the terms of this Agreement:

                           Roy's            50%
                           Outback          50%

                                       5
<PAGE>   6

7.2.    Calculation of Profits

         For the purposes of this Agreement, the profits of the Joint Venture
shall be calculated as follows:

(a) The expenses of conducting the Joint Venture shall be deducted from the
income of the Joint Venture. The expenses of conducting the Joint Venture shall
include all expenses customarily incurred by businesses similar to the Joint
Venture.

(b) In regards to the San Francisco, San Diego and Dallas Restaurants, after the
payment of expenses as described above and retention of adequate operating and
capital reserves, Roy's and Outback shall each be entitled to receive equal
distributions of any remaining available cash. As to all other Restaurants, the
parties agree that except for distributions necessary to enable each party to
pay their respective income tax obligations, all available cash from operations
shall be reinvested into new Restaurants.

7.3.    Apportionment or Share of Loss

         Should a loss be sustained by the Joint Venture, the parties shall bear
the loss in the same percentages as profits.

7.4.    Computation of Loss

         In computing any loss as between the parties, deductions shall be made
from any assets remaining in the same manner as computing profits in 7.2, that
is, deductions shall first be made to pay expenses, and any remaining sums shall
be allocated on a pro rata percentage basis to contributions, as set forth in
7.2 for computing profits. Should there be insufficient assets to pay expenses
due and owing as a result of the conduct of the joint enterprise, each party
shall contribute to the payment of those expenses in the percentage of losses
attributed to that party in this Article.

Article VIII.    Management Structure

8.1.    Management of Joint Venture

         The business and affairs of the Joint Venture shall be managed by a
committee (the "Executive Committee") consisting of five (5) members appointed
by the Joint Venturers. Outback shall name two (2) members of the committee,
Roy's shall name two (2) members of the committee, and the fifth member (the
"Wise Man") shall be named jointly by Outback and Roy's. The Wise Man must be
(i) independent and not employed by or have any ownership interest in or
licensing or franchise relationship with either Joint Venturer (or its
Affiliates), and (ii) possess not less than ten (10) years of full-time

                                       6
<PAGE>   7

executive level management experience in one or more casual, fine dining
restaurants having at least ten (10) stores under his or her control or such
other qualifications as Outback and Roy's may agree. Each individual named to
the Executive Committee will serve as a member of the Executive Committee until
his or her death, withdrawal or expulsion from the Executive Committee, or until
his or her removal from the Executive Committee by the Joint Venturer who
appointed him or her or in the case of the Wise Man, by the majority vote or
consent of the Joint Venturers. All decisions as to the day to day operations of
the Joint Venture shall be made by a President hired by the majority agreement
of the Executive Committee, provided, that the President shall not, without the
majority consent of all of the members of the Executive Committee:

(1)      Confess a judgment against the Joint Venture;

(2)      Admit any person as a Joint Venturer;

(3)      Execute or deliver any assignment for the benefit of the creditors of
         the Joint Venture;

(4)      Enter into any lease of real or personal property;

(5)      Enter into any loan transaction or incur any indebtedness of the Joint
         Venture in excess of $25,000;

(6)      Open any Restaurant;

(7)      Purchase any real property;

(8)      Fire Gordon Hopkins (Corporate Chef), Christian Maldonado (Operations
         Director), Randal Caparoso (Wine and Beverage Director), or hire/fire
         their respective successors; and

(9)      Such other matter(s) as may be mutually agreed upon by the parties.

8.2.    Composition of Committee

         The following individuals are appointed as the initial members of the
Executive Committee:

                  ROY'S APPOINTEES                 OUTBACK APPOINTEES
                  ----------------                 ------------------

                  Roy Yamaguchi                    Chris Sullivan
                  Terrence Lee                     Michael O'Donnell

The Wise Man shall be appointed by said members within sixty (60) days from the
effective date hereof.

                                       7
<PAGE>   8

         Vacancies on the Executive Committee shall be filled by the Joint
Venturer who appointed the member who created the vacancy, or in the case of the
Wise Man, by vote or written consent of a majority of the Joint Venturers.

8.3.    Actions by Majority Vote

         Except as otherwise expressly provided in this Agreement, all actions
taken by the Executive Committee shall be by majority vote of its members.

Article IX.    Confidentiality

9.1.    Definition

         For the purpose of this Agreement, "Proprietary Information" shall
include all information designated by any Joint Venturer, either orally or in
writing, as confidential or proprietary, or which reasonably would be considered
proprietary or confidential to the business contemplated by this Agreement,
including but not limited to suppliers, marketing and technical plans, plans for
products and ideas, recipes, menus, wine lists and proprietary techniques and
other trade secrets. Notwithstanding the foregoing, "Proprietary Information"
shall not include information which (i) has entered the public domain or became
known other than due to a breach of any obligation of confidentiality owed to
the owner of such information; (ii) was known prior to the disclosure of such
information; (iii) became known to the recipient from a source other than a
Joint Venturer or its Affiliate, provided there was no breach of an obligation
of confidentiality owed to said Joint Venturer or its Affiliate; or (iv) was
independently developed by the party receiving such information.

9.2.    No Disclosure, Use, or Circumvention

         No Joint Venturer or its Affiliates shall disclose any Proprietary
Information to any third parties (other than existing or permitted franchisees)
and will not use any Proprietary Information in that Joint Venturer's or
Affiliates' business or any affiliated business without the prior written
consent of the other Joint Venturer, and then only to the extent specified in
that consent. Consent may be granted or withheld at the sole discretion of any
Joint Venturer. No Joint Venturer shall contact any suppliers, customers,
employees, affiliates or associates to circumvent the purposes of this
provision.

9.3.    Maintenance of Confidentiality

         Each Joint Venturer shall take all steps necessary or appropriate to
maintain the strict confidentiality of the Proprietary Information and to assure
compliance with this Agreement.

Article X.    Termination

                                       8
<PAGE>   9

10.1.    Date of Termination

         This Agreement shall be terminated on the earlier to occur of:

(a)      The mutual agreement of all of the parties to this Agreement;

(b)      Any act or event which makes the continuation of the business of the
Joint Venture impossible or impracticable;

(c)      The bankruptcy or insolvency of any of the parties to this Agreement;
or

(d)      Fifteen (15) years after the effective date hereof .

10.2.    Effect of Termination

         On the termination of this Joint Venture, the Joint Venture shall be
dissolved and wound up in accordance with the provisions of the Florida Uniform
Partnership Act, except as otherwise specifically provided in this Agreement or
any amendment to this Agreement.

Article XI.   Put Options/Maximization of Value

11.1     Put Options in Favor of Roy's

         Roy's shall have the right to require Outback to purchase up to 25% of
Roy's interests in the Joint Venture at anytime after the 5th anniversary of the
effective date hereof. Additionally, at anytime after the 10th anniversary of
the effective date hereof, Roy's shall have the right to require Outback to
purchase up to another 25% (total 50%) of Roy's interests in the Joint Venture.
The percentage interest in the entire Joint Venture being sold under these put
options is referred to herein as the "Put Percentage". The purchase price to be
paid by Outback shall be equal to the fair market value of the Joint Venture as
of the date Roy's exercises its put option, multiplied by the Put Percentage.

11.2     Exercise of Put Options

11.2.1     Exercise Notice

         Upon Roy's exercising its put options, it shall give Outback written
notice thereof. The written notice (the "Exercise Notice") shall state the
proposed fair market value of the Joint Venture, a detailed explanation of the
valuation methodology and supporting information utilized by Roy's in arriving
at said fair market value and the Put Percentage.

11.2.2    Answering Notice

                                       9
<PAGE>   10

         Within five (5) business days after receipt of such notice by Outback,
it shall advise Roy's in writing (the "Answering Notice") if Outback either :
(a) agrees with such valuation, or (b) disagrees with such valuation, in which
case Outback shall propose its own valuation and a detailed explanation of the
valuation methodology and supporting information utilized by Outback in arriving
at its proposed value.

11.2.3    Responding Notice

         Within five (5) business days after Roy's receives the Answering
Notice, Roy's shall respond to Outback in writing (the "Responding Notice")
stating either: (a) Roy's agreement with Outback's valuation, or (b) Roy's
disagreement with such valuation and any revised value.

11.2.3    Resolution of Disputed Value by Wise Man

         In the event Roy's and Outback fail to reach agreement on the valuation
of the Joint Venture within ten (10) business days following Outback's receipt
of the Responding Notice, then the value shall be determined by the Wise Man,
who shall be limited to selecting either of the values most recently proposed in
writing by Roy's or Outback in the Exercise Notice, Answering Notice and/or
Responding Notice. The Wise Man shall be empowered to engage such consultant(s)
as he deems reasonable and prudent, at the expense of the Joint Venture, to
assist him in selecting which of the two most recently proposed values best
represents the fair market value of the Joint Venture. The Wise Man shall notify
each party in writing of his decision no later than twenty (20) days after the
matter has been submitted to him. Upon the Wise Man rendering his written
decision, the value established by said decision shall be final and binding upon
Roy's and Outback.

11.2.4    Payment of Purchase Price

         The purchase price shall be equal to the fair market value of the Joint
Venture, as established by mutual agreement or by the decision of the Wise Man,
multiplied by the Put Percentage. Within ten (10) business days after the
purchase price is finally established, Outback shall pay Roy's the applicable
purchase price in either cash or unrestricted Outback common stock or any
combination of both. The term "unrestricted Outback common stock" means that
there shall be no limitations or restrictions on Roy's ability to sell all of
said stock on the stock exchange handling the buying and selling of such stock
contemporaneously upon receipt of such stock.

11.3     Outback Right to Void Exercise of Option if Acquisition of Put
Percentage is Dilutive

         Notwithstanding the foregoing, in the event the final purchase price
has the effect, upon Outback's acquisition of the Put Percentage at such price,
of diluting the earnings per share for the next 12 months of Outback, Outback
shall have the option of voiding Roy's exercise of its put option, which must be

                                       10
<PAGE>   11

exercised by written notice to Roy's of Outback's election to void said exercise
(the "Void Notice") prior to the expiration of the 10-day period to pay the
purchase price. The purchase price will be considered to dilute the earnings per
share of Outback if the accounting effect of the transaction, determined in
accordance with generally accepted accounting principles, would cause a
reduction in pro forma Basic Earnings Per Share and/or Diluted Earnings Per
Share (or an increase in Net Loss Per Share) calculated in accordance with SFAS
No. 128 "Earnings Per Share" for the 12 months following the purchase. Upon
Roy's receipt of the Void Notice, Roy's may elect to accept a lower purchase
price which has the effect of eliminating said dilutive effects of Outback's
acquisition, which election must be exercised by written notice to Outback
within five (5) business days after receipt of the Void Notice (the "Lower Price
Notice"). Outback shall pay Roy's said lower purchase price amount in cash,
stock or any combination thereof as aforesaid, within ten (10) business days
after receipt of the Lower Price Notice.

11.4      Maximization of Value

         The Joint Venturers agree that from time to time, they shall evaluate
in good faith all available options to the Joint Venture to maximize the value
of each Joint Venturer's ownership interests in the Joint Venture, such as but
not limited to, an initial public offering, strategic sale or merger into
Outback Steakhouse, Inc.

Article XII.      Assignment

         No Joint Venturer may assign its rights and obligations hereunder due
to the unique expertise and qualifications of the Joint Venturers. It shall be
permissible, however, to assign or pledge as collateral either Joint Venturer's
interest in profit distributions and/or Roy's put options.

Article XIII.    Arbitration

         Any dispute arising under this Agreement, or under any instrument made
to carry out the terms of this Agreement, shall be submitted to arbitration in
accordance with the commercial dispute arbitration rules of the American
Arbitration Association. The venue and situs for such arbitration proceedings
shall be San Francisco, California.

Article XIV.    Notices

         All notices to the Joint Venturers pursuant to this Agreement shall be
in writing and shall be deemed effective when given by personal delivery or by
certified mail, express delivery service, or facsimile transmission.

Article XV.    Applicable Law

                                       11
<PAGE>   12

         To the extent not otherwise provided in the Agreement, the terms of
this Joint Venture and the relationship of the Joint Venturers to each other
shall be governed by the provisions of the Florida Uniform Partnership Act, and
any amendments or successor statute to that Act.

Article XVI.    Amendments

         This Agreement may be amended only by the written agreement of all of
the Joint Venturers.

Article XVII.   Condition Subsequent

         As a condition subsequent to each Joint Venturer's obligations under
the Agreement, the Joint Venture must secure a credit facility for not less than
$20 million dollars from a reputable lending institution on terms and conditions
satisfactory to the Joint Venture to be used to finance the business purpose of
the Joint Venture. If the Joint Venture is unable to secure such a credit
facility within 90 days following the effective date hereof, either party may
terminate the Agreement upon prior written notice to the other. Upon such
termination, each party shall be released and discharged from any and all
obligations under this Agreement.

Article XVIII.  Tax Related Provisions

18.1     Composition of Capital Accounts

         A separate capital account shall be maintained by the Joint Venture for
each Joint Venturer in accordance with Section 704(b) of the Internal Revenue
Code of 1986, as amended (the "Code"), and Treasury Regulations promulgated
thereunder. There shall be credited to each Joint Venturer's capital account (i)
the amounts of money contributed by it to the Joint Venture, (ii) the fair
market value of property contributed by it to the Joint Venture (net of
liabilities secured by such contributed property that the Joint Venture is
considered to assume or take subject to under Section 752 of the Code), and
(iii) allocations to it of Joint Venture income and gain (or items thereof),
including income and gain exempt from tax, as computed for book purposes, in
accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(g), as set forth
pursuant to Article VII of this Agreement. Each Joint Venturer's capital account
shall be decreased by (i) the amount of money distributed to it by the Joint
Venture, (ii) the fair market value of property distributed to it by the Joint
Venture (net of liabilities secured by such distributed property that such Joint
Venturer is considered to assume or take subject to pursuant to Section 752 of
the Code), (iii) allocations to such Joint Venturer of expenditures of the Joint
Venture described in Section 705(a)(2)(B) of the Code, and (iv) allocations of
Joint Venture loss and deduction (or items thereof), including loss or
deduction, computed for book purposes, as described in Treasury Regulation
Section 1.704-1(b)(2)(iv)(g), as set forth pursuant to Article VII of this
Agreement.

                                       12
<PAGE>   13

18.2     Adjustments to Tax Basis

         In the event of adjustment to the adjusted tax basis of Joint Venture
property under Code Sections 732, 734 or 743, the capital accounts of the Joint
Venturers shall be adjusted to the extent provided in Treasury Regulation
Section 1.704-1(b)(2)(iv)(m).

18.3     Income Tax Elections

         In the event of a distribution of property made in the manner provided
under Section 734 of the Code, or in the event of a transfer of any Joint
Venture Interest permitted by this Agreement made in the manner provided in
Section 743 of the Code, Outback, on behalf of the Joint Venture, may, but shall
not be required to, file an election under Section 754 of the Code in accordance
with the procedures set forth in the applicable regulations promulgated
thereunder.

18.4     Audits of Income Tax Returns

         (a) Appointment of Tax Matters Partner. The tax matters partner (the
"TMP"), as referred to in Code Section 6231(a)(7), for the Joint Venture shall
be Outback.

         (b) Employment of Advisors. The TMP shall employ experienced tax
advisors to represent the Joint Venture in connection with any audit or
investigation of the Joint Venture by the Internal Revenue Service and in
connection with all subsequent administrative and judicial proceedings arising
out of such audit. The fees and expenses of such tax advisors shall be an
expense of the Joint Venture. It shall be the responsibility of the Joint
Venturers, at their own expense, to employ tax advisors to represent their
respective separate interests.

         (c) Notice and Expenses. The TMP shall keep the Joint Venturers
reasonably informed of all administrative and judicial proceedings, as required
by the Code, and shall furnish to each Joint Venturer who so requests in writing
a copy of each notice or other communication received by the TMP from the
Internal Revenue Service (except such notices or communications as are sent
directly to such requesting Joint Venturer by the Internal Revenue Service). All
expenses incurred by the TMP in serving as TMP shall be Joint Venture expenses
and shall be paid by the Joint Venture. Any Joint Venturer has the right to
participate in such administrative proceedings relating to the determination of
Joint Venture items. Each Joint Venturer who elects to participate in such
proceedings will be responsible for any such expenses incurred by such Joint
Venturer in connection with such participation.

                                       13
<PAGE>   14

         (d) Authority of Tax Matters Partner. The TMP shall have the authority
to take any and all action reasonably required as TMP, including by way of
example, any of the following: (i) enter into a settlement agreement with the
Internal Revenue Service that purports to bind the Joint Venturers other than
the TMP; (ii) file a Tax Court Petition as contemplated in Code Section 6226(a)
or Section 6228; (iii) intervene in any action as contemplated in Code Section
6226(b); (iv) file any requests for administrative adjustment contemplated in
Code Section 6227(b); or (v) enter into an agreement extending the limitations
period as contemplated by Code Section 6229(b)(1)(B).

         (e) Indemnification of TMP. The Joint Venture shall indemnify the TMP
against any and all judgments, fines, amounts paid in settlement and expenses
(including reasonable attorneys' fees, whether incurred before or at trial or
during any appellate proceedings, and court costs) incurred by the TMP in any
civil, criminal or investigative proceeding in which the TMP is involved or
threatened to be involved by reason of being the TMP for the Joint Venture;
PROVIDED, HOWEVER, that the TMP shall not be indemnified under this provision
against any liability incurred by the Joint Venture or any Joint Venturer which
arises out of fraud, by willful or intentional misconduct, bad faith, gross
negligence or reckless disregard of the duties involved in the conduct of its
position as TMP.

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

RY-8, INC.                                 [OUTBACK SUBSIDIARY]

By________________________                  By__________________________
 Name:                                                Name:

 Title:                                                        Title:

         Outback Steakhouse, Inc., a Delaware corporation ("OSSI"), does hereby
acknowledge and irrevocably agree to perform the obligations provided for in
Section 3.2.1 regarding not becoming involved with any Pacific Rim or Euro-Asian
restaurant concept that would materially impair the viability of the Joint
Venture and Section 4.1 regarding guaranteeing up to 50% of the debts of the
Joint Venture. OSSI further irrevocably agrees to guaranty the payment
obligations of [OUTBACK SUBSIDIARY] to pay Roy's the purchase price for the Put
Percentage upon Roy's exercise of its put option(s) and provided such
acquisition by Outback is not dilutive. OSSI hereby waives any and all surety

                                       14

<PAGE>   15

defenses relating to its guaranty obligations hereunder. OSSI confirms that
[OUTBACK SUBSIDIARY] is its wholly owned subsidiary and that OSSI shall be
deemed to have actual or constructive knowledge of all matters known by [OUTBACK
SUBSIDIARY] and shall be deemed to have ratified and approved all actions of
[OUTBACK SUBSIDIARY] relating to Roy's exercise of it put option(s) unless OSSI
shall expressly notify Roy's in writing of any objections it may have to any
actions by [OUTBACK SUBSIDIARY] relating to said exercise of the put option(s)
within five (5) business days after such action.

                                      OUTBACK STEAKHOUSE, INC.

                                      By__________________________
                                        Name:
                                        Title:

         Roy Yamaguchi does hereby acknowledge and agree to perform his
obligations provided for in Section 3.2.1 regarding his efforts to maximize the
success of the Joint Venture and the Restaurants.

                                     __________________________________
                                     ROY YAMAGUCHI

                                       15
<PAGE>   16

                    EXISTING HAWAII AND FRANCHISE OPERATIONS

HAWAII

Roy's Restaurant- Honolulu (Oahu)
Roy's Kahana Bar & Grill (Maui)
Roy's Nicolina Restaurant (Maui)
Roy's Poipu Bar & Grill (Kauai)
Roy's Waikoloa Bar & Grill (Big Island)
Roy's Kihei Bar & Grill*

FRANCHISES

Roy's Restaurant Guam (Guam)
Roy's at Pebble Beach (CA)
Roy's Aoyama Bar & Grill (Tokyo, Japan)
Roy's Hiroo Bar & Grill (Tokyo, Japan)
Roy's Seattle (WA)
Roy's Scottsdale (AZ)
Roy's Bonita Spring (FL)
Roy's New York (NY)
Roy's Newport Beach (CA)**
Roy's Phoenix (AZ)***

  * Anticipated opening date March 2000
**  Anticipated opening date in July 1999
*** Anticipated opening date December 1999

                                   EXHIBIT "A"

                                       16<PAGE>   1
                                                                   EXHIBIT 4.31

                      AGREEMENT AND PLAN OF REORGANIZATION

                                      AMONG

                            OUTBACK STEAKHOUSE, INC.,

                      OUTBACK STEAKHOUSE OF FLORIDA, INC.,

                                  COBLE, INC.,

                                       AND

                                MICHAEL W. COBLE

<PAGE>   2

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>

                                                                                                        PAGE
                                                                                                        ----
<S>                                                                                                       <C>
         ARTICLE 1 - PLAN OF ACQUISITION....................................................................1
         1.1      THE MERGER................................................................................1
         1.2      ADJUSTMENTS...............................................................................2
         1.3      CLOSING...................................................................................2
         1.4      EXECUTION AND DELIVERY OF CLOSING DOCUMENTS...............................................2
         1.5      EXECUTION AND FILING OF MERGER DOCUMENTS..................................................3
         1.6      EFFECTIVENESS OF MERGER...................................................................3
         1.7      FURTHER ASSURANCES........................................................................3
         1.8      CERTIFICATES..............................................................................3
         1.9      CLOSING OF TRANSFER BOOKS.................................................................3
         1.10     FRACTIONAL SHARES.........................................................................3
         1.11     ACCOUNTING TREATMENT......................................................................3

         ARTICLE 2 - REPRESENTATIONS AND WARRANTIES OF COBLE, INC. AND COBLE................................4
         2.1      ORGANIZATION AND GOOD STANDING............................................................4
         2.2      POWER AND AUTHORITY.......................................................................4
         2.3      FOREIGN CORPORATION.......................................................................4
         2.4      AUTHORITY AND VALIDITY....................................................................4
         2.5      BINDING EFFECT............................................................................4
         2.6      COMPLIANCE WITH OTHER INSTRUMENTS.........................................................5
         2.7      CAPITALIZATION OF COBLE, INC..............................................................5
         2.8      ABSENCE OF CERTAIN CHANGES................................................................5
         2.9      TAX LIABILITIES...........................................................................6
         2.10     NO UNDISCLOSED LIABILITIES................................................................7
         2.11     TITLE TO PROPERTIES.......................................................................7
         2.12     CONTRACTS.................................................................................7
         2.13     LITIGATION AND GOVERNMENT CLAIMS..........................................................7
         2.14     NO VIOLATION OF ANY INSTRUMENT............................................................7
         2.15     NECESSARY APPROVALS AND CONSENTS..........................................................8
         2.16     COMPLIANCE WITH LAWS......................................................................8
         2.17     ACCURACY OF INFORMATION FURNISHED.........................................................8

         ARTICLE 3 - REPRESENTATIONS AND WARRANTIES OF COBLE................................................8
         3.1      AUTHORITY AND VALIDITY....................................................................8
         3.2      BINDING EFFECT............................................................................8
         3.3      OWNERSHIP.................................................................................9
         3.4      VOTING....................................................................................9
         3.5      RESIDENCY.................................................................................9
         3.6      COMPLIANCE WITH OTHER INSTRUMENTS.........................................................9
</TABLE>

                                        i
<PAGE>   3

TABLE OF CONTENTS (Continued)
<TABLE>
<CAPTION>

                                                                                                        PAGE
                                                                                                        ----
<S>                                                                                                       <C>
         ARTICLE 4 - REPRESENTATIONS AND WARRANTIES OF OSI AND OUTBACK......................................9
         4.1      ORGANIZATION AND GOOD STANDING............................................................9
         4.2      FOREIGN QUALIFICATION.....................................................................9
         4.3      POWER AND AUTHORITY.......................................................................9
         4.4      AUTHORITY AND VALIDITY....................................................................9
         4.5      BINDING EFFECT............................................................................9
         4.6      COMPLIANCE WITH OTHER INSTRUMENTS.........................................................10
         4.7      CAPITALIZATION OF OSI.....................................................................10
         4.8      SEC REPORTS...............................................................................10
         4.9      LITIGATION AND GOVERNMENT CLAIMS..........................................................11
         4.10     NECESSARY APPROVALS AND CONSENTS..........................................................11
         4.11     ABSENCE OF CERTAIN CHANGES OR EVENTS......................................................11

         ARTICLE 5 - JOINT COVENANTS OF COBLE, INC., COBLE, OSI AND OUTBACK.................................11
         5.1      NOTICE OF ANY MATERIAL CHANGE.............................................................11
         5.2      COOPERATION...............................................................................12
         5.3      POST-CLOSING ADJUSTMENT...................................................................12
         5.4      DISTRIBUTION AND ALLOCATIONS..............................................................12
         5.5      ADDITIONAL AGREEMENTS.....................................................................13

         ARTICLE 6 - COVENANTS OF COBLE, INC. AND COBLE.....................................................13
         6.1      SECURITIES LAW COMPLIANCE.................................................................13
         6.2      PAYMENT OF LIABILITIES....................................................................14
         6.3      POOLING...................................................................................15

         ARTICLE 7 - COVENANTS OF OSI AND OUTBACK...........................................................15
         7.1      EMPLOYMENT AGREEMENTS.....................................................................15
         7.2      ASSUMED LIABILITIES.......................................................................15

         ARTICLE 8 - JOINT CONDITIONS PRECEDENT TO CLOSING OBLIGATIONS......................................15
         8.1      CONSENTS TO TRANSACTION...................................................................15
         8.2      ABSENCE OF LITIGATION.....................................................................16
         8.3      DISSENTER'S RIGHTS........................................................................16

         ARTICLE 9 - CONDITIONS PRECEDENT TO OBLIGATIONS OF COBLE, INC......................................16
         9.1      COMPLIANCE................................................................................16
         9.2      REPRESENTATIONS AND WARRANTIES............................................................16
         9.3      MATERIAL ADVERSE CHANGES..................................................................16

         ARTICLE 10 - CONDITIONS PRECEDENT TO OBLIGATIONS OF OSI AND
                  OUTBACK...................................................................................16
         10.1     COMPLIANCE................................................................................17
         10.2     REPRESENTATIONS AND WARRANTIES............................................................17
         10.3     CURRENT FINANCIAL STATUS..................................................................17
         10.4     MATERIAL ADVERSE CHANGES..................................................................17
         10.5     POOLING...................................................................................17
</TABLE>

                                       ii
<PAGE>   4

TABLE OF CONTENTS (Continued)
<TABLE>
<CAPTION>

                                                                                                        PAGE
                                                                                                        ----
<S>                                                                                                       <C>
         ARTICLE 11 - INDEMNIFICATION.......................................................................17
         11.1     INDEMNIFICATION BASED ON AGREEMENT........................................................17
         11.2     LIMITATION................................................................................18
         11.3     COOPERATION...............................................................................18
         11.4     NOTICE....................................................................................18

         ARTICLE 12 - MISCELLANEOUS.........................................................................18
         12.1     TERMINATION...............................................................................18
         12.2     EXPENSES..................................................................................19
         12.3     ENTIRE AGREEMENT..........................................................................19
         12.4     SURVIVAL OF REPRESENTATIONS AND WARRANTIES................................................19
         12.5     COUNTERPARTS..............................................................................19
         12.6     NOTICES...................................................................................20
         12.7     SUCCESSORS AND ASSIGNS....................................................................20
         12.8     GOVERNING LAW.............................................................................20
         12.9     WAIVER AND OTHER ACTION...................................................................20
         12.10    SEVERABILITY..............................................................................20
         12.11    HEADINGS..................................................................................20
         12.12    CONSTRUCTION..............................................................................21
         12.13    JURISDICTION AND VENUE....................................................................21
         12.14    ENFORCEMENT...............................................................................21
         12.15    FURTHER ASSURANCES........................................................................21
         12.16    EQUITABLE REMEDIES........................................................................21

         EXHIBIT A

         ARTICLES OF MERGER.................................................................................A-1

         EXHIBIT B

         DISCLOSURE SCHEDULES...............................................................................B-1
</TABLE>

                                      iii

<PAGE>   5

                   AGREEMENT AND PLAN OF REORGANIZATION

         THIS AGREEMENT AND PLAN OF REORGANIZATION (the "Agreement") is made and
entered effective as of the 28th day of June, 1999, by and among OUTBACK
STEAKHOUSE, INC., a Delaware corporation ("OSI"), OUTBACK STEAKHOUSE OF FLORIDA,
INC., a Florida corporation ("Outback"), COBLE, INC., a Georgia corporation
("COBLE, INC.") and MICHAEL W. COBLE, an individual residing in the State of
Georgia ("Coble").

                              W I T N E S S E T H:

         WHEREAS, Outback is a wholly-owned subsidiary of OSI; and

         WHEREAS, Coble is the sole owner of the issued and outstanding common
stock of COBLE, INC., and Coble is the sole director, President and is
responsible for the day-to-day operations of COBLE, INC.; and

         WHEREAS, Outback and COBLE, INC. have entered into that certain Florida
limited partnership known as Outback Steakhouse of North Georgia-II, L.P.
("Partnership");

         WHEREAS, the Partnership operates Outback Steakhouse restaurants in the
State of Georgia; and

         WHEREAS, the Board of Directors of COBLE, INC. has approved the merger
of COBLE, INC. into Outback (the "Merger") upon the terms and conditions set
forth in this Agreement; and

         WHEREAS, for federal income tax purposes it is intended that the Merger
shall qualify as a reorganization within the meaning of Section 368(a) of the
Internal Revenue Code of 1986, as amended (the "Code"); and

         WHEREAS, pursuant to the Merger, COBLE, INC. will be merged with and
into Outback and all of the outstanding shares of capital stock of COBLE, INC.
will be converted into shares of common stock, par value $.01, of OSI (the "OSI
Common Stock"); and

         WHEREAS, the parties hereto desire by this Agreement to set forth the
terms and conditions upon which they are willing to consummate the Merger.

         NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants and agreements contained herein, the parties hereto covenant and agree
as follows:

                                   ARTICLE 1

                              PLAN OF ACQUISITION

         1.1      THE MERGER. Subject to and upon the terms and conditions
contained herein, COBLE, INC. shall be merged with and into Outback, with
Outback being the surviving corporation, in accordance with the Articles of
Merger substantially in the form attached to this Agreement as EXHIBIT A (the

<PAGE>   6

"Merger Agreement"), which will be executed and delivered by OSI, Outback, and
COBLE, INC. prior to the Merger. As a result of the Merger, each voting and
nonvoting common share of COBLE, INC. outstanding immediately before the
Effective Date (as herein defined) shall, by virtue of the Merger and without
any further action being required by the holders thereof, be converted into and
exchanged for 98.226 shares of OSI Common Stock.

         1.2      ADJUSTMENTS.

                  (a) Except as otherwise provided in this SECTION 1.2, the
         total number of shares of OSI Common Stock to be issued pursuant to the
         Merger shall be Forty-nine Thousand One Hundred One (49,113).

                  (b) If, between the date of this Agreement and the Closing
         Date or the Effective Date, as the case may be, (i) the outstanding
         shares of capital stock of COBLE, INC. shall have been changed into a
         different number of shares or a different class by reason of any
         reclassification, recapitalization, split-up, combination, exchange of
         shares, or readjustment, with a record date within such period, or a
         stock dividend thereon shall be declared with a record date within such
         period or (ii) COBLE, INC. shall have issued additional shares of its
         capital stock, the number of shares of OSI Common Stock received in
         exchange for each share of COBLE, INC.'s capital stock shall be
         adjusted so that the aggregate number of shares of OSI Common Stock
         received in exchange for all shares of COBLE, INC.'s capital stock
         (assuming no Dissenting Shares) remains at Forty-nine Thousand One
         Hundred One (49,113).

                  (c) If, between the date of this Agreement and the Closing
         Date or the Effective Date, as the case may be, the outstanding shares
         of OSI Common Stock shall have been changed into a different number of
         shares or a different class by reason of any reclassification,
         recapitalization, split-up, combination, exchange of shares, or
         readjustment, with a record date within such period, or a stock
         dividend thereon shall be declared with a record date within such
         period, the number of shares of OSI Common Stock received in exchange
         for each share of capital stock of COBLE, INC. (as specified in SECTION
         1.1 hereof) shall be adjusted to accurately reflect such change.

         1.3      CLOSING. The closing of the transactions contemplated by this
Agreement, including the Merger (the "Closing"), shall take place at 10:00 a.m.,
Tampa time, at the offices of Outback on June 28, 1999, or on such date and at
such other time and place as is agreed upon by the parties hereto. The day on
which the Closing occurs is herein referred to as the "Closing Date". If any of
the conditions to the obligations of the parties to this Agreement have not been
satisfied or waived by the Closing Date, then the party to this Agreement that
is unable to meet such condition or conditions shall be entitled to postpone the
Closing by written notice to the other parties until such condition shall have
been satisfied (which such party shall seek to cause to happen at the earliest
practicable date) or waived, but the Closing shall occur not later than October
30, 1999, unless further extended by written agreement of the parties to this
Agreement. The parties shall use their best efforts to effectuate a timely
closing as provided in this SECTION 1.3.

         1.4      EXECUTION AND DELIVERY OF CLOSING DOCUMENTS. Before the
Closing, each party shall cause to be prepared and at the Closing the parties
shall execute and deliver each agreement and instrument required by this
Agreement or the Merger Agreement to be so executed and delivered and not
theretofore accomplished. At the Closing, each party also shall execute and

                                       2
<PAGE>   7

deliver such other appropriate and customary documents as the other parties
reasonably may request for the purpose of consummating the transactions
contemplated by this Agreement and the Merger Agreement. All actions taken at
the Closing shall be deemed to have been taken simultaneously at the time the
last of any such actions is taken or completed.

         1.5      EXECUTION AND FILING OF MERGER DOCUMENTS. At the time of
completion of the Closing, OSI, Outback, COBLE, INC. and Coble agree to take the
following actions:

                  (a) to execute and deliver all documents and certificates
         relating to the Merger required to be executed by them that have not
         already been so executed and that are required under applicable
         federal, state and local laws to be filed in order validly to
         effectuate the Merger; and

                  (b) to cause Articles of Merger to be filed with the Secretary
         of State of the State of Florida and the Secretary of State of the
         State of Georgia and a Certificate of Merger to be issued by each such
         officer.

         1.6      EFFECTIVENESS OF MERGER. The Merger shall become effective
under the laws of Florida upon filing of the Articles of Merger with the
Secretary of State of the State of Florida and the Secretary of State of the
State of Georgia (the "Effective Date"). Such Effective Date shall be indicated
on Certificates of Merger issued by the Secretary of State of the State of
Florida and by the Secretary of State of the State of Georgia pursuant to the
provisions of Sections 607.1101-607.1107 of the Florida Business Corporation Act
(the "Florida Act") and the laws of the State of Georgia ("Georgia Law").

         1.7      FURTHER ASSURANCES. After the Closing, the parties hereto
shall execute and deliver such additional documents and take such additional
actions as may reasonably be deemed necessary or advisable by any party in order
to consummate the transactions contemplated by this Agreement and by the Merger
Agreement, and to vest more fully in Outback the ownership of and the rights to
the business and assets of COBLE, INC. as existed immediately before the
Effective Date.

         1.8      CERTIFICATES. As soon as practicable after the Effective Date,
OSI shall make available and each holder of capital stock of COBLE, INC. shall
be entitled to receive upon surrender of stock certificates of COBLE, INC.
representing COBLE, INC. capital stock for cancellation, certificates
representing the number of shares of OSI Common Stock into which such shares are
converted in the Merger as provided in SECTION 1.1 hereof. The OSI Common Stock
into which such COBLE, INC. capital stock is converted shall be deemed issued at
the Effective Date.

         1.9      CLOSING OF TRANSFER BOOKS. At the Closing Date, the stock
transfer books of COBLE, INC. shall be closed and no transfer of capital stock
of COBLE, INC., shall thereafter be made.

         1.10     FRACTIONAL SHARES. No fractional shares of OSI Common Stock
and no certificates or scrip therefor shall be issued. Instead, one whole share
of OSI Common Stock shall be issued for each fractional share of .5 or more of
one whole share and each fractional share of less than .5 of one whole share
shall be disregarded.

                                       3
<PAGE>   8

         1.11     ACCOUNTING TREATMENT. It is the intention of the parties
hereto that the Merger will be treated for financial reporting purposes as a
pooling of interests.

                                   ARTICLE 2

             REPRESENTATIONS AND WARRANTIES OF COBLE, INC. AND COBLE

         Each of COBLE, INC. and Coble, jointly and severally, represent and
warrant to OSI and Outback as follows:

         2.1      ORGANIZATION AND GOOD STANDING. COBLE, INC. is a corporation
duly organized, validly existing and in good standing under the laws of the
State of Georgia.

         2.2      POWER AND AUTHORITY. COBLE, INC. has the requisite power and
authority and all material licenses and permits required by governmental
authorities to own, lease and operate its properties and assets and to carry on
its businesses as currently being conducted.

         2.3      FOREIGN CORPORATION. COBLE, INC. is duly qualified or licensed
to do business and in good standing as a foreign corporation in every
jurisdiction where the failure to so qualify could have a material adverse
effect on its respective business, operations, assets or financial condition.

         2.4      AUTHORITY AND VALIDITY.

                  (a) COBLE, INC. has the corporate power and authority to
         execute, deliver and perform its obligations under this Agreement, the
         Merger Agreement and the other documents executed or to be executed by
         COBLE, INC. in connection with this Agreement; and the execution,
         delivery and performance by COBLE, INC. of this Agreement, the Merger
         Agreement and the other documents executed or to be executed by COBLE,
         INC. in connection with this Agreement have been duly authorized by all
         necessary corporate action. The execution, delivery and performance by
         COBLE, INC. of this Agreement, the Merger Agreement and any other
         documents executed or to be executed in connection with this Agreement
         and the consummation of the transactions provided for herein have been
         duly authorized and approved by the board of directors and shareholders
         of COBLE, INC. as required under the laws of the State of Georgia and
         COBLE, INC.'s corporate governance documents.

                  (b) Coble has the power and authority to execute, deliver and
         perform his obligations under this Agreement and the other documents
         executed or to be executed by Coble in connection with this Agreement.

         2.5      BINDING EFFECT. This Agreement, the Merger Agreement and the
other documents executed or to be executed by COBLE, INC. and Coble in
connection with this Agreement have been or will have been duly executed and
delivered by COBLE, INC. and Coble, and are or will be, when executed and
delivered, the legal, valid and binding obligations of each of COBLE, INC. and
Coble enforceable in accordance with their terms except that:

                  (a) enforceability may be limited by bankruptcy, insolvency or
         other similar laws affecting creditors' rights; and

                                       4
<PAGE>   9

                  (b) the availability of equitable remedies may be limited by
         equitable principles of general applicability.

         2.6      COMPLIANCE WITH OTHER INSTRUMENTS. Neither the execution and
delivery by COBLE, INC. nor Coble of this Agreement and the Merger Agreement,
nor the consummation by them of the transactions contemplated hereby and
thereby, will violate, breach, be in conflict with, or constitute a default
under, or permit the termination or the acceleration of maturity of, or result
in the imposition of any lien, claim or encumbrance upon any material property
or asset of COBLE, INC. or Coble pursuant to, its certificate of incorporation,
bylaws, partnership agreement, operating agreement or other charter or
governance document, or any note, bond, indenture, mortgage, deed of trust,
evidence of indebtedness, loan or lease agreement, other agreement or instrument
(including with customers), judgment, order, injunction or decree by which
COBLE, INC. or Coble is bound, to which either of them is a party, or to which
any assets of either of them are subject; PROVIDED, HOWEVER, this SECTION 2.5
shall not apply with respect to any of the foregoing if COBLE, INC. is bound
thereby, a party thereto, or its assets subject, solely by reason of its status
as a partner in the Partnership.

         2.7      CAPITALIZATION OF COBLE, INC.

                  (a) The authorized capital stock of COBLE, INC. consists of
         Ten Thousand (10,000) common shares. There are five hundred (500)
         common shares issued and outstanding, all of which are owned by Coble.
         There are no other shareholders of COBLE, INC. and no other persons
         with rights or options to acquire capital stock of COBLE, INC. All of
         the issued and outstanding shares of capital stock of COBLE, INC. have
         been duly authorized and validly issued and are fully paid and
         nonassessable. There are no shares of capital stock of COBLE, INC. held
         in its treasury.

                  (b) There are no voting trusts, shareholder agreements or
         other voting arrangements to which the shareholder of COBLE, INC. is a
         party.

                  (c) There is no outstanding subscription, contract,
         convertible or exchangeable security, option, warrant, call or other
         right obligating COBLE, INC. to issue, sell, exchange or otherwise
         dispose of, or to purchase, redeem or otherwise acquire, shares of, or
         securities convertible into or exchangeable for, capital stock of
         COBLE, INC.

         2.8      ABSENCE OF CERTAIN CHANGES. From December 31, 1998 to the
Closing Date, (except solely as a result of COBLE, INC.'s status as a partner in
the Partnership) COBLE, INC. has not:

                  (a) suffered any material adverse change in its business,
         results of operations, working capital, assets, liabilities, or
         condition (financial or otherwise) or the manner of conducting its
         business;

                  (b) suffered any material damage or destruction to or loss of
         its assets not covered by insurance, or any loss of suppliers or
         employees;

                  (c) acquired or disposed of any asset, or incurred, assumed,
         guaranteed, endorsed, paid or discharged any indebtedness, liability or
         obligation, or subjected or permitted to be subjected any material
         amount of assets to any lien, claim or encumbrance of any kind, except

                                       5
<PAGE>   10

         in the ordinary course of business or pursuant to agreements in force
         at the date of this Agreement and identified in Item 2.8(c) of the
         Disclosure Schedules;

                  (d) forgiven, compromised, canceled, released, waived or
         permitted to lapse any material rights or claims;

                  (e) entered into or terminated any lease, agreement,
         commitment or transaction, or agreed to or made any changes in any
         leases or agreements, other than transactions and commitments entered
         into in the ordinary course of business;

                  (f) written up, written down or written off the book value of
         any assets;

                  (g) declared, paid or set aside for payment any dividend or
         distribution with respect to its capital stock;

                  (h) redeemed, purchased or otherwise acquired, or sold,
         granted or otherwise disposed of, directly or indirectly, any of its
         capital stock or securities or any rights to acquire such capital stock
         or securities, or agreed to changes in the terms and conditions of any
         such rights outstanding as of the date of this Agreement;

                  (i) except in the ordinary course of business, increased the
         compensation of any employee or paid any bonuses to any employee or
         contributed to any employee benefit plan;

                  (j) entered into any employment, consulting, compensation or
         collective bargaining agreement with any person or group, except oral
         employment agreements which can be terminated at will; or

                  (k) entered into, adopted or amended any employee benefit plan
         or severance agreements.

         2.9      TAX LIABILITIES. COBLE, INC. has filed all federal, state,
county, local and foreign tax returns and reports required to be filed by them
by the date hereof, including those with respect to income, payroll, property,
withholding, social security, unemployment, franchise, excise and sales taxes;
COBLE, INC. has either paid in full all taxes that have become due as reflected
on any return or report and any interest and penalties with respect thereto or
have fully accrued on their books or have established adequate reserves for all
taxes payable but not yet due; and have made cash deposits with appropriate
governmental authorities representing estimated payments of taxes, including
income taxes and employee withholding tax obligations. No extension or waiver of
any statute of limitations or time within which to file any return has been
granted to COBLE, INC. with respect to any tax. No unsatisfied deficiency,
delinquency or default for any tax, assessment or governmental charge has been
claimed, proposed or assessed against COBLE, INC. nor has COBLE, INC. received
notice of any such deficiency, delinquency or default. COBLE, INC. has no reason
to believe that COBLE, INC. has or may have any tax liabilities other than those
reflected on the unaudited balance sheet of COBLE, INC. as of December 31, 1998,
with any notes thereto, and the related unaudited statements of income for the

                                       6
<PAGE>   11

twelve months ended December 31, 1998, together with supplemental information on
COBLE, INC., each prepared and attested to by the chief financial officer of
COBLE, INC. (the "Balance Sheets") and those arising in the ordinary course of
business since the date thereof. With regard to the foregoing, COBLE, INC. has
relied on the accuracy and completeness of the Schedule K-1 provided by the
Partnership.

         Coble shall have sole responsibility for filing all required tax
returns for COBLE, INC. OSI shall assist Coble in preparing income tax returns
and shall cooperate with Coble to the extent necessary therefor, and Coble shall
provide OSI with copies of all such returns at least fifteen (15) days prior to
filing.

         2.10     NO UNDISCLOSED LIABILITIES. There are no liabilities or
obligations of COBLE, INC. (other than material liabilities arising solely by
reason of COBLE, INC.'s status as a partner in the Partnership) of any nature,
whether absolute, accrued, contingent or otherwise, other than liabilities or
obligations indicated in Items 2.10(a) and 2.10(b) of the Disclosure Schedules.

         2.11     TITLE TO PROPERTIES. COBLE, INC. has good and marketable title
to the assets reflected in its books and records as being owned by it, (except
as they have since been affected by transactions in the ordinary course of
business and consistent with past practices) the real and personal properties
reflected in the Balance Sheets (except for assets subject to financing leases
required to be capitalized under generally accepted accounting principles, all
of which are so reflected in the Balance Sheet or notes thereto) and all assets
purchased by COBLE, INC. since the date of the Balance Sheet, in each case free
and clear of any lien, claim or encumbrance, except as reflected in the Balance
Sheet or notes thereto and in Item 2.11 of the Disclosure Schedule and except
for liens for taxes, assessments or other governmental charges not yet due and
payable.

         Except for those assets acquired since the date of the Balance Sheets,
all material properties and assets owned by COBLE, INC. are properly reflected
on the applicable Balance Sheets and notes thereto.

         2.12     CONTRACTS. Excluding (i) contracts and commitments between
Outback or OSI and COBLE, INC. or the Partnership, (ii) contracts and
commitments entered into by the Partnership to which Outback or OSI is a party,
(iii) contracts and commitments entered into by COBLE, INC. in the ordinary
course of the Partnership's business without violation of the provisions of the
Partnership Agreement, and (iv) contracts and commitments entered into with the
written consent of OSI or Outback, Item 2.12 of the Disclosure Schedule is a
complete and accurate list of all of the contracts and commitments (including
summaries of oral contracts) to which COBLE, INC. is a party or by which COBLE,
INC. is bound:

         2.13     LITIGATION AND GOVERNMENT CLAIMS. Except as indicated in Item
2.13 of the Disclosure Schedule, there is no pending suit, claim, action or
litigation or administrative, arbitration or other proceeding or governmental
investigation or inquiry against COBLE, INC. or the Partnership or to which any
of their business or assets is subject. Except as indicated in Item 2.13 of the
Disclosure Schedule, there are no such proceedings threatened or, to the best
knowledge of COBLE, INC. or Coble, contemplated or, to the best knowledge of
COBLE, INC. or Coble, any basis for any unasserted claims (whether or not the
potential claimant may be aware of the claim) of any nature that might be
asserted against COBLE, INC. or the Partnership.

         2.14     NO VIOLATION OF ANY INSTRUMENT. Except as indicated in Item
2.14 of the Disclosure Schedule, COBLE, INC. is not in violation of or default

                                       7
<PAGE>   12

under nor has any event occurred that, with the lapse of time or the giving of
notice or both, would constitute a violation of or default under or permit the
termination or the acceleration of maturity of or result in the imposition of a
lien, claim or encumbrance upon any property or asset of COBLE, INC. pursuant
to, the articles or certificates of incorporation, bylaws or other chartering or
governance document of COBLE, INC. or (excluding any of the following entered
into by the Partnership and to which Outback or OSI is a signatory or to which
Outback or OSI consented in writing or which were entered into by COBLE, INC. in
the ordinary course of business without violation of the provisions of the
Partnership Agreement) any note, bond, indenture, mortgage, deed of trust,
evidence of indebtedness, loan or lease agreement, other material agreement or
instrument (including with customers), judgment, order, injunction or decree to
which COBLE, INC. is a party, by which COBLE, INC. is bound or to which any of
the assets of COBLE, INC. are subject.

         2.15     NECESSARY APPROVALS AND CONSENTS. Other than (a) in connection
with or in compliance with the laws of the States of Florida and Georgia with
respect to effectuating the Merger, (b) consents required to be obtained from
applicable liquor control authorities, (c) consents required to be obtained from
lessors, and (d) under the provisions of the Securities Act of 1933, as amended,
the Securities Exchange Act of 1934, as amended, or state securities or blue sky
laws, no authorization, consent, permit or license or approval of or
declaration, registration or filing with, any person or governmental or
regulatory authority or agency is necessary for the execution and delivery by
each of COBLE, INC. and Coble of this Agreement, the Merger Agreement and the
other agreements executed or to be executed by them in connection with this
Agreement, and the consummation by COBLE, INC. and Coble of the transactions
contemplated by this Agreement and the Merger Agreement, and the ownership and
operation by Outback of the respective businesses and properties of COBLE, INC.
after the Effective Date in substantially the same manner as now operated.

         2.16     COMPLIANCE WITH LAWS. Coble has no actual knowledge that
COBLE, INC. or the Partnership are not in compliance with any such laws
applicable to their respective business, where failure to so comply would have a
material adverse effect on their business, operations, properties, assets or
conditions.

         2.17     ACCURACY OF INFORMATION FURNISHED. No representation or
warranty by COBLE, INC. or Coble in this Agreement nor any information in the
Financial Statements or in the Disclosure Schedule contains any untrue statement
of a material fact or omits to state any material fact that would make the
statements herein or therein, in light of the circumstances under which they
were made, false or misleading. Each of COBLE, INC. and Coble have disclosed to
OSI and Outback all facts known to them that are material to COBLE, INC.'s and
the Partnership's respective businesses, operations, financial condition or
prospects.

                                   ARTICLE 3

                     REPRESENTATIONS AND WARRANTIES OF COBLE

         In addition to the representations and warranties contained in ARTICLE
2, Coble represents and warrants to OSI and Outback as follows:

                                       8
<PAGE>   13

         3.1      AUTHORITY AND VALIDITY. He has the capacity and authority to
execute, deliver and perform this Agreement and all other agreements and
documents he is executing or will execute in connection herewith or therewith.

         3.2      BINDING EFFECT. This Agreement and the other documents
executed or to be executed by Coble in connection with this Agreement have been
or will have been duly executed and delivered by him and are or will be, when
executed and delivered, his legal, valid and binding obligations enforceable in
accordance with their terms except that:

                  (a) enforceability may be limited by bankruptcy, insolvency or
         other similar laws affecting creditors' rights; and

                  (b) the availability of equitable remedies may be limited by
         equitable principles of general applicability.

         3.3      OWNERSHIP. Coble is the sole record and beneficial shareholder
of COBLE, INC. and no other person has any rights (in any form) to acquire any
capital stock of COBLE, INC.

         3.4      VOTING. He acknowledges that in his individual capacity as
shareholder and director of COBLE, INC., he has voted in favor of the execution
and delivery of this Agreement and the Merger Agreement.

         3.5      RESIDENCY. Coble is, and has been at all times during the one
year period ending on the date hereof, a resident of the State of Georgia.

         3.6      COMPLIANCE WITH OTHER INSTRUMENTS. Neither the execution and
delivery by Coble of this Agreement and the Merger Agreement, nor the
consummation by him of the transactions contemplated hereby and thereby will
violate, breach, be in conflict with or constitute a default under or permit the
termination or the acceleration of maturity of or result in the imposition of
any lien, claim or encumbrance upon any material property or asset of Coble
pursuant to any note, bond, indenture, mortgage, deed of trust, evidence of
indebtedness, loan or lease agreement, other agreement or instrument (including
with customers), judgment order, injunction or decree by which Coble is bound,
to which he is a party or to which he is subject.

                                   ARTICLE 4

                REPRESENTATIONS AND WARRANTIES OF OSI AND OUTBACK

         OSI and Outback jointly and severally represent and warrant to COBLE,
INC. and Coble as follows:

         4.1      ORGANIZATION AND GOOD STANDING. OSI and Outback are
corporations duly organized, validly existing and in good standing under the
laws of the States of Georgia and Florida, respectively.

                                       9
<PAGE>   14

         4.2      FOREIGN QUALIFICATION. Outback is duly qualified or licensed
to do business and in good standing as a foreign corporation in Georgia and in
every other jurisdiction where the failure to so qualify could have a material
adverse effect on its respective business, operations, assets or financial
condition.

         4.3      POWER AND AUTHORITY. OSI and Outback each have the corporate
power and authority and all licenses and permits required by governmental
authorities to own, lease and operate their respective properties and assets and
to carry on their respective business as currently being conducted.

         4.4      AUTHORITY AND VALIDITY. OSI and Outback each have the
corporate power and authority to execute, deliver and perform their respective
obligations under this Agreement, the Merger Agreement and the other documents
executed or to be executed by OSI and Outback in connection with this Agreement
and the execution, delivery and performance by OSI and Outback of this
Agreement, the Merger Agreement and the other documents executed or to be
executed by OSI and Outback in connection with this Agreement have been duly
authorized by all necessary corporate action.

         4.5      BINDING EFFECT. This Agreement, the Merger Agreement and the
other documents executed or to be executed by OSI and Outback in connection with
this Agreement have been or will have been duly executed and delivered by OSI
and Outback and are or will be, when executed and delivered, the legal, valid
and binding obligations of OSI and Outback, enforceable in accordance with their
terms except that:

                  (a) enforceability may be limited by bankruptcy, insolvency or
         other similar laws affecting creditors' rights; and

                  (b) the availability of equitable remedies may be limited by
         equitable principles of general applicability.

         4.6      COMPLIANCE WITH OTHER INSTRUMENTS. Neither the execution and
delivery by OSI and/or Outback of this Agreement, the Merger Agreement, nor the
consummation by it of the transactions contemplated hereby and thereby will
violate, breach, be in conflict with or constitute a default under or permit the
termination or the acceleration of maturity of or result in the imposition of
any lien, claim or encumbrance upon any property or asset of OSI or Outback
pursuant to, the certificate of incorporation or bylaws of OSI or Outback or any
note, bond, indenture, mortgage, deed of trust, evidence of indebtedness, loan
or lease agreement, other agreement or instrument, judgment order, injunction or
decree by which OSI or Outback is bound, to which it is a party or to which its
assets are subject.

         4.7      CAPITALIZATION OF OSI. The authorized capital stock of OSI
consists of Two Hundred Million (200,000,000) shares of Common Stock, $.01 par
value and Two Million (2,000,000) shares of Preferred Stock, $.01 par value, of
which approximately 74,991,870 shares of Common Stock and no shares of Preferred
Stock were issued and outstanding as of September 30, 1999. All of the issued
and outstanding shares of OSI Common Stock have been duly authorized and validly
issued and are fully paid and nonassessable. The shares of OSI Common Stock to
be issued in exchange for COBLE, INC.'s capital stock at the Effective Date,
when issued and delivered, will be duly authorized, validly issued, fully paid
and nonassessable. As of the date hereof, except for (i) employee and director
stock options to acquire shares of OSI Common Stock and (ii) employee stock
ownership plans, there are no options, warrants or other rights, agreements or

                                       10
<PAGE>   15

commitments outstanding obligating Outback or OSI to issue shares of its capital
stock. All of the outstanding shares of capital stock of Outback are owned by
OSI, free and clear of any lien or encumbrance.

         4.8      SEC REPORTS. OSI has delivered to COBLE, INC. and Coble true
and complete copies of its (i) Annual Report on Form 10-K for the year ended
December 31, 1998; (ii) Proxy Statement used in connection with its 1998 Annual
Meeting of Shareholders; (iii) 1998 Annual Report to Shareholders; (iv) all
periodic reports, if any, on Form 8-K filed with the Securities and Exchange
Commission since December 31, 1998 to the date hereof; and (v) all Forms 10-Q,
if any, filed with the Securities and Exchange Commission since December 31,
1998 to the date hereof. Such documents and reports did not on their dates or
the date of filing, contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading. OSI has filed all material documents required to be filed by it
with the SEC and all such documents complied as to form with the applicable
requirements of law. Copies of all other reports filed by OSI with the SEC from
the date hereof to and including the Effective Date have been or will be
delivered to COBLE, INC. and Coble. All financial statements and schedules
included in the documents referred to in this SECTION 4.8 were prepared in
accordance with generally accepted accounting principles, applied on a
consistent basis except as noted therein and fairly present the information
purported to be shown therein.

         4.9      LITIGATION AND GOVERNMENT CLAIMS. There is no pending suit,
claim, action or litigation or administrative, arbitration or other proceeding
or governmental investigation or inquiry against OSI or Outback which would,
severally or in the aggregate, have a material adverse effect on the business,
results of operations, assets or the condition, financial or otherwise, of OSI
and its subsidiaries, taken as a whole. There are no such proceedings threatened
or, to the knowledge of OSI or Outback, contemplated or any unasserted claims
(whether or not the potential claimant may be aware of the claim), which might,
severally or in the aggregate have a material adverse effect on the business,
results of operations, assets or the condition, financial or otherwise, of OSI
and its subsidiaries, taken as a whole.

         4.10     NECESSARY APPROVALS AND CONSENTS. Other than (a) in connection
with or in compliance with the laws of the States of Florida and Georgia with
respect to effectuating the Merger, (b) consents required to be obtained from
applicable liquor control authorities, (c) consents required to be obtained from
lessors, and (d) under the provisions of the Securities Act of 1933, as amended,
the Securities Exchange Act of 1934, or state securities or blue sky laws, no
authorization, consent, permit or license or approval of or declaration,
registration or filing with, any person or governmental or regulatory authority
or agency is necessary for the execution and delivery by OSI and Outback of this
Agreement, the Merger Agreement and the other agreements executed or to be
executed by either of them in connection with this Agreement and the
consummation by OSI and Outback of the transactions contemplated by this
Agreement and the Merger Agreement.

         4.11     ABSENCE OF CERTAIN CHANGES OR EVENTS. Except as disclosed in
public filings by OSI with the Securities and Exchange Commission prior to the
date hereof and the Closing Date, since December 31, 1998, there has not been
any material adverse change in the financial condition, results of operations or
the business, properties, assets or liabilities of Outback or OSI.

                                       11
<PAGE>   16

                                   ARTICLE 5

             JOINT COVENANTS OF COBLE, INC., COBLE, OSI AND OUTBACK

         COBLE, INC. and Coble, jointly and severally, on the one hand, and OSI
and Outback, jointly and severally on the other hand, covenant with each other
as follows:

         5.1      NOTICE OF ANY MATERIAL CHANGE. Until the Effective Date, each
of COBLE, INC., Coble, OSI and Outback shall, promptly after the first notice or
occurrence thereof but prior to the Effective Date, advise the others in writing
of any event or the existence of any state of facts that:

                  (a) would make any of its representations and warranties in
         this Agreement untrue in any material respect; or

                  (b) would otherwise constitute a material adverse change in
         the business, results of operation, working capital, assets,
         liabilities or condition (financial or otherwise) of OSI, Outback or
         COBLE, INC. and their respective subsidiaries, taken as a whole. No
         supplement or amendment to any Disclosure Schedule shall have any
         effect for the purpose of determining the satisfaction of or compliance
         with the conditions to the obligations of the parties to consummate the
         Merger set forth elsewhere in this Agreement.

         5.2      COOPERATION. Until the Effective Date, each of the parties
hereto shall and shall cause each of its affiliates to use its best efforts to:

                  (a) proceed promptly to make or give the necessary
         applications, notices, requests and filings to obtain at the earliest
         practicable date and, in any event, before the Closing Date, the
         approvals, authorizations and consents necessary to consummate the
         transactions contemplated by this Agreement;

                  (b) cooperate with and keep the other informed in connection
         with this Agreement; and

                  (c) take such actions as the other parties may reasonably
         request to consummate the transactions contemplated by this Agreement
         and use its best efforts and diligently attempt to satisfy, to the
         extent within its control, all conditions precedent to the obligations
         to close this Agreement.

         5.3      POST-CLOSING ADJUSTMENT. As soon as practicable after the
Closing Date, but in no event more than forty-five (45) days thereafter, OSI
shall determine and report in writing to all parties hereto:

                  (a) the amount of current assets of COBLE, INC. as of the
         Effective Date; and

                  (b) the amount of all liabilities of COBLE, INC. (other than
         liabilities specified in Item 6.2 of the COBLE, INC. Disclosure
         Schedule to the extent assumed by Outback) which were not paid in full
         prior to the Effective Date.

                                       12
<PAGE>   17

         Upon receipt of such report, Coble (by notice to OSI as provided
herein) shall have a period of ten (10) days in which to object in writing to
any portion or item of such report. In the event no objection is timely made,
OSI's report shall be final and binding on all parties. If timely objection is
made, the chief financial officer of OSI and Coble (and at the expense of Coble)
shall meet and attempt to agree on the items to which objection was made. If
such persons cannot agree within thirty (30) days from the date of written
objection, the items on which agreement has not been reached shall be submitted
to the Tampa, Florida office of PricewaterhouseCoopers (or other agreed upon
independent "Big Five" accounting firm) for a resolution of such items and whose
decision shall be final and binding on all parties. The fees and expenses of
PricewaterhouseCoopers (or other accounting firm) shall be paid by the
non-prevailing party.

         If, as finally determined, the sum of Subsection (a) above exceeds the
sum of Subsections (b) and (c), OSI shall pay such excess to Coble within ten
(10) days of such final determination. If, as finally determined, the sum of
Subsections (b) and (c) exceeds the sum of Subsection (a), Coble shall pay such
excess to OSI within ten (10) days of the final determination.

         5.4      DISTRIBUTION AND ALLOCATIONS. The parties acknowledge and
agree that notwithstanding the effective date of the Merger, Outback shall be
entitled to COBLE, INC.'s entire share of Partnership distributions of cash
flow, and shall be allocated COBLE, INC.'s shares of profit and loss, from and
after June 28, 1999.

         5.5      ADDITIONAL AGREEMENTS.

                  (a) Subject to the terms and conditions herein provided, each
         of the parties hereto agrees to use all reasonable efforts to take or
         cause to be taken, all actions and to do or cause to be done, all
         things necessary, proper or advisable under applicable laws and
         regulations to consummate and make effective the transactions
         contemplated by this Agreement, including using all reasonable efforts
         to obtain all necessary waivers, consents and approvals, to effect all
         necessary registrations and filings and to lift any injunction or other
         legal bar to the Merger (and, in such case, to proceed with the Merger
         as expeditiously as possible), subject, however, to the appropriate
         vote of the shareholders of COBLE, INC.

                  (b) In case at any time after the Effective Date any further
         action is necessary or desirable to carry out the purposes of this
         Agreement, the proper officers and/or directors of OSI and Outback and
         Coble shall take all such necessary action.

                  (c) Neither Outback, OSI, COBLE, INC. nor Coble shall take any
         action which would jeopardize the characterization of the Merger as a
         reorganization within the meaning of Section 368(a) of the Code or the
         treatment of the Merger for financial reporting purposes as a pooling
         of interests.

                                   ARTICLE 6

                       COVENANTS OF COBLE, INC. AND COBLE

         COBLE, INC. and Coble covenant and agree with OSI as follows:

                                       13
<PAGE>   18

         6.1      SECURITIES LAW COMPLIANCE. Coble represents and warrants, and
covenants to Outback and OSI that:

                  (a) Coble has received all schedules and exhibits and the
         documents furnished to COBLE, INC. pursuant to SECTION 4.8;

                  (b) Coble has had the opportunity to ask questions of and
         receive answers from representatives of the management of OSI
         concerning the terms and conditions of the transactions contemplated
         hereby and to obtain all additional information that OSI possesses or
         could acquire without unreasonable expense that is necessary to verify
         the accuracy of information furnished to Coble.

                  (c) OSI and Outback have furnished him with all information
         requested and full access to materials concerning OSI and Outback which
         Coble and/or his advisors deemed necessary to properly evaluate the
         Merger. Such information and access have been made available and
         utilized to the extent Coble considers necessary and advisable in
         making an informed investment decision, and Coble has consulted his own
         tax advisor and understands the evaluation of such materials may
         require the assistance of experts and Coble has utilized such experts
         to the extent deemed necessary.

                  (d) Coble understands that the OSI Common Stock to be received
         is an investment of a speculative nature and Coble must bear the risks
         thereof for an indefinite period of time. Coble has adequate means for
         providing for his needs, is able to bear the economic risk of the
         investment and has no need for liquidity in the OSI Common Stock to be
         received in the Merger.

                  (e) Coble and/or his representatives or advisors who have
         acted with or on behalf of Coble and who have advised Coble in this
         matter have such knowledge and experience in financial and business
         matters that Coble is capable of evaluating the merits and risks of the
         Merger for OSI Common Stock.

                  (f) Coble is participating in the Merger solely for his
         account as a private investment, and Coble has no present agreement,
         understanding, arrangement or intention to sell or transfer all or any
         portion of the shares of OSI Common Stock to be issued in the Merger to
         any other person or persons. Coble does not presently intend to enter
         into any such agreement or undertaking and there are no present
         circumstances which will compel Coble to sell any OSI Common Stock so
         received. Coble will not sell or otherwise transfer the shares (except
         for DE MINIMIS gifts of shares) unless they are registered under the
         Securities Act and applicable state securities laws or, in the opinion
         of OSI and its counsel, an exemption from registration is available
         therefor.

                  (g) The investment by Coble in OSI Common Stock pursuant to
         the Merger is a suitable investment for Coble given the investment
         goals and objectives of Coble.

                  (h) Coble agrees to indemnify and hold OSI and Outback and
         each of their respective officers, directors and advisors harmless
         against all liability arising out of or in connection with any
         purchase, resale or distribution by Coble of any OSI Common Stock
         received hereby which is effected other than in strict compliance with
         the terms hereof and applicable law.

                                       14
<PAGE>   19

                  (i) Coble understands that the shares of OSI Common Stock to
         be issued in the Merger will not be registered under the Securities
         Act, nor any state securities laws, and such OSI Common Stock may not
         be sold or transferred except in compliance with such laws. Neither OSI
         nor Outback will have any obligation to register any such OSI Common
         Stock.

                  (j) Coble understands that OSI will place an appropriate
         legend on the certificate representing OSI Common Stock to be received
         restricting the transfer of the shares and stop-transfer instructions
         will be given to the transfer agent for the OSI Common Stock with
         respect to such certificates.

                  (k) Coble is a natural person (i) whose net worth (the excess
         of total assets over total liabilities), individually or jointly with
         his spouse, exceeds $1,000,000 (inclusive of the value of home, home
         furnishings and automobiles); or (ii) who had an Individual Annual
         Adjusted Gross Income in excess of $200,000 in each of the two most
         recent tax years or joint income with Coble's spouse in excess of
         $300,000 in each of those years and reasonably expects to reach the
         same income level in the current tax year.

         6.2      PAYMENT OF LIABILITIES. COBLE, INC. and Coble covenant and
agree that all debts and liabilities of COBLE, INC. relating to periods prior to
the Closing Date shall be paid or satisfied in full prior to the Effective Date,
except only current liabilities and those debts and liabilities of COBLE, INC.
assumed by Outback as specified in Item 6.2 of the Disclosure Schedules.

         6.3      POOLING. Coble agrees that until such time as financial
results of OSI covering at least thirty (30) days of combined operations of OSI
and COBLE, INC. subsequent to the Effective Date have been published, he will
not sell or otherwise dispose of any shares of OSI Common Stock held by him as
of the Effective Date or any of such shares thereafter acquired by him at any
time or from time to time prior to the date of such publication. OSI shall give
instructions to its transfer agent and registrar, Bank of New York, Inc., with
respect to the shares of OSI Common Stock issued pursuant to the Merger, to the
effect that no transfer of such shares shall be effected until the date on which
the requisite financial results have been published and OSI and the transfer
agent may take any action, including placing an appropriate legend on the
certificates, they deem necessary to enforce this provision.

                                   ARTICLE 7

                          COVENANTS OF OSI AND OUTBACK

         OSI and Outback, jointly and severally, covenant and agree with COBLE,
INC. and Coble as follows:

         7.1      EMPLOYMENT AGREEMENTS. Solely with respect to the Merger, and
any consequential termination of any partnership by operation of law, Outback
agrees not to elect to terminate the Employment Agreements between the
Partnership, as employer, and the general managers of the Partnership's Outback
Steakhouse restaurants, as employees. Outback shall succeed to all rights and

                                       15
<PAGE>   20

obligations of the Partnership under such Employment Agreements. Nothing
contained herein shall be construed as in any way limiting Outback's right to
terminate any such Employment Agreement as a result of any circumstance or event
other than the Merger and consequential termination of the Partnership by
operation of law.

         7.2      ASSUMED LIABILITIES. OSI and Outback agree to assume and pay
the liabilities specified in Item 6.2 (subject to the amount limits specified in
Item 6.2 of the Disclosure Schedules) and to indemnify and hold harmless Coble
from any loss or liability therefor.

                                   ARTICLE 8

               JOINT CONDITIONS PRECEDENT TO CLOSING OBLIGATIONS

         Except as may be waived by OSI, the obligations of COBLE, INC., Coble,
OSI and Outback to consummate the transactions contemplated by this Agreement
shall be subject to the satisfaction, on or before the Closing Date, of each of
the following conditions:

         8.1      CONSENTS TO TRANSACTION. COBLE, INC., Outback and OSI shall
have received all consents or approvals and made all applications, requests,
notices and filings with, any person, governmental authority or governmental
agency required to be obtained or made in connection with the consummation of
the transactions contemplated by this Agreement. There shall have been obtained
from all state and local governments and governmental agencies all approvals and
consents necessary to enable COBLE, INC. and/or the Partnership, as applicable,
to transfer their liquor licenses and permits to Outback, to enable Outback to
assume such licenses and permits or to enable Outback to operate restaurants (of
the kind and quality customarily operated by Outback) using such permits or
licenses. Copies of all consents and approvals received by any party pursuant to
this SECTION 8.1 shall be furnished to the other party.

         8.2      ABSENCE OF LITIGATION. No governmental agency or authority
shall have instituted or threatened in writing to institute, any action or
proceeding seeking to delay, restrain, enjoin or prohibit the consummation of
the transactions contemplated by this Agreement and no order, judgment or decree
by any court or governmental agency or authority shall be in effect that
enjoins, restrains or prohibits the same or otherwise would materially interfere
with the operation of the assets and business of COBLE, INC. or the Partnership
or OSI and its subsidiaries, including the surviving corporation in the Merger,
after the Closing Date.

         8.3      DISSENTER'S RIGHTS. The number of shares of capital stock of
COBLE, INC. for which shareholders have exercised appraisal or dissenters'
rights under applicable law shall be a number which, in the sole and absolute
discretion of OSI, does not jeopardize the financial reporting and accounting
treatment of the Merger specified in SECTION 1.11 or is otherwise not contrary
to the best interests of Outback or OSI.

                                   ARTICLE 9

               CONDITIONS PRECEDENT TO OBLIGATIONS OF COBLE, INC.

         The obligations of COBLE, INC. and Coble to consummate the transactions
contemplated by this Agreement shall be subject to the satisfaction on or before
the Closing Date of each of the following conditions:

                                       16
<PAGE>   21

         9.1      COMPLIANCE. OSI and Outback shall have, or shall have caused
to be, satisfied or complied with and performed in all material respects all
terms, covenants and conditions of this Agreement to be complied with or
performed by OSI and Outback on or before the Closing Date.

         9.2      REPRESENTATIONS AND WARRANTIES. All of the representations and
warranties made by OSI and Outback in this Agreement, and in all certificates
and other documents delivered by OSI and Outback to COBLE, INC. and Coble
pursuant hereto or in connection with the transactions contemplated hereby,
shall have been true and correct in all material respects as of the date hereof
and shall be true and correct in all material respects at the Closing Date with
the same force and effect as if such representations and warranties had been
made at and as of the Closing Date, except for changes permitted or contemplated
by this Agreement.

         9.3      MATERIAL ADVERSE CHANGES. Since the date of OSI's most recent
10-Q, as filed with the Securities and Exchange Commission, through the date
hereof, there shall have occurred no material adverse change in the business,
properties, assets, liabilities, results of operations or condition, financial
or otherwise, of OSI and Outback, taken as a whole.

                                   ARTICLE 10

             CONDITIONS PRECEDENT TO OBLIGATIONS OF OSI AND OUTBACK

         Except as may be waived by OSI and Outback, the obligations of OSI and
Outback to consummate the transactions contemplated by this Agreement shall be
subject to the satisfaction, on or before the Closing Date, of each of the
following conditions:

         10.1     COMPLIANCE. COBLE, INC. and Coble shall have or shall have
caused to be satisfied or complied with and performed in all material respects
all terms, covenants and conditions of this Agreement to be complied with or
performed by any of them on or before the Closing Date.

         10.2     REPRESENTATIONS AND WARRANTIES. All of the representations and
warranties made by COBLE, INC. and/or Coble in this Agreement, the Disclosure
Schedule, and in all certificates and other documents delivered by COBLE, INC.
or Coble pursuant hereto or in connection with the transactions contemplated
hereby, shall have been true and correct in all material respects as of the date
hereof and shall be true and correct in all material respects at the Closing
Date with the same force and effect as if such representations and warranties
had been made at and as of the Closing Date, except for changes permitted or
contemplated by this Agreement.

         10.3     CURRENT FINANCIAL STATUS. OSI shall have received the
unaudited financial statements of COBLE, INC. as of May 31, 1999, for the month
then ended.

         10.4     MATERIAL ADVERSE CHANGES. Since December 31, 1998, there shall
have occurred no material adverse change in the business, properties, assets,
liabilities, results of operations or condition, financial or otherwise, of
COBLE, INC. or the Partnership.

         10.5     POOLING. OSI shall have received a letter from Deloitte &
Touche, in form and substance satisfactory to OSI and dated not more than five
days prior to the Closing Date, to the effect that the Merger shall qualify as a
pooling of interests for financial reporting purposes.

                                       17
<PAGE>   22

                                   ARTICLE 11

                                 INDEMNIFICATION

         Coble, on the one hand, and OSI and Outback, jointly and severally, on
the other hand, agree as follows:

         11.1     INDEMNIFICATION BASED ON AGREEMENT. Subject to the limitations
contained in SECTION 11.2 hereof, Coble shall indemnify and hold harmless OSI,
Outback and COBLE, INC., and OSI, Outback and COBLE, INC., jointly and
severally, shall indemnify and hold harmless Coble, against any losses, claims,
damages or liabilities to which such indemnified party may become subject,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any facts or circumstances that would
constitute a breach by the other of any representation, warranty or covenant
contained herein or in any agreement executed pursuant hereto and will reimburse
any legal or other expenses reasonably incurred by any indemnified party in
connection with investigating or defending any such loss, claim, damage,
liability or action.

         In addition to the above, Coble shall indemnify OSI, Outback and COBLE,
INC., as provided in the first paragraph of this SECTION 11.1, against any loss,
claim, damage or liability arising out of (i) any tax liability of COBLE, INC.
for any period prior to and including the Effective Date and (ii) any debt of
COBLE, INC. (other than the debts specified in Item 6.2 of the Disclosure
Schedule to the extent assumed by Outback), and (iii) all claims, obligations,
causes of action and liabilities, of whatever kind or character, of any of
COBLE, INC. which arise out of or are based upon events first occurring on or
before the Effective Date, except only the liabilities assumed by Outback as
specified in Item 6.2 of the Disclosure Schedule.

         11.2     LIMITATION. Coble shall have no obligation under SECTION 11.1
to indemnify OSI, Outback or COBLE, INC. for any liability, loss, claim or
damage arising out of or based upon facts or actions first occurring after the
Effective Date. All obligations of indemnity (other than those relating to tax
obligations of COBLE, INC. under SECTION 11.1 above which shall continue for the
period specified in SECTION 12.4(B) hereof) shall terminate two (2) years from
the Closing Date; PROVIDED, HOWEVER, the obligations of indemnity shall not
terminate with respect to any matter for which indemnification is claimed within
two (2) years from the Closing Date.

         11.3     COOPERATION. If any claim, demand, action, suit, proceeding or
investigation arising out of or pertaining to this Agreement or the transactions
contemplated hereby is begun or asserted, whether begun or asserted before or
after the Closing Date, the parties hereto will cooperate and use their best
efforts to defend against and respond thereto.

         11.4     NOTICE. An indemnified party shall give notice to the
indemnifying party or parties within ten (10) business days after actual receipt
of service or summons to appear in any action begun in respect of which
indemnity may be sought hereunder. Failure to so notify the indemnifying party
or parties shall cause the indemnified party to be liable for any damage caused
by failure to give timely notice. The indemnifying party or parties may
participate at their own expense and with their counsel in the defense of such

                                       18
<PAGE>   23

action. If the indemnifying party or parties so elect within a reasonable time
after receipt of such notice, they may assume the defense of such action with
counsel chosen by the indemnifying party or parties and approved by the
indemnified party in such action, unless the indemnified party reasonably
objects to such assumption on the ground that its counsel has advised it that
there may be legal defenses available to it that are different from or in
addition to those available to the indemnifying party or parties, in which case
the indemnified party shall have the right to employ counsel approved by the
indemnifying party or parties. If the indemnifying party or parties assume the
defense of such action, the indemnifying party or parties shall not be liable
for fees and expenses of counsel for the indemnified party incurred thereafter
in connection with such action. In no event shall the indemnifying party or
parties be liable for the fees and expenses of more than one counsel for the
indemnified parties in connection with any one action or separate but similar or
related actions in the same jurisdiction arising out of the same general
allegations or circumstances unless, in the reasonable opinion of such counsel,
there is, under applicable standards of professional conduct, a conflict on any
significant issue between the positions of any two or more indemnified parties.

                                   ARTICLE 12

                                  MISCELLANEOUS

         12.1     TERMINATION. This Agreement and the transactions contemplated
hereby may be terminated at any time on or before the Closing Date
(notwithstanding approval by the shareholders of COBLE, INC.):

                  (a) by mutual consent of COBLE, INC. and OSI;

                  (b) by OSI if there has been a material misrepresentation or
         breach of warranty in the representations and warranties of COBLE, INC.
         or Coble set forth herein or if there has been any material failure on
         the part of COBLE, INC. or Coble to comply with their obligations
         hereunder;

                  (c) by COBLE, INC. if there has been a material
         misrepresentation or breach of warranty in the representations and
         warranties of OSI or Outback set forth herein or if there has been any
         material failure on the part of OSI or Outback to comply with their
         obligations hereunder;

                  (d) by either OSI, COBLE, INC. or Coble, if the transactions
         contemplated by this Agreement have not been consummated by October 30,
         1999, unless such failure of consummation is due to the failure of the
         terminating party to perform or observe the covenants, agreements and
         conditions hereof to be performed or observed by it at or before the
         Closing Date;

                  (e) by either OSI, or COBLE, INC. if the conditions precedent
         to its obligations to close this Agreement have not been satisfied or
         waived by it at or before the Closing Date; and

                  (f) by either COBLE, INC. or OSI if the transactions
         contemplated hereby violate any nonappealable final order, decree or
         judgment of any court or governmental body or agency having competent
         jurisdiction.

         12.2     EXPENSES. Each party hereto shall pay its own expenses
incurred in connection with this Agreement and the transactions contemplated
hereby.

         12.3     ENTIRE AGREEMENT. This Agreement and the exhibits and
Disclosure Schedule hereto constitute and contain the complete agreement among
the parties with respect to the transactions contemplated hereby and supersede

                                       19
<PAGE>   24

all prior agreements and understandings among the parties with respect to such
transactions. The parties hereto have not made any representation or warranty
except as expressly set forth in this Agreement, the Merger Agreement or in any
certificate or schedule delivered pursuant hereto. The obligations of any party
under any agreement executed pursuant to this Agreement shall not be affected by
this SECTION 12.3.

         12.4     SURVIVAL OF REPRESENTATIONS AND WARRANTIES.

                  (a) The representations, warranties and indemnification
         obligations of OSI and Outback contained herein or in any exhibit,
         certificate, document or instrument delivered pursuant to this
         Agreement shall survive the Closing for a period of two years;
         PROVIDED, HOWEVER, that the obligations of OSI and Outback under
         ARTICLE 11 hereof shall survive for the periods provided therein.

                  (b) Except where otherwise specifically provided in this
         Agreement, the representations, warranties and indemnification
         obligations of Coble contained herein or in any exhibit, schedule,
         certificate, document or instrument delivered pursuant to this
         Agreement shall survive the Closing for a period of three years from
         the Effective Date; PROVIDED, HOWEVER, the representations and
         warranties contained in SECTION 2.9 (TAX LIABILITIES) shall survive the
         Closing for a period ending four years after the filing of COBLE,
         INC.'s federal income tax return for the period including the Effective
         Date.

         12.5     COUNTERPARTS. This Agreement may be executed in any number of
identical counterparts, each of which when so executed and delivered shall be
deemed an original and such counterparts together shall constitute only one
original.

         12.6     NOTICES. All notices, demands, requests or other
communications that may be or are required to be given, served or sent by any
party to any other party pursuant to this Agreement shall be in writing and
shall be mailed by registered or certified mail, return receipt requested,
postage prepaid or transmitted by hand delivery, recognized national overnight
delivery service, telegram or telex, addressed as follows:

    If to COBLE, INC. or Coble:         COBLE, INC.
                                        5070 Cameron Forest Parkway
                                        Alpharetta, Georgia  30202
                                        Attention: Michael W. Coble

    If to OSI or Outback:               OUTBACK STEAKHOUSE, INC.
                                        550 North Reo Street, Suite 200
                                        Tampa, Florida 33609
                                        Attention: Joseph J. Kadow,
                                                    General Counsel

         Each party may designate by notice in writing a new address to which
any notice, demand, request or communication may thereafter be so given, served
or sent. Each notice, demand, request or communication that is mailed, delivered
or transmitted in the manner described above shall be deemed sufficiently given,
served, sent and received for all purposes at such time as it is delivered to

                                       20
<PAGE>   25

the addressee (with the return receipt, the delivery receipt, the affidavit of
messenger or (with respect to a telex) the answer back being deemed conclusive
evidence of such delivery) or at such time as delivery is refused by the
addressee upon presentation.

         12.7     SUCCESSORS AND ASSIGNS. This Agreement and the rights,
interests and obligations hereunder shall be binding upon and shall inure to the
benefit of the parties hereto and, except as otherwise specifically provided for
herein, their respective successors and assigns.

         12.8     GOVERNING LAW. This Agreement shall be construed and enforced
in accordance with the laws of the State of Florida without giving effect to
principles of comity or conflicts of law thereof.

         12.9     WAIVER AND OTHER ACTION. This Agreement may be amended,
modified or supplemented only by a written instrument executed by the parties
against which enforcement of the amendment, modification or supplement is
sought.

         12.10    SEVERABILITY. If any provision of this Agreement is held to be
illegal, invalid or unenforceable, such provision shall be fully severable and
this Agreement shall be construed and enforced as if such illegal, invalid or
unenforceable provision were never a part hereof; the remaining provisions
hereof shall remain in full force and effect and shall not be affected by the
illegal, invalid or unenforceable provision or by its severance; and in lieu of
such illegal, invalid or unenforceable provision, there shall be added
automatically as part of this Agreement, a provision as similar in its terms to
such illegal, invalid or unenforceable provision as may be possible and be
legal, valid and enforceable.

         12.11    HEADINGS. All headings and captions in this Agreement are
intended solely for the convenience of the parties and none shall be deemed to
affect the meaning or construction of any provision hereof.

         12.12    CONSTRUCTION. All references herein to the masculine, neuter
or singular shall be construed to include the masculine, feminine, neuter or
plural, where applicable.

         12.13    JURISDICTION AND VENUE. The parties agree that any action
brought by either party against the other in any court, whether federal or
state, shall be brought within the State of Florida in the judicial circuit in
which OSI has its principal place of business. Each party hereby agrees to
submit to the personal jurisdiction of such courts and hereby waives all
questions of personal jurisdiction or venue for the purpose of carrying out this
provision, including, without limitation, the claim or defense therein that such
courts constitute an inconvenient forum.

         12.14    ENFORCEMENT. In the event it is necessary for any party to
retain legal counsel or institute legal proceedings to enforce the terms of this
Agreement, including, without limitation, obligations upon expiration or
termination, the prevailing party shall be entitled to receive from the
non-prevailing party, in addition to all other remedies, all costs of such
enforcement including, without limitation, attorney's fees and court costs and
including appellate proceedings.

         12.15    FURTHER ASSURANCES. Each party covenants and agrees to execute
and deliver, prior to or after the Merger, such further documents as may
reasonably be requested by another party to fully effectuate the transactions
provided for herein.

                                       21
<PAGE>   26

         12.16    EQUITABLE REMEDIES. The parties hereto acknowledge that a
refusal by a party to consummate the transactions contemplated hereby will cause
irreparable harm to the other parties, for which there may be no adequate remedy
at law. A party not in default at the time of such refusal shall be entitled, in
addition to other remedies at law or in equity, to specific performance of this
Agreement by the party that refused to consummate the transactions contemplated
hereby.

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

                                            "OSI"

Attest:                                     OUTBACK STEAKHOUSE, INC.

                                            a Delaware corporation

By:____________________________             By: ________________________________
    JOSEPH J. KADOW, Secretary                  ROBERT D. BASHAM, President

                                            "Outback"

Attest:                                     OUTBACK STEAKHOUSE OF FLORIDA, INC.,
                                            a Florida corporation

By:____________________________             By: ________________________________
    JOSEPH J. KADOW, Secretary                  ROBERT D. BASHAM, Chief
                                                Operating Officer

                                            "COBLE, INC."

Attest:                                     COBLE, INC.
                                            a Georgia corporation

By:____________________________             By: ________________________________
    MICHAEL W. COBLE, Secretary                 MICHAEL W. COBLE, President

                                       22
<PAGE>   27

Witness:                               "COBLE"

_________________________________     ________________________________________
                                              MICHAEL W. COBLE

_________________________________

                                       23

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00006-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00006-of-00352.parquet"}]]