<SEC-DOCUMENT>0001398344-24-007109.txt : 20240412
<SEC-HEADER>0001398344-24-007109.hdr.sgml : 20240412
<ACCEPTANCE-DATETIME>20240412133513
ACCESSION NUMBER:		0001398344-24-007109
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240412
DATE AS OF CHANGE:		20240412
EFFECTIVENESS DATE:		20240412

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Texas Roadhouse, Inc.
		CENTRAL INDEX KEY:			0001289460
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1226

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50972
		FILM NUMBER:		24840817

	BUSINESS ADDRESS:	
		STREET 1:		6040 DUTCHMANS LANE
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40205
		BUSINESS PHONE:		5024269984

	MAIL ADDRESS:	
		STREET 1:		6040 DUTCHMANS LANE
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40205

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BOSTON TRUST WALDEN FUNDS
		CENTRAL INDEX KEY:			0000882748
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		ONE BEACON STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02108
		BUSINESS PHONE:		617-859-3437

	MAIL ADDRESS:	
		STREET 1:		ONE BEACON STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BOSTON TRUST & WALDEN FUNDS
		DATE OF NAME CHANGE:	20110801

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COVENTRY GROUP
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>fp0088011-1_px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">April
11, 2024</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Texas
Roadhouse, Inc. (TXRH)&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Proposal
#7 &ldquo;Advisory Vote On A Shareholder Proposal Regarding The Issuance Of A Climate Report And To Set Reduction Targets By The
Company&rdquo;&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Annual
Meeting May 16<SUP>th</SUP>, 2024&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Proponents:
Boston Trust Walden &amp; New York State Common Retirement Fund&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Contact:
Jared Fernandez (<U>jfernandez@bostontrustwalden.com</U>)</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>SUMMARY</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">As
long-term investors in Texas Roadhouse, Inc. (&ldquo;Texas Roadhouse&rdquo; or &ldquo;the Company&rdquo;), we are concerned that
the Company&rsquo;s climate risk management strategy falls short of investor expectations to mitigate financial risk associated
with rising temperatures, increased drought, and changing precipitation patterns, among other issues. Without a clear plan to
reduce greenhouse gas (GHG) emissions in alignment with the goals of the Paris Agreement, investors lack the necessary context
to ensure that Texas Roadhouse is adequately managing the impacts of climate risk to the Company and its shareholders.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Resolved</B>:
Shareholders request Texas Roadhouse issue a report, at reasonable cost and omitting proprietary information, describing if and
how it plans to reduce its total GHG emissions and align its business with the Paris Agreement&rsquo;s goal of limiting global
temperature increases to 1.5<SUP>o</SUP>C.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Supporting
Statement</B>: Shareholders recommend the report disclose, at board and management discretion:&nbsp;</FONT></P>

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<TD STYLE="width: 20pt"></TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Paris-aligned
                                         short-, medium-, and long-term emissions reduction targets for the Company&rsquo;s full
                                         GHG footprint, taking into consideration approaches used by advisory groups like the
                                         Science-Based Targets Initiative; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         transition plan detailing how the Company intends to achieve such targets, including
                                         strategies for mitigating physical and transition climate risks, taking into consideration
                                         criteria used by advisory groups such as the Task Force on Climate-related Financial
                                         Disclosures, CDP, Transition Plan Taskforce, and the We Mean Business Coalition.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Rationale
for a &ldquo;FOR&rdquo; Vote:&nbsp;</B></FONT></P>

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<TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Climate
                                         change poses direct physical, operational, and supply chain risks to Texas Roadhouse.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         evolving regulatory landscape underscores the importance of a Paris-aligned transition
                                         plan to address value chain emissions.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Texas
                                         Roadhouse has not adequately responded to significant support (40.4% of votes cast) for
                                         a similar proposal at its 2023 Annual General Meeting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

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<TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         Company&rsquo;s opposition statement reveals an approach out of step with peers and investor
                                         expectations.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Discussion</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>1)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Climate
                                         change poses direct physical, operational, and supply chain risks to Texas Roadhouse.</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
US Commodity Futures Trading Commission identifies climate change as a systemic risk<FONT STYLE="background-color: white">&nbsp;that
threatens the stability of financial markets.<SUP>1</SUP>&nbsp;Rising temperatures, increased drought, and changing precipitation
patterns resulting from climate change&nbsp;pose material financial risks to businesses along the agricultural supply chain in
the form of reduced agricultural and livestock productivity.<SUP>2,3</SUP></FONT></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>1</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>https://www.cftc.gov/PressRoom/SpeechesTestimony/romerostatement071923b</U>&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>2</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>https://climate.nasa.gov/effects/</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>3</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>https://www.ucsusa.org/resources/climate-change-and-agriculture</U>&nbsp;</FONT></TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>This
is not a solicitation of authority to vote your proxy. Please DO NOT send us your proxy card as it will not be accepted.&nbsp;</B></FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
changing climate is already affecting agricultural yields in the United States, which can impact prices and availability of key
commodities for the food sector.<SUP>4</SUP> Severe drought conditions in the United States, coupled with higher feed costs,
have contributed to the lowest US cattle inventory in more than 70 years.<SUP>5 </SUP>This has in turn contributed to a 34.5%
year-over-year increase in the cost of feeder steers at the Oklahoma City National Stockyards (as of March 11, 2024).<SUP>6
</SUP>The American Farm Bureau has stated that beef prices may continue to increase into 2025.<SUP>7</SUP> These trends could
be further exacerbated by the March 2024 wildfires in the Texas Panhandle, the largest wildfires in Texas history, given that
85% of the state&rsquo;s cattle population is located within the affected area.<SUP>8</SUP></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Texas
Roadhouse identifies &ldquo;<I>Maintaining and/or Improving Restaurant Level Profitability</I>&rdquo; as a key long-term strategy
to grow earnings per share and create shareholder value. Unfortunately, restaurant margins (as a percentage of restaurant and
other sales) have continued to decline in recent years, falling to 15.4% in 2023 compared to 15.7% in 2022 and 16.9% in 2021.
The Company cites the rising cost of beef as a key contributor to margin erosion as beef accounts for approximately half of the
Company&rsquo;s food and beverage costs.<SUP>9</SUP></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>2)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; "><B>The
                                         evolving regulatory landscape underscores the importance of a Paris-aligned transition
                                         plan to address value chain emissions.</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">As
jurisdictions in which Texas Roadhouse operates continue to strengthen climate-related regulation of the agricultural sector in
pursuit of achieving the goals of the Paris Agreement (&ldquo;Paris&rdquo;), investors benefit from understanding if and how the
Company is planning to reduce its total GHG emissions and align its business with the goals of Paris.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>Over
                                         130 countries, including the United States, have committed to establish GHG emissions
                                         reduction targets for the agriculture sector in support of the Paris Agreement.</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">At
the 2023 United Nations Climate Change Conference (COP28), over 130 countries, including the United States, signed the COP28 UAE
Declaration on Sustainable Agriculture, Resilient Food Systems, and Climate Action, formally committing to integrate agriculture
and food systems into Nationally Determined Contributions (NDCs) for emission reductions in pursuit of the goals of Paris, as
well as to &ldquo;revisit or orient policies and public support related to agriculture and food systems to&hellip;reduce greenhouse
gas emissions&rdquo; by COP30 in 2025.<SUP>10</SUP> It is highly probable that these federal ambitions for the sector will directly
impact the commodity producers upon which Texas Roadhouse relies to operate its business profitably.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
integration of agriculture within NDCs may be influenced by the Food &amp; Agriculture Organization of the United Nations (FAO),
which recently published the first roadmap to transform global agrifood systems and support food security without breaching Paris&rsquo;s
1.5<SUP>o</SUP>C threshold. One of the roadmap&rsquo;s ten &lsquo;domains of action&rsquo; relates to livestock production,<SUP>11
</SUP>including a dedicated report highlighting tangible interventions to reduce emissions from livestock husbandry operations.<SUP>12
</SUP>Within the FAO&rsquo;s roadmap, a key science-based milestone for the livestock industry includes a 25% reduction in sector
methane emissions by 2030 (compared to a 2020 baseline).<SUP>13</SUP></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>4</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>https://climatechange.chicago.gov/climate-impacts/climate-impacts-agriculture-and-food-supply</U>&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>5</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>https://www.fb.org/news-release/are-record-high-beef-prices-on-the-horizon</U>&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>6</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>https://www.ers.usda.gov/webdocs/outlooks/108794/ldp-m-357.pdf?v=3840</U>&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>7</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>https://www.fb.org/news-release/are-record-high-beef-prices-on-the-horizon</U>&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>8</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>https://www.marketwatch.com/story/the-biggest-wildfire-in-texas-history-highlights-cattle-ranchers-challenges-and-could-push-beef-prices-higher-for-consumers-90f5ca2e</U>&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>9</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>https://www.sec.gov/Archives/edgar/data/1289460/000155837024001595/txrh-20231226x10k.htm</U>&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>10</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>https://www.cop28.com/en/food-and-agriculture</U>&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>11</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>https://www.fao.org/interactive/sdg2-roadmap/en/</U>&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>12</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>https://www.fao.org/documents/card/en/c/cc9029en</U>&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>13</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>https://www.fao.org/interactive/sdg2-roadmap/en/</U>&nbsp;</FONT></TD></TR>

</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><B>This is not a solicitation of authority to vote your proxy. Please DO NOT send us your proxy card as it will
not be accepted.&nbsp;</B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Establishing
Paris-aligned GHG emissions reduction targets and engaging suppliers within this context is an effective way for Texas Roadhouse
to mitigate material business risks related to evolving regulation.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>Signed
                                         into law in October 2023, the California Climate Related Financial Risk Act requires
                                         companies, including Texas Roadhouse, to disclose climate-related financial risks and
                                         measures being taken to reduce or adapt to those risks.</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
bill defines climate-related financial risk as &ldquo;material risk of harm to immediate and long-term financial outcomes due
to physical and transition risks, including, but not limited to, risks to corporate operations, provision of goods and services,
supply chains&hellip;shareholder value, consumer demand, and financial markets and economic health.&rdquo;<SUP>14</SUP></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Under
the bill, covered issuers must report in accordance with the recommendations of the Task Force on Climate-related Financial Disclosures
(&ldquo;TCFD&rdquo;). The recommendations of the TCFD include a description of the impacts from climate-related risks and opportunities
on an organization&rsquo;s business, strategy, and financial planning, &ldquo;as well as key information from organizations&rsquo;
plans for transitioning to a low-carbon economy.&rdquo;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Supporting Statement explicitly points to the TCFD recommendations as a suggested input for Texas Roadhouse in developing a climate
transition plan, better positioning the Company to fulfill its requirements under the California Climate Related Financial Risk
Act.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>3)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Texas
                                         Roadhouse has not adequately responded to significant support (40.4% of votes cast) for
                                         a similar proposal at its 2023 Annual General Meeting.</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
similar proposal at the Company&rsquo;s 2023 Annual General Meeting received support from more than 40% of votes cast <I>after
</I>the Company outlined its plans for enhanced disclosures within its opposition statement &mdash; a signal that a substantial
proportion of shareholders felt the proposed approach did not adequately address the financial risks outlined within the proposal.
Despite this strong message from shareholders, Texas Roadhouse has not meaningfully expanded its proposed approach, noting in
this year&rsquo;s opposition statement that &ldquo;we still believe our plan, strategy, and approach is in the best interest of
and in alignment with our shareholders&rsquo; interests and views.&rdquo;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Long
term investors benefit by understanding how portfolio holdings are adapting business models to align with globally agreed upon
emissions reduction pathways. While we recognize the company&rsquo;s ongoing efforts to enhance GHG emissions disclosure, we note
that emissions data is a backwards looking metric. Valuations are forward looking, and therefore details regarding the pace and
ambition of the company&rsquo;s strategy are necessary for investors to make informed investment decisions. Texas Roadhouse lacks
a clear, comprehensive strategy to reduce its full value chain emissions footprint in alignment with Paris.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>None
of the additions to the Company&rsquo;s 2024 corporate sustainability program outlined in its opposition statement position the
Company to fulfill the core ask of our proposal: to disclose to investors if and how it plans to reduce its total GHG emissions
and align its business with the Paris Agreement&rsquo;s goal of limiting global temperature increases to 1.5<SUP>o</SUP>C</B>.
For example:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>14</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202320240SB261</U>&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"><B>This is not a solicitation of authority to vote your proxy. Please DO NOT send us your
proxy card as it will not be accepted.&nbsp;</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         Company&rsquo;s ongoing materiality assessment appears to lack critical components that
                                         would enable management and investors to better understand risk exposure, such as by
                                         performing a climate scenario analysis to assess the severity and likelihood of climate-related
                                         financial risks under various warming scenarios.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Although
                                         Texas Roadhouse reports that it &ldquo;Engage[d] a third-party consultant to discuss
                                         ways to reduce Scope 1 and 2 GHG emissions consistent with our operating model&rdquo;
                                         during 2023, it does not state an intent to undertake a similar exercise for Scope 3
                                         emissions. This omission is noteworthy as value chain emissions often represent over
                                         80% of the total footprint for companies in the food sector and would likely be the focus
                                         of federal regulation driven by the COP28 UAE Declaration on Sustainable Agriculture,
                                         Resilient Food Systems, and Climate Action.<SUP>15</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         Company&rsquo;s brief mention of engagement with protein suppliers on emission reduction
                                         activities lacks necessary context &mdash; such as the scope of ambition within such
                                         discussions, or any examples of ongoing partnerships on sustainability initiatives &mdash;
                                         and thereby fails to provide investors the necessary information to assess the efficacy
                                         of financial risk mitigation efforts.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>4)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>The
                                         Company&rsquo;s opposition statement reveals an approach out of step with peers and investor
                                         expectations.</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Externally
validated science-based emissions reduction targets are a leading indicator for many investors as they ensure an appropriate level
of corporate ambition to achieve net zero by 2050 and limit temperature rise to 1.5<SUP>o</SUP>C, addressing acute and systemic
climate-related financial risks. Within a company, such targets serve as a &lsquo;North Star&rsquo; to guide long-term strategy
and capital expenditures while promoting accountability.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Over
5,100 global companies have voluntarily set GHG emissions reduction targets validated by the Science Based Targets initiative
(SBTi), an indication of the evolving investor expectations for context and clarity within the scope of emissions reduction activities.<SUP>16
</SUP>Despite the Company&rsquo;s assertion that establishing science-based emissions reduction targets &ldquo;poses substantial
reputational, legal, and financial risk,&rdquo; over 1,370 additional companies have formally committed to establish GHG emissions
reduction targets through the SBTi since Texas Roadhouse&rsquo;s 2023 annual meeting, suggesting that many other companies have
determined the benefits far outweigh any theoretical risks.<SUP>17</SUP></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other
North American companies in the food sector who have validated near-term GHG reduction targets through the SBTi include but are
not limited to: Aramark, Chipotle, McDonalds, Restaurant Brands International, Wendy&rsquo;s, Yum! Brands, Tyson Foods, Cargill,
and Hormel.<SUP>18</SUP></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investors
increasingly expect companies to disclose comprehensive climate transition plans that outline pathways to achieve their emissions
reduction targets. The proposal&rsquo;s recommendation to develop such a plan addresses the Company&rsquo;s concerns regarding
the establishment of targets before understanding how such targets would be achieved. Utilizing the established and recognized
resources within the Supporting Statement would serve to mitigate the hypothetical reputational, legal, and financial risk referenced
by the Company.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">We
also note within the 2024 proxy statement the absence of certain leading practices for demonstrating effective climate competency
on the Board:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>15</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>https://engagethechain.org/top-us-food-and-beverage-companies-scope-3-emissions-disclosure-and-reductions#_ftn5</U></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>16</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>https://sciencebasedtargets.org/companies-taking-action</U></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>17</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>https://sciencebasedtargets.org/target-dashboard</U></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>18</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>https://sciencebasedtargets.org/companies-taking-action</U></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"><B>This is not a solicitation of authority to vote your proxy. Please DO NOT send us your proxy card as it will not be accepted.</B></P>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None
of the biographies for director nominees include evidence of climate or agricultural experience. Further, none of the nine directors
up for election serve on boards of outside companies that have set GHG emissions reduction goals.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Company does not provide evidence of board trainings on climate or agriculture within the &ldquo;Board Orientation and Continuing Education&rdquo;
section of the proxy, and these topics (or any explicitly related to sustainability) are not included within the director skills matrix.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">As
previously noted, the Company&rsquo;s ongoing materiality assessment does not appear to include a climate scenario analysis to assess
the severity and likelihood of various climate-related financial risks to the business under various warming scenarios, which would be
a critical input to inform the Board&rsquo;s assessment of our proposal.</FONT></TD>
</TR></TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Conclusion</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Climate
risk is financial risk. Without clear context around the scale, pace, and rigor of emissions reduction activities, investors are
unable to effectively assess how well the Company is managing its climate-related risks, which, in turn, hinders the ability of
investors to meet their fiduciary duty to clients by protecting and enhancing value.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
recommended disclosures within the Supporting Statement of the proposal would better position the Company to proactively mitigate
an evolving regulatory landscape, while also providing enhanced credibility, transparency, and accountability to its ongoing initiatives.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Despite
over 40% of shareholders supporting a similar proposal at the 2023 annual meeting, Texas Roadhouse has yet to fulfill the core
ask of the proposal: to describe if and how it plans to reduce its total GHG emissions and align its business with the Paris Agreement&rsquo;s
goal of limiting global temperature increases to 1.5<SUP>o</SUP>C.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>We
urge all shareholders to vote &ldquo;FOR&rdquo; Proposal #7.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>This is not a solicitation of authority to vote your proxy. Please DO NOT send us your proxy card as it will
not be accepted.&nbsp;</B></FONT></P>




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