Document:

exhibit10_32.htm

    EXHIBIT
      10.32 

    

    

    SEVERANCE
      AND GENERAL RELEASE AGREEMENT

    

    This
      Severance and General Release Agreement ("Agreement") is entered into this
      17th
      day of September, 2007, by and between The Steak n Shake Company and its
      subsidiaries or related companies (collectively, the "Company") and Gary Walker
      ("Employee").

     

    Recitals

    

    A.  Employee
      was employed by the Company until his employment terminated on September 17,
      2007 (the "Separation Date").

     

    B.  Employee
      understands and agrees that his coverage under Company’s insurance plans
      including, but not limited to, health insurance, life insurance, dental
      insurance, short-term disability insurance and long-term disability insurance,
      and participation in Company’s group medical plan, group life insurance plan,
      employee stock purchase plan, 401k plan, and any other Company-sponsored
      benefits plan (collectively, the “Benefit Plans”) shall all terminate on the
      Separation Date.

     

    C.  Employee's
      employment relationship with the Company is covered by numerous state and
      federal statutes and common laws, including the Age Discrimination in Employment
      Act of 1967, as amended (29 U.S.C. § 621 etseq.), and
      other anti-discrimination laws, which prohibit, among other things,
      discrimination on the basis of age, race, sex, religion, national origin, color,
      disability and citizenship status (collectively, the "Age and Other
      Discrimination Laws").

     

    D.  To
      obtain
      certain special benefits upon termination of employment with the Company,
      Employee wishes to waive any and all rights or claims against the Company that
      have arisen or may arise on or before the date Employee executes this Agreement,
      to release and discharge the Company from any and all possible liability and
      to
      covenant not to sue the Company.  To obtain Employee's waiver and
      release and covenant not to sue, the Company is prepared to provide certain
      special benefits to him.

     

    Agreement

    

    In
      consideration of the foregoing and the following mutual undertakings, and
      subject to the terms and conditions of this Agreement, Employee and the Company agree as follows:

     

    1.  Benefits

     

    The
      Company agrees to provide Employee with the following severance
      benefits:

     

    (a)  The
      Company will pay Employee a severance benefit equal to a total of fifty-two
      (52)
      weeks of salary (the “Severance Amount”).  Each week of salary equals
      the weekly compensation regularly paid to Employee immediately prior to
      Employee's termination of employment, excluding any bonuses.  All
      payments to Employee will be subject to all applicable payroll withholdings
      and
      deductions.  Employee warrants that all monies and/or benefits payable
      under this Agreement are monies and/or benefits to which Employee is not
      otherwise entitled.  The Severance Amount will be paid to Employee in
      equal installments on Company’s normal and customary paydays until the Severance
      Amount is paid in full.

     

    (b)  Within
      ten (10) days of the end of the revocation period,  the Company will
      pay Employee an additional severance benefit, in a lump sum amount, equal to
      One
      Hundred and Seven Thousand One Hundred Seventy Dollars ($107,170), reduced
      by
      applicable payroll withholdings and deductions (the “Lump Sum
      Amount”).

     

     (c)  Employee’s
      eligibility to collect the Severance Amount and the Lump Sum Amount will begin
      upon expiration of the revocation period described in Section 4
      below.

     

    (d)  Company
      will not contest Employee’s pursuit of unemployment benefits.  Company
      makes no representation of any kind regarding Employee’s eligibility for such
      benefits.

     

    (e)  Company
      will provide Employee “executive job outplacement” services through Right
      Management (or a comparable outplacement service) for a period of six (6)
      months.

     

    (f)  Company
      will provide Employee with an explanation of coverage available pursuant to
      the
      Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) and any other
      applicable state or federal law.

     

    (g)  Employee
      may use his Company vehicle in accordance with the current terms for the ninety
      (90) day period following the Separation Date.

     

    All
      payments or provision of benefits to Employee will be subject to and reduced
      by
      all applicable payroll withholdings and deductions.

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    2.  General
      Release and Covenant Not To Sue

     

    By
      signing this Agreement, Employee generally, irrevocably and unconditionally
      releases and forever discharges and covenants not to sue the Company and all
      of
      its affiliated entities and all of its present and former employees, partners,
      officers, directors, employee benefit plans, trustees, administrators,
      fiduciaries, agents, and all persons acting for or on behalf of the Company,
      both individually and in their representative capacities (collectively,
      including the Company, the "Released Parties") from any and all claims, charges,
      complaints, demands, liabilities, obligations, injuries, actions or rights
      of
      action of any nature whatsoever (including claims for attorneys' fees, interest
      and costs), whether known or unknown, disclosed or undisclosed, administrative
      or judicial, suspected or unsuspected, arising out of or in any manner connected
      with any act, omission or event occurring in whole or in part on or before
      the
      date Employee signs this Agreement, including but not limited to any and all
      claims arising from Employee's employment with the Company or the termination
      of
      Employee's employment with the Company and specifically includes, but is not
      limited to, and constitutes a complete waiver of, any and all possible claims
      under the Age and Other Discrimination Laws through the date Employee signs
      this
      Agreement.  The Company and Employee agree that the foregoing
      release/covenant not to sue is to be construed as broadly as possible and is
      meant to include all possible claims of any kind that Employee may have against
      any of the Released Parties as of the date Employee signs this
      Agreement.

     

    3.  Return
      of Company Property

     

    Employee
      represents and agrees that he has delivered, or immediately will deliver, to
      the
      Company all property and materials belonging to the Company which are in
      Employee's possession or subject to Employee's control, including, but not
      limited to, any equipment, keys, access cards, files, computer disks and all
      other documents and materials supplied by or belonging to the
      Company.

     

    4.  Knowing
      and Voluntary Waiver

     

    Because
      the arrangements discussed in this Agreement affect important rights and
      obligations, the Company advises Employee to consult with an attorney before
      he
      agrees to the terms of this Agreement and Employee acknowledges that he has
      been
      so advised.

     

    Employee
      acknowledges that the Company provided him with this Agreement on September
      17,
      2007.  Employee is advised that he has up to forty-five (45) days from
      the date he receives this Agreement within which to consider it, and Employee
      may take as much of that time as he wishes before signing.  If
      Employee decides to accept this Agreement, he must sign this Agreement and
      return it to Human Resources Senior Vice President Tom Murrill at the Company
      on
      or before the expiration of the forty-five (45) days.

     

    Employee
      is advised that if he signs this Agreement, thereby accepting its terms and
      conditions, Employee will have a period of seven (7) days following the date
      Employee signs this Agreement to change his mind and revoke this
      Agreement.  If Employee decides to revoke this Agreement, then
      Employee must deliver written notice of such revocation to Human Resources
      Senior Vice President Tom Murrill at the Company within such 7-day
      period.  This Agreement will not become binding and enforceable until
      the 7-day revocation period has expired.

     

    Employee's
      employment is being terminated as part of an employment termination
      program.  Employee acknowledges that the Company has informed Employee
      of the group of individuals covered by the program, the eligibility factors
      for
      the program and the time limits within which Employee may participate in the
      program.  A list of the job titles and ages of employees who are
      eligible and who are not eligible for the benefits of this program is attached
      as Exhibit A for Employee's review.

     

    5.  Non-Reliance

     

    Employee
      acknowledges that in entering this Agreement he has not relied on any
      representations or statements made by the Company or any of the Released Parties
      other than those specifically stated in this Agreement.

     

    6.  Representations
      and Indemnification

     

    Employee
      represents that, as of the date of execution of this Agreement, he has not
      filed
      with any agency or court any charges, complaints or legal actions against the
      Released Parties.

     

    Employee
      agrees that he will not, directly or indirectly, file or pursue any charge,
      complaint or legal action against the Released Parties based on any acts,
      omissions or events occurring up through the date Employee signs this
      Agreement.  Should any administrative agency or other person bring a
      complaint, charge or legal action on Employee's behalf against any of the
      Released Parties based on any acts, omissions or events occurring up through
      the
      date Employee executes this Agreement, Employee will notify such agency or
      person promptly that the matter has been resolved to his satisfaction and that
      he does not wish to have the matter pursued.  If such agency or other
      person independently determines to initiate or pursue a complaint, charge or
      legal action on Employee's behalf against any of the Released Parties based
      on
      any acts, omissions or events occurring up through the date Employee signs
      this
      Agreement, Employee hereby waives any rights to, and will not accept, any remedy
      obtained through the efforts of such agency or person.

     

    Employee
      agrees to indemnify the Released Parties from all claims, costs and expenses,
      including all attorneys' fees, arising out of any misrepresentation made by
      Employee in this Agreement.  In the event Employee initiates, pursues
      or maintains any claim, charge, complaint, action or proceeding against any
      of
      the Released Parties based on any claim, charge, complaint, action, injury
      or
      right of action for which Employee has released and agreed not to sue the
      Released Parties in this Agreement, or in the event Employee otherwise breaches
      any term or condition of this Agreement, all of which are material terms and
      conditions, then in such event Employee agrees to repay to Company the entire
      Severance Amount and Lump Sum Amount and, to the fullest extent permitted by
      law, to pay all costs and attorneys' fees incurred by any of the Released
      Parties in defending any claim, charge, complaint, action or proceeding that
      Employee pursues.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    7.  Nondisparagement

     

    Employee
      understands and agrees that this Agreement is a confidential agreement between
      himself and the Company.  Employee agrees that, except as required by
      law or provided herein, Employee shall keep the terms and subject matter of
      this
      Agreement strictly confidential and shall not disclose any term or condition
      of
      the Agreement to any other individual or organization unless there is a breach
      of the Agreement in which event the Agreement may be disclosed solely for the
      purposes of enforcement.  Employee agrees that Employee will not do or
      say anything that a reasonable person would expect at the time would have the
      effect of diminishing or injuring the goodwill and reputation of the Released
      Parties.

    

    8.  Raiding
      of Employees

     

                Employee
      agrees that for a period of two (2) years after the date of this Agreement,
      Employee will not directly or indirectly, on his own behalf or on behalf of
      any
      other person or entity, do any of the following: (1) hire, solicit, recruit,
      or
      otherwise attempt to hire or enter into any employment relationship with any
      individual employed by the Company, (2) share the names, addresses, telephone
      numbers, e-mail addresses or other means of contacting any Company employee
      with
      any other person or entity, or (3) share information regarding the salaries,
      benefits or other renumeration paid by the Company to any of its employees
      with
      any other person or entity.

     

    9.  Non-Admission

     

    Neither
      this Agreement nor any action pursuant to it constitutes an admission by any
      of
      the Released Parties of any wrongdoing or of any liability to Employee arising
      under any law, including the Age and Other Discrimination Laws.

     

    10.  Successors
      and Assigns

     

    This
      Agreement shall be binding upon Employee and the Company, and upon their heirs,
      administrators, representatives, executors, successors and assigns, and shall
      inure to the benefit of Employee and the Company, and to their heirs,
      administrators, representatives, executors, successors and assigns.

     

    11.  Language
      Construed as a Whole

     

    The
      language of this Agreement shall in all cases be construed as a whole, according
      to its fair meaning, and not strictly for or against any of the
      parties.

     

    12.  Applicable
      Law; Choice of Forum

     

    This
      Agreement shall be construed and enforced in accordance with the laws of the
      State of Indiana.  The Company and Employee agree that any legal
      action relating to this Agreement shall be commenced and maintained exclusively
      before an appropriate state court of record in Marion County, Indiana or in
      the
      United States District Court for the Southern District of Indiana, Indianapolis
      Division, and the parties hereby submit to the jurisdiction of such courts
      and
      waive any right to challenge or otherwise raise questions of personal
      jurisdiction or venue in any action commenced or maintained in such
      courts.

     

    13.        Entire
      Agreement

     

            This
      Agreement
      constitutes the entire agreement between the parties with respect to the
      subjects addressed in this Agreement and supersedes any prior agreements,
      understandings or representations, oral or written, on the subjects addressed
      in
      this Agreement.

    

     

    IN
      WITNESS WHEREOF, the Company and Employee have executed this Agreement on the
      dates indicated below, intending it to become effective on the eighth (8th) day after
      the
      date Employee signs the Agreement.

     

    

    "EMPLOYEE"                                                                                                              "COMPANY"

    

    

     /s/
      Gary
      Walker                                         
                                                                By: 
/s/ Alan B.
      Gilman                                             

    Gary
      Walker

                                                                                                                      Alan
      B. Gilman,
      Interim Chief Executive Officer                   

                                                      Printed
      Name

    

    
      	
              September
                17,
                2007                               
                    

            	
              
                September
                  17,
                  2007                               
                      

              

            

    

    Date                                                                                                          Date

     

    3exhibit10_33.htm

    EXHIBIT
      10.33 

    

    

    CHANGE
      IN CONTROL BENEFITS AGREEMENT

    

    This
      Change in Control Benefits Agreement (“Agreement”) is made and entered into as
      of November 7, 2007, by and between The Steak N Shake Company, an Indiana
      corporation (hereinafter referred to as the “Company”), and Gary T.
      Reinwald (hereinafter referred to as “Executive”).

    

    WITNESSETH

    

    WHEREAS,
      Executive is an executive officer of the Company; and

    

    WHEREAS,
      the Company believes that Executive has made and will continue to make valuable
      contributions to the productivity and profitability of the Company;
      and

    

    WHEREAS,
      the Company desires to encourage Executive to continue to make such
      contributions and not to seek or accept employment elsewhere; and

    

    WHEREAS,
      the Company, therefore, desires to assure Executive of certain benefits in
      the
      event there is a Change in Control of the Company;

    

    NOW,
      THEREFORE, in consideration of the foregoing and of the mutual covenants herein
      contained and the mutual benefits herein provided, the Company and Executive
      hereby agree as follows:

    

    1.           The
      term of this Agreement shall be from the date hereof through November 7,
      2008.

    

    2.           As
      used in this Agreement, “Change in Control” of the Company means:

    

    (A)           The
      acquisition, within a 12-month period ending on the date of the most recent
      acquisition, by any individual, entity or group (within the meaning of
      Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934,
      as amended (the “Exchange Act”) (a “Person”) of beneficial ownership (within the
      meaning of Rule 13d-3 promulgated under the Exchange Act as in effect from
      time to time) of fifty percent (50%) or more of the combined voting power of
      the
      then outstanding voting securities of the Company entitled to vote generally
      in
      the election of directors; provided, however, that the following acquisitions
      shall not constitute an acquisition of control:  (i) any
      acquisition by a Person who, immediately before the commencement of the 12-month
      period, already held beneficial ownership of fifty percent (50%) or more of
      that
      combined voting power; (ii) any acquisition directly from the Company (excluding an acquisition by virtue of
      the exercise of a
      conversion privilege), (iii) any acquisition by the Company, (iv) any
      acquisition by any employee benefit plan (or related trust) sponsored or
      maintained by the Company or any corporation controlled by the Company, or
      (v) any acquisition by any corporation pursuant to a reorganization, merger
      or consolidation, if, following such reorganization, merger or consolidation,
      the conditions described in clauses (i), (ii) and (iii) of
      subsection (C) of this definition are satisfied;

     

    (B)           The
      replacement of a majority of members of the Board of Directors during any
      12-month period, by members whose appointment or election is not endorsed by
      a
      majority of the members of the Board of Directors prior to the date of the
      appointment or election;

     

    (C)           A
      reorganization, merger or consolidation, in each case, unless, following such
      reorganization, merger or consolidation, (i) more than sixty percent (60%)
      of, respectively, the then outstanding shares of common stock of the corporation
      resulting from such reorganization, merger or consolidation and the combined
      voting power of the then outstanding voting securities of such corporation
      entitled to vote generally in the election of directors is then beneficially
      owned, directly or indirectly, by all or substantially all of the individuals
      and entities who were the beneficial owners, respectively, of the outstanding
      Company common stock and outstanding Company voting securities immediately
      prior
      to such reorganization, merger or consolidation in substantially the same
      proportions as their ownership, immediately prior to such reorganization, merger
      or consolidation, of the outstanding Company stock and outstanding Company
      voting securities, as the case may be, (ii) no Person (excluding the
      Company, any employee benefit plan or related trust of the Company or such
      corporation resulting from such reorganization, merger or consolidation and
      any
      Person beneficially owning, immediately prior to such reorganization, merger
      or
      consolidation, directly or indirectly, twenty-five percent (25%) or more of
      the
      outstanding Company common stock or outstanding voting securities, as the case
      may be) beneficially owns, directly or indirectly, twenty-five percent (25%)
      or
      more of, respectively, the then outstanding shares of common stock of the
      corporation resulting from such reorganization, merger or consolidation or
      the
      combined voting power of the then outstanding voting securities of such
      corporation entitled to vote generally in the election of directors and
      (iii) at least a majority of the members of the board of directors of the
      corporation resulting from such reorganization, merger or consolidation were
      members of the Incumbent Board at the time of the execution of the initial
      agreement providing for such reorganization, merger or
      consolidation;

     

    (D)           A
      complete liquidation or dissolution of the Company; or

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    (E)           The
      sale or other disposition of all or substantially all of the assets of the
      Company, other than any of the following dispositions: (i) to a corporation
      with
      respect to which following such sale or other disposition (1) more than
      sixty percent (60%) of, respectively, the then outstanding shares of common
      stock of such corporation and the combined voting power of the then outstanding
      voting securities of such corporation entitled to vote generally in the election
      of directors is then beneficially owned, directly or indirectly, by all or
      substantially all of the individuals and entities who were the beneficial
      owners, respectively, of the outstanding Company common stock and outstanding
      Company voting securities immediately prior to such sale or other disposition
      in
      substantially the same proportion as their ownership, immediately prior to
      such
      sale or other disposition, of the outstanding Company common stock and
      outstanding Company voting securities, as the case may be, (2) no Person
      (excluding the Company and any employee benefit plan or related trust of the
      Company or such corporation and any Person beneficially owning, immediately
      prior to such sale or other disposition, directly or indirectly, twenty-five
      percent (25%) or more of the outstanding Company common stock or outstanding
      Company voting securities, as the case may be) beneficially owns, directly
      or
      indirectly, twenty-five percent (25%) or more of, respectively, the then
      outstanding shares of common stock of such corporation and the combined voting
      power of the then outstanding voting securities of such corporation entitled
      to
      vote generally in the election of directors and (3) at least a majority of
      the members of the board of directors of such corporation were members of the
      Incumbent Board at the time of the execution of the initial agreement or action
      of the Board providing for such sale or other disposition of assets of the
      Company; (ii) to a shareholder of the Company in exchange for or with
      respect to its stock; (iii) to a Person that owns, directly or indirectly,
      fifty percent (50%) or more of the total value or voting power of all
      outstanding stock of the Company; or (iv) to an entity, at least fifty
      percent (50%) or more of the total value or voting power of which is owned,
      directly or directly, by the Company or by a Person described in
      (iii).

     

    Despite
      any other provision of this definition to the contrary, an occurrence shall
      not
      constitute a Change in Control if it does not constitute a change in the
      ownership or effective control, or in the ownership of a substantial portion
      of
      the assets of, the Company within the meaning of Section 409A(a)(2)(A)(v) of
      the
      Internal Revenue Code of 1986, as amended (the “Code”) and its interpretive
      regulations.

     

    3.           
      Should Executive be employed by Company on the date of any Change in Control
      of
      the Company that occurs on or prior to November 7, 2008 then Company shall
      pay
      to Executive in a lump sum on the date of the Change in Control or as soon
      thereafter as is reasonably practical, an amount equal to 30% of Executive’s
      then-current annual salary (the “Salary”) on the date of the Change in
      Control.  In computing the amount to be paid, the Salary shall not be
      less than Executive’s annual salary on the date of this
      Agreement.  The payment contemplated in this Section 7 shall be
      reduced by any tax or other withholdings required by law or elected by
      Executive.

    

    4.           Executive
      acknowledges and agrees that the Company’s payment of the severance compensation
      pursuant to Section 3 of this Agreement shall be deemed to constitute a full
      settlement and discharge of any and all obligations of the Company to Executive
      arising out of this Agreement, Executive’s employment with the Company and/or
      the termination of Executive’s employment with the Company, except for any
      vested rights Executive may have under any insurance, stock option or equity
      compensation plan or any other employee benefit plans sponsored by the
      Company.  Executive further acknowledges and agrees that as a
      condition to receiving any of the severance compensation pursuant to
      Section 3 of this Agreement, Executive will execute and deliver to the
      Company a release agreement in form and substance reasonably satisfactory to
      the
      Company pursuant to which Executive will release and waive any and all claims
      against the Company (and its officers, directors, shareholders, employees and
      representatives) arising out of this Agreement, Executive’s employment with the
      Company, and/or the termination of Executive’s employment with the Company,
      including without limitation claims under all federal, state and local laws;
      provided, however, that such Release Agreement shall not affect or relinquish
      (a) any vested rights Executive may have under any insurance, stock option
      or equity compensation plan, or other employee benefit plan sponsored by the
      Company, (b) any claims for reimbursement of business expenses incurred
      prior to the employment termination date, or (c) any rights to severance
      compensation under Section 6 of this Agreement.

    

    5.           In
      order to induce the Company to enter into this Agreement, Executive hereby
      agrees he will keep confidential and not improperly divulge for the benefit
      of
      any other party any of the Company’s confidential information and business
      secrets including, but not limited to, confidential information and business
      secrets relating to such matters as the Company’s finances and
      operations.  All of the Company’s confidential information and
      business secrets shall be the sole and exclusive property of the
      Company.  In the event of a breach or threatened breach by Executive
      of the provisions of this Section 5, the Company shall be entitled to an
      injunction restraining Executive from committing or continuing such
      breach.  Nothing herein contained shall be construed as prohibiting
      the Company from pursuing any other remedies available to it for such breach
      or
      threatened breach including the recovery of damages from
      Executive.  The covenants of this Section 5 shall run not only in
      favor of the Company and its successors and assigns, but also in favor of its
      subsidiaries and their respective successors and assigns and shall survive
      the
      termination of this Agreement.

    

    6.           Should
      Executive die while any amounts are payable to him hereunder, this Agreement
      shall inure to the benefit of and be enforceable by Executive’s executors,
      administrators, heirs, distributees, devisees and legatees and all amounts
      payable hereunder shall be paid in accordance with the terms of this Agreement
      to Executive’s devisee, legatee or other designee or if there be no such
      designee, to his estate.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    7.           For
      purposes of this Agreement, notices and all other communications provided for
      herein shall be in writing and shall be deemed to have been given when delivered
      or mailed by United States registered or certified mail, return receipt
      requested, postage prepaid, addressed as follows:

    

    If
      to
      Executive:

    

    

    If
      to the
      Company:

    

    The
      Steak
      N Shake Company

    500
      Century Building

    36
      South
      Pennsylvania Street

    Indianapolis,
      Indiana  46204

    Attention:  Chief
      Executive Officer

    Copy
      to:    General Counsel

    

    or
      to
      such other address as any party may have furnished to the other party in writing
      in accordance herewith, except that notices of change of address shall be
      effective only upon receipt.

     

    8.           The
      validity, interpretation, and performance of this Agreement shall be governed
      by
      the laws of the State of Indiana.  The parties agree that all legal
      disputes regarding this Agreement will be resolved in Indianapolis, Indiana,
      and
      irrevocably consent to service of process in such City for such
      purpose.

    

    9.           No
      provision of this Agreement may be modified, waived or discharged unless such
      waiver, modification or discharge is agreed to in writing signed by Executive
      and the Company.  No waiver by any party hereto at any time of any
      breach by any other party hereto of, or compliance with, any condition or
      provision of this Agreement to be performed by such other party shall be deemed
      a waiver of similar or dissimilar provisions or conditions at the same or any
      prior or subsequent time.  No agreements or representation, oral or
      otherwise, express or implied, with respect to the subject matter hereof have
      been made by any party which are not set forth expressly in this
      Agreement.

    

    10.           The
      invalidity or unenforceability of any provisions of this Agreement shall not
      affect the validity or enforceability of any other provision of this Agreement,
      which shall remain in full force and effect.

    

    11.           This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed an original but all of which together will constitute one and the same
      Agreement.

    

    12.           This
      Agreement is personal in nature and neither of the parties hereto shall, without
      the consent of the other, assign or transfer this Agreement or any rights or
      obligations hereunder, except as provided in Section 6
      above.  Without limiting the foregoing, Executive’s right to receive
      payments hereunder shall not be assignable or transferable, whether by pledge,
      creation of a security interest or otherwise, other than a transfer by will
      or
      by the laws of descent and distribution as set forth in Section 6 hereof,
      and in the event of any attempted assignment or transfer contrary to this
      Section 12, the Company shall have no liability to pay any amount so
      attempted to be assigned or transferred.

    

    13.  Any
      benefits payable under this Agreement shall be paid solely from the general
      assets of the Company.  Neither Executive nor Executive’s beneficiary
      shall have interest in any specific assets of the Company under the terms of
      this Agreement.  This Agreement shall not be considered to create an
      escrow account, trust fund or other funding arrangement of any kind or a
      fiduciary relationship between Executive and the Company.

    

    14.  This
      Agreement shall be interpreted and applied in a manner consistent with any
      applicable standards for nonqualified deferred compensation plans established
      by
      Section 409A of the Code and its interpretive regulations and other regulatory
      guidance.  To the extent that any terms of this Agreement would
      subject Executive to gross income inclusion, interest, or additional tax
      pursuant to Section 409A of the Code, those terms are to that extent superseded
      by, and shall be adjusted to the minimum extent necessary to satisfy, the
      applicable Section 409A of the Code standards.

     

    15.  This
      Agreement completely supersedes and replaces any other employment agreement
      or
      other agreement covering the same terms and conditions of this Agreement whether
      written or oral, between Company and Executive which was entered into prior
      to
      the date of this Agreement.

    

    IN
      WITNESS WHEREOF, the parties have caused this Agreement to be executed and
      delivered as of the day and year first above set forth.

    

    THE
      STEAK
      N SHAKE COMPANY

    

    
      	
               

            	
              By: 
                /s/ Alan B.
                Gilman                                                   
                 

            

    

    
      	
               

            	
              Alan
                B. Gilman, Interim Chief Executive
                Officer

            

    

    

                                             
 
/s/
      Gary T.
      Reinwald                              
  

                                                      Executive
      Vice President, Development 

     

    3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00133-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00133-of-00352.parquet"}]]