Officer Employment Agreement by OSI RESTAURANT PARTNERS, LLC

Exhibit 10.01

OSI RESTAURANT PARTNERS, LLC

Officer Employment Agreement

THIS EMPLOYMENT AGREEMENT (the "Agreement") is made and entered into effective May 07, 2012, by and among DAVID DENO (hereinafter referred to as "Employee") and OSI RESTAURANT PARTNERS, LLC, a Delaware limited liability company having its principal office at 2202 N. West Shore Boulevard, 5^th Floor, Tampa, Florida 33607 (the "Employer").

W I T N E S S E T H:

This Agreement is made and entered into under the following circumstances:

A.    WHEREAS, the Employer is engaged in the business of owning and operating, either directly and/or through its subsidiaries and their affiliates, restaurants utilizing a restaurant operating system and trademarks ("Trademarks") owned by or licensed to the Employer and/or such operating subsidiary or affiliate; and

NOW, THEREFORE, in consideration of the foregoing recitals, and of the premises, covenants, terms and conditions contained herein, the parties hereto agree as follows:

1.Employment and Term. Subject to earlier termination as provided for in Section 8 hereof, the Employer hereby employs the Employee, and the Employee hereby accepts employment with the Employer as Executive Vice President and Chief Financial Officer of the Employer for a term commencing on May 07, 2012 and expiring five (5) years thereafter ("Term of Employment"). Such Term of Employment shall be automatically renewed for successive renewal terms of one (1) year each unless either party elects not to renew by giving written notice to the other party not less than sixty (60) days prior to the start of any renewal term.

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(e)not create a situation that results in termination for Cause (as that term is defined in Section 8 hereof).

Notwithstanding the foregoing, the Employee shall be permitted to invest the Employee's personal assets and manage the Employee's personal investment portfolio in such a form and manner as will not require any business services on the Employee's part to any third party, and provided it does not conflict with the Employee's duties and responsibilities to the Employer or the provisions of Section 9 or Section 10 hereof, or conflict with any material published policy of the Employer or its Affiliates, including, but not limited to, the insider trading policy of the Employer or its Affiliates.

Notwithstanding the foregoing, the Employee shall also be permitted to participate in customary civic, nonprofit, religious, welfare, social and professional activities that will not materially affect the Employee's performance of duties hereunder. The Employee may continue to serve on any board of directors and advisory committees of companies on which the Employee currently serves, as long as the business of such companies is not competitive with that of the Employer or any of its Affiliates. The Employee shall not serve on the board of directors or advisory committee of any other company without the prior consent of the Employer, which consent shall not be unreasonably withheld.

Notwithstanding anything to the contrary herein, the parties acknowledge and agree that the Employee shall, during the term of this Agreement and at the request of the Employer, also serve as an officer of any Affiliate of the Employer as the Employer shall reasonably request. In such capacity, the Employee shall be responsible generally for all aspects of such office. All terms, conditions, rights and obligations of this Agreement shall be applicable to the Employee while serving in such office as though the Employee and such Affiliate of the Employer had separately entered into this Agreement, except that the Employee shall not be entitled to any compensation, vacation, fringe benefits, automobile allowance or other remuneration of any kind whatsoever from such Affiliate of the Employer.

4.Compensation. During the Term of Employment, subject to the Employee's performance in accordance with this Agreement, the Employee shall be entitled to the following:

a.      Base Salary. During the Term of Employment, the Employee shall be entitled to an annual base salary equal to Six Hundred Thousand Dollars ($600,000), payable in equal biweekly installments by the Employer, to be reviewed annually.

b.     OSI Bonus Program. During the Term of Employment, the Employee shall be entitled to discretionary bonuses pursuant to a bonus plan developed by the Compensation Committee of the Employer (the "OSI Bonus Program"). Employee's bonus target under the OSI Bonus Program is 85% of the base salary paid to the Employee in the calendar year for which the bonus is awarded; provided however, so long as Employee remains employed by Employer through the end of the 2012 calendar year, the Employee's bonus under the OSI Bonus Program for the calendar year 2012 shall be a guaranteed minimum of Five Hundred Thousand and Ten Thousand Dollars ($510,000). The OSI Bonus Program and the Employee's bonus percentage are subject to increase, decrease, change or elimination in the discretion of the Employer.

c.     Relocation Costs. Employee shall be entitled to benefits under the Employer's standard relocation policy.

d.     Signing Bonus. Employee shall be entitled to a one-time signing bonus of Four Hundred Twenty-five Thousand Dollars ($425,000) payable one half in Employee's first paycheck and one half on or before November 7, 2012. In the event that Employee resigns or is terminated pursuant to Section 8(c)

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hereof within twelve months of either signing bonus payment, Employee shall repay such payment to the Employer.

e.     Other Bonuses. In addition, as part of the Employee's compensation during the Term of Employment, the Employee shall be eligible to participate in any bonus program or bonus arrangement

which the Employer may establish from time to time for employees with the same title; provided that such program or arrangement applies generally to employees with the same title and with the functional job responsibilities of such title, and that the Employer may modify the terms and conditions of any such bonus or arrangement and may discontinue or otherwise terminate any such program or arrangement from time to time in its sole discretion.

f.     General Rules Regarding Bonuses. Unless otherwise specified herein or in Employer policies or other governing documents regarding executive compensation and bonus plans, any bonus awarded to the Employee by the Employer shall be paid in a single lump sum within ninety (90) days after the performance period.

5.Paid Time Off. Employee shall be entitled to vacation time or other paid time off (collectively "PTO") to be accrued in accordance with the Employer's PTO Policy as may be in effect from time to time. PTO scheduling is selected by the Employee, but subject to the reasonable business requirements of the Employer as determined by Employee's supervisor. Unless required by applicable law which cannot be waived, PTO granted but not used in any year shall be forfeited at the end of such one-year period and may not be carried over to any subsequent year.

6.Fringe Benefits. In addition to any other rights the Employee may have hereunder, the Employee shall also be entitled to participate in those employee benefit plans, programs and arrangements, including, but not limited to life insurance, medical benefits, etc., if any, as may be provided by the Employer to similar employees of the Employer. In each case as such plans, programs and arrangements may be in effect from time to time, all subject to the terms of such plans, programs or arrangements and applicable policies of the Employer. Any taxable welfare benefits provided to the Employee pursuant to this Section 6 that are not 'disability pay' or 'death benefits' within the meaning of Treasury Regulations Section 1.409A-1(a)(5) (collectively, the 'Applicable Benefits') shall be subject to the following requirements in order to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"). The amount of any Applicable Benefits provided during one taxable year shall not affect the amount of the Applicable Benefits provided in any other taxable year, except that with respect to any Applicable Benefits that consist of the reimbursement of expenses referred to in Code Section 105(b), a limitation may be imposed on the amount of such reimbursements as described in Treasury Regulations Section 1.409A-3(i)(iv)(B). To the