Document:

Exhibit 10.1.3

 

BINDING MEMORANDUM OF UNDERSTANDING

 

WHEREAS,
James C. Verney (hereinafter “Verney” or “Executive”) and Western Sizzlin
Corporation, successor in interest to Austins Steaks and Saloon, Inc.
(hereinafter “WSC” or “Company”) are parties (WSC and Verney hereinafter
collectively referred to as the “Parties”) to an employment agreement effective
the 1st day of July, 2003 (hereinafter the “Employment Agreement”);
and

 

WHEREAS,
the Employment Agreement, incorporated herein by reference  provides for a First Renewal Term beginning
January 1, 2005; and

 

WHEREAS,
the Parties have not exercised their respective options to terminate the
Employment Agreement, and the Parties desire to renew the Employment Agreement
for the First Renewal Term pursuant to the terms and conditions set forth
herein, and in the Employment Agreement, to the extent not modified herein.

 

NOW
THEREFORE, the Parties agree as follows:

 

1.             The Base Salary
for the Executive will be at the annual rate of Two Hundred and Fifty Thousand
Dollars ($250,000.00) for the First Renewal Term as defined in Section 6 of the
Employment Agreement (calendar year 2005).

 

2.             The Bonus Fund
established by Section 2 of the Employment Agreement shall not exceed One
Hundred and Twenty-five Thousand Dollars ($125,000.00), an amount equal to 50%
of the Base Salary for Executive.

 

3.             The Performance
Target as defined in Section 2 of the Employment Agreement shall consist of:

 

The Company reports, in 2005, Income Before Tax (as established by the
Company’s audited financial statements) an amount equal to the amount budgeted
for Income Before Tax for the year 2005.

 

Notwithstanding anything in the Employment Agreement to the contrary,
failure to complete the following objectives shall preclude the grant of a
bonus in any amount for the year 2005, without regard to whether 80%, 100% or
120% of the Performance Target has been achieved:

 

a.             Complete consumer research for the updated
Great American concept;

 

 

b.             Develop plans for a prototype Great American
restaurant;

 

c.             Complete and open for business one prototype
Great American Buffet Restaurant, under the Joint Venture vehicles or
otherwise, and begin construction on a second prototype Great American Buffet
Restaurants, under the Joint Venture vehicles or otherwise;

 

d.             Develop and implement minimal standards for
food and beverage for the existing Western Sizzlin and Great American concepts;

 

e.             Develop plans for sale of franchises for the
Great American concept.

 

With regard to the plans and standards Executive is required to develop
in paragraphs 3.d., and e., Executive shall submit said plans for approval to
the Board of Directors of the Company and will take such steps necessary to
further develop said plans as may be reasonably requested by the Board. However,
approval of said plans shall not be required for eligibility for the grant of a
bonus.

 

4.             The Housing
Allowance referred to in Section 4 of the Employment Agreement expires as of
December 31, 2004 and shall not be continued during the First Renewal Term.

 

5.             There shall be
no changes to any other benefits set forth in Section 4 of the Employment
Agreement during the First Renewal Term.

 

6.             In addition to
stock options provided in Section 5(b) of the Employment Agreement, the Company
shall grant Executive 100,000 options following the 2005 annual meeting of the
Shareholders of WSC. These options shall vest and be governed by Section 5(b)
of the Employment agreement, except that the exercise price for these options
shall be the fair market value per share of Company common stock on the date of
the option grant. The grant of the option shall be evidenced by a separate
written stock option agreement containing the provisions described in Section
5(b), (except that the exercise price). The options shall be governed in all
other respects by a Key-employee Incentive and Non-qualified Stock Option Plan
to be adopted by the Company upon approval of the Board of Directors.

 

7.             The Employment
Agreement is confirmed and ratified in all other respects.

 

 

Dated this 4th day of January, 2005.

 

	
   

  	
  JAMES
  C. VERNEY

  
	
   

  	
   

  
	
   

  	
  /s/ James C. Verney

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WESTERN
  SIZZLIN CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul C. Schorr, III

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
  ChairmanExhibit 10.13

 

Letter Agreement with KPMG, LLP

 

March 22, 2006

 

Western Sizzlin Corporation

1338 Plantation Road

Roanoke, VA  24012

 

Attention: Mr. James C. Verney,
President and Chief Executive Officer

 

Western Sizzlin Corporation and
subsidiaries (the “Company”) has requested that we consent to the incorporation
by reference of our report on the Company’s consolidated balance sheet as of
December 31, 2003, and the related consolidated statements of operations,
stockholders’ equity and cash flows for each of the years ended December 31,
2003 and 2002 in the Annual Report on Form 10-K for the year ended December 31,
2004, which serves to update Registration Statement No. 333-67641 on Form S-8
and Registration Statement No. 333-118934 on Form S-8, previously filed by the
Company under the Securities Act of 1933.

 

By agreeing to the terms of
this letter, you agree to indemnify KPMG LLP (KPMG) from certain risks inherent
in incorporating by reference our audit report on the Company’s consolidated
balance sheet as of December 31, 2003, and the related consolidated
statements of operations, stockholders’ equity and cash flows for each of the
years ended December 31, 2003 and 2002 in the Annual Report on Form 10-K for
the year ended December 31, 2004, which serves to update Registration Statement
No. 333-67641on Form S-8 and Registration Statement No. 333-118934 on Form S-8,
previously filed by the Company under the Securities Act of 1933. Specifically,
you agree to indemnify and hold KPMG harmless against and from any and all
legal costs and expenses (including reasonable fees and expenses of attorneys,
experts and consultants) which we may incur in connection with our successful
defense of any legal action or proceeding that may arise as a result of our
consent to the incorporation by reference of our report on the Company’s
consolidated balance sheet as of December 31, 2003, and the related
consolidated statements of operations, stockholders’ equity and cash flows for
each of the years ended December 31, 2003 and 2002 in the Annual Report on Form
10-K for the year ended December 31, 2004, which serves to update Registration
Statement No. 333-67641 on Form S-8 and Registration Statement No. 333-118934
on Form S-8, previously filed by the Company under the Securities Act of 1933,
whether brought under the federal securities laws or other statutes, state
statute, or common law, or otherwise. In the event KPMG incurs legal costs or
expenses indemnified hereunder, you agree to reimburse KPMG for those costs as
incurred on a monthly basis. KPMG shall not be indemnified, and shall refund to
you, any amounts paid to it pursuant to this indemnification in the event there
is court adjudication that we are guilty of professional malpractice, or in the
event that KPMG becomes liable for any part of the plaintiff’s damages by
virtue of settlement. In the event KPMG is requested pursuant to subpoena or
other legal process to produce its documents relating to the Company in
judicial or administrative proceedings to which KPMG is not a party, the
Company shall reimburse KPMG at standard billing rates for its professional
time and expenses, including reasonable attorney’s fees, incurred in responding
to such requests.

 

Please indicate your acceptance
of these terms by signing and returning a copy of this letter to me.

 

Very truly yours,

 

	
  KPMG LLP

  
	
   

  
	
  /s/ T.
  Douglas McQuade

  	
   

  
	
  Managing Partner

  	
   

  
			

 

1

 

cc:         Ms. Robyn B. Mabe

Chief Financial Officer

Western Sizzlin Corporation

 

ACCEPTED:

 

	
  WESTERN SIZZLIN CORPORATION

  
	
   

  
	
  /s/ James C.
  Verney

  	
   

  
	
  Authorized
  Signature

  	
   

  
	
   

  	
   

  
	
   James C. Verney

  	
   

  
	
  President
  & Chief Executive Officer

  	
   

  
	
   

  	
   

  
	
   March 23, 2006

  	
   

  
	
  Date

  	
   

  

 

2Exhibit 10.1

 

THIRD
AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

THIS THIRD AMENDMENT
(this “Amendment”) is made as of this 5th day of April, 2006 to that
certain AMENDED AND RESTATED EMPLOYMENT AGREEMENT, dated as of May 15, 2002, as
amended (collectively, the “Employment Agreement”), by and between DAVID E.
ULLMAN (“Employee”) and JOS. A. BANK CLOTHIERS, INC. (“Employer”).

 

FOR GOOD AND VALUABLE
CONSIDERATION, the receipt and adequacy of which are hereby acknowledged,
Employer and Employee, being the sole parties to the Employment Agreement,
hereby amend the Employment Agreement as follows:

 

1. Subject to earlier
termination otherwise set forth in the Employment Agreement, the last day of
the Employment Period shall be January 31, 2008.

 

2. Effective February 26,
2006, Employee’s Base Salary shall be $375,000.00.

 

Except as specifically
amended hereby, the Employment Agreement shall remain in full force and effect
according to its terms. To the extent of any conflict between the terms of this
Amendment and the terms of the remainder of the Employment Agreement, the terms
of this Amendment shall control and prevail. Capitalized terms used but not
defined herein shall have those respective meanings attributed to them in the
Employment Agreement. This Amendment shall hereafter be deemed a part of the
Employment Agreement for all purposes. The terms of employment set forth in
this Amendment have been approved by the Audit Committee of the Board of
Directors of the Employer.

 

IN WITNESS
WHEREOF, the parties hereto have executed this Amendment as of the date first
above written.

 

JOS. A. BANK CLOTHIERS,
INC.

 

	
  By:

  	
  /s/
  Robert N. Wildrick

  	
   

  	
  /s/ David E. Ullman

  	
   

  
	
   

  	
  Robert N. Wildrick,

  	
  DAVID E. ULLMAN

  
	
   

  	
  Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00101-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00101-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00101-of-00352.parquet"}]]