Document:

Exhibit 10.23

                                               EMPLOYMENT AGREEMENT

     AGREEMENT dated as of December 15, 1999 between JOHN P. MARGARITIS,
residing at 38 Hidden Ledge Road, Englewood, New Jersey 07631 ("Executive"), and
RESEARCH PARTNERS INTERNATIONAL, INC., a Delaware corporation having its
principal office at One State Street Plaza, New York, New York 10004
("Company").

     WHEREAS, the Company is engaged through its subsidiary corporations in the
business of operating and managing investment banking and securities brokerage
firms, as well as other enterprises; and

     WHEREAS, the Company desires to employ Executive for the purpose of
securing for the Company the experience, ability and services of Executive; and

     WHEREAS, Executive desires to be employed by the Company, pursuant to the
terms and conditions herein set forth;

     IT IS AGREED:

     1. Employment, Duties and Acceptance.

          1.1 The Company hereby employs Executive as its Chief Executive
Officer ("CEO") and President ("President"). As long as Executive remains CEO
and President of the Company, the Company shall use its best efforts to cause
the Company's Board of Directors ("Board") to nominate Executive as a member of
the Company's Board of Directors ("Board"). All of Executive's powers and
authority in any capacity shall at all times be subject to the direction and
control of the Board. Executive shall report directly to the Board.

          1.2 The Board may assign to Executive such general management and
supervisory responsibilities and executive duties for the Company or any
subsidiary of the Company, including serving as an executive officer and/or
director of any subsidiary, as are consistent with Executive's status as CEO and
President. The Company and Executive acknowledge that Executive's primary
functions and duties as CEO and President shall be (i) to establish policies and
strategies for the Company's overall business and operations, including plans
for growth and strategic partnerships, and (ii) to oversee and supervise
(subject to the employees of the Company who report to Executive remaining
primarily responsible for supervision of their designated divisions and
functions) the operations of the Company and its subsidiaries and divisions.

<PAGE>

          1.3 Executive accepts such employment and agrees to devote
substantially all of his business time, energies and attention to the
performance of his duties hereunder. Nothing herein shall be construed as
preventing Executive from making and supervising personal investments, provided
they will not interfere with the performance of Executive's duties hereunder or
violate the provisions of paragraph 5.4 hereof. In addition, notwithstanding
anything herein to the contrary, Executive may also perform outside consulting
services to a limited extent so long as they do not conflict with his duties
hereunder and they are not on behalf of a Competitive Business (as defined in
Section 5.4 hereof).

          1.4 Executive shall be based in the New York Metropolitan area, and
shall undertake such occasional travel, within or without the United States, as
is reasonably necessary in the interests of the Company.

     2. Compensation and Benefits.

          2.1 The Company shall pay to Executive a salary at the minimum annual
rate of $220,000 for each twelve-month period during the term hereof.
Executive's compensation shall be paid in equal, periodic installments in
accordance with the Company's normal payroll procedures.

          2.2 The Company shall also pay to Executive such bonuses as may be
determined from time to time by the Board. In determining the amount of bonus,
if any, the Board shall take into consideration the performance of the Company,
the achievement of the Company's and Executive's expectations and plans and the
Executive's performance. In addition, Executive shall receive a bonus in an
amount to be determined by the Board, for the realization of investment banking
revenues which result from business referred to the Company by Executive. The
Executive shall also be eligible to participate in the Company's 1996 Incentive
Compensation Plan, in a manner to be determined by the Committee administering
such plan.

          2.3 Executive shall be entitled to such medical, life, disability and
other benefits as are generally afforded to other senior executives of the
Company, including comprehensive healthcare insurance, dental, life insurance
and long term disability, subject to applicable waiting periods and other
conditions.

          2.4 Executive shall be entitled to four weeks of vacation in each
calendar year and to a reasonable number of other days off for religious
and personal reasons.

          2.5 The Company will pay or reimburse Executive for all
transportation, hotel and other expenses reasonably incurred by Executive on
business trips and for all other ordinary and reasonable out-of-pocket expenses

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actually incurred by him in the conduct of the business of the Company against
itemized vouchers submitted with respect to any such expenses and approved in
accordance with customary procedures.

          2.6 The Company shall pay a non-accountable expense allowance in the
aggregate monthly amount of $2,500 for the term of this Agreement. Such amount
shall be paid to Margaritis & Associates, Inc. or to whomever is designated in
writing by Executive.

     3. Term and Termination.

          3.1 The term of this Agreement commences as of December 15, 1999 and
shall continue until December 31, 2001, unless sooner terminated as herein
provided.

          3.2 If Executive dies during the term of this Agreement, this
Agreement shall thereupon terminate, except that the Company shall pay to the
legal representative of Executive's estate (i) the base salary due Executive
pursuant to paragraph 2.1 hereof through the date of Executive's death, (ii) all
earned and previously approved but unpaid bonuses, (iii) all valid expense
reimbursements through the date of the termination of this Agreement and (iv)
all accrued but unused vacation pay.

          3.3 The Company, by notice to Executive, may terminate this Agreement
if Executive shall fail because of illness or incapacity to render, for six
consecutive months, services of the character contemplated by this Agreement.
Notwithstanding such termination, the Company shall pay to Executive (i) the
base salary due Executive pursuant to paragraph 2.1 hereof through the date of
such notice, less any amount Executive receives for such period from any
Company-sponsored or Company-paid source of insurance, disability compensation
or government program, (ii) all earned and previously approved but unpaid
bonuses, (iii) all valid expense reimbursements through the date of the
termination of this Agreement and (iv) all accrued but unused vacation pay.

          3.4 The Company, by notice to Executive, may terminate this Agreement
for cause. As used herein, "Cause" shall mean: (a) the refusal or failure by
Executive to carry out specific directions of the Board which are of a material
nature, are not illegal and are consistent with his status as CEO and President,
or the refusal or failure by Executive to perform a material part of Executive's
duties hereunder; (b) the commission by Executive of a material breach of any of
the provisions of this Agreement; (c) fraud or dishonest action by Executive in
his relations with the Company or any of its subsidiaries or affiliates
("dishonest" for these purposes shall mean Executive's knowingly or recklessly
making of a material misstatement or omission for his personal benefit); or (d)
the conviction of Executive of any crime involving an act of moral turpitude, or
the imposition against Executive of a permanent bar from association with a
securities firm by any Federal, State or Regulatory Agency or self-regulatory
body after the exhaustion of all judicial and administrative appeals therefrom.
Notwithstanding the foregoing, no "Cause" for termination shall be deemed to
exist with respect to Executive's acts described in clauses (a) or (b) above,
unless the Company shall have given written notice to Executive specifying the

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"Cause" with reasonable particularity and, within thirty calendar days after
such notice, Executive shall not have cured or eliminated the problem or thing
giving rise to such "Cause;" provided, however, that a repeated breach after
notice and cure of any provision of clauses (a) or (b) above involving the same
or substantially similar actions or conduct, shall be grounds for termination
for "Cause" without any additional notice from the Company. In addition,
notwithstanding the foregoing, no "Cause" for termination shall be deemed to
exist with respect to Executive's acts described in clause (c) above, unless
fraud or dishonest action on the part of Executive is determined by an
arbitrator in New York City pursuant to applicable American Arbitration
association rules.

          3.5 If Executive's employment hereunder is terminated for any reason,
then Executive shall, at the Company's request, resign as a director of the
Company and all of its subsidiaries, effective upon the occurrence of such
termination.

          3.6 The Executive, by notice to the Company, may terminate this
Agreement if a "Good Reason" exists. For purposes of this Agreement, "Good
Reason" shall mean the occurrence of any of the following circumstances without
the Executive's prior express written consent: (a) a material adverse change in
the nature of Executive's title, duties or responsibilities with the Company
that represents a demotion from his title, duties or responsibilities as in
effect immediately prior to such change; (b) a material breach of this Agreement
by the Company; (c) a failure by the Company to make any payment to Executive
when due, unless the payment is not material and is being contested by the
Company, in good faith; (d) (i) any person or entity other than the Company
and/or any officers or directors of the Company as of the date of this Agreement
acquires securities of the Company (in one or more transactions) having 25% or
more of the total voting power of all the Company's securities then outstanding
and (ii) the Board of Directors of the Company does not authorize or otherwise
approve such acquisition; or (e) a liquidation, bankruptcy or receivership of
the Company. Notwithstanding the foregoing, no Good Reason shall be deemed to
exist with respect to the Company's acts described in clauses (a), (b) or (c)
above, unless Executive shall have given written notice to the Company
specifying the Good Reason with reasonable particularity and, within thirty
calendar days after such notice, the Company shall not have cured or eliminated
the problem or thing giving rise to such Good Reason; provided, however, that a
repeated breach after notice and cure of any provision of clauses (a), (b) or
(c) above involving the same or substantially similar actions or conduct, shall
be grounds for termination for Good Reason without any additional notice from
Executive.

          3.7 In the event that Executive terminates this Agreement for Good
Reason, pursuant to the provisions of paragraph 3.6, or the Company terminates
this Agreement without "Cause," as defined in paragraph 3.4, the Company shall
continue to pay to Executive (or in the case of his death, the legal
representative of Executive's estate or such other person or persons as
Executive shall have designated by written notice to the Company), all payments,
compensation and benefits required under paragraph 2 hereof through the term of
this Agreement; provided, however, that (i) a minimum bonus of no less than
$220,000 per annum shall be paid; (ii) Executive's insurance coverage shall

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terminate upon the Executive becoming covered under a similar program by reason
of employment elsewhere; and (iii) Executive shall use reasonable efforts to
obtain employment elsewhere as an employee or consultant and all compensation
for services paid or earned and deferred in connection therewith shall be a
reduction against the Company's then future obligations hereunder.

     4. Executive Indemnity

          4.1 The Company agrees to indemnify Executive and hold Executive

harmless against all costs, expenses (including, without limitation, reasonable
attorneys' fees) and liabilities (other than settlements to which the Company
does not consent, which consent shall not be unreasonably withheld)
(collectively, "Losses") reasonably incurred by Executive in connection with any
claim, action, proceeding or investigation commenced by someone other than the
Company or any of its Subsidiaries brought against or involving Executive with
respect to, arising out of or in any way relating to Executive's employment with
the Company or Executive's service as a director of the Company; provided,
however, that the Company shall not be required to indemnify Executive for
Losses incurred as a result of Executive's intentional misconduct or gross
negligence (other than matters where Executive acted in good faith and in a
manner he reasonably believed to be in and not opposed to the Company's best
interests). Executive shall promptly notify the Company of any claim, action,
proceeding or investigation under this paragraph and the Company shall be
entitled to participate in the defense of any such claim, action, proceeding or
investigation and, if it so chooses, to assume the defense with counsel selected
by the Company; provided that Executive shall have the right to employ counsel
to represent him (at the Company's expense) if Company counsel would have a
"conflict of interest" in representing both the Company and Executive. The
Company shall not settle or compromise any claim, action, proceeding or
investigation without Executive's consent, which consent shall not be
unreasonably withheld; provided, however, that such consent shall not be
required if the settlement entails only the payment of money and the Company
fully indemnifies Executive in connection therewith. The Company further agrees
to advance any and all expenses (including, without limitation, the fees and
expenses of counsel) reasonably incurred by the Executive in connection with any
such claim, action, proceeding or investigation, provided Executive first enters
into an appropriate agreement for repayment of such advances if indemnification
is found not to have been available.

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     5. Protection of Confidential Information; Non-Competition.

          5.1 Executive acknowledges that:

               (a) As a result of his current and prior employment with the
Company, Executive has obtained and will obtain secret and confidential
information concerning the business of the Company and its subsidiaries and
affiliates (referred to collectively in this paragraph 5 as the "Company"),
including, without limitation, financial information, proprietary rights, trade
secrets and "know-how," strategic plans and partners, customers and sources
("Confidential Information").

               (b) The Company will suffer substantial damage which will be
difficult to compute if, during the period of his employment with the Company or
thereafter, Executive should enter a business competitive with the Company or
divulge Confidential Information.

               (c) The provisions of this Agreement are reasonable and necessary
for the protection of the business of the Company.

          5.2 Executive agrees that he will not at any time, either during
the term of this Agreement or thereafter, divulge to any person or entity any
Confidential Information obtained or learned by him as a result of his
employment with the Company, except (i) in the course of performing his duties
hereunder, (ii) with the Company's express written consent; (iii) to the extent
that any such information is in the public domain other than as a result of
Executive's breach of any of his obligations hereunder; or (iv) where required
to be disclosed by court order, subpoena or other government process. If
Executive shall be required to make disclosure pursuant to the provisions of
clause (iv) of the preceding sentence, Executive promptly, but in no event more
than 72 hours after learning of such subpoena, court order, or other government
process, shall notify, by personal delivery or by electronic means, confirmed by
mail, the Company and, at the Company's expense, Executive shall: (a) take all
reasonably necessary and lawful steps required by the Company to defend against
the enforcement of such subpoena, court order or other government process, and
(b) permit the Company to intervene and participate with counsel of its choice
in any proceeding relating to the enforcement thereof.

          5.3 Upon termination of his employment with the Company, Executive
will promptly deliver to the Company all memoranda, notes, records, reports,
manuals, drawings, blueprints and other documents (and all copies thereof)
relating to the business of the Company and all property associated therewith,
which he may then possess or have under his control; provided, however, that
Executive shall be entitled to retain copies of such documents reasonably
necessary to document his financial relationship with the Company.

          5.4 During the period commencing on the date hereof and ending on the
one-year anniversary of the date Executive's employment hereunder is terminated
(and, if Executive is terminated with "Cause" or Executive terminates this

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Agreement without "Good Reason," until December 31, 2002), Executive, without
the prior written permission of the Company, shall not, anywhere within 100
miles of any office of the Company or any subsidiary at the time of termination,
(i) be employed by, or render any services to, any person, firm or corporation
engaged in any business which is directly in competition with the Company or any
of its subsidiaries ("Competitive Business"); (ii) engage in any Competitive
Business for his own account; (iii) be associated with or interested in any
Competitive Business as an individual, partner, shareholder, creditor, director,
officer, principal, agent, employee, trustee, consultant, advisor or in any
other relationship or capacity; (iv) employ or retain, or have or cause any
other person or entity to employ or retain, any person who was employed or
retained by the Company while Executive was employed by the Company; or (v)
solicit, interfere with, or endeavor to entice away from the Company, for the
benefit of a Competitive Business, any of its customers or other persons with
whom the Company has a contractual relationship. Notwithstanding the foregoing,
nothing in this Agreement shall preclude Executive from investing his personal
assets in any manner he chooses, provided, however, that Executive may not,
during the period referred to in this Section 5.4, own more than 4.9% of the
equity securities of any Competitive Business.

          5.5 If Executive commits a breach, or threatens to commit a breach, of
any of the provisions of Sections 5.2 or 5.4, the Company shall have the
right and remedy:

               (a) to have the provisions of this Agreement specifically
enforced by any court having equity jurisdiction, it being acknowledged and
agreed by Executive that the services being rendered hereunder to the Company
are of a special, unique and extraordinary character and that any such breach or
threatened breach will cause irreparable injury to the Company and that money
damages will not provide an adequate remedy to the Company; and

               (b) to require Executive to account for and pay over to the
Company all monetary damages suffered by the Company as the result of any
transactions constituting a breach of any of the provisions of Sections 5.2 or
5.4, and Executive hereby agrees to account for and pay over such damages to the
Company.

          Each of the rights and remedies enumerated in this Section 5.5 shall
be independent of the other, and shall be severally enforceable, and such rights
and remedies shall be in addition to, and not in lieu of, any other rights and
remedies available to the Company under law or equity.

          In connection with any legal action or proceeding arising out of or
relating to this Agreement, the prevailing party in such action or proceeding
shall be entitled to be reimbursed by the other party for the reasonable
attorneys' fees and costs incurred by the prevailing party.

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          5.6 If any provision of Sections 5.2 or 5.4 is held to be
unenforceable because of the scope, duration or area of its applicability, the
tribunal making such determination shall have the power to modify such scope,
duration, or area, or all of them, and such provision or provisions shall then
be applicable in such modified form.

          5.7 The provisions of this paragraph 5 shall survive the termination
of this Agreement for any reason, except in the event Executive is terminated by
the Company without "Cause" in breach of this Agreement, or if Executive
terminates this Agreement with "Good Reason," in either of which events, this
paragraph 5 shall be null and void and of no further force or effect.

     6. Miscellaneous Provisions.

          6.1 All notices provided for in this Agreement shall be in writing,
and shall be deemed to have been duly given when (i) delivered personally to the
party to receive the same, or (ii) when mailed first class postage prepaid, by
certified mail, return receipt requested, addressed to the party to receive the
same at his or its address set forth below, or such other address as the party
to receive the same shall have specified by written notice given in the manner
provided for in this Section 6.1. All notices shall be deemed to have been given
as of the date of personal delivery or mailing thereof.

                  If to Executive:

                           John Margaritis
                           38 Hidden Ledge Road
                           Englewood, New Jersey 07631

                  If to the Company:

                           Research Partners International, Inc.
                           One State Street Plaza
                           New York, New York  10004
                           Attn: Legal Department

                  With a copy in either case to:

                           David Alan Miller, Esq.
                           Graubard Mollen & Miller
                           600 Third Avenue
                           New York, New York  10016

          6.2. This Agreement sets forth the entire agreement of the parties
relating to the employment of Executive and is intended to supersede all prior
negotiations, understandings and agreements. No provisions of this Agreement,
may be waived or changed except by a writing by the party against whom such

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waiver or change is sought to be enforced. The failure of any party to require
performance of any provision hereof or thereof shall in no manner affect the
right at a later time to enforce such provision.

          6.3 All questions with respect to the construction of this Agreement,
and the rights and obligations of the parties hereunder, shall be determined in
accordance with the law of the State of New York applicable to agreements made
and to be performed entirely in New York.

          6.4 This Agreement shall inure to the benefit of and be binding upon
the successors and assigns of the Company. This Agreement shall not be
assignable by Executive, but shall inure to the benefit of and be binding upon
Executive's heirs and legal representatives.

          6.5 Should any provision of this Agreement become legally
unenforceable, no other provision of this Agreement shall be affected, and this
Agreement shall continue as if the Agreement had been executed absent the
unenforceable provision.

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

                                        EXECUTIVE

                                        /s/   John P. Margaritis
                                        ------------------------
                                            John P. Margaritis

                                        RESEARCH PARTNERS INTERNATIONAL, INC.

                                       ix<PAGE>   1
                                                                   EXHIBIT 10.32

                               AMENDMENT NO. 1 TO
                           THIRD AMENDED AND RESTATED
                                CREDIT AGREEMENT

         This Amendment No. 1 (this "Amendment"), dated as of April 26, 2000, is
by and among CKE Restaurants, Inc. (the "Borrower"), the Lenders party hereto
(the "Lenders") and Paribas, acting in its capacity as agent for the Lenders
(the "Agent"), and amends that certain Third Amended and Restated Credit
Agreement, dated as of November 24, 1999, among the Borrower, the Lenders party
thereto and the Agent (the "Credit Agreement"). Capitalized terms used but not
defined in this Amendment shall have the respective meanings specified in the
Credit Agreement.

         The Borrower, the Lenders and the Agent, pursuant to Section 10.5 of
the Credit Agreement, hereby agree to amend the Credit Agreement as follows upon
the terms and conditions set forth herein:

1. Section 1.1 of the Credit Agreement is hereby amended by amending and
restating, in its entirety, the table contained in the definition of "Applicable
Margin" to read as follows:

<TABLE>
<CAPTION>
    Leverage Ratio                         Eurodollar Loans     Base Rate Loans    Commitment Fee
    --------------                         ----------------     ---------------    --------------
<S>                                        <C>                  <C>                <C>
    less than 1.5 to 1.0                        1.250%               0.00%             0.375%

    1.5 to 1.0 or greater, but less
    than 2.0 to 1.0                             1.500%               0.250%            0.375%

    2.0 to 1.0 or greater, but less
    than 2.5 to 1.0                             1.875%               0.625%            0.375%

    2.5 to 1.0 or greater, but less
    than 3.0 to 1.0                             2.125%               0.875%            0.500%

    3.0 to 1.0 or greater, but less
    than 3.5 to 1.0                             2.250%               1.000%            0.500%

    3.5 to 1.0 or greater                       3.250%               1.750%            0.500%
</TABLE>

2. Section 1.1 of the Credit Agreement is hereby amended by deleting "3.0"
appearing in the fourth sentence of subsection (a) of the definition of
"Applicable Margin" and inserting "3.5" in place thereof.

<PAGE>   2

3. Section 1.1 of the Credit Agreement is hereby amended by inserting at the end
of the definition of "Applicable Margin" the following subsection (c):

                  (c) Notwithstanding the foregoing, if the Borrower and its
         Subsidiaries have not received an aggregate amount of Net Sale Proceeds
         of at least $125 million during the period from April 15, 2000 to
         October 27, 2000, then the Applicable Margin with respect to each
         Eurodollar Loan or Base Rate Loan shall be increased by 0.500% until
         such time as the aggregate amount of Net Sale Proceeds received after
         April 15, 2000 shall be at least $125 million.

4. Section 1.1 of the Credit Agreement is hereby amended by amending and
restating, in its entirety, the definition of "Consolidated EBITDA" to read as
follows:

                  "Consolidated EBITDA" shall mean, for any Person during any
         period, the sum of (i) Consolidated Net Income for such period, plus
         (ii) to the extent deducted in the calculation of Consolidated Net
         Income for such period, Consolidated Interest Expense for such period,
         plus (iii) to the extent deducted in the calculation of Consolidated
         Net Income for such period, federal and state income taxes for such
         period, plus (iv) to the extent deducted in the calculation of
         Consolidated Net Income for such period, depreciation and amortization
         expense for such period, plus (v) to the extent deducted in the
         calculation of Consolidated Net Income for such period, all
         extraordinary losses for such period, minus (vi) to the extent included
         in the calculation of Consolidated Net Income for such period, all
         extraordinary gains for such period, all determined on a consolidated
         basis for such Person and its Subsidiaries in accordance with GAAP,
         plus (vii) without duplication, to the extent deducted (or minus to the
         extent added) in the calculation of Consolidated Net Income for the
         period from November 2, 1999 through January 31, 2000, the
         non-recurring items from such period as presented in the EBITDA
         Reconciliation Summary set forth on Exhibit K hereto.

5. Section 1.1 of the Credit Agreement is hereby amended by amending and
restating, in its entirety, the definition of "Consolidated Tangible Net Worth"
to read as follows:

                  "Consolidated Tangible Net Worth" shall mean, at any time, the
         excess of (i) the total assets of the Borrower and its Subsidiaries
         determined on a consolidated basis in accordance with GAAP, minus
         goodwill and any other items that are classified as intangibles in
         accordance with GAAP, plus the net loss (expressed as a positive
         number), in the aggregate (not to exceed $100 million), from all Asset
         Dispositions of any Restaurant or Restaurants made after April 15,
         2000, minus (ii) all liabilities of the Borrower and its Subsidiaries
         determined on a consolidated basis in accordance with GAAP.

                                       2

<PAGE>   3

6. Section 1.1 of the Credit Agreement is hereby amended by amending and
restating, in its entirety, the definition of "Paydown Condition" to read as
follows:

                  "Paydown Condition" shall mean the point in time at which the
         Borrower shall have prepaid the outstanding Loans (and such Loans and
         all Commitments in connection therewith shall have been permanently
         reduced) in the aggregate amount of $175,000,000 with the Net Sale
         Proceeds of Asset Dispositions of Restaurants occurring on or after
         November 2, 1999 in accordance with the provisions of Section
         2.12(a)(ii)(B).

7. Section 2.6 of the Credit Agreement is hereby amended by replacing the last
sentence of subsection (a) thereof with the following:

         The Borrower agrees to pay interest in respect of the unpaid principal
         amount of each Term Loan that is a Base Rate Loan from the date of the
         making of such Loan until such Loan shall be paid in full at a rate per
         annum which shall be equal to (i) so long as the Leverage Ratio is less
         than 3.5 to 1.0, the sum of (A) 1.25% plus (B) the Base Rate in effect
         from time to time, such rate to change as and when the Base Rate
         changes, such interest to be computed on the basis of a 365 or 366-day
         year, as the case may be, and paid for the actual number of days
         elapsed, or (ii) so long as the Leverage Ratio is 3.5 to 1.0 or
         greater, the sum of (A) 1.75% plus (B) the relevant Base Rate, such
         interest to be computed on the basis of a 365 or 366-day year and paid
         for the actual number of days elapsed, in each case subject to the
         provisions of clause (c) of this Section 2.6. For purposes of this
         subsection 2.6(a), the Leverage Ratio shall be calculated in the same
         manner (and adjustments to the interest rate of Term Loans that are
         Base Rate Loans shall be made in the same manner as are adjustments to
         Applicable Margin) as specified in subsection (a) of the definition of
         "Applicable Margin."

8. Section 2.6 of the Credit Agreement is hereby amended by replacing the last
sentence of subsection (b) thereof with the following:

         The Borrower agrees to pay interest in respect of the unpaid principal
         amount of each Term Loan that is a Eurodollar Loan from the date of the
         making of such Loan until such Loan shall be paid in full at a rate per
         annum which shall be equal to (i) so long as the Leverage Ratio is less
         than 3.5 to 1.0, the sum of (A) 2.50% plus (B) the relevant Eurodollar
         Rate, or (ii) so long as the Leverage Ratio is 3.5 to 1.0 or greater,
         the sum of (A) 3.25% plus (B) the relevant Eurodollar Rate, such
         interest in each case to be computed on the basis of a 360-day year and
         paid for the actual number of days elapsed, in each case subject to the
         provisions of clause (c) of this Section 2.6. For purposes of this
         subsection 2.6(b), the Leverage Ratio shall be calculated in the same
         manner (and adjustments to the interest rate of Term Loans that are
         Eurodollar Loans shall be made in the same manner as are adjustments to
         Applicable Margin) as specified in subsection (a) of the definition of
         "Applicable Margin."

                                       3

<PAGE>   4

9. Section 2.12 of the Credit Agreement is hereby amended by amending and
restating, in its entirety, paragraph (B) of clause (ii) of subsection (a)
thereof to read as follows:

                  (B) Upon the consummation of any Asset Disposition of any
         Restaurant or Restaurants occurring on or after November 2, 1999 and,
         with respect to subparagraphs (I) and (II) hereof, prior to the
         occurrence of the Paydown Condition, within ten (10) days after the
         Borrower or any of its Subsidiaries receives any Net Sale Proceeds with
         respect to any such Asset Disposition, the Borrower shall prepay the
         outstanding Loans (I) in an amount equal to 100% of the first
         $100,000,000 of such Net Sale Proceeds of Restaurants, (II) in an
         amount equal to 75% of the next $100,000,000 of such Net Sale Proceeds
         of Restaurants, and (III) notwithstanding any other provision of this
         paragraph 2.12(a)(ii)(B), in an amount equal to 100% of the net
         proceeds, without duplication, from sales of Carl's Jr. and Taco Bueno
         Restaurants, each in accordance with the provisions of Section 2.12.

10. Section 7.1 of the Credit Agreement is hereby amended by amending and
restating, in its entirety, the table contained in subsection (a) thereof to
read as follows:

         Period                                                       Ratio
         ------                                                    ------------
         Second A&R Closing Date through November 1, 1999          3.60 to 1.00
         November 2, 1999 through January 31, 2000                 4.00 to 1.00
         February 1, 2000 through May 22, 2000                     5.00 to 1.00
         May 23, 2000 through August 14, 2000                      4.80 to 1.00
         August 15, 2000 through November 6, 2000                  4.60 to 1.00
         November 7, 2000 through January 29, 2001                 4.00 to 1.00
         Each fiscal quarter of the Borrower thereafter            2.50 to 1.00

11. Section 7.1 of the Credit Agreement is hereby amended by amending and
restating, in its entirety, the table contained in subsection (b) thereof to
read as follows:

         Period                                                         Ratio
         ------                                                    ------------
         Second A&R Closing Date through November 1, 1999          3.00 to 1.00
         November 2, 1999 through January 31, 2000                 3.00 to 1.00
         February 1, 2000 through May 22, 2000                     2.50 to 1.00
         May 23, 2000 through August 14, 2000                      2.50 to 1.00
         August 15, 2000 through November 6, 2000                  2.50 to 1.00
         November 7, 2000 through January 29, 2001                 2.50 to 1.00
         Each fiscal quarter of the Borrower thereafter            5.00 to 1.00

                                       4

<PAGE>   5

12. Section 7.1 of the Credit Agreement is hereby amended by amending and
restating, in its entirety, the table contained in subsection (d) thereof and
the proviso immediately following to read as follows:

         Period                                                       Amount
         ------                                                    ------------
         Second A&R Closing Date through November 1, 1999          $200,000,000
         November 2, 1999 through January 31, 2000                 $175,000,000
         February 1, 2000 through May 22, 2000                     $155,000,000
         May 23, 2000 through August 14, 2000                      $160,000,000
         August 15, 2000 through November 6, 2000                  $165,000,000
         November 7, 2000 through January 29, 2001                 $180,000,000
         Each fiscal quarter of the Borrower thereafter            $260,000,000

         provided, however, that the amount set forth opposite such period shall
         be reduced by the EBITDA Adjustments as of the date of determination
         attributable to those Restaurants sold (excluding those sold during the
         period from November 2, 1999 through January 31, 2000) pursuant to
         which the Net Sale Proceeds from such sales have been applied to
         permanently reduce the Commitments of the Lenders on or before the 45th
         calendar day following the end of the fiscal quarter in which such
         Restaurants were sold.

13. Section 7.1 of the Credit Agreement is hereby amended by amending and
restating, in its entirety, the table contained in subsection (e) thereof to
read as follows:

         Period                                                        Ratio
         ------                                                    ------------
         Second A&R Closing Date through November 1, 1999          5.00 to 1.00
         November 2, 1999 through January 31, 2000                 5.80 to 1.00
         Feb. 1, 2000 through May 22, 2000                         5.80 to 1.00
         May 23, 2000 through August 14, 2000                      5.80 to 1.00
         August 15, 2000 through November 6, 2000                  5.70 to 1.00
         November 7, 2000 through January 29, 2001                 5.20 to 1.00
         Each fiscal year of the Borrower thereafter               3.75 to 1.00

                                       5

<PAGE>   6

14. Section 7.1 of the Credit Agreement is hereby amended by amending and
restating, in its entirety, subsection (f) thereof to read as follows:

                  (f) Capital Expenditures. The Borrower shall not make or
         incur, and shall not permit any of its Subsidiaries to make or incur,
         any Capital Expenditures, except Capital Expenditures of the Borrower
         and its Subsidiaries in an aggregate amount not in excess of
         $120,000,000 in each fiscal year of the Borrower; and provided that if
         the aggregate amount of Capital Expenditures made or incurred during
         such fiscal year of the Borrower is less than the amount (as reduced,
         if applicable) permitted to be made or incurred pursuant to this clause
         (f), then the maximum amount for the following fiscal year of the
         Borrower (but not any subsequent fiscal year of the Borrower) shall be
         increased by the amount of such difference. The Borrower shall not
         enter into and shall not permit any of its Subsidiaries to enter into
         any commitments to build or develop new Restaurants; provided, that the
         Borrower may, and may permit its Subsidiaries to, complete any new
         Restaurant that was under development on or before April 26, 2000, and
         for which the Borrower or any of its Subsidiaries had either commenced
         construction or had entered into commitments to build such Restaurant,
         so long as the aggregate Capital Expenditures incurred for new
         Restaurants during the periods in each case commencing on January 31,
         2000 shall not exceed in the aggregate (i) $13 million cumulatively
         through May 22, 2000, (ii) $23 million cumulatively through August 14,
         2000, (iii) $30 million cumulatively through November 6, 2000, and (iv)
         $33 million cumulatively through January 29, 2001. Notwithstanding any
         other provision of this subsection 7.1(f), if at any time the Unused
         Portion of the Revolving Loans shall be less than $20 million, and
         until such time as such Unused Portion has been restored to at least
         $20 million, the Borrower shall not make or incur and shall not permit
         any of its Subsidiaries to make or incur any Capital Expenditures
         (other than Capital Expenditures otherwise permitted by this subsection
         7.1(f) and made or incurred pursuant to contractual commitments to make
         or incur such Capital Expenditures entered into by the Borrower or any
         of its Subsidiaries at a time when such Unused Portion was at least $20
         million).

15. Section 7.7 of the Credit Agreement is hereby amended by amending and
restating, in its entirety, clause (ii) of subsection (b) thereof to read as
follows:

                      (ii) declare and pay cash dividends to its stockholders
                during any fiscal year of the Borrower if after giving effect
                thereto the aggregate amount of such dividends paid or made
                during such fiscal year would be less than the amount of (A) 30%
                of Consolidated Net Income of the Borrower for each fiscal year
                of the Borrower (commencing with the fiscal year ending January
                26,

                                       6

<PAGE>   7

                1998) up to and including the fiscal year immediately preceding
                the year in which such dividend is paid or made, less (B) the
                aggregate amount of any regularly scheduled payment paid
                pursuant to Section 7.10(d) during such fiscal year (excluding,
                however, the aggregate amount of payments made in connection
                with Permitted Redemptions), less (C) the aggregate amount of
                all such dividends paid and made by the Borrower after January
                26, 1998 through and including the end of such immediately
                preceding fiscal year, less (D) the aggregate outstanding
                principal balance of all Employee Stock Loans then outstanding;
                provided, however, for purposes of this clause (ii), the
                Borrower shall not increase the rate of cash dividends paid in
                respect of its shares above the rate authorized to be paid as of
                the last dividend distribution date prior to April 26, 2000, or
                in any event pay cash dividends in a total aggregate amount
                greater than $4.5 million in any fiscal year; and

16. Section 7.10 of the Credit Agreement is hereby amended by replacing the ";
or" as it appears at the end of subsection (a) thereof with the following:

         ; provided, however, that notwithstanding the foregoing, the Borrower
         shall not, and shall not permit any of its Subsidiaries to, make any
         Prepayment of any Indebtedness referred to in Section 7.2(h); or

17. Section 7.10 of the Credit Agreement is hereby amended by amending and
restating, in its entirety, subsection (d) thereof to read as follows:

                (d) make or offer to make any sinking fund payment, payment,
         prepayment, redemption, defeasance, purchase or acquisition for value
         (including, without limitation, by way of depositing with the trustee
         with respect thereto money or securities before due for the purpose of
         paying when due) or otherwise segregate funds with respect to the
         Subordinated Notes (other than (i) regularly scheduled semi-annual
         interest payments required to be made in cash and (ii) conversions of
         the Convertible Subordinated Notes into common stock of the Borrower).

18. The Borrower represents and warrants to the Agent and the Lenders, as of the
date hereof, after giving effect to this Amendment:

                (a) no Default or Event of Default has occurred and is
         continuing; and

                (b) all of the representations and warranties of the Borrower
         and each other Loan Party contained in the Transaction Documents are
         true and correct.

                                       7

<PAGE>   8

19. The effectiveness of this Amendment is subject to the satisfaction of the
following conditions precedent:

                (a) This Amendment shall have been duly executed and delivered
         by the Borrower and the Required Lenders.

                (b) The Agent shall have received a certificate of a duly
         authorized officer of the Borrower certifying as to matters set forth
         in Section 18 of this Amendment.

This Amendment shall immediately become effective as of January 31, 2000 upon
the receipt by the Agent of duly executed counterparts of each of the foregoing.

20. The amendments set forth herein are effective solely for the purposes set
forth herein and shall be limited precisely as written, and shall not be deemed
to (a) be a consent to any amendment, waiver or modification of any other term
or condition of any Transaction Document or of any other instrument or agreement
referred to therein, except as set forth herein, or (b) prejudice any right or
remedy that the Agent or any Lender may now have or may have in the future under
or in connection with the Credit Agreement or any other instrument or agreement
referred to therein. Each reference in the Credit Agreement to "this Agreement,"
"herein," "hereof" and words of like import and each reference in the other
Transaction Documents to the "Credit Agreement" shall mean the Credit Agreement
as amended hereby. This Amendment shall be construed in connection with and as
part of the Credit Agreement and all terms, conditions, representations,
warranties, covenants and agreements set forth in the Credit Agreement and each
other instrument or agreement referred to therein, except as herein amended, are
hereby ratified and confirmed and shall remain in full force and effect.

21. The Borrower agrees to pay all costs, fees and expenses in connection with
the preparation, execution and delivery of this Amendment (including the
reasonable fees and expenses of counsel to the Agent and the Lenders), including
an amendment fee of 0.25% on its existing Commitment to each Lender who approves
this Amendment.

22. Each Lender by its signature hereto hereby authorizes the Facility
Conversion. If all of the Lenders acknowledge the Facility Conversion by their
signatures hereto, the Facility Conversion Date will occur on and as of the date
hereof.

23. This Amendment may be executed in any number of counterparts, each such
counterpart constituting an original and all of which when taken together shall
constitute one and the same instrument.

24. Any provision contained in this Amendment that is held to be inoperative,
unenforceable or invalid in any jurisdiction shall, as to that jurisdiction, be
inoperative, unenforceable or invalid without affecting the operation,
enforceability or validity of the remaining provisions of this Amendment in that
jurisdiction or the operation, enforceability or validity of such provision in
any other jurisdiction.

25. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE
OF ILLINOIS.

                                       8

<PAGE>   9

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

                                     CKE RESTAURANTS, INC.

                                     By: /s/ Carl Strunk
                                         --------------------------------------
                                     Print Name: Carl Strunk
                                     Title: Executive Vice President, Chief
                                            Financial Officer

                                     PARIBAS, as Agent and as a Lender

                                     By: /s/ Clark King
                                         --------------------------------------
                                     Print Name: Clark C. King III
                                     Title: Managing Director

                                     By: /s/ Michael Colias
                                         --------------------------------------
                                     Print Name: Michael C. Colias
                                     Title: Assistant Vice President

                                     ARAB BANKING CORPORATION

                                     By: /s/ Sheldon Tilney
                                         --------------------------------------
                                     Print Name: Sheldon Tilney
                                     Title: Deputy General Manager

                                     By:
                                         --------------------------------------
                                     Print Name:
                                                 ------------------------------
                                     Title:
                                            -----------------------------------

                                       9

<PAGE>   10

                                     BANK AUSTRIA
                                     CREDITANSTALT CORPORATE FINANCE, INC.

                                     By: /s/ Jack Bertges
                                          --------------------------------------
                                     Print Name: Jack R. Bertges
                                     Title: Executive Vice President

                                      By: /s/ James McCann
                                          --------------------------------------
                                      Print Name: James F. McCann
                                      Title: Vice President

                                      BANK LEUMI USA

                                      By: /s/ Joung Hee Hong
                                          --------------------------------------
                                      Print Name: Joung Hee Hong
                                      Title: Vice President

                                      BANK UNITED

                                      By: /s/ Phil Green
                                          --------------------------------------
                                      Print Name: Phil Green
                                      Title: Director

                                      FLEET NATIONAL BANK
                                      (f/k/a BANKBOSTON, N.A.)

                                      By: /s/ J. Nicholas Cole
                                          --------------------------------------
                                      Print Name: J. Nicholas Cole
                                      Title: Director

                                       10

<PAGE>   11

                                      BANQUE NATIONALE DE PARIS

                                      By: /s/ David W. Low
                                          --------------------------------------
                                      Print Name: David W. Low
                                      Title: Vice President

                                      By: /s/ Jeffrey Kajisa
                                          --------------------------------------
                                      Print Name: Jeffrey S. Kajisa
                                      Title: Vice President

                                      CALIFORNIA BANK & TRUST
                                      (f/k/a Sumitomo Bank of California)

                                      By: /s/ Robert S. Kahn
                                          --------------------------------------
                                      Print Name: Robert S. Kahn
                                      Title: Vice President & Relationship
                                             Manager

                                      CENTURA BANK

                                      By:
                                      Print Name:
                                      Title:

                                      CHANG HWA COMMERCIAL BANK, LTD.,
                                      NEW YORK BRANCH

                                      By: /s/ Wan-Tu Yeh
                                          --------------------------------------
                                      Print Name: Wan-Tu Yeh
                                      Title: Vice President & General Manager

                                       11

<PAGE>   12

                                      CREDIT INDUSTRIEL ET COMMERCIAL
                                      (f/k/a COMPAGNIE FINANCIERE DE CIC ET DE
                                      L'UNION EUROPEENNE)

                                      By: /s/ Brian O'Leary
                                          --------------------------------------
                                      Print Name: Brian O'Leary
                                      Title: Vice President

                                      By: /s/ Sean Mounier
                                          -------------------------------------
                                      Print Name: Sean Mounier
                                      Title: First Vice President

                                      AMSOUTH BANK
                                      successor in interest by merger to
                                      FIRST AMERICAN NATIONAL BANK

                                      By: /s/ Seth Butler
                                          -------------------------------------
                                      Print Name: Seth Butler
                                      Title: Corporate Bank Officer

                                      FIRST BANK & TRUST

                                      By: /s/ K.P. Balkrishna
                                          -------------------------------------
                                      Print Name: K.P. "Bala" Balkrishna
                                      Title: Executive Vice President

                                      FIRST UNION NATIONAL BANK

                                      By: /s/ Jeffrey R. Stottler
                                          -------------------------------------
                                      Print Name: Jeffrey R. Stottler
                                      Title: Vice President

                                       12

<PAGE>   13

                                      MANUFACTURERS BANK

                                      By: /s/ Eric Shapiro
                                          -------------------------------------
                                      Print Name: Eric Shapiro
                                      Title: Vice President

                                      NATIONAL BANK OF KUWAIT

                                      By: /s/ Robert McNeill
                                          -------------------------------------
                                      Print Name: Robert J. McNeill
                                      Title: Executive Manager

                                      By: /s/ Jeffrey J. Ganter
                                          -------------------------------------
                                      Print Name: Jeffrey J. Ganter
                                      Title: Senior Credit Officer

                                      THE SANWA BANK, LIMITED

                                      By: /s/ Toshiko Boyd
                                          -------------------------------------
                                      Print Name: Toshiko Boyd
                                      Title: Vice President

                                      SUNTRUST BANK (f/k/a/ SUNTRUST BANK,
                                      NASHVILLE, N.A.)

                                      By: /s/ William D. Priester
                                          -------------------------------------
                                      Print Name: William D. Priester
                                      Title: Assistant Vice President

                                       13

<PAGE>   14

                                      UMB BANK, N.A.

                                      By: /s/ David Proffitt
                                          -------------------------------------
                                      Print Name: David A. Proffitt
                                      Title: Senior Vice President

                                      U.S. BANK NATIONAL ASSOCIATION

                                      By: /s/ Janet Jordan
                                          -------------------------------------
                                      Print Name: Janet E. Jordan
                                      Title: Vice President

                                      WELLS FARGO BANK

                                      By: /s/ Jessica O. Euzebio
                                      Print Name: Jessica Euzebio
                                      Title: Vice President

                                       14

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