Document:

Exhibit 10.1 2006 Employee Stock Option Plan

    

    Exhibit
      10.1

     

    THE
      STEAK N SHAKE COMPANY

    2006
      EMPLOYEE STOCK OPTION PLAN

    

    
      	1.  	
              Purpose:
                The purpose of the 2006 Stock Option Plan (the "Plan") is to secure
                for
                the Company and its shareholders the benefits inherent in common
                stock
                ownership by the officers and key employees of the Company who will
                be
                largely responsible for the Company's future growth and continued
                financial success by providing long-term incentives, in addition
                to
                current compensation, to certain key executives of the Company who
                contribute significantly to the long-term performance and growth
                of the
                Company. It is intended that these purposes will be furthered through
                the
                granting of options to purchase shares of the Company’s common
                stock.

            

    

    

    
      	2.  	
              Definitions:
                For purposes of this Plan:

            

    

    

    
      	(a)  	
              "Affiliate"
                shall mean any entity in which the Company has, directly or indirectly,
                an
                ownership interest of at least 25%.

            

    

    

    
      	(b)  	
              "Award"
                shall mean an award of options granted under this
                Plan.

            

    

    

    
      	(c)  	
              "Code"
                shall mean the Internal Revenue Code of 1986, as
                amended.

            

    

    

    
      	(d)  	
              "Common
                Stock" shall mean the Company's common
                stock.

            

    

    

    
      	(e)  	
              "Company"
                shall mean The Steak n Shake Company and its Subsidiaries and
                Affiliates.

            

    

    

    
      	(f)  	
              "Disability"
                or "Disabled" shall mean qualifying for and receiving payments under
                the
                Company’s Long-Term Disability
                Plan.

            

    

    

    
      	(g)  	
              "Exchange
                Act" shall mean the Securities Exchange Act of 1934, as
                amended.

            

    

    

    
      	(h)  	
              "Fair
                Market Value" shall mean the closing price of a share of Common Stock
                on
                the New York Stock Exchange on the date of measurement or on any
                date as
                determined by the Committee and, if there were no trades on such
                date, on
                the day on which a trade occurred next preceding such
                date.

            

    

    

    
      	(i)  	
              "Retirement"
                shall mean termination of the employment of an employee with the
                Company
                on terms that would entitle such person to obtain benefits under
                the
                Company’s 401k and Profit Sharing Plan or any successor
                plan.

            

    

    

    
      	(j)  	
              "Subsidiary"
                shall mean any corporation which at the time qualifies as a subsidiary
                of
                the Company under the definition of "subsidiary corporation" in Section
                424 of the Code.

            

    

    

    
      	3.  	
              Amount
                of Stock: 

            

    

    

    (a)
      Aggregate Limitation.
      The
      aggregate amount of Common Stock which may be made subject to Awards under
      the
      Plan shall not exceed 750,000 shares plus the number of shares that are subject
      to Awards granted hereunder that terminate or expire or are cancelled,
      forfeited, exchanged or surrendered during the term of this Plan without being
      exercised or fully vested. Awards granted under Section 16 shall not
      be
      considered in applying this limitation.

    

    (b)
      Other
      Limitations.
      No
      individual participant may be granted Awards in any single calendar year of
      more
      than 50,000 options. Awards granted under Section 16 shall not be included
      in applying this limitation.

    

    (c)
      Adjustment.
      The
      limitations under Section 3(a) and (b) are subject to adjustment in number
      and
      kind pursuant to Section 10.

    

    (d)
      Treasury
      or Market Purchased Shares.
      Common
      Stock issued hereunder may be authorized and unissued shares or issued shares
      acquired by the Company on the market or otherwise.

    

    
      	4.  	
              Administration:

            

    

    

    The
      Plan
      shall be administered under the supervision of the Board of Directors of the
      Company through the agency of the Compensation Committee or a subcommittee
      thereof (the "Committee").

    

    (a)
      Composition
      of Committee.
      The
      Committee shall consist of not less than two (2) members of the Board who are
      intended to meet the definition of "non-employee director" under the provisions
      of Section 162(m) of the Code and the definition of "independent directors"
      under the provisions of the Exchange Act or rules or regulations promulgated
      thereunder.

    

    (b)
      Delegation
      and Administration.
      The
      Committee may delegate to one or more separate committees (any such committee
      a
      "Subcommittee") composed of one or more directors of the Company (who may,
      but
      need not be, members of the Committee) the ability to grant Awards with respect
      to participants who are not executive officers of the Company under the
      provisions of the Exchange Act or rules or regulations promulgated thereunder,
      and such actions shall be treated for all purposes as if taken by the Committee.
      Any action by any such Subcommittee within the scope of such delegation shall
      be
      deemed for all purposes to have been taken by the Committee and references
      in
      this Plan to the Committee shall include any such Subcommittee. The Committee
      may delegate the administration of the Plan to an officer or officers of the
      Company, and such administrator(s) may have the authority to execute and
      distribute agreements or other documents evidencing or relating to Awards
      granted by the Committee under this Plan, to maintain records relating to the
      grant, vesting, exercise, forfeiture or expiration of Awards, to process or
      oversee the issuance of shares of Common Stock upon the exercise, vesting and/or
      settlement of an Award, to interpret the terms of Awards and to take such other
      actions as the Committee may specify, provided that in no case shall any such
      administrator be authorized to grant Awards under the Plan. Any action by any
      such administrator within the scope of its delegation shall be deemed for all
      purposes to have been taken by the Committee and references in this Plan to
      the
      Committee shall include any such administrator, provided that the actions and
      interpretations of any such administrator shall be subject to review and
      approval, disapproval or modification by the Committee.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	5.  	
              Eligibility:
                

            

    

    

    Awards
      may be granted only to present or future officers and employees of the Company
      whose performance may play a role in the Company’s future success, including
      Subsidiaries and Affiliates which become such after the effective date of the
      Plan. Any officer or key employee of the Company shall be eligible to receive
      one or more Awards under the Plan. Any director who is not an officer or
      employee of the Company shall be ineligible to receive an Award under the Plan.
      The adoption of this Plan shall not be deemed to give any officer or employee
      any right to an Award, except to the extent and upon such terms and conditions
      as may be determined by the Committee.

    

    
      	6.  	
              Qualifying
                Performance Criteria:
                

            

    

    

    Awards
      under this Plan (other than incentive stock options) in the discretion of the
      Committee may be contingent upon achievement of Qualifying Performance
      Criteria.

    

    (a)
      Available
      Criteria.
      For
      purposes of this Plan, the term "Qualifying Performance Criteria" shall mean
      any
      one or more of the following performance criteria, either individually,
      alternatively or in any combination, applied to either the Company as a whole,
      to a business unit, to a specific geographic region, Affiliate or Subsidiary,
      either individually, alternatively or in any combination, and measured either
      annually or cumulatively over a period of years, on an absolute basis or
      relative to a pre-established target, to previous years' results or to a
      designated comparison group, in each case as specified by the Committee in
      the
      Award:

    

    
      	1.  	
              cash
                flow or free cash flow,

            

    

    
      	2.  	
              earnings
                per share, 

            

    

    
      	3.  	
              earnings
                before interest, taxes and
                amortization,

            

    

    
      	4.  	
              return
                on equity,

            

    

    
      	5.  	
              same
                store sales,

            

    

    
      	6.  	
              total
                shareholder return,

            

    

    
      	7.  	
              sales
                or revenue,

            

    

    
      	8.  	
              income
                or net income,

            

    

    
      	9.  	
              operating
                income or net operating income,

            

    

    
      	10.  	
              operating
                profit or net operating profit,

            

    

    
      	11.  	
              operating
                margin or profit margin,

            

    

    
      	12.  	
              return
                on operating revenue, 

            

    

    
      	13.  	
              return
                on invested capital,

            

    

    
      	14.  	
              market
                segment share,

            

    

    
      	15.  	
              brand
                recognition/acceptance, or

            

    

    
      	16.  	
              customer
                satisfaction.

            

    

    

    (b)
      Adjustments.
      The
      Committee may adjust any evaluation of performance under a Qualifying
      Performance Criteria to exclude any of the following events that occurs during
      a
      performance period: (1) asset write-downs, (2) litigation or
      claim
      judgments or settlements, (3) the effect of changes in tax law, accounting
      principles or other such laws or provisions affecting reported results,
      (4) accruals for reorganization and restructuring programs and (5) any
      extraordinary non-recurring items as described in Accounting Principles Board
      Opinion No. 30 and/or in management's discussion and analysis of financial
      condition and results of operations appearing in the Company's annual report
      to
      shareholders for the applicable year. Notwithstanding satisfaction or completion
      of any Qualifying Performance Criteria, to the extent specified at the time
      of
      grant of an Award, the number of stock options granted, issued, retainable
      and/or vested under an Award on account of satisfaction of such Qualifying
      Performance Criteria may be reduced by the Committee on the basis of such
      further considerations as the Committee in its sole discretion shall
      determine.

    

    (c)
      Establishment
      and Achievement of Targets.
      The
      Committee shall establish the specific targets for the selected Qualified
      Performance Criteria. These targets may be set at a specific level or may be
      expressed as relative to the comparable measure at comparison companies or
      a
      defined index. In cases where Qualifying Performance Criteria are established,
      the Committee shall determine the extent to which the criteria have been
      achieved and the corresponding level to which vesting requirements have been
      satisfied or other restrictions to be removed from the Award or the extent
      to
      which a participant's right to receive an Award should lapse in cases where
      the
      Qualifying Performance Criteria have not been met, and shall certify these
      determinations in writing. The Committee may provide for the determination
      of
      the attainment of such targets in installments where it deems
      appropriate.

    

    
      	7.  	
              Stock
                Options.

            

    

     

    Stock
      options under the Plan shall consist of incentive stock options under Section
      422 of the Code or nonqualified stock options (options not intended to qualify
      as incentive stock options), as the Committee shall determine. 

     

    Each
      option shall be subject to the following terms and conditions: 

     

    (a)
      Grant
      of Options.
      The
      Committee shall (1) select the officers and key employees of the Company to
      whom
      options may from time to time be granted, (2) determine whether incentive stock
      options or nonqualified stock options are to be granted, (3) determine the
      number of shares to be covered by each option so granted, (4) determine the
      terms and conditions (not inconsistent with the Plan) of any option granted
      hereunder including but not limited to restrictions upon the options, conditions
      of their exercise (including as to nonqualified stock options, subject to any
      Qualifying Performance Criteria), or restrictions on the shares of Common Stock
      issuable upon exercise thereof, (5) prescribe the form of the instruments
      necessary or advisable in the administration of options.

     

    (b)
      Terms
      and Conditions of Option.
      Any
      option granted under the Plan shall be evidenced by a Stock Option Agreement
      entered into by the Company and the optionee, in such form as the Committee
      shall approve, which agreement shall be subject to the following terms and
      conditions and shall contain such additional terms and conditions not
      inconsistent with the Plan, and in the case of an incentive stock option not
      inconsistent with the provisions of the Code applicable to incentive stock
      options, as the Committee shall prescribe:

     

    (1)
      Number of Shares Subject to an Option.
      The
      Stock Option Agreement shall specify the number of shares of Common Stock
      subject to the Agreement. 

     

    (2)
      Option
      Price.
      The
      purchase price per share of Common Stock purchasable under an option will be
      determined by the Committee but will be not less than the Fair Market Value
      of a
      share of Common Stock on the date of the grant of the option, except as provided
      in Section 16.

     

    (3)
      Option
      Period.
      The
      period of each option shall be fixed by the Committee, but no option shall
      be
      exercisable after the expiration of ten years from the date the option is
      granted.

    

    (4)
      Consideration.
      Unless
      the Committee determines otherwise, each optionee, as consideration for the
      grant of an option, shall remain in the continuous employ of the Company for
      at
      least one year from the date of the granting of such option, and no option
      shall
      be exercisable until after the completion of such one year period of employment
      by the optionee.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (5)
      Exercise
      of Option.
      An
      option may be exercised in whole or in part from time to time during the option
      period (or, if determined by the Committee, in specified installments during
      the
      option period) by giving written notice of exercise to the Company specifying
      the number of shares to be purchased. Such written notice must be accompanied
      by
      payment in full of the purchase price and Withholding Taxes (as defined in
      Section 11 hereof), due either (i) by personal, certified or bank check,
      (ii) by payment through a broker in accordance with procedures permitted by
      Regulation T of the Federal Reserve Board, (iii) in shares of Common Stock
      owned
      by the optionee having a Fair Market Value at the date of exercise equal to
      such
      purchase price, (iv) in any combination of the foregoing, or (v) by any other
      method that the Committee approves. At its discretion, the Committee may modify
      or suspend any method for the exercise of stock options, including any of the
      methods specified in the previous sentence. Delivery of shares for exercising
      an
      option shall be made either through the physical delivery of shares or through
      an appropriate certification or attestation of valid ownership. Shares of Common
      Stock used to exercise an option shall have been held by the optionee for the
      requisite period of time to avoid adverse accounting consequences to the Company
      with respect to the option. No shares shall be issued until full payment
      therefor has been made. An optionee shall have the rights of a shareholder
      only
      with respect to shares of stock that have been recorded on the Company's books
      on behalf of the optionee or for which certificates have been issued to the
      optionee. 

    

    Notwithstanding
      anything in the Plan to the contrary, the Committee may, in its sole discretion,
      allow the exercise of a lapsed grant if the Committee determines that: (i)
      the
      lapse was solely the result of the Company's inability to execute the exercise
      of an option Award due to conditions beyond the Company's control and (ii)
      the
      optionee made valid and reasonable efforts to exercise the Award. In the event
      the Committee makes such a determination, the Company shall allow the exercise
      to occur as promptly as possible following its receipt of exercise instructions
      subsequent to such determination.

    

    (6)
      Nontransferability
      of Options.
      No
      option granted under the Plan shall be transferable by the optionee other than
      by will or by the laws of descent and distribution, and such option or stock
      appreciation right shall be exercisable, during the optionee's lifetime, only
      by
      the optionee. 

    

    (7)
      Retirement
      and Termination of Employment Other than by Death or Disability.
      If an
      optionee shall cease to be employed by the Company for any reason (other than
      termination of employment by reason of Retirement, death or Disability) after
      the optionee shall have been continuously so employed for one year after the
      granting of the option, or as otherwise determined by the Committee, the option
      shall be exercisable only to the extent that the optionee was otherwise entitled
      to exercise it at the time of such cessation of employment with the Company,
      unless otherwise determined by the Committee. If cessation of employment is
      on
      account of Retirement, the option shall be fully exercisable for the three-month
      period following the Retirement, regardless of whether it was fully exercisable
      at the time of Retirement. The Plan does not confer upon any optionee any right
      with respect to continuation of employment by the Company.

    

    (8)
      Disability of Optionee.
      An
      optionee who ceases to be employed by reason of Disability shall be treated
      as
      though the optionee remained in the employ of the Company until the earlier
      of
      (i) cessation of payments under a disability pay plan of the Company,
      (ii) the optionee's death, or (iii) the optionee's 65th
      birthday.

    

    (9)
      Death
      of Optionee.
      Except
      as otherwise provided in subsection (11), in the event of the optionee's death
      (i) while in the employ of the Company, (ii) while Disabled as described in
      subsection (8) or (iii) after cessation of employment due to Retirement, the
      option shall be fully exercisable by the executors, administrators, legatees
      or
      distributees of the optionee's estate, as the case may be, at any time following
      such death. Notwithstanding the foregoing, no option shall be exercisable after
      the expiration of the option period set forth in the Stock Option Agreement.
      In
      the event any option is exercised by the executors, administrators, legatees
      or
      distributees of the estate of a deceased optionee, the Company shall be under
      no
      obligation to issue stock thereunder unless and until the Company is satisfied
      that the person or persons exercising the option are the duly appointed legal
      representatives of the deceased optionee's estate or the proper legatees or
      distributees thereof.

    

    (10)
      Incentive
      Stock Options.
      Incentive stock options may only be granted to employees of the Company and
      its
      Subsidiaries and parent corporations, as defined in Section 424 of the Code.
      In
      the case of any incentive stock option granted under the Plan, the aggregate
      Fair Market Value of the shares of Common Stock (determined at the time of
      grant
      of each option) with respect to which incentive stock options granted under
      the
      Plan and any other plan of the Company or its parent or a Subsidiary which
      are
      exercisable for the first time by an employee during any calendar year shall
      not
      exceed $100,000 or such other amount as may be required by the
      Code.

    

    (11)
      Rights
      of Transferee.
      Notwithstanding anything to the contrary herein, if an option has been
      transferred in accordance with Section 7(b)(6), the option shall be exercisable
      solely by the transferee. The option shall remain subject to the provisions
      of
      the Plan, including that it will be exercisable only to the extent that the
      optionee or optionee's estate would have been entitled to exercise it if the
      optionee had not transferred the option. In the event of the death of the
      optionee prior to the expiration of the right to exercise the transferred
      option, the period during which the option shall be exercisable will terminate
      on the date one year following the date of the optionee's death. In the event
      of
      the death of the transferee prior to the expiration of the right to exercise
      the
      option, the period during which the option shall be exercisable by the
      executors, administrators, legatees and distributees of the transferee's estate,
      as the case may be, will terminate on the date one year following the date
      of
      the transferee's death. In no event will the option be exercisable after the
      expiration of the option period set forth in the Stock Option Agreement. The
      option shall be subject to such other rules as the Committee shall
      determine.

    

    (12)
      No
      Reload.
      Options
      shall not be granted under this Plan in consideration for and shall not be
      conditioned upon the delivery of shares of Common Stock in payment of the
      exercise price and/or tax-withholding obligation under any other employee stock
      option.

    

    (13)
      No
      Deferral Feature. No
      option
      granted under this Plan shall include any feature for the deferral of
      compensation other than the deferral of recognition of income until the later
      of
      exercise of the option under Section 83 of the Code, or the time the stock
      acquired pursuant to the exercise of the option first becomes substantially
      vested (as defined in regulations interpreting Section 83 of the
      Code).

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	8.  	
              Forfeiture
                of Awards; Recapture of Benefits:
                

            

    

    

    The
      Committee may, in its discretion, provide in an agreement evidencing any Award
      that, in the event that the participant engages, within a specified period
      after
      termination of employment, in certain activity specified by the Committee that
      is deemed detrimental to the interests of the Company (including, but not
      limited to, the breach of any non-solicitation and/or non-compete agreements
      with the Company), the participant will forfeit all rights under any Awards
      that
      remain outstanding as of the time of such act and will return to the Company
      an
      amount of shares of Common Stock with a Fair Market Value (determined as of
      the
      date such shares are returned) or an amount of cash, equal to the amount of
      any
      gain realized upon the exercise of any Award that occurred within a specified
      time period.

    

    
      	9.  	
              Determination
                of Breach of Conditions: 

            

    

    

    The
      determination of the Committee as to whether an event has occurred resulting
      in
      a forfeiture or a termination of an Award or any reduction of the Company's
      obligations in accordance with the provisions of the Plan shall be
      conclusive.

    

    
      	10.  	
              Adjustment
                of and Changes in the Common
                Stock:

            

    

    

    (a)  Effect
      of Outstanding Awards.
      The
      existence of outstanding Awards shall not affect in any way the right or power
      of the Company or its shareholders to make or authorize any or all adjustment,
      recapitalizations, reorganizations, exchanges, or other changes in the Company's
      capital structure or its business, or any merger or consolidation of the Company
      or any issuance of Common Stock or other securities or subscription rights
      thereto, or any issuance of bonds, debentures, preferred or prior preference
      stock ahead of or affecting the Common Stock or any sale or transfer of all
      or
      any part of its assets or business, or any other corporate act or proceeding,
      whether of a similar character or otherwise. Further, except as expressly
      provided herein or by the Committee, (i) the issuance by the Company of Common
      Stock or any class of securities convertible into shares of stock of any class,
      for cash, property, labor or services, upon direct sale, upon the exercise
      of
      rights or warrants to subscribe therefor, or upon conversion of shares or
      obligations to the Company convertible into such shares or other securities,
      (ii) the payment of a dividend in property other than shares of Common Stock,
      or
      (iii) the occurrence of any similar transaction, and in any case whether or
      not
      for fair value, shall not affect, and no adjustment by reason thereof shall
      be
      made with respect to, the number of shares of Common Stock subject to stock
      options or other Awards theretofore granted or the purchase price per share,
      unless the Committee shall determine, in its sole discretion, that an adjustment
      is necessary or appropriate.

    

    (b)
       Adjustments.
      If the
      outstanding Common Stock or other securities of the Company, or both, for which
      an Award is then exercisable or as to which an Award is to be settled shall
      at
      any time be changed or exchanged by declaration of a stock dividend, stock
      split, combination of shares, extraordinary dividend of cash and/or assets,
      recapitalization, reorganization or any similar event affecting the Common
      Stock
      or other securities of the Company, the Committee may appropriately and
      equitably adjust the number and kind of shares or other securities which are
      subject to this Plan or subject to any Awards theretofore granted, and the
      exercise or settlement prices of such Awards, so as to maintain the
      proportionate number of shares of Common Stock or other securities without
      changing the aggregate exercise or settlement price.

    

    (c)
       Fractional
      Shares.
      No
      right to purchase fractional shares shall result from any adjustment in stock
      options pursuant to this Section. In case of any such adjustment, the shares
      subject to the stock option shall be rounded down to the nearest whole
      share.

    

    (d)
       Assumption
      of Awards.
      Any
      other provision hereof to the contrary notwithstanding (except for
      Section 10(a)), in the event the Company is a party to a merger or other
      reorganization, outstanding Awards shall be subject to the agreement of merger
      or reorganization. Such agreement may provide, without limitation, for the
      assumption of outstanding Awards by the surviving corporation or its parent,
      for
      their continuation by the Company (if it is the surviving corporation), for
      accelerated vesting and accelerated expiration, or for settlement in
      cash.

    

    
      	11.  	
              Taxes:
                

            

    

    

    (a)
      Each
      participant shall, no later than the Tax Date (as defined below), pay to the
      Company, or make arrangements satisfactory to the Committee regarding payment
      of, any Withholding Tax (as defined below) with respect to an Award, and the
      Company shall, to the extent permitted by law, have the right to deduct such
      amount from any payment of any kind otherwise due to the participant. The
      Company shall also have the right to retain or sell without notice, or to demand
      surrender of, shares of Common Stock in value sufficient to cover the amount
      of
      any Withholding Tax, and to make payment (or to reimburse itself for payment
      made) to the appropriate taxing authority of an amount in cash equal to the
      amount of such Withholding Tax, remitting any balance to the participant. For
      purposes of this paragraph, the value of shares of Common Stock so retained
      or
      surrendered shall be the average of the high and low sales prices per share
      on
      the New York Stock Exchange on the date that the amount of the Withholding
      Tax
      is to be determined (the "Tax Date") and the value of shares of Common Stock
      so
      sold shall be the actual net sales price per share (after deduction of
      commissions) received by the Company.

    

    (b)
      Notwithstanding the foregoing, if the stock options have been transferred,
      the
      optionee shall provide the Company with funds sufficient to pay such Withholding
      Tax. If such optionee does not satisfy the optionee's tax payment obligation
      and
      the stock options have been transferred, the transferee may provide the funds
      sufficient to enable the Company to pay such taxes. However, if the stock
      options have been transferred, the Company shall have no right to retain or
      sell
      without notice, or to demand surrender from the transferee of, shares of Common
      Stock in order to pay such Withholding Tax. 

    

    (c)
      The
      term "Withholding Tax" means the minimum required withholding amount applicable
      to the participant, including federal, state and local income taxes, Federal
      Insurance Contribution Act taxes and other governmental impost or
      levy.

    

    (d)
      Notwithstanding the foregoing, the participant shall be entitled to satisfy
      the
      obligation to pay any Withholding Tax, in whole or in part, by providing the
      Company with funds sufficient to enable the Company to pay such Withholding
      Tax
      or by requiring the Company to retain or to accept upon delivery thereof by
      the
      participant shares of Common Stock held by the participant for more than six
      months having a Fair Market Value sufficient to cover the amount of such
      Withholding Tax. Each election by a participant to have shares retained or
      to
      deliver shares for this purpose shall be subject to the following restrictions:
      (i) the election must be in writing and be made on or prior to the Tax Date;
      (ii) the election must be irrevocable; and (iii) the election shall be subject
      to the disapproval of the Committee.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	12.  	
              Change
                in Control: 

            

    

    

    In
      the
      event an optionee's employment with the Company terminates pursuant to a
      Qualifying Termination (as defined below) during the three (3) year period
      following a Change in Control of the Company (as defined below) and prior to
      the
      exercise of options granted under this Plan, all outstanding options shall
      become immediately fully vested and exercisable notwithstanding any provisions
      of the Plan or of the applicable Agreement to the contrary.

    

    In
      addition, in the event of a Change in Control of the Company, the Committee
      may
      (i) determine that outstanding options shall be assumed by, or replaced
      with comparable options by, the surviving corporation (or a parent or subsidiary
      of the surviving corporation) and that outstanding Awards shall be converted
      to
      similar awards of the surviving corporation (or a parent or subsidiary of the
      surviving corporation), or (ii) take such other actions with respect
      to
      outstanding options and other Awards as the Committee deems
      appropriate.

     

    (a)  For
      purposes of this Plan, a Change in Control shall be deemed to have occurred
      on
      the earliest of the following dates:

    

    (1)  
      The date
      any person (as defined in Section 14(d)(3) of the Exchange Act) shall have
      become the direct or indirect beneficial owner of twenty percent (20%) or more
      of the then outstanding common shares of the Company;

    

    (2)  
      The date
      the shareholders of the Company approve a merger or consolidation of the Company
      with any other corporation other than (i) a merger or consolidation which would
      result in the voting securities of the Company outstanding immediately prior
      thereto continuing to represent at least 75% of the combined voting power of
      the
      voting securities of the Company or the surviving entity outstanding immediately
      after such merger or consolidation, or (ii) a merger or consolidation effected
      to implement a recapitalization of the Company in which no Person acquires
      more
      than 50% of the combined voting power of the Company's then outstanding
      securities;

    

    (3)  The
      date
      the shareholders of the Company approve a plan of complete liquidation of the
      Company or an agreement for the sale or disposition by the Company of all or
      substantially all of the Company's assets; or

    

    (4)  The
      date
      there shall have been a change in a majority of the Board of Directors of the
      Company within a two (2) year period beginning after the effective date of
      the
      Plan, unless the nomination for election by the Company's shareholders of each
      new director was approved by the vote of two-thirds of the directors then still
      in office who were in office at the beginning of the two (2) year
      period.

    

    (b)
      For
      purposes of this Plan provision, a Qualifying Termination shall be deemed to
      have occurred under the following circumstances:

    

    (1)  A
      Company-initiated termination for reasons other than the employee's death,
      Disability, resignation without good cause, willful misconduct or activity
      deemed detrimental to the interests of the Company, provided the participant
      executes a general release and, where applicable, a non-solicitation and/or
      non-compete agreement with the Company;

    

    (2)  The
      participant resigns with good cause, which includes (i) a substantial
      adverse alteration in the nature or status of the participant's
      responsibilities, (ii) a reduction in the participant's base salary
      or
      levels of entitlement or participation under any incentive plan, award program
      or employee benefit program without the substitution or implementation of an
      alternative arrangement of substantially equal value, or (iii) the Company
      requiring the participant to relocate to a work location more than fifty (50)
      miles from the participant's work location prior to the Change in
      Control.

    

    
      	13.  	
              Amendment
                of the Plan:
                

            

    

    

    The
      Board
      of Directors may amend or suspend this Plan at any time and from time to time;
      provided, however, that the Board of Directors shall submit for shareholder
      approval any amendment (other than an amendment pursuant to the adjustment
      provisions of Section 10) required to be submitted for shareholder approval
      by law, regulation or applicable stock exchange requirements or that otherwise
      would:

    

    
      	(a)  	
               increase
                the limitations in Section 3;

            

    

    

    
      	(b)  	
              reduce
                the price at which stock options may be granted to below Fair Market
                Value
                on the date of grant;

            

    

    

    
      	(c)  	
               reduce
                the option price of outstanding stock
                options;

            

    

    

    
      	(d)  	
               extend
                the term of this Plan; or

            

    

    

    
      	(e)  	
               change
                the class of persons eligible to be
                participants.

            

    

    

    In
      addition, no such amendment or alteration shall be made which would impair
      the
      rights of any participant without such participant's consent under any Award
      theretofore granted, provided that no such consent shall be required with
      respect to any amendment or alteration if the Committee determines in its sole
      discretion that such amendment or alteration either (i) is required
      or
      advisable in order for the Company, the Plan or the Award to satisfy any law
      or
      regulation or to meet the requirements of any accounting standard, or
      (ii) is not reasonably likely to significantly diminish the benefits
      provided under such Award, or that any such diminishment has been adequately
      compensated.

    

    
      	14.  	
              Miscellaneous:
                

            

    

    

    (a)  By
      accepting any benefits under the Plan, each participant and each person claiming
      under or through such participant shall be conclusively deemed to have indicated
      acceptance and ratification of, and consent to, any action taken or to be taken
      or made under the Plan by the Company, the Board, the Committee or any other
      committee appointed by the Board.

    

    (b)
       No
      participant or any person claiming under or through him shall have any right
      or
      interest, whether vested or otherwise, in the Plan or in any Award, contingent
      or otherwise, unless and until all of the terms, conditions and provisions
      of
      the Plan and the Agreement that affect such participant or such other person
      shall have been complied with.

    

    (c)
       Neither
      the adoption of the Plan nor its operation shall in any way affect the rights
      and powers of the Company to dismiss or discharge any employee at any
      time.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	15.  	
              Term
                of the Plan, Termination of Prior Plan:
                

            

    

    

    This
      Plan
      was approved by the Board of Directors of the Company on November 8, 2005 and
      will become effective on February 8, 2006, subject to the affirmative vote
      of
      the holders of a majority of the votes cast at the 2006 annual meeting of
      shareholders. The Plan shall expire on February 8, 2010, unless suspended or
      discontinued earlier by action of the Board of Directors. The expiration of
      the
      Plan, however, shall not affect the rights of participants under Awards
      theretofore granted to them, and all Awards shall continue in force and
      operation after termination of the Plan except as they may lapse or be
      terminated by their own terms and conditions. 

    

    
      	16.  	
              Grants
                in Connection with Corporate Transactions and
                Otherwise:
                

            

    

    

    Nothing
      contained in this Plan shall be construed to (i) limit the right of the
      Committee to make substitute awards under this Plan to an employee of another
      corporation who becomes an employee of the Company by reason of a corporate
      merger, consolidation, acquisition of stock or property, reorganization or
      liquidation involving the Company in substitution for an option or award granted
      by such corporation, or limit the ability of the Company to grant options
      outside this Plan. The terms and conditions of any Substitute Awards may vary
      from the terms and conditions required by the Plan and from those of the
      substituted stock incentives. The Committee shall prescribe the provisions
      of
      the Substitute Awards. Any Substitute Awards made pursuant to this Section
      16
      shall not count against the limitations provided under
      Section 3.

     

    
      	17.  	
              
                Governing
                  Law:
                  

              

            

    

     

    The
      validity, construction, interpretation and effect of the Plan and agreements
      issued under the Plan shall be governed and construed by and determined in
      accordance with the laws of the State of Indiana, without giving effect to
      the
      conflict of laws provisions thereof. The Committee may provide that any dispute
      as to any Award shall be presented and determined in such forum as the Committee
      may specify, including through binding arbitration.

     

    
      	18.  	
              
                
                  Unfunded
                    Plan: 

                

              

            

    

     

    Insofar
      as it provides for Awards, the Plan shall be unfunded. Although bookkeeping
      accounts may be established with respect to participants who are granted Awards
      under this Plan, any such accounts will be used merely as a bookkeeping
      convenience. The Company shall not be required to segregate or earmark any
      cash
      or other property which may at any time be represented by Awards, nor shall
      this
      Plan be construed as providing for such segregation or earmarking, nor shall
      the
      Company or the Committee be deemed to be a trustee of stock or cash to be
      awarded under the Plan.

     

    
      	19.  	
              
                
                  
                    Compliance
                      with Other Laws and Regulations:
                      

                  

                

              

            

    

     

    This
      Plan, the grant and exercise of Awards thereunder, and the obligation of the
      Company to sell, issue or deliver shares of Common Stock under such Awards,
      shall be subject to all applicable federal, state and local laws, rules and
      regulations and to such approvals by any governmental or regulatory agency
      as
      may be required. The Company shall not be required to register in a
      participant's name or deliver any shares of Common Stock prior to the completion
      of any registration or qualification of such shares under any federal, state
      or
      local law or any ruling or regulation of any government body which the Committee
      shall determine to be necessary or advisable. To the extent the Company is
      unable to or the Committee deems it infeasible to obtain authority from any
      regulatory body having jurisdiction, which authority is deemed by the Company's
      counsel to be necessary to the lawful issuance and sale of any shares of Common
      Stock hereunder, the Company shall be relieved of any liability with respect
      to
      the failure to issue or sell such shares as to which such requisite authority
      shall not have been obtained. No stock option shall be exercisable and no shares
      of Common Stock shall be issued and/or transferable under any other Award unless
      a registration statement with respect to the shares underlying such stock option
      is effective and current or the Company has determined that such registration
      is
      unnecessary.

     

    
      	20.  	
              
                
                  
                    
                      Liability
                        of Company: 

                    

                  

                

              

            

    

     

    The
      Company shall not be liable to a participant or other persons as to (a) the
      non-issuance or sale of shares of Common Stock as to which the Company has
      been
      unable to obtain from any regulatory body having jurisdiction the authority
      deemed by the Company's counsel to be necessary to the lawful issuance and
      sale
      of any shares hereunder; and (b) any tax consequence expected, but not
      realized, by any participant or other person due to the receipt, exercise or
      settlement of any Award granted hereunder.Exhibit 10.2 2006 Incentive Bonus Plan

    Exhibit 10.2

    

      THE
        STEAK N SHAKE COMPANY

      2006
        INCENTIVE BONUS PLAN

      

      

      1.
        Purpose:
        The
        purpose of the 2006 Incentive Bonus Plan (the "Plan") is to promote the
        interests of the Company and its shareholders by providing additional cash
        compensation as incentives to certain key executives of the Company and its
        Subsidiaries and Affiliates who contribute materially to the success of the
        Company and such Subsidiaries and Affiliates.

      

      2.
        Definitions:
        The
        following terms when used in the Plan shall, for the purposes of the Plan,
        have
        the following meanings:

      

      (a)
        "Affiliate" shall mean any entity in which the Company has an ownership interest
        of at least 25%.

      

      
        	(b)  	
                "Award"
                  means the opportunity to earn cash compensation under this Plan,
                  subject
                  to the achievement of one or more Performance Goals and such other
                  terms
                  and conditions as the Committee may
                  impose.

              

      

      

      (c)  
        "Board"
        means the Board of Directors of the Steak n Shake Company.

      

      
        	(d)  	
                "Cause"
                  means a Participant’s commission of any act or acts involving dishonesty,
                  fraud, illegality or moral
                  turpitude.

              

      

      

      (e)  "Change
        in Control" means the happening of any of the following events:

      

      (1)
        the
        acquisition by any Person or "beneficial ownership" (within the meaning of
        Rule
        13d-3 promulgated under the 1934 Act) of 20% or more of either (A) the
        then-outstanding shares of Stock ("Outstanding Company Common Stock") or
        (B) the
        combined voting power of the then-outstanding voting securities of the Company
        entitled to vote generally in the election of directors (the "Outstanding
        Company Voting Securities"); provided, however, that, for purposes of this
        Section 2(e)(1), the following acquisitions shall not constitute a Change
        in
        Control:

      

      
        	(i)  	
                any
                  acquisition directly from the
                  Company,

              

      

      

      
        	(ii)  	
                any
                  acquisition by the Company, 

              

      

      

      
        	(iii)  	
                any
                  acquisition by any employee benefit plan (or related trust) sponsored
                  or
                  maintained by the Company or any entity controlled by the Company,
                  or
                  

              

      

      

      (2)
        individuals who, as of the date hereof, constitute the Board (the "Incumbent
        Board") cease for any reason to constitute at least a majority of the Board;
        provided, however, that any individual becoming a director subsequent to
        the
        date hereof whose election, or nomination for election by the Company’s
        shareholders, was approved by a vote of at least a majority of the directors
        then comprising the Incumbent Board shall be considered as though such
        individual were a member of the Incumbent Board, but excluding, for this
        purpose, any such individual whose initial assumption of office occurs as
        a
        result of an actual or threatened election contest with respect to the election
        or removal of directors or other actual or threatened solicitation of proxies
        or
        consents by or on behalf of a Person other than the Board; or

      

      (3)
        consummation of a reorganization, merger, statutory share exchange or
        consolidation or similar corporate transaction involving the Company and/or
        any
        entity controlled by the Company, or a sale or other disposition of all or
        substantially all of the assets of the Company, or the acquisition of assets
        or
        stock of another entity by the Company or any entity controlled by the Company
        (each, a "Business Combination"), in each case, unless, following such Business
        Combination, (A) all or substantially all of the individuals and entities
        that
        were the beneficial owners of the Outstanding Company Common Stock and
        Outstanding Company Voting Securities immediately prior to such Business
        Combination beneficially own, directly or indirectly, more than 60% of the
        then
        outstanding shares of common stock and the combined voting power of the
        then-outstanding voting securities entitled to vote generally in the election
        of
        directors, as the case may be, of the corporation resulting form such Business
        Combination (including, without limitation, any entity that, as a result
        of such
        transaction, owns the Company or all or substantially all of the Company’s
        assets either directly or through one or more subsidiaries) in substantially
        the
        same proportions as their ownership, immediately prior to such Business
        Combination of the Outstanding Company Common Stock and Outstanding Company
        Voting Securities, as the case may be, (B) no Person (excluding any entity
        resulting from such Business Combination or any employee benefit plan (or
        related trust) of the Company or such entity resulting from such Business
        Combination) beneficially owns, directly or indirectly, 20% or more of,
        respectively, the then-outstanding shares of common stock of the corporation
        resulting from such Business Combination or the combined voting power of
        the
        then-outstanding voting securities of such corporation, except to the extent
        that such ownership existed prior to the Business Combination, and (C) at
        least
        a majority of the members of the board of directors of the entity resulting
        from
        such Business Combination were members of the Incumbent Board at the time
        of the
        execution of the initial agreement, or of the action of the Board, providing
        for
        such Business Combination; or

      

      (4)
        approval by the shareholders of the Company of a complete liquidation or
        dissolution of the Company.

      

      (f)
        "Code" means the Internal Revenue Code of 1986, as amended

      

      (g)
        "Company" means the Steak n Shake Company, its Subsidiaries and
        Affiliates.

      

      (h)
        "Job
        Loss" means a Termination of Employment resulting from a corporate restructuring
        or reorganization, job restructuring, reduction in force, outsourcing or
        replacement of jobs by technology.

      

      (i)
        "Participant" means an employee of the Company who is an "executive officer"
        as
        defined in Rule 3b-7 promulgated under the Exchange Act who has been granted
        an
        Award.

      

      (j)
        "Performance Goal" means any of the following measures as applied to the
        Company
        as a whole or to any Subsidiary, division or other unit of the Company; revenue;
        operating income; net income;
        basic or diluted earnings per share; return on revenue; return on assets;
        return
        on equity; return on total capital; or total shareholder return.

      

      (k)
        "Performance Period" for an Award means the period of time for the measurement
        of the extent to which the applicable Performance Goals are
        attained.

      

      (l)
        "Retirement" shall mean termination of the employment of an employee with
        the
        Company or a Subsidiary or Affiliate on terms that allow them to collect
        benefits under the Company’s 401k and Profit Sharing Plan.

      

      (m)
        "Section 162(m) Exemption" means the exemption from the limitation on
        deductibility imposed by Section 162(m) of the Code that is set forth in
        Section
        162(m)(4)(C) of the Code.

      

      (n)
        "Subsidiary" shall mean any corporation, which at the time qualifies as a
        subsidiary of the Company under the definition of "subsidiary corporation"
        in
        Section 424 of the Code.

      

      (o)
        "Termination of Employment" of a Participant means the termination of the
        Participant’s employment with the Company and the Subsidiaries.

       

       

      
        3. Administration:
          The Plan
          shall be administered under the supervision of the Board, which may exercise
          its
          powers, to the extent herein provided, through the agency of its Compensation
          Committee or a subcommittee thereof (the "Committee"). The Committee shall
          consist of not less than two (2) members of the Board who meet the definition
          of
          "non-employee directors" under the provisions of Section 162(m) of the
          Code and
          the definition of "independent directors" under the provisions of the Exchange
          Act or the regulations or rules promulgated thereunder.

      

      4. Eligibility;
        Maximum Awards:
        Awards
        may be granted to any Participant. The maximum amount of cash that may be
        payable with respect to any one Award shall be 175% of a Participant’s salary in
        the first year of the performance period.

      

      5. Establishment
        of Awards:

      

      (a)
        Basic
        Terms of Awards. In connection with the grant of each Award, the Committee
        shall, within the time period required to qualify for the Section 162(m)
        Exemption.

      

      (1)
        determine the Performance Goal(s) and Performance Period applicable to such
        Award, 

      

      (2)
        establish the formula for determining the amounts payable based upon achievement
        of the applicable Performance Goal, 

      

      (3)
        determine the consequences for the Award of the Participant’s Termination of
        Employment for various reasons or the Participant’s demotion or promotion during
        the Performance Period, 

      

      (4)
        specify the consequences for the Award of the occurrence of a Change in Control
        during the Performance Period (if such consequences are to be different from
        those provided in Section 6 below), and

      

      (5)
        establish such other terms and conditions for the Award as it may deem
        appropriate.

      

      (b)
        Performance Goals may take the form of absolute goals or goals relative to
        the
        performance of one or more other companies comparable to the Company or of
        an
        index covering multiple companies. In establishing Performance Goals, the
        Committee may specify that there shall be excluded the effect of restructuring
        charges, discontinued operations, extraordinary items, cumulative effects
        of
        accounting changes, and other unusual or nonrecurring items, and asset
        impairment, in each case as those terms are defined under generally accepted
        accounting principles and provided in each case that such excluded items
        are
        objectively determinable by reference to the Company’s financial statements,
        notes to the Company’s financial statements and/or management’s discussion and
        analysis in the Company’s financial statements.

      

      (c)
        A
        cash payment may be made to a Participant pursuant to an Award only upon
        the
        achievement of the applicable Performance Goal(s), except that the Committee
        may
        provide, either in connection with the grant thereof or by amendment thereafter,
        that achievement of such Performance Goals will be waived in whole or in
        part
        upon the death or Disability of the Participant, in the event of a Change
        in
        Control, or such other event as the Committee may deem appropriate.
        Notwithstanding the foregoing, however, the Committee may not exercise any
        discretionary authority it may otherwise have under this Plan with respect
        to an
        Award, in any manner to waive the achievement of the applicable Performance
        Goals or to increase the amount payable pursuant thereto or the value thereof,
        or otherwise in a manner that would cause the Award to cease to qualify for
        the
        Section 162(m) Exemption.

      

      6. Change
        in Control:
        Unless
        otherwise determined by the Committee in connection with the grant of an
        Award,
        upon a Change in Control during the Performance Period for any Award, the
        Participant shall be entitled to receive, promptly following the Change in
        Control (and in any event within 30 days thereafter), a payment with respect
        thereto equal to (i) the amount that would be payable with respect to such
        Award, if the applicable Performance Goals for the Performance Period were
        achieved at the level achieved during the portion of the Performance Period
        that
        precedes the Change in Control times, (ii) a fraction, the numerator of which
        is
        the number of days in the portion of the Performance Period that precedes
        the
        Change in Control and the denominator of which is the total number of days
        in
        the Performance Period; provided, that the Participant shall forfeit his
        or
        right to receive such payment if he or she experiences a Termination of
        Employment for Cause before the payment is made. The amount paid with respect
        to
        any Award under this Section 6 shall offset the amount (if any) that becomes
        payable with respect thereto following completion of the Performance Period
        of
        the Award.

      

      7. Non-Transferability:
        Awards
        granted hereunder shall not be assignable or transferable other than by will
        or
        the laws of descent and distribution.

      

      8. Withholding
        Taxes:
        The
        Company may withhold or cause to be withheld from any or all cash payments
        made
        under this Plan such amounts as are necessary to satisfy all federal, state
        and
        local withholding tax requirements related thereto.

      

      9. Funding:
        Benefits
        payable under this Plan to any person shall be paid directly by the Company.
        The
        Company shall not be required to fund, or otherwise segregate assets to be
        used
        for payment of, benefits under this Plan.

      

      10. No
        Employment Rights:
        Neither
        the establishment of this Plan, nor the granting of any Award, shall be
        construed to (a) give any Participant the right to remain employed by the
        Company or to any benefits not specifically provided by this Plan, or (b)
        in any
        manner modify the right of the Company to modify, amend, or terminate any
        of its
        employee benefit plans.

      

      11.
         Nature
        of Payments:
        Any and
        all grants of Awards and payments of cash hereunder shall constitute special
        incentive payments to the Participant, other than payments pursuant to Awards
        with Performance Periods of one year or less, and shall not be taken into
        account in computing the amount of salary or compensation of the Participant
        for
        the purposes of determining any pension, retirement, death or other benefits
        under (a) any qualified, non-qualified or supplemental pension, retirement
        or
        profit-sharing plan of the Company, (b) any bonus, life insurance or other
        employee benefit plan of the Company, or (c) any agreement between the Company,
        and the Participant, on the other hand, except as such plan or agreement
        shall
        otherwise expressly provide.

      

      Without
        limiting the generality of the foregoing, payments of cash hereunder may
        be
        deferred under any such plan if and to the extent such plan so
        provides.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      12. Non-Uniform
        Determinations:
        The
        Committee’s determinations under this Plan need not be uniform, and may be made
        by the Committee selectively among individuals who receive, or are eligible
        to
        receive, Awards (whether or not such individuals are similarly situated).
        Without limiting the generality of the foregoing, the Committee shall be
        entitled, among other things, to make non-uniform and selective determinations,
        to enter into non-uniform and selective Award Agreements as to (a) the identity
        of the Participants, (b) the terms and provisions of Awards, and (c) the
        treatment of Terminations of Employment. 

      

      
        	13.  	
                 Miscellaneous:

              

      

      

      (a)
        By
        accepting any benefits under the Plan, each Participant and each person claiming
        under or through him shall be conclusively deemed to have indicated acceptance
        and ratification of, and consent to, any action taken or made to be taken
        or
        made under the Plan by the Company, the Board, the Committee or any other
        committee appointed by the Board.

      

      (b)
        Any
        action taken or decision made by the Company, the Board, the Committee, or
        any
        other committee appointed by the Board arising out of or in connection with
        the
        construction, administration, interpretation or effect of the Plan or of
        the
        Regulations shall lie within its absolute discretion, as the case may be,
        and
        shall be conclusive and binding upon all Participants and all persons claiming
        under or through any Participant.

      

      (c)
        No
        member of the Board, the Committee, or any other committee appointed by the
        Board shall be liable for any act or failure to act of any other member,
        or of
        any officer, agent or employee of such Board or Committee, as the case may
        be,
        or for any act or failure to act, except on account of their own acts done
        in
        bad faith. The fact that a member of the Board shall then be, shall theretofore
        have been or thereafter may be a Participant in the Plan shall not disqualify
        such person from voting at any time as a director with regard to any matter
        concerning the Awards, or in favor of or against any amendment or alteration
        of
        the Plan, provided that such amendment or alteration shall provide no benefit
        for directors as such and provided that such amendment or alteration shall
        be of
        general application.

      

      (d)
        The
        Board, the Committee, or any other committee appointed by the Board may rely
        upon any information supplied to them by any officer of the Company or any
        Subsidiary and may rely upon the advice of counsel in connection with the
        administration of the Plan and shall be fully protected in relying upon
        information or advice.

      

      14. Amendment
        of Plan and Awards: The
        Board
        may from time to time in its discretion amend or modify this Plan or Awards
        without the approval of the shareholders of the Company; provided that except
        as
        provided in the next sentence, no such amendment shall adversely affect any
        previously-granted Award without the consent of the Participant. Notwithstanding
        the foregoing, the Board may from time to time amend Awards, without the
        consent
        of affected Participants, (i) to comply with applicable law, stock exchange
        rules or accounting rules, and (ii) to make changes that do not materially
        decrease the value of such Awards. In no event may any Award be amended in
        any
        manner that would cause it to cease to qualify for the Section 162(m) Exemption.
        

      

      15. Term
        of the Plan:
        This
        Plan was approved by the Board of Directors of the Company on November 8,
        2005
        and will become effective on February 8, 2006, subject to the affirmative
        vote
        of the holders of a majority of the votes cast unless suspended or discontinued
        earlier by action of the Board of Directors. The Plan will expire on the
        last
        day of the Company’s Fiscal Year 2010. The expiration of the Plan, however,
        shall not affect the rights of the Participants under Awards theretofore
        granted
        to them, and all Awards shall continue in force and operation after termination
        of the Plan except as they may lapse or be terminated by their own terms
        and
        conditions.

      

      16. Controlling
        Law:
        The law
        of the State of Indiana, except its law with respect to choice of law, shall
        be
        controlling in all matters relative to this Plan.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]