Document:

2005 Stock Incentive Plan

 Exhibit 10.5 
  
 2005 STOCK INCENTIVE PLAN 
 OF 
 GORDON BIERSCH BREWERY RESTAURANT GROUP, INC. 
  
 1. Purpose. The purpose of this Plan is to provide incentive to key
Employees and members of the Board of Directors of, and consultants and advisors to, the Company, any Parent Corporation, or any Subsidiary, to encourage proprietary interest in the Company, to encourage such key Employees, members of the Board of
Directors, consultants and advisors to remain in the employ and/or service of the Company and its Parent Corporation and Subsidiaries, and to attract new Employees, members of the Board of Directors, consultants and advisors with outstanding
qualifications. 
  
 2. Definitions. Unless otherwise
defined herein or the context otherwise requires, the capitalized terms used herein shall have the following meanings: 
  
 (a) “Award” shall mean an award of Non-statutory Stock Options, Incentive Stock Options, or the award or sale of
Restricted Shares. 
  
 (b) “Award
Agreement” shall mean a written agreement in such form as may from time to time be approved by the Board, setting forth the terms and conditions of an Award. 
  
 (c) “Board” shall mean the Board of Directors of the Company. 
  
 (d) “Change of Control Transaction” shall
mean (i) the acquisition, directly or indirectly, by any person, entity or group (within the meaning of Section 13(d)(3) of the Exchange Act) of the beneficial ownership of securities holding more than fifty percent (50%) of the total
combined voting power of all outstanding securities of the Company; (ii) a merger or consolidation in which the Company is not the surviving entity, except for a transaction in which the shareholders of the Company immediately prior to such
merger or consolidation hold, in the aggregate, securities possessing more than fifty percent (50%) of the total combined voting power of all outstanding voting securities of the surviving entity immediately after such merger or consolidation;
(iii) a reverse merger in which the Company is the surviving entity but in which securities possessing more than fifty percent (50%) of the total combined voting power of all outstanding voting securities of the Company are transferred to
or acquired by a person or entity different from the persons or entities holding those securities immediately prior to such merger; or (iv) the sale, transfer or other disposition (in one transaction or a series of related transactions) of all
or substantially all of the assets of the Company. 
  
 (e) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
  
 (f) “Common Stock” shall mean the Company’s common stock, no par value per share. 
  
 (g) “Company” shall mean Gordon Biersch
Brewery Restaurant Group, Inc., a Tennessee corporation. 

 (h) “Employee” shall mean any individual who is employed by the Company,
a Subsidiary or Parent Corporation, as determined by the Board. 
  
 (i) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended and in effect from time to time, or any successor statute. 
  
 (j) “Exercise Price” shall mean the purchase price per share deliverable upon the exercise
of an Option. 
  
 (k) “Fair Market
Value” shall mean the value of one (1) share of Common Stock, determined as follows: 
  
 (i) If the shares of Common Stock are (A) listed on an exchange, the closing price as reported for composite transactions on the
business day immediately prior to the date of valuation or, if no sale occurred on that date, then the mean between the closing bid and asked prices on such exchange on such date, and (B) if traded on the Nasdaq National Market System of the
National Association of Securities Dealers, Inc. Automated Quotation System (“Nasdaq”) or Nasdaq SmallCap, the last sale price on the business day immediately prior to the date of valuation or, if no sale occurred on such date, then
the mean between the highest bid and lowest asked prices as of the close of business on the business day immediately prior to the date of valuation, as reported in Nasdaq; 
  
 (ii) If the shares of Common Stock are not traded on an exchange or on the Nasdaq National Market System or
Nasdaq SmallCap but are otherwise traded over-the-counter, the mean between the highest bid and lowest asked prices quoted in the Nasdaq system as of the close of business on the business day immediately prior to the date of valuation or, if on such
date such security is not quoted in the Nasdaq system, the mean between the representative bid and asked prices on such date in the domestic over-the-counter market as reported by the National Quotation Bureau, Inc., or any similar successor
organization; and 
  
 (iii) If neither clause
(i) nor (ii) above applies, the fair market value as determined by the Board in good faith. Such determination shall be conclusive and binding on all persons. 
  
 (l) “Incentive Stock Option” shall mean an Option granted to an Employee which Option meets
the requirements of Section 422 of the Code. 
  
 (m) “Non-statutory Stock Option” shall mean an Option which does not meet the requirements of Section 422 of the Code. 
  
 (n) “Option” shall mean a Non-statutory Stock Option or an Incentive Stock Option. 
  
 (o) “Parent Corporation” shall mean any
corporation (other than the Company) in an unbroken chain of corporations ending with the Company if each of the 

  

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corporations other than the Company owns stock possessing 50% or more of the combined voting power of all classes of stock in one of the other corporations
in such chain. 
  
 (p)
“Participant” shall have the meaning ascribed to it in Section 6 hereof. 
  
 (q) “Person” shall have the meaning ascribed to it in Section 3(a)(9) of the Exchange Act, and shall include a
“group,” as defined in Rule 13d-5 promulgated thereunder. 
  
 (r) “Plan” shall mean this Gordon Biersch Brewery Restaurant Group, Inc. 2005 Stock Incentive Plan. 
  
 (s) “Restricted Shares” shall mean shares of Common Stock granted or sold pursuant to this Plan, subject to the other
terms and conditions contained herein or in the applicable Award Agreement. 
  
 (t) “Shareholders’ Agreement” shall mean that certain Shareholders’ Agreement dated as of October 27, 2004, by and among the Company and those persons whose name appear on the signature
pages attached thereto, and such other persons or entities who or which become parties to the Shareholders’ Agreement pursuant to the terms and conditions of the Shareholders’ Agreement, as such may be amended from time to time in
accordance with the terms thereof. 
  
 (u)
“Subsidiary” shall mean, as to any person, (A) any corporation more than 50% of whose stock of any class or classes having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation
(irrespective of whether or not at the time stock of any class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time owned by such person and/or one or more Subsidiaries of
such person, (B) any limited liability company more than 50% of whose equity interests having by the terms thereof ordinary voting power to manage the operations of such limited liability company (irrespective of whether or not at the time
interests of any class or classes of such limited liability company shall have or might have voting power by reason of the happening of any contingency) is at the time owned by such person and/or one or more Subsidiaries of such person, and
(C) any partnership, association, joint venture or other entity in which such person and/or one or more Subsidiaries of such person have more than a 50% equity interest therein. 
  
 3. Effective Date and Duration of Plan. This Plan shall become effective upon its approval by the Board;
provided, that no Incentive Stock Options may be awarded unless and until this Plan is approved by the shareholders of the Company. This Plan shall terminate ten years from the date this Plan becomes effective, and no Award may be granted
under this Plan thereafter, but such termination shall not affect any Award theretofore granted. 
  
 4. Types of Awards. Awards pursuant to this Plan may be (i) Incentive Stock Options, (ii) Non-statutory Stock Options, or
(iii) Restricted Shares. 
  

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 5. Administration. 
  
 (a) This Plan will be administered by the Board, whose construction and interpretation of the terms and
provisions hereof shall be final and conclusive. The Board may in its sole discretion make Awards and authorize the Company to issue shares of Common Stock pursuant to such Awards, as provided in, and subject to the terms and conditions of, this
Plan. The Board shall have authority, subject to the express provisions of this Plan, to construe this Plan and the respective Award Agreements, to prescribe, amend and rescind rules and regulations relating to this Plan, to determine the terms and
provisions of Award Agreements, which need not be identical, to advance the lapse of any waiting, forfeiture or installment periods and exercise dates, and to make all other determinations in the judgment of the Board necessary or desirable for the
administration of this Plan. The Board may correct any defect or supply any omission or reconcile any inconsistency in this Plan or in any Award Agreement in the manner and to the extent it shall deem expedient to carry this Plan into effect and it
shall be the sole and final judge of such expediency. No director shall be liable for any action or determination taken or made in good faith under or with respect to this Plan or any Award. 
  
 (b) Delegation of Authority. The Board may, to the
full extent permitted by law, delegate any or all of its powers under this Plan to a committee (the “Committee”) of two or more directors, and if the Committee is so appointed all references to the Board in this Plan shall mean
and relate to such Committee to the extent of the powers so delegated. The Board may, from time to time, delegate to the Company’s Chief Executive Officer authority under this Plan with respect to aggregate numbers of shares to permit specific
Awards by the Chief Executive Officer to employees and consultants of, and advisors to, the Company, any Parent Corporation or any Subsidiary. 
  
 6. Eligibility. Awards shall be made only to persons who are, at the time of grant, officers, employees, members of the Board of Directors,
consultants or advisors to the Company or any Parent Corporation or Subsidiary (collectively, “Participants”; individually, a “Participant”), but only Employees may be granted Incentive Stock Options. A Participant
who has been granted an Award may, if such person is otherwise eligible and if otherwise in accordance with the terms of the Plan, be granted an additional Award or Awards if the Board shall so determine. 
  
 7. Stock Subject to Plan. Subject to adjustment as provided in
Section 13 hereof, the maximum number of shares of Common Stock of the Company which may be issued and sold pursuant to Awards made under this Plan is 36,250 shares. Such shares may be authorized and unissued shares or may be shares issued and
thereafter acquired by the Company. If either (i) Restricted Shares are forfeited or repurchased by the Company following their award under this Plan, or (ii) Options granted under this Plan are canceled, repurchased or expire or terminate
for any reason without having been exercised in full, the forfeited or repurchased Restricted Shares, or the unpurchased shares of Common Stock subject to any such Option, as the case may be, shall again be available for subsequent Awards under this
Plan. Restricted Shares, Options and shares of Common Stock issuable upon exercise of Options granted under this Plan may be subject to transfer restrictions, repurchase rights or other restrictions as shall be determined by the Board. 

 
 8. Award Agreements. As a condition to the grant of an Award under
this Plan, each Participant shall sign an Award Agreement not inconsistent with this Plan in such 

  

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form, and providing for such terms and conditions, as the Board shall determine at the time such Award is authorized to be granted. Such Award Agreements
need not be identical but shall comply with, and be subject to, the terms and conditions set forth herein. 
  
 9. Options Generally. 
  
 (a) Purchase Price. The Exercise Price of an Option shall be determined by the Board on the date of grant and set forth in the
Award Agreement and, except as to Incentive Stock Options, may be less than the Fair Market Value of the Common Stock. 
  
 (b) Payment of Exercise Price. Payment of the Exercise Price of an Option shall be made in such manner as provided in the Award
Agreement, which may include (i) cash, (ii) delivery of shares of Common Stock owned by the holder of the Option for greater than six months or shorter, if approved by the Board, (iii) a cashless exercise effected in accordance with
rules adopted by the Board, (iv) any other manner permitted by law and allowed by the Board in its sole discretion, or (v) any combination of the foregoing. In addition, the Board, at its sole discretion, may permit a Participant to pay up
to ninety percent (90%) of the Exercise Price of an Option with a promissory note in the form set forth in Exhibit A hereto. The interest rate payable under the terms of the promissory note shall not be less than the minimum rate (if
any) required to avoid the imputation of additional interest under the Code and the allowance by the Company to permit a Participant to pay any portion of the Exercise Price of an Option with a promissory note on any occasion shall not obligate the
Company to allow the use of promissory notes for payment of the Exercise Price of an Option on any other occasion or to such or any other Participant. Furthermore, any shares of Common Stock issued to a Participant as a result of the exercise of an
Option in which the Board permitted the Participant to pay the Exercise Price of such Option with a promissory note in accordance with the terms of this Section 9(b) shall be pledged as collateral to the promissory note until such promissory
note has been fully paid by the Participant; to the extent that the Participant is unable to repay such promissory note in the manner set forth therein, ownership of such shares of Common Stock shall be transferred from the Participant to the
Company to the extent necessary to satisfy the outstanding payment obligation of the promissory note. 
  
 (c) Option Term. Each Option and all rights thereunder shall expire on such date as the Board shall determine on the date the
Option is authorized to be granted, and such Option shall be subject to earlier termination as may be provided in this Plan and in the applicable Award Agreement. The Board shall have authority to extend the term of a Non-statutory Stock Option at
any time. In no event may any Option remain in effect after the expiration of ten years from the day on which such Option is granted (or five years in the case of Options described in paragraph (b) of Section 10 hereof). 
  
 (d) Exercise of Options. Each Option shall be
exercisable either in full or in installments at such time or times and during such period as shall be set forth in the Award Agreement evidencing such Option; provided, however, that, (i) no Option shall have a term in excess of
ten years from the date of grant (or five years in the case of Options described in paragraph (b) of Section 10 hereof), and (ii) the periods of time following an Option holder’s cessation of employment with the Company, any
Parent Corporation or Subsidiary, or service as a member of the Board or consultant or advisor to the Company, any Parent Corporation or 

  

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Subsidiary, or following an Option holder’s death or disability, during which an Option may be exercised, as provided in paragraph (f) below, shall
not be included for purposes of determining the number of shares of Common Stock with respect to which such Option may be exercised. 
  
 (e) Rights as a Shareholder. A Participant shall have no rights as a shareholder with respect to any shares covered by an Option
until the date of issue of a stock certificate to such person for such shares. Except as otherwise expressly provided in the Plan, no adjustment shall be made for dividends or other rights for which the record date is prior to the date such stock
certificate is issued. 
  
 (f) Effect of
Cessation of Service. Notwithstanding anything contained in this Plan to the contrary, no Option may be exercised unless, at the time of such exercise, the Participant is, and has been continuously since the date of grant of such person’s
Option, an Employee, a member of the Board of Directors, or serving as a consultant or advisor to one or more of the Company, a Parent Corporation or a Subsidiary, except if and to the extent the applicable Award Agreement provides otherwise (other
than with respect to an Incentive Stock Option for which Section 10 hereof shall apply); provided, however, that in no event may any Option be exercised after the expiration date of the Option. 
  
 (g) Transfer Restrictions. Except as otherwise
approved by the Board, during the life of the Participant an Option shall be exercisable only by or on behalf of such person and no Option granted under the Plan shall be assignable or transferable by the person to whom it is granted, either
voluntarily or by operation of law (including a domestic relations order), except by will or the laws of descent and distribution. 
  
 10. Incentive Stock Options. 
  
 Options granted under this Plan which are intended to be Incentive Stock Options shall be specifically designated as Incentive Stock Options and shall be
subject to the following additional terms and conditions: 
  
 (a) Dollar Limitation. The aggregate Fair Market Value (determined as of the respective date or dates of the grant) of the Common Stock with respect to which Incentive Stock Options granted to any Employee
under this Plan (and under any other plans of the Company, and any Parent Corporation and Subsidiary) are exercisable for the first time shall not exceed $100,000 in any calendar year. In the event that Section 422 of the Code is amended to
alter the limitation set forth therein, the limitation of this paragraph (a) shall be automatically adjusted accordingly. 
  
 (b) 10% Shareholder. If any Employee to whom an Incentive Stock Option is to be granted under this Plan is at the time of the grant
of such Option the owner of stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or of any Parent Corporation or any Subsidiary, then the following special provisions shall be applicable to the
Incentive Stock Option granted to such individual: 
  
 (i) the Exercise Price per share of Common Stock subject to such Incentive Stock Option shall not be less than 110% of the Fair Market Value thereof at the time of grant; and 
  

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 (ii) the exercise period of such Incentive Stock Option shall not exceed five years from
the date of grant. 
  
 (c) Exercise Price.
Except as may be provided in paragraph (b) of this Section 10, the Exercise Price per share of Common Stock subject to such Incentive Stock Option shall not be less than the Fair Market Value at the time of grant. 
  
 (d) Effect of Cessation of Service. No Incentive
Stock Option may be exercised unless, at the time of such exercise, the Participant is, and has been continuously since the date of grant of such Option, an Employee, except that if and to the extent the applicable Award Agreement so provides:

  
 (i) the Option may be exercised within a
period not to exceed three months after the date the holder thereof ceases to be an Employee for any reason other than death or disability; 
  
 (ii) if the Participant dies while in the employ of the Company, a Parent Corporation or a Subsidiary or within three months after such
Participant ceases to be such an Employee, the Option may be exercised by the person to whom it is transferred by will or the laws of descent and distribution within a period not to exceed one year after the date of death; and 
  
 (iii) if the Participant becomes disabled (within the
meaning of Section 22(e)(3) of the Code) while the Participant is an Employee, the Option may be exercised within a period not to exceed one year after the date such holder ceases to be an Employee because of such disability. 
  
 Except as modified by the preceding provisions of this Section 10, all the provisions of
this Plan applicable to Options generally shall be applicable to Incentive Stock Options granted hereunder. 
  
 11. Restricted Shares. 
  
 (a) Awards of Shares. Awards of Restricted Shares may be made under this Plan on such terms and conditions as the Board may from
time to time approve, including the price, if any, to be paid by the recipient of the Restricted Shares. Awards of Restricted Shares may be made alone, in addition to or in tandem with other Awards under this Plan. The Board may, in its sole
discretion make loans to a Participant in an amount equal to all or a portion of the purchase price of Restricted Shares purchased by such Participant; provided, that the grant of a loan on any occasion shall not obligate the Company to grant
loans on any other occasion or to such or any other Participant. Subject to the terms of this Plan, the Board shall determine the number of Restricted Shares to be awarded to each recipient and the Board may impose different terms and conditions on
a Restricted Share Award than on any other Award made to the same recipient or other Award recipients. Each recipient of Restricted Shares shall, except in the circumstances described in paragraph (b) below, be issued one or more stock 

  

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certificates evidencing such Restricted Shares. Each such certificate shall be registered in the name of such recipient, and shall bear an appropriate
legend referring to the terms and conditions applicable to the Restricted Shares evidenced thereby. 
  
 (b) Forfeiture of Restricted Shares. In making an Award of Restricted Shares, the Board may impose a requirement that the recipient
must remain in the employment or service (including service as an advisor or consultant) of the Company or any Parent Corporation or Subsidiary for a specified minimum period of time, or else forfeit all or a portion of such Restricted Shares. In
such case, the certificate(s) evidencing the Restricted Shares shall be held in custody by the Company until such Shares are no longer subject to forfeiture. The Board shall have authority to determine whether to accelerate the termination of any
forfeiture provisions contained in any applicable Award Agreement. 
  
 (c) Rights as a Shareholder; Stock Dividends. Subject to any restrictions set forth in the applicable Award Agreement, a recipient of Restricted Shares shall have voting, dividend and all other rights of a
shareholder of the Company as of the date such Shares are issued and registered in recipient’s name (whether or not certificates evidencing such Shares are delivered to such recipient). Except as may otherwise be set forth in the applicable
Award Agreement, stock dividends issued with respect to Restricted Shares shall be treated as additional Restricted Shares under the applicable Award Agreement and shall be subject to the same terms and conditions that apply to the Restricted Shares
with respect to which such dividends are issued. 
  
 12.
General Award Restrictions. 
  
 (a)
Investment Representations. The Company may require any person to whom an Award is made, as a condition of such Award, to give written assurances in substance and form satisfactory to the Company to the effect that such person is acquiring
the Common Stock subject to the Award for such person’s own account for investment and not with any present intention of selling or otherwise distributing the same, and to such other effects as the Company deems necessary or appropriate in
order to comply with applicable Federal and State securities laws. 
  
 (b) Legends. All certificates representing shares issued upon exercise of an Option or Restricted Shares shall have endorsed thereon the following legend: 
  
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
AS AMENDED, (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL, SATISFACTORY TO THE
COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED. 
  
 THE SHARES
REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, 

  

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ENCUMBERED, OR IN ANY MANNER DISPOSED OF EXCEPT IN CONFORMITY WITH THE TERMS OF SHAREHOLDERS’ AGREEMENT DATED OCTOBER 27, 2004, BETWEEN THE
CORPORATION AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE SHARES), A COPY OF WHICH IS AVAILABLE AT THE PRINCIPAL OFFICES OF THE CORPORATION. SUCH AGREEMENT GRANTS CERTAIN RIGHTS TO THE CORPORATION (OR ITS ASSIGNEES)
UPON THE SALE, ASSIGNMENT, TRANSFER, ENCUMBRANCE OR OTHER DISPOSITION OF THE CORPORATION’S SHARES INCLUDING REPURCHASE RIGHTS AND RIGHTS OF FIRST REFUSAL. THE CORPORATION WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER
HEREOF WITHOUT CHARGE. 
  
 (c) Special
Conditions to Issuance of Shares. Each Award shall be subject to the requirement that, if at any time counsel to the Company shall determine that the listing, registration or qualification of the shares of Common Stock subject to such Award upon
any securities exchange or under any State or Federal law, or the consent or approval of any governmental or regulatory body, is necessary as a condition of, or in connection with, the issuance or purchase of such shares thereunder, such shares may
not be issued unless such listing, registration, qualification, consent or approval shall have been effected or obtained on conditions acceptable to the Board. Nothing herein shall be deemed to require the Company to apply for or to obtain such
listing, registration or qualification. 
  
 13.
Recapitalization. In the event that the number of outstanding shares of Common Stock of the Company changes or the Common Stock is exchanged for a different kind of shares or other securities of the Company, in either case by reason of any
recapitalization, reclassification, stock split, stock dividend, combination or subdivision, appropriate adjustment shall be made in the number and kind of shares available under this Plan and under any Options granted under this Plan. Such
adjustment to outstanding Options shall be made without change in the total exercise price applicable to the unexercised portion of such Options, but a corresponding adjustment in the applicable Option Exercise Price shall be made. No such
adjustment shall be made which would, within the meaning of any applicable provisions of the Code, constitute a modification, extension or renewal of any Incentive Stock Option or a grant of additional benefits to the holder of an Incentive Stock
Option. 
  
 14. Change of Control Transaction. 

 
 (a) Unless otherwise provided in an Award Agreement, if a
Change of Control Transaction occurs, all unexercised outstanding Options shall be accelerated to a date prior to such closing date, and all outstanding Options shall be terminated to the extent not exercised prior to such closing date. To the
extent that such Options are exercised in accordance with this subsection (a), the Board, in its sole discretion, may elect to pay to a Participant an amount of cash, per share, equal to the fair market value of the share of Common Stock (as 

  

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determined by the Board, which value shall be equal to the value of a share of Common Stock in such Change of Control Transaction) issued as a result of the
exercise of such Option minus the Exercise Price in exchange for the surrender of such share of Common Stock. 
  
 (b) If a Change of Control Transaction occurs, all forfeiture or restrictive provisions contained in any applicable Award Agreement shall
automatically lapse and be of no further effect without any further action by the Board or the Participant. 
  
 (c) Unless approved by the Board, no Option shall become exercisable and no Restricted Share shall become vested pursuant to paragraphs
(a) or (b) above to the extent the result would be to trigger the golden parachute penalties under Sections 280G and 4999 of the Code with respect to a Participant, as determined in good faith by the Company’s independent auditors. No
Incentive Stock Option shall become exercisable pursuant to the foregoing without the Option holder’s consent, if the result would be to cause such Option not to be treated as an Incentive Stock Option. 
  
 15. Shareholders’ Agreement. In no event shall Restricted Shares
be issued or sold under the Plan or any shares issued upon exercise of an Option, unless and until the Participant agrees to be bound by the terms and conditions of the Shareholders’ Agreement with respect to such Restricted Shares or shares,
as the case may be. 
  
 16. No Special Employment Rights.
Nothing contained in this Plan or in any Award Agreement shall confer upon any Award recipient any right with respect to the continuation of such person’s employment by the Company (or any Parent Corporation or Subsidiary) or interfere in any
way with the right of the Company (or any Parent Corporation or Subsidiary), subject to the terms of any separate agreement to the contrary, at any time to terminate such employment or to increase or decrease the compensation of the Award recipient
from the rate in existence at the time of the Award. Whether an authorized leave of absence, or absence in military or government service, shall constitute termination or cessation of employment for purposes of this Plan or any Award shall be
determined by the Board. 
  
 17. Other Employee Benefits.
The amount of any compensation deemed to be received by an Employee as a result of any Award (including the exercise of an Option, or the sale of shares of Common Stock received upon such exercise or of Restricted Shares) will not constitute
“earnings” with respect to which any other employee benefits of such employee are determined, including without limitation benefits under any pension, profit sharing, life insurance or salary continuation plan. 
  
 18. Amendment of this Plan. The Board may at any time and from time to
time modify, amend or terminate this Plan in any respect, except to the extent shareholder approval is required by law. The termination or any modification or amendment of this Plan shall not, without the written consent of an Award recipient,
affect such Award recipient’s rights under any Award Agreement. With the consent of the Award recipient affected, the Board may amend outstanding Award Agreements in a manner not inconsistent with this Plan. The Board shall have the right to
amend or modify the terms and provisions of this Plan and of any outstanding Incentive Stock Options granted under this Plan to the extent necessary to qualify any or all such Options for such favorable Federal income tax treatment (including
deferral of 

  

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taxation upon exercise) as may be afforded incentive stock options under Section 422 of the Code. 
  
 19. Withholding. 
  
 (a) Each Employee shall, no later than the date as of which
the value of an Award first becomes includible in such person’s gross income for applicable tax purposes, pay to the Company, or make arrangements satisfactory to the Board regarding payment of, federal, state, local or other taxes of any kind
required by law to be withheld with respect to the Award. The obligations of the Company under this Plan shall be conditional on such payment or arrangements, and the Company (and where applicable, a Subsidiary or Parent Corporation) shall, to the
extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Employee. 
  
 (b) To the extent permitted by the Board, and subject to the terms and conditions as the Board may provide, an Employee may elect to have
the withholding tax obligation, or any additional tax obligation with respect to any Awards hereunder, satisfied by (i) having the Company withhold shares of Common Stock otherwise deliverable to such person with respect to the Award or
(ii) delivering to the Company shares of unrestricted Common Stock previously owned by the person, provided, that the Employee may elect to withhold only the minimum statutory taxes. 
  
 Adopted on August 26, 2005 by the Board of Directors. 
  

 11Restricted Stock Agreement

 Exhibit 10.6 
  
 GORDON BIERSCH BREWERY RESTAURANT GROUP, INC. 
 RESTRICTED STOCK AGREEMENT 
  
 This Restricted Stock Agreement (the “Agreement”), dated as of September 15, 2005 (the “Award Date”), is made between Gordon Biersch Brewery Restaurant Group, Inc., a Tennessee
corporation (the “Company”) and H. Allen Corey (the “Participant”). 
  
 1. Award of Shares. In consideration of continued service to the Company as an employee, the Company hereby awards to the Participant, the ability
to purchase 7,500 shares (the “Shares”) of the Company’s common stock, no par value per share (the “Common Stock”), at a share price of $50 per Share, which shares are restricted and subject to forfeiture on
the terms and conditions hereinafter set forth and in the Company’s 2005 Stock Incentive Plan (the “Plan”). 
  
 2. The Plan. The Plan, a copy of which is available by contacting the Company’s Secretary or the then current administrator of the Plan (the
“Plan Administrator”), is incorporated herein by reference and is made a part of this Agreement as if fully set forth herein. This Agreement is subject to, and the Company and the Participant agree to be bound by, all of the terms
and conditions of the Plan as the same exists at the time into which this Agreement was entered. The Plan shall control in the event there is any express conflict between the Plan and the terms hereof, and on such matters that are not expressly
covered in this Agreement. Subsequent amendments to the Plan shall not adversely affect the Participant’s rights under this Agreement. 
  
 3. Termination of Employment/Leaves of Absence. 
  
 (a) Vesting. If the service of the Participant with the Company is terminated for any reason, then the Shares which have not vested
shall be forfeited. The Shares awarded under this Agreement shall vest at the rate of 33% of the total shares on October 27, 2005; 33% of the total shares on October 27, 2006; and the remaining 34% of the total shares on October 27,
2007; provided Participant is actively employed by the Company on such dates, but subject in each case to the terms and conditions in this Agreement and in the Plan. 
  
 (b) Leaves of Absence. The Company’s obligation to vest Shares pursuant to this Agreement may be
suspended during a leave of absence as provided from time to time according to Company policies and practices. 
  
 (c) Death or Disability. If the Participant dies or becomes disabled (within the meaning of Section 22(e) (3) of the
Internal Revenue Code of 1986, as amended (the “Code”)) prior to October 27, 2007, while he or she is actively employed by the Company, then any Shares that could otherwise have vested to Participant in the future under this
Agreement shall be vested to Participant, Participant’s legal representative (in the event of legal incapacity) or to the person to whom the Shares are transferred by will or the laws of descent or distribution, as soon as administratively
practicable. 
  
 4. Non-transferability of Agreement. This
Agreement is personal and neither the Shares nor any rights hereunder may be transferred, assigned, pledged or hypothecated by 

 
Participant in any way (whether by operation of law or otherwise), other than by will or the laws of descent and distribution, nor shall any such rights be
subject to execution, attachment or similar process. Upon any attempt by Participant to transfer, assign, pledge, hypothecate or otherwise dispose of Participant’s rights under this Agreement contrary to the provisions hereof, or upon the levy
of any attachment or similar process upon such rights, any such rights shall, at the election of the Company, become null and void. 
  
 5. No Special Employment Rights. Nothing contained in the Plan or in this Agreement shall be construed or deemed by any person under any
circumstances to bind the Company or any Parent Corporation or any Subsidiary (as such terms are defined in the Plan) to continue the employment of the Participant. During the period of the Participant’s employment, the Participant shall render
the services which are assigned to the Participant from time to time by the Board of Directors of the Company or the executive officers of the Company or any Parent Corporation or Subsidiary and shall at no time take any action which directly or
indirectly would be inconsistent with the best interests of the foregoing entities. 
  
 6. Tax Consequences. 
  
 (a) As vesting restrictions lapse, the Company shall cause certificates for Shares to be delivered to Participant with such legends and restrictions that the Company determines to be appropriate; provided that if any
law or regulation requires the Company to take any action with respect to such Shares before the delivery thereof, then the date of delivery of such Shares will be extended for the period necessary to complete such action. 
  
 (b) Notwithstanding Section 6(a), no such
certificate shall be delivered to Participant unless and until Participant shall have paid to the Company the full amount of the minimum statutory withholding based on the minimum statutory withholding rates under applicable tax laws, including
payroll taxes resulting from the grant of the Shares or the lapse or removal of restrictions thereon (the “Tax Obligations”). Participant hereby agrees to satisfy the Tax Obligations by hereby authorizing the Company to withhold
from other cash compensation of the Participant or the Shares otherwise deliverable pursuant to this Agreement, a number of shares of Common Stock having a fair market value (as determined by the Company, in its sole discretion) less than or equal
to the Tax Obligations. The number of shares tendered by Participant pursuant to this Section 6(b) shall be determined by the Company and be valued at the fair market value of the Common Stock on the date the Tax Obligations arise (as
determined by the Company, in its sole discretion). To the extent that the number of shares tendered by Participant pursuant to this Section 6(b) is insufficient to satisfy the Tax Obligations, Participant hereby agrees to pay the
Company, in cash or by check, the additional amount necessary to fully satisfy the Tax Obligations. Participant agrees to take any further actions and execute any additional documents as may be necessary to effectuate the provisions of this
Section 6. 
  
 (c) The Participant
understands and acknowledges that the grant of Shares hereunder and the filing of an election under Section 83(b) of the Code, or the vesting of the Shares may result in the imposition of federal or state taxes upon the Participant and that the
Company may be required to withhold taxes in such event. Nothing in this Agreement shall be construed as a representation by the Company concerning any tax consequences associated with the award of Shares. Participant hereby represents that the
Participant has obtained appropriate 

  

 2 

 
legal or tax advice with respect to the tax consequences to the Participant of receiving the Shares, including, without limitation, Section 83(b) of the
Code. 
  
 7. Investment Representations. The Participant
represents and warrants and covenants to the Company that: 
  
 (a) The Shares are being acquired for the Participant’s account for investment only and not with a view to, or for sale in connection with, any distribution of the Shares in violation of the Securities Act of
1933, as amended (the “Securities Act”), or any rule or regulation thereunder. 
  
 (b) The Participant has had such opportunity as he or she has deemed adequate to obtain from the representatives of the Company such
information as is necessary to permit the Participant to evaluate the merits and risks of an investment in the Company. 
  
 (c) The Participant is able to bear the economic risk of holding such Shares for an indefinite period. 
  
 (d) The Participant understands that (i) the Shares
will not be registered under the Securities Act and are “restricted securities” within the meaning of Rule 144 under the Securities Act; (ii) the Shares cannot be sold, transferred or otherwise disposed of unless they are subsequently
registered under the Securities Act or an exemption from registration is then available; (iii) in any event, the exemption from registration under Rule 144 will not be available for at least one year and even then will not be available unless a
public market then exists for the Common Stock, adequate information concerning the Company is then available to the public, and other terms and conditions of Rule 144 are complied with; and (iv) the Company has no obligation or current
intention to register any Shares under the Securities Act. 
  
 8.
Shareholders’ Agreement. No Shares shall be delivered to Participant pursuant to this Agreement unless Participant becomes a signatory to the agreement among the shareholders of the Company attached to this Agreement as
Attachment 2 (the “Shareholders’ Agreement”) by executing and delivering a signature page to such agreement. Upon Participant’s execution of the Shareholders’ Agreement, Participant shall be deemed to have
adopted and to have agreed to be bound by all of the provisions of the Shareholders’ Agreement. To the extent that any of the provisions of this Agreement conflict with any of the provisions of the Shareholders’ Agreement, the provisions
of the Shareholders’ Agreement shall prevail. 
  
 9.
Legends. 
  
 (a) Legend on Stock
Certificate. All stock certificates representing Shares shall have affixed thereto legends substantially in the following form, in addition to any other legends required by applicable state law: 
  
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
AS AMENDED, (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES 

  

 3 

 
LAWS OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED. 
  
 THE SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, ASSIGNED,
TRANSFERRED, ENCUMBERED, OR IN ANY MANNER DISPOSED OF EXCEPT IN CONFORMITY WITH THE TERMS OF SHAREHOLDERS’ AGREEMENT DATED OCTOBER 27, 2004, BETWEEN THE CORPORATION AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE
SHARES), A COPY OF WHICH IS AVAILABLE AT THE PRINCIPAL OFFICES OF THE CORPORATION. SUCH AGREEMENT GRANTS CERTAIN RIGHTS TO THE CORPORATION (OR ITS ASSIGNEES) UPON THE SALE, ASSIGNMENT, TRANSFER, ENCUMBRANCE OR OTHER DISPOSITION OF THE
CORPORATION’S SHARES INCLUDING REPURCHASE RIGHTS AND RIGHTS OF FIRST REFUSAL. THE CORPORATION WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE. 
  
 (b) Stop-Transfer Notice. Participant agrees that, in
order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make
appropriate notations to the same effect in its own records. 
  
 (c) Refusal to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any law or any of the provisions of the Plan
or this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred. 
  
 10. Severability. In the event that any provision or portion of this
Agreement shall be determined to be invalid or unenforceable for any reason, in whole or in part, in any jurisdiction, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest
extent permitted by law in such jurisdiction, and such invalidity or unenforceability shall have no effect in any other jurisdiction. 
  
 11. Binding Effect. This Agreement shall extend to, be binding upon and inure to the benefit of Participant and Participant’s legal
representatives, heirs, successors and assigns (subject, however, to the limitations set forth in Sections 4, and 9 with respect to the transfer of this Agreement or any rights hereunder or of the Shares), and upon the Company and
its successors and assigns, regardless of any change in the business structure of the Company, be it through spinoff, merger, sale of stock, sale of assets or any other transaction. 
  
 12. Notices. Each notice to the Company relating to this Agreement shall be in writing and delivered in person or by
registered mail to the Company at its office located at 2001 Riverside Drive, Chattanooga, Tennessee 37406, to the attention of the Secretary. All notices to 

  

 4 

 
the Participant or other person then entitled to exercise any right pursuant to this Agreement shall be delivered to the Participant or such other address as
the Participant or such other person may specify in writing to the Company by a notice delivered in accordance with this paragraph. 
  
 13. Choice of Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Tennessee as such laws are
applied to contracts entered into and performed in such State. 
  
 14. Entire Agreement. This Agreement and the Plan constitute the entire contract between the parties to this Agreement with regard to the subject matter of this Agreement. They supersede any other agreements, representations or
understandings (whether oral or written and whether express or implied) which relate to the subject matter of this Agreement. 
  
 15. Waiver. The waiver of any breach of any duty, term or condition of this Agreement shall not be deemed to constitute a waiver of any preceding
or succeeding breach of the same or of any other duty, term or condition of this Agreement. 
  
 16. Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original but all of which will together constitute one and the same agreement. 
  
 17. Acknowledgement of Participant. The Participant hereby
acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and conditions thereof, and hereby accepts the Shares subject to all of the terms and conditions thereof. The Participant has reviewed the Plan and
this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all terms and conditions relating to the Shares. The Participant hereby agrees to accept as binding,
conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this Agreement, and further agrees to notify the Company upon any change in the residence address set forth on the signature page
hereto. 
  
 [signature page follows this page] 

 

 5 

 IN WITNESS WHEREOF, this Agreement is executed by the Participant and by the Company through its duly
authorized officer or officers and delivered as of the date written above. 
  

									
	PARTICIPANT	 	 	 	 GORDON BIERSCH BREWERY
 RESTAURANT
GROUP, INC.

				
	 	 	 	 	By	 	 
	 (Print Name)
	 	 	 	 Name:
	 	Michael J. Forticq, Sr.
	 	 	 	 	Title:	 	Chairman
	 (Signature)
	 	 	 	 	 	 

  

	
	 Address for Notices:

	
	  
	
	  
	
	  

  
 Consent of
Spouse 
  
 I, the spouse of the above-named Participant,
acknowledge and agree that I am bound by the terms of this Agreement and the Plan as to any and all interests I may have in the Shares acquired by my spouse under this Agreement, including but not limited to, the Company’s rights under the
Shareholders’ Agreement. 
  

	
	
	 
	
	 
	 Print Name

  

			
	 Attachments:
	  	(1) 2005 Stock Incentive Plan
	 	  	(2) Shareholders’ Agreement

  

 6

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