Severance Agreement between The Steak n Shake Company and Duane Geiger (January 26, 2010)

Contract Categories: Human Resources › Severance Agreements
Summary

This agreement between The Steak n Shake Company and Duane Geiger replaces any previous employment or severance agreements. It states that if Sardar Biglari is no longer Chairman and CEO of the company, Duane Geiger may choose to end his employment and receive a lump sum severance payment equal to one year of his current base salary. The agreement is effective as of January 26, 2010.

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EX-10.01 2 ex10_01.htm SEVERANCE AGREEMENT ex10_01.htm
SEVERANCE AGREEMENT
 
This Severance Agreement is made and entered into as of January 26, 2010, by and between The Steak n Shake Company (the “Company”) and Duane Geiger.  For valuable consideration as expressly acknowledged by Company and Duane Geiger, Company and Duane Geiger agree to terminate any prior agreement concerning employment, severance or change of control and agree to a new contractual obligation; whereby, only in the event Mr. Biglari ceases to be Chairman and Chief Executive Officer of the Company, shall Mr. Geiger have the option of terminating his employment with the Company and receiving a lump sum severance payment equal to one year of his then current base compensation. 
 

 
/s/ Sardar Biglari
  
January 26, 2010
Sardar Biglari – Chairman and Chief Executive Officer
  
Date

 
/s/ Duane Geiger
  
January 26, 2010
Duane Geiger – Interim Chief Financial Officer
  
Date