EXHIBIT 10.41
XXXXX COUNTY EMPLOYEES' RETIREMENT SYSTEM
000 XXXXXX XXXXXX
XXXXX 000
XXXXXXX, XXXXXXXX 00000
As of February 1, 2001
Big Buck Brewery & Steakhouse, Inc.
000 X. Xxxxxxxxx Xxxxxx
Xxxxxxx, Xxxxxxxx 00000
RE: $5,876,114.74 LOAN FROM XXXXX COUNTY EMPLOYEES' RETIREMENT
SYSTEM ("WCERS") TO BIG BUCK BREWERY & STEAKHOUSE, INC. (THE
"COMPANY"); $1,623,885.26 LOAN ORIGINATED BY BANK ONE,
MICHIGAN AND ACQUIRED BY WCERS TO THE COMPANY; AND $1,500,000
LOAN FROM WCERS TO THE COMPANY (COLLECTIVELY, THE "LOANS")
Ladies and Gentlemen:
This letter will set forth certain agreements we have reached with
respect to the Loans. The Company and WCERS have previously entered into various
loan agreements, notes and other loan and security documents, and modifications
thereof executed in connection with the Loans (collectively, the "Loan
Documents") and the Company and WCERS have agreed to modify the requirements of
the Loan Documents with respect to certain payments as set forth below:
1. In substitution for all payments due WCERS under the various
notes evidencing the Loans (collectively, the "Notes")
commencing on February 1, 2001 and continuing each month
thereafter through and including May 1, 2001, the Company
shall issue to WCERS shares of its common stock ("Stock")
equal in value (as determined in paragraph 3) to the amount of
all payments due under the Notes (as set forth in Paragraph
2).
2. The total aggregate amount of all principal and/or interest
payments due under the Notes for February, March, April and
May is $327,610.24.
3. The value of the Stock is $1.013 per share, which is the
average of the closing sale price of one share of Stock as
quoted by The NASDAQ Stock Market for the ten trading days
between January 10, 2001 and January 24, 2001. A copy of the
NASDAQ trading page is attached as Schedule 1.
4. The Company shall effective as of February 1, 2001 issue to
WCERS 323,406 shares of the Stock of the Company and upon such
issuance and delivery of 323,406 shares of the Stock to WCERS,
WCERS shall note on its books and records the payment of all
principal and/or interest due under the Notes for February,
March, April and May 2, 2001.
The Loan Documents, as amended hereby, remain in fully force and effect
and are hereby ratified and confirmed.
If the foregoing is consistent with your understanding, please
acknowledge your agreement by signing below and returning one copy to the
undersigned.
Very truly yours,
XXXXX COUNTY EMPLOYEES'
RETIREMENT SYSTEM
By: /s/ Xxxxxx Xxx
----------------------------
Xxxxxx Xxx
Its: Director
Agreed to and accepted by:
BIG BUCK BREWERY & STEAKHOUSE, INC.
By: /s/ Xxxxxxx X. Xxxxxxxx
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Xxxxxxx X. Xxxxxxxx
Its: President
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