Employment Terms Letter Agreement between MGP Ingredients, Inc. and Randy Schrick (Pekin Joint Venture)
This letter agreement outlines the employment terms for Randy Schrick with MGP Ingredients, Inc. during their joint venture at the Pekin, Illinois facility. Randy is guaranteed employment through June 30, 2012, with provisions for reinstatement to his previous corporate position and salary if the joint venture role ends early. He will continue to receive executive benefits, including participation in stock, bonus, retirement, and health plans. MGP Ingredients will cover his moving expenses and provide a company vehicle while he is in Pekin.
Exhibit 10.2
November 11, 2009
Randy Schrick
100 Commercial St.
Atchison, KS 66002
Dear Randy:
Please accept this letter as our mutual understanding of your status with MGP Ingredients, Inc. during our joint venture at the Pekin, IL facility.
· The minimum term of your employment would be through June 30, 2012.
· If your position at Pekin does not work to the joint venture’s satisfaction prior to the above date or a permanent replacement is hired, you would be reinstated to your October 2009 salary and corporate position of VP Engineering.
· You will continue to participate in the MGPI executive stock incentive plan, participate in the MEP bonus plan, ESOP and 401k plans, the Health & Dental program, long term care plan, long term disability plan, and existing base salary.
· Moving expenses to the Pekin area will be provided by MGP Ingredients.
· You will have use of the company vehicle while in Pekin.
We look forward to making this joint venture a tremendous success for all parties involved.
| Sincerely, |
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| /s/ Tim Newkirk |
| /s/ John Speirs | |
| Tim Newkirk |
| John Speirs | |
| CEO and President |
| Chairman | |
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| Accepted: | /s/ Randy Schrick |
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| Randy Schrick |
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