Document:

Amended and Restated Guaranty, dated March 27, 2012

 Exhibit 10.27 
 AMENDED AND RESTATED GUARANTY 
 This AMENDED AND RESTATED GUARANTY (this
“Guaranty”), dated as of the 27th day of March, 2012, is made by OSI RESTAURANT PARTNERS, LLC, a Delaware limited liability company (“Guarantor”), to and for the benefit of NEW PRIVATE RESTAURANT PROPERTIES, LLC, a
Delaware limited liability company (“Landlord”). 
 W I T N E S
S E T H : 
 WHEREAS, Private Restaurant Properties, LLC (“Original Landlord”), as
lessor, and Private Restaurant Master Lessee, LLC, a Delaware limited liability company (“Tenant”), as lessee, entered into that certain Master Lease Agreement, dated as of June 14, 2007 (as subsequently amended pursuant to
that certain First Amendment to Master Lease Agreement, dated as of September 15, 2007, and as may have been further amended, supplemented, restated or otherwise modified from time to time prior to the date hereof, the “Original
Lease”), pursuant to which Original Landlord leased to Tenant the premises described therein; 
 WHEREAS, all of the
membership interests in Tenant are owned by Guarantor; 
 WHEREAS, as a material inducement to Original Landlord entering into
the Original Lease, Guarantor executed and delivered that certain Guaranty, dated as of June 14, 2007 (the “Original Guaranty”), guaranteeing Tenant’s obligations under the Original Lease; 

WHEREAS, on the date hereof, Original Landlord has conveyed all of its right, title and interest in and to the Leased Properties (as
hereinafter defined) to Landlord and Landlord and Tenant have amended the Original Lease pursuant to that certain Amended and Restated Master Lease Agreement, dated of even date herewith, a copy of which is attached hereto as Exhibit A (as the same
may be further amended, assigned, supplemented or modified in accordance with the terms thereof and this Guaranty, the “Lease”), pursuant to which Landlord leases to Tenant the properties described therein (the “Leased
Properties”). Capitalized terms used but not defined herein shall have the meaning assigned to such terms in the Lease; and 
 WHEREAS, Guarantor and Landlord have agreed to amend and restate the Original Guaranty in its entirety pursuant the terms of this Guaranty, the execution and delivery by Guarantor of this Guaranty is a
material inducement to Landlord entering into the Lease, and Guarantor expects to derive financial benefit from the Lease. 

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt of which is hereby acknowledged
by Guarantor, and intending to be legally bound, Guarantor hereby agrees as follows: 
 ARTICLE I 

GUARANTEE 
 Section 1.01.
Guaranteed Obligations. Guarantor hereby absolutely unconditionally and irrevocably guarantees to Landlord and its successors and assigns the due, punctual and full payment, performance and observance of the following (collectively, the
“Guaranteed Obligations”): 

 (a) the full and timely payment of all Rent and all other amounts due or to become due to
Landlord from Tenant under the Lease (collectively, the “Monetary Obligations”); and 
 (b) all covenants,
agreements, terms, obligations and conditions, undertakings and duties contained in the Lease required to be observed, performed by or imposed upon Tenant under the Lease, including, but not limited to, those contained in Section 5.3 and
Article XIII thereof (collectively, the “Performance Obligations”), 
 as and when such payment, performance or observance
shall become due (whether by acceleration or otherwise) in accordance with the terms of the Lease. If for any reason any Monetary Obligation shall not be paid promptly when due, Guarantor shall, within five (5) Business Days after written
demand, pay the same to Landlord or the person or entity to whom such amounts are to be paid under the Lease. If for any reason Tenant shall fail to perform or observe any Performance Obligation, Guarantor shall upon written demand, perform and
observe the same or cause the same to be performed or observed prior to the expiration of any applicable cure period available to Tenant under the Lease with respect thereto. The notice and cure periods afforded to Guarantor under this Guaranty may
be triggered by Landlord and may run concurrently with any similar notice and cure period, if any, afforded under the terms of the Lease. 

Section 1.02. Guarantee Unconditional. The obligations of Guarantor hereunder are continuing, absolute and unconditional and shall remain in full
force and effect without regard to, and shall not be released, discharged, abated, impaired or in any way affected by: 
 (a)
any amendment, modification, extension, renewal or supplement to the Lease or any termination of the Lease as to all or any portion of the Leased Properties either pursuant to Article I or X thereof or otherwise; 

(b) any assumption by any party of Tenant’s obligations under, or Tenant’s assignment of any of its interest in, the Lease;

 (c) any exercise or nonexercise of or delay in exercising any right, remedy, power or privilege under or in respect of this
Guaranty or the Lease or pursuant to applicable law, including, without limitation, any so-called self-help remedies, or any waiver, consent, compromise, settlement, indulgence or other action or inaction in respect thereof; 

(d) any change in the financial condition of Tenant, the voluntary or involuntary liquidation, dissolution, sale of all or substantially
all of the assets, marshalling of assets and liabilities, receivership, conservatorship, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or other similar proceeding
affecting Tenant or Guarantor or any of their assets or any impairment, modification, release or limitation of liability of Tenant or Guarantor or their respective estates in bankruptcy or of any remedy for the enforcement of such liability
resulting from the operation of any present or future provision of the United States Bankruptcy Code or other similar statute or from the decision of any court; 
 (e) any extension of time for payment or performance of the Guaranteed Obligations or any part thereof; 

  
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 (f) except to the extent that Tenant is released from certain obligations and liabilities
under the provisions of Article I or Article X of the Lease expressly providing for such release (and then only to such extent as is provided therein with respect to the circumstances giving rise thereto), the release or discharge of or accord and
satisfaction with Tenant from performance or observance of any of the agreements, covenants, terms or conditions contained in the Lease by operation of law; 
 (g) the failure of Landlord to keep Guarantor advised of Tenant’s financial condition, regardless of the existence of any duty to do so; 

(h) any assignment by Landlord of all of Landlord’s right, title and interest in, to and under the Lease and/or this Guaranty as
collateral security for Landlord’s Debt; 
 (i) any present or future law or order of any government (de jure or
de facto) or of any agency thereof purporting to reduce, amend or otherwise affect the Guaranteed Obligations or any or all of the obligations, covenants or agreements of Tenant under the Lease (except by payment and performance in full of
all Guaranteed Obligations) or Guarantor under this Guaranty (except by payment and performance in full of all Guaranteed Obligations); 
 (j) the default or failure of Guarantor fully to perform any of its obligations set forth in this Guaranty; 
 (k) any actual, purported or attempted sale, assignment or other transfer by Landlord of the Lease or the Leased Properties or any part thereof or of any of its rights, interests or obligations
thereunder; 
 (l) any merger or consolidation of Tenant into or with any other entity, or any sale, lease, transfer or other
disposition of any or all of Tenant’s assets or any sale, transfer or other disposition of any or all of the shares of capital stock or other securities of or ownership interests in Tenant or any affiliate of Tenant to any other person or
entity; or 
 (m) Tenant’s failure to obtain, protect, preserve or enforce any rights in or to the Lease or the Leased
Properties or any interest therein against any party or the invalidity or unenforceability of any such rights; 
 all of which may be given or
done without notice to, or consent of, Guarantor, except as to demands upon Guarantor hereunder, as expressly provided in the portion of Section 1.01 hereof following Section 1.01(b) hereof. 

No setoff, claim, reduction or diminution of any obligation, or any defense of any kind or nature (except the Tenant’s performance of such
obligations) which Tenant or Guarantor now has or hereafter may have against Landlord shall be available hereunder to Guarantor against Landlord. 
 Section 1.03. Disaffirmance of Lease. Guarantor agrees that, in the event of rejection or disaffirmance of the Lease by Tenant or Tenant’s trustee in bankruptcy pursuant to the United States
Bankruptcy Code or any other law affecting creditors’ rights, Guarantor will, if Landlord so requests, assume all obligations and liabilities of Tenant under the Lease, to the same extent as if Guarantor had been originally named instead of
Tenant as a party to the Lease and there had 

  
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been no rejection or disaffirmance; and Guarantor will confirm such assumption in writing at the request of Landlord on or after such rejection or disaffirmance. Guarantor, upon such assumption,
shall have all rights of Tenant under the Lease (to the extent permitted by law). 
 Section 1.04. Preferential Payment. Guarantor
further agrees that to the extent Tenant or Guarantor makes any payment to Landlord in connection with the Guaranteed Obligations and all or any part of such payment is subsequent invalidated, declared to be fraudulent or preferential, set aside or
required to be repaid by Landlord or paid over to a trustee, receiver or any other entity, whether under any bankruptcy act or otherwise (any such payment is hereinafter referred to as a “Preferential Payment”), then this Guaranty
shall continue to be effective or shall be reinstated, as the case may be, and, to the extent of such payment or repayment by Landlord, Tenant’s Obligations or part thereof intended to be satisfied by such Preferential Payment shall be revived
and continued in full force and effect as if such Preferential Payment had not been made. 
 Section 1.05. No Notice or Duty to Exhaust
Remedies. Guarantor hereby waives notice of any default in the payment or non-performance of any of the Guaranteed Obligations (except as expressly required hereunder), diligence, presentment, demand, protest and all notices of any kind. Subject
only to the notice and cure periods afforded to Guarantor as provided in the portion of Section 1.01 hereof following Section 1.01(b) hereof, Guarantor agrees that liability under this Guaranty shall be primary and hereby
waives any requirement that Landlord exhaust any right or remedy, or proceed first or at any time, against Tenant or any other guarantor of, or any security for, any of the Guaranteed Obligations. Landlord may pursue its rights and remedies under
this Guaranty and under the Lease in whatever order it chooses, or collectively. This Guaranty is a guaranty of payment and performance and not merely of collection. 
 Landlord may pursue its rights and remedies under this Guaranty notwithstanding any other guarantor of or security for the Guaranteed Obligations or any part thereof. Guarantor authorizes Landlord, at its
sole option, without notice or demand and without affecting the liability of Guarantor under this Guaranty, to terminate the Lease, either in whole or in part, in accordance with its terms. 
 Each default with regard to any of the Guaranteed Obligations shall give rise to a separate cause of action and separate suits may be brought hereunder as each cause of action arises or, at the option of
Landlord, any and all causes or action which arise prior to or after any suit is commenced hereunder may be included in such suit. 
 Section
1.06. Waiver of Defenses. To the fullest extent permitted by law, Guarantor waives (a) any right to require Landlord to (i) proceed against Tenant or any other person or entity; (ii) proceed against or exhaust any security held
from Tenant; (iii) pursue any other remedy in Landlord’s power against Tenant which Guarantor cannot itself pursue, and which would lighten its burden; (b) all statutes of limitation as a defense to any action brought against
Guarantor by Landlord to the fullest extent permitted by law; (c) any defense based upon the bankruptcy, reorganization, receivership, insolvency, or debtor-relief proceeding of Tenant; and (d) presentment, demand, protest and notice of
any kind (except, as to demands upon Guarantor hereunder, as expressly provided in the portion of Section 1.01 hereof following Section 1.01(b) hereof). Except as required hereunder, Guarantor waives all demand and notices,
including demands for performance, notices of non-performance, notices of non-payment and notice of acceptance of this Guaranty. 

  
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 Section 1.07. Subrogation. Notwithstanding any other provision of this Guaranty to the contrary,
until the Guaranteed Obligations are fully performed and paid, Guarantor hereby waives any claims or other rights which Guarantor may now have or hereafter acquire against Tenant or any other guarantor of all or any of the Guaranteed Obligations,
which claims or other rights arise from the existence or performance of Guarantor’s obligations under this Guaranty (all such claims and rights are referred to as “Guarantor’s Conditional Rights”), including, without
limitation, any right of subrogation, reimbursement, exoneration, contribution, or indemnification, any right to participate in any claim or remedy of Landlord against Tenant or any collateral which Landlord now has or hereafter acquires, whether or
not such claim, remedy or right arises in equity or under contract, statute or common law, by any payment made hereunder or otherwise, including without limitation, the right to take or receive from Tenant, directly or indirectly, in cash or other
property or by setoff or in any other manner, payment or security on account of such claim or other right. If, notwithstanding the foregoing provision, any amount shall be paid to Guarantor on account of any Guarantor’s Conditional Rights and
either (i) such amount is paid to Guarantor at any time when the Guaranteed Obligations shall not have been paid or performed in full, or (ii) regardless of when such amount is paid to Guarantor, any payment made by Tenant to Landlord is
at any time determined to be a Preferential Payment, then such amount paid to Guarantor shall be held in trust for the benefit of Landlord and shall forthwith be paid to Landlord to be credited and applied upon the Guaranteed Obligations, whether
matured or unmatured, in such order as Landlord, in its sole and absolute discretion, shall determine. 
 To the extent that any of the
provisions of this Section 1.07 shall not be enforceable, Guarantor agrees that until such time as the Guaranteed Obligations have been paid and performed in full and the period of time has expired during which any payment made by Tenant
or Guarantor to Landlord may be determined to be a Preferential Payment, Guarantor’s Conditional Rights to the extent not validly waived shall be subordinate to Landlord’s right to full payment and performance of the Guaranteed
Obligations, and Guarantor shall not enforce Guarantor’s Conditional Rights during such period. 
 ARTICLE II 

REPRESENTATIONS, WARRANTIES AND COVENANTS 
 Section 2.01. Representations and Warranties. Guarantor hereby represents and warrants to Landlord as follows: 
 (a) Organization and Qualification. Guarantor is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware 

(b) Authority and Authorization. Guarantor has full power, authority and legal right to execute and deliver the Guaranty and to
perform its obligations hereunder, and all such action has been duly and validly authorized by all necessary limited liability company proceedings on its part. 

  
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 (c) Execution and Binding Effect. The Guaranty has been duly and validly executed and
delivered by Guarantor and constitutes a legal, valid and binding obligation of Guarantor, enforceable against Guarantor in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar
laws of general application affecting the enforcement of creditors’ rights generally. 
 (d) Absence of Conflicts.
Except as would not reasonably be expected to have a material adverse effect on the ability of Guarantor to perform its obligations under this Guaranty, neither the execution and delivery of this Guaranty nor performance of or compliance with the
terms and conditions hereof will (i) violate any law, rule or regulation, (ii) conflict with or result in a breach of or a default under the certificate of formation or limited liability company agreement of Guarantor or any agreement or
instrument to which Guarantor is a party or by which it or any of its assets (now owned or hereafter acquired) may be subject or bound, or (iii) result in the creation or imposition of any lien, charge, security interest or encumbrance upon any
asset (now owned or hereafter acquired) of Guarantor. 
 (e) Authorizations and Filings. Except as would not reasonably
be expected to have a material adverse effect on the ability of Guarantor to perform its obligations under this Guaranty, no authorization, consent, approval, license, exemption or other action by, and no registration, qualification, designation,
declaration or filing with, any Governmental Authority is required in connection with the execution and delivery of the Guaranty or performance of or compliance with the terms hereof. 

(f) Litigation. There are no actions, suits or proceedings pending or, to the best of Guarantor’s knowledge, threatened
against or affecting Guarantor at law or in equity by or before any court or administrative office or agency which if adversely decided would have a material adverse effect on the ability of Guarantor to perform its obligations under this Guaranty.

 Section 2.02. Notice of Certain Events. Promptly upon becoming aware thereof, Guarantor shall give Landlord notice of any downgrade in
the corporate family and credit ratings from Moody’s Investor Service Inc. and Standard & Poor’s, respectively, of Guarantor; provided, that no such notice shall be required to the extent that a press release of any such downgrade
is issued by Moody’s Investor Service Inc. and Standard & Poor’s, as applicable. 
 Section 2.03. Estoppel
Certificates. 
 (a) Guarantor shall, at any time upon not less than ten (10) days’ prior written request by
Landlord or Landlord’s Lender (but not more than four (4) times in any calendar year), deliver to the party requesting the same a statement in writing, executed by a duly authorized officer of Guarantor, certifying, as of the date thereof,
(i) that, except as otherwise specified, this Guaranty is unmodified and in full force in effect, (ii) that, except as otherwise specified, Guarantor is not in default hereunder and that no event has occurred or condition exists which,
with the giving of notice or the passage of time or both, would constitute a default hereunder, (iii) that, except as otherwise specified, Guarantor has no knowledge of any defense, setoff or counterclaim against Landlord arising out of or in
any way related to this Guaranty, and (iv) as to such other matters as Landlord or Landlord’s Lender may reasonably request. 

  
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 (b) Landlord shall, at any time upon not less that ten (10) days’ prior written
request by Tenant or Guarantor (but not more than four (4) times in any calendar year), deliver to Guarantor a statement in writing, executed by a duly authorized officer of Landlord, certifying, as of the date thereof, (i) that, except as
otherwise specified, this Guaranty is unmodified and in full force and effect, (ii) that, except as otherwise specified, Guarantor is not in default hereunder and that no event has occurred or condition exists which, with the giving of notice
or the passage of time or both, would constitute a default hereunder, (iii) that, except as otherwise specified, Landlord has no knowledge of any claim against Guarantor arising out of or in any way related to this Guaranty, for the Guaranteed
Obligations or otherwise, and (iv) as to such other matters as Guarantor may reasonably request. 
 Section 2.04. Acknowledgement of
Transition Covenant. Guarantor covenants and agrees that it shall, and shall cause its Subsidiaries and Affiliates to, comply with the provisions of Section 5.3 of the Lease and perform any Transition Services that may be required from time
to time under the terms of Section 13.2 of the Lease and any obligations of Tenant under Section 13.3 of the Lease, in each case as a primary and not secondary obligation and to the same extent as if Guarantor were the “Tenant”
under the Lease. Guarantor acknowledges and agrees that, in accordance with the terms of Section 13.4 of the Lease, the rights of Landlord provided in Sections 5.3, 13.2 and 13.3 of the Lease may be exercised directly by Landlord’s Lender
as a Superior Party, and Guarantor agrees accordingly that Landlord’s Lender shall be entitled to act on behalf of Landlord in enforcing any right, exercising any option or giving any notices or directions under Sections 5.3, 13.2 and 13.3 of
the Lease and any corresponding obligation of Guarantor under this Guaranty (including this Section 2.04). Each of Landlord and Tenant agree that Guarantor shall be entitled to rely on any and all communications or acts of
Landlord’s Lender, or of any party claiming to be Landlord’s Lender’s agent or representative (but shall not be required to rely if Tenant, Guarantor or any of their respective Affiliates questions in good faith the authority of the
Person claiming to be the agent or representative of Landlord’s Lender), with respect to the exercise of any such rights or the giving of any such notice or direction, without the necessity of making any inquiry as to the authority of such
Person with respect to such matter and notwithstanding any conflicting instructions from Landlord, and Landlord shall hold Guarantor and its Affiliates harmless for any damages suffered by Guarantor or any such Affiliate incurred because of such
reliance by Guarantor or its Affiliates. 
 Section 2.05. Amendments/Assignments Not Effective. By execution of this Guaranty, Landlord
and Tenant hereby affirm and agree that no amendment to or assignment of the Lease shall be effective unless Guarantor shall have affirmed in writing that this Guaranty continues in full force and effect notwithstanding such amendment or assignment.

 ARTICLE III 
 EVENTS OF DEFAULT 
 Section 3.01. Events of Default. The occurrence of any one or more of
the following shall constitute an “Event of Default” under this Guaranty: 
 (a) a failure by Guarantor to pay
when due any Monetary Obligation required to be paid by Guarantor pursuant to the terms of this Guaranty; 

  
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 (b) a failure by Guarantor duly to perform and observe, or a violation or breach of, any
other provision hereof not otherwise specifically mentioned in this Section 3.01; 
 (c) any representation or
warranty made by Guarantor herein proves to be untrue or incorrect when made, in any material respect; 
 (d) Guarantor shall
(i) voluntarily be adjudicated a bankrupt or insolvent, (ii) seek or consent to the appointment of a receiver for itself or its assets, (iii) file a petition seeking relief under the bankruptcy or other similar laws of the United
States, any state or any jurisdiction, (iv) make a general assignment for the benefit of creditors, or (v) be unable to pay its debts as they mature; 
 (e) a court shall enter an order, judgment or decree appointing, without the consent of Guarantor, a receiver or trustee for it or approving a petition filed against Guarantor which seeks relief under the
bankruptcy or other similar laws of the United States, any state or any jurisdiction, and such order, judgment or decree shall remain undischarged or unstayed sixty (60) days after it is entered; or 

(f) Guarantor shall be liquidated or dissolved or shall begin proceedings towards its liquidation or dissolution. 

ARTICLE IV 

MISCELLANEOUS 
 Section 4.01.
Further Assurances. From time to time upon the request of Landlord, Guarantor shall promptly and duly execute, acknowledge and deliver any and all such further instruments and documents necessary for the continuing effectiveness of this
Guaranty. In no event shall Guarantor be required to execute any such instrument or document which would modify, amend or change any term or provision hereof. 
 Section 4.02. Amendments, Waivers, Etc. This Guaranty cannot be amended, modified, waived, changed, discharged or terminated except by an instrument in writing signed by the party against whom
enforcement of such amendment, modification, waiver, change, discharge or termination is sought. 
 Section 4.03. No Implied Waiver;
Cumulative Remedies. No course of dealing and no delay or failure of Landlord in exercising any right, power or privilege under this Guaranty or the Lease shall affect any other or future exercise thereof or exercise of any other right, power or
privilege; nor shall any single or partial exercise of any such right, power or privilege or any abandonment or discontinuance of steps to enforce such a right, power or privilege preclude any further exercise thereof or of any other right, power or
privilege. The rights and remedies of Landlord under this Guaranty are cumulative and not exclusive of any rights or remedies which Landlord would otherwise have under the Lease, at law or in equity. 

Section 4.04. Notices. All notices, requests, demands, directions and other communications (collectively “notices”) under the
provisions of this Guaranty shall be in writing unless otherwise expressly permitted hereunder and shall be sent by (a) first-class or first-class express mail, (b) national overnight courier (e.g., Federal Express, UPS), or (c) for
notices other than notices of 

  
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the occurrence of an Event of Default or the request for payments of the Guaranteed Obligations only, facsimile with confirmation of receipt, in all cases with charges prepaid, and any such
properly given notice shall be effective when received or when delivery is refused. All notices shall be sent to the applicable party addressed, if to Landlord, at the address set forth in the Lease with copies thereof to the parties designated to
receive copies of notices to Landlord under the Lease, and, if to Guarantor, to the following parties: 
  

			
	 Guarantor:
	  	OSI Restaurant Partners, LLC
		  	2202 North West Shore Boulevard, 5th Floor
		  	Tampa, FL 33607
		  	Attention: Chief Financial Officer
		  	Telecopy No.: (813) 282-9195
		  	Telephone No.: (813) 282-1225
		
	 With a copy to:
	  	Bain Capital Partners, LLC
		  	John Hancock Tower
		  	200 Clarendon Street
		  	Boston, MA 02116
		  	Attention: Dave Humphrey
		  	Telecopy No.: (617) 652-3112
		  	Telephone No.: (617) 516-2112
		
	 With a copy to:
	  	Sullivan & Cromwell LLP
		  	125 Broad Street
		  	New York, N.Y. 10004-2498
		  	Attention: Arthur Adler, Esq.
		  	Telecopy No.: (212) 291-9001
		  	Telephone No.: (212) 558-3960
		
	 With a copy to:
	  	Ropes & Gray LLP
		  	Prudential Tower
		  	800 Boylston Street
		  	Boston, MA 02199-3600
		  	Attention: Richard E. Gordet, Esq.
		  	Telecopy No.: (617) 951-7050
		  	Telephone No.: (617) 951-7491

 or in accordance with the last unrevoked written direction from such party to the other party. 

Section 4.05. Expenses. Guarantor agrees to pay or cause to be paid and to save Landlord harmless against liability for the payment of all
reasonable out-of-pocket expenses, including fees and expenses of counsel for Landlord, incurred by Landlord from time to time arising in connection with Landlord’s enforcement or preservation of rights under this Guaranty, including but not
limited to, such expenses as may be incurred by Landlord in connection with any default by Guarantor of any of its obligations hereunder. Such obligation of Guarantor to indemnify Landlord shall survive the payment and performance in full of the
Guaranteed Obligations. 

  
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 Section 4.06. Severability. If any term or provision of this Guaranty or the application thereof to
any Person or circumstance shall to any extent be invalid or unenforceable, the remainder of this Guaranty, or the application of such term or provision to Persons or circumstances other than those as to which it is invalid or unenforceable, shall
not be affected thereby, and each term and provision of this Guaranty shall be valid and enforceable to the fullest extent permitted by law. 

Section 4.07. Counterparts. This Guaranty may be executed in any number of counterparts and by the different parties hereto on separate
counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument. 
 Section 4.08. Governing Law. 
 (a) This Guaranty shall be construed in
accordance with, and this Guaranty and all matters arising out of or relating to this Guaranty shall be governed by, the law of the State of New York without regard to conflicts of law principles. 

(b) The parties hereto each hereby consent to the exclusive jurisdiction of any state or federal court located within the County of New
York, State of New York, and each irrevocably agrees that all actions or proceedings arising out of or relating to this Guaranty shall be litigated in such courts. The parties hereto each accepts, generally and unconditionally, the exclusive
jurisdiction of the aforesaid courts and waives any defense of forum non-conveniens, and irrevocably agrees to be bound by any judgment rendered thereby in connection with this Guaranty. 

(c) EACH OF THE PARTIES HERETO, TO THE FULL EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE
ADVICE OF COMPETENT COUNSEL, WAIVES, RELINQUISHES AND FOREVER FORGOES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO THIS GUARANTY. 

(c) Guarantor acknowledges that the provisions of this Section 4.08 are a material inducement to Landlord’s accepting
this Guaranty and entering into the Lease. 
 Section 4.09. Successors and Assigns. This Guaranty shall bind Guarantor and its successors
and assigns, and shall inure to the benefit of Landlord and its successors and assigns. 
 Section 4.10. Incorporation of Recitals. The
recitals set forth in the WHEREAS clauses of this Guaranty are hereby specifically incorporated into the operative terms of this Guaranty as if fully set forth in the body of this Guaranty. 
 Section 4.11. Rights of Landlord’s Lender. Guarantor acknowledges that if the rights of Landlord under this Guaranty are assigned to Landlord’s Lender, Landlord’s Lender shall have
all of the rights and benefits of Landlord hereunder; provided, however, in no event shall Guarantor be liable to Landlord’s Lender or Landlord for any payment or performance of any Guaranteed Obligation by Guarantor to the other (i.e., if
Guarantor pays or performs a Guaranteed Obligation in accordance with the terms of this Guaranty to either Landlord or Landlord’s Lender, Guarantor shall not retain the obligation to pay or perform the same Guaranteed Obligation thereafter to
the other such party). 

  
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 Section 4.12. Termination of Original Guaranty. The parties hereto agree that, upon execution and
delivery of this Guaranty, the Original Guaranty shall be superseded in its entirety by this Guaranty and be of no further force and effect and Guarantor shall not have any obligation or liability thereunder. 

[Remainder of the page intentionally left blank] 

  
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 IN WITNESS WHEREOF, Guarantor has duly executed and delivered this Guaranty as of the date
first above written. 
  

			
	 OSI RESTAURANT PARTNERS, LLC,
 a Delaware limited liability company

		
	By:	 	/s/ Karen Bremer        
		 	Name: Karen Bremer
		 	Title: Vice President of Real Estate

 Acceptance 
 NEW PRIVATE RESTAURANT PROPERTIES, LLC, a Delaware limited liability company, hereby accepts this Guaranty and agrees to the terms hereof. 

 

			
	 NEW PRIVATE RESTAURANT PROPERTIES, LLC,
 a Delaware limited liability company

		
	By:	 	/s/ Karen Bremer        
		 	Name: Karen Bremer
		 	Title: Vice President of Real Estate

 For purposes of Sections 2.04 and 2.05 hereof only, PRIVATE RESTAURANT MASTER LESSEE,
LLC, a Delaware limited liability company, hereby accepts this Guaranty and agrees to the terms hereof. 
  

			
	 PRIVATE RESTAURANT MASTER LESSEE, LLC,
 a Delaware limited liability company

		
	By:	 	/s/ Karen Bremer        
		 	Name: Karen Bremer
		 	Title: Vice President of Real EstateAmended and Restated Employment Agreement dated June 14, 2007

 Exhibit 10.28 
 OSI RESTAURANT PARTNERS, LLC 
 Officer Employment Agreement

 THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into effective
June 14, 2007, by and between DIRK A. MONTGOMERY (the “Executive”) and OSI RESTAURANT PARTNERS, LLC (the “Company”). 
 W I T N E S S E T H: 
 This Agreement is made and entered into under the following
circumstances: 
 (a.) WHEREAS, the Company is engaged in the business of owning and operating, through its Affiliates, various
restaurant concepts utilizing operating systems and trademarks owned by or licensed to the Company; and 
 (b.) WHEREAS,
Kangaroo Holdings, Inc. and its wholly owned subsidiary Kangaroo Acquisition, Inc. (“Acquisition”) entered into an Agreement and Plan of Merger dated as of November 5, 2006 with OSI Restaurant Partners, Inc.
(“OSI”) (the “Merger Agreement”), pursuant to which Acquisition merged with and into OSI on the “Closing Date” (as defined in the Merger Agreement); and 

(c.) WHEREAS, immediately following the merger of Acquisition into OSI, OSI converted into the Company; and 

(d.) WHEREAS, the Company desires, on the terms and conditions stated herein, to continue to employ the Executive as Chief Financial
Officer of the Company; and 
 (e.) WHEREAS, the Executive desires, on the terms and conditions stated herein, to continue to be
employed by the Company as its Chief Financial Officer. 
 NOW, THEREFORE, in consideration of the foregoing recitals, and of
the premises, covenants, terms and conditions contained herein, the parties hereto agree as follows: 
 1. Employment
and Term. Subject to earlier termination as provided for in Section 8 hereof, the Company hereby desires to continue to employ the Executive, and the Executive hereby accepts such continued employment with the Company,
as Chief Financial Officer of the Company for a term commencing on the date hereof and expiring on the fifth anniversary hereof (the “Term of Employment”). Such Term of Employment shall be automatically renewed for successive
renewal terms of one (1) year each unless either party elects not to renew by giving written notice to the other party not less than sixty (60) days prior to the start of any renewal term. 

2. Representations and Warranties. The Executive hereby represents and warrants to the Company that the Executive
(i) is not subject to any written nonsolicitation or noncompetition agreement affecting the Executive’s employment with the Company or its Affiliates (other than any prior agreement with the Company), (ii) is not subject to any
written confidentiality or nonuse/nondisclosure agreement affecting the Executive’s employment with 

 
the Company or its Affiliates (other than any prior agreement with the Company) and (iii) has brought to the Company and its Affiliates no trade secrets, confidential business information,
documents or other personal property of a prior employer. 
 3. Duties. As Chief Financial Officer of the
Company, the Executive shall diligently and faithfully perform such duties and functions as may be assigned to the Executive commensurate with his position as Chief Financial Officer of the Company by the Board of Directors of the Company.

 The Executive shall be required hereunder to devote substantially all of the Executive’s business time and effort to the
business affairs of the Company and its Affiliates. The Executive shall be responsible for directly reporting to the Board of Directors, and for diligently and faithfully performing such duties and functions as may be assigned to the Executive
commensurate with his position as Chief Financial Officer of the Company by the Board of Directors of the Company on all matters for which the Executive is responsible. 
 Notwithstanding the foregoing, the Executive shall be permitted to invest the Executive’s personal assets and manage the Executive’s personal investment portfolio in such a form and manner as
will not require any business services on the Executive’s part to any third party, and provided it does conflict with the Executive’s duties and responsibilities to the Company or the provisions of Section 10 or
Section 11 hereof, or conflict with any material published policy of the Company or its Affiliates, including, but not limited to, the insider trading policy of the Company or its Affiliates. 

Notwithstanding the foregoing, the Executive shall also be permitted to participate in customary civic, nonprofit, religious, welfare,
social and professional activities that will not materially affect the Executive’s performance of his duties hereunder. The Executive may continue to serve on any board of directors and advisory committees of companies on which the Executive
currently serves, as long as the business of such companies is not competitive with that of the Company or any of its Affiliates. The Executive shall not serve on the board of directors or advisory committee of any other company without the prior
consent of the Company, which consent shall not be unreasonably withheld. 
 Notwithstanding anything to the contrary herein,
the parties acknowledge and agree that the Executive shall, during the term of this Agreement and at the request of the Company, also serve as an officer of any Affiliate of the Company as the Board of Directors shall reasonably request. In such
capacity, the Executive shall be responsible generally for all aspects of such office. All terms, conditions, rights and obligations of this Agreement shall be applicable to the Executive while serving in such office as though the Executive and such
Affiliate of the Company or the Company had separately entered into this Agreement, except that the Executive shall not be entitled to any compensation, vacation, fringe benefits, automobile allowance or other remuneration of any kind whatsoever
from such Affiliate of the Company. 
 4. Compensation. 

a. Base Salary. During the Term of Employment, subject to the Executive’s performance in accordance with this Agreement, the
Executive shall be entitled to an annual base 

  
 2 

 
salary of at least $420,000.00, payable in equal biweekly installments by the Company, subject to annual increase by the Board of Directors of the Company. The base salary as shall be in effect
from time to time hereunder shall be referred to herein as the “Base Salary.” 
 b. Bonus. During the
Term of Employment, the Executive shall participate in the Company’s annual incentive bonus plan, as in effect as of the date hereof, and as may be amended by the Board of Directors of the Company from time to time in accordance with its terms,
as the same may be in effect from time to time. The Executive’s maximum bonus opportunity for each fiscal year shall equal 150% of Base Salary. 
 5. Vacation. The Executive shall be entitled to four (4) weeks paid vacation (selected by the Executive, but subject to the reasonable business requirements of the Company)
during each full year during the Term of Employment, and otherwise in accordance with Company policy as may be in effect from time to time. 
 6. Fringe Benefits. In addition to any other rights the Executive may have hereunder, the Executive shall also be entitled to participate in employee benefits plans, and be eligible
to receive those fringe benefits, including, but not limited to, complimentary food, life insurance, medical benefits, etc., if any, as may be provided by the Company to similar employees of the Company, in each case, as such plans, programs
and arrangements may be in effect from time to time, all subject to the terms of such plans, programs or arrangements and applicable policies of the Company; provided, however, that benefits and perquisites available to the Executive
shall be no less favorable than those provided to the Executive prior to the “Closing” (as defined in the Merger Agreement), including with respect to airplane usage and split dollar life insurance; it being understood that the
split dollar life insurance policies were “vested” by the board of directors of OSI (as reflected on Exhibit A). 
 In
addition to the foregoing, commencing at age sixty-five (65), and contingent upon the Executive having been employed by the Company or its predecessors for seven years, the Executive will be reimbursed on a “grossed up” basis to the extent
he incurs federal or state income tax liability as a result of phantom income allocated to the Executive due to the maintenance of the split dollar life insurance policies. 
 7. Expenses. Subject to compliance with the Company’s policies as in effect from time to time, the Executive may incur and be reimbursed by the Company for reasonable expenses on
behalf of and in furtherance of the business of the Company. 
 8. Termination. Notwithstanding the
provisions of Section 1 hereof, the Term of Employment shall terminate prior to the end of the period of time specified in Section 1 hereof, immediately upon: 

(a) The death of the Executive; or 

(b) At the election of the Company in the event of the Executive’s Disability during the Term of Employment. For
purposes of this Agreement, the term “Disability” shall mean the inability of the Executive, arising out of any medically determinable physical or mental impairment, to perform the services required of the Executive hereunder for a
period of (i) one-

  
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hundred eighty (180) consecutive days or (ii) two-hundred forty (240) total days during any period of three-hundred and sixty-five (365) consecutive calendar days; or

 (c) The existence of Cause. For purposes of this Agreement, “Cause” means any of the
following: the Executive’s (i) gross neglect of duty or prolonged absence from duty (other than any such failure resulting from incapacity due to physical or mental illness) without the consent of the Company, as determined in good faith
by the Board of Directors of the Company and following notice to the Executive and a reasonable opportunity to cure, (ii) conviction or a plea of guilty or nolo contendere with respect to commission of a felony under federal law or in
the law of the state in which such action occurred, (iii) the willful engaging in illegal misconduct or gross misconduct that is materially and demonstrably injurious to the Company or (iv) any material violation of any material covenant
or restriction contained in this Agreement; or 
 (d) At the election of the Company, at any time and including
in the event of a determination by the Company to cease business operations; or 
 (e) At the election of the
Executive from time to time no later than thirty (30) days following the occurrence of Good Reason; or 

(f) At the election of the Executive at any time upon fifteen (15) days notice. 

For all purposes of this Agreement, termination for Cause shall be deemed to have occurred on the date of the Executive’s
resignation when, because of existing facts and circumstances, subsequent termination for Cause can be reasonably foreseen. 

9. Severance. 
 (a) General. In the event of termination of the Term of Employment pursuant to Section 8 hereof, the Executive or the Executive’s estate, as appropriate, shall
be entitled to receive (in addition to any fringe benefits payable upon death in the case of the Executive’s death or any disability benefits payable under any disability plan maintained by the Company) the Base Salary provided for herein up to
and including the effective date of termination (the “Termination Effective Date”), prorated on a daily basis. Except as provided in Section 9(b) or Section 9(c) below, the Executive shall not be entitled to
receive any severance compensation. 
 (b) Severance. In the event of termination of the
Term of Employment pursuant to Section 8(d) or Section 8(e) hereof (including, for the avoidance of doubt, the failure of the Company to renew the Term of Employment), the Executive shall be entitled to receive
as full and complete severance compensation, an amount equal to the sum of (i) the Base Salary then in effect plus (ii) the average of the three most recent annual bonuses paid to the Executive (together, the “Severance”),
such severance payable in twelve (12) equal monthly installments from the effective date of such termination. The Company shall continue to provide medical, dental and vision benefits to the Executive and his eligible dependents that are
substantially similar to those provided generally to executive officers of the Company pursuant to such welfare plans as may be in effect from time to time as if the Executive’s employment had not been terminated for the one (1) year
period commencing on the day after the effective day of such termination (which may include reimbursing the Executive for the Executive’s payment of 

  
 4 

 
COBRA premiums). The Company’s payments of Severance are expressly conditioned upon (x) the Executive executing and delivering to the Company a timely and effective separation
agreement, which shall include, but not be limited to, a general release of claims by the Executive, in the form attached hereto as Exhibit B, and (y) the Executive’s continued compliance, including after the Term of Employment, with the
covenants contained in Section 10, Section 11, Section 12 and Section 27 hereof. 
 (c) Accrued Bonus. In the event the Executive’s employment is terminated by the Company without Cause or by the Executive for Good Reason, or as the result of the
Executive’s death or Disability, the Executive shall receive, in addition to any other payments to which he is entitled pursuant to Sections 9(a) and (b) above, any accrued but unpaid bonus in respect of the
fiscal year preceding the year in which such termination of employment occurred. 
 (d)
Acknowledgement. The Executive acknowledges and agrees that in the event of termination of the Term of Employment pursuant to Section 8(d) hereof, and except for any vested benefits in tax-qualified pension
plans maintained by the Company, the Severance provided in this Section 9 shall be the only obligation that the Company or any of its Affiliates shall have to the Executive. 

10. Noncompetition. 
 (a) During Term. Except with the prior written consent of the Company, during the Executive’s employment with the Company, the Executive shall not, individually or jointly with
others, directly or indirectly, whether for the Executive’s own account or for that of any other person or entity, engage in or own or hold any ownership interest in any person or entity engaged in a full service restaurant business, and the
Executive shall not act as an officer, director, employee, partner, independent contractor, consultant, principal, agent, proprietor or in any other capacity for, nor lend any assistance (financial or otherwise) or cooperation to, any such person or
entity. 
 (b) Post Term. For a continuous period of one (1) year commencing on
termination of the Executive’s employment with the Company, regardless of any termination pursuant to Section 8 hereof or any voluntary termination or resignation by the Executive, the Executive shall not, individually or
jointly with others, directly or indirectly, whether for the Executive’s own account or for that of any other person or entity, engage in or own or hold any ownership interest in any person or entity engaged in a full service restaurant
business that is located or intended to be located anywhere within a radius of thirty (30) miles of any restaurant owned or operated by the Company or any of its Affiliates, or any proposed full service restaurant to be owned or operated by any
of the foregoing, and the Executive shall not act as an officer, director, employee, partner, independent contractor, consultant, principal, agent, proprietor or in any other capacity for, nor lend any assistance (financial or otherwise) or
cooperation to, any such person or entity. For purposes of this Section 10(b), full service restaurants owned or operated by the Company or any of its Affiliates shall include any entity in which the Company or any of its
Affiliates has an interest, including, but not limited to, an interest as a franchisor, but shall not include any entities to whose exclusion the Company consents. The term “proposed full service restaurant” shall include all
locations for which the Company or any of its franchisees or Affiliates is conducting active, bona fide negotiations to 

  
 5 

 
secure a fee or leasehold interest with the intention of establishing a full service restaurant thereon. 
 (c) Limitation. Notwithstanding subsections (a) and (b) immediately above, it shall not be a violation of this Section 10 for
the Executive to own a three percent (3%) or smaller interest in any corporation required to file periodic reports with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended, or successor statute.

 11. Nondisclosure; Nonsolicitation; Nonpiracy. Except in the performance of the Executive’s duties
hereunder, at no time during the Term of Employment, or at any time thereafter, shall the Executive, individually or jointly with others, for the benefit of the Executive or any third party, publish, disclose, use or authorize anyone else to
publish, disclose or use any secret or confidential material or information relating to any aspect of the business or operations of the Company or any of its Affiliates, including, without limitation, any secret or confidential information relating
to the business, customers, trade or industrial practices, trade secrets, technology, recipes, product specifications, restaurant operating techniques and procedures, marketing techniques and procedures, financial data, processes, vendors and other
information or know-how of the Company or any of its Affiliates, except (i) to the extent required by law, regulation or valid subpoena, or (ii) to the extent that such information or material becomes publicly known or available through no
fault of the Executive or his affiliates. Moreover, during the Executive’s employment with the Company and for one (1) year thereafter, except as is the result of a broad solicitation that is not targeting employees of the Company or any
of its franchisees or Affiliates, the Executive shall not offer employment to, or hire, any employee of the Company or any of its franchisees or Affiliates, or otherwise directly or indirectly solicit or induce any employee of the Company or any of
its franchisees or Affiliates to terminate his or her employment with the Company or any of its franchisees or Affiliates; nor shall the Executive act as an officer, director, employee, partner, independent contractor, consultant, principal, agent,
proprietor, owner or part owner, or in any other capacity, of or for any person or entity that solicits or otherwise induces any employee of the Company or any of its franchisees or Affiliates to terminate his or her employment with the Company or
any of its franchisees or Affiliates. 
 12. Company Property: Executive Duty to Return. All Company
property and assets, including products, recipes, product specifications, training materials, employee selection and testing materials, marketing and advertising materials, special event, charitable and community activity materials, customer
correspondence, internal memoranda, products and designs, sales information, project files, price lists, customer and vendor lists, prospectus reports, customer or vendor information, sales literature, territory printouts, call books, notebooks,
textbooks and all other like information or products, including all copies, duplications, replications and derivatives of such information or products, now in the possession of the Executive or acquired by the Executive while in the employ of the
Company, shall be the exclusive property of the Company, and shall be returned to the Company no later than the date of the Executive’s last day of work with the Company. 
 13. Inventions, Ideas, Processes and Designs. All inventions, ideas, recipes, processes, programs, software and designs (including all improvements) related to the business of the
Company shall be disclosed in writing promptly to the Company, and shall be the sole and 

  
 6 

 
exclusive property of the Company, if either (i) conceived, made or used by the Executive during the course of the Executive’s employment with the Company (whether or not actually
conceived during regular business hours) or (ii) made or used by the Executive for a period of six (6) months subsequent to the termination or expiration of such employment. Any invention, idea, recipe, process, program, software or design
(including an improvement) shall be deemed “related to the business of the Company” if (i) it was made with equipment, facilities or confidential information of the Company, (ii) results from work performed by the Executive for
the Company or (iii) pertains to the current business or demonstrably anticipated research or development work of the Company. The Executive shall cooperate with the Company and its attorneys in the preparation of patent and copyright
applications for such developments and, upon request, shall promptly assign all such inventions, ideas, recipes, processes and designs to the Company. The decision to file for patent or copyright protection or to maintain such development as a trade
secret shall be in the sole discretion of the Company, and the Executive shall be bound by such decision. The Executive shall provide, on the back of this Agreement, a complete list of all inventions, ideas, recipes, processes and designs if any,
patented or unpatented, copyrighted or non-copyrighted, including a brief description, that the Executive made or conceived prior to the Executive’s employment with the Company, and that, therefore, are excluded from the scope of this
Agreement. 
 14. Restrictive Covenants: Consideration; Non–Estoppel; Independent Agreements; and Non-Executory
Agreements. The restrictive covenants of Section 10, Section 11 and Section 13 of this Agreement are given and made by the Executive to induce the Company to continue to employ the
Executive and to enter into this Agreement with the Executive, and the Executive hereby acknowledges that employment with the Company is sufficient consideration for these restrictive covenants. 

The restrictive covenants of Section 10, Section 11 and Section 13 of this
Agreement shall be construed as agreements independent of any other provision in this Agreement, and the existence of any claim or cause of action of the Executive against the Company, whether predicated upon this Agreement or otherwise, shall not
constitute a defense to the enforcement of any restrictive covenant. 
 The refusal or failure of the Company to enforce any
restrictive covenant of Section 10, Section 11 and Section 13 of this Agreement (or any similar agreement) against any other employee, agent or independent contractor, for any reason, shall
neither constitute a defense to the enforcement by the Company of any such restrictive covenant, nor give rise to any claim or cause of action by the Executive against the Company. 

15. Reasonableness of Restrictions; Reformation; Enforcement. The parties hereto recognize and acknowledge that the
geographical and time limitations contained in Section 10, Section 11 and Section 13 hereof are reasonable and properly required for the adequate protection of the Company’s interests.
The Executive acknowledges that the Company is the owner or the licensee of various trademarks, and the owner or the licensee of various restaurant operating systems, and has provided and will continue to provide to the Executive training in and
confidential information concerning such restaurant operating systems in reliance on the covenants contained in Section 10, Section 11 and Section 13 hereof. It is agreed by the parties hereto
that if any portion of the restrictions contained in Section 10, Section 11 and Section 13  

  
 7 

 
hereof are held to be unreasonable, arbitrary or against public policy, then the restrictions shall be considered divisible, both as to the time and to the geographical area, with each month of
the specified period being deemed a separate period of time and each radius mile of the restricted territory being deemed a separate geographical area, so that the lesser period of time or geographical area shall remain effective so long as the same
is not unreasonable, arbitrary or against public policy. The parties hereto agree that in the event any court of competent jurisdiction determines the specified period or the specified geographical area of the restricted territory to be
unreasonable, arbitrary or against public policy, a lesser time period or geographical area that is determined to be reasonable, nonarbitrary and not against public policy may be enforced against the Executive. If the Executive shall violate any of
the covenants contained herein and if any court action is instituted by the Company to prevent or enjoin such violation, then the period of time during which the Executive’s business activities shall be restricted, as provided in this
Agreement, shall be lengthened by a period of time equal to the period between the date of the Executive’s breach of the terms or covenants contained in this Agreement and the date on which the decree of the court disposing of the issues upon
the merits shall become final and not subject to further appeal. 
 In the event it is necessary for the Company to initiate
legal proceedings to enforce, interpret or construe any of the covenants contained in Section 10, Section 11 or Section 13 hereof, each party shall pay its own legal fees, and the prevailing
party in such proceedings shall be entitled to receive from the non-prevailing party, in addition to all other remedies, all costs of such proceedings, including appellate proceedings. 

16. Specific Performance. The Executive agrees that a breach of any of the covenants contained in
Section 10, Section 11 or Section 13 hereof will cause irreparable injury to the Company for which the remedy at law will be inadequate and would be difficult to ascertain, and, therefore, in
the event of the breach or threatened breach of any such covenants, the Company shall be entitled, in addition to any other rights and remedies that it may have at law or in equity, to obtain an injunction to restrain the Executive from any
threatened or actual activities in violation of any such covenants. The Executive hereby consents and agrees that temporary and permanent injunctive relief may be granted in any proceedings that might be brought to enforce any such covenants without
the necessity of proof of actual damages, and in the event the Company does apply for such an injunction, the Executive shall not raise as a defense thereto that the Company has an adequate remedy at law. 

17. Certain Covenants. For the avoidance of doubt, the termination of this Agreement or expiration of the Term of
Employment, for any reason, shall not extinguish those obligations of the Executive specified in Section 10, Section 11, Section 13 and Section 27 hereof, those obligations
of the Company specified in Section 9 hereof, or the obligation of the Company to provide the Executive with gross-up payments referenced in the second paragraph of Section 6 and, with respect to the merger of
Acquisition and OSI, as specified in Section 30 hereof. 
 18. Captions; Terms. The
captions of this Agreement are for convenience only, and shall not be construed to limit, define or modify the substantive terms hereof. 

  
 8 

 19. Acknowledgments. The Executive hereby acknowledges that the
Executive has been provided with a copy of this Agreement for review prior to signing it, that the Executive has been given the opportunity to have this Agreement reviewed by Executive’s attorney prior to signing it, that the Executive
understands the purposes and effects of this Agreement and that the Executive has been given a signed copy of this Agreement for the Executive’s own records. 
 20. Notices. All notices or other communications provided for herein to be given or sent to a party by another party shall be deemed validly given or sent if in writing and mailed,
postage prepaid, by certified United States mail, return receipt requested (with effect two (2) business days after sent), delivered by hand (with effect upon delivery) or by nationally recognized overnight courier (with effect one
(1) business day after sent) addressed to the parties at their addresses set forth on the records of the company. Any party may give notice to the other party at any time, by the method specified above, of a change in the address at which, or
the person to whom, notice is to be addressed (which shall be effective upon receipt). 
 21. Severability.
Each section and subsection of this Agreement constitutes a separate and distinct undertaking, covenant or provision hereof. In the event that any provision of this Agreement shall be determined to be invalid or unenforceable, such provision shall
be deemed limited by construction in scope and effect to the minimum extent necessary to render the same valid and enforceable, and, in the event such a limiting construction is impossible, such invalid or unenforceable provision shall be deemed
severed from this Agreement, but every other provision of this Agreement shall remain in full force and effect. 
 22.
Waiver. The failure of a party to enforce any term, provision or condition of this Agreement at any time or times shall not be deemed a waiver of that term, provision or condition for the future, nor shall any specific waiver of
a term, provision, or condition at one time be deemed a waiver of such term, provision, or condition for any future time or times. 
 23. Assignment; Parties. This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their legal representatives, executors, administrators, heirs
and proper successors or permitted assigns, as the case may be. This Agreement and the rights and duties created hereunder shall not be assignable or delegable by the Executive. The Company shall have the right, without the Executive’s
knowledge or the Executive’s consent, to assign this Agreement, in whole or in part, and any or all of the rights and duties hereunder, to any Affiliate of the Company, or any successor to the Company, and the Executive shall be bound by such
assignment. 
 24. Governing Law. The validity, interpretation and performance of this Agreement shall be
governed by the laws of the State of Florida without giving effect to the principles of comity or conflicts of laws thereof. 

25. Consent to Personal Jurisdiction and Venue. The Executive hereby consents to personal jurisdiction and venue,
for any action brought by the Company arising out of a breach or threatened breach of this Agreement or out of the relationship established by this Agreement, exclusively in the United States District Court for the Middle District of Florida, Tampa
Division, or in the Circuit Court in and for Hillsborough County, Florida and, if applicable, the federal and state courts in any jurisdiction where the Executive is employed or resides; the 

  
 9 

 
Executive hereby agrees that any action brought by the Executive, alone or in combination with others, against the Company, whether arising out of this Agreement or otherwise, shall be brought
exclusively in the United States District Court for the Middle District of Florida, Tampa Division, or in the Circuit Court in and for Hillsborough County, Florida. 
 26. Affiliate. Whenever used in this Agreement, the term “Affiliate” shall mean, with respect to any entity, all persons or entities directly or indirectly controlled
by Kangaroo Holdings, Inc., where control may be by management authority, contract or equity interest. 
 27.
Cooperation. The Executive shall cooperate fully with all reasonable requests for information and participation by the Company, its agents or its attorneys in prosecuting or defending claims, suits and disputes brought on behalf
of or against the Company and in which Executive is involved or about which Executive has knowledge. 
 28. Fees and
Expenses. The Company will pay, or cause to be paid, all reasonable legal fees incurred by the Executive arising out of the negotiation and drafting of this Agreement, the Executive’s rollover stock agreement, the option agreement
and any other agreements or arrangements ancillary thereto. 
 29. Amendments. No change, modification or
termination of any of the terms, provisions or conditions of this Agreement shall be effective unless made in writing and signed or initialed by all signatories to this Agreement. 

30. 280G. With respect to the merger of Acquisition and OSI as contemplated by the Merger Agreement, the
Company shall provide the Executive with the gross-up payments provided for under Section 34 of the Executive’s employment agreement dated as of March 8, 2006, as amended November 5, 2006. If, after the date hereof, there occurs
a transaction that constitutes a “change of control” under Regulation 1.280G of the Internal Revenue Code of 1986, as amended (the “Code”), the Company and the Executive shall use commercially reasonable best efforts to
take such actions as may be necessary to avoid the imposition of any the excise tax imposed by Section 4999 of the Code on the Executive, including seeking to obtain stockholder approval in accordance with the terms of Section 280G(b)(5).

 31. WAIVER OF JURY TRIAL. THE PARTIES TO THIS AGREEMENT KNOW AND UNDERSTAND THAT
THEY HAVE A CONSTITUTIONAL RIGHT TO A JURY TRIAL. THE PARTIES ACKNOWLEDGE THAT ANY DISPUTE OR CONTROVERSY THAT MAY ARISE OUT OF THIS AGREEMENT WILL INVOLVE COMPLICATED AND DIFFICULT FACTUAL AND LEGAL ISSUES. 

THE PARTIES HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE CONTEMPLATED
TRANSACTIONS, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. THE PARTIES AGREE THAT EITHER OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND
BARGAINED–FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE TRIAL BY JURY, AND THAT ANY 

  
 10 

 
PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS SHALL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A
JURY. 
 THE PARTIES INTEND THAT THIS WAIVER OF THE RIGHT TO A JURY TRIAL BE AS BROAD AS POSSIBLE. BY THEIR SIGNATURES BELOW, THE PARTIES
PROMISE, WARRANT AND REPRESENT THAT THEY WILL NOT PLEAD FOR, REQUEST OR OTHERWISE SEEK TO HAVE A JURY TO RESOLVE ANY AND ALL DISPUTES THAT MAY ARISE BY, BETWEEN OR AMONG THEM. 

32. Entire Agreement; Counterparts. This Agreement and the agreements referred to herein constitute the entire
agreement between the parties hereto concerning the subject matter hereof, and supersede all prior memoranda, correspondence, conversations, negotiations and agreements. This Agreement may be executed in several identical counterparts that together
shall constitute but one and the same Agreement. 
 33. Definitions. 

“Good Reason” means any of the following: (i) the assignment to the Executive of any duties inconsistent in any
respect with the Executive’s position (including status, offices, titles and reporting requirements), authority, duties or responsibilities as in effect immediately prior to the date hereof, or any diminution in such position, authority, duties
or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and that is remedied by the Company promptly after receipt of notice thereof given by the Executive, (ii) a reduction by
the Company in the Executive’s Base Salary or benefits as in effect immediately prior to the date hereof, (iii) the Company requiring the Executive to be based at or generally work from any location more than fifty (50) miles from the
location at which the Executive was based or generally worked immediately prior to the effective date hereof or (iv) without limiting the generality of clause (ii) above, failure by the Company to comply with the proviso of
Section 6 hereof. 
 [Remainder of page intentionally left blank] 

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

	
	“EXECUTIVE”
	
	/s/ Dirk A. Montgomery
	Dirk A. Montgomery

 Amended and Restated Employment Agreement 

 
			
	“THE COMPANY”
	
	OSI RESTAURANT PARTNERS, LLC
		
	By:	 	/s/ A. William Allen, III
	Name:	 	A. William Allen, III
	Title:	 	Authorized Representative

 Amended and Restated Employment Agreement 

 
 

AMENDMENT TO EMPLOYMENT AGREEMENT

 

 This Amendment to Employment Agreement (this "Amendment") is made effective as of January 1, 2009, by and between OSI Restaurant Partners, LLC (the "Company"), and Dirk A. Montgomery (the "Executive").

 Background Information
 

           The
parties to this Amendment (the "Parties") entered into an Officer Employment Agreement as of June 14, 2007 (the "Employment Agreement"), regarding the Executive's employment relationship with the Company.  The Parties desire to amend the
Employment Agreement in order to comply with the final Treasury Regulations issued under Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"). The Employment Agreement, as amended by this Amendment, is hereinafter collectively
referred to as the "Agreement."
 

 Amendment of the Employment Agreement
 

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

 1. Definitions.  All capitalized terms used in this Agreement but
which are not otherwise defined herein, shall have the respective meanings given those terms in the Employment Agreement, as applicable.

 
 2. 
Bonus.  Section 4(b) of the Agreement is hereby amended by adding the following to the end thereof:

 
 "Unless otherwise specified in the Company policies or other governing documents regarding executive compensation and bonus plans, any bonus awarded to Executive by Company shall
be paid in a single lump sum payment within 90 days after the end of the performance period."
  

3. Fringe Benefits.
Section 6 of the Agreement is hereby amended by adding the following to the end thereof:
  

"Such benefits shall be
provided in accordance with any applicable policy, program or plan provisions.  Any taxable welfare benefits provided to the Executive pursuant to this Section 6 that are not ‘disability pay’ or ‘death benefits’
within the meaning of Treasury Regulations Section 1.409A-1(a)(5) (collectively, the ‘Applicable Benefits’) shall be subject to the following requirements in order to comply with Section 409A of the Internal Revenue Code of 1986, as
amended (the "Code").  The amount of any Applicable Benefits provided during one taxable year shall not affect the amount of the Applicable Benefits provided in any other taxable year, except that with respect to any Applicable Benefits
that consist of the reimbursement of expenses referred to in Code Section 105(b), a limitation may be imposed on the amount of such reimbursements as described in Treasury Regulations Section 1.409A-3(i)(iv)(B).  To the extent that any
Applicable Benefits consist of the reimbursement of eligible expenses, such reimbursement must be made on or before the last day of the calendar year following the calendar year in which the expense was incurred, and Company shall not be obligated
to

     
 
    
  
 
 
 
  
 
 

reimburse any expense for which the Executive fails to submit an invoice
or other documented reimbursement request at least thirty (30) business days before the end of the calendar year next following the calendar year in which the expense for any such reimbursement was incurred.  Further, no Applicable
Benefits may be liquidated or exchanged for another benefit."
 

 4. Expenses.  Section  7 of the Agreement is hereby amended by adding the following to the end thereof:

 
 "If any reimbursements under this provision are taxable to the Executive, such reimbursements shall be paid on or before the end
of the calendar year following the calendar year in which the reimbursable expense was incurred, and the Company shall not be obligated to pay any such reimbursement amount for which Executive fails to submit an invoice or other documented
reimbursement request at least thirty (30) business days before the end of the calendar year next following the calendar year in which the expense was incurred.  Such expenses shall be reimbursable only to the extent they were incurred
during the term of the Agreement.  In addition, the amount of such reimbursements that the Company is obligated to pay in any given calendar year shall not affect the amount the Company is obligated to pay in any other calendar
year.  Further, Executive may not liquidate or exchange the right to reimbursement of such expenses for any other benefits."
 

5. Termination.  Section 8 of the Agreement is hereby amended by adding the following sub-section (g) to the end thereof:

 
  "(g) Termination of Employment for all purposes under this Agreement will be determined to have occurred in accordance with the ‘separation from service’
requirements of Code Section 409A and the Treasury Regulations and other guidance issued thereunder, and based on whether the facts and circumstances indicate that Company and Executive reasonably anticipated that no further services would be
performed after a certain date or that the level of bona fide services Executive would perform after such date (as an employee or as an independent contractor) would permanently decrease to no more than 20 percent of the average level of bona fide
services performed over the immediately preceding 36-month period (or actual period of service, if less)."
  

6. Severance. Section 9(b) of the Agreement is hereby amended by adding the following to the end thereof:

 
 "Such benefits shall be provided in accordance with any applicable policy, program or plan provisions.  Any taxable welfare benefits provided to the Executive pursuant
to this Section 9 that are not Applicable Benefits shall be subject to the following requirements in order to comply with Code Section 409A.  The amount of any Applicable Benefits provided during one taxable year shall not affect the
amount of the Applicable Benefits provided in any other taxable year, except that with respect to any Applicable Benefits that consist of the reimbursement of expenses referred to in Code Section 105(b), a limitation may be imposed on the amount of
such reimbursements as described in Treasury Regulations Section 1.409A-3(i)(iv)(B).  To the extent that any Applicable Benefits consist of the reimbursement of eligible expenses, such reimbursement must be made on or before the last day
of the calendar year following the calendar year in which the expense was incurred, and Company shall not be obligated to reimburse any expense for which the Executive fails to submit an invoice or other documented reimbursement request at least
thirty (30) business days before the end of the calendar year next following the calendar year in which the expense for any such reimbursement was incurred.  Further, no Applicable Benefits may be liquidated or exchanged for another
benefit."

     
 
    
  
 
 
 
  
 
 
  

7. Accrued Bonus. Section 9(c) of the Agreement is hereby amended by adding the following to the end thereof:

 
 "Such bonus payments shall be paid in a single lump sum payment within 90 days after the end of the fiscal year in which such termination of employment occurred."

 
 8. Fees and
Expenses.  Section 28 of the Agreement is hereby amended by adding the following to the end thereof:

 
 "If any reimbursements under this provision are taxable to the Executive, such reimbursements shall be paid on or before the end of the calendar year following the calendar year
in which the reimbursable expense was incurred, and the Company shall not be obligated to pay any such reimbursement amount for which Executive fails to submit an invoice or other documented reimbursement request at least thirty (30) business days
before the end of the calendar year next following the calendar year in which the expense was incurred.  Such expenses shall be reimbursable only to the extent they were incurred during the term of the Agreement.  In addition,
the amount of such reimbursements that the Company is obligated to pay in any given calendar year shall not affect the amount the Company is obligated to pay in any other calendar year.  In addition, Executive may not liquidate or exchange
the right to reimbursement of such expenses for any other benefits."
  
 9. 280G.  Section 30 of the Agreement is hereby amended by adding the following to the
end thereof:
  
 "Any such gross-up payment provided for under this Section shall be made as soon as feasible and in all cases no later than the end of the calendar year following the year in
which the applicable taxes were remitted to the applicable taxing authority."
  

10. Section 
409A.  Section 34 is hereby added to the end of the Agreement to read as follows:

 
 "34.  Code Section 409A.  The Company makes
no representation as to whether any such payment or any part thereof constitutes or may constitute non-qualified deferred compensation. Neither the Company nor any of its directors, officers, employees, agents or professional advisors shall have any
liability to the Executive or any other person or any amounts incurred by Executive or any other such person by reason of the determination made by the Board of Managers pursuant to this paragraph or any action taken or omitted by the Board, the
Company, or any of the Company’s managers, officers, employees, agents or professional advisors in the course of, or as a result of, making such determination. For purposes of this Agreement, all rights to payments and benefits hereunder shall
be treated as rights to receive a series of separate payments and benefits to the fullest extent allowed by Code Section 409A."
 

 11. The terms and
conditions of the Agreement between Company and Executive that are unaffected by this Amendment remain in full force and effect.

 
 

 
 [Signatures appear on next page.]
  

  
  
 
 
  
  
 
 

   
 
 
 

 
 IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have executed this Amendment on the
31st day of December, 2008.
 

 
 

 
 DIRK A.
MONTGOMERY                                        
                                        OSI
RESTAURANT PARTNERS, LLC
  
 

 
 /s/ Dirk A.
Montgomery_____                                      
                                         
 By: /s/ Joseph J. Kadow__________
                         Joseph J. Kadow

           
        Its: Executive Vice
President_______
  
 

  
 
 
  

 
 SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
 
 

 
 This Amendment to Employment Agreement (this "Amendment") is made effective as of December 30, 2010, by and between OSI Restaurant Partners, LLC (the
"Company"), and Dirk A. Montgomery (the "Executive").
 
 
 
 

Background
Information
 
 
            The parties to this Amendment (the "Parties") entered into an Amended and Restated Officer Employment Agreement
as of June 14, 2007 (the "Original Employment Agreement"), regarding the Executive's employment relationship with the Company.  The Original Employment Agreement was amended on January 1, 2009 (the “First Amendment”). The
Original Employment Agreement and the First Amendment are hereinafter collectively referred to as the “Employment Agreement.” The Parties desire to further amend the Employment Agreement in order to comply with IRS Notice 2010-6 and
Section 409A of the Internal Revenue Code of 1986, as amended. The Employment Agreement, as amended by this Amendment, is hereinafter collectively referred to as the "Agreement."
 
 

 
 Amendment of the Employment Agreement
 
 

The Parties hereby
acknowledge the accuracy of the foregoing Background Information and hereby agree as follows:
 
 
 1. Definitions.  All capitalized terms used in this Agreement but
which are not otherwise defined herein, shall have the respective meanings given those terms in the Employment Agreement, as applicable.

 
 2. 
Severance.  Section 9(b) of the Agreement is hereby amended by adding the following to the end thereof:

 
 "if such release is not delivered to the Company within thirty (30) days of the date of such termination,
Executive’s rights to Severance under this section 9(b) are forfeited."
  

3. Reaffirmation. The terms and conditions of the Agreement between Company
and Executive that are unaffected by this Amendment remain in full force and effect.  
  

 
 IN WITNESS
WHEREOF, the undersigned, intending to be legally bound, have executed this Amendment.
 
 

 
 DIRK A.
MONTGOMERY                                   OSI RESTAURANT PARTNERS, LLC
  

 
 /s/ Dirk A. Montgomery          By:           /s/ Kelly
Lefferts
             
           Kelly Lefferts
  
                
      Its:     Vice President 
  

 
 

 

Dirk A.
Montgomery
    

THIRD AMENDMENT TO EMPLOYMENT
AGREEMENT

THIS THIRD AMENDMENT TO EMPLOYMENT AGREEMENT (“Amendment”) is entered into by and between OSI RESTAURANT PARTNERS, LLC, a Delaware limited liability company (the “Employer”) and
DIRK A. MONTGOMERY (the “Employee”) to be effective for all purposes as of January 1,
2012.

WHEREAS, Employer employs Employee as Senior Vice President and Chief Financial Officer of the Employer pursuant to that certain Amended and Restated Officer Employment Agreement dated effective June 14,
2007, as amended by that certain Amendment to Employment Agreement dated effective as of January 1, 2009 and that certain Second Amended to Employment Agreement dated effective December 30, 2010 (as amended, the “Employment Agreement”);
and 

WHEREAS, the parties hereto desire to enter into this Amendment in order to change the Employment Agreement to reflect that the Employee has been promoted to Executive Vice President and Chief Financial
Officer of the
Employer.

NOW, THEREFORE, intending to be legally bound, for good consideration, receipt of which is acknowledged, the parties hereby agree as
follows:

1.Recitals. The
 parties acknowledge and agree that the above recitals are true and correct and incorporated herein by
reference.

2.Change of Employee's Title. The parties acknowledge and agree that all references in the
Employment Agreement to the Employee being employed as Senior Vice President and Chief Financial Officer of the Employer are hereby amended to state that the Employee is employed as Executive Vice President and Chief Financial Officer of the
Employer effective January 1,
2012.

3.Ratification. All other terms of the Employment Agreement as amended hereby are hereby ratified and confirmed by each party. 

IN WITNESS WHEREOF, the parties have executed this
Amendment effective as set forth
above.

	
									
	 
	 
	 
	“EMPLOYEE”

	 
	 

	 
	 
	 
	/s/
Dirk A. Montgomery
	 
	 

	 
	 
	 
	DIRK A. MONTGOMERY
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	“EMPLOYER”

	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	Attest:
	 
	OSI RESTAURANT PARTNERS,
LLC,
	 
	 

	 
	 
	 
	a Delaware limited liability
company
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	By:
	/s/ Kelly
Lefferts
	 
	 
	 
	By:
	/s/ Joseph J.
Kadow
	 
	 

	 
	Kelly Lefferts, Assistant
Secretary
	 
	 
	 
	 
	Joseph J. Kadow, Executive Vice
President
	 

1 of
1

 January 10, 2012 
 Dave Pace 
 Chief Resource Officer 
 OSI Restaurant Partners, LLC 
 Dear Dave: 

This will evidence my agreement to hereby amend my employment agreement to provide that my bonus target will be 85% of base salary for fiscal year 2012
and all years thereafter. 
  

	
	Very Truly Yours,
	
	 /s/ Dirk Montgomery

	Dirk Montgomery

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