Exhibit 10.6

 

AMENDMENT TO

AMENDED AND RESTATED

INVESTOR RIGHTS AGREEMENT

 

THIS AMENDMENT TO AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT, dated as of
April 16, 2003 (this “Amendment”), is made by and among OVERHILL FARMS, INC., a
Nevada corporation (the “Company”), JAMES RUDIS, an individual (“Rudis”),
WILLIAM E. SHATLEY, an individual (“Shatley”), and LEVINE LEICHTMAN CAPITAL
PARTNERS II, L.P., a California limited partnership (“LLCP”).

 

RECITALS

 

A. The parties hereto are currently parties to that certain Amended and Restated
Investor Rights Agreement dated as of October 29, 2002 (the “Investor Rights
Agreement”), pursuant to which, among other things, the parties thereto amended
and restated the Original Investor Rights Agreement on the terms and subject to
the conditions set forth therein. Capitalized terms used and not defined herein
have the meanings ascribed to them in the Investor Rights Agreement.

 

B. Concurrently herewith, the Company, the entities from time to time parties
thereto as Guarantors (including Overhill Ventures) and LLCP are entering into
that certain Second Amended and Restated Securities Purchase Agreement dated of
even date herewith (the “Securities Purchase Agreement”), pursuant to which,
among other things, the parties thereto are amending and restating the Existing
Securities Purchase Agreement (as defined therein), all on the terms and subject
to the conditions set forth therein.

 

C. Shatley is currently a party to the Investor Rights Agreement and is a
Principal Shareholder thereunder. Shatley has requested that he be removed as a
party to the Investor Rights Agreement and be released from his obligations
thereunder after the date hereof, and the parties hereto have agreed to remove
him as a party and to release him from any of his liabilities or obligations
thereunder arising after the date hereof. Accordingly, the parties hereto wish
to amend the Investor Rights Agreement as provided for herein.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the promises and of the mutual covenants
contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

 

1. Removal of Shatley as a Party. Pursuant to Section 7.9 of the Investor Rights
Agreement, effective on and as of the date hereof, the Investor Rights Agreement
shall be amended by removing Shatley as a party thereto and releasing him from
any of his liabilities or obligations thereunder arising after the date hereof
(provided that nothing herein shall release Shatley from any breach or violation
of his representations, warranties, covenants or obligations under the Investor
Rights Agreement arising prior to or on the date hereof).

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Accordingly, Shatley shall not be a party to the Investor Rights Agreement after
the date hereof and shall have no rights, benefits, liabilities or obligations
thereunder arising after the date hereof, whether as a Principal Shareholder or
otherwise. Without limiting the generality of the foregoing, Shatley shall no
longer be required, or have any right, to agree or consent to any matters
arising under, related to, or in connection with the Investor Rights Agreement,
as amended from time to time.

 

2. Confirmation; Full Force and Effect. The Company and Rudis each acknowledges
and agrees that the removal of Shatley from the Investor Rights Agreement shall
have no effect on their respective liabilities or obligations thereunder. In
addition, the Investor Rights Agreement, as amended hereby, shall remain binding
upon each of the parties thereto and shall remain in full force and effect in
accordance with its terms, as amended hereby. Further, each of the Company and
Rudis expressly ratifies and reaffirms their respective obligations under the
Investor Rights Agreement as amended hereby.

 

3. Miscellaneous.

 

3.1 Entire Agreement. The Investor Rights Agreement, as amended hereby,
constitutes the entire understanding agreement among the parties with respect to
the subject matter hereof and supersedes any prior written or oral agreements or
understandings of the parties hereto with respect to such matter.

 

3.2 Governing Law. IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION,
VALIDITY AND PERFORMANCE, THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS ARISING
HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF CALIFORNIA APPLICABLE TO CONTRACTS MADE AND PERFORMED
IN SUCH STATE, WITHOUT REGARD TO THE CHOICE OF LAW OR CONFLICTS OF LAW
PRINCIPLES THEREOF.

 

3.3 Counterparts. This Amendment may be executed in any number of counterparts
and by facsimile, each of which shall be deemed an original, but all of which
taken together shall constitute one and the same instrument.

 

[REST OF PAGE INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered as of the date first written above.

 

COMPANY

OVERHILL FARMS, INC., a Nevada

corporation

By:

 

/s/ James Rudis

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James Rudis

President and Chief Executive Officer

By:

 

/s/ John Steinbrun

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Senior Vice President and Chief Financial

Officer

RUDIS

/s/ James Rudis

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James Rudis

SHATLEY

/s/ William E. Shatley

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William E. Shatley

LLCP

LEVINE LEICHTMAN CAPITAL PARTNERS II, L.P., a California limited partnership

By:

 

LLCP California Equity Partners II, L.P., a

California limited partnership, its General Partner

   

By:

 

Levine Leichtman Capital Partners, Inc.,

its General Partner

       

By:

 

/s/ Steven E. Hartman

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Steven E. Hartman

Vice President

 

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