Board Member Fee Deferral Agreement between MGP Ingredients, Inc. and Board Member (March 2009)
This agreement is between MGP Ingredients, Inc. and a member of its board of directors. Due to economic conditions, the board member agrees to defer all board fees and retainers from March 3, 2009, until June 30, 2009. After this period, fees will be paid as usual, and the deferred amount will be paid in a lump sum on June 30, 2009. The agreement helps the company manage short-term liquidity by temporarily reducing cash outflows.
Exhibit 10.2
AGREEMENT
THIS AGREEMENT, made and entered into this day of March, 2009, by and between (the “Board Member”) and MGP Ingredients, Inc. (the “Company”).
WITNESSETH:
WHEREAS, the Board Member is currently a board of director for the Company.
WHEREAS, the Company, because of current economic circumstances, has need for additional liquidity by the reduction of expenses, and the Board Member is willing to assist the Company in dealing with short-term liquidity issues by agreeing to a short-term compensation adjustment agreement.
NOW, THEREFORE, the parties here to agree as follows:
1. The Board Member agrees that the Board Member’s fees and retainer (the “Fees”) payable during the period commencing March 3, 2009, and ending as of June 30, 2009, may be temporarily adjusted by deferring payment of said Fees in their entirety until June 30, 2009.
2. For the period beginning July 1, 2009, Board Member’s Fees shall no longer be deferred but paid in the ordinary course..
3. The Company shall pay to the Board Member in a lump sum the cumulative amount of Fees deferred on June 30, 2009..
This Agreement executed as of the day and year first above written.
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| [Name of Board Member] | |
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| Board Member | |
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| MGP INGREDIENTS, INC. | |
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| By: |
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| Title: CEO, President | |
