EXHIBIT 10.05 RETIREMENT AGREEMENT BY AND BETWEEN S. XXX XXXXXXX AND THE
REGISTRANT
TERMINATION OF EMPLOYMENT AGREEMENT
This Termination of Employment Agreement (the "Agreement") is made and
entered into as of the 15th day of August, 2001, by and between The Steak n
Shake Company (the "Company") and S. Xxx Xxxxxxx.
WHEREAS, Ms. S. Xxx Xxxxxxx has served as an employee of the Company since
1983, having served the Company two years prior to that time without pay; and
WHEREAS, Xx. Xxxxxxx'x service to the Company has included a wide range of
important positions, including Vice President, Secretary, and, currently, Vice
Chairwoman of the Board of Directors; and
WHEREAS, Xx. Xxxxxxx has advised the Company that she will retire as an
employee of the Company effective March 1, 2002, and will resign her position as
Vice Chairwoman of the Board of Directors in January, 2004; and
WHEREAS, the Company would like to express its gratitude and appreciation
for Xx. Xxxxxxx'x faithful and distinguished service and for her significant
contributions to the Company's growth and success, as a modern-day founder of
the Company, in conjunction with Xx. X. X. Xxxxxx.
NOW, THERFORE, it is agreed between the parties hereto as follows:
1. Commencing upon Xx. Xxxxxxx'x retirement as an employee of the Company
on March 1, 2002, Xx. Xxxxxxx will be paid the sum of $7,000 per month
($84,000 annually) for the balance of her lifetime.
2. Xx. Xxxxxxx will also remain eligible for coverage under the Company's
medical insurance plans for the balance of her lifetime; provided,
however, that such coverage shall be secondary to Medicare or any
other coverage provided by the Federal government.
3. In consideration of the above, Xx. Xxxxxxx has agreed to make herself
available to the Board for special assignments during her retirement.
It is understood, however, that Xx. Xxxxxxx has no obligation to
accept any particular special assignment.
This Agreement was executed as of the date first set forth above.
THE STEAK N SHAKE COMPANY
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S. Xxx Xxxxxxx X. X. Xxxxxx, Chairman
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Xxxx X. Xxxxxx, President
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