Exhibit 10.31
AMENDMENT TO EMPLOYMENT
AGREEMENT
This Amendment
to Employment Agreement (this "Amendment") is made effective as of
January 1, 2009, by and between OSI Restaurant Partners, LLC
(the "Company"), and Paul E. Avery (the
"Executive").
Background
Information
The
parties to this Amendment (the "Parties") entered into an Officer
Employment Agreement as of June 14, 2007 (the "Employment
Agreement"), regarding the Executive's employment relationship with
the Company. The Parties desire to amend the Employment
Agreement in order to comply with the final Treasury Regulations
issued under Section 409A of the Internal Revenue Code of 1986, as
amended (the "Code"). The Employment Agreement, as amended by this
Amendment, is hereinafter collectively referred to as the
"Agreement."
Amendment of the Employment
Agreement
The Parties
hereby acknowledge the accuracy of the foregoing Background
Information and hereby agree as follows:
1.
Definitions . All capitalized
terms used in this Agreement but which are not otherwise defined
herein, shall have the respective meanings given those terms in the
Employment Agreement, as applicable.
2.
Bonus . Section 4(b) of the
Agreement is hereby amended by adding the following to the end
thereof:
"Unless otherwise specified in the Company
policies or other governing documents regarding executive
compensation and bonus plans, any bonus awarded to Executive by
Company shall be paid in a single lump sum payment within 90 days
after the end of the performance period."
3. Fringe
Benefits . Section 6 of the Agreement is hereby amended
by adding the following to the end thereof:
"Such benefits
shall be provided in accordance with any applicable policy, program
or plan provisions. Any taxable welfare benefits
provided to the Executive 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 extent that any Applicable
Benefits consist of the reimbursement of eligible expenses, such
reimbursement must be made on or before the last day of the
calendar year following the calendar year in which the expense was
incurred, and Company shall not be obligated to
reimburse any
expense for which the Executive fails to submit an invoice or other
documented reimbursement request at least thirty (30) business days
before the end of the calendar year next following the calendar
year in which the expense for any such reimbursement was
incurred. Further, no Applicable Benefits may be
liquidated or exchanged for another benefit."
4.
Expenses . Section 7 of
the Agreement is hereby amended by adding the following to the end
thereof:
"If any
reimbursements under this provision are taxable to the Executive,
such reimbursements shall be paid on or before the end of the
calendar year following the calendar year in which the reimbursable
expense was incurred, and the Company shall not be obligated to pay
any such reimbursement amount for which Executive fails to submit
an invoice or other documented reimbursement request at least
thirty (30) business days before the end of the calendar year next
following the calendar year in which the expense was
incurred. Such expenses shall be reimbursable only to
the extent they were incurred during the