Document:

Exhibit 10.5

 

	
 
    	

    	
Albert   P. L. Stroucken
   Chairman &
   Chief Executive Officer
   One Michael Owens Way, Plaza 1
   Perrysburg OH 43551-2999
   +1 567 336-5500 tel
   +1 567 336-5410 fax
    

 

March 7, 2015

 

Stephen P. Bramlage, Jr. 

Senior Vice President and Chief Financial Officer

 

Dear Steve,

 

The Board of Directors believes you are a key member of O-I’s senior executive team and feels strongly that your continued employment with the company through the transition to a new CEO and the stabilization thereafter is critical to success and to the future of the company. As such, on behalf of the Board, I am pleased to provide you with the following retention incentives:

 

·                  2015 retention equity award with an estimated value of $3,000,000 - This award, granted to incent you to remain with the company through the CEO transition and stabilization of the senior executive team is delivered in the form of restricted stock units, to be granted on March 7, 2015.

 

·                  These restricted stock units vest in full on the third anniversary of the date of grant, or upon death or disability, but will not be subject to any other vesting acceleration. These awards are subject to the terms of the Second Amended and Restated 2005 Incentive Award Plan and to the applicable award agreement that you must execute as a condition of grant (see attachment).

 

·                  Supplemental Severance - Further, as a supplement and an amendment to the Executive Severance Policy (the “Policy”) applicable solely to you, should the company terminate your employment after March 7, 2017 but before March 7, 2018 (the “Supplemental Severance Period”), entitling you to severance under the Policy, then your “Severance Pay” will be increased by an amount equal to your annual Base Pay and Target Bonus pro- rated for the number of days worked in the Supplemental Severance Period. For example, assuming you terminated on September 7, 2017, your Severance Pay would be 2.5 times your Base Pay and Target bonus (184/365 = .50).

 

The Board of Directors, Andres and I look forward to working with you in 2015 and beyond as we continue to build a customer-focused, high performing organization for O-I and its share owners.

 

	
Best   regards,
    	
 
    
	
 
    	
 
    
	
/s/   Albert P. L. Stroucken
    	
 
    
	
Albert   P. L. Stroucken
    	
 
    

 

o-i.com                  glassislife.com

 

 

SECOND AMENDED AND RESTATED

2005 INCENTIVE AWARD PLAN

OF

OWENS-ILLINOIS, INC.

 

RESTRICTED STOCK UNIT AGREEMENT

 

THIS RESTRICTED STOCK UNIT AGREEMENT (“Agreement”), dated March 7, 2015 (the “Grant Date”) is made by and between Owens-Illinois, Inc., a Delaware corporation (the “Company”) and the person whose account for which this grant is being accepted, an employee or consultant of the Company, a Parent Corporation or a Subsidiary (the “Participant”):

 

WHEREAS, the Company has established the Second Amended and Restated 2005 Incentive Award Plan (the “Plan”) (the terms of which are hereby incorporated by reference and made a part of this Agreement); and

 

WHEREAS, the Plan provides for the issuance of Restricted Stock Units (“RSUs”), subject to certain vesting conditions thereon and to other conditions stated herein; and

 

WHEREAS, the Compensation Committee of the Board of Directors of the Company (the “Committee”) has determined it would be to the advantage and best interest of the Company and its stockholders to issue the RSUs provided for herein to the Participant in partial consideration of services rendered, or to be rendered, to the Company, a Parent Corporation or a Subsidiary.

 

NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows:

 

ARTICLE I.

 

DEFINITIONS

 

Whenever the following terms are used in this Agreement, they shall have the meaning specified below, unless the context clearly indicates to the contrary.  Capitalized terms not otherwise defined herein shall have the meanings set forth in the Plan.  The masculine pronoun shall include the feminine and neuter, and the singular and plural, where the context so indicates.

 

Section 1.1 - Cause

 

“Cause” shall mean dishonesty, disloyalty, misconduct, insubordination, failure to reasonably devote working time to assigned duties, failure or refusal to comply with any reasonable rule, regulation, standard or policy which from time to time may be established by the Company, including, without limitation, those policies set forth in the Owens-Illinois Policy Manual in effect from time to time, or failure to fully cooperate with any investigation of an alleged violation of any such rule, regulation, standard or policy.

 

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Section 1.2 - Competing Business

 

“Competing Business” shall mean any person, corporation or other entity engaged in the United States of America or in any other country in which the Company, any Parent Corporation or any Subsidiary manufactures or sells its products, in the manufacture or sale of glass containers, or any other products manufactured or sold by the Company, any Parent Corporation or any Subsidiary within the last three (3) years prior to the Participant’s Termination of Employment or Retirement.

 

Section 1.3 - Parent Corporation

 

“Parent Corporation” shall mean any corporation in an unbroken chain of corporations ending with the Company if each of the corporations other than the Company then owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.

 

Section 1.4 - Retirement

 

“Retirement” solely for purposes of this Agreement shall mean “separation from service” (within the meaning of Section 409A of the Code) of an Employee from the Company, a Parent Corporation or a Subsidiary after reaching the age of 60 and having 10 years of employment, or after reaching the age of 65.

 

Section 1.5- Restricted Stock Unit

 

“Restricted Stock Unit” or “RSUs” shall mean the right to receive one share of Stock for each Restricted Stock Unit granted.

 

Section 1.6 - Subsidiary

 

“Subsidiary” shall mean any corporation in an unbroken chain of corporations beginning with the Company if each of the corporations other than the last corporation in the unbroken chain then owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.  “Subsidiary” shall also mean any partnership in which the Company and/or any Subsidiary owns more than fifty percent (50%) of the capital or profits interests.

 

Section 1.7 - Termination of Employment

 

“Termination of Employment” shall mean the time when the employee-employer relationship between Participant and the Company, a Parent Corporation or a Subsidiary is terminated for any reason, with or without Cause, including, but not by way of limitation, a termination by resignation or discharge, but excluding (i) any termination where there is a simultaneous reemployment by the Company, a Parent Corporation or a Subsidiary, (ii) any termination where Participant continues a relationship (e.g., as a director or as a consultant) with the Company, a Parent Corporation or a Subsidiary, or (iii) a termination resulting from the Retirement, death or Disability of the Participant.  The Committee, in its absolute discretion, shall determine the effect of all other matters and questions relating to a Termination of

 

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Employment, including, but not by way of limitation, the question of whether a Termination of Employment resulted from a discharge for Cause, and all questions of whether a particular leave of absence constitutes a Termination of Employment.  Notwithstanding any other provision of this Agreement, the Company, any Parent Corporation or any Subsidiary has an absolute and unrestricted right to terminate Participant’s employment at any time for any reason whatsoever, with or without Cause.

 

ARTICLE II.

 

ISSUANCE OF RSUS

 

In consideration of the services rendered or to be rendered to the Company, a Parent Corporation or a Subsidiary and for other good and valuable consideration which the Committee has determined to be equal to the par value of its Stock, on the date hereof the Company awards to the Participant the number of RSUs specified for this grant in the Solium Shareworks Account accessible by the Participant.

 

ARTICLE III.

 

VESTING; PAYMENT

 

Section 3.1 - Vesting of RSUs

 

The RSUs shall vest in full on the third anniversary of the Grant Date; provided, however, that notwithstanding the foregoing the RSU shall be fully vested on the date the Participant (i) dies, or (ii) experiences a Disability, provided that the Participant has not experienced a Termination of Employment prior to such date.

 

Section 3.2 - Termination of RSUs

 

Until vested pursuant to Section 3.1, all RSUs issued to the Participant pursuant to this Agreement shall terminate immediately upon the Participant’s Termination of Employment.  For the avoidance of doubt, if the Participant experiences a Termination of Employment prior to a Vesting Date for any reason not described in Section 3.1, all RSUs issued to the Participant pursuant to this Agreement shall immediately terminate.

 

Section 3.3 - Payment of RSUs

 

RSUs shall become payable, to the extent vested on the third anniversary of the Grant Date.

 

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ARTICLE IV.

 

NON-COMPETITION/NON-SOLLICITATION

 

Section 4.1 - Covenant Not to Compete

 

Participant covenants and agrees that prior to Participant’s Termination of Employment or Retirement and for a period of three (3) years following the Participant’s Termination of Employment or Retirement, including without limitation termination for Cause or without Cause, Participant shall not, in any country in which the Company, any Parent Corporation or any Subsidiary manufactures or sells its products, engage, directly or indirectly, whether as principal or as agent, officer, director, employee, consultant, shareholder or otherwise, alone or in association with any other person, corporation or other entity, in any Competing Business.

 

Section 4.2 - Non-Solicitation of Employees

 

Participant agrees that prior to his Termination of Employment or Retirement and for three (3) years following Participant’s Termination of Employment or Retirement, including without limitation termination for Cause or without Cause, Participant shall not, directly or indirectly, solicit or induce, or attempt to solicit or induce, any Employee of the Company, any Parent Corporation or any Subsidiary to leave the employment of the Company, any Parent Corporation or any Subsidiary for any reason whatsoever, or hire any Employee of the Company, any Parent Corporation or any Subsidiary except into the employment of the Company, a Parent Corporation or a Subsidiary.

 

Section 4.3 - Equitable Relief

 

Participant agrees that it is impossible to measure in money the damages that will accrue to the Company in the event that Participant breaches any of the restrictive covenants provided in Sections 4.1 or 4.2 hereof.  Accordingly, in the event that Participant breaches any such restrictive covenant, the Company shall be entitled to an injunction restraining Participant from further violating such restrictive covenant.  If the Company shall institute any action or proceeding to enforce any such restrictive covenant, Participant hereby waives the claim or defense that the Company has an adequate remedy at law and agrees not to assert such claim or defense.  The foregoing shall not prejudice the Company’s right to require Participant to account for and pay over to the Company, and Participant hereby agrees to account for and pay over, any compensation, profits, monies, accruals or other benefits derived or received by Participant as a result of any transaction constituting a breach of any of the restrictive covenants provided in Sections 4.1 or 4.2 hereof.

 

ARTICLE V.

 

OTHER PROVISIONS

 

Section 5.1 - RSUs Not Transferable

 

Neither the RSUs nor any interest or right therein or part thereof shall be liable for the debts, contracts or engagements of the Participant or his successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect; provided however, that this Section 5.1 shall not prevent transfers by will or by the applicable laws of descent and distribution.

 

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Section 5.2 - No Right to Continued Employment

 

Nothing in this Agreement or in the Plan shall confer upon the Participant any right to continue in the employ of the Company, any Parent Corporation or any Subsidiary or shall interfere with or restrict in any way the rights of the Company, any Parent Corporation or any Subsidiary, which are hereby expressly reserved, to discharge the Participant at any time for any reasons whatsoever, with or without Cause.

 

Section 5.3 - Conditions to Issuance of Stock Certificates

 

The Company shall not be required to issue or deliver any certificate or certificates for shares of Stock pursuant to this Agreement prior to fulfillment of all of the following conditions:

 

(a)                                 The admission of such shares to listing on all stock exchanges on which such class of stock is then listed; and

 

(b)                                 The completion of any registration or other qualification of such shares under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or of any other governmental regulatory body, which the Committee shall, in its sole discretion, deem necessary or advisable; and

 

(c)                                  The obtaining of any approval or other clearance from any state or federal governmental agency which the Committee shall, in its sole discretion, determine to be necessary or advisable; and

 

(d)                                 Subject to Section 5.10, the payment by the Participant of all amounts which, under federal, state or local tax law, the Company, a Parent Corporation or a Subsidiary is required to withhold upon vesting or payment of a RSU; and

 

(e)                                  The lapse of such reasonable period of time as the Committee may from time to time establish for reasons of administrative convenience.

 

Section 5.4 - Notices

 

Any notice to be delivered to the Company under this Agreement shall be delivered to such individual and in such form as the Committee shall specify from time to time and communicate to the Participant.  Any notice to be delivered to the Participant shall be addressed to the Participant at the Participant’s last address reflected in the Company’s records.  Notices may, as approved by the Committee be given electronically (or by facsimile), and if so approved will be deemed given when sent.  Otherwise, notices shall be sent by reputable overnight courier or by certified mail (return receipt requested) through the United States Postal Service.

 

Section 5.5 - Rights as Stockholder

 

Participant shall not, by virtue of the RSUs, be entitled to vote in any Company election, receive any dividend in respect of shares of Stock subject to the RSUs or exercise any other rights of a stockholder of the Company.  The RSUs shall not confer upon the Participant any rights of a stockholder of the Company unless and until the RSUs have vested and certificates

 

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representing the shares of Stock subject to the RSUs shall have been issued by the Company pursuant to the terms of this Agreement.

 

Section 5.6 - Titles

 

Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

 

Section 5.7 - Conformity to Securities Laws

 

The Participant acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of applicable law, including without limitation the provisions of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, including without limitation Rule 16b-3 of the Exchange Act.  Notwithstanding anything herein to the contrary, this Agreement shall be administered, and the RSUs shall be granted, only in such a manner as to conform to such laws, rules and regulations.  To the extent permitted by applicable law, this Agreement and the RSUs granted hereunder shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

 

Section 5.8 - Section 409A

 

Section 409A of the Internal Revenue Code provides that “nonqualified deferred compensation” that does not meet the requirements specified in Section 409A may become subject to penalty taxes.  Currently, the Company does not believe that RSUs constitute nonqualified deferred compensation within the meaning of Section 409A; however, if, in the future, the RSUs are or may become subject to Section 409A, the Committee may make such modifications to the Plan and this Agreement as may become necessary or advisable, in the Committee’s sole discretion, to either comply with Section 409A or to avoid its application to the RSUs.

 

Section 5.9 - Amendment

 

This Agreement and the Plan may be amended without the consent of the Participant provided that such amendment would not impair any rights of the Participant under this Agreement.  No amendment of this Agreement shall, without the written consent of the Participant, impair any rights of the Participant under this Agreement.

 

Section 5.10 - Tax Withholding

 

The Company’s obligation to issue or deliver to the Participant any certificate or certificates for shares of Stock is expressly conditioned upon receipt from the Participant, on or prior to the date reasonably specified by the Company of:

 

(a)                                 Full payment (in cash or by check) of any amount that must be withheld by the Company, a Parent Corporation or Subsidiary for federal, state and/or local tax purposes; or

 

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(b)                                 Subject to the Committee’s consent, full payment by delivery to the Company of unrestricted shares of Stock previously owned by the Participant, duly endorsed for transfer to the Company by the Participant with an aggregate Fair Market Value (determined, as applicable, as of the date of vesting or as of the date of the distribution) equal to the amount that must be withheld by the Company, a Parent Corporation or a Subsidiary for federal, state and/or local tax purposes; or

 

(c)                                  With respect to the withholding obligation for RSUs that become vested, subject to the Committee’s consent, full payment by retention by the Company of a portion of the shares deliverable in respect of such vested RSUs with an aggregated Fair Market Value (determined on the payment date) equal to the amount that must be withheld by the Company, a Parent Corporation or a Subsidiary for federal, state and/or local tax purposes; or

 

(d)                                 Subject to the Committee’s consent, a combination of payments provided for in the foregoing subsections (a), (b) and (c).

 

Notwithstanding anything herein to the contrary, the number of shares of Stock which may be withheld with respect to the payment of any RSUs in order to satisfy the Company’s federal, state and/or local tax withholding obligations with respect to the payment of the RSUs shall be limited to the number of shares of Stock which have a Fair Market Value on the date of withholding equal to the aggregate amount of such withholding obligations based on the minimum applicable statutory withholding rates for federal, state and/or local income and payroll tax purposes.

 

Section 5.11 - Clawback

 

Notwithstanding anything contained in the Agreement to the contrary, all RSUs awarded under this Agreement, and any shares of Stock issued upon settlement hereunder shall be subject to forfeiture, or repayment pursuant to the terms of any policy that the Company may implement in compliance with the requirements of applicable law, including without limitation the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder.

 

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Section 5.12 - Governing Law

 

The laws of the State of Delaware shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.

 

IN WITNESS HEREOF, this Agreement has been executed and delivered by the parties hereto.

 

 

	
 
    	
OWENS-ILLINOIS, INC.
    
	
 
    	

    
	
 
    	
By:
    	
Paul A. Jarrell
    
	
 
    	
Its:
    	
SVP &   Chief Administrative Officer
    

 

8Exhibit10.1Q2FY15

February 5, 2015

Amy Bertauski
1839 Grey Pointe Drive
Brentwood, TN  37027

                        
          Re:    Separation and Release Agreement

Dear Amy:

We have recently agreed to the termination of your employment relationship with Logan’s Roadhouse, Inc. (the “Company”), an indirect wholly-owned subsidiary of Roadhouse Holding Inc. (“Parent”).  This letter, upon your signature, will constitute the only agreement (the “Agreement”) between you and the Company and Parent regarding the termination of your employment relationship with the Company to include any officer or executive position held with Parent or any of its subsidiaries.
1.    Termination of Employment.  The Company has agreed that your employment will terminate on February 27, 2015 (the “Separation Date”) and that from and after the Separation Date you are no longer authorized to conduct business on behalf of  Parent or any of its subsidiaries, including but not limited to entering into contracts on behalf of Parent or any of its subidiaries.
2.    Cash Payment and Company Plans.  
A.    Provided that you (i) sign, and do not revoke, this Agreement within the Revocation Period (as defined below) and (ii) comply with restrictive covenants set forth in this Agreement, the Company will pay you a severance payment in the amount of Three Hundred Seventy Two Thousand Thirty Five Dollars ($372,035),  representing fifty-two (52) weeks of your current gross salary, minus any applicable taxes and withholdings and other amounts required by law to be withheld.  This amount will be paid ratably pursuant to the Company’s normal payroll schedule over the 52-week period following the Separation Date (the “Severance Period”) (it being understood that payments shall not commence until after the expiration of the Revocation Period and that the first payment shall include all payments that would otherwise have been made after the Separation Date).
B.    You acknowledge and agree that you have not earned and are not entitled to any bonus or other cash incentive award from the Company.
C.    After the Separation Date, you will not be eligible to participate in the 401(k) plan sponsored by the Company (the “401(k) Plan”) or the Logan’s Roadhouse, Inc. Non-qualified Savings Plan (the “Savings Plan” and together with the 401(k) Plan, the “Plans”).  However, all funds accrued by you in the Plans prior to the Separation Date shall be distributed to you in accordance with the terms of the Plans.

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D.  After the Separation Date, you will not be eligible to make contributions via deductions from your severance payments to any Health Savings Account.
3.    Health Benefits.  During the Severance Period, health benefits for which you are currently enrolled will be available to you under the federal COBRA law.  Upon your COBRA election and through the Severance Period, you will pay health premiums at your elected employee contribution rate to be deducted automatically from your severance payments described in section 2(A) above.  Any contributions in connection with your health benefits shall not commence until after the expiration of the Revocation Period, and the first payment shall include all contributions that would otherwise have been made after the Separation Date.  Thereafter, you will have the right to elect continuation of health coverage pursuant to COBRA participation (“COBRA Coverage”) in the Company’s group health coverage plan in accordance with COBRA.  You shall be responsible for timely electing COBRA Coverage and timely paying the entire amount of the premiums required to continue such COBRA Coverage. 
4.    Repurchase of Stock.  All shares of common stock of Parent, par value $0.01 per share (“Common Stock”), held by you as of the Separation Date shall be subject to the terms and conditions of the agreements governing such equity, however the termination of your employment shall be treated as a termination without Cause as set forth in that certain Stockholders Agreement, dated as of November 19, 2010, among Parent, Kelso Investment Associates VIII, L.P., KEP VI, LLC and those employees of Parent or its subsidiaries a party thereto (the “Stockholders Agreement”).
5.    Stock Options.   The terms of the Roadhouse Holding Inc. Amended and Restated Stock Incentive Plan, as amended effective October 4, 2014 (“the Stock Incentive Plan”), and that certain Non-qualified Stock Option Agreement, dated as of March 1, 2011,among Parent and you (“the Stock Option Agreement”) remain in effect notwithstanding the terms of this Agreement.  Under the terms of the Stock Incentive Plan and Stock Option Agreement, any options to purchase shares of Common Stock from Parent (“Options”) held by you as of the Separation Date that are currently exercisable (the “Vested Options”) continue to be exercisable for a period of 60 days following the Separation Date.  In consideration of your promises contained herein, including your continued cooperation with the Company throughout the Severance Period, the time period for the exercise of the Vested Options may be extended up to 365 days after the Separation Date provided you give at least 60 days written notice of your intent to exercise the Vested  options.  If you do not give written notice of your intent to exercise the Vested Options within 305 days of the Separation Date, the Vested Options will be deemed to have expired.  All Options not currently exercisable (the “Non-Vested Options”) have terminated and were canceled on the Separation Date.  
6.    Releases. 
A.  General Release.  In consideration of the payment to you described in section 2(A) of this Agreement, the sufficiency of which consideration you, the Company and Parent hereby acknowledge, you HEREBY KNOWINGLY AND VOLUNTARILY RELEASE AND FOREVER DISCHARGE THE COMPANY AND PARENT AND THEIR RESPECTIVE CURRENT AND FORMER EMPLOYEES, OFFICERS, DIRECTORS, AGENTS, EQUITY HOLDERS, MANAGERS, PARTNERS, MEMBERS, PRINCIPALS, PARENTS, SUBSIDIARIES, 

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CORPORATE AFFILIATES, BENEFITS ADMINISTRATORS, INSURERS, AND ATTORNEYS (THE “RELEASEES”), COLLECTIVELY, SEPARATELY, AND SEVERALLY, FROM ANY AND ALL CLAIMS, DEMANDS, CAUSES OF ACTION, LIABILITIES AND JUDGMENTS OF EVERY TYPE AND DESCRIPTION WHATSOEVER INCLUDING, BUT NOT LIMITED TO, ALL CLAIMS ARISING UNDER THE EQUAL PAY ACT OF 1963, 9 U.S.C.§ 206 ET SEQ.; TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED, 42 U.S.C. § 2000E ET SEQ.; THE CIVIL RIGHTS ACT OF 1866, AS AMENDED, 42 U.S.C. § 1981;; THE CIVIL RIGHTS ACT OF 1991, 42 U.S.C. § 1981A; EXECUTIVE ORDER 11246, 30 FED. REG. 12319; THE AMERICANS WITH DISABILITIES ACT, AS AMENDED, 42 U.S.C. § 12101, ET SEQ.; THE FAMILY AND MEDICAL LEAVE ACT OF 1993, AS AMENDED, 28 U.S.C. §§ 2601 AND 2611 ET SEQ.; THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, 29 U.S.C. § 1001 ET SEQ.; THE SARBANES-OXLEY ACT OF 2002,  AS AMENDED, 18 U.S.C. § 1514A ET SEQ.; THE NATIONAL LABOR RELATIONS ACT, AS AMENDED, 29 U.S.C. § 151 ET SEQ.; THE TENNESSEE HUMAN RIGHTS ACT, TENN. CODE ANN. § 42-21-101 ET SEQ.; AND ANY OTHER STATE, LOCAL, OR FEDERAL TORT, CONTRACT, COMMON LAW, OR STATUTORY THEORIES OF LIABILITY, KNOWN OR UNKNOWN, FIXED OR CONTINGENT, THAT YOU, YOUR HEIRS, ADMINISTRATORS, EXECUTORS, PERSONAL REPRESENTATIVES, BENEFICIARIES, AND ASSIGNS HAVE, MAY HAVE, OR MAY CLAIM TO HAVE AGAINST THE RELEASEES OR ANY OF THEM FOR COMPENSATORY OR PUNITIVE DAMAGES OR OTHER LEGAL OR EQUITABLE RELIEF OF ANY TYPE OR DESCRIPTION, FROM THE BEGINNING OF TIME UP UNTIL THE TIME YOU SIGN THIS AGREEMENT.  NOTWITHSTANDING THE FOREGOING, YOU DO NOT HEREBY RELEASE ANY CLAIMS FOR WHICH RELEASES ARE PROHIBITED BY LAW. 
B.  Release of Claims Arising under the ADEA.  In addition to the foregoing, you hereby KNOWINGLY AND VOLUNTARILY RELEASE AND FOREVER DISCHARGE THE RELEASEES, COLLECTIVELY, SEPARATELY AND SEVERALLY, FROM AND FOR ANY AND ALL CLAIMS, DEMANDS, CAUSES OF ACTION, LIABILITIES, AND JUDGMENTS ARISING UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED  29 U.S.C. § 621 ET SEQ. (“ADEA”), WHICH YOU AND/OR YOUR HEIRS, ADMINISTRATORS, EXECUTORS, PERSONAL REPRESENTATIVES, BENEFICIARIES, AND ASSIGNS MAY HAVE OR CLAIM TO HAVE AGAINST THE RELEASEES, TOGETHER WITH THE CLAIMS RELEASED IN SECTION (6)(A).  NOTWITHSTANDING ANY OTHER PROVISION OR SECTION OF THIS AGREEMENT, YOU DO NOT HEREBY WAIVE ANY RIGHTS OR CLAIMS UNDER THE ADEA THAT MAY ARISE AFTER THE DATE ON WHICH YOU SIGN THIS AGREEMENT.
i.    You hereby acknowledge and represent that the consideration provided to you under section 2(A) of this Agreement is in addition to anything of value to which you were already entitled.
ii.    You are hereby advised to consult with an attorney prior to executing this Agreement.
iii.    You hereby acknowledge and represent that you have been informed that you have twenty-one (21) days to consider the terms of this Agreement.  You acknowledge and agree that 

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any revisions made to this Agreement after it was initially delivered to you were either not material or were requested by you, and expressly agree that such changes do not re-start the twenty-one (21)-day consideration period described in the preceding sentence.
iv.    You understand that you have the right to revoke this Agreement for a period of seven (7) days after executing this Agreement (the “Revocation Period”).  This Agreement shall not be effective or enforceable until the Revocation Period has expired.  If not so revoked, this Agreement shall become irrevocable immediately following the end of the Revocation Period.
v.    In the event you revoke this Agreement, you shall notify the Company and Parent in writing to their designated agents for this purpose no later than the last day of the Revocation Period. Such notice shall be delivered to the Company by national overnight delivery service such as Federal Express or United Parcel Service, the receipt of which shall be tracked by the delivery service, and addressed as follows:
If to the Company:

Logan’s Roadhouse, Inc.
Attn:  Chief People Officer
3011 Armory Drive, Suite 300
Nashville, Tennessee 37204

If to Parent:

Roadhouse Holding, Inc.
Attn:  President
3011 Armory Drive, Suite 300
Nashville, Tennessee 37204

C.  No Pending Claims.  You represent that you have not filed, nor assigned to others the right to file, nor are there pending any complaints, charges or lawsuits against the Releasees with any governmental agency or any court.  
7.    Acknowledgments.  You acknowledge and agree that (i) you have been paid all wages to which you might be entitled for all hours you have worked to date and have been granted all leave and benefits (if any) to which you may have been entitled to date (except for base salary accrued through the Separation Date and expenses incurred but unpaid up to the Separation Date that are reimbursable in accordance with Company policy ), (ii)  the consideration you will receive pursuant to the terms of this Agreement encompasses and is in lieu of and in full satisfaction of any and all other payments which you are owed, are potentially owed, or claim to be owed by the Company and its affiliates including, without limitation, any other salary, severance, benefits, bonuses, deferred compensation, incentive compensation, equity compensation, vacation pay, sick pay or other paid time off, (iii) you have reported any and all work-related injuries or diseases that you may have incurred during your employment with the Company, and (iv) you are not aware of 

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any act, failure to act, practice, policy, or activity of the Company that you consider to be or to have been unlawful or potentially unlawful.

8.    Restrictive Covenants.

A.  Prior Agreements.  You acknowledge and agree that you remain subject to any and all confidentiality, non-solicitation, non-competition or other similar restrictive covenants you have previously entered into with the Company, to the extent permitted by law.

B.  Acknowledgments.  

i.    You acknowledge and agree that during your employment with the Company, (i) you had access to Confidential Information (as defined below) and that the unauthorized or improper use or disclosure by you of such Confidential Information will cause serious and irreparable harm to the Company, and (ii) an important part of your duties for the Company was to advance the business of the Company by directly or through the supervision of others, overseeing the financial activities of the Company, including financial planning monitoring cash flow, and ensuring that the Company's financial reports were accurate and timely.

ii.    You acknowledge and agree that the restrictions set forth under this section 8 are reasonable, fair, and necessary to protect the Company’s legitimate business interests and that any claim or cause of action by you against the Company, whether predicated on this Agreement or otherwise, shall not constitute a waiver of or excuse for non-compliance with your obligations hereunder.  You also agree not to challenge or raise any equitable defenses to the enforceability of the restrictive covenants contained in this section 8.  In furtherance and not in limitation of the foregoing, you represent and warrant that, because of your varied skill and abilities, you do not need to compete with the Business of the Company (as defined below) and that the restrictions set forth in this section 8 will not prevent you from earning a livelihood.

C.  Non-Disclosure of Confidential Information.  You covenant and agree that you shall hold in a fiduciary capacity for the benefit of the Company, and will not directly or indirectly use or disclose (whether on your own behalf or on behalf of any other person, corporation, partnership, venture, or any other entity or form of business) any Confidential Information that you may have acquired (whether or not developed or compiled by you and whether or not you were authorized to have access to such Confidential Information) during your employment with the Company, for so long as such information remains Confidential Information.

“Confidential Information” means data or other information owned by or pertaining to, or used or held for use in the business of, the Company or any of its affiliates that has been disclosed to you or of which you became aware as a consequence of or through your relationship with the Company and that has value to the Company (or, if owned by someone else, has value to that third party) and is not generally known to the public or to competitors in the restaurant industry.

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D.  Non-Competition.  You covenant and agree that for a period of one (1) year following the Separation Date, you will not, directly or indirectly, whether as an owner, a partner, an employee, an independent contractor, a consultant or otherwise (i) perform services that are substantially similar to the services that you performed, or in which you participated, or that you directed or oversaw for the Company within two (2) years prior to the Separation Date for or on behalf of any person or entity that competes with the Business of the Company (as defined below) in the Restricted Territory (as defined below), or (ii) perform any managerial, consultive or similar services of a type customarily performed by a manager, an officer, an executive or a director for or on behalf of any of the Direct Competitors (as defined below) in the U.S. Territory (as defined below). 

i.    The “Restricted Territory” means the states of Alabama, Arizona, Arkansas, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia. 

ii.    The “U.S. Territory” means the states of Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Washington, D.C., Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia,  Washington, West Virginia, Wisconsin and Wyoming.

iii.    The “Business of the Company” means the casual dining steakhouse and/or roadhouse restaurant business and/or similar activities conducted, authorized, offered or provided by the Company within two (2) years prior to the Separation Date.

iv.    The “Direct Competitors” means the entities doing business as Texas Roadhouse, Lone Star Steaks, Longhorn Steakhouse, Outback Steakhouse, The Original Roadhouse, Santa Fe Cattle Company, Texas Land and Cattle and Black Angus Steakhouse. 

E.  Non-disparagement.  You covenant and agree that you shall not engage in any communications which shall disparage the Company or its affiliates or interfere with their existing or prospective business relationships.        

F.  Non-Poaching.  You covenant and agree that for a period of two (2) years following the Separation Date, you will not solicit or attempt to solicit, directly or by assisting others, any person who was an employee of the Company or any affiliate of the Company on, or within six (6) months before, the date of such solicitation or attempted solicitation, to leave the employment of the Company or such affiliate.

G.  Reformation.  In the event that any of the covenants in this section 8 are found by a court of competent jurisdiction to be overly broad or otherwise unenforceable as written, the 

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parties request the court to modify or reform any such covenant to allow it to be enforced to the maximum extent permitted by law and to enforce the covenant as so modified or reformed.

H.  Tolling.  In the event the enforceability of any of the covenants in this section 8 shall be challenged in a claim or counterclaim in court during the time periods set forth in this Agreement for such covenants, and you are not immediately enjoined from breaching any of the covenants herein, then if a court of competent jurisdiction later finds that the challenged protective covenant is enforceable, the time periods set forth in the challenged covenant(s) shall be deemed tolled upon the filing of the claim or counterclaim in court seeking or challenging the enforceability of this Agreement until the dispute is finally resolved and all periods of appeal have expired; provided, that, to the extent you comply with such covenant(s) during such challenge, the time periods set forth in the challenged covenant(s) shall not be deemed tolled.

I.  Enforcement.  You acknowledge and agree that in the event of a breach or threatened breach of any of the covenants and promises contained in this section 8, the Company will suffer irreparable injury for which there is no adequate remedy at law.  You agree that the Company should be awarded injunctive relief, without the necessity of posting a bond, to enjoin you from engaging in acts or omissions in breach of this Agreement.  The Company’s rights in this respect are in addition to all rights otherwise available at law or in equity.

9.    Covenant Not to Sue.  Except for an action brought to enforce this Agreement or challenge the validity of the release of claims under the ADEA set forth in section 6(B), you agree to refrain from filing or otherwise initiating any action, lawsuit, charge, claim, demand, grievance, arbitration or other legal action against any of the Releasees over matters released or waived herein, and agree that you will refrain from participating in any action, complaint, charge, claim, demand, grievance, arbitration or other legal action initiated or pursued by any individual, group of individuals, partnership, corporation or other entity against any of the Releasees over matters released or waived herein, except as required by law.  You agree that if you institute or continue any form of legal action against any of the Releasees in violation of this Agreement, you will pay all costs and expenses, including reasonable attorneys’ fees, incurred by such Releasee(s) in defending against such legal action or in enforcing this Agreement.  Notwithstanding the foregoing, nothing in this Agreement shall interfere with your right to file a charge with or participate in an investigation or proceeding by the United States Equal Employment Opportunity Commission or other federal or state regulatory or law enforcement agency.  However, the consideration provided to you under this Agreement shall be the sole relief provided for the claims released herein.  You will not be entitled to recover, and you hereby waive, any monetary benefits or other recovery in connection with any such charge or proceeding, without regard to who brings such charge or proceeding.
10.    No Admission of Liability.  Nothing in this Agreement shall constitute an admission of liability on the part of any of the Releasees as to any matters whatsoever.
11.    Cessation of Duties and Return of Company Property.  Effective as of the Separation Date, you are relieved of all duties.  You agree to return to the Company all of the Company’s property, including, but not limited to, keys, passcards, credit cards, customer lists, rolodexes, tapes, 

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software, computer files, marketing and sales materials, Company issued computers, or other electronics and any other record, document or piece of equipment belonging to the Company on the Separation Date; provided that you may keep any mobile telephone or iPad issued to you by the Company (although any service associated with such equipment will no longer be paid for by the Company and must be paid for by you) and the Company will permit you to transfer your mobile  telephone number in connection therewith.  You agree not to retain any copies of the Company’s property, including any copies existing in electronic form, which are in your possession or control.  You acknowledge that you have not and will not destroy, delete, or alter any Company property without the Company’s consent.  Notwithstanding the foregoing, you agree to be available throughout the Severance Period at the Company’s request to assist with matters relating to your former job duties and the transition of those duties.  You acknowledge and agree that the Cash Payment described in Paragraph 2(A) herein is sufficient consideration for any assistance provided by you to the Company during the Severance Period.  
12.    Modification/Severability.  No provision of this Agreement may be changed, altered, modified or waived except in writing signed by you and a duly authorized representative of the Company, which writing shall specifically reference this Agreement and the provision which the parties intend to waive or modify.  In the event any provision of this Agreement is held to be unenforceable, each of the other provisions of this Agreement shall remain in full force and effect.
13.    Entire Agreement.  You and the Company acknowledge that this Agreement constitutes a full, final, and complete agreement and supersedes and replaces any and all other written or oral exchanges, agreements, understandings, arrangements, or negotiations between or among them relating to the subject matter hereof.  Nothwithstanding the foregoing, except as expressly stated herein this Agreement is not intended to supersede or modify any surviving rights or responsibilities you have, if any, pursuant to the Amended and Restated Stock Incentive Plan, the Stockholders Agreement for Roadhouse Holding, Inc. dated as of November 19, 2010, or the Registration Rights Agreement for Roadhouse Holding, Inc. dated as of November 19, 2010.  You acknowledge and represent that you have read this Agreement in full and understand and voluntarily consent and agree to each and every provision contained herein.
14.    Assignment.  You acknowledge that the terms of this Agreement are binding on you, your agents, personal representatives, successors, heirs, administrators, executors, and beneficiaries.  This Agreement may not be assigned by you and any such attempted or purported assignment shall be null and void.  You understand and agree that the Company has the right, without your prior consent, to assign this Agreement to any successor, assignee, parent, affiliate or subsidiary.
15.    Applicable Law.  THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TENNESSEE WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS OF THE STATE OF TENNESSEE.
16.    Effectiveness.  You acknowledge and agree that you will not be entitled to any consideration under this Agreement if you revoke this Agreement.

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17.    Breach.  You understand and agree that if you engage in conduct during the Severance Period that the Company determines in good faith constitutes a breach of any provision of this Agreement, the Company will cease to be obligated to make payments pursuant to section 2(A) of this Agreement.  If any party hereto brings suit to compel performance of, to interpret or to recover damages for the breach of this Agreement, the ultimate prevailing party shall be entitled to reimbursement of its reasonable attorneys’ fees and any costs and required disbursements previously paid by such prevailing party.
[The signature page follows]

Sincerely,

LOGAN’S ROADHOUSE, INC.

By   /s/ Samuel N. Borgese    
Name:    Samuel N. Borgese
Title:  CEO & President    

ROADHOUSE HOLDING INC.

By     /s/ Samuel N. Borgese    
Name:    Samuel N. Borgese
Title:  CEO & President    

By signing this letter, I acknowledge that I have had the opportunity to review this Agreement carefully; that I understand the terms of the Agreement; and that I voluntarily agree to them.

Date:     02/11/2015             /s/ Amy Bertauski    
Amy Bertauski

[Signature page to Separation Agreement]

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