Document:

Ex-10.(z)

 

EXHIBIT (10) (z)

FOURTH AMENDMENT TO

J. ALEXANDER’S CORPORATION

EMPLOYEE STOCK OWNERSHIP PLAN

(as amended and restated as of January 1, 1997)

     WHEREAS, J. Alexander’s Corporation, a Tennessee corporation (the “Company”), maintains the J.
Alexander’s Corporation Employee Stock Ownership Plan (the “Plan”) to enable its eligible employees
to share in the growth and prosperity of the Company; and

     WHEREAS, the Company most recently has restated the Plan, effective January 1, 1997, and has
subsequently amended the Plan to make changes required as a result of Federal tax legislation and
U.S. Department of Labor regulations; and

     WHEREAS, the Company desires to amend the Plan to freeze participation in the Plan so that no
new participants may enter the Plan after December 31, 2006.

     NOW, THEREFORE, in consideration of the premises, effective December 31, 2006, the Company
hereby amends the Plan as follows:

     1. Section 2.1(tt) of the Plan is amended to provide as follows:

     (tt) Participant. A person participating in the Plan in accordance with the
provisions of Article III. Notwithstanding any other provision in the Plan to the contrary,
no Employee who is not a Participant on December 31, 2006, shall become a Participant after
that date. However, Participants shall continue to receive credit for Years of Vesting
Service in accordance with Section 2.1(ggg) of the Plan and for the purpose of receiving
allocations of discretionary Employer contributions under Section 4.1 of the Plan.

     2. A new paragraph is added to the end of Section 3.1 of the Plan, which shall read as
follows:

     Notwithstanding any other provision in the Plan to the contrary, no Employee who is not
a Participant on December 31, 2006, shall become a Participant after that date. However,
Participants shall continue to receive credit for Years of Vesting Service in

 

 

accordance with Section 2.1(ggg) of the Plan and for the purpose of receiving
allocations of discretionary Employer contributions under Section 4.1 of the Plan.

     IN WITNESS WHEREOF, J. Alexander’s Corporation has caused this Fourth Amendment to the J.
Alexander’s Corporation Employee Stock Ownership Plan to be
executed this
20th day of December
2006, effective as of December 31, 2006, by its duly authorized officers.

	 	 	 	 	 	 	 
	 	 	J. ALEXANDER’S CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:		/s/ J. Michael Moore	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	Vice President Human Resources and Administration	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	ATTEST:
	 	 	 	 	 	 

/s/ Ruth Ann
Tidwell

2Ex-10.(dd)

 

EXHIBIT (10)(dd)

AMENDED AND RESTATED LINE OF CREDIT NOTE

	 	 	 	 	 
	$10,000,000.00
	 	Nashville, Tennessee
	 	as of September 20, 2006

     FOR VALUE RECEIVED, J. ALEXANDER’S CORPORATION and J. ALEXANDER’S RESTAURANTS, INC., both
Tennessee corporations (collectively, the “Maker”), jointly and severally promise to pay to the
order of BANK OF AMERICA, N.A. (“Payee” or “Bank of America”), the sum of Ten Million and No/100
Dollars ($10,000,000.00), or as much thereof as may be outstanding from time to time, together with
interest thereon as set forth below. This Note is made pursuant to the terms of that certain Loan
Agreement dated as of May 12, 2003, as amended from time to time (the “Loan Agreement”).
Capitalized terms not defined herein shall have the meanings set forth in the Loan Agreement. This
Note evidences an increase by $5,000,000.00 in the maximum principal amount available for
borrowings by Borrower subject to the terms of the Loan Agreement, and is an amendment and
restatement of that certain Amended and Restated Line of Credit Note in the principal amount of
$5,000,000.00 dated January 20, 2004, which Note was an amendment and restatement of that certain
Line of Credit Note dated as of May 12, 2003, in the original principal amount of $5,000,000.00.

     Maker may borrow, repay and reborrow at any time, up to a maximum aggregate amount outstanding
at any one time equal to the Revolving Committed Amount, provided that Maker is not in default,
subject to applicable grace and cure periods, if any, set forth in the Loan Agreement, under any
provision of this Note, any other documents executed in connection with this Note, or any other
note or other Loan Documents now or hereafter executed in connection with any other obligation of
Maker to Payee, and provided that the borrowings hereunder do not exceed the limitation on
borrowings by Maker set forth in Section 2.(e)(ii) of the Loan Agreement.

     From the date hereof until the stated maturity of this Note, interest shall accrue at the rate
set forth in the Loan Agreement. From the date hereof until the stated maturity of this Note,
Maker shall pay to Payee quarterly in arrears an Unused Commitment fee as determined by the
provisions of the Loan Agreement.

     Interest in arrears shall be due and payable on the first (1st) day of each calendar quarter
beginning on July 1, 2006, and continuing on the same day of each consecutive calendar quarter
thereafter until the stated maturity of this Note. All remaining principal and interest shall
become due on July 1, 2009 (the “Maturity Date”).

     Maker has elected to authorize Bank of America to effect payment of sums due under this
Note by means of debiting Maker’s account number 112638499 ABA routing # 0064002. This
authorization shall not affect the obligation of Maker to pay such sums when due, without notice,
if there are insufficient funds in such account to make such payment in full on the due date
thereof, or if Bank of America fails to debit the account.

     Subject to the provisions of the Loan Agreement, Maker has the option to convert the
$10,000,000.00 Line of Credit Loan evidenced by this note to a term loan as more particularly set
forth in the Loan Agreement.

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     Interest hereunder shall be calculated based upon a 360 day year and actual days elapsed. The
interest rate required hereby shall not exceed the maximum rate permissible under applicable law,
and any amounts paid in excess of such rate shall be applied to reduce the principal amount hereof
or shall be refunded to Maker, at the option of the holder of this Note.

     All amounts due under this Note are payable at par in lawful money of the United States of
America, at the principal place of business of Payee in Nashville, Tennessee, or at such other
address as the Payee or other holder hereof (herein “Holder”) may direct.

     Any payment not made within fifteen (15) days of its due date will be subject to assessment of
a late charge equal to five percent (5%) of such payment. Holder’s right to impose a late charge
does not evidence a grace period for the making of payments hereunder.

     The occurrence of a Default under the Loan Agreement shall constitute an event of default
under this Note.

     Upon the occurrence of an event of default, as defined above, Holder may, at its option and
without notice, terminate any obligation to advance funds under this Note, declare all principal
and interest provided for under this Note, and any other obligations of Maker to Holder, to be
presently due and payable, and Holder may enforce any remedies available to Holder under any
documents securing or evidencing debts of Maker to Holder. Holder may waive any default before or
after it occurs and may restore this Note in full effect without impairing the right to declare it
due for a subsequent default, this right being a continuing one. Upon default, at Holder’s
election, the remaining unpaid principal balance of the indebtedness evidenced hereby and all
expenses due Holder shall bear interest at the Default Rate as said term is defined in the Loan
Agreement.

     All amounts received for payment of this Note shall be first applied to any expenses due
Holder under this Note or under any other documents evidencing or securing obligations of Maker to
Holder, then to accrued interest, and finally to the reduction of principal. Prepayment of
principal or accrued interest may be made, in whole or in part, at any time without penalty. Any
prepayment(s) shall reduce the final payment(s) and shall not reduce or defer installments next
due.

     This Note may be freely transferred by Holder.

     Maker and all sureties, guarantors, endorsers and other parties to this instrument hereby
consent to any and all renewals, waivers, modifications, or extensions of time (of any duration)
that may be granted by Holder with respect to this Note and severally waive demand, presentment,
protest, notice of dishonor, and all other notices that might otherwise be required by law. All
parties hereto waive the defense of impairment of collateral and all other defenses of suretyship.

     Maker and all sureties, guarantors, endorsers and other parties hereto agree to pay reasonable
attorneys’ fees and all court and other costs that Holder may incur in the course of efforts to
collect the debt evidenced hereby or to protect Holder’s interest in any collateral securing the
same.

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     The validity and construction of this Note shall be determined according to the laws of
Tennessee applicable to contracts executed and performed within that state. If any provision of
this Note should for any reason be invalid or unenforceable, the remaining provisions hereof shall
remain in full effect.

     The provisions of this Note may be amended or waived only by instrument in writing signed by
the Holder and Maker and attached to this Note.

     Dispute Resolution Provision. This paragraph, including the subparagraphs below, is
referred to as the “Dispute Resolution Provision.” This Dispute Resolution Provision is a material
inducement for the parties entering into this agreement.

     (a) This Dispute Resolution Provision concerns the resolution of any controversies or claims
between the parties, whether arising in contract, tort or by statute, including but not limited to
controversies or claims that arise out of or relate to: (i) this agreement (including any renewals,
extensions or modifications); or (ii) any document related to this agreement (collectively a
“Claim”). For the purposes of this arbitration provision only, the term “parties” shall include
any parent corporation, subsidiary or affiliate of the Holder involved in the servicing, management
or administration of any obligation described or evidenced by this agreement.

     (b) At the request of any party to this agreement, any Claim shall be resolved by binding
arbitration in accordance with the Federal Arbitration Act (Title 9, U.S. Code) (the “Act”). The
Act will apply even though this agreement provides that it is governed by the law of a specified
state.

     (c) Arbitration proceedings will be determined in accordance with the Act, the then-current
rules and procedures for the arbitration of financial services disputes of the American Arbitration
Association or any successor thereof (“AAA”), and the terms of this Dispute Resolution Provision.
In the event of any inconsistency, the terms of this Dispute Resolution Provision shall control.
If AAA is unwilling or unable to (i) serve as the provider of arbitration or (ii) enforce any
provision of this arbitration clause, Bank of America may designatae another arbitration
organization with similar procedures to serve as the provider of arbitration.

     (d) The arbitration shall be administered by AAA and conducted in Nashville, Tennessee. All
Claims shall be determined by one arbitrator; however, if Claims exceed Five Million Dollars
($5,000,000), upon the request of any party, the Claims shall be decided by three arbitrators. All
arbitration hearings shall commence within ninety (90) days of the demand for arbitration and close
within ninety (90) days of commencement and the award of the arbitrator(s) shall be issued within
thirty (30) days of the close of the hearing. However, the arbitrator(s), upon a showing of good
cause, may extend the commencement of the hearing for up to an additional sixty (60) days. The
arbitrator(s) shall provide a concise written statement of reasons for the award. The arbitration
award may be submitted to any court having jurisdiction to be confirmed, judgment entered and
enforced.

     (e) The arbitrator(s) will give effect to statutes of limitation in determining any Claim

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and may dismiss the arbitration on the basis that the Claim is barred. For purposes of the
application of the statute of limitations, the service on AAA under applicable AAA rules of a
notice of Claim is the equivalent of the filing of a lawsuit. Any dispute concerning this
arbitration provision or whether a Claim is arbitrable shall be determined by the arbitrator(s),
except as set forth at subparagraph (h) of this Dispute Resolution Provision. The arbitrator(s)
shall have the power to award legal fees pursuant to the terms of this agreement.

     (f) This paragraph does not limit the right of any party to: (i) exercise self-help remedies,
such as but not limited to, setoff; (ii) initiate judicial or non-judicial foreclosure against any
real or personal property collateral; (iii) exercise any judicial or power of sale rights, or (iv)
act in a court of law to obtain an interim remedy, such as but not limited to, injunctive relief,
writ of possession or appointment of a receiver, or additional or supplementary remedies.

     (g) The filing of a court action is not intended to constitute a waiver of the right of any
party, including the suing party, thereafter to require submittal of the Claim to arbitration.

     (h) Any arbitration or trial by a judge of any Claim will take place on an individual basis
without resort to any form of class or representative action (the “Class Action Waiver”).
Regardless of anything else in this Dispute Resolution Provision, the validity and effect of the
Class Action Waiver may be determined only by a court and not by an arbitrator. The parties to
this Agreement acknowledge that the Class Action Waiver is material and essential to the
arbitration of any disputes between the parties and is nonseverable from the agreement to arbitrate
Claims. If the Class Action Waiver is limited, voided or found unenforceable, then the parties’
agreement to arbitrate shall be null and void with respect to such proceeding, subject to the right
to appeal the limitation or invalidation of the Class Action Waiver. The Parties acknowledge and
agree that under no circumstances will a class action be arbitrated.

     (i) By agreeing to binding arbitration, the parties irrevocably and voluntarily waive any
right they may have to a trial by jury in respect of any Claim. Furthermore, without intending in
any way to limit this agreement to arbitrate, to the extent any Claim is not arbitrated, the
parties irrevocably and voluntarily waive any right they may have to a trial by jury in respect of
such Claim. This waiver of jury trial shall remain in effect even if the Class Action Waiver is
limited, voided or found unenforceable. WHETHER THE CLAIM IS DECIDED BY ARBITRATION OR BY TRIAL BY
A JUDGE, THE PARTIES AGREE AND UNDERSTAND THAT THE EFFECT OF THIS AGREEMENT IS THAT THEY ARE GIVING
UP THE RIGHT TO TRIAL BY JURY TO THE EXTENT PERMITTED BY LAW.

THIS WRITTEN PROMISSORY NOTE REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.
THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

     Words used herein indicating gender or number shall be read as context may require.

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	J. ALEXANDER’S CORPORATION	 	J. ALEXANDER’S RESTAURANTS, INC.
	 
	 	 	 	 	 	 
	By:

	 	/s/ R. Gregory Lewis
	 	By:
	 	/s/ R. Gregory Lewis
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	Title:

	 	Vice President and Chief Financial Officer
	 	Title:
	 	Vice President
	 

	 	 
	 	 	 	 

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