Salary Restructuring Agreement between Overhill Farms, Inc. and Andrew Horvath (April 2003)
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Summary
Overhill Farms, Inc. and Andrew Horvath have agreed to restructure Mr. Horvath's salary under his existing employment contract. From May 1, 2003, through October 31, 2003, his monthly salary will be reduced from $11,666.67 to $9,166.67. The deferred portion ($2,000 per month, totaling $12,000) will be paid in a lump sum at the end of the contract if no new employment terms are reached. All other rights and obligations under the original employment agreement remain unchanged.
EX-10.2 5 overhill_8kex10-2.txt EXHIBIT 10.2 [OVERHILL FARMS LETTERHEAD] April 15, 2003 Mr. Andrew Horvath Overhill Farms, Inc. 2727 East Vernon Avenue Vernon, CA 90058 Dear Mr. Horvath: Pursuant to your agreement with Overhill Farms, we are restructuring your salary payable under your employment contract of effective as of May 1, 2003. Pursuant to the terms of your employment agreement you are currently entitled to a monthly salary of $11,666.67. We have agreed that your salary will be paid at the monthly rate of $9,166.67 throughout the term of your employment contract, which expires on October 31, 2003. The remaining $2,000 per month ($12,000 aggregate) will be paid to you in a lump sum upon the expiration of your employment agreement, if you do not reach satisfactory terms for continued employment with Overhill Farms. Any offer by the company for continued employment following the expiration of the primary term of your existing employment agreement, will take into consideration the deferment. agreed to herein. The retraining rights and obligation of each party pursuant to your employment agreement will not be altered by this agreement and shall remain in full force and effect. If the forgoing accurately sets forth our agreement with respect to this matter, please indicate you acquiescence to the same by executing a copy of this letter and returning it to me. Very truly yours. /s/ JIM RUDIS Jim Rudis President & CEO President & CEO My countersignature of this letter constitutes my agreement to the terms and conditions hereof. /S/ ANDREW HORVATH APR 15, 2003 - ---------------------------------- ------------------------------ Andrew Horvath Date
