Item 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On November 21, 2008, The Steak n Shake Company (the "Company") entered into amendments (the "Amendments") to our Senior Note Agreement and Revolving Credit Facility (collectively the "Facilities") that are effective for the quarter ended September 24, 2008. The Amendments accomplished a number of goals:

· An extension of the Revolving Credit Facility through and including January 30, 2010;

· A waiver of debt ratio covenants applicable to the last fiscal quarter, enabling the Company to comply with the terms of the Facilities for the fiscal year ended September 24, 2008;

· A reduction in the outstanding balances via the payment of $5,000,000 to each of the two providers of the Facilities;

· A reduction and extension of the real estate collateralization obligation for the Senior Note Agreement to March 30, 2010; this obligation will be waived should the outstanding balance under the Senior Note Agreement reach $5,000,000; and

· A modification to the Revolving Credit Facility's limit to $25,000,000.

Copies of the Amendments are filed as exhibits to this report and are incorporated herein in further response to this item.

Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

99.1 Amendment Number 10 to the Revolving Credit Agreement with Fifth Third Bank, NA

99.2 Amendment Number 9 to the Senior Note Agreement with Prudential Financial

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