Document:

kl09040_ex10-2.htm

    
      

    

    Exhibit
      10.2

     

    
 

    
      [Genco
        Shipping Letterhead]

    

     

     

     

                                September
      21,
      2007

     

    Mr.
      John
      C. Wobensmith

    Genco
      Shipping & Trading Limited

    299
      Park
      Avenue, 20th Floor

    New
      York,
      NY  10171

     

    Dear
      Mr.
      Wobensmith:

     

    The
      purpose of this letter is to set forth the agreement (this "Agreement") with
      respect to the terms of your continued employment by Genco Shipping &
Trading Limited. (“Genco” or the “Company”).  As used in this
      Agreement, the term “Genco Group” means and includes the Company and each of its
      subsidiaries and controlled affiliates and joint ventures from time to
      time.  It is agreed as follows:

     

    1.  Subject
      to the terms and conditions of this Agreement, Genco agrees to continue to
      employ you and you agree to continue to be employed by Genco, effective
      September 21, 2007 (the “Effective Date”).

     

    2.  Subject
      to the terms and conditions of this Agreement, your employment with Genco shall
      be for an initial term of two (2) years from the date of this Agreement (the
      “Term”).  Unless either party provides at least ninety (90) days
      written notice to the other prior to the expiration of the Term of its intent
      not to extend this Agreement, the Term shall be automatically extended for
      a
      period of one-year, and the same procedure shall apply each year
      successively.   The terms and conditions of this Agreement shall
      remain in force during the Term.  Any failure to renew this Agreement
      on the Company’s part shall be a termination without Cause and the terms of
      Section 6(c) below shall apply.

     

    3.  During
      the Term, your titles shall be Chief Financial Officer, Principal Accounting
      Officer, Secretary and Treasurer and/or such other titles of a senior executive
      nature as the Board of Directors may assign to you.  You shall report
      to the Board of Directors.  You shall have such specific duties,
      responsibilities and authority (including without limitation service as an
      officer, director or equivalent position of any subsidiary, affiliated company
      or venture of the Genco  Group, without additional compensation) as
      may be assigned to you by the Board of Directors of Genco, and in the absence
      of
      such assignment, such duties, responsibilities and authority as are customary
      to
      your positions.

     

    4.  During
      your employment, you shall devote your full business time, attention, energy
      and
      best efforts to the business and affairs of Genco (and the members of the Genco
      Group to the extent requested pursuant to Section 3 above).  You shall
      abide by all applicable policies of the Company and the Genco Group from time
      to
      time in effect known to you or provided to you

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    electronically
      or in writing.  You agree that you shall not engage in or be
      interested in any capacity in any activity that is contrary to the interest
      of
      Genco, or that is reasonably deemed by Genco to be harmful to Genco’s business
      interests, unless such activity is fully disclosed and approved in writing
      prior
      to the undertaking by the Board of Directors of Genco.   To the
      extent consistent with your duties and responsibilities hereunder, you may
      (a) engage in charitable, educational and community affairs, including
      serving on the board of directors of any charitable, educational or community
      organization, (b) manage your own passive investments, (c) upon
      approval of the Board of Directors of the Company or a committee thereof, serve
      as a director of another company and (d) engage in activities approved by
      the Board of Directors.

     

    5.    
(a)    In
      consideration of your services, you shall be paid an annualized base salary
      of
      $300,000 during your employment (“Base Salary”), payable in accordance with
      Genco’s normal payroll practices.  Your Base Salary shall be reviewed
      annually by Genco’s Compensation Committee, and may be subject to increase, but
      not decrease, during the Term.

     

    (b)    In
      addition, you shall be eligible to receive annual discretionary bonus
      compensation.  The amount of such bonus, if any, shall be in the
      Compensation Committee’s sole discretion.

     

    (c)    You
      shall
      be eligible to receive Restricted Stock and other equity grants from time to
      time pursuant to the Company’s 2005 Equity Incentive Plan, as amended from time
      to time, or any successor employee stock incentive or option plan in accordance
      with the terms and conditions thereof.

     

    (d)    You
      shall
      be entitled to four (4) weeks paid vacation per calendar year.  You
      shall also be entitled to employee benefits on the same basis as those benefits
      are made available to other Genco employees in comparable
      positions.  Genco will also bear the cost, up to $20,000 per annum
      during the Term, of long-term disability coverage and life insurance for your
      benefit .

     

    (e)    Genco
      will
      reimburse you, in accordance with its standard policies from time to time in
      effect, for such reasonable and necessary out-of-pocket business expenses as
      may
      be incurred by you during your employment in the performance of your duties
      and
      responsibilities for any member of the Genco Group.  You will provide
      documentation of such expenses as reasonably required under standard Company
      policies from time to time.

     

    (f)    Genco
      will
      also reimburse you for reasonable legal fees incurred by you in the negotiation
      of this Agreement up to $25,000.

     

    (g)    All
      salary
      and other payments by Genco are subject to all required withholdings and such
      deductions as you may instruct Genco to take.

     

    6.    
(a)    Genco
      may
      immediately terminate your employment for Cause (as defined
      herein).  In such event, or if you resign (other than for Good Reason
      or Disability (as defined below)) or retire as an employee of Genco, the
      obligations of Genco shall cease immediately and you shall not be entitled
      to
      any further payments of any kind except for (i) an amount equal to your
      accrued but unpaid Base Salary through the Termination Date (as defined below
      in
      Section

     

     

    
      
        
        

      

      
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    6(e));
      (ii) any amounts owing to you but not yet paid, including without
      limitation, any bonus payments awarded for any performance period that has
      ended
      and any business expenses required to be reimbursed under Section 5(e), and
      (iii) other payments entitlements and benefits, if any, in accordance with
      applicable plans, programs, arrangements of, or any agreement, including this
      Agreement, with the Company or any affiliate.  For purposes of this
      Agreement, Cause shall include:

     

    
      	
              (i)  

            	
              any
                act or failure to act by you involving fraud, material theft or
                embezzlement;

            

    

     

    
      	
              (ii)  

            	
              conviction
                of (or a plea of nolo contendere to) a crime that constitutes a felony
                or
                other crime involving moral turpitude, in either case within the
                meaning
                of applicable law;

            

    

     

    
      	
              (iii)  

            	
              in
                carrying out your duties for the Company, you engage in conduct that
                constitutes willful gross neglect or willful gross misconduct resulting,
                in either case, in material economic harm to the Company;
                or

            

    

     

    
      	
              (iv)  

            	
              failure
                or refusal to perform or observe any of your material duties,
                responsibilities or obligations set forth in this Agreement or your
                failure to follow the directions of an officer of Genco to whom you
                report
                or of the Board of Directors.

            

    

     

    Notwithstanding
      anything herein to the contrary, your employment shall not be terminated for
      Cause under Section 6(a)(i), (iii) or (iv) above unless you are given notice
      by
      the Company of circumstances constituting the basis for such termination and,
      if
      such circumstances are curable, for thirty (30) days after receipt of such
      notice you have failed to cure them.

     

    (b)           In
      the event of your death, or termination of your employment due to Disability
      (as
      defined below), the Company will pay to you (or your estate or legal
      representative, as the case may be) in a lump sum within thirty (30) days after
      the Termination Date, an amount equal to the sum of (i) Base Salary plus a
      Pro-rata Bonus (as defined below in Section 6(c)) through the Termination Date
      and (ii) one year’s Base Salary and shall provide you and your eligible
      dependents in the case of Disability continued medical, dental, long-term
      disability and life insurance at the Company’s cost, for a period of twelve (12)
      months from the Termination Date to the extent available under the Company’s
      applicable plans or programs.  In addition, the Company agrees that
      your rights under COBRA to continued medical and dental coverage shall be deemed
      to commence after the expiration of the 12-month period described above, so
      long
      as the Company’s policies allow such a commencement.  Finally, you (or
      your estate or legal representative, as the case may be) shall be entitled
      to
      any amounts owing to you but not  yet paid, including without
      limitation, any bonus payments awarded for any performance period that has
      ended
      and any business expenses required to be reimbursed under Section 5(e) as
      well as any payments, entitlements and benefits, if any, in accordance with
      applicable plans, programs, arrangements, or any agreement, including this
      Agreement, with, the Company or any affiliate.

     

     

    
      
        
        

      

      
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    For
      purposes of this Agreement, “Disability” shall mean your inability to perform
      your duties and responsibilities as contemplated under this Agreement for a
      period of more than 180 consecutive days, or for a period aggregating more
      than
      240 days, whether or not continuous, during any 360-day period, due to physical
      or mental incapacity or impairment as determined in accordance
      herewith.  A determination of Disability will be made by a physician
      satisfactory to both you and the Company; provided that if you and the Company
      cannot agree as to a physician, then each will select a physician and these
      two
      together will select a third physician, whose determination as to Disability
      will be binding on you and the Company.  You, your legal
      representative or any adult member of your immediate family shall have the
      right
      to present to the Company and such physician such information and arguments
      on
      your behalf as you or they deem appropriate, including the opinion of your
      personal physician.  Should your employment be terminated due to
      Disability, all base salary and other compensation otherwise due to you
      hereunder shall be continued through the date on which your employment is
      terminated for Disability.

     

    (c)           In
      the event of your resignation for Good Reason, or in the event that your
      employment is terminated by Genco, other than in accordance with Section 6(a)
      or
      (b), you shall be entitled to receive (i) your Base Salary through the
      Termination Date; (ii)  a lump sum payment equal in amount to double your
      annualized base salary, as determined on the Termination Date, less all
      deductions and withholdings; (iii) a lump sum payment equal to double the
      average of your three (3) prior years’ Annual Incentive Award (or, if
      applicable, such lesser period that you were employed by the Company) payable
      within twenty (20) days of your termination date and (iv) a pro-rata Bonus
      for the year in which the Termination Date occurs equal to the amount by which
      (x) the amount determined by multiplying the average Annual Incentive Award
      granted to you during the three years preceding the year in which the
      Termination Date occurs (or, if applicable, such lesser period that you were
      employed by the Company) by a fraction, the numerator of which is the number
      of
      days you were employed by the Company during the year of termination and the
      denominator of which is 365 exceeds (y) the value of any Annual Incentive
      Award granted or paid to you in respect of the year of termination (“Pro-rata
      Bonus”) payable within twenty (20) days of your termination date.  For
      purposes of this Agreement, “Annual Incentive Award” for any year shall mean the
      cash bonus earned by you for such year, including any amounts
      deferred.  In addition, with respect to a termination of your
      employment by you for Good Reason or by the Company without Cause (other than
      due to your death or Disability) upon or within two years of a Change of
      Control, Annual Incentive Award shall also include the value on the date of
      grant of any equity awards granted to you for such year which for stock options
      shall be the Black-Sholes value.  For the avoidance of doubt, your
      Annual Incentive Award for 2005 shall not include the grant of 32,262 shares
      of
      restricted stock made to you on October 31, 2005.  In any event, for
      purposes of this Section 6(c), your Annual Incentive Award for 2005 and 2006
      shall be deemed to be not less than $500,000 for each of 2005 and 2006; and
      your
      restricted stock awards for 2005 and 2006 (exclusive of the initial grant of
      32,
      262 shares), which were 15,000 shares for 2005 and 20,000 shares for 2006,
      shall
      each be deemed to be valued at not less than $475,000.  In addition,
      you shall be entitled to any amounts owing to you but not yet paid, including
      without limitation, any bonus payments awarded for any performance period that
      has ended and any business expenses required to be reimbursed under Section
      5(e), as well as any other payments, entitlements and benefits, if any, in
      accordance with applicable plans, programs, arrangements of, or any agreement,
      including this Agreement, with, the Company or any affiliate, payable within
      twenty (20) days of  your termination.  Additionally, Genco
      shall provide you with coverages under any Genco Group medical,
      dental,

     

     

     

    
      
        
        

      

      
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    long-term
      disability or life insurance benefit plan or program in which you participated
      immediately prior to such termination or any replacement plan or program (so
      long as such coverage is available under the Company’s applicable plans or
      programs) for a period of 24 months following the Termination
      Date.  Finally, the Company agrees that your rights under COBRA to
      continued medical and dental coverage shall be deemed to commence after the
      expiration of such 24-month period, so long as the Company’s policies allow such
      a commencement.

     

    (d)           Your
      resignation shall be deemed to be for “Good Reason” if the Company:
      (i) materially diminishes your authority, duties or responsibilities; (ii)
      materially diminishes your annualized Base Salary below $300,000 during the
      Term;  (iii)  materially changes the location of your office and
      such new location is outside of the borough of Manhattan in New York, New York;
      or (iv) materially breaches this Agreement.  You will give the
      Company written notice of your intention to terminate your employment within
      thirty (30) days of the occurrence of any event constituting Good Reason, and
      the Company shall have thirty (30) days from the receipt of such notice to
      cure
      such event.  Your termination of employment on account of such event
      must be effective no later than thirty (30) days after the expiration of such
      cure period.

     

    (e)           For
      purposes of this Agreement, “Termination Date” shall mean: (i) if your
      employment is terminated by Genco for Cause, the date of the notice of
      termination from the Company, provided that if the termination is for Cause
      pursuant to Section 6(a)(i), (iii) or (iv) of the definition of Cause, then
      the
      Termination Date shall be the date on which the applicable cure period lapses
      if
      you have not cured; (ii) if your employment is terminated by the Company
      without Cause or by you without Good Reason (other than for Disability), the
      date set forth in the notice of termination (which no event shall be earlier
      than the date such notice is effective); (iii) if your employment is terminated
      by reason of death, the date of death; (iv) if your employment is
      terminated upon Disability, 30 days after notice is given by the Company; and
      (v) if your employment is terminated by you for Good Reason, 30 days after
      such notice is given unless the Company has cured the grounds for such
      termination within the applicable cure period.

     

    7.   (a)           Notwithstanding
      anything in this Agreement to the contrary, if (i) a Change in Control
      occurs; and (ii) upon the Change in Control or within 2 years thereafter
      you terminate your employment for Good Reason as defined above or the Company
      terminates your employment without Cause, you shall be entitled to all the
      payments, benefits and entitlements as of the Termination Date as set forth
      in
      Section 6(c) provided that the multiple in Section 6(c)(ii) and
      (iii)  shall be triple (not double) and the time period in Section
      6(c) shall be 36 months, not 24 months.

     

    For
      purposes of this Agreement, the term "Change of Control" shall mean the
      occurrence of any of the following:

     

    
      	
              (i)  

            	
              any
                person or "group" (within the meaning of Section 13(d)(3) of the
                Securities Exchange Act of 1934 (the “1934 Act”), other than Oaktree
                Capital Management, LLC and its related entities or Peter C.
                Georgiopoulos, acquiring "beneficial ownership" (as defined in Rule
                13d-3
                under the 1934 Act), directly or indirectly, of (A) thirty percent
                (30%)
                or more of the aggregate voting power of the capital stock ordinarily
                entitled to elect directors of Genco within a 12-month period or
                (B) more
                than fifty percent (50%) of such aggregate voting power or of the
                value of
                the Genco capital stock; or

            

    

     

     

    
      
        
        

      

      
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              (ii)  

            	
              the
                sale of all or substantially all of Genco's assets in one or more
                related
                transactions within a 12-month period to any person, other than such
                a
                sale to (x) a subsidiary of Genco which does not involve a change
                in the
                equity holdings of Genco or (y) to an entity which Oaktree Capital
                Management, LLC or Peter C. Georgiopoulos directly or indirectly
                controls;
                or

            

    

     

    
      	
              (iii)  

            	
              any
                merger, consolidation, reorganization or similar event of Genco or
                any of
                its subsidiaries, as a result of which the holders of the voting
                stock of
                Genco immediately prior to such merger, consolidation, reorganization
                or
                similar event do not directly or indirectly hold at least fifty percent
                (50%) of the aggregate voting power of the capital stock of the surviving
                entity; or

            

    

     

    
      	
              (iv)  

            	
              a
                majority of the members of the Board of Directors of Genco is replaced
                during any 12-month period by directors whose appointment or election
                is
                not endorsed by a majority of Genco’s Board of Directors before the date
                of such appointment or election.

            

    

     

    Notwithstanding
      the foregoing, for each award subject to Section 409A of the Internal Revenue
      Code, a Change in Control shall be deemed to occur under this Plan with respect
      to such award only if a change in the ownership or effective control of Genco
      or
      a change in the ownership of a substantial portion of the assets of Genco shall
      also be deemed to have occurred under Section 409A of the Internal Revenue
      Code.

     

    (b)  Anything
      in this Agreement to the contrary notwithstanding, in the event it shall be
      determined (as hereafter provided) that any payment, benefit or distribution
      to
      you or for your benefit, whether paid or payable or distributed or distributable
      pursuant to the terms of this Agreement or otherwise (a “Payment”), would be
      subject to the excise tax imposed by Section 4999 of the Internal Revenue Code
      (the “Code”) (or any successor provision thereto), or any interest or penalties
      with respect to such excise tax (other than interest or penalties payable solely
      as a result of action or inaction by you other than any action or inaction
      which
      is at the direction of, or results from a determination by, the inaction which
      is at the direction of, or results from a determination by, the Firm (as defined
      below) or the Company) (such tax, together with any such interest and penalties,
      hereafter collectively referred to as the “Excise Tax”), then you shall be
      entitled to receive an additional payment or payments (a “Gross-Up Payment”) in
      an amount such that, after payment by you of all taxes (excluding any interest
      or penalties payable solely as a result of action or inaction by you other
      than
      any action or inaction which is at the direction of, or results from a
      determination by, the Firm or the Company), including any Excise Tax, imposed
      upon the

     

     

    
      
        
        

      

      
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    Gross-Up
      Payment, you retain an amount of the Gross-Up Payment equal to the Excise Tax
      imposed upon the Payments (disregarding any Payments made pursuant to this
      Section 7(b).  For purposes of determining the amount of the Gross-Up
      Payment, you shall be deemed to pay federal income taxes at the highest marginal
      rate of federal income taxation applicable to individuals in the calendar year
      in which the Gross-Up Payment is to be made and state and local income taxes
      at
      the highest marginal rates of taxation applicable to individuals as are in
      effect in the state and locality of your residence in the calendar year in
      which
      the Gross-Up Payment is to be made, net of the maximum reduction in federal
      income taxes that can be obtained from deduction of such state and local taxes,
      taking into account any limitations applicable to individuals subject to federal
      income tax at the highest marginal rates.

     

    All
      determinations required to be made under this Section 7(b), including whether
      an
      Excise Tax is payable by you, the amount of such Excise Tax, whether a Gross-Up
      Payment is required, and the amount of such Gross-Up Payment, shall be made
      by
      an independent auditor (the “Firm”) selected by you and reasonably acceptable to
      the Company.  The Firm shall be a nationally-recognized United States
      public accounting firm which has not, during the two years preceding the date
      of
      its selection, acted in any way for the Company or any affiliate
      thereof.  Either the Company or you may request that a determination
      be made.  The Firm shall submit its determination and detailed
      supporting calculations to you and the Company as promptly as
      practicable.  If the Firm determines that any Excise Tax is payable by
      you and that a Gross-Up Payment is required, the Company shall pay you the
      required Gross-Up Payment (i) within thirty (30) days of receipt of such
      determination and calculations or (ii) if later, upon the earlier of
      (x) the payment to you of any Payment that gives rise to an Excise Tax or
      (y) the imposition upon you or payment by you of any Excise
      Tax.  In no event shall the Gross-Up Payment be paid later than
      December 31 of the year following the year in which you pay the applicable
      Excise Tax.  If the Firm determines that no Excise Tax is payable by
      you, it shall, at the same time it makes such determination, furnish you with
      an
      opinion that you have substantial authority not to report any Excise Tax on
      your
      federal income tax return.  Any determination by the Firm as to the
      amount of the Gross-Up Payment shall be binding upon you and the
      Company.

     

    As
      a
      result of the uncertainty in the application of Section 4999 of the Code (or
      any
      successor provision thereto) at the time of the initial determination by the
      Firm hereunder, it is possible that Gross-Up Payments which will not have been
      made by the Company should have been made (an “Underpayment”).  If you
      thereafter are required to make a payment of any Excise Tax, the Firm shall
      determine the amount of the Underpayment (if any) that has occurred and submit
      its determination and detailed supporting calculations to you and the Company
      as
      promptly as possible.  Any such Underpayment shall be promptly paid by
      the Company to you, or for your benefit, within thirty (30) days of receipt
      of
      such determination and calculations but in no event later than December 31
      of
      the year following the year in which you pay such Excise Tax.

     

    In
      the
      event that the Internal Revenue Service makes any claim, gives notice of any
      potential claim or institutes a proceeding against you asserting that any Excise
      Tax or additional Excise Tax is due in respect of the Payments, you shall
      promptly give the Company notice of any such claim, potential claim or
      proceeding.  The Company shall have the right to conduct all
      discussions, negotiations, defenses, actions and proceedings, solely to the
      extent relating to any Excise Tax payable in respect of the Payments, and you
      shall cooperate with and assist the

     

     

    
      
        
        

      

      
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    Company,
      at the Company’s expense, in any such discussions, negotiations, defenses,
      actions and proceedings, to the extent reasonably requested by the
      Company.  You will not settle any claim or proceeding relating solely
      to the Excise Tax payable in respect of the Payments without the consent of
      the
      Company, which consent shall not be unreasonably withheld.  You shall
      file, at the Company’s expense, all requests for refunds of the Gross-Up Amount,
      or any portion thereof, paid to any taxing authority as shall be reasonably
      requested by the Company and shall pay over to the Company (net of any tax
      payable thereon) any such refunds, together with any interest thereon, when
      and
      as such refunds and interest are received by you.  All fees and
      expenses for services in connection with the determinations and calculations
      contemplated by this Section 7(b), including without limitation the reasonable
      costs of your own counsel, shall be borne by the Company and shall be paid
      not
      later than December 31 of the year following the year in which any such audit
      is
      completed or there is a final and nonappealable settlement or other
      resolution.

     

    8.  You
      shall
      have no duty to mitigate the amounts payable to you in the event of the
      termination of your employment under Sections 6 and 7 or any other amounts,
      benefits or entitlements payable to you hereunder or otherwise, and such
      amounts, benefits and entitlements shall not be subject to reduction, offset
      or
      repayment for any compensation received by you from employment in any capacity
      or other source following the termination of your employment
      with  Genco or on account of any claim the Company or any member of
      the Genco Group may have against you.

     

    9.  Within
      fifteen (15) days after the effective date of a merger, consolidation, sale
      or
      similar transaction, Genco shall obtain in writing from any successor entity
      an
      assumption in writing of Genco’s obligation to perform this Agreement and any
      other any agreement between you and Genco.

     

    10.  You
      represent and warrant as follows:

     

    (a)           You
      are not in breach of any agreement requiring you to preserve the confidentiality
      of any information, client lists, trade secrets or other confidential
      information or any agreement not to compete or interfere with any prior
      employer, and that neither the execution of this letter nor the performance
      by
      you of your obligations hereunder will conflict with, result in a breach of,
      or
      constitute a default under, any agreement to which you are a party or to which
      you may be subject;

     

    (b)           You
      have not taken and will not take any confidential information from any prior
      employer and will not use any such information in performing your obligations
      hereunder, but instead will rely on your generalized knowledge and skill in
      performing your services hereunder; and

     

    (c)  You
      are
      not the subject of any investigation by any prior employer; and you are not
      a
      party in any litigation or arbitration proceeding related in any way to your
      current or prior employment.

     

    11.  The
      Company represents and warrants that as of the date hereof (i) the
      execution, delivery and performance of this Agreement by the Company has been
      fully and validly authorized by all necessary corporate action, (ii) the
      officer signing this Agreement on behalf of the

     

     

     

    
      
        
        

      

      
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    Company
      is duly authorized to do so, (iii) the execution, delivery and performance
      of this Agreement does not violate any applicable law, regulation, order,
      judgment or decree or any agreement, plan or corporate governance document
      to
      which the Company is a party or by which it is bound and (iv) upon
      execution and delivery of this Agreement by the parties, it shall be a valid
      and
      binding obligation of the Company enforceable against it in accordance with
      its
      terms, except to the extent that enforceability may be limited by applicable
      bankruptcy, insolvency or similar laws affecting the enforcement of creditors’
rights generally.

     

    12.  All
      notices and consents required or permitted hereunder will be given in
      writing.  Notices shall be given by personal delivery; by express
      delivery via any reputable express courier service; or by registered or
      certified mail, return receipt requested, postage prepaid, in each case
      addressed to the parties at the respective addresses set forth above or at
      such
      other address as may be designated in writing by either party to the other
      in
      the manner set forth herein.  Notices which are delivered personally,
      or by courier as aforesaid, will be effective on the date of
      delivery.  Notices delivered by mail will be deemed effectively given
      upon the fifth calendar day subsequent to the postmark date
      thereof.

     

    13.  (a)           The
      Genco Group owns and has developed and compiled, and will own, develop and
      compile, certain techniques, information, and materials tangible or intangible,
      relating to itself, its customers, suppliers and others, which are secret,
      proprietary and confidential, and which have great value to its business
      (referred to in this Agreement, collectively, as “Confidential Information”).
      Confidential Information shall not in any event include information which (i)
      was generally known or generally available to the public or within the relevant
      trade or industry prior to its disclosure to you or (ii) becomes generally
      known
      or generally available to the public or within the relevant trade or industry
      subsequent to disclosure to you other than due to your breach of your
      obligations.  Confidential Information includes, but is not limited
      to, information contained in manuals, documents, computer programs, compilations
      of technical, financial, legal or other data, specifications, designs, business
      or marketing plans, forecasts, financial information, work in progress, and
      other technical or business information.

     

    (b)  You
      acknowledge and agree that in the performance of your duties hereunder the
      Genco
      Group will from time to time disclose to you and entrust you with Confidential
      Information. You also acknowledge and agree that the unauthorized disclosure
      of
      Confidential Information obtained by you during your employment, among other
      things, may be prejudicial to the interests of the Genco Group’s interests and
      an improper disclosure of trade secrets. Unless Genco otherwise consents, you
      agree that during the Term hereunder and for three years thereafter you shall
      not, except as otherwise provided herein, directly or indirectly, use, make
      available, sell, disclose or otherwise communicate to any corporation,
      partnership, individual or other third party, other than in the ordinary course
      of your employment, any Confidential Information.  Anything herein to
      the contrary notwithstanding, the provisions of this Section 13 shall not apply
      (x) when disclosure is required by law or by any court, arbitrator, mediator
      or
      administrative or legislative body (including any committee thereof) with actual
      or apparent jurisdiction to order you to disclose or make accessible any
      information or (y) to the extent reasonably necessary to enforce or defend
      your
      rights pursuant to this Agreement or any other agreement between you and Genco
      (provided that in the case of clause (x), unless otherwise prohibited by law,
      you provide the Company with prior notice of the contemplated disclosure and
      reasonably cooperate with the Company at the Company’s expense in seeking a
      protective order or other appropriate protection of such
      information).

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (c)  Upon
      termination of your employment, you shall not retain or take with you any
      Confidential Information in a Tangible Form (defined below), and you shall
      as
      promptly as possible deliver to Genco any Confidential Information in a Tangible
      Form that you then control, as well as all other Genco Group property, including
      equipment, documents or other things, that was issued to you or otherwise
      received or obtained during your employment with Genco that you then control.
      “Tangible Form” includes information or materials in written or graphic form, on
      a computer disk or other medium, or otherwise stored in or available through
      electronic or other form.  Anything herein to the contrary
      notwithstanding, you shall be entitled to retain (i) papers and other materials
      of a personal nature, including, but not limited to, photographs, personal
      correspondence, personal diaries, personal calendars and Rolodexes, personal
      files and phone books, (ii) information showing your compensation or relating
      to
      reimbursement of expenses, (iii) information that you reasonably believe may
      be
      needed for tax purposes and (iv) copies of plans, programs relating to your
      employment, or termination thereof, with Genco, provided that you shall provide
      Genco with a list and, to the extent related to the Genco Group’s business,
      copies of the foregoing upon request (in which event Genco will keep your
      confidential personal information confidential in accordance with its customary
      business practice).

     

    (d)  The
      provisions of this Section 13 shall survive the termination of the
      Term.

     

    14.  As
      part
      of the consideration for the compensation and benefits paid to you under this
      Agreement; and to protect the confidential and proprietary information that
      will
      be disclosed and entrusted to you, the business good will of the Genco Group
      that exists and will be developed, and the business opportunities that will
      be
      disclosed or entrusted to you by the Genco Group; and as an additional incentive
      for Genco to enter into this Agreement, the parties agree as
      follows:

     

    (a)           During
      the period of your employment, and for two (2) years thereafter, (the
“Non-Competition Period”), you agree that you will not, directly or indirectly,
      have any interest in, manage, operate or be employed in any capacity by any
      person, firm, corporation, partnership or business (whether as an employee,
      director, officer, partner, investor, advisor, consultant or otherwise) that
      engages in the leasing, sale, or chartering of ocean going drybulk
      vessels.

     

    (b)           During
      the period of your employment, and for two (2) years thereafter, you agree
      not
      to:

     

    
      	
              (i)  

            	
              with
                respect to deals or transactions under consideration at the time
                you leave
                the employ of Genco, solicit, induce or encourage any existing or
                potential client or counterparty of the Genco Group to forego the
                proposed
                deal or transaction or to consummate the deal or transaction instead
                with
                another firm, company, business, partnership or enterprise, whether
                you
                are employed by that entity or not;

            

    

     

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    
 

    
      	
              (ii)  

            	
              solicit,
                or induce or encourage any customer of the Genco Group  which
                accounted for more than 5% of its revenues during the preceding fiscal
                year to cease doing business with the Genco Group or reduce the amount
                of
                business it does with the Genco
                Group;

            

    

    

    
      	
              (iii)  

            	
              hire,
                solicit, recruit, induce, procure or attempt to hire, solicit, recruit,
                induce or procure, directly or indirectly, any person who is an employee
                of the Genco Group or who was such an employee at any time during
                the
                final year of your employment;

            

    

    

    
      	
              (iv)  

            	
              assist
                in hiring any such person by any other individual, sole proprietorship,
                firm, company, business, partnership, or other enterprise;
                or

            

    

    

    
      	
              (v)  

            	
              encourage
                any such person to terminate his or her employment, without the express
                written consent of Genco.

            

    

    

    (c)  You
      acknowledge that the foregoing limitations are reasonable under the
      circumstances and you represent that your fulfillment of the obligations set
      forth in this Section shall not cause you any substantial economic hardship
      or
      render you unemployable within the applicable
      industry.  Notwithstanding anything to the contrary in this Agreement,
      it is agreed that the provisions of Section 14(a) shall not be effective in
      the
      event of (i) a Change of Control or (ii) a termination of your
      employment by the Company without Cause or by you for Good Reason.

     

    (d)  The
      provisions of this Section 14 shall survive the termination of the
      Term.

     

    15.  You
      acknowledge that the Company would sustain irreparable injury in the event
      of a
      violation by you of any of the provisions of Sections 13 or 14 hereof, and
      by
      reason thereof you consent and agree that if you violate any of the provisions
      of said Sections 13 or 14, in addition to any other remedies available, the
      Company shall be entitled to a decree specifically enforcing such provisions,
      and shall be entitled to a temporary and permanent injunction restraining you
      from committing or continuing any such violation, from any arbitrator duly
      appointed in accordance with the terms of this Agreement or any court of
      competent jurisdiction, without the necessity of proving actual damages, posting
      any bond, or seeking arbitration in any forum.

     

    16.  You
      agree
      that, during the Term, the Genco Group will have the right to obtain and
      maintain life insurance on your life, at its expense, and for its benefit,
      subject to such aggregate coverage limitation as you and the Company shall
      agree, your consent not to be unreasonably withheld. You agree to cooperate
      fully with the Genco Group in obtaining such life insurance, to sign any
      necessary consents, applications and other related forms or documents and to
      take any required medical examinations..

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

     

    17.  (a)           The
      Company agrees that if you are made a party to, are threatened to be made a
      party to, receive any legal process in, or receive any discovery request or
      request for information in connection with, any action, suit or proceeding,
      whether civil, criminal, administrative or investigative (a “Proceeding”), by
      reason of the fact that you are or were a director, officer, employee,
      consultant or agent of the Company or are or were serving at the request of,
      or
      on behalf of, the Company or any member of the Genco Group as a director,
      officer, member, employee, consultant or agent of another corporation, limited
      liability corporation, partnership, joint venture, trust or other entity,
      including service with respect to employee benefit plans and service with
      respect to any member of the Genco Group, whether or not the basis of such
      Proceeding is your alleged action in an official capacity while serving as
      a
      director, officer, member, employee, consultant or agent of the Company, any
      other member of the Genco Group, or other entity, you shall be indemnified
      and
      held harmless by the Company and any other member of the Genco Group to the
      fullest extent permitted by such entities’ corporate documents, including but
      not limited to, the Company’s articles of incorporation or by-laws in effect as
      of the Effective Date (provided that you shall have the benefit of any
      amendments to such documents after the Effective Date that are favorable to
      you)
      and applicable law, against any and all costs, expenses, liabilities and losses
      (including, without limitation, attorneys’ fees reasonably incurred, judgments,
      fines, ERISA excise taxes or penalties and amounts paid or to be paid in
      settlement and any reasonable costs and fees incurred in enforcing your rights
      to indemnification or contribution) incurred or suffered by you in connection
      therewith, and such indemnification shall continue as to you even though you
      have ceased to be a director, officer, member, employee, consultant or agent
      of
      the Company, any other member of the Genco Group or other entity and shall
      inure
      to the benefit of your heirs, executors and administrators.  The
      Company shall advance to you all costs and expenses (including, without
      limitation, attorneys’ fees) reasonably incurred by you in connection with any
      Proceeding within 20 business days after receipt by the Company of a written
      request for such reimbursement and appropriate documentation associated with
      these expenses.  Such request shall include an undertaking by you to
      repay the amount of such advance to the extent required by law.

     

    (b)           Neither
      the failure of the Company (including its Board of Directors, independent legal
      counsel or stockholders) to have made a determination prior to the commencement
      of any Proceeding concerning payment of amounts claimed by you under
      Section 17(a) above that indemnification of you is proper because you have
      met the applicable standard of conduct, nor a determination by the Company
      (including its Board of Directors, independent legal counsel or stockholders)
      that you have not met such applicable standard of conduct, shall create a
      presumption or inference that you have not met the applicable standard of
      conduct.

     

     (c)         
      The Company agrees to continue and maintain a directors’ and officers’
liability  insurance policy covering you at a level, and on terms and
      conditions, no less favorable to you than the coverage the Company provides
      other similarly-situated executives  so long as such coverage is
      available from the carrier and does not increase the cost of such policy by
      more
      than 10% per annum until the fifth anniversary of the Termination
      Date.

     

     (d)         
      Nothing in this Section 17 shall be construed as reducing or waiving any right
      to indemnification, or advancement of expenses, you would otherwise have under
      the corporate documents of the Company or any affiliate, including, but not
      limited to, the Company’s articles of incorporation or by-laws, or under
      applicable law.

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

     

    18.  Subject
      to your other personal and business commitments and to the extent not
      inconsistent with your legal position, you agree that both during and after
      your
      employment you shall, at the request of the Company, render all reasonable
      and
      lawful assistance and perform all reasonable and lawful acts that the Company
      considers necessary or advisable in connection with any litigation,
      investigation, proceeding, claim or dispute involving the Company or any
      director, officer, employee, shareholder, agent, representative, consultant,
      client or vendor of the Company (“Claims”) to the extent such Claim arose during
      your employment and relates to the Company.  The Company agrees to
      reimburse you for your reasonable out-of-pocket expenses (including reasonable
      travel expenses and attorneys’ fees if you reasonably determine that the matter
      is of a nature which indicates that you should have separate
      representation).

     

    19.  This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York, without regard to principles of conflicts of
      laws.  If any dispute should arise concerning this Agreement, the
      interpretation of the terms of the Agreement or otherwise relating in any way
      to
      the terms and conditions of your employment or its termination, including any
      claim of statutory discrimination, the parties agree to submit the dispute
      to
      arbitration before a panel of three (3) neutral arbitrators at the American
      Arbitration Association (the “AAA”) in New York, New York, except that in the
      event of any controversy relating to any violation or alleged violation of
      any
      provision of Section 13 or 14 hereof, the Company in its sole discretion shall
      be entitled to seek injunctive relief from a court of competent jurisdiction
      in
      accordance with Section 15 hereof without any requirement to seek arbitration
      for such injunction.  For injunctive relief, it is agreed
      that any court of competent jurisdiction also may entertain an application
      by
      either party.  The parties further agree that no demand for punitive
      damages shall be made in any such arbitration proceeding and that the
      arbitrators shall not have the power to award punitive damages in any such
      proceeding.  Any award of the arbitrators shall be final and binding,
      subject only to such right of review as may be provided under applicable
      law.   The parties hereto agree that any arbitral award may be
      enforced against the parties to an arbitration proceeding or their assets
      wherever they may be found.  The Company consents to the personal
      jurisdiction of the Courts of the State of New York (including the United States
      District Court of New York) for purpose of enforcing any arbitral award and
      the
      Company further agrees not to interpose any objection for improper venue in
      any
      such proceeding.  In the event that you prevail in any claim or
      proceeding between you and the Company or any affiliate in relation to this
      Agreement, the Company shall reimburse you for your reasonable costs and
      expenses (including reasonable attorneys’ fees) incurred by you in pursuing such
      claim or proceeding.

     

    20.  No
      failure by either party at any time to give notice of any breach by the other
      party, or to require compliance with any condition or provision of this
      Agreement shall be deemed a waiver of a similar or dissimilar provision or
      condition at the time or at any prior or subsequent time.  Any waiver
      to be effective must be in writing and be signed by the party against whom
      it is
      being enforced.

     

    21.  Upon
      the
      expiration of the Term, the respective rights and obligations of the parties
      shall survive such expiration pursuant to the express terms of this Agreement
      and to the extent necessary to carry out the intentions of the parties as
      embodied in such rights and obligations. 

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

     

    This
      Agreement shall continue in effect until there are no further rights or
      obligations of the parties outstanding hereunder or until terminated by the
      consent of both parties.

     

    22.  Each
      of
      the covenants and agreements set forth in this Agreement are separate and
      independent covenants, each of which has been separately bargained for and
      the
      parties hereto intend that the provisions of each such covenant shall be
      enforced to the fullest extent permissible.  Should the whole or any
      part or provision of any such separate covenant be held or declared invalid
      by a
      court of competent jurisdiction, such invalidity shall not in any way affect
      the
      validity of any other such covenant or of any part or provision of the same
      covenant not also held or declared invalid. If any covenant shall be found
      to be
      invalid by a court of competent jurisdiction but would be valid if some part
      thereof were deleted or the period or area of application reduced, then such
      covenant shall apply with such minimum modification as may be necessary to
      make
      it valid and effective.

     

    23.  You
      agree
      to keep this Agreement confidential and not to disclose its terms to any third
      parties unless required to do so by law or regulation, without the prior written
      consent of Genco.  You may, however, disclose the details of your
      employment and compensation arrangements to your immediate family and to your
      tax, accounting and legal advisors, provided that you receive their assurance
      in
      advance that they will not disclose those matters to any third
      party.  Nothing in this Agreement, however, shall preclude you from
      disclosing to potential subsequent employers the existence of this Agreement
      and
      the restrictions set forth in Sections 13 and 14.

     

    24.  This
      Agreement and all rights and obligations hereunder shall be binding upon and
      shall inure to the benefit of your heirs, executors, representatives and
      administrators and any successors in interest which may acquire or succeed
      to
      all or substantially all of the business and assets of Genco by any means or
      its
      assigns.  In that regard, you understand that this Agreement may
      subsequently be assigned by Genco.  Because of the personal nature of
      the services to be rendered by you, you may not assign, transfer, pledge, or
      hypothecate your rights or obligations under this Agreement without the prior
      written consent of Genco, except that your rights to compensation and benefits
      may be transferred by will, operation of law, in accordance with applicable
      law
      or any applicable plan, policy, program or agreement of the Company or any
      other
      member of the Genco Group or in accordance with this Section 24.  In
      the event of your death or a judicial determination of your incompetence, the
      compensation, entitlements and benefits due you under this Agreement or
      otherwise shall be paid to your estate or legal representative or your
      designated beneficiary or beneficiaries.

     

    25.  This
      Agreement contains the entire understanding between the parties on the subjects
      covered herein and supersedes all prior agreements, arrangements and
      understandings, whether written or oral.  You represent that you have
      not relied on any statements, oral or written, not contained in this
      Agreement.  This Agreement may not be amended or otherwise changed
      orally, but only in a writing signed by both parties.

     

    26.  This
      Agreement may be signed in separate counterparts, both of which together shall
      constitute an original instrument.  The parties agree to accept a
      signed facsimile counterpart of this Agreement as a fully binding
      original.

     

    27.  You
      understand that the terms and conditions of your employment by Genco are
      governed by standard Genco policies.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    Please
      indicate your acceptance of this Agreement by signing and returning a copy
      of
      this letter to the undersigned.

     

                

                Very
      truly
      yours,

     

    

     

                GENCO
      SHIPPING &
TRADING LIMITED

     

    

                By:          ___________________________________________  

                Robert
      Gerald
      Buchanan

                President

     

     

    ACCEPTED
      AND AGREED TO:

     

    _____________________________________

    John
      C.
      Wobensmith

     

     

     

    _____________________________________

    Date

     

     

     

     

     

    15c50363_ex10-13.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 10.13

AMENDMENT NO. 5 TO AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT OF 

BIRDS EYE HOLDINGS LLC 

This Amendment No. 5 (this “Amendment”) to the Amended and Restated Limited Liability Company Agreement (the “Agreement”) of Birds Eye Holdings LLC (the “Company”), dated as of August 19, 2002, as amended by that certain
Amendment No. 1 to the Agreement dated as of August 30, 2003, that certain Amendment No. 2 to the Agreement dated as of December 22, 2003, that certain Amendment No. 3 to the Agreement dated as of February 11, 2004 and that certain Amendment No. 4
to the Agreement dated as of October 31, 2005, is entered into as of July ___, 2007. All capitalized terms used and not otherwise defined herein shall have the meanings given to them in the Agreement. 

WHEREAS, BE Foods Investments, Inc., a Delaware corporation and a wholly-owned subsidiary of the Company (“BE Investments”) has paid a
dividend of approximately $298,408,056 million (the “July 2007 Dividend”) from the proceeds of a credit facility incurred by BE Investments pursuant to the Credit
Agreement by and among BE Investments as borrower, the lenders party thereto and UBS AG, Stamford Branch, as Administrative Agent dated on or about July 11, 2007; 

WHEREAS, with the consent of the holders of a majority of the Class A Units, the holders of a majority of the Class B Units and the holders of a majority of the Class E Units, the Company desires to amend the Agreement (i)
to modify the distribution waterfall set forth in Section 4.4 of the Agreement with respect to the distribution of the July 2007 Dividend by the Company to the Unitholders to provide for the increase of distributions to the Class C Unitholders and
the Class D Unitholders over what would otherwise be distributable to such holders which increase will reduce the amounts that would otherwise be distributed to the Class A Unitholders, the Class B Unitholders and the Class E Unitholders pursuant to
Section 4.4 of the Agreement and (ii) to provide that the Class A Unitholders, the Class B Unitholders and the Class E Unitholders will be entitled to receive all future distributions that would otherwise be payable to the Class C Unitholders and
the Class D Unitholders who have by virtue of this amendment received any portion of the increased distributions to the Class C and Class D Unitholders until an amount equal to the aggregate amount of such advance has been reallocated to the Class
A, Class B and Class E Unitholders. The increase in distributions to the Class C and Class D Unitholders will constitute an advance of any future distributions payable to such Class C and Class D Unitholders; and 

WHEREAS, pursuant to Section 7.5 of the Agreement, the Management Committee with the consent of holders of a majority of Class A Units, the holders of a majority of the Class B Units and the holders of a majority of the
Class E Units may amend the Agreement to provide for the foregoing; 

NOW THEREFORE, the Management Committee and the Members
holding a majority of each of the Class A Units, the Class B Units and the Class
E Units desire to amend the Agreement in accordance with the terms of Section
7.5 of  the Agreement to reflect the foregoing, and hereby agrees as follows: 

Exhibit 10.13 -cont.

ARTICLE I 

AMENDMENTS

     
 1.1 Section 1.1(a) of the Agreement. Section 1.1(a) of the Agreement is hereby amended by inserting the
following definitions in the appropriate alphabetical order: 

          
“BE Investments” means BE Foods Investments, Inc., a wholly owned subsidiary of the Company.

          
 “July 2007 Dividend” means the amount of any dividend actually received by the Company from BE Investments from the proceeds of a credit
facility incurred by BE Investments pursuant to the Credit Agreement by and among BE Investments as borrower, the lenders party thereto and UBS AG, Stamford Branch, as Administrative Agent dated on or about July 6, 2007. 

     1.2 Section
        4.4 of the Agreement. Section 4.4
of the Agreement is hereby amended by inserting a new subsection (e):

				
	 

  	

  
	 

  	
(e)
  	 
  	
Notwithstanding anything to the contrary in this Section 4.4,
  
	 

  
	 

  	
(i)
  	 
  	
any distribution by the Company from the proceeds of the July 2007 Dividend and all future distributions shall be made in accordance with Sections 4.4(a) to (d) as modified by this subsection (e);
  
	 

  	 

  	 
  	

  
	 

  	(ii)

  	 
  	
with respect to any distribution to be made from the
proceeds of the July 2007 Dividend, an amount
equal to approximately $7,806,656.97 (the “Special
Distribution Amount”) that would otherwise
be distributed to the holders of the Class A Units, the Class B Units and the
Class E Units (pro rata among the holders of
the Class A Units, the Class B Units and the Class E Units
based on the number of Class A Units, Class B Units and Class E Units held by
such Unitholders) pursuant to Sections 4.4(a)
to 4.4 (d) shall instead be distributed to the holders of the
Class C Units and the Class D Units as an advance of future distributions, if
any, to be made to such persons pursuant to
the terms of this Agreement in such amounts as are set forth opposite
each such Class C Unitholder’s name and Class D Unitholder’s name under “Special Distribution
Amount” on the Special Distribution
Schedule which for purposes of confidentiality
shall be maintained by the Company’s Chief Financial Officer, and which
shall be certified by such officer as of the
date of the making of such distribution (such amount with
respect to each such Unitholder, the “Individual
Special Distribution Amount”). Each Class
C Unitholder and Class D Unitholder shall be informed of his or her Individual
Special Distribution Amount. Any portion of
any Class C or Class D Unitholder’s Individual Special Distribution
Amount that is withheld by the Company to repay all or a portion of such Unitholder’s
note to the Company shall be distributed pursuant to Sections 4.4 (a) to (d) without
regard to this subsection (e); and
  
	 	 	 	 
	 	(iii)	 	 with respect to any distribution
    made by the Company subsequent to the distribution of the proceeds of the July 2007 Dividend, any amount otherwise distributable to any holder of Class C Units or Class D Units who received any portion of the Special Distribution Amount pursuant to Section 4.4 shall be distributed to the holders of the Class A Units, the Class B Units and the Class E Units whose portion of the distribution of the proceeds of the July 2007 Dividend was reduced to fund any portion of the Special Distribution Amount (pro rata among such holders of the Class A Units, the Class B Units and the Class E Units based on the number of Class A, Class B and Class E Units held by such Unitholders) until the holders of the Class A Units, the Class B Units and the Class E Units shall have in the aggregate received pursuant to this sentence with respect to such Class C or Class D Unitholder an amount equal to such Class C Unit holder’s or Class D Unitholder’s Individual Distribution Amount.

	 	 	 	 
	 

  

Exhibit 10.13 -cont.

ARTICLE II 

MISCELLANEOUS

     2.1 General. Except as expressly set forth in this Amendment, all other terms and
conditions of the Agreement shall remain in full force and effect. 

     2.2 Governing Law. THIS AMENDMENT IS GOVERNED BY AND SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE, EXCLUDING ANY CONFLICT-OF-LAWS RULE OR PRINCIPLE THAT MIGHT REFER THE GOVERNANCE OR THE CONSTRUCTION OF THIS AGREEMENT TO THE LAW OF ANOTHER JURISDICTION. 

     2.3 Counterparts. This Amendment may be executed in any number of counterparts
(including by means of telecopied signature pages), all of which together shall constitute a single instrument. 

     2.4 Section Titles. Section titles and headings are for descriptive purposes only
and shall not control or alter the meaning of this Amendment as set forth in the text hereof. 

* * * * * * * * *

 

Exhibit 10.13 -cont.

IN WITNESS WHEREOF, the parties have executed this Amendment as of the day and year first above written.

						
	 

  
	 	 	 	BIRDS EYE HOLDINGS
    LLC 
	 	 	 	By: its Management Committee
	 	 	 	 	 	 
	 	 	 	
By:
  	 
  	
/s/ Brian Ratzan
  
	 	 	 	
Name:
  	 
  	
Brian Ratzan
  
	 	 	 	
Title:
  	 
  	
Representative
  

						
	 

  
	 	 	 	HOLDER OF A MAJORITY
    OF CLASS A UNITS:  
	 	 	 	VESTAR/AGRILINK HOLDINGS
    LLC 
	 	 	 	 	 	 
	 	 	 	
By:
  	 
  	
    Vestar Capital Partners IV, L.P.,
	 	 	 	 
  	 
  	
    its Managing Member 
	 	 	 	 
  	 
  	 
  
	 	 	 	By: 	 	Vestar Associates IV, L.P.,
	 	 	 	 	 	its General Partner
	 	 	 	 	 	 
	 	 	 	By:	 	Vestar Associates Corporation IV
	 	 	 	 	 	its General Partner 
	 	 	 	 	 	 
	 	 	 	By:	 	/s/ Brian Ratzan 
	 	 	 	Name:	 	Brian Ratzan 
	 	 	 	Title:	 	Managing Director

						
	 

  
	 	 	 	HOLDER OF A MAJORITY
    OF CLASS B UNITS: 
	 	 	 	PRO-FAC COOPERATIVE, INC.
	 	 	 	 	 	 
	 	 	 	
By:
  	 
  	
    /s/ Stephen R. Wright 
	 	 	 	Name:
  	 
  	
    Stephen R. Wright 
	 	 	 	Title:	 	General Manager and CEO

						
	 

  
	 	 	 	HOLDERS OF CLASS E
    UNITS: 
	 	 	 	 	 	 
	 	 	 	 	 	/s/ Patrick Rose
	 	 	 	 	 	Patrick Rose
	 	 	 	 	 	 
	 	 	 	 	 	/s/ David Vermylen
	 	 	 	 	 	David Vermylen 
	 	 	 	 	 	 
	 	 	 	 	 	/s/ Gregg Ostrander
	 	 	 	 	 	Gregg Ostrander
	 	 	 	 	 	 
	 	 	 	 	 	            
              
               
	 	 	 	 	 	Steve Donovan
	 	 	 	 	 	 
	 	 	 	 	 	/s/ Kevin Mundt 
	 	 	 	 	 	Kevin Mundt

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]