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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      filed
      with the Securities and Exchange Commission on December&#160;8,
      2008</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registration
      No. 333-____</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div>
        <hr style="COLOR: black" align="center" noshade size="1" width="100%">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">SECURITIES
      AND EXCHANGE COMMISSION</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Washington,
      D.C. 20549</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman">FORM
      S-8</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">REGISTRATION
      STATEMENT UNDER THE SECURITIES ACT OF 1933</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td colspan="2" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: times new roman">THE
                STEAK N SHAKE COMPANY</font></font></div>
            </td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Exact
                name of registrant as specified in its charter)</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">INDIANA</font></font></div>
            </td>
            <td valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">37-0684070</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(State
                or other jurisdiction of</font></font></div>
            </td>
            <td valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(I.R.S.
                Employer</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Incorporation
                or organization)</font></font></div>
            </td>
            <td valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Identification
                No.)</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">500
                Century Building</font></font></div>
            </td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">36
                South Pennsylvania Street</font></font></div>
            </td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Indianapolis,
                IN 46204</font></font></div>
            </td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(317)
                633-4100</font></font></div>
            </td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Address,
                including zip code and telephone number,
                including</font></font></div>
            </td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">area
                code of registrant&#8217;s principal executive
                offices)</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">The
                Steak n Shake Company 2008 Equity Incentive Plan</font></font></div>
            </td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Full
                Title of the Plan)</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">David
      C. Milne</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">General
      Counsel and Secretary</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">The
      Steak n Shake Company</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">36
      South Pennsylvania Street</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Indianapolis,
      IN 46204</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Name
      and
      address of agent for service)</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(317)
      633-4100</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Telephone
      number, including area code, of agent for service)</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Copy
      to:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">David
      C. Worrell</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Baker
      &amp; Daniels LLP</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">600
      E. 96th Street, Suite 600</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Indianapolis,
      IN 46240</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(317)
      569-9600</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Indicate
      by check mark whether the registrant is a large accelerated filer, an
      accelerated filer, a non-accelerated filer or a smaller reporting
      company.&#160;&#160;See the definitions of &#8220;large accelerated filer,&#8221;
&#8220;accelerated filer&#8221; and &#8220;smaller reporting company&#8221; in Rule 12b-2 of the
      Exchange Act.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="bottom" width="25%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Large
                accelerated filer</font></font></div>
            </td>
            <td align="left" valign="bottom" width="28%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">[&#160;&#160;]</font></font></div>
            </td>
            <td align="left" valign="bottom" width="20%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Accelerated
                Filer</font></font></div>
            </td>
            <td align="left" valign="bottom" width="4%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">[X]</font></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="25%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Non-accelerated
                filer</font></font></div>
            </td>
            <td align="left" valign="bottom" width="28%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">[&#160;&#160;]
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(do
                not check if a smaller reporting company)</font></font></font></div>
            </td>
            <td align="left" valign="bottom" width="20%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Smaller
                Reporting Company</font></font></div>
            </td>
            <td align="left" valign="bottom" width="4%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">[&#160;&#160;]</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">CALCULATION
      OF REGISTRATION FEE</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="24%" style="BORDER-TOP: black 2.25pt double; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Title
                of each Class of</font></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Securities
                to be Registered</font></font></div>
            </td>
            <td valign="top" width="9%" style="BORDER-TOP: black 2.25pt double; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amount
                to be</font></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Registered
                (1)</font></font></div>
            </td>
            <td valign="top" width="16%" style="BORDER-TOP: black 2.25pt double; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Proposed
                Maximum</font></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Offering
                Price per unit (2)</font></font></div>
            </td>
            <td valign="top" width="17%" style="BORDER-TOP: black 2.25pt double; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Proposed
                Maximum</font></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Aggregate
                Offering Price (2)</font></font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-TOP: black 2.25pt double; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amount
                of</font></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">registration
                fee</font></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="24%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Common
                Stock, $.50 stated value</font></font></div>
            </td>
            <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">900,000</font></font></div>
            </td>
            <td valign="bottom" width="16%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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            </td>
            <td align="left" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 18pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(1)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Together
                with an indeterminate number of additional shares which may be necessary
                to adjust the number of shares reserved for the issuance pursuant
                to the
                2008 Equity Incentive Plan (the &#8220;Plan&#8221;) as a result of a stock split,
                stock dividend or similar adjustment of the outstanding Common Stock
                pursuant to Rule&#160;416(a) of the Securities Act of 1933, as
                amended.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 18pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(2)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Estimated
                solely for the purpose of calculating the registration fee in accordance
                with Rule&#160;457(h) under the Securities Act of 1933, based upon the
                average of the high and low sale price of the Common Stock on December
                3,
                2008.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div style="WIDTH: 100%" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        </div>
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">PART
      I</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">INFORMATION
      REQUIRED IN THE SECTION 10(a) PROSPECTUS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">The
      shares of Common Stock being registered on this Registration Statement include
      900,000&#160;shares under the 2008 Equity Incentive Plan.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">The
      documents containing the information specified in Part&#160;I of this
      Registration Statement on Form S-8 will be sent or given to participants in
      the
      plan as specified under Rule&#160;428(b)(1) under the Securities Exchange Act of
      1933, as amended (the &#8220;Securities Act&#8221;).&#160;&#160;Such documents are not
      required to be, and are not being, filed by The Steak n Shake Company (the
      &#8220;Company&#8221; or &#8220;Registrant&#8221;) with the Securities and Exchange Commission (the
&#8220;Commission&#8221;), either as part of this Registration Statement or as prospectuses
      or prospectus supplements pursuant to Rule&#160;424 under the Securities
      Act.&#160;&#160;Such documents, together with the documents incorporated by
      reference herein pursuant to Item&#160;3 of Part&#160;II of this Registration
      Statement on Form&#160;S-8, constitute a prospectus that meets the requirements
      of Section&#160;10(a) of the Securities Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">PART
      II</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">INFORMATION
      REQUIRED IN THE REGISTRATION STATEMENT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Item&#160;3.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Incorporation
                of Documents by Reference. </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">The
      following documents filed by the Company with the Commission are incorporated
      herein by reference:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(a)</font></div>
            </td>
            <td>
              <div style="TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">The
                Company&#8217;s Annual Report on Form&#160;10-K for the fiscal year ended
                September&#160;24, 2008; and </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(b)</font></div>
            </td>
            <td>
              <div style="TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">The
                description of the Company&#8217;s Common Stock that is contained in its
                Registration Statement on Form&#160;8-A filed under Section&#160;12 of the
                Securities Act, on October&#160;28, 1996, including any amendments or
                reports filed for the purpose of updating such description.
                </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">All
      documents filed by the Company pursuant to Sections&#160;13(a), 13(c), 14 and
      15(d) of the Exchange Act subsequent to the filing of this Registration
      Statement and prior to the filing of a post-effective amendment, which indicates
      that all of the securities offered hereby have been sold or which deregisters
      all such securities then remaining unsold, shall be deemed to be incorporated
      by
      reference in this Registration Statement and to be part hereof from the date
      of
      filing of those documents.&#160;&#160;Any statement contained in a document
      incorporated or deemed to be incorporated by reference herein shall be deemed
      to
      be modified or superseded for purposes of this Registration Statement to the
      extent that a statement contained herein or in any other subsequently filed
      document which also is or is deemed to be incorporated by reference herein
      modifies or supersedes such statement.&#160;&#160;Any such statement so modified
      or superseded shall not be deemed, except as so modified or superseded, to
      constitute a part of this Registration Statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">The
      Company will promptly provide without charge to each person to whom a prospectus
      is delivered a copy of any or all information that has been incorporated herein
      by reference (not including exhibits to the information that is incorporated
      by
      reference unless such exhibits are specifically incorporated by reference into
      such information) upon the written or oral request of such person directed
      to
      the Secretary of the Company at its principal offices, 36 S. Pennsylvania,
      Suite
      500, Indianapolis, Indiana 46240, telephone (317) 633-4100.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Item&#160;4.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Description
                of Securities. </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Not
      applicable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Item&#160;5.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Interests
                of Named Experts and Counsel. </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Not
      applicable.</font></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Item&#160;6.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Indemnification
                of Directors and Officers. </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">The
      Indiana Business Corporation Law (&#8220;BCL&#8221;), the provisions of which govern the
      Registrant, empowers an Indiana corporation to indemnify present and former
      directors, officers, employees or agents or any person who may have served
      at
      the request of the corporation as a director, officer, employee or agent of
      another corporation (&#8220;Eligible Persons&#8221;) against liability incurred in any
      proceeding, civil or criminal, in which the Eligible Person is made a party
      by
      reason of being or having been in any such capacity or arising out of his status
      as such, if the individual acted in good faith and reasonably believed that
      (a)
      the individual was acting in the best interests of the corporation, (b) if
      the
      challenged action was taken other than in the individual&#8217;s official capacity as
      an officer, director, employee or agent, the individual&#8217;s conduct was at least
      not opposed to the corporation&#8217;s best interests, or (c) if a criminal
      proceeding, either the individual had reasonable cause to believe his or her
      conduct was lawful or no reasonable cause to believe his or her conduct was
      unlawful.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">The
      BCL
      further empowers a corporation to pay or reimburse the reasonable expenses
      incurred by an Eligible Person in connection with the defense of any such claim
      including counsel fees, and, unless limited by its Articles of Incorporation,
      the corporation is required to indemnify an Eligible Person against reasonable
      expenses if he or she is wholly successful in any such proceeding, on the merits
      or otherwise.&#160;&#160;Under certain circumstances, a corporation may pay or
      reimburse an Eligible Person for reasonable expenses prior to final disposition
      of the matter.&#160;&#160;Unless a corporation&#8217;s Articles of Incorporation
      otherwise provide, an Eligible Person may apply for indemnification to a court
      which may order indemnification upon a determination that the Eligible Person
      is
      entitled to indemnification in view of all the relevant circumstances without
      regard to whether his or her actions satisfied the appropriate standard of
      conduct.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Before
      a
      corporation may indemnify any Eligible Person against liability or reasonable
      expenses under the BCL, a quorum consisting of directors who are not parties
      to
      the proceeding must (1)&#160;determine that indemnification is permissible in
      the specific circumstances because an Eligible Person met the requisite standard
      of conduct, (2)&#160;authorize the corporation to indemnify the Eligible Person
      and (3)&#160;if appropriate, evaluate the reasonableness of expenses for which
      indemnification is sought.&#160;&#160;If it is not possible to obtain a quorum
      of uninvolved directors, the foregoing action may be taken by a committee of
      two
      or more directors who are not parties to the proceeding, special legal counsel
      selected by the Board of Directors or such a committee, or by the shareholders
      of the corporation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">In
      addition to the foregoing, the BCL states that the indemnification it provides
      shall not be deemed exclusive of any other rights to which those indemnified
      may
      be entitled under any provision of the Articles of Incorporation, bylaws,
      resolution or other authorization adopted, after notice by a majority vote
      of
      all the voting shares then issued and outstanding.&#160;&#160;The BCL also
      empowers an Indiana corporation to purchase and maintain insurance on behalf
      of
      any Eligible Person against any liability asserted against or incurred by him
      or
      her in any capacity as such, or arising out of his or her status as such,
      whether or not the corporation would have had the power to indemnify him or
      her
      against such liability.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">The
      Amended and Restated Articles of Incorporation and the Bylaws of the Registrant
      contain provisions pursuant to which the officers and directors of the
      Registrant are entitled to indemnification as a matter of right against expenses
      and liabilities incurred by them by reason of their having acted in such
      capacities if such person has been wholly successful in the defense of such
      claims or acted in good faith in what he or she reasonably believed to be in
      or
      not opposed to the best interests of the Registrant.&#160;&#160;Such rights are
      not exclusive of any other rights of indemnification to which such persons
      may
      be entitled by contract or a matter of law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">The
      Registrant has also entered into Indemnity Agreements with directors and certain
      executive officers, under which they will be provided with indemnification
      and
      the advancement of expenses as a matter of right against expenses and
      liabilities incurred by them by reason of their having acted in such capacities,
      except in certain circumstances where they are adjudged by a court of competent
      jurisdiction to have not met the required standards of conduct.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">The
      Registrant maintains directors&#8217; and officers&#8217; liability insurance, the effect of
      which is to indemnify the directors and officers of the Registrant and its
      subsidiaries against certain losses caused by errors, misleading statements,
      wrongful acts, omissions, neglect or breach of duty by them of any matter
      claimed against them in their capacities as directors or officers.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Item
                7.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Exemption
                from Registration Claimed. </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Not
      applicable.</font></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Item&#160;8.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Exhibits.
                </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">See
      Index
      to Exhibits.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Item&#160;9.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Undertakings.
                </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(a)</font></div>
            </td>
            <td>
              <div style="TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">The
                undersigned Registrant hereby undertakes:
</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 54pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(1)</font></div>
            </td>
            <td>
              <div style="TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">To
                file, during any period in which offers or sales are being made,
                a
                post-effective amendment to this Registration Statement:
                </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 72pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(i)</font></div>
            </td>
            <td>
              <div style="TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">To
                include any prospectus required by Section&#160;10(a)(3) of the Securities
                Act of 1933; </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 54pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(ii)</font></div>
            </td>
            <td>
              <div style="TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">To
                reflect in the prospectus any facts or events arising after the effective
                date of the Registration Statement (or the most recent post-effective
                amendment thereof) which, individually or in the aggregate, represent
                a
                fundamental change in the information set forth in the Registration
                Statement. Notwithstanding the foregoing, any increase or decrease
                in
                volume of securities offered (if the total dollar value of securities
                offered would not exceed that which was registered) and any deviation from
                the low or high end of the estimated maximum offering range may be
                reflected in the form of prospectus filed with the Commission pursuant
                to
                Rule&#160;424(b) if, in the aggregate, the changes in volume and price
                represent no more than a 20&#160;percent change in the maximum aggregate
                offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in
                the Registration Statement; </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 54pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(iii)</font></div>
            </td>
            <td>
              <div style="TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">To
                include any material information with respect to the plan of distribution
                not previously disclosed in the Registration Statement or any material
                change to such information in the registration statement.
                </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Provided,
      however, that paragraphs&#160;(a)(1)(i) and (a)(1)(ii) of this Section do not
      apply if the information required to be included in a post-effective amendment
      by those paragraphs is contained in reports filed with or furnished to the
      Commission by the Registrant pursuant to Section&#160;13 or Section&#160;15(d)
      of the Securities Exchange Act of 1934 that are incorporated by reference in
      the
      Registration Statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 54pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(2)</font></div>
            </td>
            <td>
              <div style="TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">That,
                for the purpose of determining any liability under the Securities
                Act of
                1933, each such post-effective amendment shall be deemed to be a
                new
                registration statement relating to the securities offered therein,
                and the
                offering of such securities at that time shall be deemed to be the
                initial
                bona fide offering thereof. </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 54pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(3)</font></div>
            </td>
            <td>
              <div style="TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">To
                remove from registration by means of a post-effective amendment any
                of the
                securities being registered which remain unsold at the termination
                of the
                offering. </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(b)</font></div>
            </td>
            <td>
              <div style="TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">The
                undersigned Registrant hereby undertakes that, for the purposes of
                determining any liability under the Securities Act of 1933, each
                filing of
                the Registrant&#8217;s annual report pursuant to Section&#160;13(a) or
                Section&#160;15(d) of the Securities Exchange Act of 1934 (and, where
                applicable, each filing of an employee benefit plan&#8217;s annual report
                pursuant to Section&#160;15(d) of the Securities Exchange Act of 1934)
                that is incorporated by reference in this Registration Statement
                shall be
                deemed to be a new registration statement relating to the securities
                offered therein, and the offering of such securities as that time
                shall be
                deemed to be the initial bona fide offering thereof.
                </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 24px">
              <div>&#160;</div>
            </td>
            <td style="WIDTH: 48px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(c)</font></div>
            </td>
            <td width="1169">
              <div style="TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Insofar
                as indemnification for liabilities arising under the Securities Act
                of
                1933 may be permitted to directors, officers and controlling persons
                of
                the Registrant pursuant to the foregoing provisions, or otherwise,
                the
                Registrant has been advised that in the opinion of the Securities
                and
                Exchange Commission such indemnification is against public policy
                as
                expressed in the Act and is, therefore, unenforceable. In the event
                that a
                claim for indemnification against such liabilities (other than the
                payment
                by the Registrant of expenses incurred or paid by a director, officer
                or
                controlling person of the Registrant in the successful defense of
                any
                action, suit or proceeding) is asserted by such director, officer
                or
                controlling person in connection with the securities being registered,
                the
                Registrant will, unless in the opinion of its counsel the matter
                has been
                settled by controlling precedent, submit to a court of appropriate
                jurisdiction the question whether such indemnification by it is against
                public policy as expressed in the Act and will be governed by the
                final
                adjudication of such issue. </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Pursuant
      to the requirements of the Securities Act of 1933, the Registrant certifies
      that
      it has reasonable grounds to believe that it meets all of the requirements
      for
      filing on Form&#160;S-8 and has duly caused this Registration Statement to be
      signed on its behalf by the undersigned, thereunto duly authorized in the City
      of Indianapolis, State of Indiana, on December 8, 2008.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman; FONT-VARIANT: small-caps">The
      Steak N Shake Company</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 11pt">By:&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 11pt; TEXT-DECORATION: underline">/s/
      David
      C. Milne</font></font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 243pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">David
      C.
      Milne</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 243pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">General
      Counsel and Secretary</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div style="WIDTH: 100%" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        </div>
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">POWER
      OF ATTORNEY</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Each
      person whose signature appears below on this Registration Statement hereby
      constitutes and appoints David&#160;C. Milne, with full power to act as his or
      her true and lawful attorney-in-fact and agent, with full power of substitution
      and resubstitution, for him or her and in his or her name, place and stead,
      in
      any and all capacities (unless revoked in writing), to sign any and all
      amendments to the Registrant&#8217;s Form&#160;S-8 Registration Statement, and to file
      the same, with all exhibits thereto, and other documents in connection
      therewith, with the Securities and Exchange Commission, granting to such
      attorney-in-fact and agent full power and authority to do and perform each
      and
      every act and thing requisite and necessary to be done in connection therewith,
      as fully to all intents and purposes as he or she might and could do in person,
      hereby ratifying and confirming all that such attorney-in-fact and agent or
      his
      substitute or substitutes, may lawfully do or cause to be done by virtue
      hereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Pursuant
      to the requirements of the Securities Act of 1933, this Registration Statement
      has been signed by the following persons in the capacities indicated as of
      November 10, 2008.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="37%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 11pt">Signature</font></font></div>
            </td>
            <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="33%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 11pt">Title</font></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="37%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">/s/
                Sardar Biglari</font></div>
            </td>
            <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="33%">
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          <tr>
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          <tr>
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                William J. Regan, Jr.</font></div>
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          <tr>
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          <tr>
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          <tr>
            <td align="left" valign="top" width="37%" style="BORDER-BOTTOM: black 2px solid">
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          <tr>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">J.
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          <tr>
            <td valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr>
            <td align="left" valign="top" width="37%" style="BORDER-BOTTOM: black 2px solid">
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                John W. Ryan</font></div>
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          </tr>
          <tr>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">John
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          <tr>
            <td valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr>
            <td align="left" valign="top" width="37%" style="BORDER-BOTTOM: black 2px solid">
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                Steven M. Schmidt</font></div>
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          <tr>
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          <tr>
            <td valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="33%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="37%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">/s/
                Edward W. Wilhelm</font></div>
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            <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          </tr>
          <tr>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Edward
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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div style="WIDTH: 100%" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        </div>
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">THE
      STEAK N SHAKE COMPANY</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">INDEX
      TO EXHIBITS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
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                No.</font></font></div>
            </td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="83%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 11pt">Description
                of
                Exhibit</font></font></div>
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          </tr>
          <tr>
            <td valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">4.1</font></div>
            </td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Amended
                and Restated Articles of Incorporation of The Steak n Shake Company,
                filed
                March&#160;27, 2002 (incorporated by reference to the Registrant's
                definitive Proxy Statement dated December&#160;19, 2001 related to the
                2002 Annual Meeting of Shareholders).</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="83%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">4.2</font></div>
            </td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Restated
                Bylaws of The Steak n Shake Company, as amended, dated June 19, 2008
                (incorporated by reference to Exhibit 3.1 to the Registrant's Current
                Report on Form 8-K dated June 19, 2008).</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="83%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">4.3</font></div>
            </td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Specimen
                certificate representing Common Stock of The Steak n Shake Company
                (incorporated by reference to Exhibit&#160;4.01 to the Registrant&#8217;s
                Quarterly Report on Form&#160;10-Q for the fiscal quarter ended
                April&#160;11, 2001).</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="83%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">4.4</font></div>
            </td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">The
                Steak n Shake Company 2008 Equity Incentive Plan (incorporated by
                reference to Appendix&#160;A to the Registrant&#8217;s definitive Proxy
                Statement dated February 8, 2008).</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="83%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">5.1</font></div>
            </td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Opinion
                of Baker &amp; Daniels LLP.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="83%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">23.1</font></div>
            </td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Consent
                of Baker &amp; Daniels LLP (Included as part of
                Exhibit&#160;5.1).</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="83%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">23.2</font></div>
            </td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Consent
                of Deloitte &amp; Touche LLP.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="83%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">24.1</font></div>
            </td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Power
                of Attorney (See Signature
                Page).</font></div>
            </td>
          </tr>

      </table>
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[{"type": "S-8", "sequence": "1", "filename": "forms8_2008.htm", "description": "FORM S-8 2008", "secsgml_size_bytes": 104575}]
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forms8_2008.htm
As
      filed
      with the Securities and Exchange Commission on December 8,
      2008
Registration
      No. 333-____
SECURITIES
      AND EXCHANGE COMMISSION
Washington,
      D.C. 20549
FORM
      S-8
REGISTRATION
      STATEMENT UNDER THE SECURITIES ACT OF 1933
THE
                STEAK N SHAKE COMPANY
(Exact
                name of registrant as specified in its charter)
INDIANA
37-0684070
(State
                or other jurisdiction of
(I.R.S.
                Employer
Incorporation
                or organization)
Identification
                No.)
500
                Century Building
36
                South Pennsylvania Street
Indianapolis,
                IN 46204
(317)
                633-4100
(Address,
                including zip code and telephone number,
                including
area
                code of registrant's principal executive
                offices)
The
                Steak n Shake Company 2008 Equity Incentive Plan
(Full
                Title of the Plan)
David
      C. Milne
General
      Counsel and Secretary
The
      Steak n Shake Company
36
      South Pennsylvania Street
Indianapolis,
      IN 46204
(Name
      and
      address of agent for service)
(317)
      633-4100
(Telephone
      number, including area code, of agent for service)
Copy
      to:
David
      C. Worrell
Baker
      & Daniels LLP
600
      E. 96th Street, Suite 600
Indianapolis,
      IN 46240
(317)
      569-9600
Indicate
      by check mark whether the registrant is a large accelerated filer, an
      accelerated filer, a non-accelerated filer or a smaller reporting
      company.  See the definitions of "large accelerated filer,"
"accelerated filer" and "smaller reporting company" in Rule 12b-2 of the
      Exchange Act.
Large
                accelerated filer
[  ]
Accelerated
                Filer
[X]
Non-accelerated
                filer
[  ]
(do
                not check if a smaller reporting company)
Smaller
                Reporting Company
[  ]
CALCULATION
      OF REGISTRATION FEE
Title
                of each Class of
Securities
                to be Registered
Amount
                to be
Registered
                (1)
Proposed
                Maximum
Offering
                Price per unit (2)
Proposed
                Maximum
Aggregate
                Offering Price (2)
Amount
                of
registration
                fee
Common
                Stock, $.50 stated value
900,000
$4.33
$3,897,000
$153.16
(1)
Together
                with an indeterminate number of additional shares which may be necessary
                to adjust the number of shares reserved for the issuance pursuant
                to the
                2008 Equity Incentive Plan (the "Plan") as a result of a stock split,
                stock dividend or similar adjustment of the outstanding Common Stock
                pursuant to Rule 416(a) of the Securities Act of 1933, as
                amended.
(2)
Estimated
                solely for the purpose of calculating the registration fee in accordance
                with Rule 457(h) under the Securities Act of 1933, based upon the
                average of the high and low sale price of the Common Stock on December
                3,
                2008.
PART
      I
INFORMATION
      REQUIRED IN THE SECTION 10(a) PROSPECTUS
The
      shares of Common Stock being registered on this Registration Statement include
      900,000 shares under the 2008 Equity Incentive Plan.
The
      documents containing the information specified in Part I of this
      Registration Statement on Form S-8 will be sent or given to participants in
      the
      plan as specified under Rule 428(b)(1) under the Securities Exchange Act of
      1933, as amended (the "Securities Act").  Such documents are not
      required to be, and are not being, filed by The Steak n Shake Company (the
      "Company" or "Registrant") with the Securities and Exchange Commission (the
"Commission"), either as part of this Registration Statement or as prospectuses
      or prospectus supplements pursuant to Rule 424 under the Securities
      Act.  Such documents, together with the documents incorporated by
      reference herein pursuant to Item 3 of Part II of this Registration
      Statement on Form S-8, constitute a prospectus that meets the requirements
      of Section 10(a) of the Securities Act.
PART
      II
INFORMATION
      REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation
                of Documents by Reference.
The
      following documents filed by the Company with the Commission are incorporated
      herein by reference:
(a)
The
                Company's Annual Report on Form 10-K for the fiscal year ended
                September 24, 2008; and
(b)
The
                description of the Company's Common Stock that is contained in its
                Registration Statement on Form 8-A filed under Section 12 of the
                Securities Act, on October 28, 1996, including any amendments or
                reports filed for the purpose of updating such description.
All
      documents filed by the Company pursuant to Sections 13(a), 13(c), 14 and
      15(d) of the Exchange Act subsequent to the filing of this Registration
      Statement and prior to the filing of a post-effective amendment, which indicates
      that all of the securities offered hereby have been sold or which deregisters
      all such securities then remaining unsold, shall be deemed to be incorporated
      by
      reference in this Registration Statement and to be part hereof from the date
      of
      filing of those documents.  Any statement contained in a document
      incorporated or deemed to be incorporated by reference herein shall be deemed
      to
      be modified or superseded for purposes of this Registration Statement to the
      extent that a statement contained herein or in any other subsequently filed
      document which also is or is deemed to be incorporated by reference herein
      modifies or supersedes such statement.  Any such statement so modified
      or superseded shall not be deemed, except as so modified or superseded, to
      constitute a part of this Registration Statement.
The
      Company will promptly provide without charge to each person to whom a prospectus
      is delivered a copy of any or all information that has been incorporated herein
      by reference (not including exhibits to the information that is incorporated
      by
      reference unless such exhibits are specifically incorporated by reference into
      such information) upon the written or oral request of such person directed
      to
      the Secretary of the Company at its principal offices, 36 S. Pennsylvania,
      Suite
      500, Indianapolis, Indiana 46240, telephone (317) 633-4100.
Item 4.
Description
                of Securities.
Not
      applicable.
Item 5.
Interests
                of Named Experts and Counsel.
Not
      applicable.
Item 6.
Indemnification
                of Directors and Officers.
The
      Indiana Business Corporation Law ("BCL"), the provisions of which govern the
      Registrant, empowers an Indiana corporation to indemnify present and former
      directors, officers, employees or agents or any person who may have served
      at
      the request of the corporation as a director, officer, employee or agent of
      another corporation ("Eligible Persons") against liability incurred in any
      proceeding, civil or criminal, in which the Eligible Person is made a party
      by
      reason of being or having been in any such capacity or arising out of his status
      as such, if the individual acted in good faith and reasonably believed that
      (a)
      the individual was acting in the best interests of the corporation, (b) if
      the
      challenged action was taken other than in the individual's official capacity as
      an officer, director, employee or agent, the individual's conduct was at least
      not opposed to the corporation's best interests, or (c) if a criminal
      proceeding, either the individual had reasonable cause to believe his or her
      conduct was lawful or no reasonable cause to believe his or her conduct was
      unlawful.
The
      BCL
      further empowers a corporation to pay or reimburse the reasonable expenses
      incurred by an Eligible Person in connection with the defense of any such claim
      including counsel fees, and, unless limited by its Articles of Incorporation,
      the corporation is required to indemnify an Eligible Person against reasonable
      expenses if he or she is wholly successful in any such proceeding, on the merits
      or otherwise.  Under certain circumstances, a corporation may pay or
      reimburse an Eligible Person for reasonable expenses prior to final disposition
      of the matter.  Unless a corporation's Articles of Incorporation
      otherwise provide, an Eligible Person may apply for indemnification to a court
      which may order indemnification upon a determination that the Eligible Person
      is
      entitled to indemnification in view of all the relevant circumstances without
      regard to whether his or her actions satisfied the appropriate standard of
      conduct.
Before
      a
      corporation may indemnify any Eligible Person against liability or reasonable
      expenses under the BCL, a quorum consisting of directors who are not parties
      to
      the proceeding must (1) determine that indemnification is permissible in
      the specific circumstances because an Eligible Person met the requisite standard
      of conduct, (2) authorize the corporation to indemnify the Eligible Person
      and (3) if appropriate, evaluate the reasonableness of expenses for which
      indemnification is sought.  If it is not possible to obtain a quorum
      of uninvolved directors, the foregoing action may be taken by a committee of
      two
      or more directors who are not parties to the proceeding, special legal counsel
      selected by the Board of Directors or such a committee, or by the shareholders
      of the corporation.
In
      addition to the foregoing, the BCL states that the indemnification it provides
      shall not be deemed exclusive of any other rights to which those indemnified
      may
      be entitled under any provision of the Articles of Incorporation, bylaws,
      resolution or other authorization adopted, after notice by a majority vote
      of
      all the voting shares then issued and outstanding.  The BCL also
      empowers an Indiana corporation to purchase and maintain insurance on behalf
      of
      any Eligible Person against any liability asserted against or incurred by him
      or
      her in any capacity as such, or arising out of his or her status as such,
      whether or not the corporation would have had the power to indemnify him or
      her
      against such liability.
The
      Amended and Restated Articles of Incorporation and the Bylaws of the Registrant
      contain provisions pursuant to which the officers and directors of the
      Registrant are entitled to indemnification as a matter of right against expenses
      and liabilities incurred by them by reason of their having acted in such
      capacities if such person has been wholly successful in the defense of such
      claims or acted in good faith in what he or she reasonably believed to be in
      or
      not opposed to the best interests of the Registrant.  Such rights are
      not exclusive of any other rights of indemnification to which such persons
      may
      be entitled by contract or a matter of law.
The
      Registrant has also entered into Indemnity Agreements with directors and certain
      executive officers, under which they will be provided with indemnification
      and
      the advancement of expenses as a matter of right against expenses and
      liabilities incurred by them by reason of their having acted in such capacities,
      except in certain circumstances where they are adjudged by a court of competent
      jurisdiction to have not met the required standards of conduct.
The
      Registrant maintains directors' and officers' liability insurance, the effect of
      which is to indemnify the directors and officers of the Registrant and its
      subsidiaries against certain losses caused by errors, misleading statements,
      wrongful acts, omissions, neglect or breach of duty by them of any matter
      claimed against them in their capacities as directors or officers.
Item
                7.
Exemption
                from Registration Claimed.
Not
      applicable.
Item 8.
Exhibits.
See
      Index
      to Exhibits.
Item 9.
Undertakings.
(a)
The
                undersigned Registrant hereby undertakes:
(1)
To
                file, during any period in which offers or sales are being made,
                a
                post-effective amendment to this Registration Statement:
(i)
To
                include any prospectus required by Section 10(a)(3) of the Securities
                Act of 1933;
(ii)
To
                reflect in the prospectus any facts or events arising after the effective
                date of the Registration Statement (or the most recent post-effective
                amendment thereof) which, individually or in the aggregate, represent
                a
                fundamental change in the information set forth in the Registration
                Statement. Notwithstanding the foregoing, any increase or decrease
                in
                volume of securities offered (if the total dollar value of securities
                offered would not exceed that which was registered) and any deviation from
                the low or high end of the estimated maximum offering range may be
                reflected in the form of prospectus filed with the Commission pursuant
                to
                Rule 424(b) if, in the aggregate, the changes in volume and price
                represent no more than a 20 percent change in the maximum aggregate
                offering price set forth in the "Calculation of Registration Fee" table in
                the Registration Statement;
(iii)
To
                include any material information with respect to the plan of distribution
                not previously disclosed in the Registration Statement or any material
                change to such information in the registration statement.
Provided,
      however, that paragraphs (a)(1)(i) and (a)(1)(ii) of this Section do not
      apply if the information required to be included in a post-effective amendment
      by those paragraphs is contained in reports filed with or furnished to the
      Commission by the Registrant pursuant to Section 13 or Section 15(d)
      of the Securities Exchange Act of 1934 that are incorporated by reference in
      the
      Registration Statement.
(2)
That,
                for the purpose of determining any liability under the Securities
                Act of
                1933, each such post-effective amendment shall be deemed to be a
                new
                registration statement relating to the securities offered therein,
                and the
                offering of such securities at that time shall be deemed to be the
                initial
                bona fide offering thereof.
(3)
To
                remove from registration by means of a post-effective amendment any
                of the
                securities being registered which remain unsold at the termination
                of the
                offering.
(b)
The
                undersigned Registrant hereby undertakes that, for the purposes of
                determining any liability under the Securities Act of 1933, each
                filing of
                the Registrant's annual report pursuant to Section 13(a) or
                Section 15(d) of the Securities Exchange Act of 1934 (and, where
                applicable, each filing of an employee benefit plan's annual report
                pursuant to Section 15(d) of the Securities Exchange Act of 1934)
                that is incorporated by reference in this Registration Statement
                shall be
                deemed to be a new registration statement relating to the securities
                offered therein, and the offering of such securities as that time
                shall be
                deemed to be the initial bona fide offering thereof.
(c)
Insofar
                as indemnification for liabilities arising under the Securities Act
                of
                1933 may be permitted to directors, officers and controlling persons
                of
                the Registrant pursuant to the foregoing provisions, or otherwise,
                the
                Registrant has been advised that in the opinion of the Securities
                and
                Exchange Commission such indemnification is against public policy
                as
                expressed in the Act and is, therefore, unenforceable. In the event
                that a
                claim for indemnification against such liabilities (other than the
                payment
                by the Registrant of expenses incurred or paid by a director, officer
                or
                controlling person of the Registrant in the successful defense of
                any
                action, suit or proceeding) is asserted by such director, officer
                or
                controlling person in connection with the securities being registered,
                the
                Registrant will, unless in the opinion of its counsel the matter
                has been
                settled by controlling precedent, submit to a court of appropriate
                jurisdiction the question whether such indemnification by it is against
                public policy as expressed in the Act and will be governed by the
                final
                adjudication of such issue.
SIGNATURES
Pursuant
      to the requirements of the Securities Act of 1933, the Registrant certifies
      that
      it has reasonable grounds to believe that it meets all of the requirements
      for
      filing on Form S-8 and has duly caused this Registration Statement to be
      signed on its behalf by the undersigned, thereunto duly authorized in the City
      of Indianapolis, State of Indiana, on December 8, 2008.
The
      Steak N Shake Company
By:
/s/
      David
      C. Milne
David
      C.
      Milne
General
      Counsel and Secretary
POWER
      OF ATTORNEY
Each
      person whose signature appears below on this Registration Statement hereby
      constitutes and appoints David C. Milne, with full power to act as his or
      her true and lawful attorney-in-fact and agent, with full power of substitution
      and resubstitution, for him or her and in his or her name, place and stead,
      in
      any and all capacities (unless revoked in writing), to sign any and all
      amendments to the Registrant's Form S-8 Registration Statement, and to file
      the same, with all exhibits thereto, and other documents in connection
      therewith, with the Securities and Exchange Commission, granting to such
      attorney-in-fact and agent full power and authority to do and perform each
      and
      every act and thing requisite and necessary to be done in connection therewith,
      as fully to all intents and purposes as he or she might and could do in person,
      hereby ratifying and confirming all that such attorney-in-fact and agent or
      his
      substitute or substitutes, may lawfully do or cause to be done by virtue
      hereof.
Pursuant
      to the requirements of the Securities Act of 1933, this Registration Statement
      has been signed by the following persons in the capacities indicated as of
      November 10, 2008.
Signature
Title
/s/
                Sardar Biglari
Chairman
                of the Board, Chief Executive Officer (Principal Executive Officer)
                and
                Director
Sardar
                Biglari
/s/
                Duane E. Geiger
Interim
                CFO, Vice President, Controller (Principal Financial and Accounting
                Officer)
Duane
                E. Geiger
/s/
                Philip L. Cooley
Director
Philip
                L. Cooley
/s/
                Wayne L. Kelley
Director
Wayne
                L. Kelley
/s/
                Ruth J. Person
Director
Ruth
                J. Person
/s/
                William J. Regan, Jr.
Director
William
                J. Regan, Jr.
/s/
                J. Fred Risk
Director
J.
                Fred Risk
/s/
                John W. Ryan
Director
John
                W. Ryan
/s/
                Steven M. Schmidt
Director
Steven
                M. Schmidt
/s/
                Edward W. Wilhelm
Director
Edward
                W. Wilhelm
THE
      STEAK N SHAKE COMPANY
INDEX
      TO EXHIBITS
Exhibit
                No.
Description
                of
                Exhibit
4.1
Amended
                and Restated Articles of Incorporation of The Steak n Shake Company,
                filed
                March 27, 2002 (incorporated by reference to the Registrant's
                definitive Proxy Statement dated December 19, 2001 related to the
                2002 Annual Meeting of Shareholders).
4.2
Restated
                Bylaws of The Steak n Shake Company, as amended, dated June 19, 2008
                (incorporated by reference to Exhibit 3.1 to the Registrant's Current
                Report on Form 8-K dated June 19, 2008).
4.3
Specimen
                certificate representing Common Stock of The Steak n Shake Company
                (incorporated by reference to Exhibit 4.01 to the Registrant's
                Quarterly Report on Form 10-Q for the fiscal quarter ended
                April 11, 2001).
4.4
The
                Steak n Shake Company 2008 Equity Incentive Plan (incorporated by
                reference to Appendix A to the Registrant's definitive Proxy
                Statement dated February 8, 2008).
5.1
Opinion
                of Baker & Daniels LLP.
23.1
Consent
                of Baker & Daniels LLP (Included as part of
                Exhibit 5.1).
23.2
Consent
                of Deloitte & Touche LLP.
24.1
Power
                of Attorney (See Signature
                Page).