Document:

Exhibit 4.3

 

FIFTH SUPPLEMENTAL INDENTURE

(Senior Notes due 2024)

 

THIS FIFTH SUPPLEMENTAL
INDENTURE (this “Fifth Supplemental Indenture”) is dated as of August 1, 2013, among OMEGA HEALTHCARE INVESTORS,
INC., a Maryland corporation (the “Issuer”), each of the SUBSIDIARY GUARANTORS listed on Schedule I hereto (collectively,
the “Subsidiary Guarantors”), each of the companies listed on Schedule II hereto (collectively, the “New
Subsidiaries”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws
of the United States of America, as trustee (the “Trustee”).

 

W I T N E S S E T H :

 

WHEREAS,
the Issuer and the Subsidiary Guarantors have heretofore executed and delivered to the Trustee an Indenture, dated as of March
19, 2012 (as supplemented by that First Supplemental Indenture, dated as of July 2, 2012, that Second Supplemental Indenture, dated
as of August 9, 2012, that Third Supplemental Indenture, dated as of September 24, 2012, and that Fourth Supplemental Indenture
effective as of December 31, 2012, the “Indenture”),
providing for the issuance of the Issuer’s 5-7/8% Senior Notes due 2024 (the “Notes”);

 

WHEREAS,
Section 9.01 of the Indenture authorizes the Issuer, the Subsidiary Guarantors and the Trustee, together, to amend or supplement
the Indenture, without notice to or consent of any Holder of the Notes, for the purpose of making any change that would not materially
adversely affect the rights of any Holder of the Notes;

 

WHEREAS,
the Issuer has re-designated the New Subsidiaries (formerly Unrestricted Subsidiaries) as Restricted Subsidiaries under the Indenture
and now wishes to cause the New Subsidiaries to become Subsidiary Guarantors pursuant to Section 4.14 of the Indenture;

 

WHEREAS,
in Section 1.01 of the Indenture, the term “Subsidiary Guarantors” is defined to include all Persons that become a
Subsidiary Guarantor by the terms of the Indenture after the Closing Date; and

 

WHEREAS,
Section 10.01 of the Indenture provides that each Subsidiary Guarantor shall be a guarantor of the Issuer’s obligations under
the Notes, subject to the terms and conditions described in the Indenture.

 

NOW, THEREFORE,
in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the
Issuer, the Subsidiary Guarantors, the New Subsidiaries and the Trustee mutually covenant and agree for the equal and ratable benefit
of the Holders of the Notes as follows:

 

		1.	CAPITALIZED TERMS. Capitalized terms used herein without definition
shall have the meanings assigned to them in the Indenture.

 

    	 

    	 

    

		2.	AMENDMENT TO GUARANTEE. The New Subsidiaries hereby agree, jointly
and severally with all other Subsidiary Guarantors, to guarantee the Issuer’s obligations under the Notes on the terms and
subject to the conditions set forth in the Indenture, and to be bound by, and to receive the benefit of, all other applicable provisions
of the Indenture as Subsidiary Guarantors. Such guarantee shall be evidenced by the New Subsidiaries’ execution of Subsidiary
Guarantees, the form of which is attached as Exhibit E to the Indenture, and shall be effective as of the date hereof.

 

		3.	NO RECOURSE AGAINST OTHERS. No past, present or future director,
officer, employee, partner, affiliate, beneficiary or stockholder of the New Subsidiaries, as such, shall have any liability for
any obligations of the Issuer or any Subsidiary Guarantor under the Notes, any Guarantees, the Indenture or this Fifth Supplemental
Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes,
by accepting and holding a Note, waives and releases all such liability. Such waiver and release are part of the consideration
for the issuance of the Notes.

 

		4.	NEW YORK LAW TO GOVERN. The laws of the State of New York shall
govern and be used to construe this Fifth Supplemental Indenture.

 

		5.	COUNTERPARTS. The parties may sign any number of copies of this
Fifth Supplemental Indenture. Each signed copy shall be an original, but all of them together shall represent the same agreement.

 

		6.	EFFECT OF HEADINGS. The Section headings herein are for convenience
only and shall not affect the construction hereof.

 

		7.	THE TRUSTEE. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Fifth Supplemental Indenture or for or in respect of the recitals
contained herein, all of which recitals are made solely by the Issuer, the Subsidiary Guarantors and the New Subsidiaries.

 

[Remainder of Page Intentionally Left
Blank]

 

    	 

    	 

    

IN
WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be duly executed, all as of the date first
above written.

 

 

OMEGA HEALTHCARE INVESTORS, INC.

 

 

By: /s/ Robert O. Stephenson

Name: Robert O. Stephenson

Title: Chief Financial Officer and Treasurer

 

 

On behalf of each Subsidiary Guarantor, its sole member,
general partner or trustee, named on the attached Schedule I

 

 

By: /s/ Daniel J. Booth

Name: Daniel J. Booth

Title: Chief Operating Officer and Secretary

 

 

On behalf of each of the New Subsidiaries or its sole
member, named on the attached Schedule II

 

 

By: /s/ Daniel J. Booth

Name: Daniel J. Booth

Title: Chief Operating Officer and Secretary

 

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

 

By:  /s/ Dave Ferrell 

Name: Dave Ferrell

Title: Vice President

    	 

    	 

    

Schedule I

 

SUBSIDIARY GUARANTORS

 

13922 Cerise Avenue, LLC

245 East Wilshire Avenue, LLC

3806 Clayton Road, LLC

637 East Romie Lane, LLC

523 Hayes Lane, LLC

1200 Ely Street Holdings Co. LLC

42235 County Road Holdings Co. LLC

2425 Teller Avenue, LLC

48 High Point Road, LLC

Arizona Lessor - Infinia, Inc.

Baldwin Health Center, Inc.

Bayside Alabama Healthcare Second, Inc.

Bayside Arizona Healthcare Associates, Inc.

Bayside Arizona Healthcare Second, Inc.

Bayside Colorado Healthcare Associates, Inc.

Bayside Colorado Healthcare Second, Inc.

Bayside Indiana Healthcare Associates, Inc.

Bayside Street II, Inc.

Bayside Street, Inc.

Canton Health Care Land, Inc.

Carnegie Gardens LLC

Center Healthcare Associates, Inc.

CFG 2115 Woodstock Place LLC

Cherry Street - Skilled Nursing, Inc.

Colonial Gardens, LLC

Colorado Lessor - Conifer, Inc.

Copley Health Center, Inc.

CSE Anchorage LLC

CSE Blountville LLC

CSE Bolivar LLC

CSE Camden LLC

CSE Centennial Village

CSE Corpus North LLC

CSE Crane LLC

CSE Denver Iliff LLC

CSE Fairhaven LLC

CSE Huntingdon LLC

CSE Jacinto City LLC

CSE Jefferson City LLC

CSE Kerrville LLC

CSE Marianna Holdings LLC

CSE Memphis LLC

    	 

    	 

    

CSE Pennsylvania Holdings

CSE Ripley LLC

CSE Ripon LLC

CSE Spring Branch LLC

CSE Texarkana LLC

CSE The Village LLC

CSE West Point LLC

CSE Whitehouse LLC

CSE Williamsport LLC

Dallas - Skilled Nursing, Inc.

Delta Investors I, LLC

Delta Investors II, LLC

Desert Lane, LLC

Dixon Health Care Center, Inc.

Encanto Senior Care, LLC

Florida Lessor - Crystal Springs, Inc.

Florida Lessor - Emerald, Inc.

Florida Lessor - Lakeland, Inc.

Florida Lessor - Meadowview, Inc.

Florida Real Estate Company, LLC

Georgia Lessor - Bonterra/Parkview, Inc.

Greenbough, LLC

Hanover House, Inc.

Heritage Texarkana Healthcare Associates, Inc.

House of Hanover, Ltd.

Hutton I Land, Inc.

Hutton II Land, Inc.

Hutton III Land, Inc.

Indiana Lessor - Jeffersonville, Inc.

Indiana Lessor - Wellington Manor, Inc.

Jefferson Clark, Inc.

LAD I Real Estate Company, LLC

Lake Park - Skilled Nursing, Inc.

Leatherman 90-1, Inc.

Leatherman Partnership 89-1, Inc.

Leatherman Partnership 89-2, Inc.

Long Term Care - Michigan, Inc.

Long Term Care - North Carolina, Inc.

Long Term Care Associates - Illinois, Inc.

Long Term Care Associates - Indiana, Inc.

Long Term Care Associates - Texas, Inc.

Meridian Arms Land, Inc.

North Las Vegas LLC

NRS Ventures, L.L.C.

OHI (Connecticut), Inc.

OHI (Florida), Inc.

    	 

    	 

    

OHI (Illinois), Inc.

OHI (Indiana), Inc.

OHI (Iowa), Inc.

OHI (Kansas), Inc.

OHI Asset (CA), LLC

OHI Asset (CT) Lender, LLC

OHI Asset (FL), LLC

OHI Asset (ID), LLC

OHI Asset (IN), LLC

OHI Asset (LA), LLC

OHI Asset (MI), LLC

OHI Asset (MI/NC), LLC

OHI Asset (MO), LLC

OHI Asset (OH) Lender, LLC

OHI Asset (OH) New Philadelphia, LLC

OHI Asset (OH), LLC

OHI Asset (PA) Trust

OHI Asset (PA), LLC

OHI Asset (SMS) Lender, Inc.

OHI Asset (TX), LLC

OHI Asset CSE-E, LLC

OHI Asset CSE-U, LLC

OHI Asset Essex (OH), LLC

OHI Asset II (CA), LLC

OHI Asset II (PA) Trust

OHI Asset III (PA) Trust

OHI Asset, LLC

OHI of Texas, Inc.

OHI Sunshine, Inc.

OHI Tennessee, Inc. (formerly known as OHI of Kentucky, Inc.)

OHIMA, Inc.

Omega (Kansas), Inc.

Omega TRS I, Inc.

Orange Village Care Center, Inc.

OS Leasing Company

Panama City Nursing Center LLC

Parkview - Skilled Nursing, Inc.

Pavillion North Partners, Inc.

Pavillion North, LLP

Pavillion Nursing Center North, Inc.

Pine Texarkana Healthcare Associates, Inc.

Reunion Texarkana Healthcare Associates, Inc.

San Augustine Healthcare Associates, Inc.

Skilled Nursing - Gaston, Inc.

Skilled Nursing - Herrin, Inc.

Skilled Nursing - Hicksville, Inc.

    	 

    	 

    

Skilled Nursing - Paris, Inc.

Skyler Maitland LLC

South Athens Healthcare Associates, Inc.

St. Mary’s Properties, Inc.

Sterling Acquisition Corp.

Sterling Acquisition Corp. II

Suwanee, LLC

Texas Lessor - Stonegate GP, Inc.

Texas Lessor - Stonegate Limited, Inc.

Texas Lessor - Stonegate, L.P.

Texas Lessor - Treemont, Inc.

The Suburban Pavilion, Inc.

Washington Lessor - Silverdale, Inc.

Waxahachie Healthcare Associates, Inc.

West Athens Healthcare Associates, Inc.

Wilcare, LLC

OHI Asset (CO), LLC

OHI Asset (IL), LLC

OHI Asset IV (PA) Silver Lake Trust

OHI Asset II (FL), LLC

CSE Albany LLC

CSE Amarillo LLC

CSE Arden L.P.

CSE Augusta LLC

CSE Bedford LLC

CSE Cambridge LLC

CSE Cambridge Realty LLC

CSE Canton LLC

CSE Cedar Rapids LLC

CSE Chelmsford LLC

CSE Chesterton LLC

CSE Claremont LLC

CSE Denver LLC

CSE Douglas LLC

CSE Dumas LLC

CSE Elkton LLC

CSE Elkton Realty LLC

CSE Fort Wayne LLC

CSE Frankston LLC

CSE Georgetown LLC

CSE Green Bay LLC

CSE Hilliard LLC

CSE Huntsville LLC

CSE Indianapolis-Continental LLC

CSE Indianapolis-Greenbriar LLC

CSE Jefferson-Hillcrest Center LLC

    	 

    	 

    

CSE Jefferson-Jennings House LLC

CSE King L.P.

CSE Kingsport LLC

CSE Knightdale L.P.

CSE Lake City LLC

CSE Lake Worth LLC

CSE Lakewood LLC

CSE Las Vegas LLC

CSE Lawrenceburg LLC

CSE Lenoir L.P.

CSE Lexington Park LLC

CSE Lexington Park Realty LLC

CSE Ligonier LLC

CSE Live Oak LLC

CSE Logansport LLC

CSE Lowell LLC

CSE Mobile LLC

CSE Moore LLC

CSE North Carolina Holdings I LLC

CSE North Carolina Holdings II LLC

CSE Omro LLC

CSE Orange Park LLC

CSE Orlando-Pinar Terrace Manor LLC

CSE Orlando-Terra Vista Rehab LLC

CSE Piggott LLC

CSE Pilot Point LLC

CSE Ponca City LLC

CSE Port St. Lucie LLC

CSE Richmond LLC

CSE Safford LLC

CSE Salina LLC

CSE Seminole LLC

CSE Shawnee LLC

CSE Stillwater LLC

CSE Taylorsville LLC

CSE Texas City LLC

CSE Upland LLC

CSE Walnut Cove L.P.

CSE Winter Haven LLC

CSE Woodfin L.P.

CSE Yorktown LLC

CSE Casablanca Holdings LLC

CSE Casablanca Holdings II LLC

OHI Asset CSB LLC

OHI Asset (FL) Lender, LLC

OHI Asset (MD), LLC

    	 

    	 

    

OHI Asset HUD CFG, LLC

OHI Asset HUD WO, LLC

OHI Asset HUD SF, LLC

OHI Asset (IN) Greensburg, LLC

OHI Asset (IN) Indianapolis, LLC

OHI Asset (IN) Wabash, LLC

OHI Asset (IN) Westfield, LLC

	OHI Asset (IN) American Village, LLC
	OHI Asset (IN) Beech Grove, LLC
	OHI Asset (IN) Eagle Valley, LLC
	OHI Asset (IN) Anderson, LLC
	OHI Asset (IN) Forest Creek, LLC
	OHI Asset (IN) Franklin, LLC
	OHI Asset (IN) Fort Wayne, LLC
	OHI Asset (IN) Monticello, LLC
	OHI Asset (IN) Kokomo, LLC
	OHI Asset (IN) Elkhart, LLC
	OHI Asset (IN) Clarksville, LLC
	OHI Asset (IN) Noblesville, LLC
	OHI Asset (IN) Rosewalk, LLC
	OHI Asset (IN) Lafayette, LLC
	OHI Asset (IN) Spring Mill, LLC
	OHI Asset (IN) Terre Haute, LLC
	
        OHI Asset (IN) Zionsville, LLC

        OHI Asset (TX) Hondo, LLC

        OHI Asset HUD SF CA, LLC

        OHI Asset (MI) Heather
        Hills, LLC

        OHI Asset (IN) Crown
        Point, LLC

        OHI Asset (IN) Madison,
        LLC

         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

 

Schedule II

 

NEW SUBSIDIARIES

 

OHI Asset HUD Delta, LLC

CSE Pine View LLC

Dixie White House Nursing Home, Inc.

Ocean Springs Nursing Home, Inc.

Pensacola Real Estate Holdings I, Inc.

Pensacola Real Estate Holdings II, Inc.

Pensacola Real Estate Holdings III, Inc.

Pensacola Real Estate Holdings IV, Inc.

Pensacola Real Estate Holdings V, Inc.

Skyler Boyington, Inc.

Skyler Florida, Inc.

Skyler Pensacola, Inc.Exhibit 10.1

 

SETTLEMENT AGREEMENT AND RELEASE

 

This Settlement Agreement and Release (this “Settlement Agreement”), dated November 1, 2013, is entered into by and among American Restaurant Concepts, Inc., a Florida corporation (the “Company”), Brusta Investments, LLC, a Louisiana limited liability company (“Brusta Investments”), and D. Dale Thevenet, an individual (“Mr. Thevenet”; together with Brusta Investments, the “Holders”).

 

Recitals

WHEREAS, the Company entered into that certain Secured Promissory Note (the “Note”), dated January 6, 2012, by and among the Company, The Carl Collins Trust and Raymond H. Oliver, pursuant to which the Company borrowed $50,000; and

 

WHEREAS, the Company defaulted on the Note; and

 

WHEREAS, the Carl Collins Trust entered into that certain Assignment of Promissory Note Without Recourse But With Warranties (the “Assignment Agreement”) on October 4, 2013, pursuant to which The Carl Collins Trust assigned all of its rights and obligations under the Note to Holders; and

 

WHEREAS, the Company wishes to pay off the outstanding principal and accrued interest and all other amounts due and payable under the Note in its entirety and obtain a release from Holders from any and all claims Holders may have against the Company under the Note; and

 

WHEREAS, the parties hereto desire to enter into this Settlement Agreement to establish their respective rights, duties and obligations under the Note and to agree on matters relating to the termination of the Company’s rights and obligations under the Note.

 

NOW, THEREFORE, in consideration of the foregoing premises and representations, warranties, covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

 

1.           Release.

 

(a)           Release of Claims.  In exchange for the consideration set forth in this Settlement Agreement, Holders, for themselves and on behalf of their respective heirs, beneficiaries, executors, administrators, directors, officers, shareholders, affiliates, employees, agents, consultants, attorneys, accountants, successors and assigns, as applicable (collectively with Holders, the “Releasing Parties”), do hereby fully, absolutely, unconditionally and irrevocably release, remise and forever discharge the Company and its directors, officers, shareholders, affiliates, employees, agents, consultants, attorneys, accountants, successors and assigns (collectively, the “Released Parties”), of and from any and all demands, actions, claims, causes of action, suits, covenants, contracts, controversies, grievances, agreements, obligations, promises, sums of money, accounts, bills, reckonings, damages, liabilities, rights, debts and expenses (including attorneys fees), and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever, of every kind and nature, either at law or in equity, whether known or unknown, suspected or unsuspected, or contingent or mature, including, without limitation, any claims arising under any federal, state, local or municipal law, common law or statute, whether arising in contract or in tort, and any claim arising under any other laws or regulations of any nature whatsoever, that the Releasing Parties ever had, now have or may in the future have, hold or claim to have against the Released Parties or any of them for, upon or by reason of any cause, matter, action, circumstance or thing whatsoever, from the beginning of the world to the date hereof, with respect to the Note (collectively, “Claims”).

 

    	  

    	 

    
 

 

(b)           Covenant Not to Sue.  The Releasing Parties agree to never file a lawsuit or bring, or assign to any third person, any Claims against any of the Released Parties, or assert any Claims against any of the Released Parties, and to not collect any damages of any kind if any type of action or proceeding is brought against any of the Released Parties by a third party on the Releasing Party’s behalf or any other person’s or entity’s behalf.

 

(c)           Newly-Discovered Facts.  The parties hereby acknowledge that they may hereafter discover facts different from or in addition to those that they now know or believe to be true, and they expressly agree to assume the risk of the possible discovery of additional facts, and agree that this Settlement Agreement will be and remain effective regardless of such additional or different facts.  The parties expressly agree that this Settlement Agreement shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown or unsuspected claims, demands, causes of action, governmental, regulatory or enforcement actions, charges, obligations, damages, liabilities, and attorneys’ fees and costs, if any, as well as those relating to any other claims, demands, causes of action, obligations, damages, liabilities, charges, and attorneys’ fees and costs specified herein.

 

2.             Consideration.  In consideration for executing this Settlement Agreement, on the Effective Date, the Company shall issue: (i) 150,000 shares of Class A Common Stock, $0.01 par value per share (“Common Stock”), to Brusta Investments, and (ii) 50,000 shares of Common Stock to Mr. Thevenet.

 

3.              Scope of Release.  THE RELEASE PROVISIONS SET FORTH IN SECTION 1 HEREOF ARE INTENDED TO BE ENFORCEABLE AGAINST HOLDERS AND THE OTHER RELEASING PARTIES IN ACCORDANCE WITH THE EXPRESS TERMS AND SCOPE THEREOF NOTWITHSTANDING ANY EXPRESS NEGLIGENCE RULE OR ANY SIMILAR DIRECTIVE THAT WOULD PROHIBIT OR OTHERWISE LIMIT RELEASES BECAUSE OF THE SIMPLE OR GROSS NEGLIGENCE (WHETHER SOLE, CONCURRENT, ACTIVE OR PASSIVE) OR OTHER FAULT OR STRICT LIABILITY OF ANY OF THE RELEASED PARTIES.

4.              Construction.  The release provisions set forth in Section 1 hereof shall be construed as broadly as may be permitted by law to protect the Released Parties against litigation and liability and, to effect this intent, Holders, for themselves and on behalf of each of the other Releasing Parties, hereby agree that the language of the release provisions set forth in Section 1 hereof to be strictly construed against them and in favor of release of the Released Parties.

5.              No Additional Promises.  No party has been promised anything by the other party or by such party’s respective attorneys of record other than the consideration set forth herein.

 

6.              Holder Representations and Warranties.  Holders each hereby represent, warrant, covenant and agree that:

 

(a)            Claims.  (i) Holders own or control one hundred percent (100%) of the claims and damages released by this Settlement Agreement and no other person or entity owns any interest therein, whether by assignment, subrogation or otherwise, (ii) Holders have not in any way assigned, conveyed or otherwise transferred to any person or entity any interest in the claims or damages released by this Settlement Agreement, (iii) Holders presently possesses the exclusive right to receive all of the consideration paid hereunder, and (iv) Holders have the power and authority to enter into and perform this Settlement Agreement.

 

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(b)           Rights and Obligations.  (i) Holders presently own or control one hundred percent (100%) of the rights, claims, interests and obligations that were granted to them under the Note and the Assignment Agreement, (ii) no other person or entity owns any interest in the Note or Assignment Agreement, whether by assignment, subrogation or otherwise, and (iii) Holders have not in any way assigned, conveyed or otherwise transferred to any person or entity any interest in the Note or the Assignment Agreement.

 

(c)           Accredited Investors.  Holders understand that the shares of Common Stock: (i) are “restricted securities” as such term is defined under Rule 144 of the Securities Act of 1933, as amended (the “Securities Act”), (ii) have not been registered under the Securities Act or registered or qualified under any state securities law, and (iii) may not be, directly or indirectly, sold, transferred, offered for sale, pledged, hypothecated or otherwise disposed of without registration under the Securities Act and registration or qualification under applicable state securities laws or the availability of an exemption therefrom.  The shares of Common Stock are being acquired for Holders’ own account for investment purposes only, not as nominees or agents.

 

7.              Claims Against Oliver.  This Settlement Agreement is not intended to affect in any way, and shall not affect in any way, any claims that any of the parties hereto may have against Mr. Oliver under or with respect to the Note or in connection with the execution of the Note.

 

8.              Miscellaneous.

  (a)           Entire Agreement.  This Settlement Agreement contains the entire agreement between the parties and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof.

  (b)           Amendments and Modifications.  This Settlement Agreement may not be amended, modified or supplemented except by an instrument or instruments in writing signed by the party against whom enforcement of any such amendment, modification or supplement is sought.

 

  (c)           Extensions and Waivers.  At any time after the execution of this Settlement Agreement, the party entitled to the benefits of a term or provision may: (i) extend the time for the performance of any of the obligations or other acts of the parties hereto; (ii) waive any inaccuracies in the representations and warranties contained herein or in any document, certificate or writing delivered pursuant hereto; or (iii) waive compliance with any obligation, covenant, agreement or condition contained herein.  Any agreement on the part of a party to any such extension or waiver shall be valid only if set forth in an instrument or instruments in writing signed by the party against whom enforcement of any such extension or waiver is sought.  No failure or delay on the part of any party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty, covenant or agreement. No waiver by either party hereto of any breach or default of any of the representations, warranties, covenants or agreements set forth herein will be deemed a waiver as to any subsequent or similar breach or default.

 

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(d)           Successors and Assigns.  This Settlement Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns.  Nothing in this Settlement Agreement is intended to confer upon any person not a party hereto (and their successors and assigns) any rights, remedies, obligations or liabilities under or by reason of this Settlement Agreement.

 

(e)           Headings; Definitions.  The section and article headings contained in this Settlement Agreement are inserted for convenience of reference only and will not affect the meaning or interpretation of this Settlement Agreement.  All references to sections or articles contained herein mean sections or articles of this Settlement Agreement unless otherwise stated.  All capitalized terms defined herein are equally applicable to both the singular and plural forms of such terms.

 

(f)           Severability.  If any provision of this Settlement Agreement or the application thereof to any person or circumstance is held to be invalid or unenforceable to any extent, the remainder of this Settlement Agreement shall remain in full force and effect and shall be reformed to render this Settlement Agreement valid and enforceable while reflecting to the greatest extent permissible the intent of the parties.

 

(g)           Notices.  All
notices hereunder shall be sufficiently given for all purposes hereunder if in writing and delivered personally, sent by documented
overnight delivery service or, to the extent receipt is confirmed, telecopy, telefax or other electronic transmission service
to the applicable party.

 

(h)           Governing Law.  This Settlement Agreement shall be governed by and construed in accordance with the laws of the State of Florida, without regard to the laws that might otherwise govern under applicable principles of conflicts of laws thereof.

 

(i)           Counterparts.  This Settlement Agreement may be executed in two or more counterparts and delivered via facsimile, each of which shall be deemed to be an original, but all of which together shall constitute one and the same agreement.

 

[Remainder of page intentionally left blank]

 

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WITNESS WHEREOF, the parties have caused this Settlement Agreement to be properly executed, all as of the date first written above.

	 	 
	 	 
	 	
AMERICAN RESTAURANT CONCEPTS, INC.

	 	 	 
	 	 	 
	 	 	 
	 	
By: 

	 /s/ Richard W. Akam  
	 	 	Richard W. Akam
	 	 	Chief Executive Officer

	 	 
	 	 
	 	
BRUSTA INVESTMENTS, LLC

	 	 	 
	 	 	 
	 	
By: 

	/s/ Stan Gauthier, II     
	 	 	Stan Gauthier, II 
	 	 	General Manager

	 	 	 
	 	 	 
	
 

	
/s/ D. Dale Thevent

	 	
D. Dale Thevenet, an individual

	 	 
	5

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