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EXHIBIT 10.15
AMENDED AND RESTATED SEVERANCE COMPENSATION AGREEMENT dated as
of
February 22, 2006, between O'Charley's Inc., a Tennessee
corporation (the
"Company"), and Gregory L. Burns (the "Executive").
The Company's Board of Directors has determined that it is
appropriate
to reinforce and encourage the continued attention and dedication
of certain
members of the Company's senior management, including the
Executive, to their
assigned duties without distraction in potentially disturbing
circumstances
arising from the possibility of a change in control of the
Company.
This Agreement sets forth the severance compensation which the
Company
agrees it will pay to the Executive if the Executive's employment
with the
Company terminates under one of the circumstances described herein
following a
Change In Control of the Company (as defined herein). This
Agreement amends and
restates in its entirety that certain Severance Compensation
Agreement dated as
of February 19, 2003 between the Company and the Executive.
1. TERM. This Agreement shall terminate, except to the extent that
any
obligation of the Company hereunder remains unpaid as of such time,
upon the
earliest of (i) one year from the date hereof if a Change in
Control of the
Company has not occurred prior to such date; (ii) the termination
of the
Executive's employment with the Company based on death, Disability
(as defined
in Section 3(b)), Retirement (as defined in Section 3(c)) or Cause
(as defined
in Section 3(d)) or by the Executive other than for Good Reason (as
defined in
Section 3(e)); and (iii) twenty-four months from the date of a
Change in Control
of the Company if the Executive has not terminated his employment
for Good
Reason as of such time.
2. CHANGE IN CONTROL. No compensation shall be payable under
this
Agreement unless and until (a) there shall have been a Change in
Control of the
Company while the Executive is still an employee of the Company and
(b) the
Executive's employment by the Company thereafter shall have been
terminated in
accordance with Section 3. For purposes of this Agreement, a Change
in Control
means the happening of any of the following:
(i) any person or
entity, including a "group" as defined in
Section 13(d)(3) of the Securities Exchange Act of 1934, other than
the
Company, a wholly-owned subsidiary thereof, any employee benefit
plan
of the Company or any of its Subsidiaries becomes the beneficial
owner
of the Company's securities having 30% or more of the combined
voting
power of the then outstanding securities of the Company that may
be
cast for the election of directors of the Company (other than as
a
result of an issuance of securities initiated by the Company in
the
ordinary course of business); or
(ii) as the result of, or in connection with, any cash tender
or exchange offer, merger or other business combination, sale of
assets
or contested election, or any combination of the foregoing
transactions, less than a majority of the combined voting power of
the
then outstanding securities of the Company or any successor
corporation
or entity entitled to vote generally in the election of the
directors
of the Company or such other corporation or entity after such
transaction are held in the aggregate by the holders of the
Company's
securities entitled to
vote generally in the election of directors of
the Company immediately prior to such transaction; or
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(iii) during any period of two consecutive years, individuals
who at the beginning of any such period constitute the Board cease
for
any reason to constitute at least a majority thereof, unless
the
election, or the nomination for election by the Company's
shareholders,
of each director of the Company first elected during such period
was
approved by a vote of at least two-thirds of the directors of
the
Company then still in office who were directors of the Company at
the
beginning of any such period.
3. TERMINATION FOLLOWING CHANGE IN CONTROL. (a) If a Change in
Control
of the Company shall have occurred while the Executive is still an
employee of
the Company, the Executive shall be entitled to the compensation
provided in
Section 4 upon the subsequent termination of the Executive's
employment with the
Company by the Executive or by the Company within twenty-four
months of the
Change in Control of the Company unless such termination is as a
result of (i)
the Executive's death; (ii) the Executive's Disability (as defined
in Section
(3)(b) below); (iii) the Executive's Retirement (as defined in
Section 3(c)
below); (iv) the Executive's termination by the Company for Cause
(as defined in
Section 3(d) below); or (v) the Executive's decision to terminate
employment
other than for Good Reason (as defined in Section 3(e) below).
(b) DISABILITY. If, as a result of the Executive's incapacity
due to physical or mental illness, the Executive shall have been
absent from his
duties with the Company on a full-time basis for six months and
within 30 days
after written notice of termination is thereafter given by the
Company the
Executive shall not have returned to the full-time performance of
the
Executive's duties, the Company may terminate this Agreement for
"Disability."
(c) RETIREMENT. The term "Retirement" as used in this
Agreement shall mean termination by the Company or the Executive of
the
Executive's employment based on the Executive's having reached age
65 or such
other age as shall have been fixed in any arrangement established
with the
Executive's consent with respect to the Executive.
(d) CAUSE. The Company may terminate the Executive's
employment for Cause. For purposes of this Agreement only, the
Company shall
have "Cause" to terminate the Executive's employment hereunder only
on the basis
of fraud, misappropriation or embezzlement on the part of the
Executive.
Notwithstanding the foregoing, the Executive shall not be deemed to
have been
terminated for Cause unless and until there shall have been
delivered to the
Executive a copy of a resolution duly adopted by the affirmative
vote of not
less than three-quarters of the membership of the Company's Board
of Directors
(excluding the Executive) at a meeting of the Board called and held
for the
purpose (after reasonable notice to the Executive and an
opportunity for the
Executive, together with the Executive's counsel, to be heard
before the Board),
finding that in the good faith opinion of the Board the Executive
was guilty of
conduct set forth in the second sentence of this Section 3(d) and
specifying the
particulars thereof in detail.
(e) GOOD REASON. The Executive may terminate the Executive's
employment for Good Reason at any time during the term of this
Agreement. For
purposes of this Agreement
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"Good Reason" shall mean any of the following (without the
Executive's express
written consent):
(i) the assignment to the Executive by the Company of duties
inconsistent with the Executive's position, duties,
responsibilities
and status with the Company immediately prior to a Change in
Control of
the Company, or a change in th