Document:

Prepared by MERRILL CORPORATION

QuickLinks
 -- Click here to rapidly navigate through this document
  

 
 

EXHIBIT 10.14    
  

FORM OF OPTION AGREEMENT RELATED TO 2001

NON EMPLOYEE DIRECTOR STOCK OPTION PROGRAM  

THE STEAK N SHAKE COMPANY

NONEMPLOYEE DIRECTOR STOCK OPTION AGREEMENT 

THIS
AGREEMENT, made this                        day of            ,
20    by and between THE STEAK N SHAKE COMPANY, an Indiana corporation with its principal office at 36 South Pennsylvania
Street, Indianapolis, Indiana (hereinafter called "Company") and                        , (hereinafter called "Grantee") pursuant
to the terms, conditions and limitations contained in the Company's Nonemployee
Director Stock Option Plan (hereinafter called the "Plan"). 

WITNESSETH THAT: 

WHEREAS,
in the interests of affording an incentive to the Grantee to give his best efforts to the Company as a director, the Company wishes to provide that the Grantee shall have an option to buy
shares of the common stock, without par value, ("Common Stock") of the Company: 

NOW,
THEREFORE, it is hereby mutually agreed as follows: 

        1.    The
Company hereby grants to the Grantee the right and option to purchase, on the terms and conditions hereinafter set forth, all or any part of an aggregate of
            shares (hereinafter called "Subject Shares") of the presently authorized, but unissued, or treasury Common Stock of the Company at a purchase price of
$            per share,
exercisable in whole or in part from time to time subject to the limitation that no option may be exercised with respect to fewer than one hundred (100) shares unless there are fewer than one
hundred (100) shares then subject to purchase hereunder, in which event any exercise must be as to all such shares and subject to the further limitation that the options represented by this
Agreement shall be exercisable only at such times and in such amounts as are set forth on Schedule I, attached hereto and made a part hereof. The option shall expire as to all Subject Shares on
the fifth anniversary date of this Agreement if not exercised on or before such date. 

        2.    This
option may not be exercised until all applicable federal and state securities requirements pertaining to the offer and sale of the securities issued pursuant to the
Plan have been met and the Company has been advised by counsel that all applicable requirements have been met. 

        3.    Subject
to the limitation specified in Section 2 and Schedule I hereof, the Grantee may from time to time exercise this option by delivering a written
notice of exercise and subscription agreement to the Secretary of the Company specifying the number of whole shares to be purchased, accompanied by payment in cash, of the aggregate option price of
such number of shares; provided, however, that the Grantee may make payment in the form of delivery to the Company of Common Stock of the Company owned by the Grantee, the fair market value of which
equals the aggregate option price, or by payment partially in cash and partially in Common Stock of the aggregate option price. For this purpose, any shares so tendered by the Grantee shall be deemed
to have a fair market value equal to the average of the closing sales price for the shares on any national securities exchange on which such shares are listed (or, if listed on more than one such
exchange, then on the one located in New York City), or, if not so listed, the average of the high and low prices reported on the National Association of Securities Dealers, Inc., Automated
Quotations System (NASDAQ), for the five trading days preceding the date of the exercise of the option. Such exercise shall be effective upon receipt by the Secretary of such written notice,
subscription agreement and payment of the purchase price. Only the 

15

 

Grantee may exercise the option during the lifetime of the Grantee. No fractional shares may be purchased at any time hereunder. 

        4.    If
the Grantee ceases to be a director of the Company or any of its subsidiaries for any reason other than permanent and total disability or death, this option shall
forthwith terminate. A leave of absence approved by the Board of Directors shall not be considered a termination of directorship. If the Grantee ceases to be a director of the Company or any of its
subsidiaries because of permanent or total disability, the Grantee may exercise this option in whole or in part at any time within one year after such termination of directorship by reason of such
disability, but not later than the date upon which this option would otherwise expire. The foregoing exercise provisions apply whether or not this option was otherwise exercisable at the date of the
Grantee's termination of directorship because of permanent and total disability. 

        5.    If
the Grantee dies while a director of the Company or any of its subsidiaries, within one year after the termination of his directorship because of permanent or total
disability, this option may be exercised in whole or in part by the executor, administrator, or estate beneficiaries of the Grantee at any time after the date of the Grantee's death but not later than
the date upon which this option would otherwise expire. The foregoing exercise provisions apply whether or not this option was otherwise exercisable at the date of the Grantee's death. 

        6.    Upon
the effective exercise of the option, or any part thereof, certificates representing the shares so purchased, marked fully paid and non-assessable shall
be delivered to the person who exercised the option. Until certificates representing such shares shall have been issued and delivered, the Grantee shall not have any of the rights or privileges of a
shareholder of the Company in respect of any of such shares. 

        7.    In
the event that prior to the delivery by the Company of all the Subject Shares, there shall be an increase or reduction in the number of shares of Common Stock of the
Company issued and outstanding by reason of any subdivision or consolidation of the Common Stock or any other capital adjustment, the number of shares then subject to this option and the option price
shall be increased or decreased as provided in Section 8 of the Plan. 

        8.    The
option and the rights and privileges conferred by this Option Agreement shall not be assigned or transferred by the Grantee in any manner except by will or under the
laws of descent and distribution. In the event of any attempted assignment or transfer in violation of this Section 8, the option, rights and privileges conferred by this Stock Option Agreement
shall become null and void. 

        9.    By
executing this Stock Option Agreement, the Grantee thereby represents that this option is being acquired by him in good faith for investment purposes and not with a
view to, or for sale in connection with, any distribution thereof, and that any shares the Grantee or his legal representatives acquire pursuant to this option will be acquired in good faith for
investment purposes and not with a view to, or for sale in connection with, any distribution thereof unless such shares are registered under the applicable federal and state securities laws. 

        10.  Certificates
evidencing shares issued upon exercise of this option may bear a legend setting forth among other things, such restrictions on the disposition or transfer
with the above representation or as appropriate to comply with federal and state securities laws. 

        11.  Any
notices to be given or served under the terms of this Option Agreement shall be addressed to the Secretary of the Company at 36 South Pennsylvania Street,
Indianapolis, Indiana, 46204, and to the Grantee at such address or addresses as either party may hereafter designate in writing to the other. Any such notice shall be deemed to have been duly given
or served, if and when enclosed in a properly sealed envelope addressed as aforesaid, postage prepaid, and deposited in the United States mail. 

16

 

        12.  The
interpretation by the Board of Directors of any provisions of the Plan or of this Stock Option Agreement shall be final and binding on the Grantee. 

        13.  This
option is subject to all the terms, provisions and conditions of the Plan, which are incorporated herein by reference and to such regulations as may from time to
time be adopted by the Board of Directors. A copy of the Plan has been furnished to the Grantee and an additional copy may be obtained from the Company. In the event of any conflict between the
provisions of the Plan and the provisions of this Stock Option Agreement, the terms, conditions and provisions of the Plan shall control, and this Stock Option Agreement shall be deemed to be modified
accordingly. 

        14.  This
Incentive Stock Option Agreement is intended to grant an option which meets the requirements of incentive stock options as defined in Section 422A of the
Internal Revenue Code. Subject to and upon the terms, conditions and provisions of the Plan, each and every provision of this Incentive Stock Option Agreement shall be administered, construed and
interpreted so that the option granted herein shall qualify as an incentive stock option. 

        15.  This
Stock Option Agreement shall be governed by the laws of the State of Indiana. 

        IN
WITNESS WHEREOF, the Company and the Grantee have signed this Stock Option Agreement as of the day and year first above written. 

	 	 	"COMPANY"
	

 	
 	

By:	
 	

  

	

ATTEST:	
 	

 	
 	

 
	

	
 	

 	
 	

 
	

 	
 	

"GRANTEE"
	

 	
 	

By:	
 	

  

SCHEDULE I 

NON
EMPLOYEE DIRECTOR STOCK OPTION AGREEMENT OF 

Name of Grantee  

	 	 	Number of Shares

	Exercisable After
	 	Installment
	 	Cumulative Available

	 	 	 	 	 

Schedule pursuant to rule 12b31  

	Grantee
 
	 	Number of

Shares Granted
	 	Date of

Grant
	 	Option

Price
	 	Expiration

Date

	E.W. Kelley	 	5,000	 	October 8, 2001	 	9.99	 	October 8, 2006
	S.Sue Aramian	 	5,000	 	October 8, 2001	 	9.99	 	October 8, 2006
	Stephen Goldsmith	 	5,000	 	October 8, 2001	 	9.99	 	October 8, 2006
	Charles E. Lanham	 	5,000	 	October 8, 2001	 	9.99	 	October 8, 2006
	J. Fred Risk	 	5,000	 	October 8, 2001	 	9.99	 	October 8, 2006
	John W. Ryan	 	5,000	 	October 8, 2001	 	9.99	 	October 8, 2006
	James Williamson, Jr.	 	5,000	 	October 8, 2001	 	9.99	 	October 8, 2006

17

QuickLinks

EXHIBIT 10.14Prepared by MERRILL CORPORATION

QuickLinks
 -- Click here to rapidly navigate through this document
  

 
 

EXHIBIT 10.26    
  

AMENDED AND RESTATED  

 AGREEMENT FOR PURCHASE OF INVENTORY  

        THIS AMENDED AND RESTATED AGREEMENT FOR PURCHASE OF INVENTORY
("Agreement") is entered into by and between Sanmina-SCI Corporation, a Delaware corporation
("Buyer"), and Photon Dynamics, Inc., a California corporation ("Seller"), as of
January 29, 2002 and performance hereunder shall commence on February 1, 2002 (the "Commencement Date"). 

RECITALS  

Seller
wishes to sell to Buyer and Buyer wishes to purchase from Seller, certain inventory of Seller. 

Buyer
and Seller are parties to the Agreement for the Purchase of Inventory (the "Prior Agreement") dated December 10, 2001 (the
"Effective Date"). 

Buyer
and Seller desire to amend and restate the Prior Agreement and accept the rights and obligations hereof in lieu of their rights and obligation under the Prior Agreement. 

Now,
therefore, in consideration of the mutual covenants and promises contained herein and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the
parties agree as follows: 

	1.
	Prior
Agreement. The Prior Agreement is hereby amended in its entirety and restated herein. Such amendment and restatement is effective upon the execution of this Agreement by Buyer
and Seller. Upon such execution, all provisions of, rights granted and covenants made in the Prior Agreement are hereby waived, released and superseded in their entirety and shall have no further
force or effect.

	2.
	Sale
and Purchase. Seller shall sell to Buyer the inventory described in Exhibit A (the "Exhibit A Inventory") and in the
list delivered concurrently herewith and designated "Additional Inventory" (the "Other Inventory") (collectively the  "Inventory"), F.O.B. Seller's Address:
6325 San Ignacio Avenue, San Jose, California 95119. Buyer shall buy the Inventory exclusively from Seller at the
prices set forth in Exhibits A and the list of Other Inventory until such time that Seller's Inventory is completely depleted, at which time Buyer may purchase Inventory from other suppliers approved
by Seller.

	3.
	Delivery.
Delivery of the Other Inventory shall be made on the Commencement Date of this Agreement. Delivery of the Exhibit A Inventory shall be made in quantities determined
solely by the Buyer on the first day of each of Seller's subsequent fiscal quarters during the term of this Agreement. Delivery of the Inventory by Seller to the carrier at the point of shipment shall
constitute delivery to Buyer, subject to the lien of Seller for the unpaid purchase price. Seller shall not be liable for any failure to deliver if the failure is occasioned by fire, embargo, strike,
inability to secure materials or any other circumstances beyond the control of the Seller which shall hinder Seller's performance of this Agreement.

	4.
	Payment.
Payment shall be made to Seller within thirty (30) days of the date of Seller's invoice.

	5.
	Specifications
and Warranties. The Inventory shall conform to the specifications set forth in Exhibit A. SELLER MAKES NO OTHER WARRANTIES TO BUYER, EXPRESS OR IMPLIED, AND
HEREBY EXPRESSLY DISCLAIMS ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

	6.
	Claims.
Buyer waives any claim or defense based on the quality of the Inventory unless such claim is made to Seller within thirty (30) days after Buyer learns of the defect, or
ninety (90) days after 

1

 

delivery,
whichever is sooner. All claim of Buyer shall be made in writing to Seller at its address set forth below. 

	7.
	Remedies
of Buyer Upon Seller's Default. Seller shall, without limitation, be in default of this Agreement if Seller shall become insolvent, if at any time the property of Seller is
seized or otherwise in the possession of a receiver or trustee; or if Seller shall fail to ship Inventory to Buyer at the time required; but Seller shall not be in default for nonperformance due to
fire, power failure, natural disaster, labor difficulties, riot, federal or state laws or regulations, acts or defaults of common carriers or other cause beyond the reasonable control of Seller. In
the event that Seller's default continues uncured for 90 days after written notice from Buyer, Buyer may by written notice to Seller exorcise the following remedies:

	(a)
	Terminate
this Agreement; or

	(b)
	Terminate
this Agreement as to the portion of the Inventory in default only and purchase within 30 days an equal quantity of Inventory of the same kind and grade from a third
party supplier. 

Notwithstanding
the foregoing, if the default consists of a failure by Seller to ship at the time required, Buyer may terminate this Agreement by written notice only if Seller does not ship the
Inventory within 30 days after Buyer has delivered written notice to Seller of the default. 

	8.
	Remedies
of Seller Upon Buyer's Default. Buyer shall, without limitation, be in default of this Agreement if Buyer shall become insolvent, shall fail to make any payment to Seller when
due under this or any other agreement between Buyer and Seller, or if at any time the property of Buyer is seized or otherwise in the possession of a receiver or trustee; but Buyer shall not be in
default for nonperformance due to fire, power failure, natural disaster, labor difficulties, riot, federal or state laws or regulations, acts or defaults of common carriers or other cause beyond the
reasonable control of Buyer. In the event that Buyer's default continues uncured for 90 days after written notice from Seller, Seller may by written notice to Buyer exercise the following
remedies:

	(a)
	Terminate
this Agreement;

	(b)
	Terminate
this Agreement as to the portion of the Inventory in default only; or

	(c)
	Terminate
this Agreement as to any unshipped balance. 

Notwithstanding
the foregoing, if the default consists of a failure by Buyer to make any payment when due, Seller may terminate this Agreement by written notice only if Buyer does not make payment
within 30 days after Seller has delivered written notice to Buyer of the default. 

	9.
	Term
and Termination. This Agreement shall begin on the Effective Date and continue in effect until (i) this Agreement is terminated pursuant to Section 7 or
Section 8 above; or (ii) Seller's Inventory is completely depleted; or (iii) the termination of that certain Manufacturing Services Agreement between the parties and dated on or
about December 10, 2001; whichever is soonest.

	10.
	Integration
of Agreements; Waivers. This Agreement is the entire contract between the parties with respect to the subject matter hereof and supersedes all prior agreements and
negotiations between them related hereto. This Agreement may be amended only in writing signed by the duly authorized representatives of the parties. All waivers hereunder must be made in writing, and
failure at any time to require the other party's performance of any obligation under this Agreement shall not affect the right subsequently to require performance of that obligation. Any waiver of any
breach of this Agreement shall not be construed as a waiver of any continuing or succeeding breach.

	11.
	Notices.
All notices required or permitted under this Agreement shall be in writing and personally delivered or mailed, by certified mail, return receipt requested, and addressed as
shown below. 

2

 
	12.
	Construction
and Jurisdiction. This Agreement shall be construed in accordance with the laws of the State of California without regard to its rules regarding conflict of laws. For any
dispute arising out of this Agreement, the parties consent to personal and exclusive jurisdiction of and venue in the state and federal courts within Santa Clara County, California.

	13.
	Limitation
of Liability. IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER FOR ANY INDIRECT, CONSEQUENTIAL, INCIDENTIAL OR SPECIAL DAMAGES, OR ANY DAMAGES WHATSOEVER RESULTING
FROM LOSS OF USE, DATA OR PROFITS, EVEN IF SUCH OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL EITHER PARTY'S LIABILITY UNDER THIS AGREEMENT (WHETHER ASSERTED AS A
TORT CLAIM OR CONTRACT CLAIM) EXCEED THE AMOUNTS PAID OR DUE TO SELLER HEREUNDER. THESE LIMITATIONS SHALL APPLY NOTWITHSTANDING ANY FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED REMEDY.

	14.
	Assignment.
Neither party shall assign this Agreement or any of its rights or duties under this Agreement without the prior written consent of the other party; provided however, that
either party may assign its rights and obligations hereunder in the event of a change of control or sale of all or substantially all of its assets related to the Agreement, whether by merger,
reorganization, operation of law, or otherwise. Subject to the foregoing, the rights and liabilities of the parties hereto will bind and incur to the benefit of their successors, executors or
administrators.

	15.
	Relationship
of Parties. The relationship of the parties is that of independent contractors. This Agreement does not create a partnership, joint venture or fiduciary relationship of
any kind between the parties. No one party is the agent of the other and neither party is authorized to act on behalf of the other party.

	16.
	Severability.
In the event that any provision or provisions of this Agreement should be invalid, the remainder of this Agreement shall remain in full force and effect. The parties
agree to replace such invalid provision or provisions by valid ones which will have an economic effect as close as possible to the invalid provision or provisions.

	17.
	Counterparts.
This Agreement may be executed in two or more counterparts, each of which will be deemed an original and all of which together will constitute one instrument.

	18.
	Seller
will pass on to Buyer all manufacturing and component warranties to the extent they are transferable. Seller will not independently warrant any component. 

        IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date first set forth above by their duly authorized
representatives.   

	Signed	 	/s/ Tom Spies
	 	Signed	 	/s/ Vincent S. Sollitto

	

Name:	
 	

Tom Spies	
 	

Name:	
 	

Vincent S. Sollitto
	

Title:	
 	

Vice President General Manager	
 	

Title:	
 	

President and CEO
	

SANMINA-SCI CORPORATION	
 	

PHOTON DYNAMICS, INC.

Exhibit A: Includes all high dollar material to support the Photon requirements generated from a 90 day Purchase Order and an additional
9 month Forecast. Sanmina-SCI will purchase inventory, per attached
Exhibit A, from Photon on a quarterly basis until the existing inventory at PDI is depleted. Quarterly inventory purchases should occur 6 weeks prior to the beginning of the next quarter and
should be a 1 time quarterly transfer. 

Other Inventory: Includes all other material to support the Photon requirements generated from a 90 day Purchase Order and an additional
9 month Forecast. Sanmina-SCI will purchase inventory, per the list delivered by Seller to Buyer concurrently herewith on the effective date of the Manufacturing Services Agreement. 

3

 
 
 

Exhibit A    
  

	Stages:	 	018915	 	ILW410
	 	 	021003	 	AC2K
	 	 	030001	 	AC3K / AS520
	

Lower Frames:	
 	

018830	
 	

ILW410
	 	 	021508	 	AC2K
	

Lasers:	
 	

018777	
 	

ILW410
	 	 	018949	 	ILW410
	 	 	040075	 	AS520
	

Laser Drawer:	
 	

018778	
 	

ILW410
	

Cameras:	
 	

021288	
 	

AC2K
	 	 	030201	 	AC3K
	

Environmental Chambers:	
 	

019357	
 	

ILW410
	 	 	019800	 	AC2K
	 	 	030835	 	AC3K/AS520

4

QuickLinks

EXHIBIT 10.26

Exhibit A

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00033-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00033-of-00352.parquet"}]]