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STATES</font></div>
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AND EXCHANGE COMMISSION</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
D.C. 20549</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman">FORM
8-K</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
REPORT</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PURSUANT
TO SECTION 13 OR 15(d) OF THE</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
EXCHANGE ACT OF 1934</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
Report (date of earliest event reported):&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline"> October 30,
2008</font></font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 20pt; FONT-FAMILY: Times New Roman">CBRL
GROUP, INC.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
    </div>
    <div>&#160;</div>
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            <td width="33%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">Tennessee</font></td>
            <td width="33%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">0-25225</font></td>
            <td width="33%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">62-1749513</font></td>
          </tr>
          <tr>
            <td width="33%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(State or Other
      Jurisdiction</font></td>
            <td width="33%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Commission File
      Number)</font></td>
            <td width="33%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(I.R.S.
      Employer</font></td>
          </tr>
          <tr>
            <td width="33%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">of
      Incorporation)</font></td>
            <td width="33%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="33%" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Identification
      No.)</font></td>
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    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">305
Hartmann Drive, Lebanon, Tennessee 37087</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(615)
444-5533</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check the
appropriate box if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following
provisions:</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&#160;&#160;]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&#160;&#160;]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&#160;&#160;]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&#160;&#160;]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR.13e-4(c))</font></div>
    <div><font id="TAB1" style="MARGIN-LEFT: 468pt"></font>&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
1.01.&#160;&#160;Entry into a Material Definitive Agreement</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>October 30, 2008, CBRL Group, Inc. (the
&#8220;Company&#8221;) entered into an employment agreement (the &#8220;Agreement&#8221;), effective
that date, with Michael A. Woodhouse.&#160;&#160;Mr. Woodhouse currently serves
as the Company&#8217;s Chairman, President and Chief Executive Officer.&#160;&#160;The
Agreement terminated a prior employment agreement dated as of August 1, 2005
(the &#8220;Prior Employment Agreement&#8221;).</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Under the Agreement, Mr. Woodhouse is
required to hold the title of either the Company&#8217;s Chairman or its Chief
Executive Officer.&#160;&#160;Unless extended or earlier terminated, the
Agreement will terminate on October 31, 2011.&#160;&#160;In the event of a
Change in Control (defined below), the term of the Agreement is extended through
October 31, 2012.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Agreement requires the Company to
pay Mr. Woodhouse a base salary of $1,000,000, which may be increased from time
to time (&#8220;Base Salary&#8221;), and an annual bonus with a target of no less than 125%
of Base Salary.&#160;&#160;Additionally, with respect to awards under the
Company&#8217;s long-term incentive plan (the &#8220;LTI&#8221;), any options to purchase shares
of the Company&#8217;s common stock that are granted to Mr. Woodhouse during calendar
year 2009 will vest ratably in two annual installments; Mr. Woodhouse&#8217;s target
award under any LTI that covers the Company&#8217;s 2011 fiscal year will be 250% of
Base Salary (unless it is reduced as part of an across-the-board decrease in
target bonuses) and any options granted under such plan will vest one year from
the date of grant.&#160;&#160;Neither the annual bonus nor the LTI is a
guarantee but is subject to satisfaction of such performance and other criteria
as may be established by the Company's Compensation Committee (the
&#8220;Committee&#8221;).&#160;&#160;The Agreement also provides for Mr. Woodhouse to
receive a restricted stock grant of 150,000 shares (the &#8220;Restricted Shares&#8221;)
that is further described in Item 5.02 below.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Agreement provides that Mr.
Woodhouse is entitled to participate in incentive, savings and retirement plans,
practices, policies and programs applicable generally to senior executive
officers of the Company.&#160;&#160;In addition, the Company is required to pay
the premiums to maintain in force a policy of term life insurance (face amount
of $2.5 million) covering Mr. Woodhouse.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Agreement may be terminated at any
time by the Company without any liability under the following conditions, each
of which constitutes &#8220;Cause&#8221;: (a) fraud or breach by Mr. Woodhouse of securities
laws or other willful or grossly negligent acts resulting in investigation by
the Securities and Exchange Commission that adversely affects the Company or Mr.
Woodhouse's ability to perform his duties, (b) attending work in a state of
intoxication or otherwise being found in possession at work of any prohibited
drug or substance, (c) personal dishonesty or willful misconduct in connection
with his duties, (d) breach of fiduciary duty to the Company involving personal
profit, (e) conviction of a felony or a crime involving moral turpitude, (f)
material intentional</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">breach by
Mr. Woodhouse of any provision of the Agreement or any other Company policy
adopted by the Board, or (g) continued failure to perform duties after a written
demand from the Board.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>If the Company terminates the Agreement
other than for Cause, the Company is required to pay Mr. Woodhouse, in addition
to any amounts owed through the date of termination of employment, including a
prorated portion of any then existing incentive or bonus plan applicable to Mr.
Woodhouse (the &#8220;Accrued Obligations&#8221;), three times his annual Base Salary
payable over twenty-four months.&#160;&#160;In addition, the Restricted Shares
vest and become distributable, subject to the achievement of the applicable
performance goals on or prior to the date of termination.&#160;&#160;With
respect to any unvested stock options, the Company is required to pay Mr.
Woodhouse an amount equal to the difference between the market value and the
exercise price(s) of the shares subject to such options.&#160;&#160;Mr.
Woodhouse's participation in the life, medical and disability insurance programs
of the Company continues for up to twenty-four months following termination of
the Agreement without Cause.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>If Mr. Woodhouse dies during the term
of the Agreement, the Company is required to pay to Mr. Woodhouse's estate the
Accrued Obligations.&#160;&#160;If Mr. Woodhouse becomes disabled during the
term of the Agreement, the Company may terminate Mr. Woodhouse's
employment.&#160;&#160;In such event, the Company is required to pay Mr.
Woodhouse the Accrued Obligations.&#160;&#160;Additionally, the Restricted
Shares vest and become distributable, subject to the achievement of the
applicable performance goals on or prior to the date of
termination.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 37.3pt"></font>Mr. Woodhouse may also terminate his
employment for no reason or Good Reason (as defined below).&#160;&#160;If Mr.
Woodhouse terminates his employment without Good Reason, the Agreement
terminates without further obligation to Mr. Woodhouse, other than for payment
of the Accrued Obligations.&#160;&#160;If Mr. Woodhouse terminates his
employment for Good Reason, he is entitled to the same benefits he would have
received if terminated by the Company without Cause and, if applicable and
without duplication, following a Change in Control.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 37.3pt"></font>The following factors constitute
"Good Reason": (a) assignment of duties inconsistent in any material respect
with Mr. Woodhouse's position, authority, duties or responsibilities or
demonstrable diminution in Mr. Woodhouse's position, authority, duties or
responsibilities (excluding insubstantial and inadvertent actions remedied
promptly after receipt of notice), (b) reduction in Base Salary, (c) reduction
in the target bonus (expressed as a percentage of Base Salary), (d) failure by
the Company to continue in effect any &#8220;pension plan or arrangement&#8221; or any
&#8220;compensation plan or arrangement&#8221; (except for across-the-board plan changes or
terminations similarly affecting other senior executive officers), (e) requiring
Mr. Woodhouse to be based in any office or location more than 50 miles from the
Company's current headquarters, (f) material breach by the Company of the
Agreement, or (g) failure of any successor company to assume expressly and agree
to perform the Agreement.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>In the event of a Change in Control (as
defined below) and Mr. Woodhouse is terminated for reasons other than Cause or
he voluntarily terminates his employment for Good Reason, the Company is
required to pay Mr. Woodhouse, in addition to any Accrued Obligations, 2.99
times the sum of: (i) his average annual Base Salary for the five fiscal years
prior to the termination; and (ii) the greater of: (x) his actual annual
incentive bonus for the fiscal year immediately preceding the date of
termination; or (y) his target bonus for the year in which the termination date
falls.&#160;&#160;Also, the Restricted Shares vest and become distributable,
subject to the achievement of performance goals through the end of the fiscal
quarter prior to the date of termination.&#160;&#160;With respect to any
unvested stock options, the Company is required to pay Mr. Woodhouse an amount
equal to the difference between the market value and the exercise price(s) of
the shares subject to such options.&#160;&#160;Mr. Woodhouse's participation in
the life, medical and disability insurance programs of the Company continues for
up to thirty-six months following termination of the
Agreement.&#160;&#160;Notwithstanding the foregoing, any payments or benefits
Mr. Woodhouse would receive as a result of a termination following a Change in
Control will be reduced to the extent necessary to prevent the imposition of any
excise tax imposed upon &#8220;excess parachute payments&#8221; by Section 4999 of the
Internal Revenue Code.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A "Change
in Control" means any change in control reportable as required by the federal
securities laws, but specifically including: (a) any person becoming a
beneficial owner of 35% or more of the Company's voting securities, unless that
acquisition was approved or ratified by a vote of at least 2/3 of the members of
the Company's Board of Directors (the "Board") prior to the acquisition, (b) all
or substantially all of the assets of the Company are sold or transferred, (c)
shareholders approve a plan of liquidation or dissolution, or (d) a majority of
the members of the Board change (unless approved by majority of those directors
who were directors at the beginning of the term of the Agreement).</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Agreement contains certain business
protection provisions that include a requirement that Mr. Woodhouse not disclose
confidential information or trade secrets of the Company and a requirement that,
during the term of the Agreement and for two years following its termination,
Mr. Woodhouse will neither solicit employees of the Company to leave their
employment nor hold any position with any entity engaged wholly or in material
part in the restaurant or retail business that is similar to that in which the
Company or any of its affiliates is engaged.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
1.02.&#160;&#160;Termination of a Material Definitive Agreement</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Reference is made to Item 1.02 of the
Company&#8217;s Current Report on Form 8-K dated and filed with the Commission on July
1, 2005, which is incorporated herein.&#160;&#160;In that 8-K, the Company
described the Prior Employment Agreement, which is referred to above in Item
1.01 of this Current Report on Form 8-K.&#160;&#160;As indicated in Item 1.01
above,</font></div>
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connection with entering into the Agreement, the Prior Employment Agreement was
terminated.&#160;&#160;The Prior Employment Agreement was scheduled to expire on
August 31, 2009.</font></div>
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5.02.&#160;&#160;Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.</font></div>
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1.01 and 1.02 of this Current Report on Form 8-K are incorporated herein by this
reference.</font></div>
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connection with entering into the Agreement, Mr. Woodhouse was awarded 150,000
shares of the Company&#8217;s common stock, which vest and become distributable at the
rate of 25,000 shares per achievement of six strategic goals: one that must be
achieved on or before the end of the Company&#8217;s 2009 fiscal year, a second that
must be achieved on or before the end of the Company&#8217;s 2010 fiscal year and the
remaining four that must be achieved on or before the end of the Company&#8217;s 2011
fiscal year.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.</font></div>
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      November 4, 2008</font></font></td>
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    INC.</font></font></td>
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            <tr>
              <td valign="top" width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td valign="top" width="5%" style="BORDER-BOTTOM: #ffffff solid">
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              <td align="left" nowrap valign="bottom" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">N.B.
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              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Title:&#160;</font></td>
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cbrlgroupinc8k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report (date of earliest event reported):
October 30,
2008
CBRL
GROUP, INC.
Tennessee
0-25225
62-1749513
(State or Other
      Jurisdiction
(Commission File
      Number)
(I.R.S.
      Employer
of
      Incorporation)
Identification
      No.)
305
Hartmann Drive, Lebanon, Tennessee 37087
(615)
444-5533
Check the
appropriate box if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following
provisions:
[  ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[  ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[  ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[  ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR.13e-4(c))
Item
1.01.  Entry into a Material Definitive Agreement
October 30, 2008, CBRL Group, Inc. (the
"Company") entered into an employment agreement (the "Agreement"), effective
that date, with Michael A. Woodhouse.  Mr. Woodhouse currently serves
as the Company's Chairman, President and Chief Executive Officer.  The
Agreement terminated a prior employment agreement dated as of August 1, 2005
(the "Prior Employment Agreement").
Under the Agreement, Mr. Woodhouse is
required to hold the title of either the Company's Chairman or its Chief
Executive Officer.  Unless extended or earlier terminated, the
Agreement will terminate on October 31, 2011.  In the event of a
Change in Control (defined below), the term of the Agreement is extended through
October 31, 2012.
The Agreement requires the Company to
pay Mr. Woodhouse a base salary of $1,000,000, which may be increased from time
to time ("Base Salary"), and an annual bonus with a target of no less than 125%
of Base Salary.  Additionally, with respect to awards under the
Company's long-term incentive plan (the "LTI"), any options to purchase shares
of the Company's common stock that are granted to Mr. Woodhouse during calendar
year 2009 will vest ratably in two annual installments; Mr. Woodhouse's target
award under any LTI that covers the Company's 2011 fiscal year will be 250% of
Base Salary (unless it is reduced as part of an across-the-board decrease in
target bonuses) and any options granted under such plan will vest one year from
the date of grant.  Neither the annual bonus nor the LTI is a
guarantee but is subject to satisfaction of such performance and other criteria
as may be established by the Company's Compensation Committee (the
"Committee").  The Agreement also provides for Mr. Woodhouse to
receive a restricted stock grant of 150,000 shares (the "Restricted Shares")
that is further described in Item 5.02 below.
The Agreement provides that Mr.
Woodhouse is entitled to participate in incentive, savings and retirement plans,
practices, policies and programs applicable generally to senior executive
officers of the Company.  In addition, the Company is required to pay
the premiums to maintain in force a policy of term life insurance (face amount
of $2.5 million) covering Mr. Woodhouse.
The Agreement may be terminated at any
time by the Company without any liability under the following conditions, each
of which constitutes "Cause": (a) fraud or breach by Mr. Woodhouse of securities
laws or other willful or grossly negligent acts resulting in investigation by
the Securities and Exchange Commission that adversely affects the Company or Mr.
Woodhouse's ability to perform his duties, (b) attending work in a state of
intoxication or otherwise being found in possession at work of any prohibited
drug or substance, (c) personal dishonesty or willful misconduct in connection
with his duties, (d) breach of fiduciary duty to the Company involving personal
profit, (e) conviction of a felony or a crime involving moral turpitude, (f)
material intentional
2
breach by
Mr. Woodhouse of any provision of the Agreement or any other Company policy
adopted by the Board, or (g) continued failure to perform duties after a written
demand from the Board.
If the Company terminates the Agreement
other than for Cause, the Company is required to pay Mr. Woodhouse, in addition
to any amounts owed through the date of termination of employment, including a
prorated portion of any then existing incentive or bonus plan applicable to Mr.
Woodhouse (the "Accrued Obligations"), three times his annual Base Salary
payable over twenty-four months.  In addition, the Restricted Shares
vest and become distributable, subject to the achievement of the applicable
performance goals on or prior to the date of termination.  With
respect to any unvested stock options, the Company is required to pay Mr.
Woodhouse an amount equal to the difference between the market value and the
exercise price(s) of the shares subject to such options.  Mr.
Woodhouse's participation in the life, medical and disability insurance programs
of the Company continues for up to twenty-four months following termination of
the Agreement without Cause.
If Mr. Woodhouse dies during the term
of the Agreement, the Company is required to pay to Mr. Woodhouse's estate the
Accrued Obligations.  If Mr. Woodhouse becomes disabled during the
term of the Agreement, the Company may terminate Mr. Woodhouse's
employment.  In such event, the Company is required to pay Mr.
Woodhouse the Accrued Obligations.  Additionally, the Restricted
Shares vest and become distributable, subject to the achievement of the
applicable performance goals on or prior to the date of
termination.
Mr. Woodhouse may also terminate his
employment for no reason or Good Reason (as defined below).  If Mr.
Woodhouse terminates his employment without Good Reason, the Agreement
terminates without further obligation to Mr. Woodhouse, other than for payment
of the Accrued Obligations.  If Mr. Woodhouse terminates his
employment for Good Reason, he is entitled to the same benefits he would have
received if terminated by the Company without Cause and, if applicable and
without duplication, following a Change in Control.
The following factors constitute
"Good Reason": (a) assignment of duties inconsistent in any material respect
with Mr. Woodhouse's position, authority, duties or responsibilities or
demonstrable diminution in Mr. Woodhouse's position, authority, duties or
responsibilities (excluding insubstantial and inadvertent actions remedied
promptly after receipt of notice), (b) reduction in Base Salary, (c) reduction
in the target bonus (expressed as a percentage of Base Salary), (d) failure by
the Company to continue in effect any "pension plan or arrangement" or any
"compensation plan or arrangement" (except for across-the-board plan changes or
terminations similarly affecting other senior executive officers), (e) requiring
Mr. Woodhouse to be based in any office or location more than 50 miles from the
Company's current headquarters, (f) material breach by the Company of the
Agreement, or (g) failure of any successor company to assume expressly and agree
to perform the Agreement.
3
In the event of a Change in Control (as
defined below) and Mr. Woodhouse is terminated for reasons other than Cause or
he voluntarily terminates his employment for Good Reason, the Company is
required to pay Mr. Woodhouse, in addition to any Accrued Obligations, 2.99
times the sum of: (i) his average annual Base Salary for the five fiscal years
prior to the termination; and (ii) the greater of: (x) his actual annual
incentive bonus for the fiscal year immediately preceding the date of
termination; or (y) his target bonus for the year in which the termination date
falls.  Also, the Restricted Shares vest and become distributable,
subject to the achievement of performance goals through the end of the fiscal
quarter prior to the date of termination.  With respect to any
unvested stock options, the Company is required to pay Mr. Woodhouse an amount
equal to the difference between the market value and the exercise price(s) of
the shares subject to such options.  Mr. Woodhouse's participation in
the life, medical and disability insurance programs of the Company continues for
up to thirty-six months following termination of the
Agreement.  Notwithstanding the foregoing, any payments or benefits
Mr. Woodhouse would receive as a result of a termination following a Change in
Control will be reduced to the extent necessary to prevent the imposition of any
excise tax imposed upon "excess parachute payments" by Section 4999 of the
Internal Revenue Code.
A "Change
in Control" means any change in control reportable as required by the federal
securities laws, but specifically including: (a) any person becoming a
beneficial owner of 35% or more of the Company's voting securities, unless that
acquisition was approved or ratified by a vote of at least 2/3 of the members of
the Company's Board of Directors (the "Board") prior to the acquisition, (b) all
or substantially all of the assets of the Company are sold or transferred, (c)
shareholders approve a plan of liquidation or dissolution, or (d) a majority of
the members of the Board change (unless approved by majority of those directors
who were directors at the beginning of the term of the Agreement).
The Agreement contains certain business
protection provisions that include a requirement that Mr. Woodhouse not disclose
confidential information or trade secrets of the Company and a requirement that,
during the term of the Agreement and for two years following its termination,
Mr. Woodhouse will neither solicit employees of the Company to leave their
employment nor hold any position with any entity engaged wholly or in material
part in the restaurant or retail business that is similar to that in which the
Company or any of its affiliates is engaged.
Item
1.02.  Termination of a Material Definitive Agreement
Reference is made to Item 1.02 of the
Company's Current Report on Form 8-K dated and filed with the Commission on July
1, 2005, which is incorporated herein.  In that 8-K, the Company
described the Prior Employment Agreement, which is referred to above in Item
1.01 of this Current Report on Form 8-K.  As indicated in Item 1.01
above,
4
in
connection with entering into the Agreement, the Prior Employment Agreement was
terminated.  The Prior Employment Agreement was scheduled to expire on
August 31, 2009.
Item
5.02.  Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Items
1.01 and 1.02 of this Current Report on Form 8-K are incorporated herein by this
reference.
In
connection with entering into the Agreement, Mr. Woodhouse was awarded 150,000
shares of the Company's common stock, which vest and become distributable at the
rate of 25,000 shares per achievement of six strategic goals: one that must be
achieved on or before the end of the Company's 2009 fiscal year, a second that
must be achieved on or before the end of the Company's 2010 fiscal year and the
remaining four that must be achieved on or before the end of the Company's 2011
fiscal year.
5
SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
Dated: 
      November 4, 2008
CBRL GROUP,
    INC.
By:
/s/ N.B.
      Forrest Shoaf
Name:
N.B.
      Forrest Shoaf
Title:
Senior
      Vice President, Secretary and General Counsel
6