Document:

Bonus Agreement, dated December 31, 2009

 Exhibit 10.45 
 KANGAROO HOLDINGS, INC. 
 BONUS AGREEMENT 

Bonus Agreement (this “Agreement”) made and entered into this 31st day of December, 2009 by and between Elizabeth A.
Smith (the “Executive”) and Kangaroo Holdings, Inc., a Delaware corporation (the “Company”). 

WHEREAS, the Executive, OSI Restaurant Partners, LLC, a Delaware corporation (“OSI”), and the Company (with respect to
certain sections only) entered into an employment agreement dated November 2, 2009 and effective November 16, 2009 (the “Employment Agreement”). 
 WHEREAS, the Company desires to provide the Executive with certain additional bonus opportunities on the terms and conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual promises, terms, provisions, and conditions set forth in this
Agreement, the parties hereby agree: 
 1. Bonus Opportunity. The Executive shall be entitled to earn and be paid the
cash bonuses (collectively, the “Bonuses”) described below on the terms and conditions set forth in this Agreement. 
  

	 	(a)	$3,806,250 (“Bonus A”); 

  

	 	(b)	$3,806,250 (“Bonus B”); 

  

	 	(c)	$3,806,250 (“Bonus C”); and 

  

	 	(d)	$3,806,250 (“Bonus D”). 

 2. Vesting and Payment. Bonuses, unless earlier forfeited, will become vested and will be paid as follows: 
  

	 	(a)	Time-Based Vesting. Each of Bonus A, Bonus B, Bonus C and Bonus D shall become time-based vested in five (5) equal installments (each with respect to 20% of
the total amount of such Bonus) on each of November 16, 2010, November 16, 2011, November 16, 2012, November 16, 2013 and November 16, 2014, subject, in each case, to the Executive remaining continuously
employed by the Company until each applicable vesting date and further subject, in the case of Bonus B, Bonus C and Bonus D, to Section 2(b)(vii) below. The Bonus, to the extent vested under this Section 2(a), shall only be paid to the
extent provided under Sections 2(b) and 3 below. 

	 	(b)	Performance-Based Vesting; Payment. 

  

	 	(i)	Subject to the provisions of Section 3 of this Agreement, Bonus A shall only be paid to the Executive if a Qualifying Liquidity Event occurs or if the conditions
set forth in this Section 2(b)(i) are satisfied. Subject to the provisions of Section 3 of this Agreement, the portion of Bonus A that is time-based vested (if any) at the time of the earlier to occur of (A) a Qualifying Liquidity
Event and (B) November 16, 2019 shall be paid to the Executive within ten (10) days of such Qualifying Liquidity Event or such date, as applicable, subject, in each case, to the Executive remaining continuously employed by the Company
until the applicable Qualifying Liquidity Event or date. The portion of Bonus A that is not yet time-based vested as of a Qualifying Liquidity Event and which thereafter becomes time-based vested under Section 2(a) above as a result of the
Executive’s continued employment with the Company, shall be paid to the Executive within ten (10) days of the date that it becomes time-based vested as provided for in Section 2(a) above (unless it has been forfeited under
Section 3 below). 

  

	 	(ii)	Bonus B shall only be paid to the Executive if a Qualifying Liquidity Event B occurs on or prior to November 16, 2019, subject to the terms and conditions of this
Agreement. The portion of Bonus B that is time-based vested at the time of the occurrence of a Qualifying Liquidity Event B (if any) shall be paid to the Executive within ten (10) days of such Qualifying Liquidity Event B, subject to the
Executive remaining continuously employed by the Company until such Qualifying Liquidity Event B. The portion of Bonus B which is not yet time-based vested as of a Qualifying Liquidity Event B and which thereafter becomes time-based vested under
Section 2(a) above as a result of the Executive’s continued employment with the Company, shall be paid to the Executive within ten (10) days of the date that it becomes time-based vested as provided for in Section 2(a) above
(unless it has been forfeited under Sections 2(b)(vii) or 3 below). 

  

	 	(iii)	Bonus C shall only be paid to the Executive if a Qualifying Liquidity Event C occurs on or prior to November 16, 2019, subject to the terms and conditions of this
Agreement. The portion of Bonus C that is time-based vested at the time of the occurrence of a Qualifying Liquidity Event C (if any) shall be paid to the Executive within ten (10) days of such Qualifying Liquidity Event C, subject to the
Executive remaining continuously employed by the Company until such Qualifying Liquidity Event C. The portion of Bonus C which is not yet time-based vested as of a Qualifying Liquidity Event C and which thereafter becomes time-based vested under
Section 2(a) above as a result of the Executive’s continued employment with the Company shall be paid to the Executive within ten (10) days of the date that it becomes time-based vested as provided for in Section 2(a) above
(unless it has been forfeited under Sections 2(b)(vii) or 3 below). 

  
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	 	(iv)	Bonus D shall only be paid to the Executive if a Qualifying Liquidity Event D occurs on or prior to November 16, 2019, subject to the terms and conditions of this
Agreement. The portion of Bonus D that is time-based vested at the time of the occurrence of a Qualifying Liquidity Event D (if any) shall be paid to the Executive within ten (10) days of such Qualifying Liquidity Event D, subject to the
Executive remaining continuously employed by the Company until such Qualifying Liquidity Event D. The portion of Bonus D which is not yet time-based vested as of a Qualifying Liquidity Event D and which thereafter becomes time-based vested under
Section 2(a) above as a result of the Executive’s continued employment with the Company, shall be paid to the Executive within ten (10) days of the date that it becomes time-based vested as provided for in Section 2(a) above
(unless it has been forfeited under Sections 2(b)(vii) or 3 below). 

  

	 	(v)	Notwithstanding any contrary provision of subsections (i), (ii) (iii) or (iv) of this Section 2(b), (A) the portion of Bonus A that remains
unpaid on the first anniversary of a Change in Control shall be paid to the Executive within ten (10) days of such date, subject to the Executive’s remaining continuously employed by the Company or its affiliates on the first anniversary
of such Change in Control and (B) the portion of Bonus B, Bonus C, and/or Bonus D, to the extent then outstanding, that remains unpaid on the first anniversary of an Applicable Qualifying CIC Liquidity Event shall be paid to the Executive
within ten (10) days of such date, subject to the Executive’s remaining continuously employed by the Company on the first anniversary of such Applicable Qualifying CIC Liquidity Event. 

 

	 	(vi)	In the event of termination of the Executive’s employment with the Company (A) by the Company without Cause or (B) by the Executive for Good Reason, the
Applicable Percentage of each Bonus that has not yet become time-based vested as of the date of such termination of employment shall become time-based vested immediately upon such termination of employment, to the extent such Bonus is then
outstanding, and shall be paid to the Executive in accordance with, and subject to the terms of, Section 3 below. 

  

	 	(vii)	For the avoidance of doubt, upon the occurrence of a Change in Control that does not meet the requirements of a Qualifying CIC Liquidity Event B, a Qualifying CIC
Liquidity Event C, or a Qualifying CIC Liquidity Event D, any Bonus B, Bonus C or Bonus D that does not become payable as a result of such Change in Control shall be immediately forfeited upon such Change in Control without any consideration due to
the Executive. To illustrate the foregoing, upon the occurrence of a Qualifying CIC Liquidity Event B which does not also constitute a Qualifying CIC Liquidity Event C, Bonus C and Bonus D shall be immediately forfeited in their entirety without any
consideration due to Executive. 

  
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 3. Cessation of Employment. Except as expressly provided in this Section 3, the
Executive must remain employed on the vesting and payment dates described in Section 2(a) and subsections (i) – (v) of Section 2(b) above in order to earn and be paid a Bonus under this Agreement. To the extent a Bonus (or
portion thereof) is not time-based vested prior to, or does not become time-based vested under the terms of this Agreement as a result of, the termination of the Executive’s employment with the Company, the Bonus (or portion thereof) will be
forfeited immediately with no consideration due to the Executive. 
  

	 	(a)	If the Executive’s employment with the Company terminates on account of her death or Disability, (i) the portion of Bonus A that is time-based vested at the
time of her termination of employment and that has not yet been paid to Executive shall be paid to her (or to her estate, in the event of a termination due to her death) in a lump sum within ten (10) days following the date of termination
without regard to whether a Qualifying Liquidity Event has then occurred, (ii) if such termination of employment occurs prior to the occurrence of a Qualifying Liquidity Event, if an Applicable Qualifying Liquidity Event occurs within the one
(1) year period following the date of the Executive’s termination of employment, the portion of Bonus B, Bonus C and/or Bonus D that is time-based vested at the time of her termination of employment and that becomes payable upon the
occurrence of the Applicable Qualifying Liquidity Event will be paid to her (or to her estate, in the event of a termination due to her death) within ten (10) days of the occurrence of the Applicable Qualifying Liquidity Event and (iii) if
such termination of employment occurs after an Initial Public Offering but before an Applicable Qualifying IPO Liquidity Event, if an Applicable Qualifying IPO Liquidity Event occurs within the one (1) year period following the date of the
Executive’s termination of employment, the portion of Bonus B, Bonus C and/or Bonus D that is time-based vested at the time of her termination of employment and that becomes payable upon the occurrence of the Applicable Qualifying IPO Liquidity
Event will be paid to her (or to her estate, in the event of a termination due to her death) within ten (10) days of the occurrence of the Applicable Qualifying IPO Liquidity Event. 

 

	 	(b)	If the Executive’s employment with the Company is terminated by the Executive for any reason other than Good Reason prior to the occurrence of a Qualifying
Liquidity Event, (i) if a Qualifying Liquidity Event occurs within the three (3) year period following the date of the Executive’s termination of employment, the portion of Bonus A that is time-based vested at the time of her
termination of employment will be paid to her within ten (10) days of the occurrence of such Qualifying Liquidity Event and (ii) if an Applicable Qualifying Liquidity Event occurs within the one hundred eighty (180) day period
following the date of the Executive’s termination of employment, the portion of Bonus B, Bonus C and/or Bonus D that is time-based vested at the time of her termination of employment and that becomes payable upon the occurrence of the
Applicable Qualifying Liquidity Event will be paid to her within ten (10) days of the occurrence of the Applicable Qualifying Liquidity Event. 

  
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	 	(c)	If the Executive’s employment with the Company is terminated by the Company without Cause or by the Executive for Good Reason prior to the occurrence of a
Qualifying Liquidity Event (i) the portion of Bonus A that is time-based vested at the time of her termination of employment (after giving effect to any acceleration of time-based vesting in connection with such termination of employment as
provided in Section 2(b)(vi) above) shall be paid to the Executive in a lump sum within ten (10) days following the date of termination without regard to whether a Qualifying Liquidity Event has then occurred and (ii) the portion of
Bonus B, Bonus C and/or Bonus D that is time-based vested at the time of her termination of employment (after giving effect to any acceleration of time-based vesting in connection with such termination of employment as provided in
Section 2(b)(vi) above) shall be paid in accordance with, and subject to, the following terms and conditions: 

  

	 	(i)	if an Applicable Qualifying Liquidity Event occurs prior to the first anniversary of the date of the Executive’s termination of employment, 100% of the portion of
Bonus B, Bonus C and/or Bonus D that is time-based vested at the time of the Executive’s termination of employment and that becomes payable upon the occurrence of the Applicable Qualifying Liquidity Event will be paid to her within ten
(10) days of the occurrence of the Applicable Qualifying Liquidity Event; 

  

	 	(ii)	if an Applicable Qualifying Liquidity Event occurs on or after the first anniversary of the date of the Executive’s termination of employment and prior to the
second anniversary of such date, 66.67% of the portion of Bonus B, Bonus C and/or Bonus D that is time-based vested at the time of the Executive’s termination of employment and that becomes payable upon the occurrence of the Applicable
Qualifying Liquidity Event will be paid to her within ten (10) days of the occurrence of the Applicable Qualifying Liquidity Event; and 

  

	 	(iii)	if an Applicable Qualifying Liquidity Event occurs on or after the second anniversary of the date of the Executive’s termination of employment and on or prior to
the third anniversary of such date, 33.33% of the portion of Bonus B, Bonus C and/or Bonus D that is time-based vested at the time of the Executive’s termination of employment and that becomes payable upon the occurrence of the Applicable
Qualifying Liquidity Event will be paid to her within ten (10) days of the occurrence of the Applicable Qualifying Liquidity Event. 

  

	 	(d)	 If the Executive’s employment with the Company is terminated by the Company without Cause or by the Executive for Good Reason after the occurrence
of a Qualifying Liquidity Event, the portion of Bonus A that is time-based vested at the time of her termination of employment (after giving effect to any acceleration of time-based vesting in connection with such termination of employment as
provided in Section 2(b)(vi) above) and that has not yet been paid to Executive shall be paid to her in a lump sum within ten (10) days following the date of 

  
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termination. If the Executive’s employment with the Company is terminated by the Company without Cause or by the Executive for Good Reason after the occurrence of a Qualifying Liquidity
Event that is also an Applicable Qualifying Liquidity Event, the portion of Bonus B, Bonus C and/or Bonus D, to the extent then outstanding and payable as a result of the occurrence of the Applicable Qualifying Liquidity Event, that is time-based
vested at the time of the Executive’s termination of employment (after giving effect to any acceleration of time-based vesting in connection with such termination of employment as provided in Section 2(b)(vi) above) and that has not yet
been paid to Executive shall be paid to her in a lump sum within ten (10) days following the date of termination. If the Executive’s employment with the Company is terminated by the Company without Cause or by the Executive for Good Reason
after the occurrence of an Initial Public Offering but before the occurrence of an Applicable Qualifying IPO Liquidity Event, if an Applicable Qualifying IPO Liquidity Event occurs within the ninety (90) day period following the date of the
Executive’s termination of employment, the portion of Bonus B, Bonus C and/or Bonus D that is time-based vested at the time of her termination of employment (after giving effect to any acceleration of time-based vesting in connection with such
termination of employment as provided in Section 2(b)(vi) above) and that becomes payable upon the occurrence of the Applicable Qualifying IPO Liquidity Event will be paid to her within ten (10) days of the occurrence of the Applicable
Qualifying IPO Liquidity Event. 

  

	 	(e)	If the Executive’s employment is terminated by the Executive for any reason other than Good Reason after the occurrence of an Initial Public Offering but before
the occurrence of an Applicable Qualifying IPO Liquidity Event, if an Applicable Qualifying IPO Liquidity Event occurs within the ninety (90) day period following the date of the Executive’s termination of employment, the portion of Bonus
B, Bonus C and/or Bonus D that is time-based vested at the time of the Executive’s termination of employment and that becomes payable upon the occurrence of the Applicable Qualifying IPO Liquidity Event will be paid to her within ten
(10) days of the occurrence of the Applicable Qualifying IPO Liquidity Event. 

  

	 	(f)	The Bonuses will immediately be forfeited in full if the Executive’s Employment is terminated by the Company for Cause. 

 

	 	(g)	Notwithstanding anything in this Agreement to the contrary, no Bonus shall be paid under this Agreement following November 16, 2019 and any Bonus (or portion
thereof) that is outstanding at the end of such date shall immediately terminate without any consideration due to the Executive; provided, however, that any obligation to pay a Bonus (or portion thereof) that has been earned and is payable on
November 16, 2009 but that remains unpaid on such date shall survive the expiration of this Agreement. 

  

	 	(h)	 Any Bonus (or portion thereof) that remains vested and payable following a termination of the Executive’s employment with the Company under the
terms of 

  
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this Agreement and that does not become payable within the time periods set forth in this Section 3 shall, upon expiration of the relevant period, be immediately forfeited in its entirety
without any consideration due to Executive. 

 4. Withholding. All payments made by the Company under this
Agreement shall be reduced by any tax or other amounts required to be withheld by the Company under applicable law. 
 5.
Effect on Employment. Neither the award of the Bonuses nor this Agreement shall give the Executive any right to be retained in the employ of the Company or its affiliates, affect the right of the Company or its affiliates to discharge or
discipline such Executive at any time or affect any right of such Executive to terminate her Employment at any time. 
 6.
Entire Agreement. This Agreement constitutes the entire agreement between the parties and supersedes and terminates all prior communications, agreements and understandings, written or oral, with respect to the subject matter contained herein.

 7. Section 409A. 
  

	 	(a)	Notwithstanding anything to the contrary in this Agreement, if at the time of the Executive’s termination of employment, the Executive is a “specified
employee,” as defined below, any and all amounts payable under this Agreement on account of such separation from service that would (but for this provision) be payable within six (6) months following the date of termination, shall instead
be paid on the next business day following the expiration of such six (6) month period or, if earlier, upon the Executive’s death; except to the extent of amounts that do not constitute a deferral of compensation within the meaning of
Treasury regulation Section 1.409A-1(b). 

  

	 	(b)	For purposes of this Agreement, all references to “termination of employment” and correlative phrases shall be construed to require a “separation from
service” (as defined in Section 1.409A-1(h) of the Treasury regulations after giving effect to the presumptions contained therein), and the term “specified employee” means an individual determined by the Company to be a specified
employee under Treasury regulation Section 1.409A-1(i). 

  

	 	(c)	Each payment made under this Agreement shall be treated as a separate payment and the right to a series of installment payments under this Agreement is to be treated as
a right to a series of separate payments. 

 8. Other. The parties agree to negotiate in good faith an
amendment to that certain Retention Bonus Agreement between the Company and the Executive entered into as of November 2, 2009 and effective as of November 16, 2009 (the “Retention Bonus Agreement”) (and any corresponding
amendments to this Agreement) to provide that if there are amounts that remain in the Account (as such term is defined in the Retention Bonus Agreement) following a termination of the Executive’s employment with the Company by the Company
without Cause or by the Executive for Good Reason and following the satisfaction of all obligations of the Company under such Retention Bonus Agreement, any amounts remaining in the Account may

  
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be used to satisfy the Company’s obligations hereunder solely with respect to the portion of Bonus A (if any) that becomes payable to the Executive under Section 3 of this Agreement
upon a termination of the Executive’s employment without Cause or for Good Reason (and any tax obligations related to the foregoing); it being understood that nothing contained herein shall require the Company to enter into any such amendment
if the terms of such amendment would adversely impact the Company or its affiliates under any existing credit arrangement. 
 9.
Definitions. The initially capitalized terms used herein shall have the following meaning: 
 “Aggregate
Consideration” means, as of any determination date after November 16, 2009, the sum of (a) the cumulative total of all proceeds from sale, exchange, or other disposition, including pledge or hypothecation of Company securities,
actually received after November 16, 2009 and on or prior to such determination date by the Investors in the form of (i) cash or cash equivalents in each case in respect of the Investor Shares and (ii) securities or other property
other than cash in respect of the Investor Shares plus (b) the value of any previous dividends or other distributions to Investors in respect of their Investor Shares. The amount of Aggregate Consideration shall be equitably adjusted by the
Board for any stock splits or other changes in the Company’s capital structure. Such consideration shall: 
  

	 	(i)	insofar as it consists of cash, be computed at the aggregate amount of cash received by the Investors in respect of Investor Shares, excluding, for the avoidance of
doubt, any management, consulting, monitoring, advisory, transaction or similar fee or payment of expenses received by the Investors or any of its affiliates; and 

 

	 	(ii)	insofar as it consists of securities or other property other than cash, be computed at the fair market value thereof at the time of receipt, as determined in good faith
by the Board. 

 “Applicable Percentage” shall mean (a) if an Applicable Qualifying CIC
Liquidity Event has occurred, one hundred percent (100%), and (b) otherwise, fifty percent (50%). 
 “Applicable
Qualifying CIC Liquidity Event” means in the case of Bonus A, a Qualifying CIC Liquidity Event A, in the case of Bonus B, a Qualifying CIC Liquidity Event B, in the case of Bonus C, a Qualifying CIC Liquidity Event C, and in the case of
Bonus D, a Qualifying CIC Liquidity Event D. 
 “Applicable Qualifying IPO Liquidity Event” means in the case
of Bonus B, a Qualifying IPO Liquidity Event B, in the case of Bonus C, a Qualifying IPO Liquidity Event C, and in the case of Bonus D, a Qualifying IPO Liquidity Event D. 
 “Applicable Qualifying Liquidity Event” means in the case of Bonus B, a Qualifying Liquidity Event B, in the case of Bonus C, a Qualifying Liquidity Event C, and in the case of Bonus D, a
Qualifying Liquidity Event D. 
 “Board” means the board of directors of the Company. 

  
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 “Cause” shall have the meaning ascribed to it in the Employment Agreement.

 “Change in Control” shall have the meaning ascribed to it in the Company’s 2007 Equity Incentive Plan,
as amended from time to time. 
 “Disability” shall have the meaning ascribed to it in the Employment
Agreement. 
 “Good Reason” shall have the meaning ascribed to it in the Employment Agreement. 

“Initial Public Offering” shall have the meaning ascribed to it in the Stockholders Agreement. 

“Investors” shall have the meaning ascribed to it in the Stockholders Agreement. 

“Investor Shares” shall have the meaning ascribed to it in the Stockholders Agreement. 

“Qualifying CIC Liquidity Event A” means the occurrence of a Change in Control. 

“Qualifying CIC Liquidity Event B” means the occurrence of a Change in Control as a result of which the Investors shall
have received Aggregate Consideration equal to or in excess of $5.00 per share (as equitably adjusted by the Board for any stock splits or other changes in the Company’s capital structure) multiplied by the number of Investor Shares.

 “Qualifying CIC Liquidity Event C” means the occurrence of a Change in Control as a result of which the
Investors shall have received Aggregate Consideration equal to or in excess of $7.50 per share (as equitably adjusted by the Board for any stock splits or other changes in the Company’s capital structure) multiplied by the number of Investor
Shares. 
 “Qualifying CIC Liquidity Event D” means the occurrence of a Change in Control as a result of which
the Investors shall have received Aggregate Consideration equal to or in excess of $10.00 per share (as equitably adjusted by the Board for any stock splits or other changes in the Company’s capital structure) multiplied by the number of
Investor Shares. 
 “Qualifying IPO Liquidity Event B” means, following an Initial Public Offering, the
volume-weighted average Trading Price during the applicable period described below (such average Trading Price to be determined using a volume-weighted average of the Trading Price for each Trading Day occurring during such period) is equal to or
more than $5.00 per share (as equitably adjusted by the Board for any stock splits or other changes in the Company’s capital structure) less an amount per share equal to the quotient obtained by dividing (x) the Aggregate Consideration
received by the Investors prior to the applicable Measurement Date (as defined below) by (y) the Investor Shares, measured, in each case, as of the date that is six (6) months following an Initial Public Offering and on each Trading Day
thereafter (each such date, a “Measurement Date”) with the Trading Price calculated for the applicable immediately preceding six-month period (until the earlier of the forfeiture of Bonus B by its terms hereunder or the attainment
of such Trading Price on the terms provided for herein). 
 “Qualifying IPO Liquidity Event C” means, following
an Initial Public Offering, the volume-weighted average Trading Price during the applicable period described below (such 

  
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average Trading Price to be determined using a volume-weighted average of the Trading Price for each Trading Day occurring during such period) is equal to or more than $7.50 per share (as
equitably adjusted by the Board for any stock splits or other changes in the Company’s capital structure) less an amount per share equal to the quotient obtained by dividing (x) the Aggregate Consideration received by the Investors prior
to the applicable Measurement Date by (y) the Investor Shares, measured, in each case, on each Measurement Date with the Trading Price calculated for the applicable immediately preceding six-month period (until the earlier of the forfeiture of
Bonus C by its terms hereunder or the attainment of such Trading Price on the terms provided for herein). 
 “Qualifying
IPO Liquidity Event D” means, following an Initial Public Offering, the volume-weighted average Trading Price during the applicable period described below (such average Trading Price to be determined using a volume-weighted average of the
Trading Price for each Trading Day occurring during such period) is equal to or more than $10.00 per share (as equitably adjusted by the Board for any stock splits or other changes in the Company’s capital structure) less an amount per share
equal to the quotient obtained by dividing (x) the Aggregate Consideration received by the Investors prior to the applicable Measurement Date divided by (y) the Investor Shares, measured, in each case, on each Measurement Date with the
Trading Price calculated for the applicable immediately preceding six-month period (until the earlier of the forfeiture of Bonus D by its terms hereunder or the attainment of such Trading Price on the terms provided for herein). 

“Qualifying Liquidity Event” shall mean the first to occur of an Initial Public Offering or a Change in Control.

 “Qualifying Liquidity Event B” shall mean a Qualifying CIC Liquidity Event B or a Qualifying IPO Liquidity
Event B. 
 “Qualifying Liquidity Event C” shall mean a Qualifying CIC Liquidity Event C or a Qualifying IPO
Liquidity Event C. 
 “Qualifying Liquidity Event D” shall mean a Qualifying CIC Liquidity Event D or a
Qualifying IPO Liquidity Event D. 
 “Stockholders Agreement” means the Stockholders Agreement among Kangaroo
Holdings, Inc. and certain investors, dated as of June 14, 2007, as amended from time to time. 
 “Trading
Day” means each business day during such calendar quarter in which the Trading Price of the Stock is reported by the principal securities exchange on which such security is then listed or admitted to trade. 

“Trading Price” means the closing price on such Trading Day of a share of Stock as reported on the principal securities
exchange on which shares of Stock are then listed or admitted to trade. In the event that the price of a share of Stock is not so reported, the Trading Price will be determined by the Board in good faith. 

[The remainder of this page has been left blank intentionally.] 

  
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 IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by each of the
Company, by its respective duly authorized representatives, and by the Executive, as of the date first above written. 
  

									
	THE EXECUTIVE:	 		 	THE COMPANY:
					
	By:	 	/s/Elizabeth A. Smith	 		 	By:	 	/s/Joseph J. Kadow
		 	Elizabeth A. Smith	 		 		 	Name: Joseph J. Kadow
		 		 		 		 	Title: Executive Vice PresidentOSI Restaurant Partners, LLC HCE Deferred Compensation Plan

 Exhibit 10.46 
 OSI RESTAURANT PARTNERS, LLC 
 HCE DEFERRED COMPENSATION PLAN

 OSI Restaurant Partners, LLC, a Delaware limited liability company, on behalf of itself and its Subsidiaries (the
“Company”), hereby establishes this HCE Deferred Compensation Plan (the “Plan”), effective October 1, 2007, for the purpose of attracting, retaining and rewarding high quality executives and promoting in its key executives
increased efficiency and an interest in the successful operation of the Company. The benefits provided under the Plan shall be provided in consideration for services to be performed after the effective date of the Plan, but prior to the
executive’s retirement. The Plan is intended and shall be interpreted to comply in all respects with Internal Revenue Code (“Code”) Section 409A and those provisions of the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”), applicable to an unfunded plan maintained primarily to provide deferred compensation benefits for a select group of “management or highly compensated employees.” 

ARTICLE 1 

Definitions 
 1.1 Account(s) shall mean the bookkeeping account or accounts established for a particular Participant pursuant to Article 3 of the Plan. 

1.2 Administrator shall mean the person or persons appointed by the Company to administer the Plan pursuant to Article 8 of
the Plan. 
 1.3 Base Salary shall mean the Participant’s base annual salary excluding incentive and
discretionary bonuses and other non-regular forms of compensation, before reductions for contributions to or deferrals under any pension, deferred compensation or benefit plans sponsored by the Company. 

1.4 Beneficiary shall mean the person or entity designated as such in accordance with Article 7 of the Plan. 

1.5 Bonus shall mean any amount paid to the Participant by the Company in the form of a discretionary or incentive
compensation or any other bonus designated by the Administrator before reductions for contributions to or deferrals under any pension, deferred compensation or benefit plans sponsored by the Company. 

1.6 Code shall mean the Internal Revenue Code of 1986, , as amended, and Treasury regulations and applicable authorities
promulgated thereunder. 
 1.7 Company shall mean OSI Restaurant Partners, LLC acting on behalf of itself and
designated Subsidiaries. Any action required by the Company under the terms of the Plan may be taken by the Administrator or such other person(s) or entity(ies) duly authorized by OSI Restaurant Partners, LLC to act on its behalf. 

1.8 Company Contribution(s) shall mean the contributions by the Company to a Participant’s Account pursuant to Article 2
of the Plan. 

  
 2 

 OSI Restaurant Partners, LLC HCE Deferred Compensation Plan 

1.9 Company Contribution Account shall mean an Account established for a Company Contribution pursuant to Section 3.1.

 1.10 Crediting Rate shall mean the notional gains and losses credited on the Participant’s Account
balance pursuant to Section 3.3 of the Plan. 
 1.11 Disabled, or Disability shall mean, consistent with the
requirements of Code Section 409A, that the Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period
of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Participant’s employer. The Administrator may require that the Participant
submit evidence of such qualification for disability benefits in order to determine Disability under this Plan. 

1.12 Eligible Employee shall mean a key management level or highly compensated employee of the Company who is designated by
the Administrator to be eligible to participate in the Plan. 
 1.13 ERISA shall mean the Employee Retirement
Income Security Act of 1974, as amended, including Department of Labor and Treasury regulations and applicable authorities promulgated thereunder. 
 1.14 Participant shall mean an Eligible Employee who has elected to participate and has executed a Participation Election Form pursuant to Article 2 of the Plan. 

1.15 Participation Election Farm shall mean the written agreement to make a deferral submitted by the Participant to the
Administrator on a timely basis pursuant to Article 2 of the Plan. The Participant Election Form may take the form of an electronic communication followed by appropriate written confirmation according to specifications established by the
Administrator. 
 1.16 Plan Year shall mean the calendar year 

1.17 Retirement Account shall mean an Account established pursuant to Section 3.1 which is scheduled to commence on
Termination of Employment. 
 1.18 Scheduled Distribution shall mean a distribution elected by the Participant
pursuant to Article 4 of the Plan. 
 1.19 Scheduled Distribution Account shall mean an Account established pursuant
to Sections 3.2 which is scheduled to commence distribution an a scheduled date elected under Section 4.1. 

1.20 Settlement Date shall mean the date by which a lump sum payment shall be made or the date by which installment payments
shall commence. Unless otherwise specified, the 

  
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Settlement Date shall be the later of (i) January of the Plan Year following the Plan year in which the event triggering payout occurs or (ii) ninety (90) days following
Termination of Employment. If the event triggering payout is death, the Administrator shall be provided with the documentation reasonably necessary to establish the fact of the Participant’s death. Notwithstanding the foregoing or any
other provision of the Plan, in the event that at the time of payout any stock of the Company is publicly traded on an established securities market and the Participant is a “key employee” (as defined in Code Section 416(i) (without
regard to paragraph (5) thereof) of the Company, the Settlement Date following a Termination of Employment shall be no earlier than the earlier of (i) the last day of the sixth (6th) complete calendar month following the
Participant’s Termination of Employment, or (ii) the Participant’s death, consistent with the provisions of Code Section 409A. Any payments delayed by reason of the preceding sentence shall be caught up and paid in a single lump
sum on the first day such payment is permissible consistent with the provisions of Code Section 409A. 

1.21 Subsidiaries shall mean a majority owned subsidiaries or other entities in which OSI Restaurant Partners, LLC. or any of
its majority owned subsidiaries owns a majority partnership or other equity interest or serves as general partner, as may from time to time be designated as participating employers in the Plan by the Administrator and on behalf of which OSI
Restaurant Partners, LLP. and the Administrator shall act as agents for purposes of adoption, amendment and administration of the Plan and all associated matters or documentation. 

1.22 Termination of Employment shall mean, with respect to a given Participant, the date when, for any reason, including
by reason of Retirement, death or Disability, the level of services provided by such Participant to the Company (or any affiliate under common ownership aggregated with the Company for purposes of Code Section 409A) in any capacity has
permanently decreased to a level equal to no more than 20 percent of the average level of services performed by such Participant for the Company during the immediately preceding 36-month period (or the Participant’s full period of services to
the Company if a lesser period). 
 1.23 Unforeseeable Emergency shall mean a severe financial hardship to the
Participant resulting from an illness or accident involving the Participant, the Participant’s spouse, or the Participant’s dependent (as defined in Code Section 152 (a)), loss of the Participant’s property due to casualty, or
other similar extraordinary and unforeseeable circumstance arising as a result of events beyond the control of the Participant (but shall in all events correspond to the meaning of the term “unforeseeable emergency” in Code
Section 409A). 
 1.24 Valuation Date shall mean either (i) the date through which earnings are credited
or (ii) the date on which the value of an Account balance is established, and shall be as close to the payout or other event triggering valuation as is administratively feasible; provided, however, that in no event shall the Valuation Date
occur earlier than the last day of the month preceding the month in which the payout or other event triggering valuation occurs. 
 1.25 Years of Participation shall mean the cumulative consecutive Plan Years the Participant has participated in the Plan, beginning with the first complete Plan Year coinciding with or
beginning after the Participant’s election to participate in the Plan. A Participant shall be considered a Participant in the Plan for purposes of accumulating Years of Participation at all times prior to Termination of Employment during which
the Participant possesses a positive Account balance even if the Participant is not making any deferrals during such period. 

  
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 1.26 Years of Service shall mean the cumulative consecutive years of
continuous full-time employment with the Company, beginning on the first day of the calendar year in which the Participant first began service with the Company and counting each anniversary thereof. 

ARTICLE 2 

Participation 
 2.1 Elective Deferral. Each year a Participant may elect to defer any whole percentage between five percent (5%) and ninety percent (90%) of Base Salary and/or any whole percentage
between five percent (5%) and one hundred percent (100%) of Bonus or in excess of a specified dollar amount of Bonus earned by the Participant for the applicable Plan Year. The Administrator may further limit the minimum or maximum
amount deferred by an Participant or group of Participants, or waive the foregoing limits for any Participant or group of Participants, for any reason. 
 2.2 Participation Election Form. In order to make a deferral, an Eligible Executive must submit a Participation Election Form to the Administrator during the enrollment period established by
the Administrator prior to the beginning of the Plan Year during which the services are performed for which such Base Salary or Bonus are earned. Notwithstanding the foregoing, within 30 days after an Eligible Executive first becomes eligible to
participate in the Plan (if the Eligible Executive is not already participating in any Company sponsored deferral arrangement which is aggregated with this Plan for purposes of Code Section 409A) the Administrator may establish a special
enrollment period for such Eligible Executive to allow deferrals of Base Salary or Bonus attributable to services performed during the balance of such Plan Year. Each Participant shall be required to submit a new Participant Election Form on a
timely basis each Plan Year in order to make a deferral election for such subsequent Plan Year. An election to defer Base Salary or Bonus shall be irrevocable upon termination of the enrollment period except as provided in Section 5.6 in the
event the Participant becomes Disabled or Section 5.5 in the case of an Unforeseeable Emergency. 
 2.3 Elections
Regarding Time and Form of Payout. At the time that a Participant makes a deferral election with respect to a Plan Year, the Participant shall also designate the time and form that such deferral shall be distributed (together with any
discretionary Company Contributions made for such Plan Year pursuant to Section 2.4 and all notional earnings on the deferral and any Company Contributions). All elections must provide for distribution to be made at a time and in a form that is
consistent with the distribution options made available under the Plan. Except as expressly provided herein, an election with respect to the time and form of benefit payouts may not be changed, nor may any distribution be accelerated. A subsequent
election that delays payment or changes the form of payment is permitted only if all of the following requirements are met: 
 (1) the new election does not take effect until at least twelve (12) months after the date on which the new election is made; 

  
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 (2) in the case of payments made on account of Termination of Employment (other
than by reason of death or Disability)or according to a Scheduled Distribution, the new election delays payment for at least five (5) years from the date that payment would otherwise have been made, absent the new election; and 

(3) in the case of payments made according to a Scheduled Distribution, the new election is not made less than twelve
(12) months before the date on which payment would have been made (or, in the case of installment payments, the first installment payment would have been made) absent the new election. 
 Election changes made pursuant to this Section shall be made on written forms provided by the Administrator, and in accordance with rules established by the Administrator and shall comply with all
requirement of Code Section 409A and applicable Treasury Regulations. 
 2.4 Company Contributions. From time
to time, the Company may make a discretionary Company Contribution to the Plan on behalf of an Eligible Employee or existing Participant. Company Contributions shall be made in the complete and sole discretion of the Company. Company Contributions
shall be notional credits to the Accounts of Participants, with the amount actually credited to the Account being net of all employment taxes required to be withheld on the Company Contribution, as conclusively determined by the Administrator.
Company Contributions shall vest at the time or according to the schedule specified by the Administrator at the time the contributions is made. No Participant or other employee of the Company shall have a right to receive a Company Contribution in
any particular year or in any particular amount based on the fact that Company Contributions are made at such time or in such amount on behalf of another Participant. 
 ARTICLE 3 
 Accounts 

3.1 Participant Accounts. A separate Retirement Account or Scheduled Distribution Account shall be maintained for each Plan
Year for which a Participant has made a deferral election pursuant to this Plan, and shall be credited with the Participant’s deferrals directed by the Participant to such Account at the time such amounts would otherwise have been paid to the
Participant. A separate Account shall be maintained for each Company Contribution made on behalf of each Participant and shall be credited with the Company Contribution at the time specified by the Administrator. Accounts shall be deemed to be
credited with notional gains or losses as provided in Section 3.3 from the date the deferral or the Company Contribution is credited to an Account through the Valuation Date. 

3.2 Vesting of Accounts. All voluntary deferrals and notional earnings thereon credited to a Participant’s Accounts
shall be fully vested at all times. Company Contributions and earnings thereon shall vest as specified by the Administrator at the time the Company Contributions is made. 
 3.3 Crediting Rate. The Crediting Rate on amounts in a Participant’s Account shall be based on the Participant’s choice among the investment alternatives made available from time to
time by the Administrator. The Administrator shall establish a procedure by which a 

  
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Participant may elect to have the Crediting Rate based on one or more investment alternatives and by which the Participant may change investment elections daily and may rebalance Account
investments monthly. Notwithstanding the preceding sentence, the Administrator may impose the following restrictions on changing investment elections daily and/or rebalancing Account investments monthly: (i) in the case of any investment
alternative that guarantees a fixed interest return, limitations on the ability to transfer out of such investment alternative and nonrecognition of that investment alternative in implementing any monthly rebalancing of the Account; and (ii) in
the case of all investment- alternatives, limitations designed to prevent- excessive short term trading in the Account or otherwise deemed necessary or desirable by the Administrator. The Participant’s Account balance shall reflect the
investments selected by the Participant. If an investment selected by a Participant sustains a loss, the Participant’s Account shall be reduced to reflect such loss. The Participant’s choice among investments shall be solely for purposes
of calculation of the Crediting Rate. If the Participant fails to elect an investment alternative, the Crediting Rate shall be based on a default investment alternative selected for this purpose by the Administrator. The Company shall have no
obligation to set aside or invest funds as directed by the Participant and, if the Company elects to invest funds as directed by the Participant, the Participant shall have no more right to such investments than any other unsecured general creditor

 3.4 Statement of Accounts. The Administrator shall provide each Participant with statements at least annually
setting forth the Participant’s Account balance as of the end of each year. 
 ARTICLE 4 

Scheduled Distributions 
 4.1 Election. The Participant may make an election on the Participant Election Form at the time of malting a deferral to take a Scheduled Distribution from the Account established by the
Participant for such purpose, including any earnings credited thereon. The Participant may elect to receive the Scheduled Distribution in January of any Plan Year on or after the third (3rd) Plan Year following the enrollment period in which such Scheduled Distribution is elected and may elect to have
the Scheduled Distribution distributed over a period of up to four (4) years. 
 4.2 Timing of Scheduled
Distribution. The Scheduled Distribution shall commence in January of the Plan Year elected by the Participant in the Participant Election Form unless preceded by a Termination of Employment. In the event of a Termination of Employment prior to
the date elected for a Scheduled Distribution, all outstanding amounts credited to the participant’s Scheduled Distribution Accounts shall be paid in the form provided in Section 5.2 of the Plan. In the event such Termination of
Employment is a result of the Participant’s death, outstanding Scheduled Distribution Accounts shall be paid as provided in Section 5.4 of the Plan. 
 ARTICLE 5 
 Benefits 

5.1 Termination Benefits. In the event of the Participant’s Termination of Employment other than by reason of
Disability or death, the Participant shall be entitled to receive an amount equal to the total balance of all of the Participant’s Accounts, credited with 

  
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notional earnings as provided in Article 3 through the Valuation Date. The benefits shall be paid in a single lump sum unless the Participant has completed either five (5) Years of
Participation or ten (10) Years of Service as of the date of Termination of Employment, in which case, the Account shall be paid as elected by the Participant pursuant to Section 2.3. The Participant may elect to receive such retirement
benefits in substantially equal annual installments over a specified period of two to fifteen (15) years. Retirement benefits shall commence on the Settlement Date next following Termination of Employment. 

5.2 Early Termination Benefit. Upon Termination of Employment other than by reason of Disability or death prior to completion
of either five (5) Years of Participation or ten (10) Years of Service, the Company shall pay to the Participant a termination benefit equal to the balance on Termination of Employment of all of the Participant’s Accounts credited
with notional earnings as provided in Article 3 through the Valuation Date. The early termination benefits shall be paid in a single lump sum on the Settlement Date following Termination of Employment. 

5.3 Death Benefits. If the Participant dies prior to commencement of benefits from a particular Account, the Company shall
pay to the Participant’s Beneficiary a death benefit equal to the total balance on death of the Participant’s Account credited with notional earnings as provided in Article 3 through the Valuation Date in the form of a single lump on the
Settlement Date following the Participant’s death. If the Participant dies after benefits have commenced from a particular Account, the Company shall pay to the Participant’s Beneficiary an amount equal to the remaining benefits payable to
the Participant from such Account over the same period such benefits would have been paid to the Participant, subject to Section 5.6. 
 5.4 Distributions For Unforeseeable Emergency Upon a fording that the Participant (or, after the Participant’s death, the Beneficiary) has suffered an Unforeseeable Emergency, the
Administrator may at the request of the Participant, and subject to compliance with Code Section 409A, approve cessation of current deferrals or accelerate distribution of benefits under the Plan in an amount reasonably necessary to alleviate
such Unforeseeable Emergency. The amount distributed pursuant to this Section with respect to an emergency shall not exceed the amount necessary to satisfy such emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the
distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such
assets would not itself cause an Unforeseeable Emergency). 
 5.5 Disability. In the event a Participant becomes
Disabled, deferral elections shall cease. In the event of Termination of Employment by reason of Disability, prior to commencement of benefits from a particular Account, the Participant shall be entitled to receive the total balance of the
Participant’s Account credited with notional earnings as provided in Article 3 through the Valuation Date in the form of a single lump on the Settlement Date following the Participant’s Termination of Employment. If the Participant’s
Termination of Employment by reason of Disability occurs after benefits have commenced from a particular Account, the Company shall pay the remaining benefits to the Participant from such Account over the same period such benefits would have been
paid to the Participant, subject to Section 5.6. 

  
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 5.6 Small Benefit Exception. Notwithstanding the foregoing, in the event the
sum of all benefits payable to the Participant from all of the Participant’s Accounts at the time of the Participant’s Termination of Employment (and all other amounts payable to the Participant under other arrangements which are
aggregated with this Plan under Section Code 409A) is less than the applicable dollar amount under Code Section 402(g)(1)(B) for the calendar year of payment, the Administrator may, in its complete and sole discretion, pay all benefits to the
Participant under the Plan in a single lump sum on the Settlement Date following Termination of Employment. 
 ARTICLE 6

 Amendment and Termination of Plan 
 6.1 Amendment or Termination of Plan. The Company may, at any time, direct the Administrator to amend or terminate the Plan, except that no such amendment or termination may reduce a
Participant’s Account balance or accelerate benefits under the Plan in violation of Code Section 409A. For purposes of applying the change in timing of payment rules under Code Section 409A to any amendment of the Plan, each
installment payment from each Account shall be treated as a separate payment. If the Company terminates the Plan, the Company shall pay to each Participant the balance of the Participant’s Accounts at the time and in the form such amounts would
have been paid absent such Plan termination. Notwithstanding the foregoing, to the extent permitted under Code Section 409A and applicable authorities, the Company may, in its complete and sole discretion, accelerate distributions under the
Plan in the event of (i) “change in the ownership or effective control of the corporation,” (ii) “change in the ownership of a substantial portion of the assets of the corporation,” (iii) liquidation or bankruptcy
of the Company, or (iv) any other circumstances permitted under Code Section 409A. 
 ARTICLE 7 

Beneficiaries 
 7.1 Beneficiary Designation. The Participant shall, at the commencement of participation in the Plan, designate any person as the Beneficiary to whom payment under the Plan shall be
made in the event of the Participant’s death. The Beneficiary designation shall be effective upon being submitted in writing to, and received by, the Administrator during the Participant’s lifetime on a form prescribed by the
Administrator. The Beneficiary designation may be changed by the Participant at any time. Notwithstanding the foregoing, a Beneficiary designation, or any change thereto, shall not be valid unless a Participant has complied with any applicable laws
in selecting the Beneficiary other than the Participant’s spouse. 
 7.2 Revision of Designation. The
submission of a new Beneficiary designation shall cancel all prior Beneficiary designations. Any finalized divorce or marriage (other than a common law marriage) of a Participant subsequent to the date of a Beneficiary designation shall revoke such
designation, unless in the case of divorce the previous spouse was not designated as Beneficiary and unless in the case of marriage the Participant’s new spouse has previously been designated as Beneficiary. 

  
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 7.3 Successor Beneficiary. If the primary Beneficiary dies prior to complete
distribution of the benefits provided in Article 4, the remaining Account balance shall be paid to the contingent Beneficiary selected by the Participant. 
 7.4 Absence of Valid Designation. If a Participant fails to designate a Beneficiary as provided above, or if the Beneficiary designation is revoked by marriage, divorce or otherwise
without execution of a new designation, or if every person designated as Beneficiary predeceases the Participant or dies prior to complete distribution of the Participant’s benefits, then the Administrator shall direct the distribution of such
benefits to the Participant’s estate. 
 ARTICLE 8 

Administration/Claims Procedures 
 8.1 Administration. The Plan shall be administered by the Administrator, which shall have the exclusive right and full discretion (i) to interpret the Plan, (ii) to decide any and
all matters arising hereunder (including the right to remedy possible ambiguities, inconsistencies or omissions), (iii) to make, amend and rescind such rules as it deems necessary for the proper administration of the Plan, (iv) to appoint
agents, and (v) to make all other determinations and resolve all questions of fact necessary or advisable for the administration of the Plan, including determinations regarding eligibility for benefits payable under the Plan. All
interpretations of the Administrator with respect to any matter hereunder shall be final, conclusive and binding on all persons affected thereby. No member of the Administrator shall be liable for any determination, decision, or action made in good
faith with respect to the Plan. The Administrator may delegate any of its rights, powers and duties regarding the Plan to any person(s) or entity(ies). The Company will indemnify and hold harmless the members of the Administrator from and against
any and all liabilities, costs, and expenses incurred by such persons as a result of any act, or omission, in connection with the performance of such persons’ duties, responsibilities, and obligations under the Plan, other than such
liabilities, costs, and expenses as may result from the bad faith, willful misconduct, or criminal acts of such persons. 

8.2 Claims Procedure. Any Participant, former Participant or Beneficiary may file a written claim with the Administrator
setting forth the nature of the benefit claimed, the amount thereof, and the basis for claiming entitlement to such benefit. The Administrator shall determine the validity of the claim and communicate a decision to the claimant promptly and, in any
event, not later than 90 days after the date of the claim. The claim may be deemed by the claimant to have been denied for purposes of further review described below in the event a decision is not furnished to the claimant within such period. Every
claim for benefits which is denied shall be denied by written notice setting forth in a manner calculated to be understood by the claimant (i) the specific reason or reasons for the denial, (ii) specific reference to any provisions of the
Plan (including any internal rules, guidelines, protocols, criteria, etc.) on which the denial is based, (iii) a description of any additional material or information that is necessary to process the claim, (iv) an explanation of the
procedure for further reviewing the denial of the claim, and (v) if applicable, an explanation of the claimant’s right to submit the claim for binding arbitration in the event of an adverse determination on review. 

8.3 Review Procedures. Within 60 days after the receipt of a denial on a claim, a claimant or his/her authorized
representative may file a written request for review of such denial. 

  
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Such review shall be undertaken by the Administrator and shall be a full and fair review. The claimant shall have the right to review all pertinent documents. The claimant may submit written
comments, documents, records and other information relating to the claim for benefits, and such information shall be taken into account for purposes of the review without regard to whether such information was submitted or considered in the initial
benefit determination. The Administrator shall issue a decision not later than 60 days after receipt of a request for review from a claimant unless special circumstances require a longer period of time for processing, in which case written notice of
the extension, indicating the special circumstances requiring an extension of time and the date by which the Plan expects to render the determination on review, shall be furnished to the claimant prior to the termination of the initial 60-day
period. In no event shall such extension exceed a period of 60 days from the end of the initial period. The decision on review shall be in writing and shall include specific reasons for the decision written in a manner calculated to be understood by
the claimant, with specific reference to any provisions of the Plan on which the decision is based, and an explanation of the claimant’s right to submit the claim for binding arbitration in the event of an adverse determination on review.

 ARTICLE 9 
 Conditions Related to Benefits 
 9.1 Nonassignability. The
benefits provided under the Plan may not be alienated, assigned, transferred, pledged or hypothecated by any person, at any time, or to any person whatsoever. Those benefits shall be exempt from the claims of creditors or other claimants of the
Participant or Beneficiary and from all orders, decrees, levies, garnishment or executions to the fullest extent allowed by law. Notwithstanding the foregoing, the Administrator shall have full power and authority to the extent consistent with Code
Section 409A and other applicable laws to comply with all liens by the Internal Revenue Service and any bona fide domestic relations orders and to adjust any amounts otherwise payable under the Plan accordingly. 

9.2 No Right to Company Assets. The benefits paid under the Plan shall be paid from the general funds of the Company, and the
Participant and any Beneficiary shall be no more than unsecured general creditors of the Company with no special or prior right to any assets of the Company for payment of any obligations hereunder. 

9.3 Protective Provisions. The Participant shall cooperate with the Company by furnishing any and all information requested
by the Administrator, in order to facilitate the payment of benefits hereunder, taking such physical examinations as the Administrator may deem necessary and taking such other actions as may be requested by the Administrator. If the Participant
refuses to so cooperate, the Company shall have no further obligation to the Participant under the Plan. If the Participant fails to cooperate or makes any material misstatement of information, then no benefits shall be payable to the Participant
under the Plan, except that benefits may be payable in a reduced amount in the sole discretion of the Administrator. 

9.4 Withholding. The Participant shall make appropriate arrangements with the Company for satisfaction of any federal, state
or local income tax withholding requirements, Social Security and other employee tax or other requirements applicable to the granting, crediting, vesting or payment of benefits under the Plan. If no arrangement is made, the

  
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 OSI Restaurant Partners, LLC HCE Deferred Compensation Plan 

 

 
Company may provide, at its discretion, for such withholding, tax, and other payments as may be required, including, without limitation, the reduction of amounts otherwise payable to the
Participant. If the Company pays such amounts on behalf of the Participant or Beneficiary, the Company shall be entitled to recover such amounts on demand with interest at the Wall Street Journal Prime Rate compounded monthly. 

9.5 Assumptions and Methodology. The Administrator shall establish the assumptions and method of calculation used in
determining the -benefits, earnings, payments, fees, expenses or any other amounts required to be calculated under the terms of the Plan. Such assumptions and methodology shall be established by the Administrator and made available to Participants
and may be changed from time to time by the Administrator. 
 9.6 Trust. The Company shall be responsible for the
payment of all benefits under the Plan. At its discretion, the Company may establish one or more grantor trusts for the purpose of providing for payment of benefits under the Plan. Such trust or trusts may be irrevocable, but the assets thereof
shall be subject to the claims of the Company’s creditors. Neither such trust or trusts, nor the assets thereof, however, shall be located outside of the United States. Benefits paid to the Participant from any such trust or trusts shall be
considered paid by the Company for purposes of meeting the obligations of the Company under the Plan. 
 ARTICLE 10

 Miscellaneous 
 10.1 Successors of the Company. The rights and obligations of the Company under the Plan shall inure to the benefit of, and shall be binding upon, the successors and assigns of the Company.

 10.2 Employment Not Guaranteed. Nothing contained in the Plan nor any action taken hereunder shall be construed
as a contract of employment or as giving any Participant any right to continued employment with the Company. 

10.3 Gender. Singular and Plural. All pronouns and any variations thereof shall be deemed to refer to the masculine,
feminine, or neuter, as the identity of the person or persons may require. As the context may require, the singular may be read as the plural and the plural as the singular. 
 10.4 Captions. The captions of the articles, paragraphs and sections of the Plan are for convenience only and shall not control or affect the meaning or construction of any of its provisions.

 10.5 Validity. In the event any provision of the Plan is held invalid, void or unenforceable, the same shall not
affect, in any respect whatsoever, the validity of any other provisions of the Plan. 
 10.6 Waiver of Breach. The
waiver by the Company of any breach of any provision of the Plan shall not operate or be construed as a waiver of any subsequent breach by that Participant or any other Participant. 

  
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 10.7 Notice. Any notice or filing required or permitted to be given to the
Company or the Participant under this Agreement shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, in the case of the Company, to the principal office of the Company, directed to the attention of the
Administrator, and in the case of the Participant, to the last known address of the Participant indicated on the employment records of the Company. Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of
the date shown on the postmark on the receipt for registration or certification. Notices to the Company may be permitted by electronic communication according to specifications established by the Administrator. 

10.8 Inability to Locate Participant or Beneficiary. It is the responsibility of a Participant to apprise the Administrator
of any change in address of the Participant or Beneficiary. In the event that the Administrator is unable to locate a Participant or Beneficiary for a period of three (3) years, the Participant’s Account shall be forfeited to the Company.

 10.9 Errors in Benefit Statement or Distributions. In the event an error is made in a benefit statement, such
error shall be corrected on the next benefit statement following the date such error is discovered. In the event that an error is made in withholding of a deferral, it shall be corrected immediately upon discovery of such error by payment of
compensation or withholding of other compensation payable from the Company within the same taxable year in compliance with corrections procedures established under Section 409A or applicable Internal Revenue Service amnesty programs. In the
event of an error in a distribution, the Participant’s Account shall, immediately upon the discovery of such error, be adjusted to reflect such under or over payment and, if possible, the next distribution shall be adjusted upward or downward
to correct such prior error in compliance with corrections procedures established under Section 409A or applicable Internal Revenue Service amnesty programs. If the remaining balance of a Participant’s Account is insufficient to cover an
erroneous overpayment, the Company may, at its discretion and if permitted under Code Section 40.9A., offset other amounts payable to the Participant from the Company (including but not limited to salary, bonuses, expense reimbursements,
severance benefits or other employee compensation benefit arrangements, as allowed by law) to recoup the amount of such overpayment(s). 
 10.10 ERISA Plan. The Plan is intended to be an unfunded plan maintained primarily to provide deferred compensation benefits for a select group of “management or highly compensated
employees” within the meaning of Sections 201, 301 and 401 of ERISA and therefore to be exempt from Parts 2, 3 and 4 of Title I of ERISA. 
 10.11 Applicable Law. In the event any provision of, or legal issue relating to, this Plan is not fully preempted by ERISA, such issue or provision shall be governed by the laws of the State
of Florida. 
 11.12 Arbitration. Any claim, dispute or other matter in question of any kind relating to this Plan
which is not resolved by the claims procedures under this Plan shall be settled by arbitration in accordance with the applicable employment dispute resolution rules of the American Arbitration Association. Notice of demand for arbitration shall be
made in writing to the opposing party and to the American Arbitration Association within a reasonable time after the claim, dispute or other matter in question has arisen. In no event shall a demand for

  
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arbitration be made after the date when the applicable statute of limitations would bar the institution of a legal or equitable proceeding based on such claim, dispute or other matter in
question. The decision of the arbitrators shall be final and may be enforced in any court of competent jurisdiction. The arbitrators may award reasonable fees and expenses to the prevailing party in any dispute hereunder and shall award reasonable
fees and expenses in the event that the arbitrators find that the losing party acted in bad faith or with intent to harass, hinder or delay the prevailing party in the exercise of its rights in connection with the matter under dispute. 

IN WITNESS WHEREOF, the Company has caused this Plan to be executed this 11th day of November, 2008. 

 

			
	OSI RESTAURANT PARTNERS, LLC
		
	By:	 	 /s/ Joseph J. Kadow

		 	Joseph J. Kadow
		
	Its:	 	 Executive Vice President

  
 14

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