0000093859-05-000102 Sample Contracts

PERSONAL PROPERTY SALES AGREEMENT
Personal Property Sales Agreement • December 22nd, 2005 • Steak & Shake Co • Retail-eating places

THIS AGREEMENT is made this 16th day of December, 2005, by and among Steak n Shake Operations, Inc., an Indiana corporation ("Seller") and Kelley Operations, Inc., a North Carolina corporation, having its principal office at 4020 Waterford Drive, Charlotte, North Carolina 28226, or its assigns (collectively the "Purchaser").

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STEAK N SHAKE OPERATIONS, INC. UNIT FRANCHISE AGREEMENT Recitals Terms of Agreement Property, Equipment and Furnishings AND UNIFORMS Methods of Payment AND TRADE SECRETS Expiration of this Agreement SIGNATURE PAGE SCHEDULE 1
Franchise Agreement • December 22nd, 2005 • Steak & Shake Co • Retail-eating places • Indiana

THIS AGREEMENT is made and entered into this 16th day of December, 2005, ("Effective Date") by and between STEAK N SHAKE OPERATIONS, INC., an Indiana corporation, with its principal office at 500 Century Building, 36 South Pennsylvania Street, Indianapolis, Indiana 46204 (the "Company") and Kelley Operations, Inc. a North Carolina Corporation with its principal offices at 4020 Waterford Drive, Charlotte, North Carolina 28226. ("Franchisee").

CONTRACT FOR THE PURCHASE AND SALE OF REAL ESTATE
Contract for the Purchase and Sale of Real Estate • December 22nd, 2005 • Steak & Shake Co • Retail-eating places • Indiana

Subject to the terms and provisions contained herein, Steak n Shake Operations, Inc., an Indiana corporation ("Seller"), hereby agrees to sell and convey Kelley Operations, Inc., a North Carolina corporation, having its principal office at 4020 Waterford Drive, Charlotte, North Carolina 28226, and/or its permitted assigns ("Purchaser"), and Purchaser hereby agrees to buy and pay for that certain real property situated in the City of Greenville, Greenville County, South Carolina, containing approximately 1.07 acres of land, more or less, more particularly described on Exhibit "A"attached hereto and made a part hereof, along with all improvements located thereon (collectively the "Real Estate").

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