Development Agreement for Chili's Grill and Bar Restaurant [Amendment] - Brinker International Inc. and NE Restaurant Co. Inc.
AMENDMENT OF DEVELOPMENT AGREEMENT
THIS AMENDMENT OF DEVELOPMENT AGREEMENT (this "Amendment") is executed
to be effective as of June 1, 1997 by and between BRINKER INTERNATIONAL, INC., a
Delaware corporation ("Brinker") and N.E. RESTAURANT COMPANY, INC., a Delaware
corporation ("NERCO")
R E C I T A L S
A. As of May 17, 1994, Brinker and NE Restaurant Company Limited
Partnership ("NERCO LP") entered into a certain Development Agreement (the
"Development Agreement") relating to certain rights to develop and operate
Chili's Grill and Bar restaurants.
B. Pursuant to a certain Consent to assignment of Development
Agreement dated as of May 17, 1994 (the "Assignment"), NERCO assumed all of the
rights and obligations of NERCO LP under the Development Agreement and Brinker
consented to such assumption.
C. NERCO has requested, and Brinker has agreed, that the development
schedule set forth in Section 111.B. of the Development Agreement be modified as
set forth herein.
NOW THEREFORE, in consideration of the premises and for other good and
valuable consideration, the receipt of which is hereby acknowledged, Brinker and
NERCO hereby agree as follows:
1. EXTENSION OF DEVELOPMENT SCHEDULE. The development schedule set
forth in Section 111.B. of the Development Agreement is hereby replaced with the
following:
Cumulative Total Number Restaurants in
the Territory Which Developer Shall Have
Open and In Operation (Including 15
BY DATE RESTAURANTS CURRENTLY OPEN FOR BUSINESS)
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September 5, 1995 25
September 5, 1996 28
September 5, 1997 31
September 5, 1998 33
September 5, 1999 35
September 5, 2000 37
September 5, 2001 40
2. RATIFICATION. Except as modified hereby, the Development Agreement
is unchanged and is hereby ratified and confirmed by the parties hereto.
This Agreement is executed by the Brinker and NERCO to be effective as
of the date first set forth above.
BRINKER:
BRINKER INTERNATIONAL, INC.
a Delaware corporation
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By:
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Print: ROBERT F. THOMSON
Title: EXECUTIVE VICE PRESIDENT
NERCO:
N.E. RESTAURANT COMPANY, INC.
a Delaware corporation
By:
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Print: PAUL V. HOAGLAND
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Title: VICE PRESIDENT
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