Employment Arrangement between Overhill Farms, Inc. and John L. Steinbrun

Summary

Overhill Farms, Inc. has an employment arrangement with John L. Steinbrun, who serves as Senior Vice President, Chief Financial Officer, and Chief Operating Officer. Mr. Steinbrun receives a base salary of $250,000, a performance-based discretionary bonus, and a $600 monthly automobile allowance. He was granted stock options to purchase Overhill Farms' common stock, including a five-year option for 50,000 shares at $0.70 per share and additional options for 200,000 shares at prices between $1.47 and $2.50 per share, which vested in 2005.

EX-10.24 4 overhill_10kex10-24.txt EMPLOYMENT ARRANGEMENT - JOHN L. STEINBRUN Exhibit 10.24 DESCRIPTION OF EMPLOYMENT ARRANGEMENT BETWEEN OVERHILL FARMS, INC. AND JOHN L. STEINBRUN John L. Steinbrun, Senior Vice President, Chief Financial Officer and Chief Operating Officer, receives a base salary of $250,000 and a discretionary bonus based on performance, as determined by Overhill Farms' board of directors. Mr. Steinbrun receives an automobile allowance of $600 per month. On April 1, 2003, Mr. Steinbrun was granted an immediately vested and exercisable five-year option to purchase up to 50,000 shares of Overhill Farms' common stock at an exercise price of $0.70 per share. On February 1, 2005, Mr. Steinbrun was granted options to purchase up to 200,000 shares of Overhill Farms' common stock at per share exercise prices ranging from $1.47 to $2.50. The options vested and became exercisable on May 23, 2005.