AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.1
AMENDMENT
TO
This
Amendment to Employment Agreement (the “Amendment”) is entered into effective
this 28th day of March, 2006, between Xxxxx Xxxxxx (“Employee”) and Steak n
Shake Operations, Inc. (“SNS”). This Amendment modifies the Employment Agreement
between the parties entered into on December 29, 2006 (the “Agreement”), a copy
of which is attached hereto as Exhibit A.
WHEREAS,
Employee has performed exceptionally under the Agreement and has added
significant value to the Company by locating outstanding and profitable real
estate sites and providing advice on current and pending real estate sites;
and
WHEREAS,
As a result of Employee’s outstanding results SNS desires to retain Employee’s
services beyond the termination of the Agreement; and
WHEREAS,
Employee has found working for SNS rewarding and desires to extend his
relationship with SNS beyond the expiration of the Agreement; and
NOW
THEREFORE, based on the foregoing premises and the following promises and
representations, the receipt and sufficiency of which are hereby acknowledged
by
both parties, the parties agree as follows:
| 1. |
Continued
Effectiveness of Agreement.
Except as specifically set forth herein, the terms of the Agreement
shall
remain effective. All defined terms in the Agreement shall have the
same
meanings herein unless otherwise defined.
|
| 2. |
Extension
of Term.
The first sentence of Paragraph 1 of the Agreement is hereby stricken
and
replaced with the following:
|
Employee
shall remain a full-time employee of SNS through and including July 13, 2009
(the “Resignation Date”).
| 3. |
Duties.
Paragraph 2 of the Agreement shall be modified to include the following
at
the end of the paragraph:
|
Beginning
April 21, 2007 Employee shall provide good faith efforts to obtain and identify
real estate sites in the Atlanta and Charlotte DMAs, as well as any other DMAs
on which SNS reasonably requests him to focus. This work may require less than
40 hours per week of work. After April 21, 2007 SNS may elect to close its
office in Charlotte, but will continue to provide Employee with telephone,
fax
machine, computer, e-mail and internet access and other business support for
use
at his home.
| 4. |
Compensation.
Paragraph 3 of the Agreement shall be stricken in its entirety and
replaced by the following:
|
From
December 29, 2004 through April 20, 2007 Employee’s annual base salary hereunder
shall be $205,000, payable in bi-weekly installments on SNS’s normal and
customary paydays. Employee shall be entitled to earn a bonus of $56,923.08,
which will be earned, due and payable in a lump sum only if Employee is employed
by SNS on April 20, 2007. From April 21, 2007 through July 13, 2009 Employee’s
annual base salary hereunder shall be $75,000, payable in bi-weekly installments
on SNS’s normal and customary paydays. During his employment hereunder Employee
shall be entitled to use of a vehicle provided by SNS typical of those provided
to executives of SNS, subject to Employee’s adherence to SNS’s automobile use
policies.
|
5.
|
Continued
Service on SNS’s Board.
Nothing herein shall adversely or positively impact Employee’s continued
service on the Company’s Board of Directors and Employee’s selection as a
potential Board member shall continue to be governed by the decision
of
the Nominating/Corporate Governance Committee of the
Board.
|
THIS
AMENDMENT TO EMPLOYMENT AGREEMENT IS ENTERED INTO AS OF THE DATE ABOVE WRITTEN
AND THE PARTIES AGREE TO BE BOUND BY ITS TERMS BY SIGNING BELOW:
/s/ Xxxxx Xxxxxx
Xxxxx
Xxxxxx
Dated:
March 28, 2006
“STEAK
N
SHAKE OPERATIONS, INC.”
/s/ Xxxxx X. Xxxx
Xxxxx
X.
Xxxx
President
and CEO, Steak n Shake Operations, Inc.
Dated:
March 28, 2006
