Document:

OSI-3.31.12_EX10.03

Exhibit 10.03

FIRST AMENDMENT TO MANAGEMENT AGREEMENT
This First Amendment to Management Agreement is made and entered into this 10th day of May, 2012 by and among (i) Kangaroo management Company I, LLC (the “Manager”), (ii) Bloomin' Brands, Inc., formerly known as Kangaroo Holdings, Inc. (the “Company”) and (iii) each of the Company's subsidiaries that executes a counterpart signature page hereto (the “Subsidiaries”).
RECITALS
WHEREAS, the Company, the Subsidiaries and the Manager entered into that certain management Agreement dated as of June 14, 2007; and
WHEREAS, the parties desire to amend the Management Agreement as set forth below.
AGREEMENT
Now, Therefore, in consideration of the mutual covenants contained herein, the parties hereto, intending to be legally bound, hereby agree as follows:
1.  Acknowledgement of Initial Public Offering.  The parties acknowledge that the Company has filed a registration statement on Form S-1 with the Securities Exchange Commission, and that the offering contemplated in the registration statement will qualify as an Initial Public Offering as defined in the Management Agreement.
 2. Agreement to Terminate.  The parties acknowledge that the Management Agreement shall, pursuant to its terms, terminate immediately prior to an Initial Public Offering unless the Company and the Manager determine otherwise. The Company and the Manager hereby acknowledge that the Management Agreement shall terminate immediately prior to an Initial Public Offering. 
3. Termination Fee.  The Company and the Manager hereby agree if the Management Agreement is terminated due to an Initial Public Offering in 2012 the Company shall pay to Manager, within sixty days of completion of the Initial Public Offering, but in all events on or before December 31, 2012, a termination fee of Eight Million Dollars ($8,000,000). The termination fee shall be paid in addition to the pro-rated Periodic fee as provided in the Management Agreement.
4. Ratification. The parties hereby ratify and confirm the Management Agreement and acknowledge the same is in full force and effect in accordance with its terms except as specifically modified hereby.

SIGNATURE PAGES ATTACHED

IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on its behalf as an instrument under seal as of the date first above written by its officer or representative thereunto duly authorized. 

	
			
	THE COMPANY:
	BLOOMIN' BRANDS, INC
	 

	 
	 
	 

	 
	/s/ Elizabeth A. Smith
	 

	 
	Name:  Elizabeth A. Smith
	 

	 
	Title:  Chief Executive Officer
	 

	 
	 
	 

	THE MANAGER:
	KANGAROO MANAGEMENT COMPANY I, LLC

	 
	 
	 

	 
	/s/ Andrew Balson
	 

	 
	Name:  Andrew Balson
	 

	 
	Title:  Authorized Person
	 

	
			
	THE SUBSIDIARIES:
	OSI HOLDCO II, INC.
	 

	 
	 
	 

	 
	 
	 

	 
	/s/ Joseph J. Kadow
	 

	 
	Name:  Joseph J. Kadow
	 

	 
	Title:  Vice President
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	OSI HOLDCO I, INC.
	 

	 
	 
	 

	 
	 
	 

	 
	/s/ Joseph J. Kadow
	 

	 
	Name:  Joseph J. Kadow
	 

	 
	Title:  Vice President
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	OSI HOLDCO, INC.
	 

	 
	 
	 

	 
	 
	 

	 
	/s/ Joseph J. Kadow
	 

	 
	Name:  Joseph J. Kadow
	 

	 
	Title:  Vice President
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	OSI RESTAURANT PARTNERS, LLC
	 

	 
	 
	 

	 
	 
	 

	 
	/s/ Elizabeth A. Smith
	 

	 
	Name:  Elizabeth A. Smith
	 

	 
	Title:  Chief Executive OfficerExhibit 10.1

 

SECOND AMENDMENT TO CREDIT AGREEMENT

 

 

THIS AMENDMENT TO CREDIT AGREEMENT (this “Amendment”)
is entered into as of May 11, 2012, by and between FLEXSTEEL INDUSTRIES, INC., a Minnesota Corporation (“Borrower”),
and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”).

 

RECITALS

 

WHEREAS, Borrower is currently indebted to Bank
pursuant to the terms and conditions of that certain Credit Agreement between Borrower and Bank dated as of April 14, 2010, as
amended from time to time (“Credit Agreement”).

 

WHEREAS, Bank and Borrower have agreed to certain
changes in the terms and conditions set forth in the Credit Agreement and have agreed to amend the Credit Agreement to reflect
said changes.

 

NOW, THEREFORE, for valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree that the Credit Agreement shall be amended
as follows:

 

1.        Section 1.1. (a) is hereby amended by
deleting “June 30, 2012” as the last day on which Bank will make advances under the Line of Credit, and by substituting
for said date “June 30, 2013,” with such change to be effective upon the execution and delivery to Bank of a promissory
note dated as of May 11, 2012 (which promissory note shall replace and be deemed the Line of Credit Note defined in and made pursuant
to the Credit Agreement) and all other contracts, instruments and documents required by Bank to evidence such change.

 

2.        Section 7.2 is hereby deleted in its entirety,
and the following substituted therefor:

 

   “SECTION 7.2.   NOTICES.
All notices, requests and demands which any party is required or may desire to give to any other party under any provision of this
Agreement must be in writing delivered to each party at the following address:

 

	 	BORROWER:    	FLEXSTEEL INDUSTRIES, INC.
	 	 	Chief Financial Officer
	 	 	3400 Jackson Street
	 	 	Dubuque, IA  52001
	 	 	 
	 	 	 
	 	BANK:	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 	666 Walnut Street, 2nd Floor
	 	 	Des Moines, IA  50309

 

or to such other address as any party may designate by written notice
to all other parties. Each such notice, request and demand shall be deemed given or made as follows: (a) if sent by hand delivery,
upon delivery; (b) if sent by mail, upon the earlier of the date of receipt or three (3) days after deposit in the U.S. mail,
first class and postage prepaid; and (c) if sent by telecopy, upon receipt.”

 

-1-

    	 

    	 

    

3.        Except as specifically provided herein,
all terms and conditions of the Credit Agreement remain in full force and effect, without waiver or modification. All terms defined
in the Credit Agreement shall have the same meaning when used in this Amendment. This Amendment and the Credit Agreement shall
be read together, as one document.

 

4.        Borrower hereby remakes all representations
and warranties contained in the Credit Agreement and reaffirms all covenants set forth therein. Borrower further certifies that
as of the date of this Amendment there exists no Event of Default as defined in the Credit Agreement, nor any condition, act or
event which with the giving of notice or the passage of time or both would constitute any such Event of Default.

 

5.        Borrower acknowledges receipt of a copy
of this Amendment signed by the parties hereto.

 

IMPORTANT: READ BEFORE SIGNING. THE TERMS OF THIS AGREEMENT SHOULD
BE READ CAREFULLY BECAUSE ONLY THOSE TERMS IN WRITING ARE ENFORCEABLE. NO OTHER TERMS OR ORAL PROMISES NOT CONTAINED IN THIS WRITTEN
CONTRACT MAY BE LEGALLY ENFORCED. YOU MAY CHANGE THE TERMS OF THIS AGREEMENT ONLY BY ANOTHER WRITTEN AGREEMENT. THIS NOTICE ALSO
APPLIES TO ANY OTHER CREDIT AGREEMENTS NOW IN EFFECT BETWEEN YOU AND THIS LENDER.

 

IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be executed as of the day and year first written above.

 

	FLEXSTEEL INDUSTRIES, INC.	 	WELLS FARGO BANK, NATIONAL ASSOCIATION	 
	 	 	 	 	 	 
	By:  	/s/ Timothy E. Hall	 	By:  	/s/ James Hilgenberg	 
	 	Timothy E. Hall, Sr. VP Finance	 	 	James Hilgenberg, Relationship Manager	 
	 	CFO, Secretary, Treasurer	 	 	 	 
	 	 	 	 	 	 

 

 

 

 

 

 

-2-Exhibit 10.2

REVOLVING LINE OF CREDIT NOTE

 

 

	$15,000,000.00	Davenport, Iowa

May 11, 2012

 

FOR VALUE RECEIVED, the undersigned FLEXSTEEL
INDUSTRIES, INC. (“Borrower”) promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”)
at its office at 666 Walnut Street, 2nd Floor, Des Moines, Iowa, or at such other place as the holder hereof may designate,
in lawful money of the United States of America and in immediately available funds, the principal sum of Fifteen Million Dollars
($15,000,000.00), or so much thereof as may be advanced and be outstanding, with interest thereon, to be computed on each advance
from the date of its disbursement as set forth herein.

 

DEFINITIONS:

 

As used herein, the following terms shall have
the meanings set forth after each, and any other term defined in this Note shall have the meaning set forth at the place defined:

 

(a)        “Business Day” means any
day except a Saturday, Sunday or any other day on which commercial banks in Iowa are authorized or required by law to close.

 

(b)        “Daily One Month LIBOR” means,
for any day, the rate of interest equal to LIBOR then in effect for delivery for a one (1) month period.

 

(c)        “LIBOR” means the rate per
annum (rounded upward, if necessary, to the nearest whole 1/8 of 1%) and determined pursuant to the following formula:

 

	LIBOR =	Base LIBOR	 
	 	100% - LIBOR Reserve Percentage	 

 

(i)        “Base LIBOR” means the rate
per annum for United States dollar deposits quoted by Bank as the Inter-Bank Market Offered Rate, with the understanding that such
rate is quoted by Bank for the purpose of calculating effective rates of interest for loans making reference thereto, for delivery
of funds for one (1) month in an amount equal to the outstanding principal balance of this Note. Borrower understands and agrees
that Bank may base its quotation of the Inter-Bank Market Offered Rate upon such offers or other market indicators of the Inter-Bank
Market as Bank in its discretion deems appropriate including, but not limited to, the rate offered for U.S. dollar deposits on
the London Inter-Bank Market.

 

(ii)        “LIBOR Reserve Percentage”
means the reserve percentage prescribed by the Board of Governors of the Federal Reserve System (or any successor) for “Eurocurrency
Liabilities” (as defined in Regulation D of the Federal Reserve Board, as amended), adjusted by Bank for expected changes
in such reserve percentage during the term of this Note.

 

INTEREST:

 

(a)        Interest. The outstanding principal
balance of this Note shall bear interest (computed on the basis of a 360-day year, actual days elapsed) at a fluctuating rate per
annum determined by Bank to be one percent (1.00%) above Daily One Month LIBOR in effect from time to time. Each change in the
rate of interest hereunder shall become effective on each Business Day a change in Daily One Month LIBOR is announced within Bank.
Bank is hereby authorized to note the date and interest rate applicable to this Note and any payments made thereon on Bank's books
and records (either manually or by electronic entry) and/or on any schedule attached to this Note, which notations shall be prima
facie evidence of the accuracy of the information noted.

 

    	-1-

    	
Exhibit 10.2

    

(b)        Taxes and
Regulatory Costs. Borrower shall pay to Bank immediately upon demand, in addition to any other amounts due or to become due
hereunder, any and all (i) withholdings, interest equalization taxes, stamp taxes or other taxes (except income and franchise taxes)
imposed by any domestic or foreign governmental authority and related in any manner to LIBOR, and (ii) future, supplemental, emergency
or other changes in the LIBOR Reserve Percentage, assessment rates imposed by the Federal Deposit Insurance Corporation, or similar
requirements or costs imposed by any domestic or foreign governmental authority or resulting from compliance by Bank with any request
or directive (whether or not having the force of law) from any central bank or other governmental authority and related in any
manner to LIBOR to the extent they are not included in the calculation of LIBOR. In determining which of the foregoing are attributable
to any LIBOR option available to Borrower hereunder, any reasonable allocation made by Bank among its operations shall be conclusive
and binding upon Borrower.

 

(c)        Payment of Interest. Interest
accrued on this Note shall be payable on the last day of each month, commencing May 30, 2012.

 

(d)        Default Interest. From and after
the maturity date of this Note, or such earlier date as all principal owing hereunder becomes due and payable by acceleration or
otherwise, or at Bank's option upon the occurrence, and during the continuance of an Event of Default, the outstanding principal
balance of this Note shall bear interest at an increased rate per annum (computed on the basis of a 360-day year, actual days elapsed)
equal to four percent (4%) above the rate of interest from time to time applicable to this Note.

 

BORROWING AND REPAYMENT:

 

(a)        Borrowing and Repayment. Borrower
may from time to time during the term of this Note borrow, partially or wholly repay its outstanding borrowings, and reborrow,
subject to all of the limitations, terms and conditions of this Note and of any document executed in connection with or governing
this Note; provided however, that the total outstanding borrowings under this Note shall not at any time exceed the principal amount
stated above. The unpaid principal balance of this obligation at any time shall be the total amounts advanced hereunder by the
holder hereof less the amount of principal payments made hereon by or for Borrower, which balance may be endorsed hereon from time
to time by the holder. The outstanding principal balance of this Note shall be due and payable in full on June 30, 2013.

 

(b)        Advances. Advances hereunder,
to the total amount of the principal sum stated above, may be made by the holder at the oral or written request of (i) Timothy
E. Hall, Ronald J. Klosterman, Rita K. Kelly, or Carl J. Breen, any one acting alone, who are authorized to request advances and
direct the disposition of any advances until written notice of the revocation of such authority is received by the holder at the
office designated above, or (ii) any person, with respect to advances deposited to the credit of any deposit account of Borrower,
which advances, when so deposited, shall be conclusively presumed to have been made to or for the benefit of Borrower regardless
of the fact that persons other than those authorized to request advances may have authority to draw against such account. The holder
shall have no obligation to determine whether any person requesting an advance is or has been authorized by Borrower.

 

    	-2-

    	
Exhibit 10.2

    

(c)        Application of Payments. Each
payment made on this Note shall be credited first, to any interest then due and second, to the outstanding principal balance hereof.

 

EVENTS OF DEFAULT:

 

This Note is made pursuant to and is subject
to the terms and conditions of that certain Credit Agreement between Borrower and Bank dated as of April 14, 2010, as amended from
time to time (the “Credit Agreement”). Any default in the payment or performance of any obligation under this Note,
or any defined event of default under the Credit Agreement, shall constitute an “Event of Default” under this Note.

 

MISCELLANEOUS:

 

(a)        Remedies. Upon the occurrence
of any Event of Default, the holder of this Note, at the holder's option, may declare all sums of principal and interest outstanding
hereunder to be immediately due and payable without presentment, demand, notice of nonperformance, notice of protest, protest or
notice of dishonor, all of which are expressly waived by Borrower, and the obligation, if any, of the holder to extend any further
credit hereunder shall immediately cease and terminate. Borrower shall pay to the holder immediately upon demand the full amount
of all payments, advances, charges, costs and expenses, including reasonable attorneys' fees (to include outside counsel fees and
all allocated costs of the holder's in-house counsel), expended or incurred by the holder in connection with the enforcement of
the holder's rights and/or the collection of any amounts which become due to the holder under this Note, and the prosecution or
defense of any action in any way related to this Note, including without limitation, any action for declaratory relief, whether
incurred at the trial or appellate level, in an arbitration proceeding or otherwise, and including any of the foregoing incurred
in connection with any bankruptcy proceeding (including without limitation, any adversary proceeding, contested matter or motion
brought by Bank or any other person) relating to Borrower or any other person or entity.

 

(b)        Obligations Joint and Several.
Should more than one person or entity sign this Note as a Borrower, the obligations of each such Borrower shall be joint and several.

 

(c)        Governing Law. This Note shall
be governed by and construed in accordance with the laws of the State of Iowa.

 

(d)        Acknowledgment. Borrower acknowledges
receipt of a copy of this Note signed by Borrower.

 

IMPORTANT: READ BEFORE SIGNING. THE TERMS OF THIS AGREEMENT SHOULD
BE READ CAREFULLY BECAUSE ONLY THOSE TERMS IN WRITING ARE ENFORCEABLE. NO OTHER TERMS OR ORAL PROMISES NOT CONTAINED IN THIS WRITTEN
CONTRACT MAY BE LEGALLY ENFORCED. YOU MAY CHANGE THE TERMS OF THIS AGREEMENT ONLY BY ANOTHER WRITTEN AGREEMENT. THIS NOTICE ALSO
APPLIES TO ANY OTHER CREDIT AGREEMENTS NOW IN EFFECT BETWEEN YOU AND THIS LENDER.

 

    	-3-

    	
Exhibit 10.2

    

IN WITNESS WHEREOF, the undersigned has executed
this Note as of the date first written above.

 

FLEXSTEEL INDUSTRIES, INC.

 

	By: 	/s/ Timothy E. Hall	 
	 	Timothy E. Hall, Sr. VP Finance,	 
	 	CFO, Secretary, Treasurer	 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	-4-

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