Document:

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                                                                   Exhibit 10.47

                         COLLINS FOODS GROUP PTY LTD -
                            SHAREHOLDERS' AGREEMENT

THIS SHAREHOLDERS' AGREEMENT is made on the 30th day of March, 2001.

PARTIES

1.   COLLINS FOODS GROUP PTY LTD ACN 009 937 900 of 16 Edmondstone Street,
     Newmarket in the State of Brisbane.

2.   SIZZLER INTERNATIONAL, INC. of Suite 200, 6101 West Centinela Avenue,
     Culver City, California 90230, United States of America.

3.   RESTAURANT CONCEPTS INTERNATIONAL, INC., ARBN 080 473 650 of 16 Edmondstone
     Street, Newmarket in the State of Brisbane.

4.   AUSTRALIAN MANAGEMENT GROUP MEMBERS, the individuals whose names and
     addresses are set out in the Schedule to this Agreement (as represented by
     the members of the Executive Group).

BACKGROUND

A.   RCI currently owns 17,300,010 shares in CFG, being 100% of the issued
     shareholding of CFG.

B.   SII, as the ultimate parent company, owns 100% of the issued shareholding
     in each of RCI and CFG.

C.   SII has agreed to establish an arrangement whereby AMG is entitled to
     acquire up to 5,148,577 shares in CFG, provided that certain qualifications
     are met.

D.   For that purpose, SII has authorised CFG to develop and implement the
     Collins Foods Share Option Plan and the Productivity Bonus Option Plan.

E.   AMG Members are entitled to purchase Shares upon exercise of Options and
     Productivity Bonus Options.

F.   The Parties have agreed to enter into this Agreement to provide for the
     terms and conditions under which Shares will be held and disposed of, and
     certain other matters.

IT IS AGREED

1.   INTERPRETATION

1.1  Definitions

     In this Agreement, unless the context otherwise requires:

     Agreement means this agreement.
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     Australian Management Group (AMG) consists of the Senior Management Group
     and the Selected Employees.

     AMG Member refers to each individual specified in the Schedule to this
     Agreement as a member of AMG.

     AMG Option Date means August 21, 2003, or such earlier date after August
     21, 2000 on which a Trigger Event (as defined in the Plans) occurs.

     AMG Option Exercise Date means the date or dates not before the AMG Option
     Date and not after August 20, 2004 on which Options are exercised by AMG
     Members.

     AMG Option Exercise Notice means the notice to be delivered to SII by the
     AMG Representative upon exercise of the AMG Share Purchase Option.

     AMG Representative means the members of the Executive Group.

     AMG Share Purchase Option means the option granted to AMG to purchase the
     RCI Shares under the provisions of this Agreement.

     AMG Transfer Notice means the notice to be given by a Disposing Shareholder
     to the Directors of CFG with relation to any proposal for transfer of
     Shares.

     Business means the KFC Restaurant business in Queensland and the Sizzler
     Restaurant business in Australia, which are conducted by the subsidiaries
     of the Company.

     CFG or the Company means Collins Foods Group Pty Ltd, including (where the
     context permits) its subsidiaries.

     Collins Foods Share Option Plan means the Plan adopted by the Company
     pursuant to which AMG Members have the opportunity to exercise Options for
     the purchase of Shares.

     Competing Offer means an alternative offer by AMG for the purchase of the
     beneficial ownership of the Business, following receipt of a Sale Offer
     Notice from SII.

     Competing Offer Notice means a notice delivered to SII by the AMG
     Representative confirming the presentation of a Competing Offer by AMG.

     Constitution means the constitution of the Company as altered from time to
     time in accordance with its provisions, this Agreement and the Corporations
     Law.

     Directors mean the Directors of the Company as appointed from time to
     time.

     Disposing Shareholder means:-

     (a)  any AMG Member who wishes to offer his Shares for sale in accordance
          with the provisions of this Agreement; and

     (b)  the personal representatives of a deceased AMG Member; and

     (c)  a Trustee in Bankruptcy appointed to represent a bankrupt AMG Member.

     Executive Group means Kevin Perkins, Lynne Grace, James Ryan and Simon
     Perkins (or any person who may be appointed to replace any of those
     nominated persons during the operation of this Agreement).
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     Fair Market Value means the market value of shares in the Company at any
     relevant date as determined by an Independent Valuer having suitable
     expertise and qualifications in that regard, or otherwise in accordance
     with the procedures specified in clause 5.3 of this Agreement.

     Independent Valuer means a suitably qualified valuer having not less than 5
     years practical experience of similar valuations to be appointed jointly by
     the Parties or, failing agreement between then, by the President of the
     Queensland Institute of Chartered Accountants.

     Option or Options means the option or options to buy shares in the Company
     which are granted to AMG Members under the Terms and Conditions of the
     Collins Foods Share Option Plan.

     Parties means the parties to this Agreement.

     Plans means a joint reference to the Collins Foods Share Option Plan and
     the Productivity Bonus Option Plan, where required by the context of this
     Agreement.

     Productivity Bonus Option or Options means the Productivity Bonus Option or
     Options to buy shares in the Company which are granted to AMG Members under
     the Terms and Conditions of the Productivity Bonus Option Plan.

     Productivity Bonus Option Plan means the Plan adopted by the Company
     pursuant to which AMG Members have the opportunity to exercise Productivity
     Bonus Options for the purchase of Shares.

     RCI means Restaurant Concepts International, Inc., a Nevada corporation
     which is the current holder of all of the issued shares in CFG.

     RCI Shares means those issued shares in CFG which are owned by RCI and/or
     by any other nominee of SII during the term of this Agreement.

     Repurchase Option Notice means the notice to be delivered by SII to the AMG
     Representative confirming that SII wishes to purchase all of the Shares in
     CFG owned by one or more of the individual AMG Members.

     Right of First Refusal means the right of SII to purchase the Shares held
     by any AMG Member offering those Shares for sale. The Right of First
     Refusal will be capable of being exercised in accordance with an agreed
     price for the purchase of the Shares offered to the vendor of those Shares
     by any other AMG Member.

     Sale Offer Notice means the notice delivered by SII to the AMG
     Representative to notify the terms of any proposal for the sale of the
     beneficial ownership of the Business by SII to a Third Party Purchaser.

     Selected Employees means those district managers and head office personnel
     as are selected by the Senior Management Group to participate in AMG.

     Senior Management Group means Kevin Perkins, Lynne Grace, James Ryan, Simon
     Perkins, Ross Brown, John Hands, Pam Martin, James Misakian, David Nash and
     Jeremy Ryland.

     Shareholders means individual AMG Members, RCI and/or any other nominee of
     SII which may own shares in CFG from time to time.
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     Shares means any shares in the Company that may be issued to or acquired by
     an AMG Member upon the exercise of an Option or a Productivity Bonus
     Option.

     SII means Sizzler International, Inc., the ultimate parent company of RCI
     and CFG.

     SII Share Purchase Option means the option granted to SII to purchase
     Shares owned by AMG under the provisions of this Agreement.

     Strike Price means the price at which any Option/Productivity Bonus Option
     may be exercised.

     Third Party Purchaser means any purchaser or group of purchasers, other
     than an entity which is a fully owned subsidiary of SII.

     Transfer means any sale, transfer, conveyance, pledge or other disposition
     of CFG stock by a Party to this Agreement.

1.2  Interpretation

     In this Agreement, unless the contrary intention appears:-

     (a)  a reference to a person includes a corporation and a reference to a
          particular gender includes other genders;

     (b)  a reference to an agreement or any provision of an agreement includes
          a reference to that agreement as varied, supplemented, novated,
          assigned or replaced;

     (c)  a reference to a clause or a schedule will be construed as a reference
          to a clause of or a schedule to this Agreement unless otherwise
          specified;

     (d)  a reference to any statute or statutory provision, or any section,
          Part or division of any statute or statutory provision include all
          consolidations, re-enactments and substitutions and amendments from
          time to time and the regulations, by-laws and orders for the time
          being in force;

     (e)  a reference to a party where more than one party is bound by any term
          or condition is a reference to those Parties jointly and severally;

     (f)  a reference to a party includes that Party's executors,
          administrators, successors and permitted assigns;

     (g)  all references to dollars or $ signs refer to Australian dollars;

     (h)  words denoting the singular include the plural and vice versa; and

     (i)  headings are inserted for guidance only and do not affect the content
          or meaning of any clauses.

2.   ACQUISITION OF SHARES BY AMG MEMBERS
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2.1  Following the AMG Option Date, AMG Members shall be entitled to exercise
     Options issued under the Collins Foods Share Option Plan, and Productivity
     Bonus Options (if any) issued under the Productivity Bonus Option Plan in
     the manner specified in such Plans.

2.2  The various exercises of Options and Productivity Bonus Options by the AMG
     Members will be met by a new issue of Shares in CFG. The Shares allocated
     to each AMG Member shall be ordinary shares in the Company, carrying
     equivalent rights to payment of dividends, voting at General Meetings and
     distribution of capital in the event of winding up.

2.3  As soon as any individual AMG Member exercises his Options or Productivity
     Bonus Options, and becomes entitled to registration as a shareholder in
     CFG, the relevant AMG Member shall automatically be confirmed as a party to
     this Shareholders' Agreement without any further step being taken, or any
     additional documentation being signed.

2.4  CFG shall ensure that the Register of AMG Members set out in the Schedule
     is updated from time to time, particularly with relation to the number of
     Shares held by each continuing AMG Member after the initial issue of Shares
     and after any subsequent disposal of Shares permitted by the terms and
     conditions of this Agreement.

3.   DURATION OF AGREEMENT

3.1  This Agreement shall become effective on signing by the Parties and shall
     continue in full force and effect at all times during any period when
     shares in CFG are owned by AMG Members and RCI (and/or any other nominee of
     SII).

3.2  The Shareholders' Agreement will terminate automatically if either of the
     following events occur:-

     (a)  AMG acquires all of the RCI Shares; or

     (b)  SII, RCI and/or any other nominee of SII acquire all of the Shares.

3.3  Once a Party has disposed of all of its shares in CFG in accordance with
     this Agreement, it will not be obliged to observe the terms and conditions
     of this Agreement with respect to any future matters. This clause does not
     affect its liability with respect to any rights which may have accrued
     under this Agreement prior to or as a result of the disposal of the Shares,
     and in particular clauses 11.8(b) and 12.1 of this Agreement shall continue
     to apply.

4.   RESTRICTION ON TRANSFER OF SHARES

4.1  No AMG Member shall be entitled to Transfer any Shares during the period of
     6 months after the initial date of issue of those Shares. After that time,
     a Transfer of shares may only occur on the basis set out in this Agreement.

4.2  Notwithstanding the terms of the Constitution of CFG, the AMG Members agree
     that the pre-emptive rights and obligations specified in Clauses 4.3 to
     4.14 inclusive will attach to their Shares.
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4.3  An AMG Member may only Transfer his Shares to another AMG Member.

4.4  In order to ascertain whether any other AMG Member is willing to purchase
     the Shares, the Disposing Shareholder must give an AMG Transfer Notice to
     the Directors of CFG. The AMG Transfer Notice must state relevant details
     concerning the proposed sale, including the number of shares offered for
     sale and the price per share which the Disposing Shareholder is prepared to
     accept. Once the AMG Transfer Notice has been issued, it will not be
     revocable except with the unanimous written consent of all Directors
     entitled to vote.

4.5  The AMG Transfer Notice must constitute CFG as agent for the Disposing
     Shareholder for the sale of the Shares referred to in the notice.

4.6  The Shares referred to in the AMG Transfer Notice must be offered by the
     Directors of CFG to each of the other AMG Members. (No offer is required to
     be made to an AMG Member who, at the time of distribution of the offer,
     holds options which have not been exercised, but is not the current owner
     of any Shares.)

4.7  Any AMG Member who receives the AMG Transfer Notice will have a period of
     30 days to confirm in writing whether he is willing to purchase any, and if
     so what number, of the Shares offered for sale by the Disposing Shareholder
     at the price nominated in the notice.

4.8  The Disposing Shareholder is not bound to transfer the Shares which are the
     subject of the AMG Transfer Notice unless all the Shares the subject of
     that notice are to be purchased by the continuing AMG Members.

4.9  In the event that more than one AMG Member wishes to purchase the Shares
     offered by the Disposing Shareholder, and the offers received from those
     Members exceed the number of Shares specified in the AMG Transfer Notice,
     the Directors of CFG will allocate the Shares between those AMG Members
     proportionately, based on the number of Shares which each of the relevant
     Members had applied to purchase.

4.10 Upon receipt of an acceptable offer from one or more AMG Members, the
     Disposing Shareholder must then give notice in writing to SII of the
     prospective sale of the Shares. The notice to SII shall consist of a copy
     of the relevant AMG Transfer Notice, together with specific details of the
     terms and conditions for sale of the Shares which the Disposing Shareholder
     has agreed to accept from the continuing AMG Members.

4.11 SII shall have the Right of First Refusal to purchase those Shares on terms
     and conditions no less favourable than those agreed between the Disposing
     Shareholder and the relevant AMG Members. In the event that SII wishes to
     exercise its Right of First Refusal, it will give notice in writing to the
     Disposing Shareholder confirming its agreement to purchase the Shares and
     advising the name of the required transferee of the Shares.

4.12 SII or its nominee must pay the agreed consideration for acquisition of the
     Shares within 60 days after first giving notice of its intention to
     exercise the Right of First Refusal.

4.13 On closing of the sale of the Shares, the Disposing Shareholder shall
     deliver to SII or its nominee a signed transfer of the Shares, any Share
     Certificate which has been issued to him, as well as any declaration
     required to be produced to the Office of State
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     Revenue in Queensland relative to the transfer. The transferee shall be
     liable to pay the stamp duty assessed on the share transfer document.

4.14 In the event that SII does not wish to exercise its Right of First Refusal,
     the Disposing Shareholder shall be entitled to proceed with its sale to the
     relevant AMG Member or Members who originally agreed to acquire the Shares,
     settlement of that transaction to occur within 30 days of the Disposing
     Shareholder being advised that SII does not wish to acquire the relevant
     Shares. Settlement shall not occur after that date, or on different terms
     and conditions from those notified to SII in accordance with Clause 4.10,
     without the offer of a further Right of First Refusal being given to SII.

5.   PURCHASE OF SHARES BY SII

5.1  SII has the right to purchase Shares owned by any AMG Member for Fair
     Market Value at any time.

5.2  In the event that SII wishes to exercise this right, it will give a
     Repurchase Option Notice to any relevant AMG Member. The Repurchase Option
     Notice shall specify:-

     (a)  The date on which the share repurchase is to take place, being a date
          not earlier than 30 days after the delivery of the Repurchase Option
          Notice;

     (b)  The identity of the transferee of the Shares;

     (c)  The Fair Market Value of the Shares as at a date not earlier than 60
          days prior to the issue of the Repurchase Option Notice, as calculated
          by an Independent Valuer.

5.3  If either SII or AMG disagrees with the initial valuation proposed by the
     Independent Valuer, then either party may at its own cost offer a second
     valuation. If the 2 valuations differ by less than 25%, Fair Market Value
     shall be the average of the two amounts specified. In the event that there
     is a difference of 25% or more, the Parties can either agree to use the
     average of those 2 valuations, or jointly select a third suitably qualified
     valuer to provide an additional valuation. In the latter case, Fair Market
     Value shall be the average of the three amounts specified.

5.4  SII may only issue a Repurchase Option Notice with relation to all of the
     Shares held by any relevant AMG Member as at the date of that notice.

5.5  On closing of the repurchase transaction, the seller of the Shares shall
     deliver to SII or its nominee a signed transfer of the Shares, any Share
     Certificate which has been issued to him, as well as any declaration
     required to be produced to the Office of State Revenue in Queensland
     relative to the transfer. The transferee shall be liable to pay the stamp
     duty assessed on the share transfer document.

5.6  In the event that SII exercises the right specified in clause 5.1, but
     subsequently sells the shares to a Third Party Purchaser within 6 months of
     the closing of the AMG repurchase transaction, SII agrees that it shall:

     (a)  provide written notice to the AMG Representative of any amount
          required to be paid by the Third Party Purchaser for acquisition of
          the Shares which exceeds (on a pro rata basis) the amount paid for the
          Shares by SII to those AMG Members who remain in the employ of the
          Company as at the date of
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          sale by SII (referred to for the purposes of Clause 5.6(b) of this
          Agreement as "the relevant AMG Members"); and

     (b)  pay to the AMG Representative within 30 days after closing of the sale
          of the Shares to the Third Party Purchaser the amount specified in the
          notice given under the terms of Clause 5.6(a) for distribution by the
          AMG Representative to each of the relevant AMG Members, with the
          intent that each of those AMG Members will receive the additional
          amount of consideration that would have been payable to each of them
          if they had sold their Shares to the Third Party Purchaser directly.

5.7  The obligation specified in clause 5.6 will not apply to any sale of the
     Shares by SII to a Third Party Purchaser which occurs after the exercise by
     SII of the SII Share Purchase Option in accordance with the provisions of
     clause 8 of this Agreement.

6.   AMG'S MATCHING OFFER RIGHT

6.1  With respect to any transaction described in this Clause 6.1 which is
     proposed to be carried out during the period between the AMG Option Date
     and December 21, 2004, before carrying out the transaction (and subject to
     the terms of any confidentiality agreement which SII may reasonably
     require), SII will issue a Sale Offer Notice to the AMG Representative.
     This obligation will apply to any transaction which has the effect of
     transferring beneficial ownership of CFG or the Business to a Third Party
     Purchaser, whether the transaction is conducted by way of a sale of the
     Business or a sale of the shares in CFG (or a parent company of CFG).

     It will not be necessary for SII to issue a Sale Offer Notice if any of the
     following events occur:-

     (a)  A collateralisation of the Business or a charge over CFG stock as part
          of a bona fide financing or refinancing transaction;

     (b)  A sale of the Business or transfer of CFG stock as part of an internal
          reorganisation in which ultimate beneficial ownership remains with
          SII; or

     (c)  Any change in the beneficial ownership of SII itself.

6.2  The Sale Offer Notice will contain the following information:-

     (a)  The identity of the proposed purchaser of the interest in CFG or the
          Business;

     (b)  The consideration offered for the purchase of the beneficial ownership
          of CFG or the Business;

     (c)  The date on which the proposed transaction is due to be concluded.

6.3  In the event that AMG wishes to present an alternative proposal for the
     purchase of the Business, AMG will have the right to deliver a Competing
     Offer Notice to SII, within 30 days of receipt of the Sale Offer Notice by
     the AMG Representative, or by December 21, 2004 (whichever is the earlier).

6.4  The Competing Offer Notice will contain the following information:-
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     (a)  Confirmation that AMG wishes to purchase the beneficial ownership of
          the Business;

     (b)  The consideration which is offered to SII for the purchase of the
          beneficial ownership of the Business;

     (c)  A detailed analysis of the comparability of offer by AMG, in the event
          that the nature of consideration is different from the consideration
          offered by the Third Party Purchaser as specified in the Sale Offer
          Notice;

     (d)  Evidence as to the availability of financing sufficient to complete
          the AMG proposal.

6.5  On receipt of the Competing Offer Notice, SII shall cause its Board of
     Directors to promptly review and consider the Competing Offer proposed by
     AMG and make a determination in good faith as to whether:-

     (a)  The Competing Offer, taken as a whole, is at least as favourable to
          SII as the offer received from the Third Party Purchaser; and

     (b)  It is in the best interests of SII and its shareholders to accept the
          Competing Offer.

6.6  In making such a determination, the Board of Directors of SII shall be
     entitled to take into account all relevant terms, conditions, facts and
     circumstances relating to the proposed transaction, including timing,
     conditions precedent, the availability of suitable funding for AMG and, in
     its sole discretion, determine the materiality and significance of any
     factor.

6.7  In the event that the Board of Directors of SII accepts the Competing Offer
     from AMG, the Parties will enter into good faith negotiations as to the
     terms and conditions of a suitable contract relating to the sale to AMG of
     the RCI Shares or the assets employed in the conduct of the Business.

6.8  In the event that the Competing Offer is not accepted by SII, or if AMG
     elects not to match the third party offer, the AMG Members will accept the
     same effective price per unit for shares in CFG as is accepted by SII from
     the Third Party Purchaser. AMG Members shall vote in favour of any
     resolution required to be passed at a meeting of shareholders of CFG to
     approve the third party transaction or implement the provisions of this
     Section 6 (or the terms of this Agreement in general).

7.   AMG SHARE PURCHASE OPTION

7.1  The AMG Representative may exercise the AMG Share Purchase Option at any
     time between the AMG Option Date and November 21, 2004 by issuing to SII
     the AMG Option Exercise Notice.

7.2  The AMG Option Exercise Notice will set out the following information:-

     (a)  The price per share offered for each of the RCI Shares;

     (b)  Any additional or alternative consideration which is offered for the
          purchase of the RCI Shares;
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     (c)  The intended date for closing of the acquisition, being a date not
          more than 3 months after the date of service on SII of the AMG Option
          Exercise Notice.

7.3  In the event that the AMG Representative issues an AMG Option Exercise
     Notice, but the transaction does not proceed within the required time
     period, AMG shall remain entitled to deliver a further AMG Option Exercise
     Notice to SII on the following basis:-

     (a)  The notice must be served prior to November 21, 2004; and

     (b)  The notice must not be delivered within a 6 month period following the
          issue of any previous AMG Option Exercise Notice.

7.4  In the event that the transaction does proceed to closing, RCI shall
     deliver to the AMG Representative on completion a signed transfer of the
     Shares, any Share Certificate which has been issued to it, as well as any
     declaration required to be produced to the Office of State Revenue in
     Queensland relative to the transfer. (The transferee shall be liable to pay
     the stamp duty assessed on the share transfer document.)

8.   SII SHARE PURCHASE OPTION

8.1  Delivery of an AMG Option Exercise Notice by the AMG Representative will
     automatically trigger the right for SII to exercise the SII Share Purchase
     Option.

8.2  The right to exercise the SII Share Purchase Option will arise immediately
     upon receipt of the AMG Option Exercise Notice by SII, and will remain open
     for exercise for a period of 30 days.

8.3  If SII chooses to exercise the SII Share Purchase Option, SII (or its
     nominee) will have the right to purchase all Shares owned by any AMG Member
     at the same price per share and on the same terms and conditions that were
     set out in the AMG Option Exercise Notice.

8.4  In the event that SII does exercise the SII Share Purchase Option, closing
     of the transaction will occur not more than 60 days after the later of the
     following dates:-

     (a)  The date on which SII gives written notice of the exercise of the SII
          Share Purchase Option; and

     (b)  The date which is not less than 30 days after the expiration of the
          minimum 6 month period for which Shares are required to be held by
          individual AMG Members before they are permitted to be sold or
          transferred.

8.5  On closing of the transaction, each individual AMG Member shall deliver to
     SII (or its nominee) the following:-

     (a)  A share transfer relating to the Shares held by that AMG Member;

     (b)  Any share certificate issued with relation to that shareholding; and

     (c)  Any declaration required to be presented to the Queensland Office of
          State Revenue with relation to the transfer of the shareholding in
          CFG. (The
<PAGE>

          transferee shall be liable to pay the stamp duty assessed on the share
          transfer document.)

9.   AUTHORITY OF AMG REPRESENTATIVE

9.1  The members of the Executive Group (as it may be constituted from time to
     time) shall have exclusive authority to act as the AMG Representative.

9.2  Any notice to be given by SII or RCI to the AMG Representative will be
     effective if delivered to any 2 members of the Executive Group, by a method
     specified in Clause 11.6.

9.3  In general terms, any decision required to be made by the AMG
     Representative will be concluded by a simple majority of the members of the
     Executive Group. (In the case of a deadlock between the members of the
     Executive Group, the Chief Executive Officer of CFG will have a casting
     vote.)

9.4  The AMG Representative may issue the following notices only after a
     unanimous resolution has been passed by the members of the Executive
     Group:-

     (a)  AMG Option Exercise Notice;

     (b)  Competing Offer Notice.

10.  DIVIDEND POLICY

     Unless the Directors otherwise determine, when considering the amount of
     any proposed dividend, the Directors will have regard to:-

     (a)  The Company's profits;

     (b)  The Company's financial and other obligations and requirements;

     (c)  The Shareholders' financial and other obligations and requirements;
          and

     (d)  The Corporations Law.

11.  GENERAL PROVISIONS

11.1 Waiver and Variation

     (a)  The variation or waiver of a provision of this Agreement or a Party's
          consent to a departure from a provision by another Party will be
          ineffective unless in writing and executed by the Parties.

     (b)  A Party's failure or delay to exercise a power or right does not
          operate as a waiver of that power or right.

     (c)  The exercise of a power or right does not preclude its future exercise
          or the exercise of any other power or right.

<PAGE>

11.2 Time of the Essence

     (a)  Time is of the essence of this Agreement.

     (b)  The Parties may agree in writing to vary any time requirement and any
          time requirement so varied will be of the essence of this Agreement.

     (c)  If the time for performing any act under this Agreement expires on a
          Saturday, Sunday or public holiday, then the time for performing that
          act is extended until the next business day.

11.3 Assignment

     The Parties may not assign or otherwise dispose of or deal with their
     respective interests in or rights or obligations pursuant to this Agreement
     without the written consent of the other Parties. The AMG Representative on
     behalf of the AMG Members may exercise any right of the AMG Members to
     consent to any such proposed assignment by SII.

11.4 Severability

     (a)  Each word, phrase, sentence, paragraph and clause ("provision") of
          this Agreement is severable.

     (b)  If a court determines that a provision is unenforceable, illegal or
          void then the court may sever that provision which:

          (i)   becomes inoperative; and

          (ii)  will not affect the other provisions of this Agreement.

11.5 Entire Agreement

     This Agreement constitutes the entire agreement between the Parties as to
     its subject matter and supersedes all prior representations and agreements
     in connection with that subject matter.

11.6 Notices

     (a)  Any notice under this Agreement must be in writing and must be:

          (i)   delivered personally to the recipient; or

          (ii)  sent by prepaid ordinary post (airmail if posted to or from a
                place outside Australia) to the address of the recipient; or

          (iii) sent by facsimile to the facsimile number of the recipient,

          or if the recipient notifies another address or facsimile number, then
          to that address or facsimile number.

     (b)  The addresses and facsimile numbers of the Parties are:
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               (i)      Collins Foods Group Pty Ltd

                        Address:        16 Edmondstone Street
                                        Newmarket Qld 4051

                        Facsimile No:   (07) 3352 0877

               (ii)     Sizzler International, Inc.

                        Address:        Suite 200, 6101 West Centinela Avenue
                                        Culver City, California, 90230

                        Facsimile No:   (0015) 1 310 568 8255

               (iii)    Restaurant Concepts International, Inc.,

                        Address:        16 Edmondstone Street
                                        Newmarket Qld 4051

                        Facsimile No:   (07) 3352 0877

               (iv)     Australian Management Group Members

                        Individual names and addresses are set out in the
                        Schedule to this Agreement.

       (c)     A notice is taken to have been received:

               (i)      in the case of a posted letter, on the second
                        (seventh, if posted to or from a place outside
                        Australia) business day after posting; and

               (ii)     in the case of a facsimile, on production of a
                        transmission report by the machine from which the
                        facsimile was sent which indicates that the facsimile
                        was sent in its entirety to the facsimile number of
                        the recipient.

11.7   Counterparts

       This Agreement may be executed in any number of counterpart copies and
       all of those counterparts, taken together, will constitute the one
       instrument.

11.8   Governing Law and Jurisdiction

       (a)     This Agreement is governed by the law of Queensland.

       (b)     Each Party submits to the non-exclusive jurisdiction of the
               courts of Queensland (including any courts of appeal).

12.    DISPUTES

12.1   In the event of any dispute or difference arising between the Parties in
       respect to any matter arising out of this Agreement, such dispute shall
       be referred to an independent
<PAGE>

       by the President for the time being of the Queensland Law Society. In the
       event that the mediation should not resolve the dispute within one month
       of the dispute arising, the dispute shall be referred to an independent
       arbitrator appointed by agreement between the Parties and failing
       agreement by the President for the time being of the Queensland Law
       Society. The Parties hereby agree that the arbitrator shall be acting as
       an expert and, in the absence of any manifest error, the decision of the
       arbitrator shall be final and binding on both Parties. The costs of any
       such mediator or arbitrator shall be shared equally by the Parties. Any
       other costs shall be met by the Party who incurs them.

<PAGE>

                                   SCHEDULE

                      AUSTRALIAN MANAGEMENT GROUP MEMBERS
<PAGE>

IN WITNESS WHEREOF, the Parties have signed this Agreement on the date first set
out above.

THE COMMON SEAL of COLLINS                 )
FOODS GROUP PTY LTD is affixed as          )
required by the terms of its Constitution: )

/s/ KEVIN WILLIAM PERKINS                       /s/ HEATHER LYNETTE GRACE
__________________________________________      ________________________________
Signature of Director                           Signature of Director

KEVIN WILLIAM PERKINS                           HEATHER LYNETTE GRACE
__________________________________________      ________________________________
Name of Director                                Name of Director

THE COMMON SEAL of SIZZLER                 )
INTERNATIONAL, INC. is affixed as          )
required by the terms of its Constitution: )

<TABLE>
<S>                                             <C>

/s/ CHARLES L. BOPPELL                          /s/ MICHAEL B. GREEN
__________________________________________      __________________________________________
Signature of Authorised Representative          Signature of Authorised Representative

CHARLES L. BOPPELL                              MICHAEL B. GREEN
__________________________________________      __________________________________________
Name of Authorised Representative               Name of Authorised Representative
</TABLE>

THE COMMON SEAL of RESTAURANT              )
CONCEPTS INTERNATIONAL, INC. is            )
affixed as required by the terms of its    )
Constitution:                              )

<TABLE>
<S>                                             <C>

/s/ SIMON CHARLES PERKINS                       /s/ HEATHER LYNETTE GRACE
__________________________________________      __________________________________________
Signature of Authorised Representative          Signature of Authorised Representative

SIMON CHARLES PERKINS                           HEATHER LYNETTE GRACE
__________________________________________      __________________________________________
Name of Authorised Representative               Name of Authorised Representative
</TABLE>

SIGNED for and on behalf of the individual )
AUSTRALIAN MANAGEMENT GROUP                )
MEMBERS by the members of the Executive    )
Group:                                     )

/s/ KEVIN WILLIAM PERKINS                       /s/ HEATHER LYNNETTE GRACE
__________________________________________      ________________________________
Kevin Perkins                                   Lynne Grace

/s/ JAMES RYAN                                  /s/ SIMON CHARLES PERKINS
__________________________________________      ________________________________
James Ryan                                      Simon Perkins
<PAGE>

                                    BETWEEN

                          COLLINS FOODS GROUP PTY LTD

                                      AND

                          SIZZLER INTERNATIONAL, INC.

                                      AND

                    RESTAURANT CONCEPTS INTERNATIONAL, INC.

                                      AND

                      AUSTRALIAN MANAGEMENT GROUP MEMBERS

                         COLLINS FOODS GROUP PTY LTD -
                            SHAREHOLDERS' AGREEMENT

                                HoganBesleyBoyd
        Second Floor 169 Mary Street (Edward Street Entrance) Brisbane
                     GPO Box 458 Brisbane Queensland 4001
<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
CLAUSE                                                       PAGE
-----------------------------------------------------------------
<S>                                                          <C>

1.   INTERPRETATION                                             1

2.   ACQUISITION OF SHARES BY AMG MEMBERS                       4

3.   DURATION OF AGREEMENT                                      5

4.   RESTRICTION ON TRANSFER OF SHARES                          5

5.   PURCHASE OF SHARES BY SII                                  7

6.   AMG'S MATCHING OFFER RIGHT                                 8

7.   AMG SHARE PURCHASE OPTION                                  9

8.   SII SHARE PURCHASE OPTION                                 10

9.   AUTHORITY OF AMG REPRESENTATIVE                           11

10.  DIVIDEND POLICY                                           11

11.  GENERAL PROVISIONS                                        11

12.  DISPUTES                                                  13

SCHEDULE                                                       15
</TABLE><PAGE>

                                                                   Exhibit 10.49

                          SIZZLER INTERNATIONAL, INC.
              RESTRICTED STOCK AGREEMENT AND ESCROW INSTRUCTIONS
                        2001 AMG RESTRICTED STOCK PLAN

     WHEREAS, the Board of Directors of Sizzler International, Inc. (the
"Company"), has adopted the 2001 AMG Restricted Stock Plan (the "Plan"); and

     WHEREAS, the Plan provides for the sale of Restricted Shares, to eligible
employees of the Company and its subsidiaries within the Company's Australian
Management Group (as such terms are defined in the Plan); and

     WHEREAS, the Compensation and Stock Option Committee of the Board of
Directors of the Company (the "Committee"), charged with the responsibility of
administering the Plan, has determined that it is essential to the future
success of the Company that certain key employees of the Company's Australian
Division be retained and appropriately incentivized;

     NOW THEREFORE, it is agreed between the Company and the Employee as
follows:

     (1)  The Company will issue and sell to the Employee that number of shares
of its common stock, par value $.01 per share, noted on the signature page
hereof (hereinafter the "Shares") upon payment by the Employee, as purchase
price for such Shares, of cash equal to the Australian dollar equivalent as of
the date of sale of the U.S. dollar price per share noted on the signature page
hereof (which U.S. dollar price is agreed to constitute the weighted average of
the closing prices of a Share on the New York Stock Exchange on each of the five
(5) consecutive trading days ending on the Friday of the week immediately
preceding the date of this Agreement).

     (2)  The Shares will be issued by the Company and will be purchased and
accepted by the Employee pursuant to and in accordance with the Plan. The
interpretation and construction by the Committee of the Plan (as it may be
amended from time to time), this Agreement, and such rules and regulations as
may be adopted by the Committee for the purpose of administering the Plan, shall
be final and binding upon Employee (provided that no such Plan amendment shall,
without the consent of the Employee, deprive such Employee of any rights he may
have hereunder).

     (3)  The Shares will be subject to the restrictions set forth in Section 6
of said Plan and the specific lapsing schedule set forth on Exhibit "A" hereto.
For purposes of applying such restrictions the date of the certificate
representing the Shares shall be the date upon which the Shares are awarded to
the Employee and upon which he has accepted the Shares. In addition, except as
otherwise permitted under Section 7 of this Agreement (concerning bona fide
gifts to immediate family members or trusts) or Section 16 of the Securities
Exchange Act of 1934 ("1934 Act") (unless the same would not result in liability
under said Section 16 or the Employee consents to such liability and consents to
disgorge any profits relating thereto to the Company), the Employee may not sell
the Shares until at least six (6) months after purchasing the same.

     (4)  The restrictions mentioned in the preceding Section and the other
provisions of this instrument shall relate to the Shares, and to any other
securities and property (other than cash) for which or into which the Shares may
from time to time hereafter be exchanged or

                                      -1-
<PAGE>

converted as a result of any one or more of any stock split, reverse stock
split, stock dividend, recapitalization, merger, consolidation, or other form of
corporate reorganization, as well as such securities or other property
distributed in respect thereof as a result of any one or more such occurrences;
provided, however, that nothing herein contained shall deprive Employee of his
right to receive regular cash dividends, if any, paid with respect to any
securities subject hereto.

     (5)  Employee represents to the Company that, unless a registration
statement under the Securities Act of 1933 is in effect as to the Shares, the
Shares are being acquired for his or her private personal investment for his or
her own account with no intention of distributing the Shares to others, and that
Employee has no contract, undertaking, agreement, or arrangement with any person
to sell, transfer or otherwise distribute to such persons or to have any such
person sell, transfer, or otherwise distribute for him or her any of the Shares
or any interest therein and Employee is presently not engaged, nor does he or
she plan to engage within the presently foreseeable future, in any discussion
with any person relative to such sale, transfer, or other distribution of any of
the Shares or any interest therein.

     Employee hereby indemnifies the Company and holds it harmless from and
against any and all damages suffered and liabilities incurred by it (including
costs of investigation and defense and attorneys' fees) arising out of his or
her breach of the agreements or any inaccuracy in the representations which
Employee has made herein.

     (6)  So long as the Shares are subject to restrictions imposed under the
Plan, (a) the certificates evidencing them (together with any property and/or
securities issued or delivered in connection therewith pursuant to Section 4
hereof, other than regular cash dividends) shall be held in escrow in the
custody of the Chairman of the Board of the Company, or his or her successors in
such office from time to time; (b) the record address of the holder of record of
such Shares shall be c/o the Secretary of the Company at the Company's principal
executive office; and (c) such Shares may be legended to reference the
restrictions applicable thereto. The Shares (together with any property and/or
securities issued or delivered in connection therewith pursuant to Section 4
hereof) shall be delivered promptly to the Employee (with legends removed to the
extent no longer applicable) upon (i) removal or lapse of said restrictions and
(ii) the payment of any applicable withholding taxes.

     (7)  Notwithstanding anything to the contrary in this Agreement, Employee
may transfer any or all of the Shares by bona fide gift to any of the following:

          (a)  one or more of Employee's child, stepchild, grandchild, parent,
     stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law,
     son-in-law, daughter-in-law, brother-in-law, or sister-in-law, in all cases
     including adoptive relationships (each of the persons described in this
     clause (a) is referred to herein as a "Family Member"); and/or

          (b)  one or more trusts for the benefit of Employee or one or more
     Family Members;

provided, however, that (x) the transferred Shares shall continue to be subject
to all of the terms and conditions of the Plan and this Agreement as if Employee
continued to hold the Shares, and

                                      -2-
<PAGE>

(y) the transferee of the Shares shall, in a duly executed document delivered to
the Company and reasonably satisfactory in form and substance to the Committee,
consent thereto and agree to be bound by all of the terms and conditions of the
Plan and this Agreement as if such transferee were Employee. In determining
whether any person is or is not a Family Member for purposes of this Section 7,
a legally adopted child shall be deemed to be a child by blood.

     (8)  No provision of this Agreement shall (a) confer upon Employee any
right to continue in the employ of the Company or any of its subsidiaries, (b)
affect the right of the Company and each of its subsidiaries to terminate the
employment of Employee, with or without cause, or (c) confer upon Employee any
right to participate in any employee welfare or benefit plan or other program of
the Company or any of its subsidiaries other than the Plan.

     (9)  The holder of record of the Shares shall be entitled to exercise all
voting rights with respect to the Shares and to receive all regular cash
dividends paid with respect thereto.

     (10) The provisions of this instrument shall be binding upon and inure to
the benefit of the Company and its successors (including, without limitation, as
the result of any transaction described in paragraph (4)), and to the Employee
and successors upon his or her death, subject to the provisions of the Plan
relating to the effect of a participant's death.

     (11) This Agreement is subject to all of the terms and conditions of the
Plan, as the same shall be amended from time to time, but no such amendment
shall, without the holder of record's consent, adversely affect such holder's
rights hereunder.

     (12) This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Delaware (except to the extent
preempted by federal law).

                                      -3-
<PAGE>

     IN WITNESS WHEREOF, this instrument has been executed by the Company and
Employee as of the date noted below.

Date:                                               _____________________

Name of Employee:                                   _____________________

Number of Shares:                                   _____________________

Price Per Share U.S. Dollars:                       $____________________

Price Per Share Australian Dollars:                 $____________________

SIZZLER INTERNATIONAL INC.                          EMPLOYEE:

By:_________________________                        _____________________

Its:________________________

                                      -4-
<PAGE>

                       RESTRICTED SHARE LAPSING SCHEDULE

     The date of sale of the Shares is______________, 2001 (the "Date of Sale").
All restrictions on the Shares will lapse on the fifth anniversary of the Date
of Sale, unless an earlier termination is required under the terms of the Plan.

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