Document:

exhibit10_34.htm

    EXHIBIT
      10.34 

    

    

    THE
      STEAK N SHAKE COMPANY AMENDED AND RESTATED

    1997
      CAPITAL APPRECIATION PLAN

    

    
      	
              1.  

            	
              
                Purpose.

              

            

    

    

    The
      purpose of the Amended and Restated 1997 Capital Appreciation Plan (the “Plan”)
      is to foster and enhance the long-term profitability of The Steak n Shake
      Company (the “Company”) for the benefit of its shareholders by offering the
      incentive of long-term rewards to those corporate officers and key executives
      who have principal responsibility for long-term profitability.

    

    
      	
              2.  

            	
              Eligibility.

            

    

    

    Eligibility
      for grants under the Plan shall be limited to those key executive employees,
      whether or not such employees are officers or directors of the Company, or
      its
      subsidiaries, recommended by the Compensation Committee and selected by the
      Board of Directors from among those who are in a position to contribute
      materially to the success of the Company and who have significant opportunities
      to influence long-term profit performance.  Subject to such selection,
      these would normally include key employees in executive, administrative,
      professional, operating and technical positions.  The Board of
      Directors may, in its discretion, also make an award to any other employee
      who
      has made an unusual contribution outside the ordinary course of their
      duties.

    

    
      	
              3.  

            	
              Restricted
                Stock Grants.

            

    

    

    
      	
              (a)  

            	
              The
                Board of Directors may grant shares of the Common Stock of the Company
                which are subject to restrictions (“Restricted Shares”) to participating
                employees (“Participants”) pursuant to the Plan over a period ending
                December 31, 2007.  The number of Restricted Shares, if any,
                granted hereunder to Participants shall be within the discretion
                of the
                Board of Directors; provided, however, that the number of Restricted
                Shares which may be granted after November 11, 2003 shall not exceed
                an
                aggregate of 514,122 shares except as may be adjusted pursuant to
                Section
                5 below.  Restricted Shares which are forfeited or canceled
                under 3(d) or (e) hereof shall be available for further
                grants.  In making grants, the Board of Directors shall take
                into account such factors as the Participant’s level of responsibility,
                previous performance, rate of compensation and the potential value
                of the
                grant.

            

    

    
      	
              (b)  

            	
              Grants
                made by the Board of Directors may consist in whole or in part of
                authorized but unissued or treasury shares, and shall be subject
                to the
                provisions of the Plan and to such other terms and conditions, not
                inconsistent with the Plan, as the Board of Directors
                determine.

            

    

    
      	
              (c)  

            	
              Subject
                to the provisions contained in 3(d) and (e) hereof, the Restricted
                Shares
                granted hereunder shall be conditionally owned by the Participant
                as of
                the grant date, and such Participant shall be entitled to the receipt
                of
                cash dividends and voting rights with respect
                thereto.

            

    

    
      	
              (d)  

            	
              In
                the event of termination of Participant’s employment with the Company for
                any reason other than death, retirement under the normal or disability
                provisions of a retirement plan of the Company, or retirement under
                the
                early retirement provisions of such retirement plan with the consent
                of
                the Company, during a period of three (3) years following the grant
                date,
                subject to adjustment pursuant to paragraph 5 hereof (“Forfeiture
                Period”), the Restricted Shares so granted shall be thereupon forfeited
                by
                Participant and transferred to the Company as of the date of
                termination.  The Restricted Shares granted hereunder may not be
                sold, transferred or pledged by the Participant during the Forfeiture
                Period.

            

    

    
      	
              (e)  

            	
              If
                a Participant’s employment has terminated because of death, or because of
                disability or normal or early retirement under a retirement plan
                of the
                Company as set out in 3(d) above prior to the end of the Forfeiture
                Period, the number of Restricted Shares such Participant or such
                Participant’s beneficiary or estate would be entitled to retain shall be
                the number of Restricted Shares determined as though such Participant’s
                employment had not been terminated, multiplied by a fraction, the
                numerator of which is the number of months such Participant was employed
                during the Forfeiture Period (including the month during which employment
                terminated) and the denominator of which is the number of months
                in the
                Forfeiture Period.  The balance of Restricted Shares shall be
                transferred to the Company as of the termination
                date.

            

    

    

    
      	
              4.  

            	
              Book
                Unit Grants.

            

    

    

    
      	
              (a)  

            	
              In
                conjunction with the Restricted Share grants, the Board of Directors
                shall
                simultaneously grant each Participant an equivalent number of book
                value
                units (“Book Units”) which are equal to the book value per share of the
                Common Stock of the Company.  The aggregate number of Book Units
                granted hereunder after November 11, 2003 shall not exceed 514,122
                units
                as adjusted for splits and stock dividends.  Units forfeited or
                canceled under paragraphs 4 (c) or (d) hereof shall be thereafter
                available for further grants.

            

    

    
      	
              (b)  

            	
              Book
                Units shall be valued on the basis of book value of the Common Stock
                of
                the Company, as determined in accordance with 5 (c) hereof on the
                last day
                of the fiscal quarter next preceding the date of grant (“Value Date”) and
                again on the third anniversary of the Value Date, subject to adjustment
                pursuant to paragraph 5 hereof, said three (3) year period, as adjusted,
                hereafter referred to as the “Accumulation Period”.  The
                increase, if any, in book value during the Accumulation Period plus
                an
                amount equal to the dividends paid during the Accumulation Period
                on an
                equal number of shares of Common Stock of the Company, shall be paid
                to
                such Participant in cash within ninety (90) days following the expiration
                of the Accumulation Period; provided, however, the Book Units have
                not
                been forfeited under paragraph 4 (c)
                hereof.

            

    

    
      	
              (c)  

            	
              In
                the event of termination of Participant’s employment with the Company for
                any reason other than death, retirement under the normal or disability
                provisions of a retirement plan of the Company, or retirement under
                the
                early retirement provisions of such retirement plan with the consent
                of
                the Company during the Accumulation Period, the appreciation and
                dividend
                equivalents shall be forfeited by the
                Participant.

            

    

    
      	
              (d)  

            	
              If
                a Participant’s employment has terminated because of death, disability or
                retirement under a retirement plan of the Company as set out in 4
                (c)
                above prior to the end of the Accumulation Period, the number of
                Book
                Units such Participant or such Participant’s beneficiary or estate shall
                be entitled to receive shall be the number of Book Units determined
                as
                though such Participant’s employment had not been terminated, multiplied
                by a fraction, the numerator of which is the number of months such
                Participant was employed during the Accumulation Period (including
                the
                month during which employment terminated) and the denominator of
                which is
                the number of months in the Accumulation Period.  In such event,
                the Board of Directors shall determine the book value as of the last
                day
                of the quarter next preceding the date of
                termination.

            

    

    
    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    
      	
              (e)  

            	
              Any
                payment made with respect to a Participant who has died shall be
                paid to
                the beneficiary designated by the Participant to receive the proceeds
                of
                any group life insurance coverage provided for the Participant by
                the
                Company.  A Participant who has not designated such beneficiary,
                or who desires to designate a different beneficiary, may file with
                the
                Secretary of the Company, a written designation of a beneficiary
                under the
                Book Unit plan, which designation may be changed or revoked only
                by the
                participant.  If no designation of a beneficiary has been made
                under such life insurance coverage or filed with the Secretary of
                the
                Company, distribution shall be made to the Participant’s spouse, if
                surviving, and if not, to the Participant’s
                estate.

            

    

    

    
      	
              5.  

            	
              Adjustments.

            

    

     

    
      	(a)
               	In
              the event that there are changes in the capitalization of the Company
              affecting in any manner the number or kind of outstanding shares of
              Common
              Stock, whether such changes have been occasioned by declaration of
              stock
              dividends, stock splits, reclassification or recapitalization, or because
              the Company has merged or consolidated with another corporation, or
              for
              any reason whatsoever, then the number and kind of shares then subject
              to
              Restricted Share grants and thereafter to become subject to such grants,
              and the Book Unit values, shall be proportionally adjusted by the Board
              of
              Directors of the Company to whatever extent the Board of Directors
              determines, in its sole and absolute discretion, that any such change
              equitably requires an adjustment.

      	
              (b)  

            	
              The
                Board of Directors shall determine book value of the Common Stock
                under 4
                above based on generally accepted accounting principles, and shall
                have
                the right, in its sole and absolute authority, to proportionally
                adjust
                such book values for sales or purchases by the Company of Common
                Stock,
                acquisitions or divestitures, accounting changes or other actions
                of the
                Company taken during the Accumulation Period affecting book value,
                to
                whatever extent the Board of Directors determines that any such action
                reasonably  requires an
                adjustment.

            

    

    
      	
              (c)  

            	
              In
                the event there is a Change in Control (as defined below) of the
                Company,
                the applicable Forfeiture Periods and Accumulation Periods on all
                outstanding Restricted Shares and Book Units shall be accelerated
                and all
                such outstanding Restricted Shares and Book Units shall be fully
                vested.

            

    

    
      	
              (d)  

            	
              As
                used in this Plan, "Change in Control" of the Company
                means:

            

    

     

    (i)           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:  (A) 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; (B) any acquisition directly from the Company (excluding an acquisition by virtue of
      the exercise of a
      conversion privilege), (C) any acquisition by the Company, (D) any
      acquisition by any employee benefit plan (or related trust) sponsored or
      maintained by the Company or any corporation controlled by the Company, or
      (E) any acquisition by any corporation pursuant to a reorganization, merger
      or consolidation, if, following such reorganization, merger or consolidation,
      the conditions described in clauses (A), (B) and (C) of
      subsection (iii) of this paragraph 5(e) are satisfied;

     

    (ii)           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;

     

    (iii)           A
      reorganization, merger or consolidation, in each case, unless, following such
      reorganization, merger or consolidation, (A) 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, (B) 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
      (C) 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 Board at the time of the execution of the initial agreement
      providing for such reorganization, merger or consolidation;

     

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

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (v)           The
      sale or other disposition of all or substantially all of the assets of the
      Company, other than any of the following dispositions: (A) to a corporation
      with
      respect to which following such sale or other disposition (x) 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, (y) 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 (z) at least a majority of
      the members of the board of directors of such corporation were members of the
      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;
      (B) to a shareholder of the Company in exchange for or with respect to its
      stock; (C) 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 (D) 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 (C).

     

    
      	
              (e)  

            	
              Despite
                any other provision of this paragraph 5 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 Code and its interpretive
                regulations.

            

    

    
      	
              (f)  

            	
              If
                as of the date a Participant's employment terminates because of retirement
                under paragraph 3(e), Participant is a "key employee" within the
                meaning
                of Section 416(i) of the Code, without regard to paragraph 416(i)(5)
                thereof, and the Company has stock that is publicly traded on an
                established securities market or otherwise, any deferred compensation
                payments otherwise payable because of such retirement will be suspended
                until, and will be paid to Participant on, the first day of the seventh
                month following the month in which Participant's last day of employment
                occurs.  For purposes of this paragraph 5(g) "deferred
                compensation" means compensation provided under a nonqualified deferred
                compensation plan as defined in, and subject to, Section 409A of the
                Code.

            

    

    

    
      	
              6.  

            	
              Amendment
                and Termination.

            

    

    

    The
      Board
      of Directors shall have the power to amend, suspend or terminate the Plan at
      any
      time except that, subject to the conditions of 5 above, (i) no such action
      shall
      cancel, reduce or adversely affect any grant theretofore made without the
      consent of the Participant or the Participant’s beneficiary or estate; or (ii)
      without the approval of the shareholders of the Company, the Board of Directors
      may not increase the aggregate number of Restricted Shares and Book Units to
      be
      granted.

    

    
      	
              7.  

            	
              Restricted
                Share and Book Unit
                Agreement.

            

    

    

    Each
      grant of Restricted Shares and Book Units under the Plan shall be evidenced
      by a
      written agreement executed by the Company and accepted by the Participant,
      and
      shall contain such terms and conditions as the Board of Directors may deem
      desirable which are not inconsistent with the Plan.

    

    
      	
              8.  

            	
              Finality
                of Determination.

            

    

    

    The
      Compensation Committee of the Board of Directors shall have the power to
      interpret the Plan, and all interpretations, determinations and actions by
      the
      Compensation Committee shall be final, conclusive and binding upon all
      parties.

    

    
      	
              9.  

            	
              Termination
                of Employment.

            

    

    

    Nothing
      in the Plan or any grant made under the Plan, shall confer upon any Participant
      any right to continue in the employ of the Company or affect in any way the
      right of the Company to terminate the Participant’s employment at any
      time.

    

    
      	
              10.  

            	
              Effective
                Date.

            

    

    

    This
      Plan
      became effective on December 31, 1996 and will continue to December 31, 2007,
      subject to approval of the amendment and restatement of the Plan by the holders
      of a majority of the shares of Common Stock of the Company which are represented
      in person or by proxy at the 2004 Annual Meeting of Shareholders.

    
      

      
        	
                11.  

              	
                Interpretation.

              

      

    

     

    This
      Plan
      shall be interpreted and applied in a manner consistent with the 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 Participants 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.

     

    3exhibit10_35.htm

    EXHIBIT
      10.35

    

    

    INDEMNITY
      AGREEMENT

    

    This
      AGREEMENT is made as of October 9, 2007, by and between The Steak n Shake
      Company, an Indiana corporation (the "Corporation"), and (See listing
      below) (the "Indemnitee"), a director and/or executive officer of the
      Corporation.

    

    WHEREAS,
      it is essential to the Corporation to retain and attract as directors and/or
      executive officers of the Corporation the most capable persons available and
      persons who have significant experience in business, corporate and financial
      matters; and

    

    WHEREAS,
      the Corporation has identified the Indemnitee as a person possessing the
      background and abilities desired by the Corporation and desires the Indemnitee
      to continue to serve as a director and/or an executive officer; and

    

    WHEREAS,
      the Corporation and the Indemnitee recognize that serving as a director and/or
      executive officer of a corporation at times calls for subjective evaluations
      and
      judgments upon which reasonable men may differ and that the good faith exercise
      of their corporate duties and responsibilities may subject directors
      and/or  executive officers to burdensome litigation; and

    

    WHEREAS,
      it is now the express policy of the Corporation to indemnify its directors
      and/or executive officers to the fullest extent not prohibited by law;
      and

    

    WHEREAS,
      the Amended and Restated Articles of Incorporation, and the Restated By-Laws
      of
      the Corporation (collectively, the "Constituent Documents") require
      indemnification of the directors and/or executive officers of the Corporation
      pursuant to the Indiana Business Corporation Law (the "IBCL") and the IBCL
      expressly provides that the indemnification provisions set forth therein are
      not
      exclusive, and thereby contemplates that contracts may be entered into between
      the Corporation and directors and/or executive officers of the Corporation
      with
      respect to indemnification; and

    

    WHEREAS,
      the Corporation and the Indemnitee desire to articulate clearly in contractual
      form their respective rights and obligations with regard to the Indemnitee's
      service on behalf of the Corporation and with regard to claims for loss,
      liability, expense or damage which, directly or indirectly, may arise out of
      or
      relate to such service.

    

    NOW
      THEREFORE, the Corporation and the Indemnitee agree as follows:

    

    1.           Agreement
      to Serve.  The Indemnitee shall serve as a director and/or
      executive officer of the Corporation for so long as the Indemnitee is duly
      elected or appointed or until the Indemnitee resigns or is removed from such
      offices.

    

    2.           Definitions.  As
      used in this Agreement:

    

    (a)           The
      term "Proceeding" includes, without limitation, any threatened, pending or
      completed action, suit or proceeding, whether brought in the right of the
      Corporation or otherwise and whether of a civil, criminal, administrative,
      legislative or investigative nature, formal or informal, internal or external,
      in which the Indemnitee may be or may have been involved as a party, witness
      or
      otherwise, by reason of the fact that the Indemnitee is or was a director and/or
      executive officer of the Corporation or any of its subsidiaries, or is or was
      serving at the request of the Corporation as a director, officer, employee
      or
      agent of another corporation, partnership, joint venture, trust or other
      enterprise, whether or not serving in such capacity at the time any liability
      or
      expense is incurred for which exculpation, indemnification or reimbursement
      can
      be provided under this Agreement.

    

    (b)           The
      term "Expenses" includes, without limitation thereto, expenses of
      investigations, "Proceedings" or appeals, attorney, accountant and other
      professional fees and disbursements, any other expenses or disbursements
      incurred in connection with any Proceeding, and any expenses of establishing
      a
      right to indemnification under Section 11 of this Agreement, but shall not
      include amounts paid in settlement by the Indemnitee or the amount of judgments
      or fines against the Indemnitee.

    

    (c)           References
      to "other enterprise" include, without limitation, employee benefit plans;
      references to "fines" include, without limitation, any excise tax assessed
      with
      respect to any employee benefit plan; references to "serving at the request
      of
      the Corporation" include, with­out limitation, any service as a director,
      officer, employee or agent which imposes duties on, or involves services by,
      such director, officer, employee or agent with respect to an employee benefit
      plan, its participants, or its beneficiaries; and a person who acted in good
      faith and in a manner reasonably believed to be in the interest of an employee
      benefit plan shall be deemed to have acted in a manner "not opposed to the
      best
      interests of the Corporation."

    

    3.           Indemnity
      in Third-Party Proceedings.  The Corporation shall indemnify
      the Indemnitee in accordance with the provisions of this Section 3, if the
      Indemnitee is made a party to any Proceeding (other than a Proceeding by or
      in
      the right of the Corporation to procure a judgment in its favor), against all
      Expenses, judgments, fines and amounts paid in settlement, actually and
      reasonably incurred by the Indemnitee in connection with such Proceeding if
      the
      conduct of the Indemnitee was in good faith and the Indemnitee reasonably
      believed that the Indemnitee's conduct was in the best inter­ests of the
      Corporation, or at least not opposed to its best interests, and, in the case
      of
      a criminal proceeding, the Indemnitee, in addition, had no reasonable cause
      to
      believe that the Indemnitee's conduct was unlawful.  However, the
      Indemnitee shall not be entitled to indemnification under this Section 3 in
      connection with any Proceeding charging improper personal benefit to the
      Indemnitee in which the Indemnitee was adjudged liable on the basis that
      personal benefit was improperly received by the Indemnitee unless and only
      to
      the extent that the court conducting such Proceeding or any other court of
      competent jurisdiction determines upon application that despite the adjudication
      of lia­bility, the Indemnitee is fairly and reasonably entitled to
      indemnification in view of all the relevant circumstances.

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    4.           Indemnity
      in Proceedings by or in the Right of the Corporation.  The
      Corporation shall indemnify the Indemnitee in accordance with the provisions
      of
      this Section 4, if the Indemnitee is made a party to any Proceeding by or
      in the right of the Corporation to procure a judgment in its favor, against
      all
      Expenses actually and reasonably incurred by the Indemnitee in connection with
      such Proceeding if the conduct of the Indemnitee was in good faith and the
      Indemnitee reasonably believed that the Indemnitee's conduct was in the best
      interests of the Corporation, or at least not opposed to its best
      interests.  However, the Indemnitee shall not be entitled to
      indemnification under this Section 4 in connection with any Proceeding in
      which the Indemnitee has been adjudged liable to the Corporation unless and
      only
      to the extent that the court conducting such Proceeding or any other court
      of
      competent jurisdiction determines upon application that, despite the
      adjudication of liability, the Indemnitee is fairly and reasonably entitled
      to
      indemnification in view of all the rele­vant circumstances.

    

    5.           Indemnification
      of Expenses of Successful Party. Notwithstanding any other
      provi­sions of this Agreement, to the extent that the Indemnitee has been
      successful, on the merits or otherwise, in defense of any Proceeding or in
      defense of any claim, issue or matter therein, including the dismissal of an
      action without prejudice, the Corporation shall indemnify the Indemnitee against
      all Expenses incurred in connection therewith.

    

    6.           Additional
      Indemnification.

    

    (a)           Notwithstanding
      any limitation in Sections 3, 4 or 5, the Corporation shall indemnify the
      Indemnitee to the fullest extent not prohibited by law with respect to any
      Proceeding (includ­ing a Proceeding by or in the right of the Corporation to
      procure a judgment in its favor) against all Expenses, judgments, fines and
      amounts paid in settlement, actually and reasona­bly incurred by the
      Indemnitee in connection with such Proceeding.

    

    (b)           For
      purposes of this Agreement, the meaning of the phrase "to the fullest extent
      not
      prohibited by law" shall include, but not be limited to:

    

    (i)           to
      the fullest extent authorized or not prohibited by any changes in the law,
      including but not limited to any amendments to or replacements of the IBCL
      adopted after the date of this Agreement that increase the extent to which
      a
      corporation may indemnify its directors; and

    

    (ii)           to
      the fullest extent authorized by the provision of the IBCL that authorizes
      or
      contemplates additional indemnification by agreement, or the corresponding
      provision of any amendment to or replacement of the IBCL.

    

    7.           Exclusions.  Notwithstanding
      any provision in this Agreement, the Corporation shall not be obligated under
      this Agreement to make any indemnification:

    

    (a)           for
      which payment is made to or on behalf of the Indemnitee under any insurance
      policy, except with respect to any excess amount to which the Indemnitee is
      entitled under this Agree­ment beyond the amount of payment under such
      insurance policy;

    

    (b)           for
      any liability for profits made from the purchase and sale by the Indemnitee
      of
      securities of the Corporation, which liability arises under Section 16(b) of
      the
      Securities Exchange Act of 1934, as amended, or any similar provision of any
      state statutory or common law;

    

    (c)           if
      a court having jurisdiction in the matter shall finally determine that such
      indemni­fication is not lawful under any applicable statute or public
      policy; or

    

    (d)           in
      connection with any Proceeding (or part of any Proceeding) initiated by the
      Indemnitee, or any Proceeding by the Indemnitee against the Corporation or
      its
      directors, officers, employees or other persons entitled to be indemnified
      by
      the Corporation, unless (i) the Corpo­ration is expressly required by
      law to make the indemnification, (ii) the Proceeding was autho­rized by
      the Board of Directors of the Corporation, or (iii) the Indemnitee
      initiated the Proceeding pursuant to Section 11 of this Agreement and the
      Indemnitee is successful in whole or in part in the Proceeding.

    

    8.           Advancement
      of Expenses.  The Corporation shall pay the Expenses incurred
      by the Indemnitee in any Proceeding in advance of the final disposition of
      the
      Proceeding at the written request of the Indemnitee, if the
      Indemnitee:

     

    (a)           furnishes
      the Corporation a written affirmation of the Indemnitee's good faith belief
      that
      the Indemnitee is entitled to be indemnified under this Agreement;
      and

    

    (b)           furnishes
      the Corporation a written undertaking to repay the advance to the extent that
      it
      is ultimately determined that the Indemnitee is not entitled to be indemnified
      by the Corporation.  Such undertaking shall be an unlimited general
      obligation of the Indemnitee but need not be secured.

    

    Advances
      pursuant to this Section 8 shall be made no later than 10 days after
      receipt by the Corporation of the affirmation and undertaking described in
      Sections 8(a) and 8(b) above, and shall be made without regard to the
      Indemnitee's ability to repay the amount advanced and without regard to the
      Indemnitee's ultimate entitlement to indemnification under this
      Agreement.

    

    9.           Nonexclusivity
      and Continuity of Rights.  The indemnification and
      advancement of Expenses provided by this Agreement shall not be deemed exclusive
      of any other rights to which the Indemnitee may be entitled under the
      Constituent Documents, any other agreement, any vote of shareholders or
      directors, the IBCL, or otherwise, both as to action in the Indemnitee's
      official capacity and as to action in another capacity while holding such
      office.  The indemnification under this Agreement shall continue as to
      the Indemnitee even though the Indemnitee may have ceased to be a director
      and/or executive officer of the Corporation or a director, officer, employee
      or
      agent of an enterprise related to the Corporation and shall inure to the benefit
      of the heirs, executors, administrators and personal representatives of the
      Indemnitee.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    10.           Procedure
      Upon Application for Indemnification.  Any indemnification
      under Sec­tions 3, 4, 5 or 6 shall be made no later than 45 days after
      receipt of the written request of the Indemnitee, unless a determination is
      made
      within such 45-day period by (a) the Board of Directors by a majority vote
      of a quorum consisting of directors who were not parties to the applicable
      Proceeding, or (b) legal counsel (who may be counsel to the Corporation
      with respect to other matters) in a written opinion, that the Indemnitee is
      not
      entitled to indemnification under this Agreement.

    

    11.           Enforcement.  The
      Indemnitee may enforce any right to indemnification or advances pro­vided by
      this Agreement in any court of competent jurisdiction if (a) the
      Corporation denies the claim for indemnification or advances, in whole or in
      part, or if the Corporation does not dispose of such claim within the time
      period required by this Agreement.  It shall be a defense to any such
      enforcement action (other than an action brought to enforce a claim for
      advancement of expenses pursuant to, and in compliance with, Section 8 of
      this Agreement) that the Indemnitee is not entitled to indemnification under
      this Agreement.  However, except as provided in Section 12 of
      this Agree­ment, the Corporation shall have no defense to an action brought
      to enforce a claim for advance­ment of expenses pursuant to Section 8
      of this Agreement if the Indemnitee has tendered to the Corporation the
      affirmation and undertaking required thereunder.  The burden of
      proving by clear and convincing evidence that indemnification is not appropriate
      shall be on the Corporation.  Neither the failure of the Corporation
      (including its Board of Directors or legal counsel) to have made a determination
      prior to the commencement of such action that indemnification or advancement
      of
      Expenses is proper in the circumstances because the Indemnitee has met the
      applica­ble standard of conduct nor an actual determination by the
      Corporation (including its Board of Directors or legal counsel) that
      indemnification is improper because the Indemnitee has not met such applicable
      standard of conduct, shall be a defense to the action or create a
      presump­tion that the Indemnitee is not entitled to indemnification under
      this Agreement or otherwise.  The Indemnitee's expenses incurred in
      connection with successfully establishing the Indemnitee's right to
      indemnification or advances, in whole or in part, in any Proceeding shall also
      be indemnified by the Corporation, whether or not an action to enforce these
      rights is commenced.

    

    The
      termination of any Proceeding by judgment, order of court, settlement,
      conviction or upon a plea of nolo contendere or its equivalent, shall
      not, of itself, create a presumption that the Indemnitee is not entitled to
      indemnification under Sections 3, 4 or 6 of this Agreement.

    

    12.           Notification
      and Defense of Claim.  Not later than 45 days after receipt
      by the Indemnitee of notice of the commencement of any Proceeding, the
      Indemnitee shall, if a claim in respect of the Proceeding is to be made against
      the Corporation under this Agreement, notify the Corporation of the commencement
      of the Proceeding.  The omission to notify the Corporation shall not
      relieve the Corporation from any liability which it may have to the Indemnitee
      otherwise than under this Agreement, and shall not relieve the Corporation
      from
      any liability under this Agreement, unless the Corporation can demonstrate
      that
      its rights have been actually prejudiced by the failure to give timely
      notice.  With respect to any Proceeding as to which the Indemnitee
      notifies the Corporation of the commencement:

    

    (a)           The
      Corporation will be entitled to participate in the Proceeding at its own
      expense.

    

    (b)           Except
      as otherwise provided below, the Corporation may, at its option and jointly
      with
      any other indemnifying party similarly notified and electing to assume such
      defense, assume the defense of the Proceeding with legal counsel reasonably
      satisfactory to the Indemnitee.  The Indemnitee shall have the right
      to use separate legal counsel in the Proceeding, but the Corporation shall
      not
      be liable to the Indemnitee under this Agreement, including Section 8
      above, for the fees and expenses of separate legal counsel incurred after notice
      from the Corpo­ration of its assumption of the defense, unless (i) the
      Indemnitee reasonably concludes that there may be a conflict of interest between
      the Corporation and the Indemnitee in the conduct of the defense of the
      Proceeding, or (ii) the Corporation does not use legal counsel to assume
      the defense of such Proceeding.  The Corporation shall not be entitled
      to assume the defense of any Proceeding brought by or on behalf of the
      Corporation or as to which the Indemnitee shall have made the conclusion
      provided for in (i) above.

    

    (c)           If
      two or more persons who may be entitled to indemnification from the Corporation,
      including the Indemnitee, are parties to any Proceeding, the Corporation may
      require the Indemnitee to use the same legal counsel as the other
      parties.  The Indemnitee shall have the right to use separate legal
      counsel in the Proceeding, but the Corporation shall not be liable to the
      Indemnitee under this Agreement, including Section 8 above, for the fees
      and expenses of separate legal counsel incurred after notice from the
      Corporation of the requirement to use the same legal counsel as the other
      parties, unless the Indemnitee reasonably concludes that there may be a conflict
      of interest between the Indemnitee and any of the other parties required by
      the
      Corpo­ration to be represented by the same legal counsel.

    

    (d)           The
      Corporation shall not be liable to indemnify the Indemnitee under this Agreement
      for any amounts paid in settlement of any Proceeding effected without its
      written consent, which shall not be unreasonably withheld.  The
      Indemnitee shall permit the Corporation to settle any Proceeding that the
      Corporation assumes the defense of, except that the Corporation shall not settle
      any action or claim in any manner that would impose any penalty or limitation
      on
      the Indemnitee or be otherwise prejudicial to his or her best interests without
      the Indemnitee's written consent.

    

    13.           Partial
      Indemnification.  If the Indemnitee is entitled under any
      provisions of this Agreement to indemnification by the Corporation for some
      or a
      portion of the Expenses, judgments, fines or amounts paid in settlement,
      actually and reasonably incurred by the Indemnitee in connection with such
      Proceeding, but not, however, for the total amount thereof, the Corporation
      shall nevertheless indemnify the Indemnitee for the portion of such Expenses,
      judgments, fines or amounts paid in settlement to which the Indemnitee is
      entitled.

    

    14.           Severability.  If
      this Agreement or any portion thereof shall be invalidated on any ground by
      any
      court of competent jurisdiction, then the remainder of this Agreement shall
      continue to be valid and the Corporation shall nevertheless indemnify the
      Indemnitee as to Expenses, judgments, fines and amounts paid in settlement,
      with
      respect to any Proceeding, to the fullest extent permit­ted by any
      applicable portion of this Agreement that shall not have been invalidated or
      by
      any other applicable law.

    

    15.           Subrogation.  In
      the event of payment under this Agreement, the Corporation shall be subrogated
      to the extent of such payment to all of the rights of recovery of the
      Indemnitee.  The Indemnitee shall execute all documents required and
      shall do all acts that may be necessary to secure such rights and to enable
      the
      Corporation effectively to bring suit to enforce such rights.

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    16.           Notices.  All
      notices, requests, demands and other communications under this Agreement shall
      be in writing and shall be deemed to have been duly given (a) upon
      delivering by hand to the party to whom the notice or other communication shall
      have been directed, or (b) on the third business day after the date on
      which it is mailed by certified or registered mail with postage prepaid,
      addressed as follows:

     

    (i)           If
      to the Indemnitee, to the address indicated on the signature page of this
      Agreement.

    

    (ii)           If
      to the Corporation, to

    

    The
      Steak
      n Shake Company

    36
      South
      Pennsylvania Street, Suite 500

    Indianapolis,
      IN  46204

    Attention:  General
      Counsel

    

    or
      to any
      other address as either party may designate to the other in
      writing.

    

    17.           Counterparts.  This
      Agreement may be executed in any number of counterparts, each of which shall
      constitute the original.

    

    18.           Applicable
      Law.  This Agreement shall be governed by and construed in
      accordance with the internal laws of the State of Indiana without regard to
      the
      principles of conflict of laws.

    

    19.           Successors
      and Assigns.  This Agreement shall be binding upon the
      Corporation and its successors and assigns.

    

    IN
      WITNESS WHEREOF, the parties hereby have caused this Agreement to be duly
      executed and signed as of the day and year first above written.

    

    THE
      STEAK
      N SHAKE
      COMPANY:                                                                                              

    By
           /s/ Alan B.
      Gilman                   
                                                                                                          

    

    Chairman,
      Interim President and Chief Executive
      Officer                                                                                                           

    Title                                                                                                                                     

     

     

     

    INDEMNITEE:

     

    
      
        	
                By:

              	 	
                Title

              
	
                /s/
                  Alan B. Gilman

              	
                Alan
                  B. Gilman

              	
                Chairman,
                  Interim President and Chief Executive Officer

              
	
                /s/
                  Jeffrey A. Blade

              	
                Jeffrey
                  A. Blade

              	
                Executive
                  Vice President, Chief Financial and Administrative
                  Officer

              
	
                /s/
                  Gary T. Reinwald

              	
                Gary
                  T. Reinwald

              	
                Executive
                  Vice President, Development

              
	
                /s/
                  Omar Janjua

              	
                Omar
                  Janjua

              	
                Executive
                  Vice President, Operations

              
	
                /s/
                  Steven Schiller

              	
                Steven
                  Schiller

              	
                Senior
                  Vice President, Chief Marketing Officer

              
	
                /s/
                  Thomas Murrill

              	
                Thomas
                  Murrill

              	
                Senior
                  Vice President, Human Resources

              
	
                /s/
                  Duane Geiger

              	
                Duane
                  Geiger

              	
                Vice
                  President, Controller

              
	
                /s/
                  Michael Vance

              	
                Michael
                  Vance

              	
                Vice
                  President, Strategic Planning and Chief Information
                  Officer

              
	
                /s/
                  David C. Milne

              	
                David
                  C. Milne

              	
                Vice
                  President, General Counsel and Corporate Secretary

              
	 	 	 
	
                /s/
                  Geoff Ballotti

              	
                Geoff
                  Ballotti

              	
                Director

              
	
                /s/
                  Wayne Kelley

              	
                Wayne
                  Kelley

              	
                Director

              
	
                /s/
                  Charles Lanham

              	
                Charles
                  Lanham

              	
                Director

              
	
                /s/
                  Ruth Person

              	
                Ruth
                  Person

              	
                Director

              
	
                /s/
                  John W. Ryan

              	
                John
                  W. Ryan

              	
                Director

              
	
                /s/
                  J. Fred Risk

              	
                J.
                  Fred Risk

              	
                Director

              
	
                /s/
                  Steven M. Schmidt

              	
                Steven
                  M. Schmidt

              	
                Director

              
	
                /s/
                  Edward Wilhelm

              	
                Edward
                  Wilhelm

              	
                Director

              
	
                /s/
                  James Williamson, Jr.

              	
                James
                  Williamson, Jr.

              	
                Director

              

      

    

    

    4

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