Document:

Exhibit 10.1

    

      EXHIBIT
        10.1

      

      Wayne
        R. Weidner - Prepared Remarks

      Annual
        Meeting of Shareholders

      April
        25, 2006

      

      

      
        	
                I.

              	
                Disclaimer

              

      

      

      
        	 	
                A.

              	
                While
                  proxies are being examined and the ballots counted, I will make
                  my
                  comments.

              

      

      

      
        	 	
                B.

              	
                I
                  should point out that our remarks regarding the outlook for the
                  current
                  year and beyond, including our anticipated earnings and asset growth
                  and
                  any planned new investments, will contain forward-looking
                  information.

              

      

      

      
        	 	
                C.

              	
                Actual
                  results may vary from any forecasted results that we discuss due
                  to
                  various risks and uncertainties, including those that we detailed
                  in our
                  report on Form 10-K for 2005, filed with the SEC and sent to you
                  with our
                  proxy statement. 

              

      

      

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      

      
        	
                II.

              	
                Record
                  Earnings - Outstanding Year - Unique
                  Economy

              

      

      

      
        	 	
                A.

              	
                For
                  the second year in a row, we were named to The Staton Institute’s Super 50
                  Team, which includes only 21 public U.S. companies out of over
                  19,000
                  public companies in the United States. These are companies with
                  a combined
                  total of at least 50 years of higher earnings and dividends per
                  share.

              

      

      

      
        	 	
                B.

              	
                National
                  Penn was also named to Staton’s list of America’s Finest Companies for the
                  8th
                  consecutive year. The Staton Institute, which was founded by chartered
                  financial analyst Bill Staton, publishes this investment directory
                  of all
                  publicly-traded U.S. company companies with at least 10 consecutive
                  years
                  of higher earnings and/or dividends per share. These are tremendous
                  achievements for which we all should be
                  proud.

              

      

      

      

      
        	
                III.
                  

              	
                NASDAQ
                  Honor

              

      

       

      In
        honor
        of our commitment to returning value annually to our shareholders, National
        Penn
        Bancshares was designated as a founding member of the new NASDAQ Dividend
        Achievers Index. This is composed of 83 companies.

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      This
        is a
        market capitalization-weighted index designed to track the performance of
        companies that are listed on NASDAQ and meet the requirement of increased
        annual
        regular dividend payments for the last 10 or more consecutive years.

      

      It
        is
        with great pride that we accept this honor which recognizes National Penn
        for
        its long-term commitment to increasing shareholder value. 

      

      

        
          	
                  IV.

                	
                  Stock
                    Split

                

        

      Another
        part of our history here at National Penn that we are proud of the periodic
        declaration of stock splits or stock dividends. In 2005, we accomplished
        this
        for the 28th
        straight
        year by declaring a five-for-four stock split. 

      

      

        
          	
                  V.

                	
                  Stock
                    Performance

                

        

      

      

      
        	 	
                A.

              	
                On
                  a year-to-date basis, our stock is up from its closing price at
                  the end of
                  2005. We strongly believe that the stability of our stock performance
                  is a
                  direct result of the strength of our reputation, the hard work
                  of our
                  employees, management team and Board of Directors, combined with
                  the
                  confidence of our shareholders. 

              

      

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

        
          	 	
                  B.

                	
                  Recently,
                    our market capitalization - the total market value of our common
                    stock -
                    went over the $1 billion mark. With average daily trading volume
                    of over
                    80,000 shares, our shareholders have increased liquidity in their
                    investment.

                

        

         

      

      
        	 	
                C.

              	
                On
                  a total return basis, NPBC stock has performed well when compared
                  to the
                  NASDAQ Bank Index and the S&P 500 Index over the past 20
                  years.

              

      

       

      
        	 	
                D.

              	
                I
                  would call your attention to the graph that we’re now displaying. For
                  long-term investing, our stock price has achieved a high rate of
                  growth
                  over the years. Twenty years ago, if you had invested approximately
                  $1,000
                  in National Penn, and had reinvested all dividends and additional
                  shares
                  over the 20-year period, your investment would have grown 2000
                  percent, to
                  a total value of $21,991 today! 

              

      

      

      
        	 	
                E.

              	
                In
                  2005, our earnings resulted in a return on average equity of 13.7%
                  and a
                  return on average assets of 1.31%. Our goal is to continue to be
                  a
                  financially strong leader in the financial services
                  industry.

              

      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      
 

      
        	 	
                F.

              	
                Despite
                  the unprecedented challenges we face, we remain committed to increasing
                  shareholder value on a total return basis over the longer term.
                  Glenn
                  Moyer, our President, will share more information on our strategic
                  focus
                  in his comments today. 

              

      

       

      
        
          	
                  VI.

                	
                  Corporate
                    Governance
                    Update

                

        

      
        	 	
                A.

              	
                As
                  I stated last year, Corporate Governance has always been an important
                  part
                  of our business. The board of directors and management team rely
                  heavily
                  on the guidance of our Independent Directors and the work of our
                  Board’s
                  four standing committees. In addition, our Executive Committee
                  can act on
                  behalf of the full Board. 

              

      

      

      
        	 	
                B.

              	
                Today,
                  I’d like to highlight our NEWEST
                  committee.

              

      

      

      Enterprise
        Risk Management Committee

      

      In
        2005,
        our board established a new standing committee - the Enterprise Risk Management
        Committee. This Committee, led by C. Robert Roth, consists of a maximum of
        five
        independent directors, and includes the chairs of each of our other independent
        director committees - the Audit, Nominating/Corporate
        Governance
        and
Compensation
        committees. 

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      The
        Enterprise Risk Management Committee is focused on the identification and
        prudent management of the major risks inherent in our business. Today, National
        Penn is a much more complex organization than it was five years ago. We are
        now
        a financial services company with a range of products and services that go
        beyond traditional banking products. Therefore, the Board and management
        concluded that a more formalized risk management process - one reaching across
        the entire company - is needed. This Board committee works closely with
        management’s enterprise-wide risk management function, also established in 2005,
        to assure that we appropriately manage the risks we take in the operation
        of our
        business. 

       

      
        
          	
                  ●

                	
                  These
                    committees clearly demonstrate National Penn’s strong commitment to
                    Corporate Governance and our adherence to the letter and spirit
                    of the
                    law. They are absolutely critical to maintaining the trust of
                    you, our
                    shareholders. 

                

        

        

        
          
            
            

          

          
            6

            
              

            

          

          
            
            

          

        

        
          	
                  ●

                	
                  Now,
                    I’d like to introduce Glenn Moyer, President of National Penn Bancshares
                    and President and CEO of National Penn Bank who will provide
                    a detailed
                    report addressing 2005 results and a preview of what to expect
                    in
                    2006.

                

        

      

       

      Thank
        you!

      

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

    

     

    

      

      Glenn
        E. Moyer - Prepared Remarks

      Annual
        Meeting of Shareholders

      April
        25, 2006

      

      
        	 	
                I.

              	
                (WELCOME
                  & CD SPECIAL SECTION)

              

      

       

      
        	 	
                ·

              	
                Thank
                  you, Wayne.

              

      

       

      
        	 	
                ·

              	
                I’d
                  like to extend a warm welcome to everyone for joining us today.
                  I see a
                  lot of familiar faces and
                  some new faces joining us today. 

              

      

       

      
        	 	
                ·

              	
                Despite
                  the years that I’ve been attending and participating in these meetings,
                  I’m always humbled by the number of shareholders who come out to
                  join us!
                  We had more than 788 shareholders make reservations to join us
                  for this
                  annual meeting. 

              

      

       

      
        	 	
                ·

              	
                I’d
                  like to draw your attention to our annual shareholder CD special
                  that
                  you’ve come to know and enjoy. As you can see from the flyer at your
                  seat,
                  National Penn is offering from now until May 9 a 14-Month CD with
                  an APY
                  of 5.25%. You can stop by any of our 78 community office locations
                  to
                  redeem this special offer--just be sure to bring along the flyer.
                  We not
                  only thank you for being shareholders of our corporation-but if
                  you're not
                  already a customer, we invite you to become one!
                  

              

      

       

      
        	 	
                II.

              	
                (INTRODUCTIONS
                  SECTION)

              

      

       

      
        	 	
                ·

              	
                I’d
                  like to take a moment to introduce some special guests here today
                  who are
                  critical to the ongoing success of National
                  Penn:

              

      

       

      
        	 	
                A.

              	
                First,
                  our Affiliate and Advisory Board Directors on whom we rely to share
                  their
                  business knowledge with us - and to share new business referrals
                  to help
                  us achieve our goal of another year of growth and
                  earnings.

              

      

       

      Ask
        the groups to rise to be recognized as a group.

       

      
        	 	
                B.

              	
                Next,
                  I’d like to ask our Senior Managers of our various affiliates to
                  please
                  rise:

              

      

      
        	 	
                1.

              	
                National
                  Penn Investors Trust Company

              

      

      (Our
        trust and asset management company)

      --
        Don
        Worthington, President 

       

      
        
          
          

        

        
          -1-

          
            

          

        

        
          
          

        

      

      
        	 	
                2.

              	
                National
                  Penn Mortgage Company

              

      

      (Our
        residential mortgage company)

      --
        Jorge
        Leon, President

       

      
        	 	
                3.

              	
                National
                  Penn Insurance Agency Inc.

              

      

      (our
        full-service insurance agency)

      --
        President Mike Meeneghan, who recently joined our organization. Welcome,
        Mike!

       

      
        	 	
                C.

              	
                Finally,
                  our Group Executive Vice Presidents - a group of seven individuals
                  that
                  Wayne and I are proud to work with and on whom we and the Board
                  rely upon
                  on a daily basis.

              

      

      I’d
        like
        the following people to stand:

       

      
        	 	
                1.

              	
                Bruce
                  Kilroy

              

      

       

      
        	 	
                2.

              	
                Garry
                  Koch

              

      

       

      
        	 	
                3.

              	
                Paul
                  McGloin

              

      

       

      
        	 	
                4.

              	
                Mike
                  Reinhard

              

      

       

      
        	 	
                5.

              	
                Gary
                  Rhoads

              

      

       

      
        	 	
                6.

              	
                Sandy
                  Spayd

              

      

       

      
        	 	
                7.

              	
                Sharon
                  Weaver

              

      

       

      Let’s
        recognize these folks!

      

      
        	 	
                III.

              	
                (2005
                  AND 1ST
                  QUARTER
                  2006 HIGHIGHTS SECTION)

              

      

      At
        this time, I’d like to take a brief look at financial highlights of our past
        year - our 28th
        consecutive year of increased profits and cash dividends!

       

      
        	 	
                ·

              	
                I’d
                  like to call your attention to the comments and data included in
                  our 2005
                  Annual Report and Form 10-K, which you received in the
                  mail.

              

      

       

      A.
        For
        the Year 2005

       

      
        	 	
                A.

              	
                We
                  achieved record profits of $59.8 million, a 24.7% increase compared
                  to
                  2004.

              

      

       

      
        	 	
                B.

              	
                Our
                  diluted earnings per share were $1.36 - an increase of 18.3% compared
                  to
                  2004.

              

      

       

      
        	 	
                C.

              	
                Our
                  return on average assets was 1.31% vs. 1.20% in
                  2004.

              

      

       

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

      
        	 	
                D.

              	
                Our
                  return on average shareholders equity was 13.7% versus 13.2% in
                  2004.

              

      

       

      
        	 	
                E.

              	
                These
                  earnings continue to demonstrate why National Penn is ranked among
                  the
                  best performing financial institutions - despite the series of
                  unprecedented challenges we faced during 2005.

              

      

       

      
        	 	
                F.

              	
                We
                  are proud to report that National Penn finished the year with increased
                  assets and capital, a strong reputation in the marketplace and
                  exciting
                  plans for the future.

              

      

       

      B.
        1st
        Quarter
        2006 - 

      
        	 	
                ·

              	
                And
                  I’d like to note that our progress has continued through the 1st
                  Quarter of 2006:

              

      

       

      
        	 	
                1.

              	
                National
                  Penn currently holds over $5 billion in total assets - our highest
                  amount
                  to date and a wonderful way to start a new
                  year!

              

      

       

      
        	 	
                2.

              	
                Our
                  deposits are $3.62 billion and our loans are $3.40
                  billion.

              

      

       

      
        	 	
                3.

              	
                Shareholders’
                  equity is $518.2 million and . . .
                  .

              

      

       

      
        	 	
                4.

              	
                Net
                  income totaled $15.0 million, or $.33 per diluted share for the
                  1st
                  Quarter of 2006. This compares to $13.7 million, or $.31 per diluted
                  share
                  for the first quarter of 2005 - a 6.5% increase on a diluted earnings
                  per
                  share basis.

              

      

       

      
        	 	
                5.

              	
                Our
                  return on average assets was 1.24%.

              

      

       

      
        	 	
                6.

              	
                Our
                  return on average shareholders’ equity was 13.0%.
                  

              

      

       

      
        	 	
                7.

              	
                1st
                  quarter results were positively impacted by the recent addition
                  to our
                  National Penn family with the completion of our merger with Nittany
                  Financial Corp.

              

      

       

      
        	 	
                8.

              	
                Getting
                  off to a good start in 2006 is important to how we will perform
                  for the
                  remaining quarters and full year. Given the flat yield curve and
                  the high
                  level of competition we face everyday, we will need every bit of
                  profitable growth that we can
                  muster!

              

      

       

      
        	 	
                IV.

              	
                (ACHIEVEMENTS
                  SECTION)

              

      

      In
        addition to a series of financial accomplishments, 2005 also marked a year
        of
        significant achievements.

       

      
        
          
          

        

        
          -3-

          
            

          

        

        
          
          

        

      

      
        	 	
                ·

              	
                The
                  truth of the matter is that our employees play a huge role in this
                  year’s
                  milestone of 28 consecutive years of increased earnings and dividends.
                  At
                  National Penn, we strive to provide a rewarding, positive and energetic
                  work environment. 

              

      

       

      
        	 	
                ·

              	
                And
                  for the 4th
                  consecutive year, our employees honored us by recognizing National
                  Penn as
                  one of the Best Places to Work in Pa. I’m thrilled to report that we moved
                  up to our highest ranking to date - the 16th
                  Best
                  Place to Work in Pa. out of the Top 50 large-sized
                  companies.

              

      

       

      
        	 	
                ·

              	
                I’m
                  also happy to report that National Penn regained our place on The
                  Coleman’s Report of Top 100 SBA 7(a) lenders - ranking 86th
                  nationwide.
                  

              

      

       

      
        	 	
                ·

              	
                2005
                  was also a year in which we made significant strides in demonstrating
                  that
                  National Penn is much more than a bank. Today, National Penn is
                  a
                  full-service financial services company that offers the services
                  of a
                  larger, regional bank holding company, along with the client intimacy
                  and
                  personal attention of a community
                  bank.

              

      

       

      Specifically,
        we implemented a variety of name changes and new internal programs to more
        closely align our divisions and affiliates under the National Penn umbrella.
        We
        also took significant steps to build and strengthen customer relationships;
        and
        to increase our impact on the marketplace through a variety of growth-oriented
        decisions.

       

      
        	 	
                A.

              	
                Let
                  me first address the steps we’ve taken to better integrate all of our
                  divisions and affiliates under the National Penn name and to cross
                  -
                  promote our financial products and services among all parts of
                  the
                  organization.

              

      

       

      
        	 	
                ·

              	
                During
                  the first half of 2005, Investors Trust Company began operating
                  as
                  National Penn Investors Trust Company, a subsidiary of National
                  Penn Bank.
                  In a related move, National Penn’s brokerage and investment advisory
                  service businesses were organized under the National Penn Investors
                  Trust
                  Company umbrella.

              

      

       

      
        	 	
                ·

              	
                Shortly
                  after we completed the acquisition of the West Chester-based Krombolz
                  Insurance Agency in early 2005, all 7 of National Penn’s insurance
                  agencies began operating under the National Penn Insurance Agency,
                  Inc.
                  name.

              

      

       

      
        
          
          

        

        
          -4-

          
            

          

        

        
          
          

        

      

      
        	 	
                ·

              	
                In
                  late 2005, National Penn Leasing Company successfully launched
                  a new
                  program designed to increase equipment leasing referrals from inside
                  the
                  company. As a result, Leasing achieved a three-fold increase in
                  referrals
                  as compared to the first quarter of
                  2005.

              

      

       

      
        	 	
                ·

              	
                For
                  National Penn Mortgage Company, 2005 also was a transitional year.
                  This
                  National Penn affiliate ended the year with $347 million in mortgage
                  loan
                  originations - a 38% increase from
                  2004.

              

      

       

      
        	 	
                B.

              	
                We
                  also launched a series of programs and services that strengthen
                  and build
                  customer relationships - the very livelihood of our
                  organization.

              

      

       

      
        	 	
                ·

              	
                Throughout
                  the year, National Penn Bank launched several significant deposit
                  acquisition programs, which generated more than $74 million in
                  deposits
                  from new customers. 

              

      

       

      
        	 	
                ·

              	
                We
                  also initiated programs and services to make it easier for new
                  and
                  existing customers to bank with us - including free Web bill pay,
“switch
                  kits” for new customers and a new real-time processing wire system for
                  customers using our Business e-Cash Manager
                  program.

              

      

       

      
        	 	
                ·

              	
                We’re
                  also looking for ways to establish relationships with tomorrow’s customers
                  via new benefits to our Kids Club program, which is a special savings
                  account for children ages newborn to
                  18-years-old.

              

      

       

      
        	 	
                o

              	
                Kids
                  Club was actually initiated by our Peoples Bank of Oxford division
                  several
                  years ago. This year we are adding several new features including
                  special
                  Web pages for kids that provide interactive information about banking
                  -
                  including a calculator to determine just how long it will take
                  to save for
                  that bike or iPod.

              

      

       

      
        	 	
                o

              	
                We
                  also are adding special educational kits geared toward children
                  for use by
                  our community offices, as well as special event and guest speaker
                  opportunities.

              

      

       

      
        	 	
                o

              	
                In
                  fact, we have a special program that we have been running to increase
                  Kids
                  Club accounts which culminates today, on National Teach Your Children
                  to
                  Save Day.

              

      

       

      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

      
        	 	
                C.

              	
                But
                  we didn’t stop there. We also looked for ways to grow the company while
                  maintaining our balanced strategy of both organic growth and growth
                  by
                  acquisition. 

              

      

       

      
        	 	
                ·

              	
                If
                  you look at this balanced growth over the past 5 years, the percentage
                  of
                  organic growth versus acquisition growth has been about 50/50.
                  

              

      

       

      
        	 	
                ·

              	
                This
                  growth is consistent with our “client intimate” business model to develop
                  meaningful, long-term relationships with our clients.
                  

              

      

       

      
        	 	
                ·

              	
                Just
                  this week, we opened a beautiful new multi-service facility in
                  Souderton,
                  Bucks County that houses three National Penn services all under
                  one roof -
                  the FirstService Bank Division of National Penn Bank; National
                  Penn
                  Insurance Agency, Inc and National Penn Capital Advisors.
                  

              

      

       

      
        	 	
                ·

              	
                And
                  earlier this month we opened our newly relocated National Penn
                  Bank West
                  Chester community office which features a variety of amenities
                  not
                  available in the former location - including more office space,
                  more
                  teller lanes and one of the only bank drive-thru windows in downtown
                  West
                  Chester. These changes will enable us to better serve the needs
                  of
                  existing and new customers.

              

      

       

      
        	 	
                ·

              	
                Acquisition-related
                  growth included the early 2005 completed acquisition of Krombolz
                  Insurance
                  Agency located in West Chester,
                  Pennsylvania.

              

      

       

      
        	 	
                ·

              	
                And
                  several weeks ago, we acquired Bucks County-based RESOURCES for
                  Retirement, one of the top twenty 401(k) plan advisors in the country.
                  RESOURCES, which advises large companies on their 401(k) plans,
                  is now
                  part of National Penn Capital Advisors. The acquisition will allow
                  us to
                  add larger companies to our client roster and allow RESOURCES’s clients
                  access to our wide range of wealth management and banking services.
                  

              

      

       

      
        	 	
                ·

              	
                In
                  January, we completed the merger with Nittany Financial - a State
                  College-based financial
                  institution.

              

      

       

      
        	 	
                ·

              	
                Let
                  me take a moment to tell you about Nittany Financial and why this
                  acquisition is a good fit for National Penn. Please note on the
                  screens
                  that we have a sampling of Nittany
                  offices.

              

      

       

      
        
          
          

        

        
          -6-

          
            

          

        

        
          
          

        

      

      
        	 	
                o

              	
                When
                  Nittany Financial was founded in 1998, its board and leadership
                  team
                  developed a very smart and successful commercial bank business
                  model.

              

      

       

      
        	 	
                o

              	
                With
                  the overall growth of the State College area strongly supported
                  by Penn
                  State University-driven entrepreneurial businesses, and Nittany’s focus on
                  local business owners, Nittany Bank quickly became a “trusted advisor” to
                  many in the market.

              

      

       

      
        	 	
                o

              	
                As
                  a result, in just 7 short years, Nittany Bank went from “zero” deposit
                  market share to #2 in deposit market share in the State College
                  area - one
                  of the three fastest growing metro regions in Pennsylvania and
                  one of the
                  fastest growing in terms of job
                  growth.

              

      

       

      
        	 	
                o

              	
                Since
                  its founding, Nittany Financial has opened five community offices
                  - four
                  in State College and one in
                  Bellefonte.

              

      

       

      
        	 	
                o

              	
                Nittany
                  Financial also operated two investment subsidiaries, Nittany Asset
                  Management, Inc. and Vantage Investment Advisors, L. L. C. Vantage
                  added
                  more than $300 million to the assets under management within our
                  Wealth
                  and Asset Management business line.

              

      

       

      
        	 	
                o

              	
                On
                  March 27, 2006, we merged Nittany Bank into National Penn Bank,
                  and we now
                  operate Nittany Bank as a separate division, similar to our other
                  acquisition-based bank divisions.

              

      

       

      
        	 	
                ·

              	
                At
                  this time, I’d like to ask the following Nittany individuals to
                  stand:

              

      

       

      
        	 	
                o

              	
                David
                  Richards, Jr., who remains President of the Nittany Bank Division
                  and head
                  of its leadership team.

              

      

       

      
        	 	
                o

              	
                David
                  Goodman, Jr., one of the founding directors of Nittany Bank and
                  now a
                  director of National Penn Bank.

              

      

       

      
        	 	
                ·

              	
                Most
                  of all, we’re pleased to have 570 former Nittany shareholders become our
                  newest National Penn shareholders. 

              

      

       

      
        
          
          

        

        
          -7-

          
            

          

        

        
          
          

        

      

      
        	 	
                ·

              	
                To
                  all of our new employees, customers and shareholders from Nittany
                  Financial - Welcome! 

              

      

       

       

      
        	 	
                V.

              	
                (BRANDING
                  SECTION)

              

      

      In
        addition to growing the company, we’ve been hard at work examining the best ways
        to “brand” the company.

       

      
        	 	
                ·

              	
                We
                  have often been called the “best keep secret” in Pennsylvania banking. But
                  to remain strong and growing in an increasingly competitive financial
                  field, we must tell the secret of our success and raise our profile
                  in a
                  very compelling way. Therefore, creating a stronger branding program
                  is
                  more important than ever.

              

      

       

      
        	 	
                ·

              	
                To
                  help us effectively build our brand, we have partnered with gkv
                  communications - who joins us here today. gkv is a Baltimore-based
                  full-service marketing firm that specializes in developing brands
                  for
                  organizations such as National Penn -- Companies that want to raise
                  their
                  top of mind awareness amidst heavy competition from better known
                  - and
                  better funded - organizations.

              

      

       

      
        	 	
                ·

              	
                Our
                  focus for this branding process is not about the name or creating
                  a fancy
                  tag line. Instead, it’s about creating a National Penn brand promise that
                  each and every employee can live up to and
                  deliver consistently.

              

      

       

      
        	 	
                ·

              	
                To
                  do this, we have spent a great deal of time researching our
                  current culture and business systems at National Penn. We’ve also been
                  looking at what our customers and the communities we serve think
                  of us and
                  trust us to provide.

              

      

       

      
        	 	
                ·

              	
                Through
                  this research, we will develop a unique National Penn brand promise
                  that
                  will be first unveiled internally this fall and then externally
                  in early
                  2007. During that time, we will be launching a series of internal
                  brand
                  reinforcement tactics including employee training, executive leadership
                  and coaching. The internal brand reinforcement process also allows
                  us to
                  ensure that all National Penn employees are delivering the brand
                  promise
                  consistently and effectively.

              

      

       

      
        
          
          

        

        
          -8-

          
            

          

        

        
          
          

        

      

      
        	 	
                ·

              	
                Our
                  ultimate goal for the branding program is to raise the awareness
                  of our
                  organization and build even stronger brand loyalty among our customer
                  base.

              

      

       

      
        	 	
                ·

              	
                We
                  are encouraged by what this process can do for our organization
                  and look
                  forward to sharing more about it with you in the coming
                  months!

              

      

       

       

      
        	 	
                VI.

              	
                Let’s
                  move briefly to our Loan Growth and Credit
                  Quality

              

      

       

      
        	 	
                ·

              	
                Last
                  year at this time, we reported continued improvement in our overall
                  Credit
                  Quality when looking back to 2004. We’re happy to say that these positive
                  trends continued throughout 2005 and we begin 2006 in a strong
                  position.
                  

              

      

       

      
        	 	
                ·

              	
                We
                  believe our loan growth in the business and retail segments may
                  be in the
                  high single digits - we may even see low double digits for the
                  first time
                  in several years, especially in the business
                  segment.

              

      

       

      
        	 	
                ·

              	
                We
                  continue to work aggressively to maintain our relatively low level
                  of
                  delinquencies while keeping our level of non-performing assets
                  and our
                  level of charge-offs as low as
                  possible.

              

      

       

      
        	 	
                ·

              	
                The
                  Good news is - the continued strength of our Reserve for Loan and
                  Lease
                  Losses stood at 1.73% of total Loans at March 31, 2006 - stronger
                  than
                  most of our peers!

              

      

       

       

      
        	 	
                VII.

              	
                INTRODUCTION
                  TO MOVING FORWARD SECTION

              

      

       

      
        	 	
                A.

              	
                Fraud
                  - 2005 Incident

              

      

       

      
        	 	
                ·

              	
                Before
                  we talk about 2006, I’d like to provide an update on the status of the
                  fraud incident that was uncovered in early 2005. As you all know,
                  we
                  uncovered a fraud in the loan portfolio of one former loan officer.
                  We
                  immediately launched an exhaustive investigation, and we formed
                  a task
                  force to consider changes in our policies and procedures, as necessary.
                  

              

      

       

      
        
          
          

        

        
          -9-

          
            

          

        

        
          
          

        

      

      
        	 	
                ·

              	
                Nearly
                  one year ago, in April 2005, National Penn filed a civil complaint
                  against
                  the former loan officer and others.

              

      

       

      
        	 	
                ·

              	
                In
                  November 2005, without any admission of fault or liability by any
                  party,
                  National Penn reached a settlement with certain defendants under
                  which
                  they paid National Penn $3.5 million against losses previously
                  recorded.
                  

              

      

       

      
        	 	
                ·

              	
                We
                  will continue to explore all available avenues to recover remaining
                  losses
                  from the fraud, including insurance and civil
                  claims.

              

      

       

      
        	 	
                ·

              	
                We
                  continue to cooperate with law enforcement authorities, but we
                  all realize
                  that the wheels of criminal justice turn more slowly than we would
                  like
                  them to. 

              

      

       

      
        	 	
                ·

              	
                We
                  will also continue to cooperate with other governmental authorities
                  who
                  regulate and oversee our business
                  activities.

              

      

       

      
        	 	
                ·

              	
                We
                  also want to thank all of our shareholders, employees and customers
                  for
                  maintaining their confidence in National Penn throughout this
                  ordeal.

              

      

       

      B.
        Year
        of challenges

       

      
        	 	
                ·

              	
                Now
                  I’d like to focus briefly on the path that lies ahead for National
                  Penn in
                  2006 and beyond.

              

      

       

      
        	 	
                ·

              	
                As
                  many of you have heard us reference, 2006 will not be “business as usual”
                  as we face a historically flat yield curve and intense
                  competition.

              

      

       

      
        	 	
                ·

              	
                Both
                  of these represent significant challenges to achieving the type
                  of
                  profitable revenue growth that we collectively want to achieve
                  for
                  National Penn. 

              

      

       

      
        	 	
                ·

              	
                It’s
                  no secret that there are only two ways to become more profitable:
                  grow
                  revenue profitably and/or control
                  costs.

              

      

       

      
        	 	
                ·

              	
                I’ve
                  already addressed the steps we are taking to re-brand National
                  Penn to
                  make us stand apart from our financial competitors. And our focus
                  on
                  internal referrals and leveraging customer relationships as well
                  as our
                  continued acquisition strategy should allow us to increase revenue
                  sources.

              

      

       

      
        
          
          

        

        
          -10-

          
            

          

        

        
          
          

        

      

      
        	 	
                ·

              	
                We’ve
                  also taken a series of significant steps to help us control and
                  reduce
                  costs internally.

              

      

       

      
        	 	
                o

              	
                In
                  January 2005, our directors approved a series of management-recommended
                  changes to National Penn’s retirement benefits package as part of an
                  overall strategy to remain both a financially strong company and
                  a
                  competitive employer.

              

      

       

      
        	 	
                o

              	
                The
                  changes enable us to continue to offer both a defined benefit pension
                  plan
                  and an enhanced defined contribution 401(k) plan - retirement benefits
                  that many of our competitors and leading international companies
                  have not
                  been able to maintain, opting instead to suspend or terminate pension
                  plans.

              

      

       

      
        	 	
                o

              	
                By
                  restructuring our current retirement benefits package, we can better
                  work
                  toward the financial goals set by our board, while still providing
                  more
                  performance-based opportunities for our employees to save for their
                  retirement.

              

      

       

      
        	 	
                ·

              	
                We
                  believe National Penn is positioned to meet the challenges ahead
                  with
                  competitive pricing options and a robust asset/liability management
                  process intended to place National Penn in the best possible interest
                  rate
                  risk position to deal with the various external forces facing the
                  company
                  at any given time.

              

      

       

       

      
        	 	
                VIII.

              	
                (WRAP
                  UP SECTION) 

              

      

       

      
        	 	
                ·

              	
                Allow
                  me to wrap up with the following
                  comments:

              

      

       

      
        	 	
                ·

              	
                I’d
                  like to extend a very sincere and heartfelt “thank you” to our
                  shareholders, directors, employees and our
                  customers.

              

      

       

      
        	 	
                ·

              	
                Our
                  reputation and our ability to anticipate and respond to customers
                  needs
                  are crucial to our continued success. We are blessed with great
                  employees
                  who help us be successful every
                  day.

              

      

       

      
        	 	
                ·

              	
                On
                  behalf of the National Penn Board, let us assure you that we remain
                  committed to our business strategies
                  of:

              

      

       

      
        	 	
                o

              	
                Building
                  on our community banking market
                  niche

              

      

       

      
        
          
          

        

        
          -11-

          
            

          

        

        
          
          

        

      

      
        	 	
                o

              	
                Building
                  profitable relationships

              

      

       

      
        	 	
                o

              	
                Diversifying
                  our revenue streams

              

      

       

      
        	 	
                o

              	
                Maintaining
                  strong asset quality

              

      

       

      
        	 	
                o

              	
                Balancing
                  our organic growth and growth by
                  acquisition

              

      

       

      
        	 	
                o

              	
                Focusing
                  on shareholder value

              

      

       

      
        	 	
                ·

              	
                We
                  will also move forward with our efforts to grow our brand, and
                  continue to
                  integrate all of our divisions and affiliates together so that
                  we can tap
                  into our entire spectrum of products and services, for the benefit
                  of our
                  customers. 

              

      

       

      
        	 	
                ·

              	
                Thank
                  you for your support!

              

      

       

      
         

         

        -12-Exhibit 4.1

 

REGISTRATION RIGHTS AGREEMENT

 

dated as of

 

DECEMBER 28, 2005

 

by and among

 

TEXAS ROADHOUSE, INC.,

 

and

 

THE HOLDERS IDENTIFIED HEREIN

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  PAGE

  
	
   

  	
   

  	
   

  
	
  Article I.

  	
  Definitions and Certain
  Interpretative Matters

  	
  1

  
	
   

  	
  1.1

  	
  Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  Article II.

  	
  Demand Registration

  	
  3

  
	
   

  	
  2.1

  	
  Right to Demand Registration

  	
  3

  
	
   

  	
  2.2

  	
  Effective Demand Registrations

  	
  3

  
	
   

  	
  2.3

  	
  Continuous Effectiveness of Registration Statement

  	
  3

  
	
   

  	
  2.4

  	
  Blackout Period

  	
  3

  
	
   

  	
   

  	
   

  
	
  Article III.

  	
  Procedures and Expenses

  	
  4

  
	
   

  	
  3.1

  	
  Registration Procedures

  	
  4

  
	
   

  	
  3.2

  	
  Information from Holders

  	
  5

  
	
   

  	
  3.3

  	
  Suspension of Disposition

  	
  5

  
	
   

  	
  3.4

  	
  Registration Expenses

  	
  6

  
	
   

  	
   

  	
   

  
	
  Article IV.

  	
  Indemnification

  	
  7

  
	
   

  	
  4.1

  	
  Indemnification by the Company

  	
  7

  
	
   

  	
  4.2

  	
  Indemnification by Holders

  	
  7

  
	
   

  	
  4.3

  	
  Conduct of Indemnification Proceedings

  	
  8

  
	
   

  	
  4.4

  	
  Contribution, etc.

  	
  9

  
	
   

  	
   

  	
   

  
	
  Article V.

  	
  Miscellaneous

  	
  9

  
	
   

  	
  5.1

  	
  Notices

  	
  9

  
	
   

  	
  5.2

  	
  Confidentiality

  	
  10

  
	
   

  	
  5.3

  	
  Assignment

  	
  10

  
	
   

  	
  5.4

  	
  No Third-Party Beneficiaries

  	
  10

  
	
   

  	
  5.5

  	
  Entire Agreement

  	
  10

  
	
   

  	
  5.6

  	
  Amendment and Waiver

  	
  10

  
	
   

  	
  5.7

  	
  Counterparts

  	
  11

  
	
   

  	
  5.8

  	
  Severability

  	
  11

  
	
   

  	
  5.9

  	
  Governing Law

  	
  11

  
	
   

  	
  5.10

  	
  Specific Performance

  	
  11

  
	
   

  	
  5.11

  	
  Further Assurances

  	
  11

  

 

i

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated as of December 28, 2005, is
made by and among Texas Roadhouse, Inc., a Delaware corporation (the “Company”),
and the Holders listed on the Schedule A hereto as such Schedule may be
amended from time to time.

 

RECITALS

 

A.                                   In
connection with the consummation of the acquisition by a wholly-owned
subsidiary of the Company (“Holdings”) of each of the entities listed on
Annex A as such Annex may be amended from time to time (each, a “Combined
Entity”), through a securities purchase, merger, purchase of assets, or otherwise,
shares (the “Shares”) of the Class A Common Stock, $0.001 par value
(“Common Stock”), of the Company were either (i) issued to a
Combined Entity and then immediately distributed to the equityholders of such
Combined Entity (an “Equityholder”) or (ii) issued directly to an
Equityholder of the Combined Entity.

 

B.                                     Pursuant
to an agreement among the Company, Holdings and each Combined Entity, the
Company agreed to provide certain registration rights on the terms set forth
therein to each such Equityholder who has agreed to be bound by the provisions
of this Agreement.

 

AGREEMENTS

 

NOW, THEREFORE, in
consideration of the foregoing and the covenants and agreements contained
herein, and intending to be legally bound hereby, the parties hereto hereby agree
as follows:

 

Article I. Definitions and Certain
Interpretative Matters

 

1.1                                 Definitions.
For purposes of this Agreement, the following terms have the following
meanings:

 

(a)                                  “Affiliate”:  As defined in Rule 12b-2 under the
Exchange Act.

 

(b)                                 “Agreement”:  As defined in the introductory paragraph
hereof.

 

(c)                                  “Business
Day”:  Any day, other than a Saturday
or Sunday, on which national banking institutions in New York, New York, are
open.

 

(d)                                 “Combined
Entity”:  As defined in Recital A.

 

(e)                                  “Common
Stock”:  As defined in Recital A.

 

(f)                                    “Company”:  As defined in the introductory paragraph
hereof.

 

(g)                                 “Exchange
Act”:  The Securities Exchange Act of
1934, as amended.

 

(h)                                 “Equityholders”:  As defined in Recital A.

 

 

(i)                                     “Holders”:  An Equityholder or one of his Affiliates, in
each case if such Affiliate becomes the owner of Registrable Securities and has
become a party to this Agreement.

 

(j)                                     “Holdings”:  As defined in Recital A.

 

(k)                                  “Indemnified
Party”:  As defined in Section 4.3.

 

(l)                                     “Indemnifying
Party”:  As defined in Section 4.3.

 

(m)                               “Losses”:  As defined in Section 4.1.

 

(n)                                 “Person”:  Any individual, corporation, general or
limited partnership, limited liability company, joint venture, trust or other
entity or association, including without limitation any governmental authority.

 

(o)                                 “Prospectus”:  The prospectus included in the applicable
Registration Statement, as supplemented by any and all prospectus supplements
and as amended by any and all amendments (including post-effective amendments)
and including all material incorporated by reference or deemed to be
incorporated by reference in such prospectus.

 

(p)                                 “Registrable
Securities”:  (i) the Shares and
(ii) any securities paid, issued or distributed in respect of any such
Shares by way of stock dividend, stock split or distribution, or in connection
with a combination of Shares, recapitalization, reorganization, merger or
consolidation, or otherwise; provided, however, that as to any Registrable
Securities, such securities will irrevocably cease to constitute “Registrable
Securities” upon the earliest to occur of: (A) the date on which the
securities are disposed of pursuant to an effective registration statement
under the Securities Act; (B) the date on which the securities may be
sold in compliance with the requirements of paragraph (d)(i) of Rule 144
(or any successor provision); (C) the date on which the securities have
been transferred to any Person other than a Holder; or (D) the date on
which the securities cease to be outstanding.

 

(q)                                 “Registration
Expenses”:  As defined in Section 3.4.

 

(r)                                    “Registration
Statement”:  Any registration
statement of the Company under the Securities Act that covers any of the
Registrable Securities pursuant to the provisions of this Agreement, including
the related Prospectus, all amendments and supplements to such registration
statement (including post-effective amendments), and all exhibits and all
materials incorporated by reference or deemed to be incorporated by reference
in such registration statement.

 

(s)                                  “Representatives”:
The representatives of the Holders designated on Schedule A as may be
amended from time to time.

 

(t)                                    “Rule 144”:  Rule 144 promulgated under the
Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the SEC.

 

(u)                                 “SEC”:  The Securities and Exchange Commission.

 

2

 

(v)                                 “Securities
Act”:  The Securities Act of 1933, as
amended.

 

(w)                               “Shares”:  As defined in Recital A.

 

(x)                                   “Window
Period”: The ten trading days (days on which shares are traded on the
Nasdaq National Market System) following the third full trading day after the
release of quarterly or annual earnings by the Company.

 

(y)                                 Certain
Interpretative Matters. Unless the context otherwise requires, (i) all
references to Articles or Sections are to Articles or Sections of this
Agreement, (ii) each term defined in this Agreement has the meaning
assigned to it, (iii) all uses of “herein,” “hereto,” “hereof” and words
similar thereto in this Agreement refer to this Agreement in its entirety, and
not solely to the Article, Section or provision in which it appears, (iv) “or”
is disjunctive but not necessarily exclusive, and (v) words in the
singular include the plural and vice versa. Unless otherwise specified, the use
of the term “day” will be deemed to be a calendar day and not a Business Day.

 

Article II. Demand Registration

 

2.1                                 Right
to Demand Registration. At any time within 15 days of acquiring Registrable
Securities, any Holder or group of Holders may request in writing that the
Company effect the registration of all or part of such Holders’
Registrable Securities with the SEC under and in accordance with the provisions
of the Securities Act (which written request will specify (a) the then
current name and address of such Holder or Holders, (b) the aggregate
number of shares of Registrable Securities requested to be registered, and (c) the
total number of shares of Common Stock then held by such Holder or Holders). Upon
such request, the Company shall use its best efforts to cause a Registration
Statement covering such Holder’s or Holders’ Registrable Securities requested
to be registered by such Holder or Holders to become effective as promptly as
practicable after receipt of such request.

 

2.2                                 Effective
Demand Registrations. The Company may satisfy its obligations under Section 2.1
by amending or supplementing (to the extent permitted by applicable law) any
registration statement previously filed by the Company under the Securities Act
so that such amended or supplemented registration statement will permit the
disposition of Registrable Securities in accordance with this Agreement for
which a demand for registration has been properly made under Section 2.1.
If the Company so amends or supplements a previously filed registration
statement, it will be deemed to have effected a registration for purposes of Section 2.1.

 

2.3                                 Continuous
Effectiveness of Registration Statement. The Company will use its
reasonable best efforts to keep a Registration Statement that has become
effective as contemplated by this Article II continuously effective for
any Registrable Securities covered by such Registration Statement until such
Registrable Securities cease to be Registrable Securities.

 

2.4                                 Window
Periods.

 

(a)                                  No
Registrable Securities may be sold pursuant to the Registration Statement
at any time other than during a Window Period. To sell Registrable Securities
during

 

3

 

a particular Window Period, the Holder must notify the Company in
writing at least 15 days prior to the commencement of such Window Period of its
intention to sell Registrable Securities, and specify the number of Registrable
Securities it desires to sell during such Window Period. If the Holders
collectively notify the Company of their intention to sell Shares, other than
through Company approved block trades that are completed during the Window
Period (“Approved Block Trades”), in aggregate amounts that exceed 30%
of the average weekly reported volume of trading of the Shares on the Nasdaq
National Market during the four full calendar weeks preceding the Window Period
(the “Maximum Amount”), each such holder will only be permitted to sell
during such Window Period, other than through Approved Block Trades, that
number of Shares equal to the number of Shares requested to be sold during such
Window Period multiplied by a fraction, the numerator of which is the Maximum
Amount, and the denominator of which is the total number of Shares requested to
be sold during the Window Period by all Holders other than through Approved
Block Trades.

 

(b)                                 Notwithstanding
anything contained in Section 2.1 to the contrary, if the Board of
Directors of the Company determines, in the good faith exercise of its
reasonable business judgment, that the disposition of Registrable Securities
during any Window Period (i) would materially impede, delay or interfere
with any financing, acquisition, corporate reorganization or other significant
transaction, or any negotiations, discussions or pending proposals with respect
thereto, involving the Company or any of its subsidiaries or (ii) would
require disclosure of non-public material information, the disclosure of which
would adversely affect the Company, the Company will promptly give the Holders
written notice of such determination and will be entitled to suspend the
effectiveness of a Registration Statement during such Window Period.

 

Article III. Procedures and
Expenses

 

3.1                                 Registration
Procedures. In connection with the Company’s registration obligations
pursuant to Article II, the Company will effect such registrations to
permit the sale of Registrable Securities by a Holder in accordance with this
Agreement, and pursuant thereto the Company will as promptly as reasonably
practicable:

 

(a)                                  prepare
and file with the SEC a Registration Statement on an appropriate form under
the Securities Act available for the sale of the Registrable Securities by the
selling Holders; provided, however, that the Company will, before filing,
furnish to each Representative copies of the Registration Statement or
Prospectus proposed to be filed;

 

(b)                                 prepare
and file with the SEC any amendments and post-effective amendments to the
Registration Statement as may be necessary and any supplements to the
Prospectus as may be required, in the opinion of the Company and its
counsel, by the rules, regulations or instructions applicable to the
registration form used by the Company or by the Securities Act or rules and
regulations thereunder to keep the Registration Statement effective to the
extent required by Section 2.3 hereof;

 

(c)                                  promptly
following its actual knowledge thereof, notify the Representatives:

 

4

 

(i)                                     when
a Prospectus or any Prospectus supplement or amendment has been filed and, with
respect to a Registration Statement or any post-effective amendment, when the
Registration Statement has become effective, 

 

(ii)                                  of
the issuance by the SEC or any other governmental authority of any stop order
suspending the effectiveness of a Registration Statement or the initiation of
any proceedings for that purpose, and

 

(iii)                               of
the receipt by the Company of any written notification with respect to the
suspension of the qualification or exemption from qualification of any of the
Registrable Securities for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose.

 

(d)                                 use
its reasonable best efforts to obtain the withdrawal of any order suspending
the effectiveness of a Registration Statement, or the lifting of any suspension
of the qualification or exemption from qualification of any of the Registrable
Securities for sale in any jurisdiction, at the earliest practicable date; and 

 

(e)                                  furnish
to each Representative at least one conformed copy of the Registration
Statement and any post-effective amendment thereto, including financial
statements (but excluding all schedules, all documents incorporated or deemed
incorporated therein by reference and all exhibits).

 

3.2                                 Information
from Holders.

 

(a)                                  The
Company may require each selling Holder that has requested inclusion of
its Registrable Securities in any Registration Statement to furnish to the
Company such information regarding such Holder and its plan and method of
distribution of such Registrable Securities as the Company may, from time to
time, reasonably request in writing. The Company may refuse to proceed
with the registration of such Holder’s Registrable Securities if such Holder
unreasonably fails to furnish such information within a reasonable time after
receiving such request.

 

(b)                                 Each
selling Holder will as expeditiously as possible (i) notify the Company of
the occurrence of any event that makes any statement made in a Registration
Statement or Prospectus regarding such selling Holder untrue in any material
respect or that requires the making of any changes in a Registration Statement
or Prospectus so that, in such regard, it will not contain any untrue statement
of a material fact or omit any material fact required to be stated therein or
necessary to make the statements not misleading and (ii) provide the
Company with such information as may be required to enable the Company to
prepare a supplement or post-effective amendment to any such Registration
Statement or a supplement to such Prospectus.

 

3.3                                 Suspension
of Disposition.

 

(a)                                   Each
selling Holder will be deemed to have agreed that, upon receipt of any notice
from the Company of (i) any request by the SEC or any other governmental
authority for amendments or supplements to a Registration Statement or related
Prospectus or for

 

5

 

additional
information, (ii) the issuance by the SEC or any other governmental
authority of any stop order suspending the effectiveness of a Registration
Statement or the initiation of any proceedings for that purpose, (iii) the
receipt by the Company of any written notification with respect to the
suspension of the qualification or exemption from qualification of any of the
Registrable Securities for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose, (iv) the occurrence of any
event which makes any statement made in the Registration Statement or
Prospectus untrue in any material respect or which requires the making of any
changes in a Registration Statement or Prospectus or other documents so that it
will not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements
therein not misleading, and (v) the Company’s reasonable determination
that a post-effective amendment to a Registration Statement would be
appropriate, such Holder will discontinue disposition of Registrable Securities
covered by a Registration Statement or Prospectus until such Holder is advised
in writing by the Company that the use of the applicable Prospectus may be
resumed.

 

(b)                                 Each
selling Holder will be deemed to have agreed that, upon receipt of any notice
from the Company of the happening of an event specified in Section 2.4(b),
disclosure of which would be required in the Registration Statement and the
Board of Directors of the Company has determined in the good faith exercise of
its reasonable business judgment that disclosure would adversely affect the
Company, such selling Holder will discontinue disposition of Registrable
Securities covered by a Registration Statement or Prospectus until notice in
writing from the Company that the use of the applicable Prospectus may be
resumed.

 

3.4                                 Registration
Expenses.

 

(a)                                  All
fees and expenses incurred by the Company in complying with Articles II, III
and Section 3.1 (“Registration Expenses”) will be borne by the
selling Holders on a pro rata basis (based on the relative number of
Registrable Securities that are requested to be included in such registration).
These fees and expenses will include without limitation (i) all
registration and filing fees (including without limitation fees and expenses
(x) with respect to filings required to be made with the National Association
of Securities Dealers, Inc. and (y) of compliance with securities or blue
sky laws (including without limitation reasonable fees and disbursements of
counsel for the underwriters and selling Holders in connection with blue sky
qualifications of the Registrable Securities and determination of the
eligibility of the Registrable Securities for investment under the laws of such
jurisdictions as the managing underwriter or underwriters, if any, or the
selling Holders may designate)), (ii) printing expenses (including
without limitation the expenses of printing certificates for securities in a form eligible
for deposit with The Depository Trust Company and of printing Prospectuses if
the printing of Prospectuses is requested by the selling Holders), (iii) fees
and disbursements of counsel for the Company, (iv) fees and disbursements
of all independent certified public accountants (including the expenses of any
special audit and “comfort” letters required by or incident to such
performance), and (v) fees and expenses of all other Persons retained by
the Company. The Company will be required to pay its internal expenses
(including without limitation all salaries and expenses of its officers and
employees performing legal or accounting duties), the expense of any annual
audit, and the fees and expenses incurred in connection with the listing of the
securities to be registered on each securities exchange, if any, on which
similar securities issued by the Company are then listed.

 

6

 

(b)                                 In
addition to the obligations of the selling Holders pursuant to Section 3.4(a),
(i) all costs and fees of counsel and experts retained by the selling
Holders and (ii) all underwriting fees, discounts, selling commissions and
stock transfer taxes applicable to the sale of Registrable Securities will also
be borne by the Holder owning such Registrable Securities.

 

(c)                                  It
shall be a condition to the Company’s obligations to effect the registration
pursuant to this Agreement for any selling Holder that such selling Holder pay
the Company within five (5) days of the Company’s request, the estimated
amount of such selling Holder’s pro rata share of Registration Expenses.

 

Article IV. Indemnification

 

4.1                                 Indemnification
by the Company. The Company will indemnify and hold harmless, to the
fullest extent permitted by law, each Holder owning Registrable Securities
registered pursuant to this Agreement, its officers, directors, agents and
employees, each Person who controls such Holder (within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act) and the officers,
directors, owners, agents and employees of any such controlling Person, from
and against all losses, claims, damages, liabilities, costs (including without
limitation reasonable attorneys’ fees and disbursements) and expenses
(collectively, “Losses”) arising out of or based upon any untrue or
alleged untrue statement of a material fact contained or incorporated by reference
in any Registration Statement, Prospectus or preliminary prospectus, or arising
out of or based upon any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, except insofar as the same are based solely upon
information furnished in writing to the Company by or on behalf of such Holder
expressly for use therein; provided, however, that the Company will not be
liable to any Holder to the extent that any Losses arise out of or are based
upon an untrue statement or alleged untrue statement or omission or alleged
omission made in any preliminary prospectus if either (i) (A) such
Holder failed to send or deliver a copy of the Prospectus with or prior to the
delivery of written confirmation of the sale by such Holder of a Registrable
Security to the Person asserting the claim from which such Losses arise and (B) the
Prospectus would have corrected such untrue statement or alleged untrue
statement or such omission or alleged omission or (ii) the untrue
statement or alleged untrue statement or omission or alleged omission is
corrected in an amendment or supplement to the Prospectus previously furnished
by or on behalf of the Company, if the Holder was furnished with copies of the
Prospectus as so amended or supplemented and the Holder thereafter failed to
deliver such Prospectus as so amended or supplemented prior to or concurrently
with the sale of a Registrable Security to the Person asserting the claim from
which such Losses arise.

 

4.2                                 Indemnification
by Holders. Each Holder (severally and not jointly) will indemnify and hold
harmless, to the fullest extent permitted by law, the Company, its officers,
directors, agents and employees, each Person who controls the Company (within
the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act), and the directors, officers, owners, agents and employees of any
such controlling Person, from and against all Losses, as incurred, arising out
of or based upon any untrue or alleged untrue statement of a material fact
contained or incorporated by reference in any Registration Statement,
Prospectus or preliminary prospectus, or arising out of or based upon any
omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein not misleading, to the

 

7

 

extent, but only
to the extent, that such untrue statement or alleged untrue statement or
omission or alleged omission was made in reliance upon and in conformity with
information so furnished in writing by or on behalf of such Holder to the
Company expressly for use in such Registration Statement, Prospectus or
preliminary prospectus. In no event will the liability of any Holder be greater
in amount than the dollar amount of the net proceeds received by such Holder
upon the sale of the Registrable Securities giving rise to such indemnification
obligation.

 

4.3                                 Conduct
of Indemnification Proceedings. If any Person becomes entitled to indemnity
hereunder (an “Indemnified Party”), such Indemnified Party will give
prompt notice to the party from which indemnity is sought (the “Indemnifying
Party”) of any claim or of the commencement of any action or proceeding
with respect to which the Indemnified Party seeks indemnification or
contribution pursuant hereto; provided, however, that the failure to so notify
the Indemnifying Party will not relieve the Indemnifying Party from any
obligation or liability except to the extent that the Indemnifying Party has
been prejudiced materially by such failure. If such an action or proceeding is
brought against the Indemnified Party, the Indemnifying Party will be entitled
to participate therein and, to the extent it may elect by written notice
delivered to the Indemnified Party promptly after receiving the notice referred
to in the immediately preceding sentence, to assume the defense thereof with
counsel reasonably satisfactory to the Indemnified Party. Notwithstanding the
foregoing, the Indemnified Party will have the right to employ its own counsel
in any such case, but the fees and expenses of that counsel will be at the
expense of the Indemnified Party unless (i) the employment of the counsel
has been authorized in writing by the Indemnifying Party, (ii) the
Indemnifying Party has not employed counsel (reasonably satisfactory to the
Indemnified Party) to take charge of such action or proceeding within a
reasonable time after notice of commencement thereof, or (iii) the
Indemnified Party reasonably concludes, based upon the opinion of counsel, that
there may be defenses or actions available to it which are different from
or in addition to those available to the Indemnifying Party which, if the
Indemnifying Party and the Indemnified Party were to be represented by the same
counsel, could result in a conflict of interest for such counsel or materially
prejudice the prosecution of defenses or actions available to the Indemnified
Party. If any of the events specified in clause (i), (ii) or (iii) of
the immediately preceding sentence are applicable, then the reasonable fees and
expenses of separate counsel for the Indemnified Party will be borne by the
Indemnifying Party; provided, however, that in no event will the Indemnifying
Party be liable for the fees and expenses of more than one separate firm for
all Indemnified Parties. If, in any case, the Indemnified Party employs
separate counsel, the Indemnifying Party will not have the right to direct the
defense of the action or proceeding on behalf of the Indemnified Party. All
fees and expenses required to be paid to the Indemnified Party pursuant to this
Article IV will be paid periodically during the course of the
investigation or defense, as and when reasonably itemized bills therefor are
delivered to the Indemnifying Party in respect of any particular Loss that is
incurred. Notwithstanding anything contained in this Section 4.3 to the
contrary, an Indemnifying Party will not be liable for the settlement of any
action or proceeding effected without its prior written consent. The
Indemnifying Party will not, without the consent of the Indemnified Party
(which consent will not be unreasonably withheld), consent to entry of any
judgment or enter into any settlement or otherwise seek to terminate any action
or proceeding in which any Indemnified Party is or could be a party and as to
which indemnification or contribution could be sought by such Indemnified Party
under this Article IV, unless such judgment, settlement or other
termination provides solely for the payment of money and includes as an
unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party

 

8

 

of a release, in form and
substance reasonably satisfactory to the Indemnified Party, from all liability
in respect of such claim or litigation for which such Indemnified Party would
be entitled to indemnification hereunder.

 

4.4                                 Contribution,
etc.

 

(a)                                  If
the indemnification provided for in this Article IV is unavailable to an
Indemnified Party under Section 4.1 or 4.2 in respect of any Losses or is
insufficient to hold the Indemnified Party harmless, then each applicable
Indemnifying Party (severally and not jointly), in lieu of indemnifying the
Indemnified Party, will contribute to the amount paid or payable by the
Indemnified Party as a result of the Losses, in such proportion as is
appropriate to reflect the relative fault of the Indemnifying Party or
Indemnifying Parties, on the one hand, and the Indemnified Party, on the other
hand, in connection with the actions, statements or omissions that resulted in
the Losses as well as any other relevant equitable considerations. The relative
fault of the Indemnifying Party or Indemnifying Parties, on the one hand, and the
Indemnified Party, on the other hand, will be determined by reference to, among
other things, whether any action in question, including any untrue or alleged
untrue statement of a material fact or omission or alleged omission of a
material fact, has been taken or made by, or related to information supplied
by, the Indemnifying Party or Indemnifying Parties or the Indemnified Party,
and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such action, statement or omission. The
amount paid or payable by a party as a result of any Losses will be deemed to
include any legal or other fees or expenses incurred by such party in
connection with any action or proceeding.

 

(b)                                 The
parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 4.4 were determined by pro rata allocation or by
any other method of allocation that does not take into account the equitable
considerations referred to in the immediately preceding paragraph.
Notwithstanding anything contained in this Section 4.4 to the contrary, an
Indemnifying Party that is a selling Holder will not be required to contribute
any amount in excess of the amount by which the total price at which the
Registrable Securities were sold by the selling Holder to the public exceeds
the amount of any damages which such selling Holder has, in the aggregate,
otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the
Securities Act) will be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation.

 

Article V. Miscellaneous

 

5.1                                 Notices.
All notices, requests, claims, demands and other communications hereunder will
be in writing and will be given or made by delivery in person, by overnight
courier, by facsimile transmission, by electronic transmission or by registered
or certified mail (postage prepaid, return receipt requested) to the respective
parties at the following addresses (or at such other address for a party
specified in a notice given in accordance with this Section 5.1):

 

9

 

(a)                                  If
to the Company:

 

Texas Roadhouse, Inc.

6040 Dutchmans Lane, Suite 400

Louisville, KY 
40205

Attention: 
General Counsel

 

with a copy to:

 

Frost Brown Todd LLC

400 West Market Street

Louisville, KY 
40202

Attention: 
William G. Strench

 

(b)                                 If
to a Holder, to such Holder’s address on Schedule A hereto.

 

All such notices and communications will be deemed to have been
delivered or given upon receipt, if delivered personally, by electronic
transmission or by overnight courier; when receipt is acknowledged, if sent by
facsimile transmission and three Business Days after being deposited in the
mail, if mailed.

 

5.2                                 Confidentiality.
Each Holder will, and will cause its officers, directors, employees, legal
counsel, accountants, financial advisors and other representatives to, hold in
confidence any material nonpublic information received by them pursuant to this
Agreement, including without limitation any material nonpublic information
included in any Registration Statement or Prospectus proposed to be filed with
the SEC. This Section 5.2 shall not apply to any information which (a) is
or becomes generally available to the public, (b) was already in the
Holder’s possession from a non-confidential source prior to its disclosure by
the Company, or (c) is or becomes available to the Holder on a
non-confidential basis from a source other than the Company, provided that such
source is not known by the Holder to be bound by confidentiality obligations.

 

5.3                                 Assignment.
None of the parties to this Agreement may assign or delegate any of its
rights or obligations under this Agreement without the prior written consent of
each of the other parties hereto. Notwithstanding the foregoing, any Affiliate
of, or secured lender to, a Holder that becomes a record owner of Shares, shall
become a Holder hereunder upon its delivery to the Company of its executed
joinder hereto.

 

5.4                                 No
Third-Party Beneficiaries. Except as expressly set forth herein, this
Agreement will be binding upon and inure solely to the benefit of the parties
hereto and their respective successors and permitted assigns and nothing
herein, express or implied, is intended to or will confer upon any other Person
any legal or equitable right, benefit or remedy of any nature whatsoever under
or by reason of this Agreement.

 

5.5                                 Entire
Agreement. This Agreement constitutes the entire agreement of the parties
hereto with respect to the subject matter hereof and supersedes all prior
agreements and undertakings, both written and oral, among the parties with
respect to the subject matter hereof.

 

5.6                                 Amendment
and Waiver. This Agreement may not be amended or modified or any
provision hereof waived except by an instrument in writing signed by the
Company and the

 

10

 

holders of a
majority of the Registrable Securities; provided, however, the Company may amend
this Agreement from time to time to add persons who have become Equityholders
as additional Holders under this Agreement without the consent of any of the
existing Holders.

 

5.7                                 Counterparts.
This Agreement may be executed by facsimile signature and in any number of
counterparts, each such counterpart to be deemed an original and all such
counterparts, taken together, to constitute one instrument.

 

5.8                                 Severability.
If any term or other provision of this Agreement is invalid, illegal or
unenforceable under any law or public policy, all other terms and provisions of
this Agreement will nevertheless remain in full force and effect. Upon a
determination that any term or other provision is invalid, illegal or
unenforceable, the parties hereto will endeavor in good faith to replace the
invalid, illegal or unenforceable provisions with valid, legal and enforceable
provisions the effect of which comes as close as possible to that of the
invalid, illegal or unenforceable provisions.

 

5.9                                 Governing
Law. This Agreement will be governed by, and construed in accordance with,
the laws of the Commonwealth of Kentucky, without giving effect to the
principles of conflict of laws thereof.

 

5.10                           Specific
Performance. The parties hereto agree that irreparable damage would occur
in the event any provision of this Agreement was not performed in accordance
with the terms hereof and that the parties will be entitled to specify
performance of the terms hereof, in addition to any other remedy at law or
equity.

 

5.11                           Further
Assurances. The parties hereto will do such further acts and things
necessary to ensure that the terms of this Agreement are carried out and
observed.

 

11

 

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

 

	
   

  	
  TEXAS ROADHOUSE, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Scott M. Colosi

  	
   

  
	
   

  	
   

  	
  Name: Scott M. Colosi

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  HOLDERS:

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Daniel J. Ala

  	
   

  
	
   

  	
   

  	
  Name: Daniel J. Ala

  
	
   

  	
   

  	
  Shares: 19,301

  
	
   

  	
   

  	
   

  
	
   

  	
  B&T Investments, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian Judd

  	
   

  
	
   

  	
   

  	
  Name: Brian Judd, Manager

  
	
   

  	
   

  	
  Shares: 122,191

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Richard Caron

  	
   

  
	
   

  	
   

  	
  Name: Richard Caron

  
	
   

  	
   

  	
  Shares: 10,076

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Randall Clark

  	
   

  
	
   

  	
   

  	
  Name: Randall Clark

  
	
   

  	
   

  	
  Shares: 23,995

  
	
   

  	
   

  
	
   

  	
  Dyer & Pine Company, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Franklin Y. Yang

  	
   

  
	
   

  	
   

  	
  Name: Franklin Y. Yang, President

  
	
   

  	
   

  	
  Shares: 2,099

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ James Feldkamp, Jr.

  	
   

  
	
   

  	
   

  	
  Name: James Feldkamp, Jr.

  
	
   

  	
   

  	
  Shares: 549

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Albert E. Fiorini

  	
   

  
	
   

  	
   

  	
  Name: Albert E. Fiorini

  
	
   

  	
   

  	
  Shares: 4,155

  

 

12

 

	
   

  	
   

  	
  /s/ Daniel L. Green

  	
   

  
	
   

  	
   

  	
  Name: Daniel L. Green

  
	
   

  	
   

  	
  Shares: 9,650

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ David L. Green

  	
   

  
	
   

  	
   

  	
  Name: David L. Green

  
	
   

  	
   

  	
  Shares: 242,225

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Grace Green

  	
   

  
	
   

  	
   

  	
  Name: Grace Green

  
	
   

  	
   

  	
  Shares: 9,650

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Tammy Green

  	
   

  
	
   

  	
   

  	
  Name: Tammy Green

  
	
   

  	
   

  	
  Shares: 4,825

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Steven M. Halliday

  	
   

  
	
   

  	
   

  	
  Name: Steven M. Halliday

  
	
   

  	
   

  	
  Shares: 133,172

  
	
   

  	
   

  
	
   

  	
  High Wheel, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Neal Niklaus

  	
   

  
	
   

  	
   

  	
  Name: Neal Niklaus, President

  
	
   

  	
   

  	
  Shares: 47,330

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Jonathan Hook

  	
   

  
	
   

  	
   

  	
  Name: Jonathan Hook

  
	
   

  	
   

  	
  Shares: 20,844

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Joseph J. Jones

  	
   

  
	
   

  	
   

  	
  Name: Joseph J. Jones

  
	
   

  	
   

  	
  Shares: 4,825

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Brian Judd

  	
   

  
	
   

  	
   

  	
  Name: Brian Judd

  
	
   

  	
   

  	
  Shares: 477,611

  
	
   

  	
   

  
	
   

  	
  Judd Ventures LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian Judd

  	
   

  
	
   

  	
   

  	
  Name: Brian Judd, Manager

  
	
   

  	
   

  	
  Shares: 15,359

  

 

13

 

	
   

  	
   

  	
  /s/ Gerard Lewis

  	
   

  
	
   

  	
   

  	
  Name: Gerard Lewis

  
	
   

  	
   

  	
  Shares: 3,051

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Harry Lockstadt

  	
   

  
	
   

  	
   

  	
  Name: Harry Lockstadt

  
	
   

  	
   

  	
  Shares: 3,474

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Mitchell P. Lucas

  	
   

  
	
   

  	
   

  	
  Name: Mitchell P. Lucas

  
	
   

  	
   

  	
  Shares: 21,879

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Harry Markowitz

  	
   

  
	
   

  	
   

  	
  Name: Harry Markowitz

  
	
   

  	
   

  	
  Shares: 6,948

  
	
   

  	
   

  
	
   

  	
  Richard W. Martinell Trust of Delaware

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard W. Martinell

  	
   

  
	
   

  	
   

  	
  Name: Richard W. Martinell, Trustee

  
	
   

  	
   

  	
  Shares: 115,525

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ E. Steven McCafferty

  	
   

  
	
   

  	
   

  	
  Name: E. Steven McCafferty

  
	
   

  	
   

  	
  Shares: 381

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Michael E. McCafferty

  	
   

  
	
   

  	
   

  	
  Name: Michael E. McCafferty

  
	
   

  	
   

  	
  Shares: 824

  
	
   

  	
   

  
	
   

  	
  McCafferty Family Limited Partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patrick J. McCafferty

  	
   

  
	
   

  	
   

  	
  Name: Patrick J. McCafferty, General Partner

  
	
   

  	
   

  	
  Shares: 15,359

  
	
   

  	
   

  
	
   

  	
  Patrick J. McCafferty Trust

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patrick J. McCafferty

  	
   

  
	
   

  	
   

  	
  Name: Patrick J. McCafferty, Trustee

  
	
   

  	
   

  	
  Shares: 479,426

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Russell Miller

  	
   

  
	
   

  	
   

  	
  Name: Russell Miller

  
	
   

  	
   

  	
  Shares: 31,266

  

 

14

 

	
   

  	
   

  	
  /s/ Neal Niklaus

  	
   

  
	
   

  	
   

  	
  Name: Neal Niklaus

  
	
   

  	
   

  	
  Shares: 17,937

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ John Steven Payne

  	
   

  
	
   

  	
   

  	
  Name: John Steven Payne

  
	
   

  	
   

  	
  Shares: 17,370

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Stephen C. Payne

  	
   

  
	
   

  	
   

  	
  Name: Stephen C. Payne

  
	
   

  	
   

  	
  Shares: 13,896

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Kenneth Perez

  	
   

  
	
   

  	
   

  	
  Name: Kenneth Perez

  
	
   

  	
   

  	
  Shares: 12,237

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ George S. Rich

  	
   

  
	
   

  	
   

  	
  Name: George Rich

  
	
   

  	
   

  	
  Shares: 10,432

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ John Roschman

  	
   

  
	
   

  	
   

  	
  Name: John Roschman

  
	
   

  	
   

  	
  Shares: 13,256

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Gregory Schroeder

  	
   

  
	
   

  	
   

  	
  Name: Gregory Schroeder

  
	
   

  	
   

  	
  Shares: 549

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Dominic J. Serratore

  	
   

  
	
   

  	
   

  	
  Name: Dominic J. Serratore

  
	
   

  	
   

  	
  Shares: 1,373

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Travis Shearing

  	
   

  
	
   

  	
   

  	
  Name: Travis Shearing

  
	
   

  	
   

  	
  Shares: 1,830

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ John H. Spickard

  	
   

  
	
   

  	
   

  	
  Name: John H. Spickard

  
	
   

  	
   

  	
  Shares: 2,081

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Lucy M. Spickard

  	
   

  
	
   

  	
   

  	
  Name: Lucy M. Spickard

  
	
   

  	
   

  	
  Shares: 5,796

  

 

15

 

	
   

  	
   

  	
  /s/ Timothy Thimmes

  	
   

  
	
   

  	
   

  	
  Name: Timothy Thimmes

  
	
   

  	
   

  	
  Shares: 1,165

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Lance J. Walker

  	
   

  
	
   

  	
   

  	
  Name: Lance J. Walker

  
	
   

  	
   

  	
  Shares: 13,475

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Melody Young

  	
   

  
	
   

  	
   

  	
  Name: Melody Young

  
	
   

  	
   

  	
  Shares: 4,022

  

 

16

 

Annex A

 

Green Brothers Dining, Inc.,
a Colorado corporation

 

Roadhouse of Colorado
Inc., a Colorado corporation

 

Alliance Roadhouse, LLC,
an Ohio limited liability company

 

Alliance Roadhouse, Inc.,
an Ohio corporation

 

Ft. Wright Roadhouse,
LLC, a Kentucky limited liability company

 

Texas-Ft. Wright
Roadhouse, Inc., a Kentucky corporation

 

Hamilton Roadhouse, LLC,
an Ohio limited liability company

 

Hamilton Roadhouse, Inc.,
an Ohio corporation

 

Lima Roadhouse, LLC, an
Ohio limited liability company

 

Lima Roadhouse, Inc.,
an Ohio corporation

 

Cactus Roadhouse, LLC, an
Ohio limited liability company

 

Milford Roadhouse, Inc.,
an Ohio corporation

 

Newark Roadhouse, Inc.,
an Ohio corporation

 

Stow Roadhouse, Inc.,
an Ohio corporation

 

Texas Western Hills, LTD,
an Ohio limited liability company

 

Sirloin Ventures, Inc.,
an Ohio corporation

 

17

 

Schedule A

 

[Addresses omitted; will be provided to Securities and Exchange
Commission upon its request]

 

Daniel J. Ala

 

B&T Investments, LLC

 

Richard Caron

 

Randall Clark

 

Dyer & Pine Company, Inc.

 

James Feldkamp, Jr.

 

Albert E. Fiorini

 

Daniel L. Green

 

David L. Green

 

Grace Green

 

Tammy Green

 

Steven M. Halliday

 

High Wheel, Inc.

 

Jonathan Hook

 

Joseph J. Jones

 

18

 

Brian Judd

 

Judd Ventures LLC

 

Gerard Lewis

 

Harry Lockstadt

 

Mitchell P. Lucas

 

Harry Markowitz

 

Richard W. Martinell Trust of Delaware

 

E. Steven McCafferty

 

Michael E. McCafferty

 

McCafferty Family Limited Partnership

 

Patrick J. McCafferty Trust

 

Russell Miller

 

Neal Niklaus

 

John Steven Payne

 

Stephen C. Payne

 

19

 

Kenneth Perez

 

George S. Rich

 

John Roschman

 

Gregory Schroeder

 

Dominic J. Serratore

 

Travis Shearing

 

John H. Spickard

 

Lucy M. Spickard

 

Timothy Thimmes

 

Lance J. Walker

 

Melody Young

 

20

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