Document:

Amendment to Registration Rights Agreement, dated November 5, 2010

 Exhibit 4.5 
 EXECUTION 
 AMENDMENT TO REGISTRATION RIGHTS AGREEMENT 

This AMENDMENT TO REGISTRATION RIGHTS AGREEMENT (this “Amendment”), dated as of November 5, 2010, is by and among
Bruckmann, Rosser, Sherrill & Co. III, L.P., a Delaware limited partnership (the “Fund”), BRS Coinvestor III, L.P., a Delaware limited partnership (the “Co-Invest Fund” and, together with the Fund, the
“Investors”), and Ruth’s Hospitality Group, Inc., a Delaware corporation (the “Company”). Capitalized terms used but not defined in this Amendment will have the definitions or meanings given to them in the
Agreement described below. 
 WHEREAS, the Company and the Investors entered into that certain Registration Rights Agreement
dated as of February 12, 2010 (the “Agreement”); and 
 WHEREAS, the Company and the Investors desire to
amend the Agreement as set forth herein. 
 NOW, THEREFORE, for and in consideration of the mutual agreements contained herein
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

Section 1. Amendment to Agreement. Effective as of the date hereof, Section 2(a) of the Agreement is hereby amended to
delete the reference to “the date that is nine (9) months from the date hereof” in the first sentence of Section 2(a) and replace it with a reference to “December 31, 2010.” 

Section 2. Miscellaneous. 
 (a) No Other Amendments; Continuing Effect. The amendments set forth herein are limited precisely as written and shall not be deemed to be an amendment of any other term or condition of the
Agreement or any of the documents referred to therein. Whenever the Agreement is referred to in any agreement, document or other instrument, such reference shall be to the Agreement as amended by this Amendment. Except as expressly amended hereby,
the terms and conditions of the Agreement shall continue in full force and effect. 
 (b) Counterparts.
This Amendment may be executed in separate counterparts (including by means of telecopied signature pages or signature pages delivered by electronic transmission in portable document format (pdf)), each of which is deemed to be an original and all
of which taken together constitute one and the same agreement. 
 * * * * * 

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

			
	RUTH’S HOSPITALITY GROUP, INC.
		
	By:	 	/s/ Robert M. Vincent
	 Name:
	 	Robert M. Vincent
	 Title:
	 	Executive Vice President and Chief Financial Officer
	
	 BRUCKMANN, ROSSER, SHERRILL & CO. III, L.P.

	
	 By: BRS GP III, L.P., its general partner

	
	By: BRUCKMANN, ROSSER, SHERRILL & CO. III, L.L.C., its general partner
		
	By:	 	/s/ Harold O. Rosser II
	 Name:
	 	Harold O. Rosser II
	 Title:
	 	Manager
	
	BRS COINVESTOR III, L.P.
	
	By: BRS COINVESTOR GP III, L.L.C., its general partner
		
	 By:
	 	/s/ Harold O. Rosser II
	 Name:
	 	Harold O. Rosser II
	 Title:
	 	Manager

  
  

Signature Page to Amendment to Registration Rights AgreementAmendment to the Agreement for the exchange of Corporate Service

 EXHIBIT 4.5 
 SWORN TRANSLATION 
 ADDENDUM TO CORPORATE SERVICES MASTER
AGREEMENT 
 Made in the City of Buenos Aires, on this 12th day of March, 2010, by and among: 

(i) CRESUD S.A.C.I.F. y A., domiciled at Moreno No. 877, 23rd Floor, City of Buenos Aires, represented hereat by the undersigned
attorneys-in-fact (hereinafter “CRESUD”) for the first part; 
 (ii) Alto Palermo S.A. (APSA), domiciled at Moreno
No. 877, 21st Floor, City of Buenos Aires, represented hereat by the undersigned attorneys-in-fact (hereinafter “APSA”), for the second part; and 
 (iii) IRSA Inversiones y Representaciones Sociedad Anónima, domiciled at Bolívar No. 108, 1st Floor, City of Buenos Aires, and setting up domicile for purposes of this agreement
at Moreno No. 877, 22nd Floor, City of Buenos Aires, represented hereat by the undersigned attorneys-in-fact, for the third part (hereinafter “IRSA”, and collectively with CRESUD and APSA hereinafter referred to as the
“Parties”, and each of them individually as a “Party”). 
 WHEREAS: 

(i) On June 30, 2004, the Parties executed a Master Agreement for the Exchange of Corporate Services (hereinafter the “Master Agreement”),
whereby the administrative and financial features and guidelines for implementing the supply of Corporate Services were established, for purposes of reducing fixed costs arising from the Parties’ activities and diminishing their impact on
operating results, taking advantage of the individual efficiencies of each of them in the various operating management areas; 
 (ii) The
Parties engaged Deloitte & Co. S.R.L. (hereinafter “Deloitte”) for it to review and assess semi-annually the criteria used in the Corporate Services settlement process and the Cost Distribution Bases and supporting documents used
in the above mentioned process and prepare a semi-annual report; 
 (iii) Due to the experience gained as a result of the implementation of the
Master Agreement based on an Implementation Manual prepared by Deloitte, certain operational changes to the Areas of Exchange of Corporate Services and Cost Distribution Bases have been implemented since January 2005; 

(iv) Such operational changes were acknowledged by the Parties through the execution of three agreements for the implementation of amendments dated
August 23, 2007, August 14, 2008 and November 27, 2009, respectively (the “Agreements”); 

  
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 (v) As from the consolidation of the financial statements, which occurred as a result of the increase of
CRESUD’s shareholding interest in IRSA, who in turn controls APSA, it has been necessary to deepen the data processing line toward CRESUD, as ultimate recipient of the scheme; 
 (vi) From such perspective, the Parties have deemed it suitable to unify in CRESUD as single provider, within the scope of the Master Agreement and the Agreements, the services related to the following
areas: Human Resources, Finance, Institutional Relations, Administration and Control, Systems and Technology, Insurance, Errand Running/General Services, Contracts, Technical, Infrastructure and Services, Purchases, Architecture and Design,
Development of Works, Internal Audit, Real Estate and Risks and Processes, to which end the employment agreements of the employees rendering such services shall be transferred; 
 (vii) The unification mentioned in recital (vi) above shall: (a) imply a partial reduction in the Parties’ administrative expenses; (b) result in a significant reduction in the cost
centers, thus optimizing the management of information and available resources; and (c) strengthen the employees’ corporate identity, all of which shall result in significant advantages to the Parties’ partners; 

(viii) The Parties deem it suitable to enter into this Addendum to the Corporate Services Master Agreement (the “ADDENDUM”) so as to allocate
the expenses related to the hypothetical labor costs that could arise from the termination of employees or other costs whose origin or accrual shall have occurred or shall occur before or after the centralization; 

(ix) Notwithstanding the foregoing, APSA maintains unaltered the following areas: Shopping Center Commercial Real Estate; Shopping Center Marketing;
Shopping Center Security; Shopping Center Technical, Infrastructure and Services; Shopping Center Systems and Technology; and Shopping Center Sales Management, and IRSA maintains unaltered the following areas: Office Rental; Office Security; and
Office Technical, Infrastructure and Services, as these are the core areas that group together the know-how of the business of each of them; 

(x) Each of the Parties has submitted the contents of the ADDENDUM to their respective Audit Committees for review, which have raised no objections to
it; and 
 (xi) In addition, the Board of Directors of each of the Parties has approved this ADDENDUM, as per the following detail: 

 

	 	•	 	 IRSA on March 9, 2010; 

  

	 	•	 	 APSA on March 12, 2010; and 

  

	 	•	 	 CRESUD on March 11, 2010. 

  
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 NOW, THEREFORE, the Parties agree to enter into this ADDENDUM, to be governed by the following
clauses: 
 ONE: The Exhibit attached to this ADDENDUM includes a list of the personnel serving in the corporate sectors, who shall
continue to render services in IRSA, APSA and CRESUD, distinguished by those who are subject to the transfer mentioned in the recitals hereto and those who shall remain in their original payroll. The allocation of their salaries and labor costs
shall continue to be distributed as set forth in the Master Agreement. The Exhibit sets forth the length of service of corporate employees, their original employers, their employers as of the date of execution of this ADDENDUM, the corporate sector
where they serve and the date such sectors joined the Master Agreement. 
 TWO: The Parties agree to perform the following obligations as
an immediate consequence of the execution of this ADDENDUM: 
  

	 	(a)	In the event of termination or if a claim is filed, the Parties shall identify its origin or subject matter; 

 

	 	(b)	The Parties shall identify the origin or accrual of the termination or hypothetical right, so as to determine the financial liability of each Party;

  

	 	(c)	IRSA and APSA promise to indemnify CRESUD, to such extent as appropriate, for the expenses and disbursements arising from claims made by the transferred employees
listed in the Exhibit. 

 THREE: The expenses mentioned in paragraph (c) above include: 

 

	 	(a)	Any salary and/or indemnification and/or social security item, claim or hypothetical concept, including: outstanding wages, if any, salary differences, statutory annual
benefit, vacation pay, any kind of commissions, overtime, as well as any bonuses, rewards and/or reimbursements and any indemnification amounts that could arise from Section 212 of the Employment Contract Law, Section 1113 of the Civil
Code, damages and/or pain and suffering or damages under Occupational Accidents Laws No. 24,028 and 24,557, as applicable, for which IRSA or APSA could be liable, as well as any other amount originated in the employment relationship that is
being terminated, whatever its origin may be, as well as any other mechanism or institute related to the employee’s performance during their relationship with IRSA or APSA, irrespective of the regulatory source that created them; and

  

	 	(b)	professional fees and expenses incurred in the defense of the interests of the Party(ies), whether originated in claims filed by employees or third parties.

 FOUR: The Parties agree that all costs associated to the employees who join the corporate Areas or who are assigned by
any of the Parties in the future shall be governed by the method contemplated herein. 
 FIVE: The Corporate Human Resources Department
shall be responsible for determining the amounts or percentages to be borne by each Party, based on each employee’s periods of service and taking into account the origin of each termination or the cause of each claim. At the closing of each
year the above mentioned Department shall submit a report to an assessment committee (the “Assessment Committee”) containing a detail of all cases of termination that involve the employees listed in the Exhibit. The Assessment Committee
shall be composed of the Individual In-charges of each of the Parties previously appointed and shall validate the adequate allocation of expenses made by the Corporate Human Resources Department. Any decisions taken by the Assessment Committee shall
be adopted by simple majority and shall not be subject to appeal. 

  
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 SIX: CRESUD hereby promises to compensate IRSA and APSA for the higher costs that could be incurred
by such companies as a result of the increase in the rate of social security contributions and the occupational risk manager’s rate that will arise from the transfer of the employees listed in the Exhibit to CRESUD. 

SEVEN: The Parties agree that for purposes of facilitating the implementation of this ADDENDUM among them, within five days before the closing of
each calendar month CRESUD shall make a pro-forma settlement of the costs to be paid by each of the Parties at the end of the month. Based on such settlement, CRESUD shall invoice to IRSA and APSA a sum of money calculated on the basis of the costs
paid in such month. CRESUD promises to render a monthly account by delivering: (i) a detail of the differences between the pro-forma settlement and the final account resulting from the payments made; and (ii) a detail of the use of
proceeds to each of the Parties, for purposes of computing the payments to be made pursuant to Section 5 of the Master Agreement. 

EIGHT: The Parties agree that all the clauses and exhibits of the Master Agreement and the Agreements are in force, and that this ADDENDUM does
not amend any of their clauses. 
 NINE: The Parties agree that all capitalized terms not defined in this ADDENDUM shall have the
meanings assigned to them in the Master Agreement and the Agreements. 
 TEN: All the counterparts of this ADDENDUM and its Exhibit, once
signed by the Parties, shall be regarded as original counterparts to all effects. 
 ELEVEN: If any of the clauses or provisions of this
ADDENDUM were invalid, unenforceable, ineffective or illegal, such invalidity, unenforceability, ineffectiveness or illegality shall not affect the validity of this ADDENDUM, and its remaining provisions shall remain in force. 

TWELVE: This ADDENDUM shall be governed by and interpreted in accordance with the laws of the Republic of Argentina. 

THIRTEEN: Any disputes arising from or related to the execution, interpretation or enforcement of this ADDENDUM shall be negotiated by the Parties
in good faith. The negotiation stage having been exhausted, at the request of any of the Parties the dispute shall be settled by the Arbitration Court of the Buenos Aires Stock Exchange, which shall act in accordance with the rules of arbitration of
law, and whose decision shall be final and not subject to appeal. 
 FOURTEEN: The Parties have drafted this ADDENDUM jointly; therefore,
in case of ambiguity or any other circumstance that requires an interpretation of its terms, no presumption arising from the authorship of this ADDENDUM shall favor or prejudice any of the Parties. 

  
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 FIFTEEN: Except as otherwise clearly arising from the text of this ADDENDUM, it shall be understood
that: (i) any references to the singular form include the plural, and vice versa; (ii) any references to the masculine gender include the feminine gender, and vice versa; (iii) any references to a given legislation include the
regulations or supplementary statutes issued under the referred legislation; and (iv) the word “including” or similar terms imply a mere explicatory or illustrative enumeration. 

In witness whereof, three (3) identical counterparts are signed to a single effect in the place and on the date first above written. 

  
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 CRESUD S.A.C.I.F.y A. 
                     / 
 Attorneys-at-law 
 IRSA Inversiones y Representaciones Sociedad Anónima 

                    / 

Attorneys-at-law 
 Alto Palermo S.A. (APSA)

                     / 

Attorneys-at-law 

  
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