Document:

<PAGE>

                                                                    EXHIBIT 10.3

                            ASSET PURCHASE AGREEMENT

         THIS ASSET PURCHASE AGREEMENT dated as of ________________, 2002
between Vector Tobacco Inc., a Delaware corporation ("Purchaser"), and Gary L.
Hall ("Hall").

                              W I T N E S S E T H:

         WHEREAS, Hall has been engaged in the business of marketing and selling
cigarettes as an owner of a tobacco distribution business, and has developed
significant contacts within the tobacco industry;

         WHEREAS, Hall has been a shareholder and officer of The Medallion
Company, Inc., a Virginia corporation ("Company") since 1996, and thus engaged
in the manufacture of tobacco products and is personally responsible for
developing contacts with customers and suppliers of Company due in part to his
involvement in the tobacco distribution business for many years prior to the
incorporation of Company; and

         WHEREAS, pursuant to that certain Agreement and Plan of Merger between
Purchaser, Company and the stockholders of Company ("Merger Agreement"), Company
is to merge with and into Purchaser (certain capitalized terms set forth in this
Asset Purchase Agreement shall have the meaning attributed to them in the Merger
Agreement).

         NOW THEREFORE, the parties agree as follows:

         1. TRANSFER OF ASSETS. Hall shall transfer and sell, and Purchaser
shall purchase, all of Hall's right, title and interest in any and all assets
and properties he possesses, of every kind, real, personal or mixed, absolute,
accrued, contingent or otherwise, tangible or intangible, wherever located, that
are used or useful in the conduct of Company's business, including but not
limited to any interest that Hall may have in agreements reached with customers
and suppliers of Company, with employees of Company and any other assets that
have been owned or acquired by Hall in connection with his ownership of Company
or as a result of Hall's involvement in the tobacco manufacturing business.

         2. MEMORANDA, NOTES, RECORDS, TRADE SECRETS.

                  (a) All memoranda, notes, records, files or other documents
made or compiled by Hall in connection with his involvement in tobacco
manufacturing businesses or made available to him as an employee of Company
shall be Purchaser's property and all originals or copies thereof shall be
delivered to Purchaser at any time on request of Purchaser.

                  (b) Hall shall not, for the period from the date of this Asset
Purchase Agreement to the date five years following the Closing Date, interfere
with the Company's relationships with, or endeavor to employ or entice away from
the Company, any person who at any time on or after January 1, 2001 was an
employee of the Company (other than those resigning as contemplated by the terms
of the Merger Agreement and Gerald Barber).

                  (c) Following the Closing Date, Hall shall not, directly or
indirectly, at any time, except with the prior express written consent of
Purchaser, disclose any Confidential Information that he may learn or have
learned by reason of his involvement in the tobacco
<PAGE>

manufacturing business or due to his employment or association with the Company,
or use any such information for his own personal benefit or gain.

         3. INTANGIBLE ASSETS. Hall shall never at any time have or claim any
right, title or interest in any patent, trade name, trademark, service mark,
copyright, trade secret, invention, discovery, concept, method, idea, software,
data bases, price lists, sales materials, sales aids, or other similar rights
developed by, generated by or made known to Hall as a result of his involvement
in tobacco manufacturing businesses or during the term of his employment with
the Company. All such tangible or intangible property shall be disclosed to and
be the sole and exclusive property of Purchaser. Hall shall fully describe any
such tangible or intangible property to an officer or director of Purchaser, and
upon request, Hall shall execute, acknowledge, and deliver, without further
consideration: (a) all papers, drawings, models, programs, data, documents and
other material pertaining to or in any way relating to or evidencing such
property; and (b) such assignments, certificates, and other documents as
Purchaser may consider necessary or appropriate to properly vest all rights,
title, and interest in such property in Purchaser or to enable Purchaser to file
and process applications for and to acquire, maintain and enforce any and all
patents, trademarks, registrations or copyrights or extensions, continuances or
renewals thereof.

         4. FURTHER ASSURANCES. Each party agrees without further consideration
to execute and deliver all such documents and instruments as the other party may
reasonably deem necessary or desirable to evidence the consummation of the
transactions contemplated by this Asset Purchase Agreement.

         5. PURCHASE PRICE AND PAYMENT. In consideration for the transfer of the
assets described above and in consideration of the other covenants described
above, Hall shall receive the sum of twenty-five million dollars ($25,000,000).
The purchase price described above shall be paid to Hall by delivery on the
Closing Date of the promissory note of Purchaser in the form of Exhibit A to the
Merger Agreement (the "Five Year Promissory Note"). The Five Year Promissory
Note shall be guaranteed by Liggett Group Inc., a Delaware corporation.

         6. CERTAIN PROVISIONS IN MERGER AGREEMENT APPLY. The parties agree that
the following terms and provisions of the Merger Agreement shall be applicable
to this Asset Purchase Agreement as if fully set forth herein. For purposes of
applying the terms and provisions of the Merger Agreement to this Asset Purchase
Agreement, Hall shall be referred to as the Seller for purposes of the terms and
provisions of the Merger Agreement that are applicable to this Asset Purchase
Agreement and all representations, warranties, covenants and indemnities of
Seller made in the Merger Agreement with respect to the Merger Agreement shall
be deemed to be made with respect to this Asset Purchase Agreement:

            Article II- Representations and Warranties of Seller
            Article III-Representations and Warranties of Purchaser
            Article IV-Further Agreements and Assurances
            Article V-Conduct of Business
            Article VI-Conditions to Purchaser's Obligations
            Article VII- Conditions to Seller's and the Company's Obligations

                                      -2-
<PAGE>

            Article VIII-Survival
            Article IX - Indemnification
            Article X -Termination
            Article XI - Miscellaneous

Hall specifically agrees that all amounts due him under the Five Year Promissory
Note are subject to the indemnification and right of setoff provisions set forth
in the Merger Agreement.

         This Asset Purchase Agreement has been executed and delivered on the
Closing Date. The closing of the transaction contemplated by this Asset Purchase
Agreement shall occur simultaneously with, and be subject to all of the
conditions precedent to, the Closing of the Merger contemplated by the Merger
Agreement. Upon termination of the Merger Agreement, this Asset Purchase
Agreement shall also terminate.

         IN WITNESS WHEREOF, the parties hereto have caused this Asset Purchase
Agreement to be duly executed as of the date first above written.

                                      VECTOR TOBACCO INC

                                      By:
                                          --------------------------------------
                                          Name:
                                          Title:

                                      HALL

                                      ------------------------------------------
                                      Gary L. Hall

For purposes of conveying all rights she has in the property being sold
hereunder, Donna M. Hall, wife of Gary L. Hall, signs below on the date first
written above.

                                      ------------------------------------------
                                      Donna M. Hall

                                      -3-<PAGE>

                       CERTIFICATE OF OWNERSHIP AND MERGER
                                       OF
                       WORLDWIDE RESTAURANT CONCEPTS, INC.
                            (A DELAWARE CORPORATION)
                                      INTO
                           SIZZLER INTERNATIONAL, INC.
                            (A DELAWARE CORPORATION)

        (PURSUANT TO SECTION 253 OF THE DELAWARE GENERAL CORPORATION LAW)

                                    * * * * *

It is hereby certified that:

FIRST: Sizzler International, Inc. (hereinafter sometimes referred to as the
"Corporation") is a business corporation of the State of Delaware.

SECOND: the Corporation is the owner of all of the outstanding shares of the
stock of Worldwide Restaurant Concepts, Inc., which is also a business
corporation of the State of Delaware.

THIRD: On August 29, 2001, the Board of Directors of the Corporation adopted the
following resolutions to merge Worldwide Restaurant Concepts, Inc. into the
Corporation, pursuant to Section 253 of the General Corporation Law of the State
of Delaware, wherein it permits the merger of a subsidiary corporation with and
into a parent corporation organized and existing under the laws of said state:

     WHEREAS, the Board of Directors approved a resolution authorizing the
     Company's name change by merger at its meeting on August 30, 2000; and

     WHEREAS, the implementation of the resolution was delayed for various
     reasons; and

     WHEREAS, during the past year, certain named "Authorized Officers" to act
     on behalf of the Company have resigned, resulting in an outdated
     resolution; and

     WHEREAS, the resolution should be updated to identify current Authorized
     Officers to act on behalf of the Company as it pertains to the Company's
     name change by merger.

     NOW THEREFORE, BE IT RESOLVED, that the resolution approving the corporate
     name change previously approved by the Board of Directors at its meeting on
     August 30, 2000, be amended and restated effective immediately; and

     RESOLVED, FURTHER, that the following name change resolution is in all
     respects approved and adopted effective this date:

                                   EXHIBIT 4.2

                                       8
<PAGE>

       WHEREAS, management has presented to the Board of Directors a proposal
       (the "Name Change Proposal") that the Company change its corporate name
       from "Sizzler International, Inc." to "Worldwide Restaurant Concepts,
       Inc."; and

       WHEREAS, the Board of Directors has reviewed, and deems it to be in the
       best interests of the Company to proceed with and implement the Name
       Change Proposal.

       NOW THEREFORE, BE IT RESOLVED, that the Board of Directors hereby
       approves the Name Change Proposal, and authorizes and directs Charles L.
       Boppell, President and Chief Executive Officer, and A. Keith Wall, Vice
       President and Chief Financial Officer (the "Authorized Officers"), and
       each of them, on behalf of the Company, to (i) cause to be prepared, and
       to execute, deliver, acknowledge, seal, register, record and file, any
       and all agreements, instruments and other documents, (ii) enter into any
       "name change" merger with a subsidiary of the Company, and (iii) enter
       into any and all other transactions and take any and all other actions,
       in each case (i), (ii) and (iii) to the extent either of them deems
       necessary or appropriate to effectuate the intent of the foregoing
       resolutions (any such actions hereby being deemed approved by this Board
       of Directors); and

       RESOLVED, FURTHER, that the Authorized Officers, and each of them, are
       hereby authorized and directed on behalf of the Company to cause to (a)
       prepare and issue any appropriate press release regarding the Name Change
       Proposal, (b) give any required notice to the New York Stock Exchange
       regarding the Name Change Proposal, (c) file with the U.S. Securities and
       Exchange Commission any reports required in connection with the Name
       Change Proposal, and (d) execute, acknowledge, seal, deliver, file,
       register, record and submit any and all documents or instruments, and
       take such other action, as they may deem necessary, appropriate or
       advantageous to cause the Company to consummate the Name Change Proposal
       or to comply with applicable law in connection therewith (any such
       actions specified in (a), (b), (c) or (d) of this resolution hereby being
       deemed approved by this Board of Directors); and

       RESOLVED, FURTHER, that the execution, delivery, acknowledgement,
       sealing, delivery, filing, registration, and/or recordation by any
       Authorized Officer of any document or instrument on behalf of the
       Company, or the taking of any other action necessary or appropriate in
       furtherance of the intent of the foregoing resolutions, at any time
       before the making of these resolutions is hereby ratified in full; and

       RESOLVED, FURTHER, that the Secretary of the Company be authorized and
       directed to certify this resolution and to provide to any concerned party
       an incumbency certificate and any other reasonably requested
       certification in support of the authority of the Authorized Officers to
       act on behalf of this Company.

                                   EXHIBIT 4.2

                                       9
<PAGE>

FOURTH: Article I of the Certificate of Incorporation of the Corporation shall
be amended, as provided in Section 253 of the Delaware General Corporation Law,
to change the name of the Corporation to "Worldwide Restaurant Concepts, Inc."
and said Certificate of Incorporation, as so amended and changed, shall continue
to be the Certificate of Incorporation of said surviving corporation until
further amended and changed in accordance with provisions of the General
Corporation Law of the State of Delaware.

               ARTICLE I: Name

               The name of the Corporation is Worldwide Restaurant Concepts,
Inc.

FIFTH: The effective time of the Certificate of Ownership and Merger setting
forth a copy of these resolutions, and the time when the merger therein provided
for, shall become effective shall be Tuesday, September 4, 2001, at 8:00 a.m.
(EST).

                                   EXHIBIT 4.2

                                       10
<PAGE>

Sizzler International, Inc. has caused this Certificate of Ownership and Merger
to be signed by Charles L. Boppell, its President and Chief Executive Officer
this 29th day of August, 2001.

                                      SIZZLER INTERNATIONAL, INC.
                                      a Delaware corporation

                                      By: /s/ Charles L. Boppell
                                         ---------------------------------------
                                            Charles L. Boppell
                                      Its: President and Chief Executive Officer

STATE OF CALIFORNIA   )
COUNTY OF LOS ANGELES )

On August 29, 2001 before me, Melanie Spellens, Notary Public, personally
appeared Charles L. Boppell personally known to me to be the person whose name
is subscribed to the within instrument and who acknowledged to me that he
executed the same in his authorized capacity, and that by his signature on the
instrument the person, or the entity upon behalf of which the person acted,
executed the instrument.

WITNESS my hand and official seal.

(SEAL)                                /s/ Melanie Spellens
                                      ------------------------------------------
                                      Melanie Spellens, Notary Public
                                      My Commission Expires:  04/18/2004

                                   EXHIBIT 4.2

                                       11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}]]