Document:

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                                                                    EXHIBIT 4.53

                            ASSET PURCHASE AGREEMENT

                                 BY AND BETWEEN

                             OSI INTERNATIONAL, INC.

                            OUTBACK STEAKHOUSE, INC.

                          CONNERTY INTERNATIONAL, INC.

                                       AND

                THE SHAREHOLDERS OF CONNERTY INTERNATIONAL, INC.

                               DATED MAY 16, 2002

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                            ASSET PURCHASE AGREEMENT

TABLE OF CONTENTS

<TABLE>
<S>                                                                           <C>
1.    PURCHASE OF THE PARTNERSHIP INTEREST ..................................  1
      1.1      Purchase and Sale ............................................  1
      1.2      Purchase Price ...............................................  1
      1.3      Closing ......................................................  2
      1.4      Further Assurances ...........................................  2
      1.5      Certificates .................................................  2
      1.6      Closing of Transfer Books ....................................  2
      1.7      Effective Date ...............................................  2

2.    LIABILITIES OF SELLER AND PARTNERSHIP..................................  2
      2.1      Liabilities Defined...........................................  2
      2.2      No Liabilities of Seller Assumed..............................  2
      2.3      Liabilities of Partnership....................................  2
      2.4      Hold-Back.....................................................  3
      2.5      Dissolution of Seller.........................................  3

3.    REPRESENTATIONS AND WARRANTIES OF THE SELLER AND SHAREHOLDERS..........  3
      3.1      General.......................................................  3
      3.2      Capitalization of Seller......................................  3
      3.3      Authority.....................................................  4
      3.4      No Violation..................................................  4
      3.5      Absence of Liabilities........................................  4
      3.6      Ownership of Partnership Interest.............................  5
      3.7      Partnership Subsidiaries......................................  5
      3.8      Financial Statements..........................................  5
      3.9      Tax Liabilities...............................................  5
      3.10     Absence of Undisclosed Liabilities............................  6
      3.11     No Litigation.................................................  6
      3.12     Compliance With Laws and Orders...............................  6
      3.13     Employee Benefit Plans........................................  7
      3.14     Absence of Certain Changes....................................  7
      3.15     No Brokers or Finders.........................................  8
      3.16     Disclosure....................................................  8
      3.17     Contracts.....................................................  8
      3.18     Necessary Approvals and Consents..............................  8
      3.19     Compliance with Laws..........................................  9

4.    REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDERS.....................  9
      4.1    Authority and Validity..........................................  9
      4.2    Binding Effect .................................................  9
      4.3    Ownership.......................................................  9
      4.4    Voting..........................................................  9
      4.5    Compliance with Other Instruments...............................  9
      4.6    Securities Law Compliance.......................................  9
      4.7    Payment of Liabilities..........................................  11
</TABLE>

                                       I
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<TABLE>
<S>                                                                                                                 <C>
5.    REPRESENTATIONS, WARRANTIES AND COVENANTS OF BUYER............................................................11
      5.1   Corporate...............................................................................................11
      5.2   Authority...............................................................................................11
      5.3   No Brokers or Finders...................................................................................11
      5.4   Disclosure..............................................................................................11
      5.5   Other Action............................................................................................12

6.    REPRESENTATIONS AND WARRANTIES OF OSI AND BUYER...............................................................12
      6.1   Organization and Good Standing..........................................................................12
      6.2   Foreign Qualification...................................................................................12
      6.3   Power and Authority.....................................................................................12
      6.4   Authority and Validity..................................................................................12
      6.5   Binding Effect..........................................................................................12
      6.6   Compliance with Other Instruments.......................................................................12
      6.7   Capitalization of OSI...................................................................................13
      6.8   SEC Reports.............................................................................................13
      6.9   Absence of Certain Changes or Events....................................................................13

7.    COVENANTS OF SHAREHOLDERS.....................................................................................13
      7.1   Noncompetition..........................................................................................13
      7.2   Confidentiality.........................................................................................14
      7.3   Non-Solicitation........................................................................................14
      7.4   Reasonableness of Restrictions; Reformation; Enforcement................................................14
      7.5   Specific Performance....................................................................................14

8.    FURTHER COVENANTS OF SHAREHOLDERS.............................................................................15
      8.1   Access to Information and Records.......................................................................15
      8.2   Conduct of Business Pending the Closing.................................................................15
      8.3   Consents................................................................................................16
      8.4   Other Action............................................................................................16
      8.5   Disclosure..............................................................................................16

9.    CONDITIONS PRECEDENT TO BUYER'S OBLIGATIONS...................................................................16
      9.1   Representations and Warranties True on the
            Closing Date............................................................................................16
      9.2   Compliance With Agreement...............................................................................16
      9.3   Absence of Litigation...................................................................................16
      9.4   Consents and Approvals..................................................................................16
      9.5   Delivery of Closing Documents...........................................................................16

10.   CONDITIONS PRECEDENT TO SELLER'S AND SHAREHOLDERS' OBLIGATIONS................................................17
      10.1  Representations and Warranties True on the
            Closing Date............................................................................................17
      10.2  Compliance With Agreement...............................................................................17
      10.3  Absence of Litigation...................................................................................17

11.   INDEMNIFICATION...............................................................................................17
      11.1  By the Shareholders ....................................................................................17
      11.2  By Buyer................................................................................................18
      11.3  Indemnification of Third-Party Claims...................................................................18
      11.4  Payment.................................................................................................18
</TABLE>

                                       II
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<TABLE>
<S>                                                                                                                 <C>
      11.5   No Waiver..............................................................................................19
      11.6   Survival of Indemnification............................................................................19

12.   CLOSING.......................................................................................................19
      12.1   Closing Date...........................................................................................19
      12.2   Place of Closing.......................................................................................19
      12.3   Documents to be Delivered by the Seller and Shareholders...............................................19
      12.4   Documents to be Delivered by Buyer and OSI.............................................................19

13.   TERMINATION...................................................................................................20
      13.1   Right of Termination Without Breach....................................................................20
      13.2   Termination for Breach.................................................................................20

14.   MISCELLANEOUS.................................................................................................21
      14.1   Further Assurance......................................................................................21
      14.2   Disclosures and Announcements..........................................................................21
      14.3   Assignment; Parties in Interest........................................................................21
      14.4   Governing Law .........................................................................................21
      14.5   Consent to Personal Jurisdiction and Venue; Waiver of Jury Trial
                                Attorney's Fees.....................................................................21
      14.6   Amendment and Modification.............................................................................21
      14.7   Notice.................................................................................................21
      14.8   Expenses...............................................................................................23
      14.9   Cost of Litigation.....................................................................................23
      14.10  Entire Agreement.......................................................................................23
      14.11  Counterparts...........................................................................................23
      14.12  Headings...............................................................................................23
</TABLE>

                                      III
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                         ASSET PURCHASE AGREEMENT

         THIS ASSET PURCHASE AGREEMENT (this "Agreement") is dated this 16th day
of May 2002, and entered into by and among OSI INTERNATIONAL, INC., a Florida
corporation ("Buyer"), OUTBACK STEAKHOUSE, INC., a Delaware corporation ("OSI"),
CONNERTY INTERNATIONAL, INC. a Florida corporation ("Seller"), and the
shareholders of Seller as indicated on the signature pages hereof and listed on
Exhibit A attached hereto and made a part hereof (individually a "Shareholder"
and collectively the "Shareholders").

                                    RECITALS

A.       Buyer is a wholly owned subsidiary of OSI.

B.       Outback Steakhouse International, Inc. (a wholly owned subsidiary of
         OSI) and Seller have entered into that certain Agreement of Limited
         Partnership of Outback Steakhouse International, L.P. dated May 1, 1995
         ("Partnership Agreement") pursuant to which Outback Steakhouse
         International, Inc. and Seller formed Outback Steakhouse International,
         L.P., a Georgia limited partnership ("Partnership").

C.       Outback Steakhouse International, Inc. is the owner of an eighty
         percent (80%) interest in the Partnership as a limited partner.

D.       Seller is the owner of a twenty percent (20%) interest in the
         Partnership as a general partner ("Partnership Interest").

E.       The Partnership Interest represents substantially all of the assets of
         Seller.

F.       The Shareholders own all of the issued and outstanding shares of
         capital stock of Seller.

G.       Pursuant to the provisions hereof, Buyer desires to purchase from
         Seller, and Seller desires to sell to Buyer, all right, title and
         interest in and to the Partnership Interest.

H.       The parties intend that the sale of the Partnership Interest shall
         qualify as a reorganization within the meaning of Section 368(a) of the
         Internal Revenue Code of 1986, as amended ("Code").

         NOW THEREFORE, in consideration of the foregoing and the respective
representations, warranties, covenants, agreements and conditions hereinafter
set forth, and intending to be legally bound hereby, the parties hereto agree as
follows.

1.       PURCHASE OF THE PARTNERSHIP INTEREST

         1.1      Purchase and Sale. Subject to the terms and conditions of this
Agreement, on the Closing Date (as defined in SECTION 12.1), Seller shall sell,
transfer, convey, assign and deliver to Buyer, and Buyer shall purchase and
accept, all of the Partnership Interest, free and clear of any liens, claims, or
encumbrances whatsoever ("Purchase").

         1.2.     Purchase Price.

                  1.2(a)   Subject to adjustment as provided in SECTION 2.4, the
         purchase price ("Purchase Price") for the Partnership Interest shall be
         Two Hundred Twenty Three Thousand Six (223,006) shares of common stock,
         par value $.01, of OSI ("OSI Common Stock"). The Purchase Price shall
         be paid as provided in SECTION 2.

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                  1.2(b)   If, between the date of this Agreement and the
         Closing Date the outstanding shares of OSI Common Stock shall have been
         changed into a different number of shares or a different class by
         reason of any reclassification, recapitalization, split-up,
         combination, exchange of shares, or readjustment, with a record date
         within such period, or a stock dividend thereon shall be declared with
         a record date within such period, the number of shares of OSI Common
         Stock constituting the Purchase Price shall be adjusted to accurately
         reflect such change.

         1.3.     Closing. The closing of the transactions contemplated by this
Agreement (the "Closing"), shall take place at 10:00 a.m., Tampa time, at the
offices of OSI on May 20, 2002, or on such date and at such other time and place
as is agreed upon by the parties hereto. The day on which the Closing occurs is
herein referred to as the "Closing Date". If any of the conditions to the
obligations of the parties to this Agreement have not been satisfied or waived
by the Closing Date, then the party to this Agreement that is unable to meet
such condition or conditions shall be entitled to postpone the Closing by
written notice to the other parties until such condition shall have been
satisfied (which such party shall seek to cause to happen at the earliest
practicable date) or waived, but the Closing shall occur not later than May 31,
2002, unless further extended by written agreement of the parties to this
Agreement. The parties shall use their best efforts to effectuate a timely
closing as provided in this SECTION 1.3.

         1.4      Further Assurances. After the Closing, the parties hereto
shall execute and deliver such additional documents and take such additional
actions as may reasonably be deemed necessary or advisable by any party in order
to consummate the transactions contemplated by this Agreement and to vest more
fully in Buyer the ownership of and the rights to the Partnership Interest.

         1.5      Certificates. As soon as practicable after the Effective Date,
OSI shall deliver to Seller certificates representing the number of shares of
OSI Common Stock constituting the Purchase Price as provided in SECTION 1.2
hereof, reduced by the number of Retained Shares as provided in SECTION 2.4
hereof. The OSI Common Stock constituting the Purchase Price shall be deemed
issued at the Closing Date.

         1.6      Closing of Transfer Books. Upon execution of this Agreement,
the stock transfer books of Seller shall be closed and no transfer of capital
stock of Seller shall thereafter be made.

         1.7      Effective Date. The parties agree that the purchase of the
Partnership Interest shall be deemed effective as of January 1, 2002 and Buyer
shall be allocated all taxable income or loss, and Buyer shall be entitled to
all distributions, from the Partnership from and after January 1, 2002.

2.       LIABILITIES OF SELLER AND PARTNERSHIP

         2.1      Liabilities Defined. As used in this Agreement, the term
"Liability" shall mean and include any direct or indirect indebtedness,
guaranty, endorsement, claim, loss, damage, deficiency, cost, expense,
obligation or responsibility, fixed or unfixed, known or unknown, asserted or
unasserted, liquidated or unliquidated, secured or unsecured.

         2.2      No Liabilities of Seller Assumed. Buyer and OSI are not
assuming any Liabilities of Seller whatsoever (other than Liabilities of Seller
arising solely from Seller's status as general partner of the Partnership) and
all such Liabilities shall be and remain the responsibility of Seller.

         2.3      Liabilities of Partnership. Seller has been the only general
partner of Partnership. The balance sheet of the Partnership as of December 31,
2001 ("Balance Sheet") is attached hereto as Exhibit B and made a part hereof.
Subject to and except as otherwise provided in SECTION 2.4 and SECTION 11
hereof, Seller and the Shareholders shall indemnify, defend and hold Buyer, OSI
and the Partnership harmless from and against any Liability of the Partnership
that (i) is not included on the Balance Sheet, or (ii) is not specified on
DISCLOSURE SCHEDULE ITEM 3.10.

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         2.4.     Hold-Back. Of the 223,006 shares of OSI Common Stock
constituting the Purchase Price, Buyer shall deliver One Hundred Ninety Four
Thousand Four Hundred Thirty Six (194,436) shares of OSI Common Stock to Seller
as provided in SECTION 1.5 hereof. Buyer shall retain Twenty Eight Thousand Five
Hundred Seventy (28,570) shares of OSI Common Stock ("Retained Shares"). In the
event Buyer is entitled to indemnification from Seller pursuant to SECTION 11
hereof, the amount of such indemnification shall be paid by reducing the number
of Retained Shares to be delivered to Seller. The number of Retained Shares to
be delivered to Seller shall be reduced by a number equal to the number obtained
by dividing the amount of indemnification by 35.00. For example, if the amount
of indemnification is $500,000, the number of Retained Shares to be delivered to
Seller shall be reduced by 14,286 shares ($500,000 divided by 35.00). The
Retained Shares, reduced by any indemnification amount as provided in the
preceding sentence, shall be delivered to Seller on the earlier of (i) five
years from the Closing Date or (ii) the expiration of the statute of limitations
for any Liabilities of the Partnership existing as of January 1, 2002, or (iii)
the determination by the Buyer that all Liabilities for which Seller would be
obligated to indemnify Buyer have been resolved. The portion of the Retained
Shares which are not delivered to Seller as a result of Seller's indemnification
shall be cancelled and shall revert to unissued shares of OSI. Seller (and its
shareholders) shall retain the exclusive right to vote and receive any dividends
or distributions with respect to the Retained Shares until cancelled as a result
of indemnification as provided in the preceding sentence.

         2.5.     Dissolution of Seller. Nothing contained in this Agreement
shall be construed as prohibiting Seller from dissolving after the Closing Date
and transferring to each Shareholder their proportionate right to receive
Retained Shares as provided in SECTION 2.4.

3.       REPRESENTATIONS AND WARRANTIES OF THE SELLER AND SHAREHOLDERS

         Seller and each Shareholder represents and warrants to Buyer and OSI
that each of the following is true and correct in all material respects as of
the Closing Date, except to the extent identified in disclosure schedules
attached to or accompanying this Agreement (the "Disclosure Schedules").

         3.1      General.

                  3.1(a)   Organization. Seller is a corporation duly organized,
         validly existing and in good standing under the laws of the State of
         Florida. The Articles of Incorporation and By-Laws of Seller attached
         hereto as EXHIBIT 3.1(A) are true and accurate copies thereof and are
         in full force and effect and have not be modified or amended.

                  3.1(b)   Power. Seller has all requisite corporate power and
         authority to own, operate and lease its properties, to carry on its
         businesses as and where such are now being conducted.

                  3.1(c)   Qualification. Seller is duly licensed or qualified
         to do business and is in good standing as a foreign corporation in
         every jurisdiction where the failure to so qualify would have a
         material adverse effect on Seller's business, operations, assets or
         financial condition.

                  3.1(d)   Subsidiaries. Seller does not own any interest in any
         corporation, partnership, limited liability company or other entity,
         except for ownership of the Partnership Interest.

                                       3
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                  3.2      Capitalization of Seller.

                           3.2(a)   The authorized capital stock of Seller
                  consists of Ten Thousand (10,000) common shares, par value
                  $0.1. There are One Thousand Twenty (1,020) common shares
                  issued and outstanding. There are no rights or options to
                  acquire capital stock of Seller. All of the issued and
                  outstanding shares of capital stock of Seller have been duly
                  authorized and validly issued and are fully paid and
                  nonassessable. There are no shares of capital stock of Seller
                  held in its treasury.

                           3.2(b)   There are no voting trusts, shareholder
                  agreements or other voting arrangements to which Seller or any
                  shareholder of Seller is a party.

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

         3.3      Authority. Seller has the corporate power and authority to
execute, deliver and perform its obligations under this Agreement. The execution
and delivery of this Agreement and the other documents and instruments to be
executed and delivered by Seller pursuant hereto and the consummation of the
transactions contemplated hereby and thereby have been duly authorized by all
necessary corporate and shareholder action on the part of Seller. The execution,
delivery and performance by Seller of this Agreement and all other documents
executed or to be executed in connection with this Agreement and the
consummation of the transactions provided for herein have been duly authorized
and approved by the board of directors and shareholders of Seller as required by
the laws of the State of Florida and Seller's corporate governance documents. No
other or further act or proceeding on the part of Seller, its directors or
shareholders is necessary to authorize this Agreement or the other documents and
instruments to be executed and delivered by Seller pursuant hereto or the
consummation of the transactions contemplated hereby and thereby. This Agreement
constitutes, and when executed and delivered, the other documents and
instruments to be executed and delivered by Seller pursuant hereto will
constitute, valid binding agreements of Seller, enforceable in accordance with
their respective terms, except as such may be limited by bankruptcy, insolvency,
reorganization or other laws affecting creditors' rights generally, and the
availability of equitable remedies may be limited by general equitable
principles.

         3.4      No Violation. Neither the execution and delivery of this
Agreement or the other documents and instruments to be executed and delivered by
the Seller and the Shareholders pursuant hereto, nor the consummation by the
Seller of the transactions contemplated hereby and thereby (a) will violate any
applicable statute, ordinance, rule or regulation (collectively "Laws") or any
applicable order, writ, injunction, judgment, plan or decree (collectively
"Orders"), (b) will require any authorization, consent, approval, exemption or
other action by or notice to any court, arbitrator, department, commission,
board, bureau, agency, authority, instrumentally or other body, whether federal,
state, municipal, foreign country or other (collectively "Government Entities"),
or (c) will violate or conflict with, or constitute a default or breach (or an
event which, with notice or lapse of time, or both, would constitute a default
or breach) under, or will result in the termination of, or accelerate the
performance required by, or result in the creation of any Lien (as defined in
SECTION 3.6(B)) upon any of the assets of Seller, the Partnership or any
Partnership Subsidiary under any term or provision of the articles of
incorporation, by-laws, partnership agreement or other governing document of
Seller, the Partnership, or any Partnership Subsidiary or of any material
contract, commitment, understanding, arrangement, agreement or restriction of
any kind or character to which Seller, the Partnership or any Partnership
Subsidiary is a party or by which Seller, the Partnership, any Partnership
Subsidiary or any of their respective assets or properties may be bound or
affected.

         3.5  Absence of Liabilities. Seller does not have any Liabilities
that would in any manner impair the Partnership Interest or result in any Lien
on the Partnership Interest. Except for Liabilities of Seller arising solely
from Seller's status as general partner of the Partnership and reflected on the
Balance Sheet, the Shareholders

                                       4
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have no knowledge of any basis for the assertion against Seller of any Liability
and to the knowledge of the Shareholders, there are no circumstances,
conditions, happenings, events or arrangements, contractual or otherwise, which
may give rise to Liabilities that would result in any Lien on the Partnership
Interest or have a material adverse effect on the Partnership Interest.

         3.6      Ownership of Partnership Interest.

                  3.6(a)   Exclusive Ownership. Seller is the sole and exclusive
         owner of the Partnership Interest. No person or entity other than
         Seller has any right, title or interest in or to the Partnership
         Interest. No Person or entity other than Seller and Buyer has any
         right, title or interest in or to the Partnership.

                  3.6(b)   Title to Partnership Interest. Seller has, and will
         have on the Closing Date, good and valid title to the Partnership
         Interest, free and clear of all mortgages, liens (statutory or
         otherwise), security interests, claims, pledges, licenses, equities,
         options, conditional sales contracts, assessments, levies, covenants,
         charges or encumbrances of any nature whatsoever, perfected or
         unperfected (collectively "Liens"). The Partnership Interest is not
         subject to any restrictions with respect to the transferability
         thereof, except those restrictions contained in the Partnership
         Agreement. Seller has complete and unrestricted power and right to
         sell, assign, convey and deliver the Partnership Interest to Buyer as
         contemplated hereby. On the Closing Date, Buyer will receive good and
         valid title to all the Partnership Interest, free and clear of all
         Liens of any nature whatsoever.

                  3.6(c)   No Default. Seller is not in default under any
         agreement, contract or commitment, nor has any event or omission
         occurred which through the passage of time or the giving of notice, or
         both, would constitute a default thereunder or cause the acceleration
         of any of its obligations or result in the creation of any Lien on any
         of the Partnership Interest.

         3.7      Partnership Subsidiaries.

                  3.7(a)   Ownership. The Partnership is the owner of the
         interests ("Subsidiary Interests") in the entities (individually a
         "Partnership Subsidiary" and collectively the "Partnership
         Subsidiaries") as shown on Exhibit C attached hereto and made a part
         hereof. The Partnership is the sole and exclusive owner of the
         Subsidiary Interests. No person or entity other than Seller has any
         right, title or interest in or to the Subsidiary Interests.

                  3.7(b)   Title to Subsidiary Interests. The Partnership has,
         and will have on the Closing Date, good and valid title to all the
         Subsidiary Interests, free and clear of all Liens (as defined in
         SECTION 3.6(B).

                  3.7(c)   No Default. The Partnership is not in default under
         any agreement, contract or commitment, nor has any event or omission
         occurred which through the passage of time or the giving of notice, or
         both, would constitute a default thereunder or cause the acceleration
         of any of its obligations or result in the creation of any Lien on any
         of the Subsidiary Interests.

         3.8      Financial Statements. DISCLOSURE SCHEDULE ITEM 3.8 are true
and complete copies of the financial statements of each of Seller, the
Partnership and each Partnership Subsidiary consisting of unaudited balance
sheets as of December 31 2001 ("Recent Balance Sheets") and for the prior
calendar year (or since creation of the entity if not in existence for such
time), and the related unaudited statements of income and cash flows for the
years then ended. All of such financial statements (including all notes and
schedules contained therein or annexed thereto) are true, complete and accurate
as of their respective dates, have been prepared in accordance with the books
and records of each entity, and fairly present the assets, liabilities and
financial position, the results of operations and cash flows of each entity as
of the dates and for the years and periods indicated.

                                       5
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         3.9      Tax Liabilities. Seller, the Partnership and each Partnership
Subsidiary have timely filed or caused to be filed all federal, foreign country,
state, county and local tax returns and reports required to be filed by them by
the Closing Date, including those with respect to income, payroll, property,
withholding, social security, unemployment, franchise, excise and sales taxes.
All such tax returns and reports were true and correct in all material respects.
Seller, the Partnership and each Partnership Subsidiary have either paid or
caused to be paid in full all taxes that have become due as reflected on any tax
return or report required to be filed by them by the Closing Date and any
interest and penalties with respect thereto. Seller, the Partnership and the
Partnership Subsidiaries have fully accrued on their Recent Balance Sheets and
established adequate reserves for all taxes payable but not yet due; and have
made cash deposits with appropriate governmental authorities representing
estimated payments of taxes, including income taxes and employee withholding tax
obligations required to be paid over or withheld. No extension or waiver of any
statute of limitations or time within which to file any return has been granted
to Seller, the Partnership or any Partnership Subsidiary with respect to any
tax. To the knowledge of the Shareholders, no unsatisfied deficiency,
delinquency or default for any tax, assessment or governmental charge has been
claimed, proposed or assessed against Seller, the Partnership or any Partnership
Subsidiary nor has Seller, the Partnership or any Partnership Subsidiary
received written notice of any such deficiency, delinquency or default. The
Shareholders have no reason to believe that any of Seller, the Partnership or
any Partnership Subsidiary has or may have any tax liabilities other than those
reflected on the Recent Balance Sheets, with any notes thereto, and those
arising in the ordinary course of business since the date of the Recent Balance
Sheets.

         Seller shall have sole responsibility for filing or causing to be filed
all required tax returns for Seller for all periods up to and including the
Closing Date.

         3.10     Absence of Undisclosed Liabilities. Except as and to the
extent disclosed on the Recent Balance Sheets, or in the DISCLOSURE SCHEDULE
ITEM 3.10, Seller, the Partnership and the Partnership Subsidiaries do not have
any Liabilities other than liabilities and obligations incurred since the date
of the Recent Balance Sheets in the ordinary course of business and none of
which has or will have a material adverse effect on the business, assets,
financial condition or results of operations of Seller, the Partnership or any
Partnership Subsidiary. Except as and to the extent described in the Recent
Balance Sheets or in DISCLOSURE SCHEDULE ITEM 3.10, the Shareholders have no
knowledge of any basis for the assertion against any of Seller, the Partnership
or any Partnership Subsidiary of any Liability and to the knowledge of the
Shareholders, there are no circumstances, conditions, happenings, events or
arrangements, contractual or otherwise, which may give rise to Liabilities of
Seller, the Partnership, or any Partnership Subsidiary, except for liabilities
and obligations incurred in the ordinary course of business.

         3.11     Litigation and Government Claims. Except as set forth in
DISCLOSURE SCHEDULE ITEM 3.11, there is no action, suit, claim, proceeding,
arbitration, investigation or inquiry, whether civil, criminal or administrative
("Litigation") pending or, to the knowledge of the Shareholders, threatened
against any of Seller, the Partnership or any Partnership Subsidiary, or to
which any of their business or assets is subject, nor does any Shareholder know,
or have grounds to know, of any basis for any unasserted Litigation of any
nature that might be asserted against Seller, the Partnership or any Partnership
Subsidiary. Except as set forth in DISCLOSURE SCHEDULE ITEM 3.11, none of
Seller, the Partnership or any Partnership Subsidiary nor their respective
business or assets is subject to any Order of any Governmental Entity that would
have a material adverse effect on any of Seller, the Partnership or any
Partnership Subsidiary.

         3.12     Compliance With Laws and Orders.

                  3.12(a)  Compliance. Except as set forth in DISCLOSURE
         SCHEDULE ITEM 3.12(A), to the knowledge of the Shareholders, each of
         Seller, the Partnership and the Partnership Subsidiaries is in material
         compliance with all applicable Laws and Orders, including, without
         limitation, those applicable to franchising, foreign country operations
         and corrupt practices, discrimination in employment, occupational
         safety and health, trade practices, competition and pricing, product
         warranties, zoning, building and sanitation, employment, retirement and
         labor relations and product advertising. Except as set forth in

                                       6
<PAGE>

         DISCLOSURE SCHEDULE ITEM 3.12(A), none of Seller, the Partnership or
         any Partnership Subsidiary has received notice of any violation or
         alleged violation of, and is subject to no Liability for past or
         continuing violation of, any Laws or Orders. All reports and returns
         required to be filed by each of Seller, the Partnership and each
         Partnership Subsidiary with any Government Entity have been filed, and
         were accurate and complete when filed.

         3.13  Employee Benefit Plans.

         Except for plans maintained by OSI and for plans specified DISCLOSURE
SCHEDULE ITEM 3.13, none of Seller, the Partnership or any Partnership
Subsidiary maintains any "employee benefit plan," as defined in Section 3(3) of
ERISA which (i) is subject to any provision of ERISA and (ii) is or was at any
time during the last 5 years maintained, administered or contributed to by any
of Seller, the Partnership or any Partnership Subsidiary and covers any employee
or former employee of any of Seller, the Partnership or any Partnership
Subsidiary or under which any of Seller, the Partnership or any Partnership
Subsidiary has any liability. Such plans are referred to collectively herein as
the "Employee Plans".

         Each Employee Plan has been maintained in compliance with its terms and
the requirements prescribed by any and all statutes, orders, rules and
regulations, including but not limited to, ERISA and the Internal Revenue Code,
which are applicable to such Plan. No assets of any of Seller, the Partnership
or any Partnership Subsidiary are or could be subject, directly or indirectly,
to any liability or lien by reason of any action or inaction taken with respect
to any Employee Plan maintained by any of Seller, the Partnership or any
Partnership Subsidiary.

         Seller, the Partnership and the Partnership Subsidiaries have no
liability in respect of post-retirement health and medical benefits for retired
employees of Seller, the Partnership or any Partnership Subsidiary, determined
using assumptions that are reasonable in the aggregate, over the fair market
value of any fund, reserve or other assets segregated for the purpose of
satisfying such liability (including for such purposes any fund established
pursuant to Section 401(h) of the Code). Seller, the Partnership and each
Partnership Subsidiary have reserved their right to amend or terminate any
Employee Plan or other benefit arrangement providing health or medical benefits
in respect of any active employee of Seller, the Partnership or any Partnership
Subsidiary under the terms of any such plan and descriptions thereof given to
employees. With respect to any Employee Plans which are "group health plans"
under Section 4980B of the Code and Section 607(l) of ERISA, there has been
timely compliance in all material respects with all requirements imposed
thereunder, and under Parts 6 and 7 of Title I of ERISA generally, so that
Seller, the Partnership or any Partnership Subsidiary have no (and will not
incur any) loss, assessment, tax penalty or other sanction with respect to any
such plan.

         There has been no amendment to, written interpretation or announcement
(whether or not written) by Seller, the Partnership or any Partnership
Subsidiary relating to, or change in employee participation or coverage under,
any Employee Plan which would increase the expense of maintaining such Employee
Plan above the level of the expense incurred in respect thereof for the fiscal
year ended immediately prior to the Closing Date.

         3.14     Absence of Certain Changes. Except as and to the extent set
forth in DISCLOSURE SCHEDULE ITEM 3.14, since the date of the Recent Balance
Sheets there has not been:

                  3.14(a)  No Adverse Change. Any material adverse change in the
         financial condition, assets, Liabilities, business, prospects or
         operations of the Partnership or any Partnership Subsidiary;

                  3.14(b)  No Damage. Any material loss, damage or destruction,
         whether covered by insurance or not, affecting any business or
         properties of the Partnership or any Partnership Subsidiary;

                  3.14(c)  No Increase in Compensation. Other than in the
         ordinary course of business, any increase in the compensation, salaries
         or wages payable or to become payable to any officer of the Partnership
         or any Partnership Subsidiary (including, without limitation, any
         increase or change pursuant

                                       7
<PAGE>

         to any bonus, pension, profit sharing, retirement or other plan or
         commitment), or any bonus or other employee benefit granted, made or
         accrued;

                  3.14(d)  No Labor Disputes. Any labor dispute or disturbance,
         other than routine individual grievances which are not material to the
         business, financial condition or results of operations of any
         Partnership Subsidiary;

                  3.14(e)  No Commitments. Any material commitment or
         transaction by the Partnership or any Partnership Subsidiary
         (including, without limitation, any borrowing or capital expenditure)
         other than in the ordinary course of business;

                  3.14(f)  No Disposition of Property. Any sale, lease or other
         transfer or disposition of any properties or assets of the Partnership
         or any Partnership Subsidiary, except in the ordinary course of
         business;

                  3.14(g)  No Indebtedness. Any indebtedness for borrowed money
         incurred, assumed or guaranteed by the Partnership or any Partnership
         Subsidiary;

                  3.14(h)  No Liens. Any Lien made on any of the properties or
         assets of the Partnership or any Partnership Subsidiary other than
         liens for taxes not yet due and payable;

                  3.14(i)  No Amendment of Contracts. Any entering into,
         amendment or termination by the Partnership or any Partnership
         Subsidiary of any contract, or any waiver of material rights
         thereunder, other than in the ordinary course of business;

                  3.14(j)  No Unusual Events. Any other event or condition not
         in the ordinary course of business of the partnership or any
         Partnership Subsidiary.

         3.15     No Brokers or Finders. No Shareholder nor any of their
respective managers, officers, employees, members or agents have retained,
employed or used any broker or finder in connection with the transaction
provided for herein or in connection with the negotiation thereof.

         3.16     Disclosure. No representation or warranty by the Shareholders
in this Agreement, nor any statement, certificate, schedule, document or exhibit
hereto furnished or to be furnished by or on behalf of the Shareholders pursuant
to this Agreement or in connection with the transactions contemplated hereby,
contains or shall contain (when considered in light of the entirety of all
information provided by the Shareholders to Buyer) any misstatement of any
material fact or omits any material fact necessary to make the statements
contained therein not misleading. Each of Seller and the Shareholders has
disclosed to OSI and Buyer all facts known to them that are material to
Seller's, the Partnership's or any Partnership Subsidiary's respective
businesses, assets, operations, financial condition or prospects.

         3.17 Contracts. Excluding (i) contracts between Buyer or OSI, on the
one hand, and Seller or the Partnership, on the other hand (ii) contracts and
commitments entered into by the Partnership to which Buyer or OSI is a party,
and (iii) contracts and commitments entered into with the written consent of OSI
or Buyer, ITEM 3.17 of the Disclosure Schedule is a complete and accurate list
of all of the contracts and commitments (including summaries of oral contracts)
to which any of Seller, the Partnership or any Partnership Subsidiary is a party
or by which any of them is bound.

         3.18 Necessary Approvals and Consents. Other than (a) consents required
to be obtained from applicable liquor control authorities, (b) consents required
to be obtained from lessors, and (c) under the provisions of the Securities Act
of 1933, as amended, the Securities Exchange Act of 1934, as amended, or state
securities or blue sky laws, no authorization, consent, permit or license or
approval of or declaration, registration

                                       8
<PAGE>
or filing with, any person or governmental or regulatory authority or agency is
necessary for the execution and delivery by each of Seller and the Shareholders
of this Agreement and the other agreements executed or to be executed by them in
connection with this Agreement, and the consummation by Seller and the
Shareholders of the transactions contemplated by this Agreement and the
ownership and operation by Buyer of the respective businesses and properties of
the Partnership and the Partnership Subsidiaries after the Closing Date in
substantially the same manner as now operated.

         3.19     Compliance With Laws. Seller and the Shareholders have no
actual knowledge that Seller, the Partnership or any Partnership Subsidiary is
not in compliance with any such laws applicable to their respective business,
where failure to so comply would have a material adverse effect on their
business, operations, properties, assets or conditions.

4.       REPRESENTATIONS AND WARRANTIES OF SHAREHOLDERS

         In addition to the representations and warranties contained in SECTION
3, each Shareholder represents and warrants to Buyer as follows:

         4.1      Authority and Validity. He has the capacity and authority to
execute, deliver and perform this Agreement and all other agreements and
documents he is executing or will execute in connection herewith or therewith.

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

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

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

         4.3      Ownership. The Shareholders are record and beneficial
shareholders of Seller and own the number of shares of common stock of Seller
and representing the percentages of common stock of Seller issued and
outstanding, as indicated on Exhibit A attached hereto and made a part hereof.
No person or entity has any rights (in any form) to acquire any capital stock of
Seller from any of the Shareholders.

         4.4      Voting. Each Shareholder acknowledges that in his individual
capacity as a shareholder (and as a director, if applicable) of Seller, he has
voted in favor of the execution and delivery of this Agreement.

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

         4.6      Securities Law Compliance. Each Shareholder represents,
warrants and covenants to Buyer and OSI that:

                                       9
<PAGE>

                  4.6(a)   the Shareholder has received all schedules and
         exhibits and the documents furnished to pursuant to SECTION 6.8;

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

                  4.6(c)   OSI and Buyer have furnished the Shareholder with all
         information requested and full access to materials concerning OSI and
         Buyer which the Shareholder and/or his advisors deemed necessary to
         properly evaluate the purchase of the Partnership Interest in exchange
         for common stock of OSI. Such information and access have been made
         available and utilized to the extent the Shareholder considers
         necessary and advisable in making an informed investment decision, and
         the Shareholder has consulted his own tax advisor and understands the
         evaluation of such materials may require the assistance of experts and
         the Shareholder has utilized such experts to the extent deemed
         necessary.

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

                  4.6(e)   The Shareholder and/or his representatives or
         advisors who have acted with or on behalf of the Shareholder and who
         have advised the Shareholder in this matter have such knowledge and
         experience in financial and business matters that the Shareholder
         and/or his representatives are capable of evaluating the merits and
         risks of the Purchase and receipt of OSI Common Stock.

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

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

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

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

                  4.6(j)   The Shareholder understands that OSI will place an
         appropriate legend on the certificate representing OSI Common Stock to
         be received restricting the transfer of the shares and stop-transfer

                                       10
<PAGE>

         instructions will be given to the transfer agent for the OSI Common
         Stock with respect to such certificates.

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

                  4.6(l)   The Shareholder is a resident of the state indicated
         on Exhibit A.

         4.7      Payment of Liabilities. Seller and the Shareholders covenant
and agree that all debts and liabilities of Seller relating to periods prior to
the Closing Date shall be paid or satisfied in full prior to the Effective Date.

5.       REPRESENTATIONS, WARRANTIES AND COVENANTS OF BUYER

         Buyer represents and warrants to the Seller and Shareholders that each
of the following is true and correct in all material respects as of the Closing
Date.

         5.1      Corporate.

                  5.1(a)   Organization. Buyer is a corporation duly organized,
         validly existing and in good standing under the laws of the State of
         Florida.

                  5.1(b)   Corporate Power. Buyer has all requisite corporate
         power and authority to own, operate and lease its properties, to carry
         on its businesses as and where such are now being conducted.

         5.2      Authority. The execution and delivery of this Agreement and
the other documents and instruments to be executed and delivered by Buyer
pursuant hereto and the consummation of the transactions contemplated hereby and
thereby have been duly authorized by the Board of Directors of Buyer. No other
corporate act or proceeding on the part of Buyer or its shareholders is
necessary to authorize this Agreement or the other documents and instruments to
be executed and delivered by Buyer pursuant hereto or the consummation of the
transactions contemplated hereby and thereby. This Agreement constitutes, and
when executed and delivered, the other documents and instruments to be executed
and delivered by Buyer pursuant hereto will constitute, valid and binding
agreements of Buyer, enforceable in accordance with their respective terms,
except as such may be limited by bankruptcy, insolvency, reorganization or other
laws affecting creditors' rights generally, and by general equitable principles.

         5.3      No Brokers or Finders. Neither Buyer nor any of its directors,
officers, employees or agents have retained, employed or used any broker or
finder in connection with the transaction provided for herein or in connection
with the negotiation thereof.

         5.4      Disclosure. No representation or warranty by Buyer in this
Agreement, nor any statement, certificate, schedule, document or exhibit hereto
furnished or to be furnished by or on behalf of Buyer pursuant to this Agreement
or in connection with transactions contemplated hereby, contains or shall
contain any untrue statement of material fact or omits or shall omit a material
fact necessary to make the statements contained therein not misleading.

                                       11
<PAGE>

         5.5      Other Action. The Buyer shall use its best efforts to cause
the fulfillment at the earliest practicable date of all the conditions to the
parties' obligations to consummate the transactions contemplated in this
Agreement.

6.       REPRESENTATIONS AND WARRANTIES OF OSI AND BUYER

         OSI and Buyer, jointly and severally, represent and warrant to Seller
and the Shareholders as follows:

         6.1      Organization and Good Standing. OSI and Buyer are corporations
duly organized, validly existing and in good standing under the laws of the
States of Delaware and Florida, respectively.

         6.2      Foreign Qualification. OSI and Buyer are duly qualified or
licensed to do business and in good standing as a foreign corporation in every
jurisdiction where the failure to so qualify could have a material adverse
effect on their respective business, operations, assets or financial condition.

         6.3      Power and Authority. OSI and Buyer each have the corporate
power and authority and all licenses and permits required by governmental
authorities to own, lease and operate their respective properties and assets and
to carry on their respective business as currently being conducted.

         6.4      Authority and Validity. OSI and Buyer each have the corporate
power and authority to execute, deliver and perform their respective obligations
under this Agreement and the other documents executed or to be executed by OSI
and Buyer in connection with this Agreement and the execution, delivery and
performance by OSI and Buyer of this Agreement and the other documents executed
or to be executed by OSI and Buyer in connection with this Agreement have been
duly authorized by all necessary corporate action.

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

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

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

         6.6      Compliance with Other Instruments. Neither the execution and
delivery of this Agreement or the other documents and instruments to be executed
and delivered by the Buyer and OSI pursuant hereto, nor the consummation of the
transactions contemplated hereby and thereby (a) will violate any applicable
statute, ordinance, rule or regulation (collectively "Laws") or any applicable
order, writ, injunction, judgment, plan or decree (collectively "Orders"), (b)
will require any authorization, consent, approval, exemption or other action by
or notice to any court, arbitrator, department, commission, board, bureau,
agency, authority, instrumentally or other body, whether federal, state,
municipal, foreign country or other (collectively "Government Entities"), or (c)
will violate or conflict with, or constitute a default or breach (or an event
which, with notice or lapse of time, or both, would constitute a default or
breach) under, or will result in the termination of, or accelerate the
performance required by, or result in the creation of any Lien (as defined in
SECTION 3.6(B)) upon any of the assets of Buyer or OSI under any term or
provision of the articles of incorporation, by-laws, partnership agreement or
other governing document of Buyer or OSI or of any material contract,
commitment, understanding, arrangement, agreement or restriction of any kind or
character to which Buyer or OSI is a party or by which Buyer or OSI or any of
their respective assets or properties may be bound or affected.

         6.7      Capitalization of OSI. The authorized capital stock of OSI
consists of Two Hundred Million

                                       12
<PAGE>

(200,000,000) shares of Common Stock, $.01 par value and Two Million (2,000,000)
shares of Preferred Stock, $.01 par value, of which approximately 77,302,000
shares of Common Stock and no shares of Preferred Stock were issued and
outstanding as of February 28, 2002. All of the issued and outstanding shares of
OSI Common Stock have been duly authorized and validly issued and are fully paid
and nonassessable. The shares of OSI Common Stock to be issued pursuant to the
Purchase, when issued and delivered, will be duly authorized, validly issued,
fully paid and non-assessable. As of the date hereof, except for (i) employee
and director stock options to acquire shares of OSI Common Stock and (ii)
employee stock ownership plans, there are no options, warrants or other rights,
agreements or commitments outstanding obligating Buyer or OSI to issue shares of
its capital stock. All of the outstanding shares of capital stock of Buyer are
owned by OSI, free and clear of any lien or encumbrance.

         6.8      SEC Reports. OSI has delivered to Seller and the Shareholders
true and complete copies of its (i) Annual Report on Form 10-K for the year
ended December 31, 2001; (ii) Proxy Statement used in connection with its 2002
Annual Meeting of Shareholders; (iii) 2000 Annual Report to Shareholders; (iv)
all periodic reports, if any, on Form 8-K filed with the Securities and Exchange
Commission since December 31, 2001 to the date hereof; and (v) all Forms 10-Q,
if any, filed with the Securities and Exchange Commission since December 31,
2001 to the date hereof. Such documents and reports did not on their dates or
the date of filing, contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading. OSI has filed all material documents required to be filed by it
with the SEC and all such documents complied as to form with the applicable
requirements of law. Copies of all other reports filed by OSI with the SEC from
the date hereof to and including the Closing Date have been or will be delivered
to Seller and the Shareholders. All financial statements and schedules included
in the documents referred to in this SECTION 6.8 were prepared in accordance
with generally accepted accounting principles, applied on a consistent basis
except as noted therein and fairly present the information purported to be shown
therein.

         6.9      Absence of Certain Changes or Events. Except as disclosed in
public filings by OSI with the Securities and Exchange Commission prior to the
date hereof and the Closing Date, since December 31, 2001, there has not been
any material adverse change in the financial condition, results of operations or
the business, properties, assets or liabilities of Buyer or OSI.

7.       COVENANTS OF SHAREHOLDERS

         7.1      Noncompetition. For a two (2) year period commencing on the
Closing Date Seller, each Shareholder and their respective Affiliates shall not,
individually or jointly with others, directly or indirectly, whether for his,
her or its own account or for that of any other person or entity, engage in or
own or hold any ownership interest in, have any interest in or lend any
assistance to, steakhouse restaurant or any person or entity engaged in a
business owning, operating, franchising or controlling a steakhouse restaurant
business, regardless of the geographic location of such person, entity or
business, and neither Seller, any Shareholder or their respective Affiliates
shall act as an officer, director, employee, partner, independent contractor,
consultant, principal, agent, proprietor, or in any other capacity for, nor lend
any assistance (financial or otherwise) or cooperation to, any such person, or
entity; PROVIDED, HOWEVER, that it shall not be a violation of this SECTION 7.1
for Seller, any Shareholder or their respective Affiliates to own a one percent
(1%) or smaller interest in any corporation required to file periodic reports
with the Securities and Exchange Commission under the Securities Exchange Act of
1934, or successor statute. For purposes of this ARTICLE 7, the term "steakhouse
restaurant" shall mean any restaurant for which: (i) the word "steak", "beef",
or "prime rib" or any variation thereof is used in its name or logo; or (ii) the
sale of steak, beef or prime rib is featured in its advertising or marketing
efforts, or (iii) the sale of steak, beef and prime rib collectively constitute
twenty five percent (30%) or more of its entree sales, computed on a dollar
basis. This SECTION 7.1 shall not apply to any employment of a Shareholder by
any affiliate of OSI.

         7.2      Confidentiality.

                                       13
<PAGE>

                  7.2(a)   Definition. For the purpose of this Agreement,
         "Proprietary Information" shall include that part of the Partnership
         Interest that consists of all information which reasonably would be
         considered proprietary or confidential to the business of operating
         Outback Steakhouse restaurants including but not limited to suppliers,
         customers, trade or industrial practices, marketing and technical
         plans, technology, personnel, organization or internal affairs, plans
         for products and ideas, recipes, menus, wine lists and proprietary
         techniques and other trade secrets. Notwithstanding the foregoing,
         "Proprietary Information" shall not include information which has
         entered the public domain.

                  7.2(b)   No Disclosure, Use, or Circumvention. The
          Shareholders and their respective members and Affiliates shall not
          disclose any Proprietary Information to any third parties. Except in
          connection with their employment with Buyer or Buyer's Affiliates, the
          Shareholders will not use any Proprietary Information in the
          Shareholders' business or any affiliated business without the prior
          written consent of the Buyer and then only to the extent specified in
          that consent. Consent may be granted or withheld at the sole
          discretion of the Buyer.

                  7.2(c)   Maintenance of Confidentiality. The Shareholders
         shall take all steps reasonably necessary or appropriate to maintain
         the confidentiality of the Proprietary Information in accordance with
         this Agreement.

         7.3      Non-Solicitation. For a five (5) year period commencing on the
Closing Date, Seller, each Shareholder and their respective Affiliates shall not
offer employment to any employee of the Buyer, OSI or their Affiliates or
otherwise solicit or induce any employee of the Buyer, OSI or their Affiliates
to terminate his or her employment, nor shall Seller, any Shareholder or any of
their respective Affiliates act as partner, consultant, agent, owner or part
owner, for any person or entity which solicits or otherwise induces any employee
of the Buyer, OSI or their Affiliates to terminate his or her employment with
the Buyer, OSI or their Affiliates, except for non-management personnel
recruited through general solicitations in print or other media.

         7.4      Reasonableness of Restrictions; Reformation; Enforcement. The
parties hereto recognize and acknowledge that the geographical and time
limitations contained in SECTIONS 7.1, 7.2 and 7.3 hereof are reasonable and
properly required for the adequate protection of the Buyer's interests. It is
agreed by the parties hereto that if any portion of the restrictions contained
in SECTIONS 7.1, 7.2 or 7.3 are held to be unreasonable, arbitrary, or against
public policy, then the restrictions shall be considered divisible, both as to
the time and to the geographical area, with each month of the specified period
being deemed a separate period of time and each radius mile of the restricted
territory being deemed a separate geographical area, so that the lesser period
of time or geographical area shall remain effective so long as the same is not
unreasonable, arbitrary, or against public policy. The parties hereto agree that
in the event any court of competent jurisdiction determines the specified period
or the specified geographical area of the restricted territory to be
unreasonable, arbitrary, or against public policy, a lesser time period or
geographical area that is determined to be reasonable, nonarbitrary, and not
against public policy may be enforced. If any of the covenants contained herein
are violated and if any court action is instituted by the Buyer to prevent or
enjoin such violation, then the period of time during which the business
activities shall be restricted, as provided in this Agreement, shall be
lengthened by a period of time equal to the period between the date of the
breach of the terms or covenants contained in this Agreement and the date on
which the decree of the court disposing of the issues upon the merits shall
become final and not subject to further appeal.

         7.5      Specific Performance. The parties agree that a breach of any
of the covenants contained in SECTIONS 7.1, 7.2 and 7.3 hereof will cause
irreparable injury to the Buyer for which the remedy at law will be inadequate
and would be difficult to ascertain and therefore, in the event of the breach or
threatened breach of any such covenants, the Buyer shall be entitled, in
addition to any other rights and remedies it may have at law or in equity, to
obtain an injunction to restrain any threatened or actual activities in
violation of any such covenants. The parties hereby consent and agree that
temporary and permanent injunctive relief may be granted in any proceedings that
might be brought to enforce any such covenants without the necessity of proof of
actual

                                       14
<PAGE>
damages, and in the event the Buyer does apply for such an injunction, that the
Buyer has an adequate remedy at law shall not be raised as a defense.

8.       FURTHER COVENANTS OF SHAREHOLDERS

         The Shareholders covenant and agree as follows:

         8.1      Access to Information and Records. Prior to the Closing Date,
the Shareholders shall give Buyer, its counsel, accountants and other
representatives (i) access during normal business hours to all of the
properties, books, records, contracts and documents of the Seller relating to
the Partnership Interest for the purpose of such inspection, investigation and
testing as Buyer deems appropriate (and Seller shall furnish or cause to be
furnished to Buyer and its representatives all information with respect to the
business and affairs of Seller as Buyer may request); (ii) access to employees,
agents and representatives for the purposes of such meetings and communications
as Buyer reasonably desires; and (iii) access to vendors, customers,
manufacturers of its machinery and equipment, and others having business
dealings with Seller. Through the Closing Date, the Buyer and its Affiliates
shall not disclose any Proprietary Information obtained pursuant to this
paragraph to any third parties and until the Closing Date will not use any such
Proprietary Information in the Buyer's business or any affiliated business
without the prior written consent of the Seller and then only to the extent
specified in that consent. Consent may be granted or withheld at the sole
discretion of the Seller. The Buyer shall not contact any suppliers, customers,
employees, affiliates or associates to circumvent the purposes of this
provision. The Buyer shall take all steps reasonably necessary or appropriate to
maintain the strict confidentiality of the Proprietary Information through the
Closing Date.

         8.2      Conduct of Business Pending the Closing. From the date hereof
until the Closing Date, except as otherwise approved in writing by Buyer, which
approval shall not be unreasonably withheld:

                  8.2(a)   No Changes. Seller, as general partner of the
         Partnership, will cause the Partnership and the Partnership
         Subsidiaries, in all material respects, to carry on their business
         diligently and in the same manner as heretofore and will not make or
         institute any material changes in its methods of purchase, sale,
         management, accounting or operation.

                  8.2(b)   Maintain Organization. The Seller will take such
         action as may be necessary to maintain, preserve, renew and keep in
         favor the material rights and franchises of the Partnership and the
         Partnership Subsidiaries and will use its commercially reasonable best
         efforts, to the extent material hereto, to preserve the business
         organization of the Partnership and the Partnership Subsidiaries
         intact, to keep available to Buyer the present officers and employees,
         and to preserve for Buyer its present relationships with suppliers and
         customers and others having business relationships with the Partnership
         and the Partnership Subsidiaries.

                  8.2(c)   No Breach. The Shareholders will not do or omit any
         act, or permit any omission to act, which would reasonably be expected
         to cause a breach of any material contract, commitment or obligation,
         or any breach of any representation, warranty, covenant or agreement
         made by the Shareholders herein.

                  8.2(d)   No Material Contracts. No contract or commitment will
         be entered into, by or on behalf of the Partnership or any Partnership
         Subsidiary, except contracts, commitments, purchases or sales which are
         in the ordinary course of business and consistent with past practice,
         are not material to the Partnership or any Partnership Subsidiary
         (individually or in the aggregate) and would not have been required to
         be disclosed in the Disclosure Schedule had they been in existence on
         the date of this Agreement.

                                       15
<PAGE>

                  8.2(e)   No Organizational Changes. Seller shall not
         materially amend its Articles of Incorporation or By-Laws or make any
         changes in ownership percentages.

                  8.2(f)   Maintenance of Insurance. Seller shall cause the
         Partnership and partnership Subsidiaries to maintain all of the
         insurance in effect as of the date hereof.

                  8.2(g)   No Negotiations. The Shareholders will not directly
         or indirectly (through a representative or otherwise) solicit or
         furnish any information to any prospective buyer, commence, or conduct
         presently ongoing, negotiations with any other party or enter into any
         agreement with any other party concerning the sale of the Partnership
         Interest, or any capital stock in Seller (an "acquisition proposal"),
         and the Shareholders shall immediately advise Buyer of the receipt of
         any acquisition proposal.

         8.3      Consents. The Shareholders will use commercially reasonable
efforts to obtain all consents necessary for the consummation of the
transactions contemplated hereby prior to the Closing Date.

         8.4      Other Action. The Shareholders shall use commercially
reasonable efforts to cause the fulfillment at the earliest practicable date of
all of the conditions to the parties' obligations to consummate the transactions
contemplated in this Agreement.

         8.5      Disclosure. Through the Closing Date, the Shareholders shall
have a continuing obligation to promptly notify Buyer in writing with respect to
any matter hereafter arising or discovered which, if existing or known at the
date of this Agreement, would have been required to be set forth or described in
the Disclosure Schedule, but no such disclosure shall cure any breach of any
representation or warranty which is inaccurate.

9.       CONDITIONS PRECEDENT TO BUYER'S OBLIGATIONS

         Each and every obligation of Buyer to be performed on the Closing Date
shall be subject to the satisfaction prior to or on the Closing Date of each of
the following conditions:

         9.1      Representations and Warranties True on the Closing Date. Each
of the representations and warranties made by the Shareholders in this
Agreement, and the statements contained in the Disclosure Schedule or in any
instrument, list, certificate or writing delivered by the Shareholders pursuant
to this Agreement, shall be true and correct in all material respects as of the
Closing Date, except for any changes permitted by the terms of this Agreement or
consented to in writing by Buyer.

         9.2      Compliance With Agreement. Seller and the Shareholders shall
have performed and complied with all of their agreements and obligations under
this Agreement which are to be performed or complied with by it prior to or on
the Closing Date.

         9.3      Absence of Litigation. No Litigation shall have been commenced
or threatened, and no material investigation by any Government Entity shall have
been commenced, against Buyer, the Shareholders or any of the Affiliates,
officers, directors or managers of any of them, with respect to the transactions
contemplated hereby.

         9.4      Consents and Approvals. Except as otherwise specifically
provided in this Agreement, all approvals, consents and waivers that are
required to effect the transactions contemplated hereby shall have been
received, and copies thereof shall have been delivered to Buyer on or prior to
the Closing Date.

         9.5      Delivery of Closing Documents. The Seller and the Shareholders
shall have delivered the closing documents specified in SECTION 12.3.

                                       16
<PAGE>

10.      CONDITIONS PRECEDENT TO SELLER'S AND SHAREHOLDERS' OBLIGATIONS

         Each and every obligation of the Shareholders to be performed on the
Closing Date shall be subject to the satisfaction prior to or on the Closing
Date of the following conditions:

         10.1     Representations and Warranties True on the Closing Date. Each
of the representations and warranties made by Buyer and OSI in this Agreement
shall be true and correct in all material respects as of the Closing Date.

         10.2     Compliance With Agreement. Buyer and OSI shall have in all
material respects performed and complied with all of their respective agreements
and obligations under this Agreement which are to be performed or complied with
by Buyer and OSI prior to or on the Closing Date, including the delivery of the
closing documents specified in SECTION 12.4.

         10.3 Absence of Litigation. No material Litigation shall have been
commenced or threatened, and no material investigation by any Government
Entity shall have been commenced, against Buyer or OSI, or the Seller or any
Shareholder or any of the affiliates, officers, managers, directors or
shareholders of either of them, with respect to the transactions contemplated
hereby.

11.      INDEMNIFICATION

         11.1     By the Shareholders. Subject to the terms and conditions of
this SECTION 11, Seller, and each Shareholder jointly and severally, hereby
agree to indemnify, defend and hold harmless Buyer, OSI, the Partnership, each
Partnership Subsidiary and each of their respective directors, officers,
employees and Affiliates (hereinafter "Buyer's Indemnitees"), from and against
all Claims asserted against, resulting to, imposed upon, or incurred by Buyer's
Indemnitees or the Partnership Interest transferred to Buyer pursuant to this
Agreement, directly or indirectly, by reason of, arising out of or resulting
from (a) the inaccuracy or breach of any representation or warranty of any of
Seller or the Shareholders contained in or made pursuant to this Agreement
(regardless of whether such breach is deemed "material"); (b) the breach of any
covenant of any of Seller or the Shareholders contained in this Agreement
(regardless of whether such breach is deemed "material"); or (c) except as
incurred in the ordinary course of business between the execution of this
Agreement and the Closing Date, any Liability of the Partnership or any
Partnership Subsidiary not included on the Recent Balance Sheet or the
Disclosure Schedules and which arises out of or relates to events first
occurring prior to the Closing Date; provided, however, that regardless of any
disclosure on the Recent Balance Sheets or the Disclosure Schedules, Seller
shall indemnify Buyer's Indemnitees from and against any Claim relating to,
arising out of, or in any way connected with: (i) OBS Investors and (ii) Marc
Westerhorstmann, Helvag and its principals and agents, and Outback Steakhouse
restaurants in Germany. Notwithstanding any other provision hereof,
Shareholder's liability under this SECTION 11.1 for claims relating to (i) OBS
Investors and (ii) Marc Westerhorstmann, Helvag and its principals and agents,
and Outback Steakhouse restaurants in Germany shall be limited to the Retained
Shares (as defined in SECTION 2.4 hereof), in the aggregate. As used in this
SECTION 11, the term "Claim" shall include (i) all Liabilities and Liens; (ii)
all losses, damages, judgments, awards, settlements approved by the Buyer (such
approval shall not be unreasonably withheld or delayed), costs and expenses
(including, without limitation, interest (including prejudgment interest in any
litigated matter), penalties, court costs and reasonable attorneys' fees and
expenses); and (iii) all demands, claims, suits, actions, costs of
investigation, costs of defense, causes of action, proceedings and assessments,
whether or not ultimately determined to be valid.

         11.2     By Buyer. Subject to the terms and conditions of this SECTION
11, Buyer hereby agrees to indemnify, defend and hold harmless the Shareholders
and their directors, officers, employees and Affiliates from and against all
Claims asserted against, resulting to, imposed upon or incurred by any such
person, directly or indirectly, by reason of or resulting from (a) the
inaccuracy or breach of any representation or warranty of Buyer contained in or
made pursuant to this Agreement (regardless of whether such breach is deemed
"material"); (b) the

                                       17
<PAGE>

breach of any covenant of Buyer contained in this Agreement (regardless of
whether such breach is deemed "material").

         11.3     Indemnification of Third-Party Claims. The obligations and
liabilities of any party to indemnify any other under this SECTION 11 with
respect to Claims relating to third parties shall be subject to the following
terms and conditions:

                  11.3(a)  Notice and Defense. The party or parties to be
         indemnified (whether one or more, the "Indemnified Party") will give
         the party from whom indemnification is sought (the "Indemnifying
         Party") written notice of any such Claim, and the Indemnified Party
         shall have the right to undertake the defense thereof, at the expense
         of the Indemnifying Party, by representatives and counsel approved by
         the Indemnified Party in its sole and absolute discretion. Failure to
         give such notice shall not affect the Indemnifying Party's duty or
         obligations under this SECTION 11, except to the extent the
         Indemnifying Party is prejudiced thereby. The Indemnified Party shall
         have the right to settle any Claim asserted by a third party and shall
         be entitled to indemnification therefore. Each party shall make
         available to the other all records and other materials required by them
         and in the possession or under the control of such party, for the use
         of the other party in defending any such Claim, and shall in other
         respects give reasonable cooperation in such defense.

                  11.3(b)  Right to Settle The Indemnified Party shall have the
         right to undertake the defense, compromise or settlement of any Claim
         asserted by a third party or consent to the entry of a judgment with
         respect to such Claim, on behalf of and for the account and risk of the
         Indemnifying Party, and the Indemnifying Party shall thereafter have no
         right to challenge the Indemnified Party's defense, compromise,
         settlement or consent to judgment.

                  11.3(c)  Indemnified Party's Rights. Anything in this SECTION
         11 to the contrary notwithstanding, (i) if there is a reasonable
         probability that a Claim may materially and adversely affect the
         Indemnified Party other than as a result of money damages or other
         money payments, the Indemnified Party shall have the right to defend,
         compromise or settle such Claim, and (ii) the Indemnifying Party shall
         not, without the written consent of the Indemnified Party, settle or
         compromise any Claim or consent to the entry of any judgment which does
         not include as an unconditional term thereof the giving by the claimant
         or the plaintiff to the Indemnified Party of a release from all
         Liability in respect of such Claim.

         11.4     Payment. The Indemnifying Party shall promptly pay the
Indemnified Party any amount due under this SECTION 11, which payment may be
accomplished in whole or in part, at the option of the Indemnified Party, by the
Indemnified Party setting off any amount owed to the Indemnifying Party by the
Indemnified Party. In the event Seller or the Shareholders are the Indemnifying
Party, OSI shall have the right to effect indemnification by the reduction and
cancellation of the Retained Shares as provided in SECTION 2.4 hereof. To the
extent set-off is made by an Indemnified Party in satisfaction or partial
satisfaction of an indemnity obligation under this SECTION 11 that is disputed
by the Indemnifying Party, upon a subsequent determination by final judgment not
subject to appeal that all or a portion of such indemnity obligation was not
owed to the Indemnified Party, the Indemnified Party shall pay the Indemnifying
Party the amount which was set off and not owed together with interest from the
date of set-off until the date of such payment at an annual rate equal to the
average annual rate in effect as of the date of the set-off, on those three
maturities of United States Treasury obligations having a remaining life, as of
such date, closest to the period from the date of the set-off to the date of
such judgment. Upon judgment, determination, settlement or compromise of any
third party Claim, the Indemnifying Party shall pay promptly on behalf of the
Indemnified Party, and/or to the Indemnified Party in reimbursement of any
amount theretofore required to be paid by it, the amount so determined by
judgment, determination, settlement or compromise and all other Claims of the
Indemnified Party with respect thereto, unless in the case of a judgment an
appeal is made from the judgment. If the Indemnifying Party desires to appeal
from an adverse judgment, then the Indemnifying Party shall post and pay the
cost of the security or bond to stay execution of the judgment pending appeal.
Upon the payment in full by the Indemnifying Party of such amounts, the
Indemnifying Party shall

                                       18
<PAGE>

succeed to the rights of such Indemnified Party, to the extent not waived in
settlement, against the third party who made such third party Claim.

         11.5     No Waiver. The closing of the transactions contemplated by
this Agreement shall not constitute a waiver by any party of its rights to
indemnification hereunder, regardless of whether the party seeking
indemnification has knowledge of the breach, violation or failure of condition
constituting the basis of the Claim at or before the closing, and regardless of
whether such breach, violation or failure is deemed to be "material".

         11.6     Survival of Indemnification. The indemnification obligations
of the parties contained in this SECTION 11 shall survive the date of this
Agreement and the Closing Date for all Claims brought or demands for
indemnification made prior to the expiration of five (5) years from the Closing
Date.

12.      CLOSING

         12.1     Closing Date. The closing of the transactions contemplated by
this Agreement (the "Closing") shall take place ten (10) days after the
satisfaction of all conditions precedent required by this Agreement or upon such
other date as Buyer and Seller may agree (the "Closing Date").

         12.2     Place of Closing. The Closing shall take place at Buyer's
corporate office or at such other place as the parties hereto shall agree upon.

         12.3     Documents to be Delivered by the Seller and Shareholders. On
the Closing Date, the Seller and Shareholders shall deliver to Buyer the
following documents, in each case duly executed or otherwise in proper form:

                  12.3(a)  Bills of Sale. Bills of sale and such other
         instruments of assignment, transfer, conveyance and endorsement as will
         be sufficient in the opinion of Buyer and its counsel to transfer,
         assign, convey and deliver to Buyer the Partnership Interest as
         contemplated hereby.

                  12.3(b)  Compliance Certificate. A certificate signed by each
         of the Shareholders that each of the representations and warranties
         made by the Shareholders in this Agreement is true and correct in all
         material respects on and as of the Closing Date (except for any changes
         permitted by the terms of this Agreement or consented to in writing by
         Buyer), and that the Shareholders have performed and complied with all
         of the Shareholders' obligations under this Agreement which are to be
         performed or complied with on or prior to the Closing Date.

                  12.3(c)  Certified Resolutions. A certified copy of the
         resolutions of the shareholders, directors, managers and members of the
         Shareholders, as appropriate, authorizing and approving this Agreement
         and the consummation of the transactions contemplated by this
         Agreement.

                  12.3(d)  Incumbency Certificate. Incumbency certificates
         relating to each person executing any document executed and delivered
         to Buyer pursuant to the terms hereof.

                  12.3(e)  Other Documents. All other documents, instruments or
         writings required to be delivered to Buyer on or prior to the Closing
         Date pursuant to this Agreement and such other certificates of
         authority and documents as Buyer may reasonably request.

         12.4     Documents to be Delivered by Buyer and OSI. At the Closing,
Buyer and OSI shall deliver to the Seller the following documents, in each case
duly executed or otherwise in proper form:

                  12.4(a)  Compliance Certificate. A certificate signed by the
         president of Buyer and OSI, respectively, that the representations and
         warranties made by Buyer and OSI in this Agreement are true

                                       19
<PAGE>

         and correct on and as of the Closing Date (except for any changes
         permitted by the terms of this Agreement or consented to in writing by
         the Shareholders), and that Buyer and OSI have performed and complied
         with all of their respective obligations under this Agreement which are
         to be performed or complied with on or prior to the Closing Date.

                  12.4(b)  Certified Resolutions. A certified copy of the
         resolutions of the Board of Directors of Buyer and OSI authorizing and
         approving this Agreement and the consummation of the transactions
         contemplated by this Agreement, including the issuance of shares of OSI
         common stock as the purchase price.

                  12.4(c)  Incumbency Certificate. Incumbency certificates
         relating to each person executing any document executed and delivered
         to the Seller by Buyer pursuant to the terms hereof.

                  12.4(d)  Other Documents. All other documents, instruments or
         writings required to be delivered to the Shareholders on or prior to
         the Closing Date pursuant to this Agreement and such other certificates
         of authority and documents as the Shareholders may reasonably request.

13.      TERMINATION

         13.1     Right of Termination Without Breach.

                  13.1(a)  Mutual Agreement. This Agreement may be terminated
         without further liability of either party at any time prior to the
         closing by mutual written agreement of Buyer and the Seller.

                  13.1(b)  By Either Party. This Agreement may be terminated
         without further liability of any party, by either Buyer or the Seller
         if the Closing Date of the transaction contemplated in SECTION 1.1
         shall not have occurred on or before June 30, 2002, provided the
         terminating party has not, through breach of a representation, warranty
         or covenant, prevented such closing from occurring on or before such
         date.

         13.2     Termination for Breach.

                  13.2(a)  Termination by Buyer. This Agreement may be
         terminated by Buyer if (i) there has been a material violation or
         breach by any of the Shareholders of any of the agreements,
         representations or warranties contained in this Agreement which has not
         been waived in writing by Buyer, or (ii) there has been a failure of
         satisfaction of a condition to the obligations of Buyer which has not
         been so waived.

                  13.2(b)  Termination by the Seller. The Seller may terminate
         this Agreement if (i) there has been a material violation or breach by
         Buyer or OSI of any of the agreements, representations or warranties
         contained in this Agreement which has not been waived in writing by the
         Seller, or (ii) there has been a failure of satisfaction of a condition
         to the obligations of the Seller and Shareholders which has not been so
         waived.

                  13.2(c)  Effect of Termination. Termination of this Agreement
         pursuant to this SECTION 13.2 shall not in any way terminate, limit or
         restrict the rights and remedies of any party hereto against any other
         party which has violated, breached or failed to satisfy any of the
         representations, warranties, covenants, agreements, conditions or other
         provisions of this Agreement prior to termination hereof.

                                       20
<PAGE>

14.      MISCELLANEOUS

         14.1     Further Assurance. From time to time, upon request and without
further consideration, the parties will execute and deliver such documents and
take such other action as may be reasonably requested in order to consummate
more effectively the transactions contemplated hereby, including, but not
limited to, vesting in Buyer good and valid title to the Partnership Interest
being transferred hereunder.

         14.2     Disclosures and Announcements. Both the timing and the content
of all disclosure to third parties and public announcements concerning the
transactions provided for in this Agreement by the Buyer or Seller shall be
subject to the approval of the other in all essential respects, except that
Seller's approval shall not be required as to any statements and other
information which Buyer may submit to the Securities and Exchange Commission,
NYSE or the stockholders of Buyer or Buyer's Affiliates, or be required to make
pursuant to any rule or regulation of the Securities and Exchange Commission or
NYSE, or otherwise required by law.

         14.3     Assignment; Parties in Interest.

                  14.3(a)  Assignment. Except as expressly provided herein, the
         rights and obligations of a party hereunder may not be assigned,
         transferred or encumbered without the prior written consent of the
         other parties. Notwithstanding the foregoing, Buyer may, without
         consent of any other party, cause one or more subsidiaries or
         Affiliates of Buyer to carry out all or part of the transactions
         contemplated hereby (except for the issuance of the OSI common stock by
         OSI); provided, however, that Buyer shall, nevertheless, remain liable
         for all of its obligations, and those of any such subsidiary, to the
         Seller and Shareholders hereunder.

                  14.3(b)  Parties in Interest. This Agreement shall be binding
         upon, inure to the benefit of, and be enforceable by the respective
         successors and permitted assigns of the parties hereto. Nothing
         contained herein shall be deemed to confer upon any other person any
         right or remedy under or by reason of this Agreement.

         14.4     Governing Law. The validity, interpretation, and performance
of this Agreement shall be governed by the laws of the State of Florida without
giving effect to the principles of comity or conflicts of laws thereof.

         14.5     Consent to Personal Jurisdiction and Venue; Waiver of Jury
Trial; Attorney's Fees. Seller, Buyer and the Shareholders hereby consent to
personal jurisdiction and venue, for any action arising out of a breach or
threatened breach of this Agreement or out of the relationship established by
this Agreement, exclusively in the United States District Court for the Middle
District of Florida, Tampa Division, or in the Circuit Court in and for
Hillsborough County, Florida. Seller, Buyer and the Shareholders hereby agree
that any action brought by such person or entity, alone or in combination with
others, whether arising out of this Agreement or otherwise, shall be brought
exclusively in the United States District Court for the Middle District of
Florida, Tampa Division, or in the Circuit Court in and for Hillsborough County,
Florida. Seller, Buyer and the Shareholders hereby agree that any controversy
that may arise of this Agreement would involve complicated and difficult factual
and legal issues and that, as a result, any action shall be determined by a
judge and not a jury. In the event of any legal proceeding arising, directly or
indirectly, from this Agreement, the prevailing party in such legal proceedings
shall be entitled to attorney's fees and costs from the non-prevailing party.

         14.6     Amendment and Modification. Buyer and the Shareholders may
amend, modify and supplement this Agreement in such manner as may be agreed upon
by them in writing.

         14.7     Notice. All notices, requests, demands and other
communications hereunder shall be given in writing and shall be: (a) personally
delivered; or (b) sent to the parties at their respective addresses indicated
herein by registered or certified U.S. mail, return receipt requested and
postage prepaid, or by private overnight mail courier service. The respective
addresses to be used for all such notices, demands or requests are as follows:

                                       21
<PAGE>

                  (a)  If to Buyer or OSI, to:

                       Outback Steakhouse, Inc.
                       2202 North West Shore Boulevard, Suite 500
                       Tampa, Florida  33607
                       Attention:  Chris Sullivan, CEO

                       (with a copy to)

                       Joseph J. Kadow, Vice President and General Counsel
                       Outback Steakhouse, Inc.
                       2202 North West Shore Boulevard, Suite 500
                       Tampa, Florida  33607

or to such other person or address as Buyer shall furnish to the Shareholders in
writing.

                  (b)  If to Seller or any Shareholder, to:

                        Connerty International, Inc.
                        c/o Hugh H. Connerty, Jr.
                        119 Lakeview Avenue
                        Atlanta, Georgia 30305

                        (With a copy to)

                        LaBoeuf, Lamb, Greene & McRae, L.L.P.
                        50 North Laura Street, Suite 2800
                        Jacksonville, Florida 32202
                        Attn: Mallory Gayle Holm, Esq.

                        (And)

                        Greg Walther
                        3355 Lenox Road, Suite 600
                        Atlanta, Georgia 30326

or to such other person or address as Seller shall furnish to Buyer in writing.

         If personally delivered, such communication shall be deemed delivered
upon actual receipt; if sent by overnight courier pursuant to this paragraph,
such communication shall be deemed delivered upon receipt; and if sent by U.S.
mail pursuant to this paragraph, such communication shall be deemed delivered as
of the date of delivery indicated on the receipt issued by the relevant postal
service, or, if the addressee fails or refuses to accept delivery, as of the
date of such failure or refusal. Any party to this Agreement may change its
address for the purposes of this Agreement by giving notice thereof in
accordance with this Section. Notices sent by facsimile or other electronic
means shall not constitute notice under this Agreement.

         14.8     Expenses. Regardless of whether or not the transactions
contemplated hereby are consummated each of the parties shall bear its own
expenses and the expenses of its counsel, accountants, and other agents in
connection with the transactions contemplated hereby.

                                       22
<PAGE>

         14.9     Costs of Litigation. The parties agree that the prevailing
party in any action brought with respect to or to enforce any right or remedy
under this Agreement shall be entitled to recover from the other party or
parties all reasonable costs and expenses of any nature whatsoever incurred by
the prevailing party in connection with such action, including without
limitation reasonable attorneys' fees and prejudgment interest.

         14.10 Entire Agreement. This instrument and the agreements referred to
herein embody the entire agreement between the parties hereto with respect to
the transactions contemplated herein, and there have been and are no agreements,
representations or warranties between the parties other than those set forth or
provided for herein.

         14.11 Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

         14.12 Headings. The headings of Sections in this Agreement are provided
for convenience only and will not affect its construction or interpretation. All
references to "Section" or "Sections" refer to the corresponding Section or
Sections of this Agreement. All words used in this Agreement will be construed
to be of such gender or number as the circumstances require. Unless otherwise
expressly provided, the word "including" does not limit the preceding words or
terms.

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

<TABLE>
<S>                                                 <C>
ATTEST:                                             "BUYER"

                                                     OSI INTERNATIONAL, INC., a Florida corporation

----------------------------------------             By:
Robert S. Merritt, Assistant Secretary                  ---------------------------------------------------
                                                        Chris Sullivan, CEO

                                                     "OSI"

                                                     OUTBACK STEAKHOUSE, INC., a Delaware corporation

----------------------------------------             By:
Robert S. Merritt, Assistant Secretary                  ---------------------------------------------------
                                                        Chris Sullivan, CEO
</TABLE>

                                       23
<PAGE>

<TABLE>
<S>                                                        <C>
ATTEST:                                                    "SELLER"

                                                           CONNERTY INTERNATIONAL, INC., a Florida corporation

-----------------------------------                        By:
                                                              --------------------------------------
                                                              Hugh Connerty, President

                                                           "SHAREHOLDERS"

                                                           ----------------------------------------
                                                           HUGH CONNERTY, individually

                                                           ----------------------------------------
                                                           LYDIA CONNERTY, individually

                                                           ----------------------------------------
                                                           BURLEY MOSS, individually

                                                           ----------------------------------------
                                                           GREG WALTHER, individually

                                                           ----------------------------------------
                                                           DONNIE EVERTS, individually

                                                           ----------------------------------------
                                                           BILL DANIELS, individually

                                                           ----------------------------------------
                                                           DON GAYLE, individually

                                                           ----------------------------------------
                                                           BETH BOSWELL, individually

                                                           ----------------------------------------
                                                           STACY GARDELLA, individually

                                                           ----------------------------------------
                                                           JAYME GOODSELL, individually
</TABLE>

                                       24<PAGE>
                                                                    EXHIBIT 4.54

                      AGREEMENT AND PLAN OF REORGANIZATION

                                      AMONG

                            OUTBACK STEAKHOUSE, INC.,

                      OUTBACK STEAKHOUSE OF FLORIDA, INC.,

                                  AMSTEV, INC.

                                       AND

                               STEVEN A. OVERHOLT

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
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ARTICLE 1 - PLAN OF ACQUISITION....................................................................    1
1.1      The Merger................................................................................    1
1.2      Adjustments...............................................................................    2
1.3      Closing...................................................................................    2
1.4      Execution and Delivery of Closing Documents...............................................    2
1.5      Execution and Filing of Merger Documents..................................................    3
1.6      Effectiveness of Merger...................................................................    3
1.7      Further Assurances........................................................................    3
1.8      Certificates..............................................................................    3
1.9      Closing of Transfer Books.................................................................    3
1.10     Fractional Shares.........................................................................    3
1.11     Accounting Treatment......................................................................    3

ARTICLE 2 - REPRESENTATIONS AND WARRANTIES OF JVP CORP AND
         OVERHOLT..................................................................................    4
2.1      Organization and Good Standing............................................................    4
2.2      Power and Authority.......................................................................    4
2.3      Foreign Corporation.......................................................................    4
2.4      Authority and Validity....................................................................    4
2.5      Binding Effect............................................................................    4
2.6      Compliance with Other Instruments.........................................................    5
2.7      Capitalization of JVP CORP................................................................    5
2.8      Absence of Certain Changes................................................................    5
2.9      Tax Liabilities...........................................................................    6
2.10     No Undisclosed Liabilities................................................................    7
2.11     Title to Properties.......................................................................    7
2.12     Contracts.................................................................................    7
2.13     Litigation and Government Claims..........................................................    7
2.14     No Violation of Any Instrument............................................................    7
2.15     Necessary Approvals and Consents..........................................................    8
2.16     Compliance With Laws......................................................................    8
2.17     Accuracy of Information Furnished.........................................................    8

ARTICLE 3 - REPRESENTATIONS AND WARRANTIES OF OVERHOLT.............................................    8
3.1      Authority and Validity....................................................................    8
3.2      Binding Effect............................................................................    8
3.3      Ownership.................................................................................    9
3.4      Voting....................................................................................    9
3.5      Residency.................................................................................    9
3.6      Compliance with Other Instruments.........................................................    9
</TABLE>

                                        i

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TABLE OF CONTENTS(continued)

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ARTICLE 4 - REPRESENTATIONS AND WARRANTIES OF OSI AND OUTBACK 9
4.1      Organization and Good Standing............................................................    9
4.2      Foreign Qualification.....................................................................    9
4.3      Power and Authority.......................................................................    9
4.4      Authority and Validity....................................................................    10
4.5      Binding Effect............................................................................    10
4.6      Compliance with Other Instruments.........................................................    10
4.7      Capitalization of OSI.....................................................................    10
4.8      SEC Reports...............................................................................    10
4.9      Litigation and Government Claims..........................................................    11
4.10     Necessary Approvals and Consents..........................................................    11
4.11     Absence of Certain Changes or Events......................................................    11

ARTICLE 5 - JOINT COVENANTS OF JVP CORP, OVERHOLT, OSI
         AND OUTBACK...............................................................................    11
5.1      Notice of any Material Change.............................................................    11
5.2      Cooperation...............................................................................    12
5.3      Post-Closing Adjustment...................................................................    12
5.4      Distribution and Allocations..............................................................    12
5.5      Additional Agreements.....................................................................    12

ARTICLE 6 - COVENANTS OF JVP CORP AND OVERHOLT.....................................................    13
6.1      Securities Law Compliance.................................................................    13
6.2      Payment of Liabilities....................................................................    14
6.3      Resale Restriction........................................................................    14

ARTICLE 7 - COVENANTS OF OSI AND OUTBACK...........................................................    15
7.1      Employment Agreements.....................................................................    15
7.2      Assumed Liabilities.......................................................................    15

ARTICLE 8 - JOINT CONDITIONS PRECEDENT TO CLOSING OBLIGATIONS......................................    15
8.1      Consents to Transaction...................................................................    15
8.2      Absence of Litigation.....................................................................    15
</TABLE>

                                       ii

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TABLE OF CONTENTS (continued)

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8.3      Dissenter's Rights........................................................................    16

ARTICLE 9 - CONDITIONS PRECEDENT TO OBLIGATIONS OF JVP CORP........................................    16
9.1      Compliance................................................................................    16
9.2      Representations and Warranties............................................................    16
9.3      Material Adverse Changes..................................................................    16

ARTICLE 10 - CONDITIONS PRECEDENT TO OBLIGATIONS OF OSI AND
         OUTBACK...................................................................................    16
10.1     Compliance................................................................................    16
10.2     Representations and Warranties............................................................    16
10.3     Current Financial Status..................................................................    17
10.4     Material Adverse Changes..................................................................    17

ARTICLE 11 - INDEMNIFICATION.......................................................................    17
11.1     Indemnification Based on Agreement........................................................    17
11.2     Limitation................................................................................    17
11.3     Cooperation...............................................................................    17
11.4     Notice....................................................................................    18

ARTICLE 12 - MISCELLANEOUS.........................................................................    18
12.1     Termination...............................................................................    18
12.2     Expenses..................................................................................    19
12.3     Entire Agreement..........................................................................    19
12.4     Survival of Representations and Warranties................................................    19
12.5     Counterparts..............................................................................    19
12.6     Notices...................................................................................    19
12.7     Successors and Assigns....................................................................    20
12.8     Governing Law.............................................................................    20
12.9     Waiver and Other Action...................................................................    20
12.10    Severability..............................................................................    20
12.11    Headings..................................................................................    20
12.12    Construction..............................................................................    20
12.13    Jurisdiction and Venue....................................................................    20
12.14    Enforcement...............................................................................    20
12.15    Further Assurances........................................................................    21
12.16    Equitable Remedies........................................................................    21
12.17    Waiver of Jury Trial......................................................................    21

EXHIBIT A

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

EXHIBIT B

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

                                       iii

<PAGE>

                      AGREEMENT AND PLAN OF REORGANIZATION

         THIS AGREEMENT AND PLAN OF REORGANIZATION (the "Agreement") is made and
entered effective as of May 17, 2002, by and among OUTBACK STEAKHOUSE, INC., a
Delaware corporation ("OSI"), OUTBACK STEAKHOUSE OF FLORIDA, INC., a Florida
corporation ("Outback"), AMSTEV, INC., an Ohio corporation ("JVP CORP"), and
STEVEN A. OVERHOLT, an individual residing in the State of Ohio ("OVERHOLT").

                              W I T N E S S E T H:

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

         WHEREAS, OVERHOLT is the sole owner of the issued and outstanding
common stock of JVP CORP, and OVERHOLT is the sole director, President and is
responsible for the day-to-day operations of JVP CORP; and

         WHEREAS, Outback and JVP CORP have entered into that certain Florida
limited partnership known as Outback/Cleveland-II, Limited Partnership
("Partnership");

         WHEREAS, the Partnership operates Outback Steakhouse(R)restaurants in
the States of Ohio and Pennsylvania; and

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

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

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

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

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

                                   ARTICLE 1
                               PLAN OF ACQUISITION

         1.1      The Merger. Subject to and upon the terms and conditions
contained herein, JVP CORP shall be merged with and into Outback, with Outback
being the surviving corporation, in accordance with the Articles of

                                        1

<PAGE>

Merger substantially in the form attached to this Agreement as EXHIBIT A (the
"Articles of Merger"), which will be executed and delivered by OSI, Outback, and
JVP CORP prior to the Merger. As a result of the Merger, each voting and
nonvoting common share of JVP CORP outstanding immediately before the Effective
Date (as herein defined) shall, by virtue of the Merger and without any further
action being required by the holders thereof, be converted into and exchanged
for 337.39 shares of OSI Common Stock.

         1.2      Adjustments.

                  (a)      Except as otherwise provided in this SECTION 1.2, the
         total number of shares of OSI Common Stock to be issued pursuant to the
         Merger shall be Thirty-three Thousand Seven Hundred Thirty-nine
         (33,739).

                  (b)      If, between the date of this Agreement and the
         Closing Date or the Effective Date, as the case may be, (i) the
         outstanding shares of capital stock of JVP CORP shall have been changed
         into a different number of shares or a different class by reason of any
         reclassification, recapitalization, split-up, combination, exchange of
         shares, or readjustment, with a record date within such period, or a
         stock dividend thereon shall be declared with a record date within such
         period or (ii) JVP CORP shall have issued additional shares of its
         capital stock, the number of shares of OSI Common Stock received in
         exchange for each share of JVP CORP's capital stock shall be adjusted
         so that the aggregate number of shares of OSI Common Stock received in
         exchange for all shares of JVP CORP's capital stock (assuming no
         Dissenting Shares) remains at Thirty-three Thousand Seven Hundred
         Thirty-nine (33,739).

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

         1.3      Closing. The closing of the transactions contemplated by this
Agreement, including the Merger (the "Closing"), shall take place at 10:00 a.m.,
Tampa time, at the offices of Outback on May 17, 2002, or on such date and at
such other time and place as is agreed upon by the parties hereto. The day on
which the Closing occurs is herein referred to as the "Closing Date". If any of
the conditions to the obligations of the parties to this Agreement have not been
satisfied or waived by the Closing Date, then the party to this Agreement that
is unable to meet such condition or conditions shall be entitled to postpone the
Closing by written notice to the other parties until such condition shall have
been satisfied (which such party shall seek to cause to happen at the earliest
practicable date) or waived, but the Closing shall occur not later than November
17, 2002, unless further extended by written agreement of the parties to this
Agreement. The parties shall use their best efforts to effectuate a timely
closing as provided in this SECTION 1.3.

         1.4      Execution and Delivery of Closing Documents. Before the
Closing, each party shall cause to be prepared and at the Closing the parties
shall execute and deliver each agreement and instrument required by this
Agreement or the Articles of Merger to be so executed and delivered and not
theretofore accomplished. At the Closing, each party also shall execute and
deliver such other appropriate and customary documents as the other parties
reasonably may request for the purpose of consummating the transactions
contemplated by this Agreement

                                        2

<PAGE>

and the Articles of Merger. All actions taken at the Closing shall be deemed to
have been taken simultaneously at the time the last of any such actions is taken
or completed.

         1.5      Execution and Filing of Merger Documents. At the time of
completion of the Closing, OSI, Outback, JVP CORP and OVERHOLT agree to take the
following actions:

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

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

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

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

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

         1.9      Closing of Transfer Books. At the Closing Date, the stock
transfer books of JVP CORP shall be closed and no transfer of capital stock of
JVP CORP, shall thereafter be made.

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

         1.11     Accounting Treatment. It is the intention of the parties
hereto that the Merger will be treated for financial reporting purposes as a
purchase transaction.

                                        3

<PAGE>

                                   ARTICLE 2
             REPRESENTATIONS AND WARRANTIES OF JVP CORP AND OVERHOLT

         Each of JVP CORP and OVERHOLT, jointly and severally, represent and
warrant to OSI and Outback as follows:

         2.1      Organization and Good Standing. JVP CORP is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Ohio.

         2.2      Power and Authority. JVP CORP has the requisite power and
authority and all material licenses and permits required by governmental
authorities to own, lease and operate its properties and assets and to carry on
its businesses as currently being conducted.

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

         2.4      Authority and Validity.

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

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

         2.5      Binding Effect. This Agreement, the Articles of Merger and the
other documents executed or to be executed by JVP CORP and OVERHOLT in
connection with this Agreement have been or will have been duly executed and
delivered by JVP CORP and OVERHOLT, and are or will be, when executed and
delivered, the legal, valid and binding obligations of each of JVP CORP and
OVERHOLT enforceable in accordance with their terms except that:

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

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

                                        4

<PAGE>

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

         2.7      Capitalization of JVP CORP.

                  (a)      The authorized capital stock of JVP CORP consists of
         one hundred (100) authorized common shares. There are one hundred (100)
         common shares issued and outstanding, all of which are owned by
         OVERHOLT. There are no other shareholders of JVP CORP and no other
         persons with rights or options to acquire capital stock of JVP CORP All
         of the issued and outstanding shares of capital stock of JVP CORP have
         been duly authorized and validly issued and are fully paid and
         nonassessable. There are no shares of capital stock of JVP CORP held in
         its treasury.

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

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

         2.8      Absence of Certain Changes. From December 31, 2001 to the
Closing Date, (except solely as a result of JVP CORP's status as a partner in
the Partnership) JVP CORP has not:

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

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

                  (c)      acquired or disposed of any asset, or incurred,
         assumed, guaranteed, endorsed, paid or discharged any indebtedness,
         liability or obligation, or subjected or permitted to be subjected any
         material amount of assets to any lien, claim or encumbrance of any
         kind, except in the ordinary course of business or pursuant to
         agreements in force at the date of this Agreement and identified in
         Item 2.8(c) of the Disclosure Schedules;

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

                                        5

<PAGE>

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

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

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

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

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

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

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

         2.9      Tax Liabilities. JVP CORP has filed all federal, state,
county, local and foreign tax returns and reports required to be filed by them
by the date hereof, including those with respect to income, payroll, property,
withholding, social security, unemployment, franchise, excise and sales taxes;
JVP CORP has either paid in full all taxes that have become due as reflected on
any return or report and any interest and penalties with respect thereto or have
fully accrued on their books or have established adequate reserves for all taxes
payable but not yet due; and have made cash deposits with appropriate
governmental authorities representing estimated payments of taxes, including
income taxes and employee withholding tax obligations. No extension or waiver of
any statute of limitations or time within which to file any return has been
granted to JVP CORP with respect to any tax. No unsatisfied deficiency,
delinquency or default for any tax, assessment or governmental charge has been
claimed, proposed or assessed against JVP CORP nor has JVP CORP received notice
of any such deficiency, delinquency or default. JVP CORP has no reason to
believe that JVP CORP has or may have any tax liabilities other than those
reflected on the unaudited balance sheet of JVP CORP as of December 31, 2001,
with any notes thereto, and the related unaudited statements of income for the
twelve months ended December 31, 2001, together with supplemental information on
JVP CORP, each prepared and attested to by the chief financial officer of JVP
CORP (the "Balance Sheets") and those arising in the ordinary course of business
since the date thereof. With regard to the foregoing, JVP CORP has relied on the
accuracy and completeness of the Schedule K-1 provided by the Partnership.

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

                                        6

<PAGE>

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

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

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

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

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

         2.14     No Violation of Any Instrument. Except as indicated in Item
2.14 of the Disclosure Schedule, JVP CORP is not in violation of or default
under nor has any event occurred that, with the lapse of time or the giving of
notice or both, would constitute a violation of or default under or permit the
termination or the acceleration of maturity of or result in the imposition of a
lien, claim or encumbrance upon any property or asset of JVP CORP pursuant to,
the articles or certificates of incorporation, bylaws or other chartering or
governance document of JVP CORP or (excluding any of the following entered into
by the Partnership and to which Outback or OSI is a signatory or to which
Outback or OSI consented in writing or which were entered into by JVP CORP in
the ordinary course of business without violation of the provisions of the
Partnership Agreement) any note, bond, indenture, mortgage, deed of trust,
evidence of indebtedness, loan or lease agreement, other material agreement or
instrument (including with customers), judgment, order, injunction or decree to
which JVP CORP is a party, by which JVP CORP is bound or to which any of the
assets of JVP CORP are subject.

         2.15     Necessary Approvals and Consents. Other than (a) in connection
with or in compliance with the laws of the States of Florida and Ohio with
respect to effectuating the Merger, (b) consents required to be

                                        7

<PAGE>

obtained from applicable liquor control authorities, (c) consents required to be
obtained from lessors, and (d) under the provisions of the Securities Act of
1933, as amended, the Securities Exchange Act of 1934, as amended, or state
securities or blue sky laws, no authorization, consent, permit or license or
approval of or declaration, registration or filing with, any person or
governmental or regulatory authority or agency is necessary for the execution
and delivery by each of JVP CORP and OVERHOLT of this Agreement, the Articles of
Merger and the other agreements executed or to be executed by them in connection
with this Agreement, and the consummation by JVP CORP and OVERHOLT of the
transactions contemplated by this Agreement and the Articles of Merger, and the
ownership and operation by Outback of the respective businesses and properties
of JVP CORP after the Effective Date in substantially the same manner as now
operated.

         2.16     Compliance With Laws. OVERHOLT has no actual knowledge that
JVP CORP or the Partnership is not in compliance with any such laws applicable
to their respective business, where failure to so comply would have a material
adverse effect on their business, operations, properties, assets or conditions.

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

                                   ARTICLE 3
                   REPRESENTATIONS AND WARRANTIES OF OVERHOLT

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

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

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

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

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

         3.3      Ownership. OVERHOLT is the sole record and beneficial
shareholder of JVP CORP and no other person has any rights (in any form) to
acquire any capital stock of JVP CORP

                                        8

<PAGE>

         3.4      Voting. He acknowledges that in his individual capacity as
shareholder and director of JVP CORP, he has voted in favor of the execution and
delivery of this Agreement and the Articles of Merger.

         3.5      Residency. OVERHOLT is, and has been at all times during the
one year period ending on the date hereof, a resident of the State of Ohio.

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

                                   ARTICLE 4
                REPRESENTATIONS AND WARRANTIES OF OSI AND OUTBACK

         OSI and Outback, jointly and severally, represent and warrant to JVP
CORP and OVERHOLT as follows:

         4.1      Organization and Good Standing. OSI and Outback are
corporations duly organized, validly existing and in good standing under the
laws of the States of Delaware and Florida, respectively.

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

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

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

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

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

                                        9

<PAGE>

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

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

         4.7      Capitalization of OSI. The authorized capital stock of OSI
consists of Two Hundred Million (200,000,000) shares of Common Stock, $.01 par
value and Two Million (2,000,000) shares of Preferred Stock, $.01 par value, of
which approximately 77,133,852 shares of Common Stock and no shares of Preferred
Stock were issued and outstanding as of April 30, 2002. All of the issued and
outstanding shares of OSI Common Stock have been duly authorized and validly
issued and are fully paid and nonassessable. The shares of OSI Common Stock to
be issued in exchange for JVP CORP's capital stock at the Effective Date, when
issued and delivered, will be duly authorized, validly issued, fully paid and
nonassessable. As of the date hereof, except for (i) employee and director stock
options to acquire shares of OSI Common Stock and (ii) employee stock ownership
plans, there are no options, warrants or other rights, agreements or commitments
outstanding obligating Outback or OSI to issue shares of its capital stock. All
of the outstanding shares of capital stock of Outback are owned by OSI, free and
clear of any lien or encumbrance.

         4.8      SEC Reports. OSI has delivered to JVP CORP and OVERHOLT true
and complete copies of its (i) Annual Report on Form 10-K for the year ended
December 31, 2001; (ii) Proxy Statement used in connection with its 2001 Annual
Meeting of Shareholders; (iii) 2001 Annual Report to Shareholders; (iv) all
periodic reports, if any, on Form 8-K filed with the Securities and Exchange
Commission since December 31, 2001 to the date hereof; and (v) all Forms 10-Q,
if any, filed with the Securities and Exchange Commission since December 31,
2001 to the date hereof. Such documents and reports did not on their dates or
the date of filing, contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading. OSI has filed all material documents required to be filed by it
with the SEC and all such documents complied as to form with the applicable
requirements of law. Copies of all other reports filed by OSI with the SEC from
the date hereof to and including the Effective Date have been or will be
delivered to JVP CORP and OVERHOLT. All financial statements and schedules
included in the documents referred to in this SECTION 4.8 were prepared in
accordance with generally accepted accounting principles, applied on a
consistent basis except as noted therein and fairly present the information
purported to be shown therein.

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

                                       10

<PAGE>

material adverse effect on the business, results of operations, assets or the
condition, financial or otherwise, of OSI and its subsidiaries, taken as a
whole.

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

         4.11     Absence of Certain Changes or Events. Except as disclosed in
public filings by OSI with the Securities and Exchange Commission prior to the
date hereof and the Closing Date, since December 31, 2001, there has not been
any material adverse change in the financial condition, results of operations or
the business, properties, assets or liabilities of Outback or OSI.

                                   ARTICLE 5
             JOINT COVENANTS OF JVP CORP, OVERHOLT, OSI AND OUTBACK

         JVP CORP and OVERHOLT, jointly and severally, on the one hand, and OSI
and Outback, jointly and severally, on the other hand, covenant with each other
as follows:

         5.1      Notice of any Material Change. Until the Effective Date, each
of JVP CORP, OVERHOLT, OSI and Outback shall, promptly after the first notice or
occurrence thereof but prior to the Effective Date, advise the others in writing
of any event or the existence of any state of facts that:

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

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

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

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

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

                                       11

<PAGE>

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

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

                  (a)      the amount of current assets of JVP CORP as of the
         Effective Date; and

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

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

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

         5.4      Distribution and Allocations. The parties acknowledge and
agree that notwithstanding the effective date of the Merger, Outback shall be
entitled to JVP CORP's entire share of Partnership distributions of cash flow,
and shall be allocated JVP CORP's shares of profit and loss, from and after May
17, 2002.

         5.5      Additional Agreements.

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

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

                                       12

<PAGE>

                  (c)      Neither Outback, OSI, JVPCORP nor OVERHOLT shall take
         any action which would jeopardize the characterization of the Merger as
         a reorganization within the meaning of Section 368(a) of the Code.

                                   ARTICLE 6
                       COVENANTS OF JVP CORP AND OVERHOLT

          JVP CORP and OVERHOLT covenant and agree with OSI as follows:

         6.1      Securities Law Compliance. OVERHOLT represents, warrants and
covenants to Outback and OSI that:

                  (a)      OVERHOLT has received all schedules and exhibits and
         the documents furnished to JVP CORP pursuant to SECTION 4.8;

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

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

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

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

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

                                       13

<PAGE>

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

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

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

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

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

         6.2      Payment of Liabilities. JVP CORP and OVERHOLT covenant and
agree that all debts and liabilities of JVP CORP relating to periods prior to
the Closing Date shall be paid or satisfied in full prior to the Effective Date,
except only current liabilities and those debts and liabilities of JVP CORP
assumed by Outback as specified in Item 6.2 of the Disclosure Schedules.

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

                                   ARTICLE 7
                          COVENANTS OF OSI AND OUTBACK

         OSI and Outback, jointly and severally, covenant and agree with JVP
CORP and OVERHOLT as follows:

         7.1      Employment Agreements. Solely with respect to the Merger, and
any consequential termination

                                       14

<PAGE>

of any partnership by operation of law, Outback agrees not to elect to terminate
the Employment Agreements between the Partnership, as employer, and the general
managers of the Partnership's Outback Steakhouse restaurants, as employees.
Outback or its affiliate shall succeed to all rights and obligations of the
Partnership under such Employment Agreements. Nothing contained herein shall be
construed as in any way limiting Outback's or its affiliate's right to terminate
any such Employment Agreement as a result of any circumstance or event other
than the Merger and consequential termination of the Partnership by operation of
law.

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

                                   ARTICLE 8
                JOINT CONDITIONS PRECEDENT TO CLOSING OBLIGATIONS

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

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

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

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

                                   ARTICLE 9
                 CONDITIONS PRECEDENT TO OBLIGATIONS OF JVP CORP

         The obligations of JVP CORP and OVERHOLT to consummate the transactions
contemplated by this Agreement shall be subject to the satisfaction on or before
the Closing Date of each of the following conditions:

                                       15

<PAGE>

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

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

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

                                   ARTICLE 10
             CONDITIONS PRECEDENT TO OBLIGATIONS OF OSI AND OUTBACK

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

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

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

         10.3     Current Financial Status. OSI shall have received the
unaudited financial statements of JVP CORP as of September 30, 2001, for the
month then ended.

         10.4     Material Adverse Changes. Since December 31, 2001, there shall
have occurred no material adverse change in the business, properties, assets,
liabilities, results of operations or condition, financial or otherwise, of JVP
CORP or the Partnership.

                                   ARTICLE 11
                                 INDEMNIFICATION

                                       16

<PAGE>

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

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

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

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

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

         11.4     Notice. An indemnified party shall give notice to the
indemnifying party or parties within ten (10) business days after actual receipt
of service or summons to appear in any action begun in respect of which
indemnity may be sought hereunder. Failure to so notify the indemnifying party
or parties shall cause the indemnified party to be liable for any damage caused
by failure to give timely notice. The indemnifying party or parties may
participate at their own expense and with their counsel in the defense of such
action. If the indemnifying party or parties so elect within a reasonable time
after receipt of such notice, they may assume the defense of such action with
counsel chosen by the indemnifying party or parties and approved by the
indemnified party in such action, unless the indemnified party reasonably
objects to such assumption on the ground that its counsel has advised it that
there may be legal defenses available to it that are different from or in
addition to those available to the indemnifying party or parties, in which case
the indemnified party shall have the right to employ counsel approved by the
indemnifying party or parties. If the indemnifying party or parties assume the
defense of such action, the indemnifying party or parties shall not be liable
for fees and expenses of counsel for the indemnified party incurred thereafter
in connection with such action. In no event shall the indemnifying party or

                                       17

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parties be liable for the fees and expenses of more than one counsel for the
indemnified parties in connection with any one action or separate but similar or
related actions in the same jurisdiction arising out of the same general
allegations or circumstances unless, in the reasonable opinion of such counsel,
there is, under applicable standards of professional conduct, a conflict on any
significant issue between the positions of any two or more indemnified parties.

                                   ARTICLE 12
                                  MISCELLANEOUS

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

                  (a)      by mutual consent of JVP CORP and OSI;

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

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

                  (d)      by either OSI, JVP CORP or OVERHOLT, if the
         transactions contemplated by this Agreement have not been consummated
         by November 17, 2002, unless such failure of consummation is due to the
         failure of the terminating party to perform or observe the covenants,
         agreements and conditions hereof to be performed or observed by it at
         or before the Closing Date;

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

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

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

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

         12.4     Survival of Representations and Warranties.

                                       18

<PAGE>

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

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

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

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

         If to JVP CORP or OVERHOLT: AMSTEV, INC.
                                     300 Industrial Parkway
                                     Chagrin Falls, Ohio 44022
                                     Attention: Steven A. Overholt

         If to OSI or Outback:       OUTBACK STEAKHOUSE, INC.
                                     2202 North Westshore Boulevard, 5th Floor
                                     Tampa, Florida 33607
                                     Attention: Joseph J. Kadow, General Counsel

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

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

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

                                       19

<PAGE>

         12.9     Waiver and Other Action. This Agreement may be amended,
modified or supplemented only by a written instrument executed by the parties
against which enforcement of the amendment, modification or supplement is
sought.

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

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

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

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

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

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

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

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

                                       20

<PAGE>

         THE PARTIES HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE CONTEMPLATED
TRANSACTIONS, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN
CONTRACT, TORT OR OTHERWISE. THE PARTIES AGREE THAT ANY OF THEM MAY FILE A COPY
OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY
AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE TRIAL BY JURY
AND THAT ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT OR
ANY OF THE CONTEMPLATED TRANSACTIONS SHALL INSTEAD BE TRIED IN A COURT OF
COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.

         THE PARTIES INTEND THIS WAIVER OF THE RIGHT TO A JURY TRIAL BE AS BROAD
AS POSSIBLE. BY THEIR SIGNATURES BELOW, THE PARTIES PROMISE, WARRANT AND
REPRESENT THAT THEY WILL NOT PLEAD FOR, REQUEST OR OTHERWISE SEEK TO HAVE A JURY
TO RESOLVE ANY AND ALL DISPUTES THAT MAY ARISE BY, BETWEEN OR AMONG THEM.

                                       21

<PAGE>

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

                                        "OSI"

Attest:                                 OUTBACK STEAKHOUSE, INC.,
                                        a Delaware corporation

By:__________________________________   By: ____________________________________
    JOSEPH J. KADOW, Secretary              ROBERT D. BASHAM, President

                                        "Outback"

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

By:__________________________________   By: ____________________________________
    JOSEPH J. KADOW, Secretary              ROBERT D. BASHAM, Chief Operating
                                            Officer

                                        "JVP CORP"

Attest:                                 AMSTEV, INC.,
                                        a Ohio corporation

By:__________________________________   By: ____________________________________
    STEVEN A. OVERHOLT, Secretary           STEVEN A. OVERHOLT, President

Witness:                                "OVERHOLT"

_____________________________________   ________________________________________
                                        STEVEN A. OVERHOLT
_____________________________________

                                       22

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