EX-10.1






Exhibit 10.1




STOCK PURCHASE AGREEMENT




STOCK PURCHASE AGREEMENT (this “Agreement”), dated effective as of the 3rd day of April, 2007
(the “Effective Date”), by and between CKE Restaurants, Inc., a Delaware corporation (the
“Company”), and Pirate Capital LLC, a Delaware limited liability company, on behalf of Jolly Roger
Activist Portfolio Company LTD, Jolly Roger Fund LP and Jolly Roger Offshore Fund LTD
(collectively, the “Seller”).



The Company desires to repurchase 4,073,239 shares (the “Shares”) of its common stock (the
“Common Stock”) from Seller for the consideration and under the terms and conditions set forth
herein.



NOW, THEREFORE, in consideration of the premises and the mutual promises herein made, and in
consideration of the representations, warranties, agreements and covenants herein, the parties
hereto hereby agree as follows:



1. Sale and Purchase.



a. For the consideration set forth below, Seller shall sell, assign, and transfer to the
Company on April 5, 2007 (the “Settlement Date”) the Shares free and clear of all security
interests, pledges, mortgages, liens, charges, encumbrances, adverse claims, restrictions, or other
burdens or encumbrances of any kind (“Encumbrances”).



b. As consideration for the purchase of the Shares, the Company agrees to purchase the Shares
from Seller and shall pay to Seller on the Settlement Date a purchase price equal to $18.97 per
share, or an aggregate of $77,269,343.83, less an interest rate adjustment of $18,523.47, for a
final aggregate cash purchase price of $77,250,820.36 payable by wire transfer in immediately
available funds on the Settlement Date, as the purchase price of the Shares. On the Settlement
Date, Seller shall initiate an electronic or DWAC transfer of all of the Common Stock to the
Company. Upon confirmation of receipt from the Company’s transfer agent of the electronic transfer
of the Common Stock, the Company will deliver the purchase price to the Seller by wire transfer of
immediately available U.S. funds to a brokerage account specified by the Seller.



2. Representations and Warranties of Seller and Buyer Seller represents and warrants
to the Company that (a) Seller is the sole record owner and is the beneficial owner of the Shares;
(b) other than Seller, no person has a right to acquire or direct the disposition, or holds a proxy
or other right to vote or direct the vote, any of the Shares; (c) Seller has good and valid title
to the Shares, free and clear of any Encumbrances, (d) the sale by Seller of the Shares and the
delivery of the Shares to the Company against receipt of payment to Seller under this Agreement
will transfer to the Company good and valid title to the Shares, free and clear of all
Encumbrances, and (e) this Agreement has been duly executed and delivered by Seller and constitutes
a legal, valid and binding obligation of Seller enforceable against Seller in accordance with its
terms.



Buyer represents and warrants to Seller that this Agreement has been duly executed and
delivered by Buyer and constitutes a legal, valid and binding obligation of Buyer enforceable
against Buyer in accordance with its terms.



4. Governing Law. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of New York applicable to contracts executed in and to be performed in
that state and without regard to any applicable conflicts of law.



5. Counterparts. This Agreement may be executed and delivered (including by facsimile
or e-mail transmission) in one or more counterparts, and by the different parties hereto in
separate counterparts, each of which when executed and delivered shall be deemed to be an original,
but all of which taken together shall constitute one and the same agreement.



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6. Survival of Representations, Warranties The representations and warranties
contained in this Agreement shall survive the closing of the transactions contemplated herein.



IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
Effective Date set forth above.



CKE Restaurants, Inc.



By: /s/ E. Michael Murphy      

Name: E. Michael Murphy      

Title: Executive Vice President     





Seller:



Jolly Roger Activist Portfolio Company LTD


Jolly Roger Fund LP


Jolly Roger Offshore Fund LTD



By: Pirate Capital LLC



By: /s/ Thomas R. Hudson Jr.     


Name: Thomas R. Hudson Jr.     

Title: Manager     




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