<SUBMISSION>
<ACCESSION-NUMBER>0000950144-04-004346
<TYPE>DEF 14A
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20040528
<FILING-DATE>20040426
<EFFECTIVENESS-DATE>20040426
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ALEXANDERS J CORP
<CIK>0000103884
<ASSIGNED-SIC>5812
<IRS-NUMBER>620854056
<STATE-OF-INCORPORATION>TN
<FISCAL-YEAR-END>0103
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEF 14A
<ACT>34
<FILE-NUMBER>001-08766
<FILM-NUMBER>04754574
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>3401 WEST END AVE
<STREET2>P O BOX 24300
<CITY>NASHVILLE
<STATE>TN
<ZIP>37203
<PHONE>6152691900
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>3401 WEST END AVE
<STREET2>SUITE 260
<CITY>NASHVILLE
<STATE>TN
<ZIP>37203
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>VOLUNTEER CAPITAL CORP / TN /
<DATE-CHANGED>19920703
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>WINNERS CORP
<DATE-CHANGED>19890910
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>VOLUNTEER CAPITAL CORP
<DATE-CHANGED>19820520
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>g88006def14a.htm
<DESCRIPTION>J. ALEXANDER'S CORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>J. Alexander's Corporation</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="2"><B>SCHEDULE 14A<BR>
(RULE 14A-101)</B></FONT>

<P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN PROXY STATEMENT</B></FONT>

<P align="center"><FONT size="2"><B>SCHEDULE 14A INFORMATION<BR>
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES<BR>
EXCHANGE ACT OF 1934 (AMENDMENT NO. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</B></FONT>

<P><FONT size="2">Filed by the Registrant
<FONT face="wingdings">&#120;</FONT>
</FONT>
<P><FONT size="2">Filed by a Party other than the Registrant <FONT face="wingdings">&#111;</FONT>
</FONT>
<P><FONT size="2">Check the appropriate box:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><FONT face="wingdings">&#111;</FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Preliminary Proxy Statement</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><FONT face="wingdings">&#111;</FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Confidential, for Use of the Commission Only</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
(as permitted by Rule&nbsp;14a-6(e)(2))</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><FONT face="wingdings">&#120;</FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Definitive Proxy Statement</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><FONT face="wingdings">&#111;</FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Definitive Additional Materials</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><FONT face="wingdings">&#111;</FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Soliciting Material Pursuant to &#167; 240.14a-12</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="3">J. Alexander&#146;s Corporation</FONT>


<HR width="26%" align="center" size="1" noshade>


<DIV align="center"><FONT size="2">(Name of Registrant as Specified
In Its Charter)</FONT></DIV>

<P><FONT size="2">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
</FONT>
<P><FONT size="2">Payment of Filing Fee (Check the appropriate box):
</FONT>
<P><FONT size="2"><FONT face="wingdings">&#120;</FONT> No fee required.
</FONT>
<P><FONT size="2"><FONT face="wingdings">&#111;</FONT> Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp; Title of each class of securities to which transaction applies:
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp; Aggregate number of securities to which transaction applies:
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp; Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule&nbsp;0-11 (Set forth the amount on which the filing
fee is calculated and state how it was determined):
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp; Proposed maximum aggregate value of transaction:
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp; Total fee paid:
</FONT>
<P><FONT size="2"><FONT face="wingdings">&#111;</FONT> Fee paid previously with preliminary materials.
</FONT>
<P><FONT size="2"><FONT face="wingdings">&#111;</FONT> Check box if any part of the fee is offset as provided by Exchange Act
Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number, or
the Form or Schedule and the date of its filing.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp; Amount Previously Paid:
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp; Form, Schedule or Registration Statement No.:
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp; Filing Party:
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp; Date Filed:
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">PROPOSAL NO. 1: ELECTION OF DIRECTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">CORPORATE GOVERNANCE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">EXECUTIVE COMPENSATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">SUMMARY COMPENSATION TABLE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">AUDIT COMMITTEE REPORT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">PROPOSAL 2: ADOPTION OF THE J. ALEXANDER&#146;S CORPORATION 2004 EQUITY INCENTIVE PLAN</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">RELATIONSHIP WITH INDEPENDENT AUDITORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#013">DEADLINE FOR SUBMISSION OF SHAREHOLDER PROPOSALS TO BE PRESENTED AT THE 2005 ANNUAL MEETING OF SHAREHOLDERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#014">METHOD OF COUNTING VOTES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#015">MISCELLANEOUS</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>





<P align="center" style="font-size: 10pt"><B>J. ALEXANDER&#146;S CORPORATION<BR>
3401 West End Avenue<BR>
Suite&nbsp;260<BR>
P.O. Box 24300<BR>
Nashville, Tennessee 37202</B>



<!-- link1 "NOTICE OF ANNUAL MEETING OF SHAREHOLDERS" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the Shareholders of J. Alexander&#146;s Corporation:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Annual Meeting of Shareholders of J. Alexander&#146;s Corporation (the
&#147;Company&#148;) will be held at the Loews Vanderbilt Hotel, 2100 West End Avenue,
Nashville, Tennessee 37203 at 9:00 a.m., Nashville time, on Friday, May&nbsp;28,
2004 for the following purposes:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To elect six directors to hold office for a term of one year
and until their successors have been elected and qualified;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To consider and approve the 2004 Equity Incentive Plan; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To transact such other business as may properly come before
the meeting or any adjournment or postponement thereof.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only shareholders of record at the close of business on April&nbsp;14, 2004 are
entitled to notice of and to vote at the meeting or any adjournment or
postponement thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your attention is directed to the Proxy Statement accompanying this notice
for a more complete statement regarding the matters to be acted upon at the
meeting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hope very much that you will be able to be with us. If you do not plan
to attend the meeting in person, you are requested to complete, sign and date
the enclosed proxy and return it promptly in the enclosed addressed envelope,
which requires no postage if mailed in the United States.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By Order of the Board of Directors</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>R. GREGORY LEWIS</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Secretary</I></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">April&nbsp;26, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>J. ALEXANDER&#146;S CORPORATION<BR>
3401 West End Avenue<BR>
Suite&nbsp;260<BR>
P.O. Box 24300<BR>
Nashville, Tennessee 37202</B>



<P align="center" style="font-size: 10pt"><B>PROXY STATEMENT</B>



<P align="center" style="font-size: 10pt"><B>FOR ANNUAL MEETING OF SHAREHOLDERS</B>



<P align="center" style="font-size: 10pt"><B>May&nbsp;28, 2004</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The enclosed proxy is solicited by and on behalf of the Board of Directors
of J. Alexander&#146;s Corporation (the &#147;Company&#148;) for use at the Annual Meeting of
Shareholders to be held on Friday, May&nbsp;28, 2004, at 9:00 a.m., Nashville time,
at Loews Vanderbilt Hotel, 2100 West End Avenue, Nashville, Tennessee 37203 and
at any adjournments or postponements thereof, for the purposes set forth in the
foregoing Notice of Annual Meeting of Shareholders. Copies of the proxy, this
Proxy Statement and the attached Notice are being mailed to shareholders on or
about April&nbsp;26, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxies may be solicited by mail, telephone or telegraph. All costs of
this solicitation will be borne by the Company. The Company does not anticipate
paying any compensation to any party other than its regular employees for the
solicitation of proxies, but may reimburse brokerage firms and others for their
reasonable expenses in forwarding solicitation material to beneficial owners.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares represented by such proxies will be voted in accordance with the
choices specified thereon. If no choice is specified, the shares will be voted
FOR the election of the director nominees named herein and FOR the approval of
the 2004 Equity Incentive Plan. The Board of Directors does not know of any
other matters which will be presented for action at the meeting, but the
persons named in the proxy intend to vote or act with respect to any other
proposal which may be properly presented for action according to their best
judgment in light of the conditions then prevailing.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A proxy may be revoked by a shareholder at any time before its exercise by
attending the meeting and voting in person, by filing with the Secretary of the
Company a written revocation or by duly executing a proxy bearing a later date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each share of the Company&#146;s Common Stock, $.05 par value (the &#147;Common
Stock&#148;), issued and outstanding on April&nbsp;14, 2004 (the &#147;Record Date&#148;), will be
entitled to one vote on all matters to come before the meeting. As of the
Record Date, there were outstanding 6,439,418 shares of Common Stock.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth, as of April&nbsp;14, 2004, certain information
with respect to those persons known to the Company to be the beneficial owners
(as defined by certain rules of the Securities and Exchange Commission (the
&#147;Commission&#148;)) of more than five percent of the Common Stock, its only voting
security, and with respect to the beneficial ownership of the Common Stock by
all directors and nominees, each of the executive officers named in the Summary
Compensation Table, and all executive officers, directors and nominees of the
Company as a group (10 persons). Except as otherwise specified, the shares
indicated are presently outstanding.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="74%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Outstanding</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Common Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Common</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name and Address of Beneficial Owner</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficially Owned</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock (1)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">E. Townes Duncan**</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">3401 West End Avenue, Suite&nbsp;520</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Nashville, TN 37203</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1,797,046</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">27.9</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Solidus Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">3401 West End Avenue, Suite&nbsp;520</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Nashville, TN 37203</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1,747,846</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">27.1</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">KCM Investment Advisors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">300 Drake&#146;s Landing Road, #190</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Greenbrae, CA 94904</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">846,200</TD>
    <TD nowrap>(4)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13.1</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lonnie J. Stout II****</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">3401 West End Avenue, Suite&nbsp;260</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Nashville, TN 37203</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">581,582</TD>
    <TD nowrap>(5)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.5</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dimensional Fund Advisors, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">1299 Ocean
Avenue, 11<SUP>th</SUP> Floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Santa Monica, CA 90401</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">384,800</TD>
    <TD nowrap>(6)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.0</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">J. Bradbury Reed**</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">110,521</TD>
    <TD nowrap>(7)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">R. Gregory Lewis***</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">107,299</TD>
    <TD nowrap>(8)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">J. Michael Moore***</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">52,313</TD>
    <TD nowrap>(9)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Garland G. Fritts**</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">31,800</TD>
    <TD nowrap>(10)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mark A. Parkey***</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">29,885</TD>
    <TD nowrap>(11)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Brenda B. Rector*****</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Joseph N. Steakley*****</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Ronald E. Farmer******</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">43,946</TD>
    <TD nowrap>(12)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">All directors, nominees and executive officers as a group</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2,754,392</TD>
    <TD nowrap>(13)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">39.5</TD>
    <TD nowrap>%</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Less than one percent.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">**</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Director.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">***</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Named Officer.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">****</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Director and Named Officer.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">*****</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Nominee.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">******</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Named Officer (Former Officer).</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">2
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Pursuant to the rules of the Commission, shares of Common Stock subject
to options held by directors and executive officers of the Company which
are exercisable within 60&nbsp;days of April&nbsp;14, 2004, are deemed outstanding
for the purpose of computing such director&#146;s or executive officer&#146;s
percentage ownership and the percentage ownership of all directors and
executive officers as a group, but are not deemed outstanding for the
purpose of computing the percentage ownership of the other persons shown
in the table. Unless otherwise indicated, each individual has sole voting
and dispositive power with respect to all shares shown.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes 9,000 shares issuable upon exercise of certain options held by
Mr.&nbsp;Duncan, 1,240 shares owned by Mr.&nbsp;Duncan&#146;s wife, 1,040 shares that Mr.
Duncan holds as custodian for minor children, 5,760 shares that are held
in trusts of which Mr.&nbsp;Duncan&#146;s wife is trustee, and 1,747,846 shares that
are beneficially owned by Solidus Company, a general partnership of which
Mr.&nbsp;Duncan is Managing Partner.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes 91,700 shares held by Solidus Partners, L.P., a limited
partnership of which Solidus Company (&#147;Solidus&#148;) is general partner.
Solidus shares voting and dispositive power with respect to its shares
with Mr.&nbsp;Duncan, its Managing Partner, whose beneficial ownership in such
shares is shown above.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(4)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">KCM Investment Advisors (&#147;KCM&#148;) is a registered investment advisor.
Information is based solely on a Schedule&nbsp;13G/A filed with the Commission
by KCM on February&nbsp;20, 2004.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(5)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes 400,000 shares issuable upon exercise of certain options held by
Mr.&nbsp;Stout and 8,713 Employee Stock Ownership Plan (&#147;ESOP&#148;) shares
allocated to Mr.&nbsp;Stout and held by the J. Alexander&#146;s Corporation Employee
Stock Ownership Trust (the &#147;Trust&#148;), as to which Mr.&nbsp;Stout has sole voting
power and shared dispositive power.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(6)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Dimensional Fund Advisors, Inc. (&#147;DFA&#148;) is a registered investment
advisor. Information is based solely on the Schedule&nbsp;13G/A filed with the
Commission by DFA on February&nbsp;6, 2004.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(7)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes 12,000 shares issuable upon exercise of options held by Mr.
Reed.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(8)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes 56,800 shares issuable upon exercise of certain options held by
Mr.&nbsp;Lewis and 6,868 ESOP shares allocated to Mr.&nbsp;Lewis and held by the
Trust, as to which Mr.&nbsp;Lewis has sole voting power and shared dispositive
power.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(9)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes 21,800 shares issuable upon the exercise of certain options held
by Mr.&nbsp;Moore and 4,576 ESOP shares allocated to Mr.&nbsp;Moore and held by the
Trust, as to which Mr.&nbsp;Moore has sole voting power and shared dispositive
power.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(10)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes 9,000 shares issuable upon exercise of certain options held by
Mr.&nbsp;Fritts.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(11)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes 27,000 shares issuable upon the exercise of certain options held
by Mr.&nbsp;Parkey and 2,885 ESOP shares allocated to Mr.&nbsp;Parkey and held by
the Trust, as to which Mr.&nbsp;Parkey has sole voting power and shared
dispositive power.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(12)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Mr.&nbsp;Farmer resigned his employment in April&nbsp;2003 and the information is
based on Company records as of June&nbsp;17, 2003. Includes 3,080 ESOP shares
allocated to Mr.&nbsp;Farmer and held by the Trust, as to which Mr.&nbsp;Farmer has
sole voting power and shared dispositive power.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">3
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(13)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes 535,600 shares issuable upon exercise of certain options held by
the directors and executive officers, and 26,121 ESOP shares allocated to
the executive officers and held by the Trust, as to which such officers
have sole voting power and shared dispositive power.</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to a Stock Purchase and Standstill Agreement between Solidus, LLC
(predecessor to Solidus) and the Company dated March&nbsp;22, 1999, Solidus
purchased 1,086,266 shares of Common Stock for $3.75 per share, for an
aggregate purchase price of $4,073,497.50. In addition, Solidus agreed that
(i)&nbsp;for a period of seven years, Solidus and its affiliates would not acquire
or hold more than 33% of the Company&#146;s Common Stock; (ii)&nbsp;for a period of seven
years, Solidus and its affiliates would not solicit proxies for a vote of the
shareholders of the Company; (iii)&nbsp;for a period of seven years, Solidus and its
affiliates would not sell the Company&#146;s Common Stock, except to the Company, a
person, entity or group approved by the Company or to an affiliate of Solidus;
(iv)&nbsp;the above restrictions on Solidus&#146; ownership and ability to solicit
proxies would terminate in the event of certain tender offers or exchange
offers, a notice filing with the Department of Justice relating to the
acquisition by a third party of more than 15% of the outstanding Common Stock
or with the Commission relating to the acquisition by a third party of more
than 10% of the outstanding Common Stock, the Company&#146;s proposing or approving
a merger or other business combination, or a change to a majority of the
Company&#146;s Board of Directors over a two-year period; and (v)&nbsp;Solidus would not
exercise rights attributable to the 1,086,266 shares of Common Stock purchased
on March&nbsp;22, 1999, during the Company&#146;s rights offering in 1999.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the private sale to Solidus, on June&nbsp;21, 1999, the Company
completed a rights offering wherein shareholders of the Company purchased an
additional 240,615 shares of common stock at a price of $3.75 per share, which
was the same price per share as stock sold in the private sale.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In August&nbsp;2003, Solidus and the Company executed the First Amendment to
Stock Purchase and Standstill Agreement (&#147;First Amendment&#148;). Under the terms of
the First Amendment, the Company authorized Solidus to pledge the Common Stock
of the Company owned by it as collateral security for the payment and
performance of Solidus&#146; obligations under a credit agreement with a bank. In
the event that Solidus defaults on its obligations to the bank, and such
default results in the need to liquidate the related collateral, the Company
has a right of first refusal to purchase the pledged stock.


<P align="center" style="font-size: 10pt">4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "PROPOSAL NO. 1: ELECTION OF DIRECTORS" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PROPOSAL NO. 1: ELECTION OF DIRECTORS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six directors are to be elected at the annual meeting for a term of one
year and until their successors shall be elected and qualified. Election of
directors requires a plurality of the votes cast in such election. It is
intended that shares represented by the enclosed proxy will be voted FOR the
election of the nominees named in the table set forth below unless a contrary
choice is indicated. Messrs.&nbsp;Duncan, Fritts, Reed and Stout are presently
directors of the Company. The Board, including each independent director, has
nominated and recommends to the shareholders Brenda B. Rector and Joseph N.
Steakley for election as directors to serve until the next annual meeting of
shareholders. Ms.&nbsp;Rector and Mr.&nbsp;Steakley were initially recommended to the
independent directors by certain independent directors. Management believes
that all of the nominees will be available and able to serve as directors, but
if for any reason any should not be available or able to serve, it is intended
that such shares will be voted for such substitute nominees as may be proposed
by the Board of Directors of the Company. The following schedule includes
certain information with respect to each of the nominees.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Background Information</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">E. Townes Duncan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mr. Duncan, 50, has been a director of the Company since
May&nbsp;1989. Mr.&nbsp;Duncan has been the Managing Partner of Solidus Company
(formerly Solidus, LLC), a private investment firm, since January&nbsp;1997.
Mr.&nbsp;Duncan is also a director of Bright Horizons Family Solutions, Inc., a
childcare services company.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Garland G. Fritts
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mr. Fritts, 75, has been a director of the Company
since December&nbsp;1985. Since 1993, Mr.&nbsp;Fritts has been
a consultant for Fry Consultants, Inc., a management
consulting firm.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Brenda B. Rector
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ms. Rector, 56, has been nominated by the Board to
serve as a director. From 1996 until March&nbsp;2004, Ms.
Rector was the Vice President, Controller and Chief
Accounting Officer of Province Healthcare Company, an
owner and operator of acute care hospitals in
non-urban markets.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">J. Bradbury Reed
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mr. Reed, 64, has been a director since May&nbsp;2000. Mr.&nbsp;Reed
is a member in the law firm of Bass, Berry &#038; Sims PLC and has served in
various capacities for that firm since 1964. Bass, Berry &#038; Sims PLC has
served as the Company&#146;s outside general counsel since the Company&#146;s
organization in 1971. Mr.&nbsp;Reed has served as a director of National
Commerce Financial Corporation since 1998.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Joseph N. Steakley
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mr. Steakley, 49, has been nominated by the Board to
serve as a director. Mr.&nbsp;Steakley has served as
Senior Vice President &#150; Internal Audit of HCA Inc.
since July&nbsp;1999. From November&nbsp;1997 to July&nbsp;1999,
Mr.&nbsp;Steakley was Vice President &#150; Internal Audit for
HCA Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lonnie J. Stout II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mr. Stout, 57, has been a director and President and
Chief Executive Officer of the Company since May
1986. Since July&nbsp;1990, Mr.&nbsp;Stout has also served as
Chairman of the Company. From 1982 to May&nbsp;1984, Mr.
Stout was a director of the Company, and served as
Executive Vice President and Chief Financial Officer
of the Company from October&nbsp;1981 to May&nbsp;1984.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">5
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "CORPORATE GOVERNANCE" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="center" style="font-size: 10pt"><B>CORPORATE GOVERNANCE</B>



<P align="left" style="font-size: 10pt"><B>General</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company believes that good corporate governance is important to ensure
that J. Alexander&#146;s Corporation is managed for the long-term benefit of its
shareholders. During the past year, the Company has continued to review its
corporate governance policies and practices and to compare them to those
suggested by various authorities on corporate governance and the practices of
other public companies. The Company has also continued to review the
provisions of the Sarbanes-Oxley Act of 2002, the new and proposed rules of the
Commission and the new listing standards of the American Stock Exchange
(&#147;AMEX&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Audit Committee charter can be accessed on the Company&#146;s
website at www.jalexanders.com.


<P align="left" style="font-size: 10pt"><B>Director Independence</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board has determined that each of the following directors and nominees will
qualify as an &#147;independent director&#148; within the meaning of the AMEX listing
standards.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">E. Townes Duncan</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Garland G. Fritts</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J. Bradbury Reed</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brenda B. Rector</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joseph N. Steakley</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Board Member Meetings and Attendance</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company strongly encourages each member of the Board of Directors to
attend the Annual Meeting of Shareholders. All of the Company&#146;s directors
attended the 2003 Annual Meeting of Shareholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the incumbent directors of the Company attended at least 75% of
the aggregate of (i)&nbsp;the total number of meetings held during 2003 by the Board
of Directors and (ii)&nbsp;the total number of meetings held during 2003 by all
committees of the Board of which he was a member.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of the Company held five meetings in 2003.


<P align="left" style="font-size: 10pt"><B>Board Committee Composition</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Audit Committee</I>. The Board of Directors has an Audit Committee. The
members of the Audit Committee are currently E. Townes Duncan (Co-Chair),
Garland G. Fritts (Co-Chair) and J. Bradbury Reed. The Audit Committee, which
held five meetings during 2003, meets with the Company&#146;s independent auditors
to review the Company&#146;s consolidated financial statements. It is the function
of this committee to ensure that the Company&#146;s financial statements accurately
reflect the Company&#146;s financial position and results of operations. Effective
upon the election of Ms.&nbsp;Rector and Mr.&nbsp;Steakley to the Board, the Audit
Committee will be comprised of Joseph N. Steakley (Chair), Brenda B. Rector and
Garland G. Fritts, each of whom is &#147;independent&#148; within the meaning of the AMEX
listing standards and applicable Commission regulations. In addition, the
Board has determined that each of Brenda B. Rector and Joseph N. Steakley is
qualified as an &#147;audit committee financial expert&#148; within the meaning of
Commission regulations and is &#147;financially sophisticated&#148; within the meaning of
the AMEX listing standards.


<P align="center" style="font-size: 10pt">6
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compensation/Stock Option </I>Committee. The Board of Directors has a
Compensation/Stock Option Committee (the &#147;Compensation Committee&#148;). The
Compensation Committee members are currently E. Townes Duncan (Chair) and
Garland G. Fritts. The Compensation Committee is responsible for the periodic
review of management&#146;s compensation and administration of the Company&#146;s stock
option plans. The Compensation Committee held two meetings during 2003.
Effective upon the election of Ms.&nbsp;Rector to the Board, she will join the
Compensation Committee and will act as its Chair. The Board has determined
that each member of the Company&#146;s Compensation Committee is &#147;independent&#148;
within the meaning of the AMEX listing standards.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Nominating Committee. </I>The Company&#146;s Board of Directors currently has no
standing nominating committee.


<P align="left" style="font-size: 10pt"><B>Director Candidates</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Candidates for nomination to the Board of Directors, including those
suggested by shareholders in compliance with the Company&#146;s charter, bylaws and
applicable law, will be submitted to the Board of Directors with as much
biographical information as is available and with a brief statement of the
candidates&#146; qualifications for Board membership.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the Board of Directors may consider whatever factors it deems
appropriate in its assessment of a candidate for board membership, candidates
nominated to serve as directors will, at a minimum, in the judgment of the
independent directors:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>be able to represent the interests of the Company and all of
its shareholders and not be disposed by affiliation or interest to
favor any individual, group or class of shareholders or other
constituency;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>possess relevant background, skills and abilities, and
characteristics that fulfill the needs of the Board at that time;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>possess the background and demonstrated ability to contribute
to the Board&#146;s performance of its collective responsibilities,
through senior executive management experience, relevant
professional or academic distinction, and/or a record of relevant
civic and community leadership;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>have the highest ethical character and share the core values
of the Company as reflected in the Code of Business Conduct and
Ethics;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>have a reputation, both personal and professional, consistent
with the image and reputation of the Company;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>have relevant expertise and experience, and be able to offer
advice and guidance to the chief executive officer based on that
expertise and experience; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>have the ability and the willingness to devote the necessary
time and energy to exercise sound business judgment.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board will preliminarily assess the candidate&#146;s qualifications and
suitability. If it is the consensus of the independent directors that a
candidate is likely to meet the criteria for Board membership, the Board will
advise the candidate of the Board&#146;s preliminary interest and, if the candidate
expresses sufficient interest will arrange interviews of the candidate with one
or more members of the Board and request such additional information from


<P align="center" style="font-size: 10pt">7
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">the candidate as the Board deems appropriate. The independent directors will
consider the candidate&#146;s qualifications, the assessment of the individual&#146;s background, skills and
abilities, and whether such characteristics fulfill the needs of the Board at
that time, confer and reach a collective assessment as to the qualifications
and suitability of the candidate for Board membership.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a majority of the independent directors determine that the candidate is
suitable and meets the criteria for Board membership, the candidate will be
invited to meet with senior management of the Company, both to allow the
candidate to obtain further information about the Company and to give
management a basis for input to the Board regarding the candidate. On the
basis of its assessment, and taking into consideration input from senior
management, the Board will formally consider whether to recommend the
candidate&#146;s nomination for election to the Board of Directors. Approval by a
majority of the independent directors will be required to recommend the
candidate&#146;s nomination.


<P align="left" style="font-size: 10pt"><B>Code of Business Conduct and Ethics</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Board of Directors has adopted a Code of Business Conduct
and Ethics applicable to the members of its Board of Directors and officers,
including the Chief Executive Officer and Chief Financial Officer. The
Company&#146;s Code of Business Conduct and Ethics may be accessed on its website at
www.jalexanders.com or a copy requested by writing to the following address:
J. Alexander&#146;s Corporation, Suite&nbsp;260, 3401 West End Avenue, Nashville
Tennessee 37203. The Company will make any legally required disclosures
regarding amendments to, or waivers of, provisions of the Code of Business
Conduct and Ethics on its website.


<P align="left" style="font-size: 10pt"><B>Communications with Members of the Board</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders interested in communicating directly with members of the
Company&#146;s Board of Directors may do so by writing to Corporate Secretary, J.
Alexander&#146;s Corporation, 3401 West End Avenue, Suite&nbsp;260, P.O. Box 24300,
Nashville, Tennessee 37202.


<P align="center" style="font-size: 10pt">8
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "EXECUTIVE COMPENSATION" -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="center" style="font-size: 10pt"><B>EXECUTIVE COMPENSATION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides information as to annual, long-term or other
compensation during fiscal years 2003, 2002 and 2001 for the Company&#146;s Chief
Executive Officer and each of the other executive officers of the Company who
were serving as executive officers at December&nbsp;28, 2003 and one former officer
who resigned in 2003 whose salary and bonus exceeded $100,000 (collectively,
the &#147;Named Officers&#148;).

<!-- link1 "SUMMARY COMPENSATION TABLE" -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SUMMARY COMPENSATION TABLE</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Long Term Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Annual Compensation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Awards</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Annual</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Restricted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>All Other</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name and Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Position</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Salary ($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Bonus($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($) (1)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options (#)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($) (5)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px">Lonnie J. Stout II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">285,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">26,095</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4,270</TD>
    <TD nowrap>(6)</TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:20px; text-indent:-10px">Chairman,
President, Chief Executive</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">285,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,065</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:20px; text-indent:-10px">Officer and Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">285,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,697</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,993</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px">R. Gregory Lewis
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18,098</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4,037</TD>
    <TD nowrap>(7)</TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:20px; text-indent:-10px">Vice-President, Chief Financial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,408</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,950</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:20px; text-indent:-10px">Officer and Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,522</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px">J. Michael Moore
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18,606</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3,243</TD>
    <TD nowrap>(8)</TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:20px; text-indent:-10px">Vice-President, Human Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,355</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:20px; text-indent:-10px">and Administration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,896</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,976</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px">Mark A. Parkey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18,389</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3,049</TD>
    <TD nowrap>(9)</TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:20px; text-indent:-10px">Vice-President and</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,184</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:20px; text-indent:-10px">Controller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,842</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px">Ronald E. Farmer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,592</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9,850</TD>
    <TD nowrap>(4)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">224,387</TD>
    <TD nowrap>(10)</TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:20px; text-indent:-10px">Vice-President,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,314</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,493</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:20px; text-indent:-10px">Development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,936</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,089</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">9
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes, to the extent applicable, an auto allowance, premium cost of
medical insurance, cost of a tax preparation service, auto expense
reimbursement taxable to the Named Officer and imputed interest under the
1999 Loan Program taxable to the Named Officer.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes an auto allowance of $11,076 and $10,570 of imputed interest
under the 1999 Loan Program taxable to Mr.&nbsp;Stout.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes an auto allowance of $10,656.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(4)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes an auto allowance of $3,552 and the cost of premiums for medical
insurance of $5,748.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(5)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">The ESOP shares included in this column for 2003 are valued at $7.00 per
share, the closing price of the Company&#146;s Common Stock on December&nbsp;26,
2003.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(6)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes the $828 premium cost of term life insurance maintained for the
benefit of Mr.&nbsp;Stout, $1,500 contributed by the Company to the Company&#146;s
401(k) Plan on behalf of Mr.&nbsp;Stout, and 277 ESOP shares allocated to Mr.
Stout.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(7)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes the $828 premium cost of term life insurance maintained for the
benefit of Mr.&nbsp;Lewis, $1,200 contributed by the Company to the Company&#146;s
401(k) Plan on behalf of Mr.&nbsp;Lewis and 287 ESOP shares allocated to Mr.
Lewis.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(8)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes the $661 premium cost of term life insurance maintained for the
benefit of Mr.&nbsp;Moore, $1,048 contributed by the Company to the Company&#146;s
401(k) Plan on behalf of Mr.&nbsp;Moore and 219 ESOP shares allocated to Mr.
Moore.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(9)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes the $646 premium cost of term life insurance maintained for the
benefit of Mr.&nbsp;Parkey, $900 contributed by the Company to the Company&#146;s
401(k) Plan on behalf of Mr.&nbsp;Parkey and 215 ESOP shares allocated to Mr.
Parkey.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(10)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Mr.&nbsp;Farmer resigned in April&nbsp;2003. Includes a severance payment of
$89,576 payable in seventeen equal installments from April&nbsp;2003 to
December&nbsp;2003. Mr.&nbsp;Farmer is also entitled to $47,423 in additional
severance payments due in 2004. Also includes Mr.&nbsp;Farmer&#146;s vested balance
of the salary continuation plan of $134,168, and the $642 premium cost of
term life insurance maintained for the benefit of Mr.&nbsp;Farmer.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">10
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Option Grants in Last Fiscal Year</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides information with respect to option grants to
the Named Officers during 2003 under the Company&#146;s J. Alexander&#146;s Corporation
1994 Employee Stock Incentive Plan. This table includes the number of shares
of Common Stock underlying options granted during the year, the percentage that
such options represent of all options granted to employees during the year, the
exercise price, the expiration date, and the potential realizable value of the
options assuming both a 5% and 10% annual return on the underlying common stock
from the date of grant of such option to the end of each option term.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="29%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15"><B>Individual Grants</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Potential Realizable Value</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percent of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>at Assumed Annual Rates</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Options</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>of Stock Appreciation for</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Granted to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Option Terms</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Employees in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Expiration</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Granted(#)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003(%)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($/Share)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Date</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>5% ($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>10% ($)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">J. Michael Moore</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7/22/13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,364</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,867</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mark A. Parkey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7/22/13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,364</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,867</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Options will vest over three years in one-third increments beginning July&nbsp;22, 2004.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">11
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Option Exercises and Year-End Value Table</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides information as to options exercised by the
Named Officers during fiscal 2003. None of the Named Officers has held or
exercised separate SARs. In addition, this table includes the number of shares
covered by both exercisable and unexercisable stock options as of December&nbsp;28,
2003. Also reported are the values for the &#147;in-the-money&#148; options, which
represent the positive spread between the exercise price of any such
outstanding stock options and the year-end price of the Common Stock.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Number of Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Value of Unexercised</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Underlying Unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>In-the-Money Options</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B><BR>
<B>Acquired on</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Options At Fiscal Year End (#)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>At Fiscal Year End ($)(1)</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise (#)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Realized ($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercisable</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Unexercisable</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercisable</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unexercisable</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lonnie J. Stout II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">394,099</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">827,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">R. Gregory Lewis</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,466</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">230,029</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,803</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">J. Michael Moore</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,952</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,180</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mark A. Parkey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,180</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Ronald E. Farmer(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Reflects the value of outstanding options based on the average of the high and low price of the Company&#146;s Common Stock on
December&nbsp;26, 2003.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Mr.&nbsp;Farmer resigned in 2003.</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt"><B>Salary Continuation Plan</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since 1978, the Company has provided a salary continuation plan for
eligible employees (the &#147;Salary Plan&#148;) which will continue to operate in 2004.
The Salary Plan generally provides for a retirement benefit of 50% of the
employee&#146;s salary on the date of entry into the plan with adjustments based on
certain subsequent salary increases. The retirement benefit is payable over 15
years commencing at age 65. The Salary Plan also provides that in the event an
employee dies while in the employ of the Company after entering the Salary Plan
but before retirement, his or her beneficiaries, for a period of one year, will
receive 100% of such employee&#146;s salary at the applicable time under the Salary
Plan. Thereafter, for a period of 10&nbsp;years, or until such time as the employee
would have attained age 65, whichever period is longer, the beneficiaries will
receive 50% of such salary yearly. All officers and certain other key employees
of the Company with three full years of service are eligible to participate in
the Salary Plan, which is partially funded by life insurance purchased by the
Company and payable to the Company on the death of the employees. An amount
which approximates the cash value of the life insurance policy, or in some
cases in which the Company currently self funds the retirement benefit, the
cash value of the policy which would have been required to fund the retirement
benefit, for each employee vests for the benefit of such employee at the rate
of 10% per year for each year of service, including the first three years of
service required for eligibility under the Salary Plan, and is payable to such
employee upon termination of service with the Company for any


<P align="center" style="font-size: 10pt">12
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">reason other than death or retirement at age 65. Directors of the Company who
are not also executive officers or employees do not participate in the Salary
Plan.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The annual benefits payable upon retirement at age 65 for each of Messrs.
Stout and Lewis are currently $138,750 and $74,000, respectively. Currently,
Mr.&nbsp;Moore would receive $59,900 and Mr.&nbsp;Parkey would receive annual benefits of
$63,000 payable upon retirement at age 65. These amounts may be adjusted
periodically pursuant to the terms of the Salary Plan.


<P align="left" style="font-size: 10pt"><B>Termination Benefits</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to severance benefits agreements with the Company, in the event
that Mr.&nbsp;Stout or Mr.&nbsp;Lewis is terminated or resigns after a change in
responsibilities, then he will receive an amount equal to 18&nbsp;months&#146;
compensation. Based on current levels of compensation, such amounts would be
$487,500 for Mr.&nbsp;Stout and $247,500 for Mr.&nbsp;Lewis.


<P align="left" style="font-size: 10pt"><B>Compensation of Directors</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, each director who was not also an employee of the Company
received a monthly fee of $833.33 plus a fee of $1,000 for each attended
meeting of the Board or Committee. In 2004, the Board increased the monthly
fees and attendance fees paid to non-employee directors. Currently, each
director who is not an employee of the Company receives a monthly fee of $1,250
plus a fee of $1,500 for each attended meeting of the Board or Committee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each director who is not also an employee of the Company was eligible for
grants of non-qualified stock options under the 1994 Employee Stock Incentive
Plan, as amended (the &#147;1994 Plan&#148;) and will be eligible for such grants under
the 2004 Equity Incentive Plan (the &#147;Equity Incentive Plan&#148;), if the Equity
Incentive Plan is approved by the shareholders. Generally, directors who are
not employees of the Company have been awarded options to purchase 10,000
shares of Common Stock upon joining the Board and options to purchase 1,000
shares of Common Stock for each succeeding year of service, with the exercise
price being fair market value of the Common Stock on the date of grant.
Pursuant to the terms of the 1994 Plan and the Equity Incentive Plan, no
non-employee director will be eligible for a grant of incentive stock options
under the 1994 Plan and the Equity Incentive Plan.


<P align="left" style="font-size: 10pt"><B>Compensation Committee Report</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decisions on compensation of the Company&#146;s executive officers are made by
the Compensation Committee of the Company&#146;s Board of Directors. Each member of
the Compensation Committee is a non-employee director and is independent as
that term is defined in the current rules of the AMEX. It is the responsibility
of the Compensation Committee to determine whether in its judgment the
executive compensation policies are reasonable and appropriate, meet their
stated objectives and effectively serve the best interests of the Company and
its shareholders.


<P align="left" style="font-size: 10pt"><I>Compensation Philosophy and Policies for Executive Officers</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee believes that the primary objectives of the
Company&#146;s executive compensation policies should be:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to attract and retain talented executives by providing
compensation that is, overall, competitive with the compensation
provided to executives at companies of comparable size and position
in the restaurant industry, while maintaining compensation within
levels that are consistent with the Company&#146;s overall financial
objectives and operating performance;
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">13
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to provide the appropriate incentives for executive officers
to work towards the achievement of the Company&#146;s annual sales,
operating and development targets; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to determine if it is appropriate to align the interests of
its executive officers more closely with those of its shareholders
and the long-term interests of the Company by providing long-term
incentive compensation in the form of stock options or other
stock-based awards.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee believes that the Company&#146;s executive
compensation policies should be reviewed each year following the time when the
financial results of the prior year become final. The policies are reviewed in
light of their consistency with the Company&#146;s financial performance, the
success achieved in meeting its sales and operating performance targets,
achieving its overall strategic business plan objectives and its position
within the restaurant industry. The compensation of individual executive
officers is reviewed annually by the Compensation Committee in light of the
executive compensation policies established for that year.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee sets the base compensation of the executive
officers at a level that it believes appropriate considering the overall
strategic direction of the Company, its position within the relative segment of
the food service industry in which it operates and the overall responsibilities
of each executive officer. The Compensation Committee believes that in addition
to corporate performance, it is appropriate to consider in setting and
reviewing executive compensation the personal contributions the particular
individual may make to the success of the corporate enterprise. Such
qualitative factors as demonstrated leadership skills, planning initiatives,
development and morale building skills, and other such related factors have
been deemed to be important qualitative factors to take into account when
considering levels of compensation.


<P align="left" style="font-size: 10pt"><I>Compensation of Executive Officers</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee believes that the compensation for each of the
Named Officers should consist of a base salary, the potential for an annual
bonus and long-term stock-based incentive compensation and has applied the
policies described herein to fiscal 2003 compensation for executive officers as
described below.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Base Compensation</I>. Base salaries for the Named Officers are at fixed
levels generally between the 25th and 75th percentiles of salaries paid to
senior managers with comparable qualifications, experience and responsibility
at other corporations engaged in the same or similar businesses as the Company.
The Compensation Committee subjectively determined, on the basis of discussions
with the Chief Executive Officer and its experience in business generally and
with the Company specifically, what it viewed to be appropriate levels of base
compensation after taking into consideration each executive&#146;s contributions and
the level of performance of the Company overall. As a result of this review,
increases averaging approximately 2.4% in the base salaries for the Named
Officers for fiscal 2003 were made, with specific increases varying from 0% to
6.1%, reflecting the Compensation Committee&#146;s subjective judgment as to
individual contributions towards meeting the Company&#146;s overall financial
objectives and financial performance. The Compensation Committee did not
assign any relative weight to the quantitative and qualitative factors which it
applied subjectively in reaching its base compensation decisions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Annual Incentive Compensation</I>. The principal factors in awarding an
annual bonus to the Company&#146;s executive officers are their ability to increase
same store sales, improve corporate operating profits or maintain them at the
appropriate levels for the sales achieved, and meet the Company&#146;s overall
strategic business plan objectives. The Compensation Committee also may
consider other factors when awarding annual bonuses, such as the


<P align="center" style="font-size: 10pt">14
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">executive&#146;s contribution to concept development, improvement in financial performance and
the impact the executive officers have on programs that enhance shareholder
value.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee generally believes that an annual bonus award
in the range of 15% to 50% of the executive officer&#146;s annual base compensation
is appropriate in light of the relatively low to moderate base salary levels.
During fiscal 2003, bonuses averaging 9.2% of the executive officers&#146; annual
base compensation were awarded to the executive officers, with specific bonuses
ranging from $7,500 to $35,000, reflecting the Compensation Committee&#146;s
subjective judgment as to individual contributions to the Company&#146;s performance
in achieving certain development objectives; no bonuses were awarded based on
the Company&#146;s operating performance described above.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Long-Term Incentive Compensation</I>. During the Company&#146;s fiscal year the
Compensation Committee considers the advisability of granting the Company&#146;s
senior executives long-term incentive compensation in the form of awards under
the Company&#146;s stock incentive plan. The Compensation Committee believes that
its past grants of stock options have successfully focused the Company&#146;s
management team on building profitability and enhancing shareholder value.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company currently has no set policy as to when stock options should be
awarded. The Compensation Committee believes that the Company should make it a
part of its regular executive compensation policies to consider granting annual
awards of stock options to executive officers to provide long-term incentives
as part of each executive&#146;s annual compensation package. The Compensation
Committee also believes that any grant should be made on terms established at
the time of the annual review, and that the exercise price of stock options
should be the fair market value of the Company&#146;s Common Stock on the date of
grant. Generally, the Compensation Committee&#146;s policy is that stock options
should vest gradually over a period of three or more years.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee believes that long-term stock-based incentive
compensation should be structured so as to more closely align the interests of
the executives with those of the Company&#146;s shareholders. The Compensation
Committee determines the award of stock option grants to the executive officers
and takes into account the recommendations of the Chief Executive Officer prior
to approving annual awards of long-term stock-based incentive compensation to
the other executive officers.


<P align="left" style="font-size: 10pt"><I>Loan Program</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 1999, the Company&#146;s Board of Directors established a loan program
designed to enable eligible employees to purchase shares of the Company&#146;s
common stock. Under the program eligible participants were permitted to borrow
an amount equal to the full price of common stock purchased. The plan
authorized $1&nbsp;million in loans to employees. The employee loans are payable on
December&nbsp;31, 2006, unless repaid sooner pursuant to terms of the loan program.
Pursuant to the terms of the loan program, participants received one share of
Common Stock and one share of restricted stock under the Company&#146;s 1994 Plan
for every 20 shares purchased pursuant to the loan program. The restricted
stock vests in 20% increments on the second through sixth anniversaries of the
date of issuance. The Compensation Committee believes that the loan program,
which facilitated employee purchases of Common Stock, more closely aligns
employee interests with shareholder interests.


<P align="left" style="font-size: 10pt"><I>Compensation of Chief Executive Officer</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee believes that the Chief Executive Officer&#146;s
compensation is consistent with its general policies concerning executive
compensation and is appropriate in light of the Company&#146;s financial objectives
and performance. Awards of long-term incentive compensation to the Chief
Executive Officer are considered concurrently with awards to other executive
officers and follow the same general policies as such other


<P align="center" style="font-size: 10pt">15
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">long-term incentive awards. Of the options previously granted to Mr.&nbsp;Stout for the purchase of
400,000 shares of Common Stock, options for 180,000 of these shares were originally granted at an
exercise price equal to the current market price on the date of grant and the
exercise price increases 15% annually.



<P align="left" style="font-size: 10pt"><I>Compliance with Internal Revenue Code Section&nbsp;162(m</I>).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;162(m) of the Internal Revenue Code of 1986, as amended (the
&#147;Code&#148;), enacted in 1993, generally prohibits public companies from deducting
the Chief Executive Officer&#146;s and four other most highly compensated executive
officers&#146; compensation, to the extent such compensation exceeds $1&nbsp;million for
any individual officer. Performance-based compensation is not subject to the
deduction limit if certain requirements are met. Since the compensation of each
of the Company&#146;s executive officers is significantly less than $1&nbsp;million, the
Company has not addressed the steps that it would take to structure the
performance-based portion of the compensation of its executive officers in a
manner that would comply with the statute.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Respectfully submitted,</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>E. Townes Duncan (Chairman)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Garland G. Fritts</TD>
</TR>

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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">16
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>Performance Graph</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following graph compares the five-year cumulative returns of $100
invested on December&nbsp;31, 1998 in (a)&nbsp;the Company, (b)&nbsp;the CoreData Restaurant
Group Industry Index (&#147;CD Group Index&#148;), (c)&nbsp;the Standard &#038; Poor&#146;s 500 Index
(&#147;S&#038;P 500 Index&#148;), and (d)&nbsp;the American Stock Exchange Market Index (&#147;AMEX
Market Index&#148;) assuming the reinvestment of all dividends.


<P align="center" style="font-size: 10pt"><IMG src="g88006g8800600.gif" alt="(PERFORMANCE GRAPH)">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>End of Fiscal Year</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1998</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1999</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">J. Alexander&#146;s Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">100.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">78.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">57.83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">55.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">67.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">175.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">CD Group Index</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">100.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">95.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">90.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">91.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">73.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">100.80</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">AMEX Market Index</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">100.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">124.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">123.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">117.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">112.78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">153.50</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">S&#038;P 500 Index</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">100.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">121.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">110.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">96.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">75.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">97.18</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">17
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "AUDIT COMMITTEE REPORT" -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="center" style="font-size: 10pt"><B>AUDIT COMMITTEE REPORT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of the Board of Directors is comprised of three
non-employee directors and operates under a written charter. The Audit
Committee Charter is posted on the Company&#146;s website at www.jalexanders.com.
Effective upon the election by the shareholders of Brenda B. Rector and Joseph
N. Steakley, the Audit Committee will be comprised of Joseph N. Steakley
(Chairman), Brenda B. Rector and Garland G. Fritts, each of whom is independent
under the rules of the American Stock Exchange and applicable Securities and
Exchange Commission regulations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The primary purpose of the Audit Committee is to assist the Board of
Directors in fulfilling its responsibility to oversee (i)&nbsp;the integrity of the
financial statements of the Company, (ii)&nbsp;the Company&#146;s compliance with legal
and regulatory requirements, (iii)&nbsp;the outside auditors&#146; qualifications and
independence, and (iv)&nbsp;the performance of the Company&#146;s independent outside
auditors. The Audit Committee is directly responsible for the appointment,
compensation and oversight of the work of the independent auditors. The
independent auditors report directly to the Audit Committee. Management has
the primary responsibility for the financial statements and the reporting
process, including the systems of internal controls. The Company&#146;s independent
auditors are responsible for planning and carrying out proper annual audits and
quarterly reviews of the Company&#146;s financial statements. The independent
auditors express an opinion on the conformity of the Company&#146;s audited
financial statements with accounting principles generally accepted in the
United States.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the performance of its oversight function, the Audit Committee has
reviewed and discussed the audited financial statements with management and the
independent auditors. The Audit Committee has discussed with the independent
auditors the matters required to be discussed by Statement on Auditing
Standards No.&nbsp;61 (Communication with Audit Committees), as amended by Statement
on Auditing Standards No.&nbsp;90 (Audit Committee Communications). In addition, the
Audit Committee has received from the independent auditors the written
disclosures required by Independence Standards Board No.&nbsp;1 (Independence
Discussions with Audit Committees) and discussed with them their independence
from the Company and its management. The Audit Committee has considered whether
the independent auditors&#146; provision of non-audit services to the Company is
compatible with the auditor&#146;s independence.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee discussed with the Company&#146;s independent auditors the
overall scope and plans for their audit. The Audit Committee meets with the
external auditors, with and without management present, to discuss the results
of their examinations, the evaluations of the Company&#146;s internal controls and
the overall quality of the Company&#146;s financial reporting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In reliance on the reviews and discussions referred to above, the Audit
Committee recommended to the Board of Directors that the audited financial
statements be included in the Company&#146;s Annual Report on Form 10-K for the year
ended December&nbsp;28, 2003, for filing with the Securities and Exchange
Commission.

<DIV align="center">
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Respectfully submitted,</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">E. Townes Duncan (Co-Chair)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Garland G. Fritts (Co-Chair)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J. Bradbury Reed</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">The foregoing report of the Audit Committee shall not be deemed incorporated by
reference by any general statement incorporating by reference the Proxy
Statement into any filing under the Securities Act of 1933 or the Securities
Exchange Act of 1934, except to the extent that the Company specifically
incorporates this information by reference, and shall not otherwise be deemed
filed under such acts.



<P align="center" style="font-size: 10pt">18
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<DIV style="font-family: 'Times New Roman',Times,serif">



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<P align="center" style="font-size: 10pt"><B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;Townes Duncan, a director of the Company, is a minority owner of and
manages the investments of Solidus Company, the Company&#146;s largest shareholder.
Pursuant to a Stock Purchase and Standstill Agreement between Solidus, LLC (the
predecessor to Solidus) and the Company dated March&nbsp;22, 1999, Solidus purchased
1,086,266 shares of Common Stock for $3.75 per share, for an aggregate purchase
price of $4,073,497.50. In addition, Solidus agreed that (i)&nbsp;for a period of
seven years, Solidus and its affiliates would not acquire or hold more than 33%
of the Company&#146;s Common Stock; (ii)&nbsp;for a period of seven years, Solidus and
its affiliates would not solicit proxies for a vote of the shareholders of the
Company; (iii)&nbsp;for a period of seven years, Solidus and its affiliates would
not sell the Company&#146;s Common Stock, except to the Company, a person, entity or
group approved by the Company or to an affiliate of Solidus; (iv)&nbsp;the above
restrictions on Solidus&#146; ownership and ability to solicit proxies would
terminate in the event of certain tender offers or exchange offers, a notice
filing with the Department of Justice relating to the acquisition by a third
party of more than 15% of the outstanding Common Stock or with the Commission
relating to the acquisition by a third party of more than 10% of the
outstanding Common Stock, the Company&#146;s proposing or approving a merger or
other business combination, or a change to a majority of the Company&#146;s Board of
Directors over a two-year period; and (v)&nbsp;Solidus would not exercise rights
attributable to the 1,086,266 shares of Common Stock purchased on March&nbsp;22,
1999, during the Company&#146;s rights offering in 1999.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In August&nbsp;2003, Solidus and the Company executed the First Amendment.
Under the terms of the First Amendment, the Company authorized Solidus to
pledge the Common Stock of the Company owned by it as collateral security for
the payment and performance of Solidus&#146; obligations under a credit agreement
with a bank. In the event that Solidus defaults on its obligations to the bank,
and such default results in the need to liquidate the related collateral, the
bank is required to give the Company written notice of the number of shares it
intends to sell and the price at which such shares are to be sold. The Company
has the exclusive right within the first 30&nbsp;days subsequent to receipt of such
written notice to purchase all or any portion of the shares subject to sale
and, should the Company decline to purchase any of the applicable shares, the
bank may sell such shares over the ensuing 50&nbsp;days on terms no more favorable
than the terms stated in the written notice referred to above.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 1999, the Company&#146;s Board of Directors established a loan program
designed to enable eligible employees to purchase shares of the Company&#146;s
Common Stock. Under the terms of the loan program, all full-time employees as
well as part-time employees who had at least five years of employment with the
Company were eligible to borrow amounts ranging from a minimum of $10,000 to a
maximum of 100% of their annual salary. Borrowings in excess of the maximum
were allowed upon approval by the Compensation Committee or the officers of the
Company, as applicable. The aggregate amount of loans authorized were $1
million.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the terms of the loan program, participants received one share
of bonus Common Stock and one share of restricted stock for every 20 shares
purchased pursuant to the loan program, issued pursuant to the 1994 Plan. The
shares of restricted stock vest at a rate of 20% on each of the second through
the sixth anniversaries of February&nbsp;18, 2000.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following officers borrowed amounts under the 1999 Loan Program in
excess of $60,000. Mr.&nbsp;Stout borrowed $424,005 to purchase 128,971 shares of
Common Stock. He received 6,449 shares of bonus stock and 6,449 shares of
restricted stock. Mr.&nbsp;Moore borrowed $76,397 to purchase 23,238 shares. He
received 1,162 shares of bonus stock and 1,162 shares of restricted stock. In
addition, Mr.&nbsp;Moore received an additional loan in the amount of $1,283. The
market price of the Common Stock was $3.625 per share at the time of the award
of the shares of the bonus stock and the shares of restricted stock.
Currently, Mr.&nbsp;Stout and Mr.&nbsp;Moore owe $392,130 and $64,412, respectively, to
the Company.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All loans made under the loan program bear interest at an annual rate of
3%, payable quarterly, and are due and payable on December&nbsp;31, 2006, at which
time the remaining unpaid principal amount and unpaid interest will become due
and payable. In the event a participant receives from the Company bonus
compensation, 30% of any such bonus is to be applied to the outstanding
principal balance of the loan. Further, a participant&#146;s loan may become due
and payable upon termination of a participant&#146;s employment or failure to make
any payment when due, as well as under other circumstances set forth in the
loan program documents. The interest rate and payment terms are adjusted to
terms comparable to market rates and terms in the event a participant sells or
pledges the shares purchased pursuant to the loan program (including shares of
bonus stock and restricted stock awarded in connection with the program)
without the Company&#146;s prior consent.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Reed is a member of the law firm of Bass, Berry &#038; Sims PLC. This law
firm has served as the Company&#146;s outside legal counsel since the Company&#146;s
inception in 1971.


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<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "PROPOSAL 2: ADOPTION OF THE J. ALEXANDER&#146;S CORPORATION 2004 EQUITY INCENTIVE PLAN" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PROPOSAL 2: ADOPTION OF THE J. ALEXANDER&#146;S CORPORATION<BR>
2004 EQUITY INCENTIVE PLAN</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders are being asked to approve the Equity Incentive Plan attached
as Exhibit&nbsp;A to replace the 1994 Plan. The purpose of the Equity Incentive
Plan is to promote the interests of the Company and its shareholders by, among
other things, (i)&nbsp;attracting and retaining officers, employees and directors
of, and consultants to, the Company and its subsidiaries and affiliates, (ii)
motivating such individuals by means of performance-related incentives to
achieve long-range performance goals, (iii)&nbsp;enabling such individuals to
participate in the long-term growth and financial success of the Company, (iv)
encouraging ownership of stock in the Company by such individuals and (v)
linking their compensation to the long-term interests of the Company and its
shareholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No further awards will be granted under the 1994 Plan. The Equity
Incentive Plan will be effective as of March&nbsp;25, 2004, provided it has been
approved by the Company&#146;s shareholders. No new awards will be granted under the
Equity Incentive Plan after the tenth (10th) anniversary of its effective date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If approved by the Company&#146;s shareholders, the Equity Incentive Plan would
set aside for issuance 370,000 shares of Common Stock, including an aggregate
of 68,912 shares carried over from the 1994 Plan for which awards were never
granted under the 1994 Plan. These 370,000 shares of Common Stock represent
5.7% of the Company&#146;s total number of shares of Common Stock outstanding as of
April&nbsp;14, 2004. In addition, up to 762,046 shares that are currently subject to
outstanding awards under the 1994 Plan, when and if any such awards are
forfeited or terminated without the delivery of shares under the 1994 Plan,
will become available for grant under the Equity Incentive Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in more detail below, the Equity Incentive Plan contains the
following provisions:



<P align="left" style="margin-left:8%; font-size: 10pt">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Equity Incentive Plan prohibits the Committee from amending the
terms of previously granted options to reduce the exercise price or
canceling a previously granted option and substituting another option
with a lower exercise price.



<P align="left" style="margin-left:8%; font-size: 10pt">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Equity Incentive Plan limits to 75,000 shares the number of
restricted shares, restricted share units and other similar stock-based
awards that the Committee can grant under the Equity Incentive Plan.



<P align="left" style="margin-left:8%; font-size: 10pt">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Equity Incentive Plan provides that restricted share and restricted
share unit awards will have a minimum vesting period of one year from the
date of the award.



<P align="left" style="margin-left:8%; font-size: 10pt">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Equity Incentive Plan provides that any options granted under the
Equity Incentive Plan, other than Substitute Awards (as defined herein),
may not be granted at less than the fair market value of the Common Stock
on the date of grant.



<P align="left" style="margin-left:8%; font-size: 10pt">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Equity Incentive Plan limits to 50,000 the maximum number of shares
with respect to which all performance awards may be granted to a Covered
Employee (as defined in the Equity Incentive Plan) in each year of the
performance period and to $500,000 the maximum amount of any award to
such an employee that may be settled in cash in each year of the
performance period.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a brief summary of the principal features of the Equity
Incentive Plan, which is qualified in its entirety by reference to the Equity
Incentive Plan itself, a copy of which is attached hereto as Exhibit&nbsp;A and
incorporated herein by reference.


<P align="center" style="font-size: 10pt">21
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Shares Available for Awards under the Plan</I>. Under the Equity Incentive
Plan, awards may be made in Common Stock. Subject to adjustment as provided by
the terms of the Equity Incentive Plan, the maximum number of shares of Common
Stock with respect to which awards may be granted under the Equity Incentive
Plan is 370,000 (which includes an aggregate of 68,912 shares under the 1994
Plan that were authorized but not granted). Except as adjusted in accordance
with the terms of the Equity Incentive Plan, no more than 75,000 shares may be
granted as restricted shares, restricted share unit and other similar
stock-based awards. The maximum number of shares with respect to which awards
may be granted under the Equity Incentive Plan shall be increased by the number
of shares with respect to which options or other awards were granted under the
1994 Plan as of the effective date of this Equity Incentive Plan, but which
terminate, expire unexercised, or are settled for cash, forfeited or cancelled
without delivery of the shares under the terms of the 1994 Plan after the
effective date of this Equity Incentive Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of Common Stock issued under the Equity Incentive Plan may be
either newly issued shares or shares which have been reacquired by the Company.
Shares issued by the Company as substitute awards granted solely in assumption
of outstanding awards previously granted by a company acquired by the Company
or with which the Company combines (&#147;Substitute Awards&#148;) do not reduce the
number of shares available for awards under the Equity Incentive Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan provides that no single participant may receive options or Stock
Appreciation Rights (&#147;SARs&#148;) in any calendar year that relate to more than
50,000 shares of Common Stock, subject to adjustment in certain circumstances.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With certain limitations, awards made under the Equity Incentive Plan may
be adjusted by the Committee in its discretion or to prevent dilution or
enlargement of benefits or potential benefits intended to be made available
under the Equity Incentive Plan in the event of any stock dividend,
reorganization, recapitalization, stock split, combination, merger,
consolidation, change in laws, regulations or accounting principles or other
relevant unusual or nonrecurring event affecting the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Eligibility and Administration</I>. Current and prospective officers and
employees, and directors of, and consultants to, the Company or its
subsidiaries or affiliates are eligible to be granted awards under the Equity
Incentive Plan. As of December&nbsp;28, 2003, approximately 2,600 individuals were
eligible to participate in the Equity Incentive Plan; the Company&#146;s past
practice has been to grant awards to approximately 100 individuals. The
Committee will administer the Equity Incentive Plan, except with respect to
awards to non-employee directors serving on the Committee, for which the Equity
Incentive Plan will be administered by the Board of Directors. The Committee
will be composed of not less than two non-employee directors, each of whom will
be a &#147;Non-Employee Director&#148; for purposes of Section&nbsp;16 of the Exchange Act and
Rule&nbsp;16b-3 thereunder and an &#147;outside director&#148; within the meaning of Section
162(m) and the regulations promulgated under the Code. Subject to the terms of
the Equity Incentive Plan, the Committee is authorized to select participants,
determine the type and number of awards to be granted, determine and later
amend (subject to certain limitations) the terms and conditions of any award,
interpret and specify the rules and regulations relating to the Equity
Incentive Plan, and make all other determinations which may be necessary or
desirable for the administration of the Equity Incentive Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stock Options and Stock Appreciation Rights</I>. The Committee is authorized
to grant stock options, including both incentive stock options, which can
result in potentially favorable tax treatment to the participant, and
non-qualified stock options. The Committee may specify the terms of such grants
subject to the terms of the Equity Incentive Plan. The Committee is also
authorized to grant SARs, either with or without a related option. The exercise
price per share subject to an option is determined by the Committee, but may
not be less than the fair market value of a share of Common Stock on the date
of the grant, except in the case of Substitute Awards. The maximum term of each
option or SAR, the times at which each option or SAR will be exercisable, and
the


<P align="center" style="font-size: 10pt">22
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">provisions requiring forfeiture of unexercised options at or following
termination of employment generally are fixed by the Committee, except that no
option or tandem SAR relating to an option may have a term exceeding ten years.
Incentive stock options or tandem SARs related thereto that are granted to
holders of more than ten percent of the Company&#146;s voting securities are subject
to certain additional restrictions, including a five-year maximum term and a
minimum exercise price of 110% of fair market value.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restricted Shares and Restricted Share Units</I>. The Committee is authorized
to grant restricted shares of Common Stock and restricted share units.
Restricted shares are shares of Common Stock subject to transfer restrictions
as well as forfeiture upon certain terminations of employment prior to the end
of a restricted period or other conditions specified by the Committee in the
award agreement. A participant granted restricted shares of Common Stock
generally has most of the rights of a shareholder of the Company with respect
to the restricted shares, including the right to receive dividends and the
right to vote such shares. None of the restricted shares may be transferred,
encumbered or disposed of during the restricted period or until after
fulfillment of the restrictive conditions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each restricted share unit has a value equal to the fair market value of a
share of Common Stock on the date of grant. The Committee determines, in its
sole discretion, the restrictions applicable to the restricted share units. A
participant will be credited with dividend equivalents on any vested restricted
share units at the time of any payment of dividends to shareholders on shares
of Common Stock. Except as determined otherwise by the Committee, restricted
share units may not be transferred, encumbered or disposed of, and such units
shall terminate, without further obligation on the part of the Company, unless
the participant remains in continuous employment of the Company for the
restricted period and any other restrictive conditions relating to the
restricted share units are met.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Equity Incentive Plan provides that restricted share and restricted
unit awards shall contain provisions which prohibit any forfeiture and transfer
restrictions from lapsing with respect to all of the shares covered under an
award until the first anniversary of the grant of that award.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Performance Awards</I>. A performance award consists of a right that is
denominated in cash or shares of Common Stock, valued in accordance with the
achievement of certain performance goals during certain performance periods as
established by the Committee, and payable at such time and in such form as the
Committee shall determine. Performance awards may be paid in a lump sum or in
installments following the close of a performance period or on a deferred
basis, as determined by the Committee. Termination of employment prior to the
end of any performance period, other than for reasons of death or total
disability, will result in the forfeiture of the performance award. Absent a
determination by the Commitment to the contrary, a participant&#146;s rights to any
performance award may not be transferred, encumbered or disposed of in any
manner, except by will or the laws of descent and distribution.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance awards are subject to certain specific terms and conditions
under the Equity Incentive Plan. Performance goals for Covered Officers (as
defined in the Equity Incentive Plan) will be limited to one or more of the
following financial performance measures relating to the Company or any of its
subsidiaries, operating units or divisions: (a)&nbsp;earnings before interest,
taxes, depreciation and/or amortization; (b)&nbsp;operating income or profit; (c)
operating efficiencies; (d)&nbsp;return on equity, assets, capital, capital
employed, or investment; (e)&nbsp;after tax operating income; (f)&nbsp;net income; (g)
earnings or book value per share; (h)&nbsp;cash flow(s); (i)&nbsp;total sales or revenues
or sales or revenues per employee; (j)&nbsp;stock price or total shareholder return;
(k)&nbsp;dividends; or (l)&nbsp;strategic business objectives, consisting of one or more
objectives based on meeting specified cost targets, business expansion goals,
and goals relating to acquisitions or divestitures; or any combination thereof.
Each goal may be expressed on an absolute and/or relative basis, may be based
on or otherwise employ comparisons based on internal targets, the past
performance of the Company or any subsidiary, operating unit or division of the
Company and/or the past or current


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">performance of other companies, and in the case of earnings-based
measures, may use or employ comparisons relating to capital, shareholders&#146;
equity and/or shares outstanding, or to assets or net assets.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent necessary to comply with Section&nbsp;162(m), with respect to
grants of performance awards, no later than 90&nbsp;days following the commencement
of each performance period (or such other time as may be required or permitted
by Section&nbsp;162(m)), the Committee will, in writing, (1)&nbsp;select the performance
goal or goals applicable to the performance period, (2)&nbsp;establish the various
targets and bonus amounts which may be earned for such performance period, and
(3)&nbsp;specify the relationship between performance goals and targets and the
amounts to be earned by each Covered Officer for such performance period.
Following the completion of each performance period, the Committee will certify
in writing whether the applicable performance targets have been achieved and
the amounts, if any, payable to Covered Officers for such performance period.
In determining the amount earned by a Covered Officer for a given performance
period, subject to any applicable award agreement, the Committee shall have the
right to reduce (but not increase) the amount payable at a given level of
performance to take into account additional factors that the Committee may deem
relevant to the assessment of individual or corporate performance for the
performance period. With respect to any Covered Officer, the maximum number of
shares in respect of which all performance awards may be granted under the
Equity Incentive Plan in each year of the performance period is 50,000 and the
maximum amount of any award settled in cash is $500,000 in each year of the
performance period.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Stock-Based Awards</I>. The Committee is authorized to grant any other
type of awards that are denominated or payable in, valued by reference to, or
otherwise based on or related to shares of Common Stock. The Committee will
determine the terms and conditions of such awards, consistent with the terms of
the Equity Incentive Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Non-Employee Director Awards</I>. The Board of Directors may provide that all
or a portion of a non-employee director&#146;s annual retainer and/or retainer fees
or other awards or compensation as determined by the Board be payable in
non-qualified stock options, restricted shares, restricted share units and/or
other stock-based awards, including unrestricted shares. The Board of
Directors will determine the terms and conditions of any such awards, including
those that apply upon the termination of a non-employee director&#146;s service as a
member of the Board of Directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination of Employment</I>. The Committee will determine the terms and
conditions that apply to any award upon the termination of employment with the
Company, its subsidiaries and affiliates, and provide such terms in the
applicable award agreement or in its rules or regulations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Change in Control</I>. Unless otherwise set forth in an award agreement, all
outstanding awards vest, become immediately exercisable or payable or have all
restrictions lifted immediately upon a Change in Control (as defined in the
Equity Incentive Plan). See Exhibit&nbsp;A attached hereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Amendment and Termination</I>. The Board of Directors may amend, alter,
suspend, discontinue or terminate the Equity Incentive Plan or any portion of
the Equity Incentive Plan at any time, except that shareholder approval must be
obtained for any such action if such approval is necessary to comply with any
tax or regulatory requirement with which the Board deems it desirable or
necessary to comply. The Committee may waive any conditions or rights under,
amend any terms of, or alter, suspend, discontinue, cancel or terminate any
award, either prospectively or retroactively. The Committee does not have the
power, however, to amend the terms of previously granted options to reduce the
exercise price per share subject to such option or to cancel such options and
grant substitute options with a lower exercise price per share than the
cancelled options. The Committee also may not amend an award so as to adversely
affect the rights of any award holder without the award holder&#146;s consent.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Terms of Awards</I>. The Company may take action, including the
withholding of amounts from any award made under the Equity Incentive Plan, to
satisfy withholding and other tax obligations. The Committee may provide for
additional cash payments to participants to defray any tax arising from the
grant, vesting, exercise or payment of any award. Awards granted under the
Equity Incentive Plan generally may not be pledged or otherwise encumbered or
transferred except (i)&nbsp;by will or by the laws of descent and distribution; (ii)
to a member of the participant&#146;s immediate family or a trust for the benefit of
an immediate family member; (iii)&nbsp;to a partnership of which the only partners
are members of the participant&#146;s immediate family; or (iv)&nbsp;as permitted by the
Committee in its discretion. Incentive stock options may not be pledged or
otherwise encumbered or transferred except by will or by the laws of descent
and distribution.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Certain Federal Income Tax Consequences</I>. The following is a brief
description of the current federal income tax consequences generally arising
with respect to awards under the Equity Incentive Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax consequences to the Company and to participants receiving awards will
vary with the type of award. Generally, a participant will not recognize
income, and the Company is not entitled to take a deduction, upon the grant of
an incentive stock option, a nonqualified option, a reload option, an SAR or a
restricted share award. A participant will not have taxable income upon
exercising an incentive stock option (except that the alternative minimum tax
may apply). Upon exercising an option other than an incentive stock option, the
participant must generally recognize ordinary income equal to the difference
between the exercise price and fair market value of the freely transferable and
non-forfeitable shares of Common Stock acquired on the date of exercise.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a participant sells shares of Common Stock acquired upon exercise of an
incentive stock option before the end of two years from the date of grant and
one year from the date of exercise, the participant must generally recognize
ordinary income equal to the difference between (i)&nbsp;the fair market value of
the shares of Common Stock at the date of exercise of the incentive stock
option (or, if less, the amount realized upon the disposition of the incentive
stock option shares of Common Stock), and (ii)&nbsp;the exercise price. Otherwise, a
participant&#146;s disposition of shares of Common Stock acquired upon the exercise
of an option (including an incentive stock option for which the incentive stock
option holding period is met) generally will result in short-term or long-term
capital gain or loss measured by the difference between the sale price and the
participant&#146;s tax basis in such shares of Common Stock (the tax basis generally
being the exercise price plus any amount previously recognized as ordinary
income in connection with the exercise of the option).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company generally will be entitled to a tax deduction equal to the
amount recognized as ordinary income by the participant in connection with an
option. The Company generally is not entitled to a tax deduction relating to
amounts that represent a capital gain to a participant. Accordingly, the
Company will not be entitled to any tax deduction with respect to an incentive
stock option if the participant holds the shares of Common Stock for the
incentive stock option holding periods prior to disposition of the shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Similarly, the exercise of an SAR will result in ordinary income on the
value of the stock appreciation right to the individual at the time of
exercise. The Company will be allowed a deduction for the amount of ordinary
income recognized by a participant with respect to an SAR. Upon a grant of
restricted stock, the participant will recognize ordinary income on the fair
market value of the Common Stock at the time shares of restricted stock become
vested unless a participant makes an election under Section 83(b) of the Code
to be taxed at the time of grant. The participant also is subject to capital
gains treatment on the subsequent sale of any Common Stock acquired through the
exercise of an SAR or restricted share award. For this purpose, the
participant&#146;s basis in the Common Stock is its fair market value at the time
the SAR is exercised or the restricted share becomes vested (or is granted, if
an election under Section 83(b) is made). Reload options are taxed in the same
manner as incentive options and nonqualified options, depending on the type of
option that is issued under the reload grant. Payments


<P align="center" style="font-size: 10pt">25
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">made under performance awards are taxable as ordinary income at the time
an individual attains the performance goals and the payments are made available
to the participant.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;162(m) of the Code generally disallows a public company&#146;s tax
deduction for compensation paid in excess of $1&nbsp;million in any tax year to its
five most highly compensated executives. However, compensation that qualifies
as &#147;performance-based compensation&#148; is excluded from this $1&nbsp;million deduction
limit and therefore remains fully deductible by the company that pays it. The
Company intends that (i)&nbsp;performance awards and (ii)&nbsp;options granted (a)&nbsp;with
an exercise price at least equal to 100% of fair market value of the underlying
shares of Common Stock at the date of grant and (b)&nbsp;to employees the Committee
expects to be named executive officers at the time a deduction arises in
connection with such awards, qualify as &#147;performance-based compensation&#148; so
that these awards will not be subject to the Section 162(m) deduction
limitations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing discussion is general in nature and is not intended to be a
complete description of the federal income tax consequences of the Equity
Incentive Plan. This discussion does not address the effects of other federal
taxes or taxes imposed under state, local or foreign tax laws. Participants in
the Equity Incentive Plan are urged to consult a tax advisor as to the tax
consequences of participation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Equity Incentive Plan is not intended to be a &#147;qualified plan&#148; under
Section 401(a) of the Code.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE &#147;FOR&#148; THE APPROVAL OF THE
J. ALEXANDER&#146;S CORPORATION 2004 EQUITY INCENTIVE PLAN.</B>


<P align="center" style="font-size: 10pt">26
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes information concerning the Company&#146;s equity
compensation plans at December&nbsp;28, 2003:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Remaining Available for</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Future Issuance Under</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares to be</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Equity Compensation</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Issued upon Exercise of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted Average Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Plans (Excluding Shares</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Outstanding Options and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price of Outstanding Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Reflected in First</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Plan Category</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Warrants</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>and Warrants</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Column)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Equity compensation
plans approved by
shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">789,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,912</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Equity compensation
plans not approved
by shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">789,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,912</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<!-- link1 "COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="center" style="font-size: 10pt"><B>COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal 2003, the Compensation Committee of the Board of Directors
was composed of E. Townes Duncan and Garland G. Fritts. Neither of these
persons has at any time been an officer or employee of the Company or any of
its subsidiaries. In addition, there are no relationships among the Company&#146;s
executive officers, members of the Compensation Committee or entities whose
executives serve on the Board of Directors that require disclosure under
applicable Commission regulations.

<!-- link1 "SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE" -->
<DIV align="left"><A NAME="011"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16(a) of the Exchange Act requires the Company&#146;s executive
officers and directors, and persons who own more than 10% of a registered class
of the Company&#146;s equity securities, to file reports of ownership and changes in
ownership with the Commission and AMEX. Executive officers, directors and
greater than 10% shareholders are required by regulation of the Commission to
furnish the Company with copies of all Section 16(a) forms they file.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based solely on a review of the Forms 3, 4 and 5 and amendments thereto
and certain written representations furnished to the Company, the Company
believes that during the fiscal year ended December&nbsp;28, 2003, its executive
officers and directors complied with all applicable filing requirements.

<!-- link1 "RELATIONSHIP WITH INDEPENDENT AUDITORS" -->
<DIV align="left"><A NAME="012"></A></DIV>

<P align="center" style="font-size: 10pt"><B>RELATIONSHIP WITH INDEPENDENT AUDITORS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As reported on a Current Report on Form 8-K filed with the Commission, on
April&nbsp;20, 2004, KPMG LLP (&#147;KPMG&#148;) was appointed to serve as the Company&#146;s
independent auditors for the year ending January&nbsp;2, 2005 and Ernst &#038; Young LLP
(&#147;Ernst &#038; Young&#148;) was dismissed as the Company&#146;s independent auditors. The
decision to change independent auditors was made by the Audit Committee. The
Audit Committee expressed its satisfaction


<P align="center" style="font-size: 10pt">27
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">with the services of Ernst &#038; Young, which had served as the Company&#146;s
independent auditors since the Company&#146;s inception.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ernst &#038; Young&#146;s reports on the Company&#146;s consolidated financial statements
for the fiscal years ended December&nbsp;28, 2003 and December&nbsp;29, 2002 did not
contain an adverse opinion or disclaimer of opinion, nor were they qualified or
modified as to uncertainty, audit scope or accounting principles.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal years ended December&nbsp;28, 2003 and December&nbsp;29, 2002 and
through the date of Ernst &#038; Young&#146;s dismissal, there were no disagreements with
Ernst &#038; Young on any matter of accounting principles or practices, financial
statement disclosure or auditing scope or procedure which, if not resolved to
Ernst &#038; Young&#146;s satisfaction, would have caused them to make reference to the
subject matter in connection with their report on the Company&#146;s consolidated
financial statements for such years; and there were no reportable events as
listed in Item&nbsp;304(a)(1)(v) of Regulation&nbsp;S-K.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the years ended December&nbsp;28, 2003 and December&nbsp;29, 2002 and through
the date of Ernst &#038; Young&#146;s dismissal, the Company did not consult KPMG
regarding any of the matters or events set forth in Items 304(a)(2)(i) and (ii)
of Regulation&nbsp;S-K.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has been informed that representatives of Ernst &#038; Young and
KPMG plan to attend the Annual Meeting. Such representatives will have the
opportunity to make a statement if they desire to do so and will be available
to respond to shareholders&#146; questions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Audit Fees</I>. The aggregate fees billed to the Company by Ernst &#038; Young
during 2003 for professional services rendered for the audit of the Company&#146;s
annual financial statements, for the reviews of the financial statements
included in the quarterly reports on Form 10-Q and services that are normally
provided by the independent auditor in connection with statutory and regulatory
filings totaled $135,000 for 2003 and $117,000 for 2002.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Audit-Related Fees. </I>The aggregate fees billed to the Company by Ernst &#038;
Young for accounting consultation services, services related to employee
benefit plans and the issuance of letters related to liquor permits totaled
$29,900 in 2003 and $42,450 in 2002.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax Fees</I>. The aggregate fees billed to the Company by Ernst &#038; Young for
professional services rendered for tax return preparation and tax planning were
$71,985 in 2003 and $109,367 in 2002.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>All Other Fees</I>. The aggregate fees billed by Ernst &#038; Young for products
or services other than those described above totaled $1,500 in 2003 and $1,500
in 2002.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All audit related services, tax services and other services for 2003 were
pre-approved by the Audit Committee, except for de minimis fees approved by our
Audit Committee chair and disclosed to the Audit Committee. The Audit
Committee concluded that the provision of such services by Ernst &#038; Young was
compatible with the maintenance of that firm&#146;s independence in the conduct of
its auditing function.


<P align="center" style="font-size: 10pt">28
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "DEADLINE FOR SUBMISSION OF SHAREHOLDER PROPOSALS TO BE PRESENTED AT THE 2005 ANNUAL MEETING OF SHAREHOLDERS" -->
<DIV align="left"><A NAME="013"></A></DIV>

<P align="center" style="font-size: 10pt"><B>DEADLINE FOR SUBMISSION OF SHAREHOLDER PROPOSALS TO BE<BR>
PRESENTED AT THE 2005 ANNUAL MEETING OF SHAREHOLDERS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any proposal intended to be presented for action at the 2005 Annual
Meeting of Shareholders by any shareholder of the Company must be received by
the Secretary of the Company not later than December&nbsp;28, 2004, in order for
such proposal to be considered for inclusion in the Company&#146;s Proxy Statement
and proxy relating to its 2005 Annual Meeting of Shareholders. Nothing in this
paragraph shall be deemed to require the Company to include any shareholder
proposal that does not meet all the Commission&#146;s requirements for inclusion in
effect at the time.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For other shareholder proposals to be timely (but not considered for
inclusion in the Company&#146;s Proxy Statement), a shareholder&#146;s notice must be
received by the Secretary of the Company not less than 75&nbsp;days nor more than 90
days prior to April&nbsp;26, 2005. For proposals that are not timely filed, the
Company retains discretion to vote proxies it receives. For proposals that are
timely filed, the Company retains discretion to vote proxies it receives
provided (1)&nbsp;it includes in the Proxy Statement advice on the nature of the
proposal and how the Company intends to exercise its voting discretion and (2)
the proponent does not issue a proxy statement.

<!-- link1 "METHOD OF COUNTING VOTES" -->
<DIV align="left"><A NAME="014"></A></DIV>

<P align="center" style="font-size: 10pt"><B>METHOD OF COUNTING VOTES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless a contrary choice is indicated, all duly executed proxies will be
voted in accordance with the instructions set forth on the proxy card. A broker
non-vote occurs when a broker holding shares registered in street name is
permitted to vote, in the broker&#146;s discretion, on routine matters without
receiving instructions from the client, but is not permitted to vote without
instructions on non-routine matters, and the broker returns a proxy card with
no vote (the &#147;non-vote&#148;) on the non-routine matter. Under the rules and
regulations of the primary trading markets applicable to most brokers, the
election of directors is a routine matter on which a broker has the discretion
to vote if instructions are not received from the client in a timely manner.
Abstentions and broker non-votes will be counted as present for purposes of
determining the existence of a quorum. Directors will be elected by a plurality
of the votes cast in the election by the holders of the Common Stock
represented and entitled to vote at the Annual Meeting. Abstentions and broker
non-votes will not be counted as votes for or against any director nominee.
Because the Equity Incentive Plan must be approved by the favorable vote of a
majority of the votes cast on the proposal to adopt the Equity Incentive Plan,
abstentions and &#147;non-votes&#148; will have no effect on approval of the Equity
Incentive Plan. Any other matters that may properly come before the meeting or
any adjournment thereof shall be approved by the affirmative vote of a majority
of the votes cast by holders of Common Stock represented and entitled to vote
at the Annual Meeting, and abstentions and &#147;non-votes&#148; will have no effect on
the outcome of the vote.


<P align="center" style="font-size: 10pt">29
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "MISCELLANEOUS" -->
<DIV align="left"><A NAME="015"></A></DIV>

<P align="center" style="font-size: 10pt"><B>MISCELLANEOUS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In certain instances, one copy of the Company&#146;s Annual Report or Proxy
Statement may be delivered to two or more shareholders who share an address.
The Company will deliver promptly upon written or oral request a separate copy
of the annual report or Proxy Statement, to a shareholder at a shared address
to which a single copy of the documents was delivered. Conversely,
shareholders sharing an address who are receiving multiple copies of annual
reports or Proxy Statements may request delivery of a single copy.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Requests should be addressed to:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">R. Gregory Lewis</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Secretary</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J. Alexander&#146;s Corporation</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3401 West End Avenue, Suite&nbsp;260</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">P. O. Box 24300</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nashville, Tennessee 37202</TD>
</TR>

<TR valign="bottom">
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</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(615) 269-1900</TD>
</TR>

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the Company&#146;s Annual Report is being mailed to shareholders
concurrently with the mailing of this Proxy Statement. It is important that
proxies be returned promptly to avoid unnecessary expense. Therefore,
shareholders who do not expect to attend in person are urged, regardless of the
number of shares of stock owned, to date, sign and return the enclosed proxy
promptly.

<P align="left" style="font-size: 10pt"><B>A COPY OF THE COMPANY&#146;S ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER
28, 2003 MAY BE OBTAINED, WITHOUT CHARGE, BY ANY SHAREHOLDER TO WHOM THIS PROXY
STATEMENT IS SENT, UPON WRITTEN REQUEST TO R. GREGORY LEWIS, SECRETARY, J.
ALEXANDER&#146;S CORPORATION, P.O. BOX 24300, NASHVILLE, TENNESSEE 37202.</B>



<P align="left" style="font-size: 10pt">Date: April&nbsp;26, 2004




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<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;A</B>



<P align="center" style="font-size: 10pt"><B>J. ALEXANDER&#146;S CORPORATION</B>



<P align="center" style="font-size: 10pt"><B>2004 EQUITY INCENTIVE PLAN</B>



<P align="left" style="font-size: 10pt">SECTION 1. PURPOSE



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This plan shall be known as the &#147;J. Alexander&#146;s Corporation 2004 Equity
Incentive Plan&#148; (the &#147;Plan&#148;). The purpose of the Plan is to promote the
interests of J. Alexander&#146;s Corporation, a Tennessee corporation (the
&#147;Company&#148;), and its shareholders by (i)&nbsp;attracting and retaining officers,
employees, and directors of, and consultants to, the Company and its
Subsidiaries and Affiliates; (ii)&nbsp;motivating such individuals by means of
performance-related incentives to achieve long-range performance goals, (iii)
enabling such individuals to participate in the long-term growth and financial
success of the Company, (iv)&nbsp;encouraging ownership of stock in the Company by
such individuals, and (v)&nbsp;linking their compensation to the long-term interests
of the Company and its shareholders. With respect to any awards granted under
the Plan that are intended to comply with the requirements of
&#147;performance-based compensation&#148; under Section 162(m) of the Code, the Plan
shall be interpreted in a manner consistent with such requirements.


<P align="left" style="font-size: 10pt">SECTION 2. DEFINITIONS



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used in the Plan, the following terms shall have the meanings set forth
below:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &#147;AFFILIATE&#148; shall mean (i)&nbsp;any entity that, directly or
indirectly, is controlled by the Company, (ii)&nbsp;any entity in which the
Company has a significant equity interest, (iii)&nbsp;an affiliate of the
Company, as defined in Rule&nbsp;12b-2 promulgated under Section&nbsp;12 of the
Exchange Act, and (iv)&nbsp;any entity in which the Company has at least
twenty percent (20%) of the combined voting power of the entity&#146;s
outstanding voting securities, in each case as designated by the Board as
being a participating employer in the Plan.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &#091;Intentionally Omitted.&#093;.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &#147;AWARD&#148; shall mean any Option, Stock Appreciation Right,
Restricted Share Award, Restricted Share Unit, Performance Award, Other
Stock-Based Award or other award granted under the Plan, whether singly,
in combination, or in tandem, to a Participant by the Committee (or the
Board) pursuant to such terms, conditions, restrictions and/or
limitations, if any, as the Committee (or the Board) may establish.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &#147;AWARD AGREEMENT&#148; shall mean any written agreement, contract, or
other instrument or document evidencing any Award, which may, but need
not, be executed or acknowledged by a Participant.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) &#147;BOARD&#148; shall mean the board of directors of the Company.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &#147;CAUSE&#148; shall mean, unless otherwise defined in the applicable
Award Agreement, (i)&nbsp;a felony conviction of a Participant or the failure
of a Participant to contest prosecution for a felony, (ii)&nbsp;a


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<P align="left" style="margin-left:5%; font-size: 10pt">Participant&#146;s willful misconduct or dishonesty, which is directly
and materially harmful to the business or reputation of the Company or
any Subsidiary or Affiliate, (iii)&nbsp;the engaging by the participant in
conduct which is demonstrably injurious to the Company, monetarily or
otherwise, (iv)&nbsp;a material failure on the part of a Participant to meet
performance standards or objectives established by the Participant&#146;s
supervisor(s), (v)&nbsp;a material breach or violation of the Company&#146;s
employee policies, or (vi)&nbsp;any act, omission or failure to act by the
participant which the Committee determines, in its sole discretion,
constitutes Cause. For purposes of this paragraph, no act, or failure to
act, on the Participant&#146;s part shall be considered &#147;willful&#148; unless done,
or omitted to be done, by the Participant not in good faith and without
reasonable belief that the Participant&#146;s action or omission was in the
best interest of the Company. Any determination of Cause for purposes of
the Plan or any Award shall be made by the Committee in its sole
discretion. Any such determination shall be final and binding on a
Participant.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) &#147;CHANGE IN CONTROL&#148; shall mean, unless otherwise defined in the
applicable Award Agreement, any of the following events:



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any person or entity, including a &#147;group&#148; as defined in
Section&nbsp;13(d)(3) of the Exchange Act, other than the Company or a
wholly-owned subsidiary thereof or any employee benefit plan of the
Company or any of its Subsidiaries, becomes the beneficial owner of
the Company&#146;s securities having 35% or more of the combined voting
power of the then outstanding securities of the Company that may be
cast for the election of directors of the Company (other than as a
result of an issuance of securities initiated by the Company in the
ordinary course of business); or



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as the result of, or in connection with, any cash tender
or exchange offer, merger or other business combination, sales of
assets or contested election, or any combination of the foregoing
transactions, less than a majority of the combined voting power of
the then outstanding securities of the Company or any successor
company or entity entitled to vote generally in the election of the
directors of the Company or such other corporation or entity after
such transaction are held in the aggregate by the holders of the
Company&#146;s securities entitled to vote generally in the election of
directors of the Company immediately prior to such transaction; or



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during any period of two consecutive years, individuals
who at the beginning of any such period constitute the Board cease
for any reason to constitute at least a majority thereof, unless
the election, or the nomination for election by the Company&#146;s
shareholders, of each director of the Company first elected during
such period was approved by a vote of at least two-thirds of the
directors of the Company then still in office who were directors of
the Company at the beginning of any such period.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, a Change in Control shall not be
deemed to occur solely because any Person (the &#147;Subject Person&#148;) acquired
beneficial ownership of more than the permitted amount of the outstanding
voting securities as a result of the acquisition of voting securities by
the Company which, by reducing the number of voting securities
outstanding, increased the proportional number of shares beneficially
owned by the Subject Person, provided that if a Change in Control would
occur (but for the operation of this sentence) as a result of the
acquisition of voting securities by the Company, and after such share
acquisition by the Company, the Subject Person becomes the beneficial
owner of any additional voting securities beneficially owned by the
Subject Person, then a Change in Control shall occur.


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<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) &#147;CODE&#148; shall mean the Internal Revenue Code of 1986, as amended
from time to time.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &#147;COMMITTEE&#148; shall mean a committee of the Board composed of not
less than two Non-Employee Directors, each of whom shall be a
&#147;Non-Employee Director&#148; for purposes of Exchange Act Section&nbsp;16 and Rule
16b-3 thereunder and an &#147;outside director&#148; for purposes of Section 162(m)
and the regulations promulgated under the Code.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) &#147;CONSULTANT&#148; shall mean any consultant to the Company or its
Subsidiaries or Affiliates.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) &#147;COVERED OFFICER&#148; shall mean at any date (i)&nbsp;any individual who,
with respect to the previous taxable year of the Company, was a &#147;covered
employee&#148; of the Company within the meaning of Section&nbsp;162(m); provided,
however, that the term &#147;Covered Officer&#148; shall not include any such
individual who is designated by the Committee, in its discretion, at the
time of any Award or at any subsequent time, as reasonably expected not
to be such a &#147;covered employee&#148; with respect to the current taxable year
of the Company and (ii)&nbsp;any individual who is designated by the
Committee, in its discretion, at the time of any Award or at any
subsequent time, as reasonably expected to be such a &#147;covered employee&#148;
with respect to the current taxable year of the Company or with respect
to the taxable year of the Company in which any applicable Award will be
paid.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) &#147;DIRECTOR&#148; shall mean a member of the Board.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) &#147;DISABILITY&#148; shall mean, unless otherwise defined in the
applicable Award Agreement, a disability that would qualify as a total
and permanent disability under the Company&#146;s then current long-term
disability plan.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) &#147;EMPLOYEE&#148; shall mean a current or prospective officer or
employee of the Company or of any Subsidiary or Affiliate.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) &#147;EXCHANGE ACT&#148; shall mean the Securities Exchange Act of 1934,
as amended from time to time.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) &#147;FAIR MARKET VALUE&#148; with respect to the Shares, shall mean, for
purposes of a grant of an Award as of any date, (i)&nbsp;the closing sales
price of the Shares on the American Stock Exchange, or any other such
exchange on which the Shares are traded, on such date, or in the absence
of reported sales on such date, the closing sales price on the
immediately preceding date on which sales were reported or (ii)&nbsp;in the
event there is no public market for the Shares on such date, the fair
market value as determined, in good faith, by the Committee in its sole
discretion, and for purposes of a sale of a Share as of any date, the
actual sales price on that date.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) &#147;INCENTIVE STOCK OPTION&#148; shall mean an option to purchase Shares
from the Company that is granted under Section&nbsp;6 of the Plan and that is
intended to meet the requirements of Section&nbsp;422 of the Code or any
successor provision thereto.


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<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) &#147;NON-QUALIFIED STOCK OPTION&#148; shall mean an option to purchase
Shares from the Company that is granted under Sections&nbsp;6 or 10 of the
Plan and is not intended to be an Incentive Stock Option.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) &#147;NON-EMPLOYEE DIRECTOR&#148; shall mean a member of the Board who is
not an officer or employee of the Company or any Subsidiary or Affiliate.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) &#147;OPTION&#148; shall mean an Incentive Stock Option or a Non-Qualified
Stock Option.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) &#147;OPTION PRICE&#148; shall mean the purchase price payable to purchase
one Share upon the exercise of an Option.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) &#147;OTHER STOCK-BASED AWARD&#148; shall mean any Award granted under
Sections&nbsp;9 or 10 of the Plan.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) &#147;OUTSIDE DIRECTOR&#148; means, with respect to the grant of an Award,
a member of the Board then serving on the Committee.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) &#147;PARTICIPANT&#148; shall mean any Employee, Director, Consultant or
other person who receives an Award under the Plan.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) &#147;PERFORMANCE AWARD&#148; shall mean any Award granted under Section&nbsp;8
of the Plan.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) &#147;PERSON&#148; shall mean any individual, corporation, partnership,
limited liability company, association, joint-stock company, trust,
unincorporated organization, government or political subdivision thereof
or other entity.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) &#147;RESTRICTED SHARE&#148; shall mean any Share granted under Sections
7 or 10 of the Plan.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) &#147;RESTRICTED SHARE UNIT&#148; shall mean any unit granted under
Sections&nbsp;7 or 10 of the Plan.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) &#147;RETIREMENT&#148; shall mean, unless otherwise defined in the
applicable Award Agreement, retirement of a Participant from the employ
or service of the Company or any of its Subsidiaries or Affiliates in
accordance with the terms of the applicable Company retirement plan or,
if a Participant is not covered by any such plan, retirement on or after
such Participant&#146;s 65th birthday.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) &#147;SEC&#148; shall mean the Securities and Exchange Commission or any
successor thereto.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) &#147;SECTION 16&#148; shall mean Section&nbsp;16 of the Exchange Act and the
rules promulgated thereunder and any successor provision thereto as in
effect from time to time.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) &#147;SECTION 162(m)&#148; shall mean Section 162(m) of the Code and the
regulations promulgated thereunder and any successor or provision thereto
as in effect from time to time.


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<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) &#147;SHARES&#148; shall mean shares of the common stock, $0.05 par
value, of the Company.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) &#147;STOCK APPRECIATION RIGHT OR SAR&#148; shall mean a stock
appreciation right granted under Sections&nbsp;6 or 10 of the Plan that
entitles the holder to receive, with respect to each Share encompassed by
the exercise of such SAR, the amount determined by the Committee and
specified in an Award Agreement. In the absence of such a determination,
the holder shall be entitled to receive, with respect to each Share
encompassed by the exercise of such SAR, the excess of the Fair Market
Value on the date of exercise over the Fair Market Value on the date of
grant.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &#147;SUBSIDIARY&#148; shall mean any Person (other than the Company) of
which a majority of its voting power or its equity securities or equity
interest is owned directly or indirectly by the Company.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) &#147;SUBSTITUTE AWARDS&#148; shall mean Awards granted solely in
assumption of, or in substitution for, outstanding awards previously
granted by a company acquired by the Company or with which the Company
combines.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) &#147;TANDEM SAR&#148; shall mean an SAR that is granted under Sections&nbsp;6
or 10 of the Plan in relation to a particular Option and that can be
exercised only upon the surrender to the Company, unexercised, of that
portion of the Option to which the SAR relates.


<P align="left" style="font-size: 10pt">SECTION 3. ADMINISTRATION



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Authority of Committee. The Plan shall be administered by the
Committee, which shall be appointed by and serve at the pleasure of the Board;
provided, however, with respect to Awards to Outside Directors, all references
in the Plan to the Committee shall be deemed to be references to the Board.
Subject to the terms of the Plan and applicable law, and in addition to other
express powers and authorizations conferred on the Committee by the Plan, the
Committee shall have full power and authority in its discretion to: (i)
designate Participants; (ii)&nbsp;determine the type or types of Awards to be
granted to a Participant; (iii)&nbsp;determine the number of Shares to be covered
by, or with respect to which payments, rights, or other matters are to be
calculated in connection with Awards; (iv)&nbsp;determine the timing, terms, and
conditions of any Award; (v)&nbsp;accelerate the time at which all or any part of an
Award may be settled or exercised; (vi)&nbsp;determine whether, to what extent, and
under what circumstances Awards may be settled or exercised in cash, Shares,
other securities, other Awards or other property, or canceled, forfeited, or
suspended and the method or methods by which Awards may be settled, exercised,
canceled, forfeited, or suspended; (vii)&nbsp;determine whether, to what extent, and
under what circumstances cash, Shares, other securities, other Awards, other
property, and other amounts payable with respect to an Award shall be deferred
either automatically or at the election of the holder thereof or of the
Committee; (viii)&nbsp;interpret and administer the Plan and any instrument or
agreement relating to, or Award made under, the Plan; (ix)&nbsp;amend or modify the
terms of any Award at or after grant consistent with the terms of the Plan, and
with the consent of the holder of the Award, if required; (x)&nbsp;establish, amend,
suspend, or waive such rules and regulations and appoint such agents as it
shall deem appropriate for the proper administration of the Plan; and (xi)&nbsp;make
any other determination and take any other action that the Committee deems
necessary or desirable for the administration of the Plan, subject to the
exclusive authority of the Board under Section&nbsp;14 hereunder to amend or
terminate the Plan. Except as permitted by the provisions of Section&nbsp;4.2
hereof, the Committee shall not have the power to (i)&nbsp;amend the terms of
previously granted Options to reduce the Option Price of such Options, or (ii)
cancel such Options and grant substitute Options with a lower Option Price than
the cancelled Options.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Committee Discretion Binding. Unless otherwise expressly provided in
the Plan, all designations, determinations, interpretations, and other
decisions under or with respect to the Plan or any Award shall be within the
sole discretion of the Committee, may be made at any time and shall be final,
conclusive, and binding upon all Persons, including the Company, any Subsidiary
or Affiliate, any Participant and any holder or beneficiary of any Award.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Action by the Committee. The Committee shall select one of its members
as its Chairperson and shall hold its meetings at such times and places and in
such manner as it may determine. A majority of its members shall constitute a
quorum. All determinations of the Committee shall be made by not less than a
majority of its members. Any decision or determination reduced to writing and
signed by all of the members of the Committee shall be fully effective as if it
had been made by a majority vote at a meeting duly called and held. The
exercise of an Option or receipt of an Award shall be effective only if an
Award Agreement shall have been duly executed and delivered on behalf of the
Company following the grant of the Option or other Award. The Committee may
appoint a Secretary and may make such rules and regulations for the conduct of
its business as it shall deem advisable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Delegation. Subject to the terms of the Plan and applicable law, the
Committee may delegate to one or more officers or managers of the Company or of
any Subsidiary or Affiliate, or to a Committee of such officers or managers,
the authority, subject to such terms and limitations as the Committee shall
determine, to grant Awards to, or to cancel, modify or waive rights with
respect to, or to alter, discontinue, suspend, or terminate Awards held by
Participants who are not officers or directors of the Company for purposes of
Section&nbsp;16 of the Securities and Exchange Act of 1934 or who are otherwise not
subject to such Section.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 No Liability. No member of the Board or Committee shall be liable for
any action taken or determination made in good faith with respect to the Plan
or any Award granted hereunder.


<P align="left" style="font-size: 10pt">SECTION 4. SHARES AVAILABLE FOR AWARDS



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Shares Available. Subject to the provisions of Section&nbsp;4.2 hereof, the
stock to be subject to Awards under the Plan shall be the Shares of the Company
and the maximum number of Shares with respect to which Awards may be granted
under the Plan shall be 370,000 (which includes 68,912 Shares with respect to
which awards under the J. Alexander&#146;s Corporation 1994 Employee Stock Incentive
Plan (the &#147;1994 Plan&#148;) were authorized but not granted (collectively, the
&#147;Carry Over Shares&#148;)), provided that no more than 75,000 Shares shall be
Restricted Shares, Restricted Share Units or other similar stock-based awards.
Notwithstanding the foregoing and subject to adjustment as provided in Section
4.2, the maximum number of Shares with respect to which Awards may be granted
under the Plan shall be increased by the number of Shares with respect to which
Options or other Awards were granted under the 1994 Plan as of the effective
date of this Plan, but which terminate, expire unexercised, or are settled for
cash, forfeited or cancelled without the delivery of Shares under the terms of
the 1994 Plan after the effective date of this Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, after the effective date of the Plan, any Shares covered by an Award
granted under this Plan, or to which such an Award relates, are forfeited, or
if such an Award is settled for cash or otherwise terminates, expires
unexercised, or is canceled without the delivery of Shares, then the Shares
covered by such Award, or to which such Award relates, or the number of Shares
otherwise counted against the aggregate number of Shares with respect to which
Awards may be granted, to the extent of any such settlement, forfeiture,
termination, expiration, or cancellation, shall again become Shares with
respect to which Awards may be granted. Notwithstanding the


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<P align="left" style="font-size: 10pt">foregoing and subject to adjustment as provided in Section&nbsp;4.2 hereof, no
Participant may receive Options or SARs under the Plan in any calendar year
that relate to more than 50,000 Shares.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Adjustments. In the event that the Committee determines that any
dividend or other distribution (whether in the form of cash, Shares, other
securities, or other property), recapitalization, stock split, reverse stock
split, reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase, or exchange of Shares or other securities of the Company, issuance
of warrants or other rights to purchase Shares or other securities of the
Company, or other similar corporate transaction or event affects the Shares
such that an adjustment is determined by the Committee, in its sole discretion,
to be appropriate, then the Committee shall, in such manner as it may deem
equitable (and, with respect to Incentive Stock Options, in such manner as is
consistent with Section&nbsp;422 of the Code and the regulations thereunder): (i)
adjust any or all of (1)&nbsp;the aggregate number of Shares or other securities of
the Company (or number and kind of other securities or property) with respect
to which Awards may be granted under the Plan; (2)&nbsp;the number of Shares or
other securities of the Company (or number and kind of other securities or
property) subject to outstanding Awards under the Plan; and (3)&nbsp;the grant or
exercise price with respect to any Award under the Plan, provided that the
number of shares subject to any Award shall always be a whole number; (ii)&nbsp;if
deemed appropriate, provide for an equivalent award in respect of securities of
the surviving entity of any merger, consolidation or other transaction or event
having a similar effect; or (iii)&nbsp;if deemed appropriate, make provision for a
cash payment to the holder of an outstanding Award.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 Substitute Awards. Any Shares issued by the Company as Substitute
Awards in connection with the assumption or substitution of outstanding grants
from any acquired corporation shall not reduce the Shares available for Awards
under the Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 Sources of Shares Deliverable Under Awards. Any Shares delivered
pursuant to an Award may consist, in whole or in part, of authorized and
unissued Shares or of issued Shares which have been reacquired by the Company.


<P align="left" style="font-size: 10pt">SECTION 5. ELIGIBILITY



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Employee, Director or Consultant shall be eligible to be designated a
Participant; provided, however, that Outside Directors shall only be eligible
to receive Awards granted consistent with Section&nbsp;10.


<P align="left" style="font-size: 10pt">SECTION 6. STOCK OPTIONS AND STOCK APPRECIATION RIGHTS



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Grant. Subject to the provisions of the Plan, the Committee shall have
sole and complete authority to determine the Participants to whom Options and
SARs shall be granted, the number of Shares subject to each Award, the exercise
price and the conditions and limitations applicable to the exercise of each
Option and SAR. An Option may be granted with or without a Tandem SAR. An SAR
may be granted with or without a related Option. The Committee shall have the
authority to grant Incentive Stock Options, or to grant Non-Qualified Stock
Options, or to grant both types of Options. In the case of Incentive Stock
Options or Tandem SARs related to such Options, the terms and conditions of
such grants shall be subject to and comply with such rules as may be prescribed
by Section&nbsp;422 of the Code, as from time to time amended, and any regulations
implementing such statute. A person who has been granted an Option or SAR under
this Plan may be granted additional Options or SARs under the Plan if the
Committee shall so determine; provided, however, that to the extent the
aggregate Fair Market Value (determined at the time the Incentive Stock Option
or Tandem SAR related thereto is granted) of the Shares with respect to which
all Incentive Stock Options or Tandem SARs related to such Option are
exercisable for the first


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<P align="left" style="font-size: 10pt">time by an Employee during any calendar year (under all plans described in
subsection (d)&nbsp;of Section&nbsp;422 of the Code of the Employee&#146;s employer
corporation and its parent and Subsidiaries) exceeds $100,000, such Options
shall be treated as Non-Qualified Stock Options.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Price. The Committee in its sole discretion shall establish the Option
Price at the time each Option is granted. Except in the case of Substitute
Awards or as permitted by the provisions of Section&nbsp;4.2 or Section&nbsp;14 hereof,
the Option Price of an Option may not be less than 100% of the Fair Market
Value of the Shares with respect to which the Option is granted on the date of
grant of such Option. Except with respect to Substitute Awards or as permitted
by the provisions of Section&nbsp;4.2 or Section&nbsp;14 hereof, SARs may not be granted
at a price less than the Fair Market Value of a Share on the date of grant.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Term. Subject to the Committee&#146;s authority under Section&nbsp;3.1 and the
provisions of Section&nbsp;6.5, each Option and SAR and all rights and obligations
thereunder shall expire on the date determined by the Committee and specified
in the Award Agreement. The Committee shall be under no duty to provide terms
of like duration for Options or SARs granted under the Plan. Notwithstanding
the foregoing, no Option or Tandem SAR that relates to such Option shall be
exercisable after the expiration of ten (10)&nbsp;years from the date such Option or
SAR was granted.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Exercise.



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Option and SAR shall be exercisable at such times and
subject to such terms and conditions as the Committee may, in its sole
discretion, specify in the applicable Award Agreement or thereafter. The
Committee shall have full and complete authority to determine, subject to
Section&nbsp;6.5 herein, whether an Option or SAR will be exercisable in full
at any time or from time to time during the term of the Option or SAR, or
to provide for the exercise thereof in such installments, upon the
occurrence of such events and at such times during the term of the Option
or SAR as the Committee may determine.



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Committee may impose such conditions with respect to the
exercise of Options, including without limitation, any relating to the
application of federal, state or foreign securities laws or the Code, as
it may deem necessary or advisable. The exercise of any Option granted
hereunder shall be effective only at such time as the sale of Shares
pursuant to such exercise will not violate any state or federal
securities or other laws.



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An Option or SAR may be exercised in whole or in part at any
time, with respect to whole Shares only, within the period permitted
thereunder for the exercise thereof, and shall be exercised by written
notice of intent to exercise the Option or SAR, delivered to the Company
at its principal office, and payment in full to the Company at the
direction of the Committee of the amount of the Option Price for the
number of Shares with respect to which the Option is then being
exercised. A Tandem SAR that is related to an Incentive Stock Option may
be exercised only to the extent that the related Option is exercisable
and only when the Fair Market Value exceeds the Option Price of the
related Option. The exercise of either an Option or Tandem SAR shall
result in the termination of the other to the extent of the number of
Shares with respect to which either the Option or Tandem SAR is
exercised.



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Payment of the Option Price shall be made in cash or cash
equivalents, or, at the discretion of the Committee, (i)&nbsp;in whole Shares
valued at the Fair Market Value of such Shares on the date of exercise
(or next succeeding trading date, if the date of exercise is not a
trading date), together with any


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<P align="left" style="margin-left:6%; font-size: 10pt">applicable withholding taxes, or (ii)&nbsp;by a combination of such cash
(or cash equivalents) and such Shares; provided, however, that the
optionee shall not be entitled to tender Shares pursuant to successive,
substantially simultaneous exercises of an Option or any other stock
option of the Company. Subject to applicable securities laws, an Option
may also be exercised by delivering a notice of exercise of the Option
and simultaneously selling the Shares thereby acquired, pursuant to a
brokerage or similar agreement approved in advance by proper officers of
the Company, using the proceeds of such sale as payment of the Option
Price, together with any applicable withholding taxes. Until the optionee
has been issued the Shares subject to such exercise, he or she shall
possess no rights as a shareholder with respect to such Shares.



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At the Committee&#146;s discretion, the amount payable as a result of
the exercise of an SAR may be settled in cash, Shares, or a combination
of cash and Shares. A fractional Share shall not be deliverable upon the
exercise of a SAR but a cash payment will be made in lieu thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 Ten Percent Stock Rule. Notwithstanding any other provisions in the
Plan, if at the time an Option or SAR is otherwise to be granted pursuant to
the Plan the optionee or rights holder owns directly or indirectly (within the
meaning of Section 424(d) of the Code) Shares of the Company possessing more
than ten percent (10%) of the total combined voting power of all classes of
Stock of the Company or its parent or Subsidiary or Affiliate corporations
(within the meaning of Section&nbsp;422(b)(6) of the Code), then any Incentive Stock
Option or Tandem SAR to be granted to such optionee or rights holder pursuant
to the Plan shall satisfy the requirement of Section&nbsp;422(c)(5) of the Code, and
the Option Price shall be not less than 110% of the Fair Market Value of the
Shares of the Company, and such Option by its terms shall not be exercisable
after the expiration of five (5)&nbsp;years from the date such Option is granted.


<P align="left" style="font-size: 10pt">SECTION 7. RESTRICTED SHARES AND RESTRICTED SHARE UNITS



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Grant.



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of the Plan, the Committee shall have
sole and complete authority to determine the Participants to whom
Restricted Shares and Restricted Share Units shall be granted, the number
of Restricted Shares and/or the number of Restricted Share Units to be
granted to each Participant, the duration of the period during which, and
the conditions under which, the Restricted Shares and Restricted Share
Units may be forfeited to the Company, and the other terms and conditions
of such Awards. The Restricted Share and Restricted Share Unit Awards
shall be evidenced by Award Agreements in such form as the Committee
shall from time to time approve, which agreements shall comply with and
be subject to the terms and conditions provided hereunder and any
additional terms and conditions established by the Committee that are
consistent with the terms of the Plan.



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Restricted Share and Restricted Share Unit Award made under
the Plan shall be for such number of Shares as shall be determined by the
Committee and set forth in the Award Agreement containing the terms of
such Restricted Share or Restricted Share Unit Award. Such agreement
shall set forth a period of time during which the grantee must remain in
the continuous employment of the Company in order for the forfeiture and
transfer restrictions to lapse; provided that in no event shall such
forfeiture or transfer restrictions lapse with respect to one hundred
percent (100%) of the Award prior to the first anniversary of the date of
grant. Subject to the limitations on vesting described above in this
Section&nbsp;7.1(b), if the Committee so determines, the restrictions may
lapse during such restricted period in installments with respect to
specified portions of the Shares covered by the Restricted Share or
Restricted


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<P align="left" style="margin-left:6%; font-size: 10pt">Share Unit Award. Subject to the limitations on vesting described
above in this Section&nbsp;7.1(b), the Award Agreement may also, in the
discretion of the Committee, set forth performance or other conditions
that will subject the Shares to forfeiture and transfer restrictions. The
Committee may, at its discretion, waive all or any part of the
restrictions applicable to any or all outstanding Restricted Share and
Restricted Share Unit Awards.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Delivery of Shares and Transfer Restrictions. At the time of a
Restricted Share Award, a certificate representing the number of Shares awarded
thereunder shall be registered in the name of the grantee. Such certificate
shall be held by the Company or any custodian appointed by the Company for the
account of the grantee subject to the terms and conditions of the Plan, and
shall bear such a legend setting forth the restrictions imposed thereon as the
Committee, in its discretion, may determine. The grantee shall have all rights
of a shareholder with respect to the Restricted Shares, including the right to
receive dividends and the right to vote such Shares, subject to the following
restrictions: (i)&nbsp;the grantee shall not be entitled to delivery of the stock
certificate until the expiration of the restricted period and the fulfillment
of any other restrictive conditions set forth in the Award Agreement with
respect to such Shares; (ii)&nbsp;none of the Shares may be sold, assigned,
transferred, pledged, hypothecated or otherwise encumbered or disposed of
during such restricted period or until after the fulfillment of any such other
restrictive conditions; and (iii)&nbsp;except as otherwise determined by the
Committee at or after grant, all of the Shares shall be forfeited and all
rights of the grantee to such Shares shall terminate, without further
obligation on the part of the Company, unless the grantee remains in the
continuous employment of the Company for the entire restricted period in
relation to which such Shares were granted and unless any other restrictive
conditions relating to the Restricted Share Award are met. Any Shares, any
other securities of the Company and any other property (except for cash
dividends) distributed with respect to the Shares subject to Restricted Share
Awards shall be subject to the same restrictions, terms and conditions as such
restricted Shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 Termination of Restrictions. At the end of the restricted period and
provided that any other restrictive conditions of the Restricted Share Award
are met, or at such earlier time as otherwise determined by the Committee, all
restrictions set forth in the Award Agreement relating to the Restricted Share
Award or in the Plan shall lapse as to the restricted Shares subject thereto,
and a stock certificate for the appropriate number of Shares, free of the
restrictions and restricted stock legend, shall be delivered to the Participant
or the Participant&#146;s beneficiary or estate, as the case may be.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 Payment of Restricted Share Units. Each Restricted Share Unit shall
have a value equal to the Fair Market Value of a Share. Restricted Share Units
shall be paid in cash, Shares, other securities or other property, as
determined in the sole discretion of the Committee, upon the lapse of the
restrictions applicable thereto, or otherwise in accordance with the applicable
Award Agreement. A Participant shall be credited with dividend equivalents on
any vested Restricted Share Units credited to the Participant&#146;s account at the
time of any payment of dividends to shareholders on Shares. The amount of any
such dividend equivalents shall equal the amount that would have been payable
to the Participant as a shareholder in respect of a number of Shares equal to
the number of vested Restricted Share Units then credited to the Participant.
Any such dividend equivalents shall be credited to the Participant&#146;s account as
of the date on which such dividend would have been payable and shall be
converted into additional Restricted Share Units (which shall be immediately
vested) based upon the Fair Market Value of a Share on the date of such
crediting. No dividend equivalents shall be paid in respect of Restricted Share
Units that are not yet vested. Except as otherwise determined by the Committee
at or after grant, Restricted Share Units may not be sold, assigned,
transferred, pledged, hypothecated or otherwise encumbered or disposed of, and
all Restricted Share Units and all rights of the grantee to such Restricted
Share Units shall terminate, without further obligation on the part of the
Company, unless the grantee remains in continuous employment of the Company for
the entire restricted period


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<P align="left" style="font-size: 10pt">in relation to which such Restricted Share Units were granted and unless
any other restrictive conditions relating to the Restricted Share Unit Award
are met.



<P align="left" style="font-size: 10pt">SECTION 8. PERFORMANCE AWARDS



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Grant. The Committee shall have sole and complete authority to
determine the Participants who shall receive a Performance Award, which shall
consist of a right that is (i)&nbsp;denominated in cash or Shares, (ii)&nbsp;valued, as
determined by the Committee, in accordance with the achievement of such
performance goals during such performance periods as the Committee shall
establish, and (iii)&nbsp;payable at such time and in such form as the Committee
shall determine. All Performance Awards shall be subject to the terms and
provisions of Section&nbsp;11 hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Terms and Conditions. Subject to the terms of the Plan and any
applicable Award Agreement, the Committee shall determine the performance goals
to be achieved during any performance period, the length of any performance
period, the amount of any Performance Award and the amount and kind of any
payment or transfer to be made pursuant to any Performance Award, and may amend
specific provisions of the Performance Award; provided, however, that such
amendment may not adversely affect existing Performance Awards made within a
performance period commencing prior to implementation of the amendment.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Payment of Performance Awards. Performance Awards may be paid in a
lump sum or in installments following the close of the performance period or,
in accordance with the procedures established by the Committee, on a deferred
basis. Termination of employment prior to the end of any performance period,
other than for reasons of death or Disability, will result in the forfeiture of
the Performance Award, and no payments will be made. A Participant&#146;s rights to
any Performance Award may not be sold, assigned, transferred, pledged,
hypothecated or otherwise encumbered or disposed of in any manner, except by
will or the laws of descent and distribution, and/or except as the Committee
may determine at or after grant.


<P align="left" style="font-size: 10pt">SECTION 9. OTHER STOCK-BASED AWARDS



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall have the authority to determine the Participants who
shall receive an Other Stock-Based Award, which shall consist of any right that
is (i)&nbsp;not an Award described in Sections&nbsp;6 and 7 above and (ii)&nbsp;an Award of
Shares or an Award denominated or payable in, valued in whole or in part by
reference to, or otherwise based on or related to, Shares (including, without
limitation, securities convertible into Shares), as deemed by the Committee to
be consistent with the purposes of the Plan. Subject to the terms of the Plan
and any applicable Award Agreement, the Committee shall determine the terms and
conditions of any such Other Stock-Based Award.


<P align="left" style="font-size: 10pt">SECTION 10. NON-EMPLOYEE DIRECTOR AND OUTSIDE DIRECTOR AWARDS



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The Board may provide that all or a portion of a Non-Employee
Director&#146;s annual retainer, meeting fees and/or other awards or compensation as
determined by the Board, be payable (either automatically or at the election of
a Non-Employee Director) in the form of Non-Qualified Stock Options, Restricted
Shares, Restricted Share Units and/or Other Stock-Based Awards, including
unrestricted Shares. The Board shall determine the terms and conditions of any
such Awards, including the terms and conditions which shall apply upon a
termination of the Non-Employee Director&#146;s service as a member of the Board,
and shall have full power and authority in its discretion to administer such
Awards, subject to the terms of the Plan and applicable law.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 The Board may also grant Awards to Outside Directors pursuant to the
terms of the Plan, including any Award described in Sections&nbsp;6, 7 and 9 above.
With respect to such Awards, all references in the Plan to the Committee shall
be deemed to be references to the Board.


<P align="left" style="font-size: 10pt">SECTION 11. PROVISIONS APPLICABLE TO COVERED OFFICERS AND PERFORMANCE AWARDS



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Notwithstanding anything in the Plan to the contrary, Performance
Awards shall be subject to the terms and provisions of this Section&nbsp;11.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 The Committee may grant Performance Awards to Covered Officers based
solely upon the attainment of performance targets related to one or more
performance goals selected by the Committee from among the goals specified
below. For the purposes of this Section&nbsp;11, performance goals shall be limited
to one or more of the following Company, Subsidiary, operating unit or division
financial performance measures:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>earnings before interest, taxes, depreciation and/or
amortization;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>operating income or profit;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>operating efficiencies;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>return on equity, assets, capital, capital employed, or
investment;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>after tax operating income;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>net income;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>earnings or book value per Share;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cash flow(s);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>total sales or revenues or sales or revenues per employee;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>production (separate work units or SWUs);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>stock price or total shareholder return;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>dividends; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>strategic business objectives, consisting of one or more
objectives based on meeting specified cost targets, business expansion
goals, and goals relating to acquisitions or divestitures;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD colspan="3">or any combination thereof. Each goal may be expressed on an absolute
and/or relative basis, may be based on or otherwise employ comparisons
based on internal targets, the past performance of the Company or any
Subsidiary, operating unit or division of the Company and/or the past or
current performance of other companies, and in the case of earnings-based
measures, may use or employ comparisons relating to capital,
shareholders&#146; equity and/or Shares outstanding, or to assets or net
assets.</TD>
</TR>

</TABLE>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 With respect to any Covered Officer, the maximum number of Shares in
respect of which all Performance Awards may be granted under Section&nbsp;8 of the
Plan in each year of the performance period is 50,000 and the maximum amount of
any Award settled in cash is $500,000 in each year of the performance period.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 To the extent necessary to comply with Section&nbsp;162(m), with respect
to grants of Performance Awards, no later than 90&nbsp;days following the
commencement of each performance period (or such other time as may be required
or permitted by Section 162(m) of the Code), the Committee shall, in writing,
(1)&nbsp;select the performance goal or goals applicable to the performance period,
(2)&nbsp;establish the various targets and bonus amounts which may be earned for
such performance period, and (3)&nbsp;specify the relationship between performance
goals and targets and the amounts to be earned by each Covered Officer for such
performance period. Following the completion of each performance period, the
Committee shall certify in writing whether the applicable performance targets
have been achieved and the amounts, if any, payable to Covered Officers for
such performance period. In determining the amount earned by a Covered Officer
for a given performance period, subject to any applicable Award Agreement, the
Committee shall have the right to reduce (but not increase) the amount payable
at a given level of performance to take into account additional factors that
the Committee may deem relevant to the assessment of individual or corporate
performance for the performance period.


<P align="left" style="font-size: 10pt">SECTION 12. TERMINATION OF EMPLOYMENT



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall have the full power and authority to determine the
terms and conditions that shall apply to any Award upon a termination of
employment with the Company, its Subsidiaries and Affiliates, including a
termination by the Company with or without Cause, by a Participant voluntarily,
or by reason of death, Disability or Retirement, and may provide such terms and
conditions in the Award Agreement or in such rules and regulations as it may
prescribe.


<P align="left" style="font-size: 10pt">SECTION 13. CHANGE IN CONTROL



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon a Change in Control, unless otherwise set forth in an Award
Agreement, all outstanding Awards shall vest, become immediately exercisable or
payable or have all restrictions lifted.


<P align="left" style="font-size: 10pt">SECTION 14. AMENDMENT AND TERMINATION



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 Amendments to the Plan. The Board may amend, alter, suspend,
discontinue, or terminate the Plan or any portion thereof at any time; provided
that no such amendment, alteration, suspension, discontinuation or termination
shall be made without shareholder approval if such approval is necessary to
comply with any tax or regulatory requirement for which or with which the Board
deems it necessary or desirable to comply.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 Amendments to Awards. Subject to the restrictions of Sections&nbsp;3.1 and
6.2, the Committee may waive any conditions or rights under, amend any terms
of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore
granted, prospectively or retroactively; provided that any such waiver,
amendment, alteration, suspension, discontinuance, cancellation or termination
that would adversely affect the rights of any Participant or any holder or
beneficiary of any Award theretofore granted shall not to that extent be
effective without the consent of the affected Participant, holder, or
beneficiary.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 Adjustments of Awards Upon the Occurrence of Certain Unusual or
Nonrecurring Events. The Committee is hereby authorized to make adjustments in
the terms and conditions of, and the criteria included in,


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Awards in recognition of unusual or nonrecurring events (including,
without limitation, the events described in Section&nbsp;4.2 hereof) affecting the
Company, any Subsidiary or Affiliate, or the financial statements of the
Company or any Subsidiary or Affiliate, or of changes in applicable laws,
regulations, or accounting principles, whenever the Committee determines that
such adjustments are appropriate in order to prevent dilution or enlargement of
the benefits or potential benefits intended to be made available under the
Plan.



<P align="left" style="font-size: 10pt">SECTION 15. GENERAL PROVISIONS



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 Limited Transferability of Awards. Except as otherwise provided in
the Plan, no Award shall be assigned, alienated, pledged, attached, sold or
otherwise transferred or encumbered by a Participant, except (i)&nbsp;by will or the
laws of descent and distribution, (ii)&nbsp;to a Permitted Transferee and/or (iii)
as may be provided by the Committee in its discretion, at or after grant, in
the Award Agreement; provided, however, that an Incentive Stock Option shall
not be assigned, alienated, pledged, attached, sold or otherwise transferred or
encumbered by a Participant except by will or the laws of descent and
distribution. No transfer of an Award by will or by laws of descent and
distribution shall be effective to bind the Company unless the Company shall
have been furnished with written notice thereof and an authenticated copy of
the will and/or such other evidence as the Committee may deem necessary or
appropriate to establish the validity of the transfer. A Permitted Transferee
may not transfer an Award other than by will or the laws of descent and
distribution. For purposes of this Plan, &#147;Permitted Transferee&#148; means the
Participant&#146;s Immediate Family, a Permitted Trust or a partnership of which the
only partners are members of the Participant&#146;s Immediate Family. For purposes
of this Plan, &#147;Immediate Family&#148; means the Participant&#146;s children and
grandchildren, including adopted children and grandchildren, stepchildren,
parents, stepparents, grandparents, spouse, siblings (including half brothers
and sisters), father-in-law, mother-in-law, daughters-in-law and sons-in-law.
For purposes of this Plan, a &#147;Permitted Trust&#148; means a trust solely for the
benefit of the Participant or Participant&#146;s Immediate Family.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 Dividend Equivalents. In the sole and complete discretion of the
Committee, an Award may provide the Participant with dividends or dividend
equivalents, payable in cash, Shares, other securities or other property on a
current or deferred basis. All dividend or dividend equivalents which are not
paid currently may, at the Committee&#146;s discretion, accrue interest, be
reinvested into additional Shares, or in the case of dividends or dividend
equivalents credited in connection with Performance Awards, be credited as
additional Performance Awards and paid to the Participant if and when, and to
the extent that, payment is made pursuant to such Award. The total number of
Shares available for grant under Section&nbsp;4 shall not be reduced to reflect any
dividends or dividend equivalents that are reinvested into additional Shares or
credited as Performance Awards.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 No Rights to Awards. No Person shall have any claim to be granted any
Award, and there is no obligation for uniformity of treatment of Participants
or holders or beneficiaries of Awards. The terms and conditions of Awards need
not be the same with respect to each Participant.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 Share Certificates. All certificates for Shares or other securities
of the Company or any Subsidiary or Affiliate delivered under the Plan pursuant
to any Award or the exercise thereof shall be subject to such stop transfer
orders and other restrictions as the Committee may deem advisable under the
Plan or the rules, regulations and other requirements of the SEC or any state
securities commission or regulatory authority, any stock exchange or other
market upon which such Shares or other securities are then listed, and any
applicable Federal or state laws, and the Committee may cause a legend or
legends to be put on any such certificates to make appropriate reference to
such restrictions.


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 Withholding. A Participant may be required to pay to the Company or
any Subsidiary or Affiliate and the Company or any Subsidiary or Affiliate
shall have the right and is hereby authorized to (but shall not be required to)
withhold from any Award, from any payment due or transfer made under any Award
or under the Plan, or from any compensation or other amount owing to a
Participant the amount (in cash, Shares, other securities, other Awards or
other property) of any applicable withholding or other taxes in respect of an
Award, its exercise, or any payment or transfer under an Award or under the
Plan and to take such other action as may be necessary in the opinion of the
Company to satisfy all obligations for the payment of such taxes. The Committee
may provide for additional cash payments to holders of Options to defray or
offset any tax arising from the grant, vesting, exercise or payment of any
Award.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 Award Agreements. Each Award hereunder shall be evidenced by an Award
Agreement that shall be delivered to the Participant and may specify the terms
and conditions of the Award and any rules applicable thereto. In the event of a
conflict between the terms of the Plan and any Award Agreement, the terms of
the Plan shall prevail.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7 No Limit on Other Compensation Arrangements. Nothing contained in the
Plan shall prevent the Company or any Subsidiary or Affiliate from adopting or
continuing in effect other compensation arrangements, which may, but need not,
provide for the grant of Options, Restricted Shares, Restricted Share Units,
Other Stock-Based Awards or other types of Awards provided for hereunder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8 No Right to Employment. The grant of an Award shall not be construed
as giving a Participant the right to be retained in the employ of the Company
or any Subsidiary or Affiliate. Further, the Company or a Subsidiary or
Affiliate may at any time dismiss a Participant from employment, free from any
liability or any claim under the Plan, unless otherwise expressly provided in
an Award Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9 No Rights as Shareholder. Subject to the provisions of the Plan and
the applicable Award Agreement, no Participant or holder or beneficiary of any
Award shall have any rights as a shareholder with respect to any Shares to be
distributed under the Plan until such person has become a holder of such
Shares. Notwithstanding the foregoing, in connection with each grant of
Restricted Shares hereunder, the applicable Award Agreement shall specify if
and to what extent the Participant shall not be entitled to the rights of a
shareholder in respect of such Restricted Shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10 Governing Law. The validity, construction and effect of the Plan and
any rules and regulations relating to the Plan and any Award Agreement shall be
determined in accordance with the laws of the State of Tennessee without giving
effect to conflicts of laws principles.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 Severability. If any provision of the Plan or any Award is, or
becomes, or is deemed to be invalid, illegal, or unenforceable in any
jurisdiction or as to any Person or Award, or would disqualify the Plan or any
Award under any law deemed applicable by the Committee, such provision shall be
construed or deemed amended to conform to the applicable laws, or if it cannot
be construed or deemed amended without, in the determination of the Committee,
materially altering the intent of the Plan or the Award, such provision shall
be stricken as to such jurisdiction, Person or Award and the remainder of the
Plan and any such Award shall remain in full force and effect.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12 Other Laws. The Committee may refuse to issue or transfer any Shares
or other consideration under an Award if, acting in its sole discretion, it
determines that the issuance or transfer of such Shares or such


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">other consideration might violate any applicable law or regulation
(including applicable non-U.S. laws or regulations) or entitle the Company to
recover the same under Exchange Act Section&nbsp;16(b), and any payment tendered to
the Company by a Participant, other holder or beneficiary in connection with
the exercise of such Award shall be promptly refunded to the relevant
Participant, holder, or beneficiary.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.13 No Trust or Fund Created. Neither the Plan nor any Award shall
create or be construed to create a trust or separate fund of any kind or a
fiduciary relationship between the Company or any Subsidiary or Affiliate and a
Participant or any other Person. To the extent that any Person acquires a right
to receive payments from the Company or any Subsidiary or Affiliate pursuant to
an Award, such right shall be no greater than the right of any unsecured
general creditor of the Company or any Subsidiary or Affiliate.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.14 No Fractional Shares. No fractional Shares shall be issued or
delivered pursuant to the Plan or any Award, and the Committee shall determine
whether cash, other securities, or other property shall be paid or transferred
in lieu of any fractional Shares or whether such fractional Shares or any
rights thereto shall be canceled, terminated or otherwise eliminated.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.15 Headings. Headings are given to the sections and subsections of the
Plan solely as a convenience to facilitate reference. Such headings shall not
be deemed in any way material or relevant to the construction or interpretation
of the Plan or any provision thereof.


<P align="left" style="font-size: 10pt">SECTION 16. TERM OF THE PLAN



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 Effective Date. The Plan shall be effective as of March&nbsp;25, 2004
provided it has been approved by the Board and by the Company&#146;s shareholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 Expiration Date. No new Awards shall be granted under the Plan after
the tenth (10th) anniversary of the Effective Date. Unless otherwise expressly
provided in the Plan or in an applicable Award Agreement, any Award granted
hereunder may, and the authority of the Board or the Committee to amend, alter,
adjust, suspend, discontinue, or terminate any such Award or to waive any
conditions or rights under any such Award shall, continue after the tenth
(10th) anniversary of the Effective Date.



<P align="center" style="font-size: 10pt">A-16
</DIV>


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<DIV align="center">

</DIV>

<DIV align="center">
<B><FONT size="2">J. ALEXANDER&#146;S CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">EMPLOYEE STOCK OWNERSHIP PLAN PARTICIPANT
VOTING INSTRUCTION FORM</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This Voting Instruction Form is tendered to
direct SunTrust Bank, Nashville, N.A. (the &#147;Trustee&#148;),
as Trustee of the J.&nbsp;Alexander&#146;s Corporation Employee
Stock Ownership Plan (&#147;ESOP&#148;), as to the manner in
which all allocated shares in the ESOP account of the
undersigned (the &#147;Voting Shares&#148;) shall be voted at
the Annual Meeting of Shareholders (the &#147;Annual
Meeting&#148;) to be held at Loews Vanderbilt Hotel, 2100 West
End Avenue, Nashville, Tennessee 37203 on Friday, May&nbsp;28,
2004, at 9:00 a.m., local time, and any adjournments or
postponements thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned hereby directs the Trustee to
vote all Voting Shares of the undersigned as shown below on this
Voting Instruction Form at the Annual Meeting.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Election of Directors:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT><B>&nbsp;</B></FONT></TD>
    <TD align="left">
    <B><FONT size="2">FOR</FONT></B><FONT size="2"> all of the
    following nominees (except as indicated to the contrary below):
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T.
Duncan, G. Fritts, B. Rector, B. Reed, J. Steakley and L. Stout.
</FONT>
</DIV>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
withhold authority to vote for any individual nominee, please
print name or names below:
</FONT>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp; </FONT></TD>
    <TD align="left">
    <B><FONT size="2">WITHHOLD AUTHORITY
    </FONT></B><FONT size="2">to vote for all nominees
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Approval of the 2004 Equity Incentive Plan:
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;<B>FOR</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;<B>AGAINST</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;<B>ABSTAIN</B>
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">In the Trustee&#146;s discretion, the Trustee is
    entitled to act on any other matter which may properly come
    before said meeting or any adjournment thereof.
    </FONT></TD>
</TR>

</TABLE>

<DIV align="center">
<I><FONT size="2">(Continued and to be signed on reverse
side)</FONT></I>
</DIV>
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<DIV align="center">
<I><FONT size="2">(Continued from other side)</FONT></I>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;
<B><FONT size="2">IMPORTANT: Please date and sign this Voting
Instruction Form </FONT></B><FONT size="2">and return it to the
Trustee of the J. Alexander&#146;s Corporation Employee Stock
Ownership Plan, SunTrust Bank, Nashville, N.A., P.O.
Box&nbsp;305110, Nashville, Tennessee&nbsp;37230-9979 by
May&nbsp;21, 2004.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;
<FONT size="2">A stamped and addressed envelope is enclosed for
your convenience. <B>Your Voting Instruction Form must be
received by the Trustee by May&nbsp;21, 2004.</B>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;
<FONT size="2">Your shares will be voted by the Trustee in
accordance with your instructions. If no choice is specified,
your shares will be voted <B>FOR </B>the nominees in the
election of directors and <B>FOR</B> approval of the 2004 Equity
Incentive Plan.
</FONT>

<P align="center">
<B><FONT size="2">PLEASE SIGN, DATE AND RETURN
PROMPTLY</FONT></B>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="52%"></TD>
    <TD width="48%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;, 2004</FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="52%"></TD>
    <TD width="48%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="right">
    <HR size="1" align="right" noshade></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Please sign exactly as your name appears at left.
    If registered in the names of two or more persons, each should
    sign. Executors, administrators, trustees, guardians, attorneys,
    and corporate officers should show their full titles.
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV align="center">
<FONT size="2">If your address has changed, please PRINT your
new address on this line.
</FONT>
</DIV>
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<DIV align="center">
<FONT size="2"> <B>PROXY</B>
</FONT>
</DIV>

<DIV align="center">
<B><FONT size="2">J. ALEXANDER&#146;S CORPORATION</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">Proxy solicited by the Board of Directors for
the Annual Meeting of Shareholders to be held on Friday, May 28,
2004.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned hereby appoints Lonnie J. Stout
II and R. Gregory Lewis, and each of them, as proxies, with full
power of substitution, to vote all shares of the undersigned as
shown below on this proxy at the Annual Meeting of Shareholders
of J.&nbsp;Alexander&#146;s Corporation to be held at Loews
Vanderbilt Hotel, 2100 West End Avenue, Nashville, Tennessee
37203 on Friday, May&nbsp;28, 2004, at 9:00 a.m., local time,
and any adjournments or postponements thereof.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Election of Directors:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT><B>&nbsp;</B></FONT></TD>
    <TD align="left">
    <B><FONT size="2">FOR</FONT></B><FONT size="2"> all of the
    following nominees (except as indicated to the contrary below):
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T.
Duncan, G. Fritts, B. Rector, B. Reed, J. Steakley and L. Stout.
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
withhold authority to vote for any individual nominee, please
print name or names below:
</FONT>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;<B>WITHHOLD
AUTHORITY </B>to vote for all nominees
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Approval of the 2004 Equity Incentive Plan:
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;<B>FOR</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;<B>AGAINST</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;<B>ABSTAIN</B>
</FONT>

<P align="left">
<FONT size="2">(3)&nbsp;In their discretion on any other matter
which may properly come before said meeting or any adjournment
thereof.
</FONT>

<P align="center">
<B><FONT size="2">IMPORTANT: </FONT></B><FONT size="2">Please
date and sign this proxy on the reverse side.
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Your shares will be voted in accordance with your
instructions. If no choice is specified, shares will be voted
<B>FOR</B> the nominees in the election of directors and
<B>FOR</B> approval of the 2004 Equity Incentive Plan.
</FONT>

<P align="center">
<B><FONT size="2">PLEASE SIGN HERE AND RETURN PROMPTLY</FONT></B>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="52%"></TD>
    <TD width="48%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;, 2004</FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="52%"></TD>
    <TD width="48%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="right">
    <HR size="1" align="right" noshade></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Please sign exactly as your name appears at left.
    If registered in the names of two or more persons, each should
    sign. Executors, administrators, trustees, guardians, attorneys,
    and corporate officers should show their full titles.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<DIV align="center">
<FONT size="2">If you have changed your address, please PRINT
your new address on this line.
</FONT>
</DIV>
</BODY>
</HTML>

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end

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</DOCUMENT>
</SUBMISSION>
