Edgar Filing: NOVELLO BENJAMIN P

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

NOVELLO BENJAMIN P

2. Issuer Name and Ticker or Trading Symbol
OUTBACK STEAKHOUSE INC [OSI]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
President of OSF, subsidiary

(Last)

(First)

(Middle)

C/O OUTBACK STEAKHOUSE, INC., 2202 N. WEST SHORE BLVD., 5TH FLOOR

3. Date of Earliest Transaction (Month/Day/Year)
06/23/2005

(Street)

TAMPA, FL 33607

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $.01	06/23/2005		M		45,000 ⁽¹⁾	A	$ 21.44	68,887	D
Common Stock, par value $.01	06/23/2005		S		1,800 ⁽¹⁾	D	$ 45.78	67,087	D
Common Stock, par value $.01	06/23/2005		S		400 ⁽¹⁾	D	$ 45.79	66,687	D
Common Stock, par value $.01	06/23/2005		S		6,600 ⁽¹⁾	D	$ 45.8	60,087	D
Common Stock, par value $.01	06/23/2005		S		1,500 ⁽¹⁾	D	$ 45.81	58,587	D
Common Stock, par value $.01	06/23/2005		S		8,700 ⁽¹⁾	D	$ 45.82	49,887	D
Common Stock, par value $.01	06/23/2005		S		200 ⁽¹⁾	D	$ 45.83	49,687	D
Common Stock, par value $.01	06/23/2005		S		10,200 ⁽¹⁾	D	$ 45.86	39,487	D
Common Stock, par value $.01	06/23/2005		S		1,000 ⁽¹⁾	D	$ 45.87	38,487	D
Common Stock, par value $.01	06/23/2005		S		1,300 ⁽¹⁾	D	$ 45.88	37,187	D
Common Stock, par value $.01	06/23/2005		S		1,400 ⁽¹⁾	D	$ 45.89	35,787	D
Common Stock, par value $.01	06/23/2005		S		500 ⁽¹⁾	D	$ 45.9	35,287	D
Common Stock, par value $.01	06/23/2005		S		100 ⁽¹⁾	D	$ 45.91	35,187	D
Common Stock, par value $.01	06/23/2005		S		100 ⁽¹⁾	D	$ 45.92	35,087	D
Common Stock, par value $.01	06/23/2005		S		200 ⁽¹⁾	D	$ 45.93	34,887	D
Common Stock, par value $.01	06/23/2005		S		1,000 ⁽¹⁾	D	$ 45.94	33,887	D
Common Stock, par value $.01	06/23/2005		S		1,900 ⁽¹⁾	D	$ 45.95	31,987	D
Common Stock, par value $.01	06/23/2005		S		2,400 ⁽¹⁾	D	$ 45.96	29,587	D
Common Stock, par value $.01	06/23/2005		S		2,900 ⁽¹⁾	D	$ 45.97	26,687	D
Common Stock, par value $.01	06/23/2005		S		2,800 ⁽¹⁾	D	$ 45.98	23,887	D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Option (right to buy)

$ 21.44

06/23/2005

45,000 ⁽¹⁾

⁽²⁾

10/27/2009

Common Stock

45,000

$ 21.44

Stock Option (right to buy)

$ 15.67

⁽³⁾

06/26/2009

Common Stock

28,074

Stock Option (right to buy)

$ 36.56

⁽⁴⁾

01/23/2012

Common Stock

75,000

Stock Option (right to buy)

$ 28.39

⁽⁵⁾

07/24/2012

Common Stock

50,000

Stock Option (right to buy)

$ 43.9

⁽⁶⁾

04/21/2014

Common Stock

150,000

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
NOVELLO BENJAMIN P C/O OUTBACK STEAKHOUSE, INC. 2202 N. WEST SHORE BLVD., 5TH FLOOR TAMPA, FL 33607			President of OSF, subsidiary

Signatures

Joseph J. Kadow, Attorney-in-Fact		06/23/2005
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	This transaction was executed pursuant to a Rule 10b5-1 Plan entered into on May 3, 2005.
(2)	The option vests in three annual installments beginning on 01/01/2003 in the respective amounts of 15,000, 15,000 and 45,000.
(3)	The option vests on June 26, 2004.
(4)	The option vests in three annual installments beginning on 01/01/2005 in the respective amounts of 15,000, 15,000 and 45,000.
(5)	The option vests in three annual installments beginning on 07/01/2005 in the respective amounts of 10,000, 10,000 and 30,000.
(6)	The option vests in three annual installments beginning on 04/21/2007 in the respective amounts of 30,000, 30,000 and 90,000.

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