Document:

Exhibit 10.49

 

MGP INGREDIENTS, INC.

AGREEMENT AS TO AWARD OF
RESTRICTED SHARES

GRANTED UNDER THE STOCK
INCENTIVE PLAN OF 2004

 

	
  Date
  of Grant: June 11, 2009

  	
   

  	
   

  
	
  Time
  of Grant: 12:00 noon

  	
   

  	
  Restricted Shares

  

 

In
accordance with and subject to the terms and restrictions set forth in the MGP
Ingredients, Inc. Stock Incentive Plan of 2004 (the “2004 Plan”) and this
Agreement, MGP INGREDIENTS, INC., a Kansas corporation (the “Company”), hereby
grants to the Participant named below the number of Restricted Shares of Common
Stock of the Company as set forth below:

 

Participant: Newkirk, Timothy W.

Number
of Restricted Shares under the 2004 Plan: 
36,000

 

NOW,
THEREFORE, the Company and the Participant hereby agree to the following terms
and conditions:

 

1.               Issuance of Restricted
Shares.  The shares described above are being issued by the Company to
the Participant as Restricted Shares pursuant to the terms and provisions of
the 2004 Plan and of the Guidelines for Issuance of Fiscal 2009 Restricted
Share Awards (the “Guidelines”) adopted by the Human Resources Committee of the
Board of Directors of the Company, true copies of which are attached hereto as
Exhibits A and B and incorporated herein by reference.  Upon the execution
of this Agreement, the Company shall issue in the Participant’s name the
aggregate number of Restricted Shares described above, subject to the
provisions of the Guidelines requiring that such certificate or certificates be
held in the custody of the Company.

 

2.               Vesting in Restricted Shares.  Subject
to the provisions of the Guidelines, Restricted Shares shall vest in the
Participant upon the Participant’s completion of five (5) full years of
employment with the Company commencing on June 11, 2009.  Except as
provided in the Guidelines, the Restricted Shares issued to the Participant
shall be forfeited to the Company if the Participant’s employment with the
Company is terminated prior to the end of the applicable Restriction Period.

 

3.               Restriction on Transfer. The
Participant shall not voluntarily sell, exchange, transfer, pledge,
hypothecate, or otherwise dispose of any Restricted Shares to any other person
or entity during the applicable Restriction Period.  Any disposition or
purported disposition made in violation of this paragraph shall be null and
void, and the Company shall not recognize or give effect to such disposition on
its books and records.

 

4.               Legend on Certificates.  In
order that all potential transferees and others shall be put on notice of this
Agreement and so long as the risk of forfeiture exists under the Plan and
Guidelines, each certificate evidencing ownership of the Restricted Shares
issued pursuant to the Plan (and any replacements thereto) shall bear a legend
in substantially the following form:

 

 

“The
shares evidenced by this Certificate have been issued pursuant to the MGP
Ingredients, Inc. Stock Incentive Plan of 2004 and a related agreement
(the “Agreement”) between the Company and the registered holder.  The
holder’s rights are subject to the restrictions, terms and conditions of the
Plan and to the Agreement, which restricts the transfer of the shares and
subjects them to forfeiture to the Company under the circumstances referred to
in the Agreement.  This legend may be removed when the holder’s rights to
the shares vest under the Agreement.”

 

5.               Controlling Provisions.  The
provisions of the Guidelines shall apply to the award made under this
Agreement.  In the event of a conflict between the provisions of this
Agreement and the Guidelines, the provisions of the Guidelines will control.

 

IN
WITNESS WHEREOF, this Instrument has been executed as of this 15th day of June, 2009.

 

	
   

  	
  MGP
  INGREDIENTS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  John R. Speirs

  
	
   

  	
   

  	
  John
  R. Speirs, Lead Director

  

 

ACKNOWLEDGEMENT

 

I
understand and agree that the Restricted Shares to be acquired by me are
subject to the terms, provisions and conditions hereof and of the Plan and
Guidelines, to all of which I hereby expressly assent.  This Agreement
shall be binding upon and inure to the benefit of the Company, myself, and our
respective successors and legal representatives.

 

This
Agreement constitutes the entire agreement between the parties with respect to
the subject matter hereof, and may not be modified, amended, renewed or
terminated, nor may any term, condition or breach of any term or condition be
waived, except in writing signed by the parties sought to be bound
thereby.  Any waiver of any term, condition or breach shall not be a
waiver of any term or condition of the same term or condition for the future or
any subsequent breach.  In the event of the invalidity of any part or
provision of this Agreement, such invalidity shall not affect the
enforceability of any other part or provision of this Agreement.

 

Signed
this 30th of June, 2009

 

 

	
   

  	
  /s/
  Timothy W. Newkirk

  
	
   

  	
  Signature
  of ParticipantExhibit 10.55

 

CONSULTATION AND NON-SOLICITATION AGREEMENT

 

THIS
AGREEMENT made as of the 27th day of August, 2009 between MGP INGREDIENTS, INC., a Kansas corporation (“Company”) and LAIDACKER M. SEABERG (“Seaberg”), a resident of Atchison
County, Kansas.

 

WHEREAS,
Seaberg, as a former director and officer of the Company, has valuable
knowledge of and experience in the Company’s business; and

 

WHEREAS,
the Company wishes to engage Seaberg to provide consulting services for it in
connection with the operations of its business; and

 

WHEREAS,
Seaberg agrees to provide consulting services to the Company;

 

NOW,
THEREFORE, for and in consideration of the mutual covenants herein made,
Seaberg and the Company agree as follows:

 

1.                                      Consultation
Agreement.

 

(a)                                  The Company
shall pay a retainer to Seaberg in the amount of $250,000 annually in equal
weekly payments, upon and subject to the terms of this Agreement. Seaberg
agrees that for a period commencing on the effective date hereof and ending on June 14,
2011 (the “Term”), he will provide the Company’s President and Chairman of the
Board such assistance, advice and consultation in connection with the Company’s
business as the Company’s President or Chairman of the Board may request from
time to time after reasonable notice to Seaberg, such assistance, advice and
consultation to include, without limitation, matters involving industry
developments, marketing strategy and governmental affairs. In such capacity,
Seaberg will use his best efforts, within the bounds of law and ethics, to
preserve the good will of the Company with its customers, its employees, the
ingredients industry and the general public.

 

(b)                                 It is also
understood that Seaberg’s services under this Agreement will be rendered
primarily in the Atchison, Kansas area but that upon request Seaberg will
travel to such other places outside of Atchison, Kansas as the Company may
reasonably request.  All expenses
incurred by Seaberg in connection with any such travel shall be Seaberg’s
responsibility.

 

(c)                                  The hours
during which Seaberg performs services hereunder on any given day shall be
determined by him, although Seaberg will use reasonable efforts to respond
timely to and to accommodate the requests of the Company’s President and
Chairman of the Board for his services.

 

(d)                                 As a
consultant, Seaberg will be an independent contractor and will not be
considered an employee of the Company for any purpose.

 

 

(i)                                     Nothing in this
Agreement shall be construed as entitling Seaberg to (A) negotiate or
enter into any oral or written agreement on behalf of the Company or any of its
affiliates, or (B) otherwise act on behalf of or bind the Company or any
of its affiliates.

 

(ii)                                  Seaberg shall
file all tax returns and reports required to be filed by Seaberg on the basis
that Seaberg is an independent contractor and not an employee of the
Company.  Seaberg shall timely pay in
full all income and employment taxes in connection with Seaberg’s engagement
and remuneration under this Agreement (including federal, state and local income
taxes and self-employment social security (SECA) taxes).  The Company shall not pay any unemployment or
workers’ compensation taxes or premiums on behalf of or regarding Seaberg.

 

(e)                                  Seaberg may
perform services for any other person or firm without the Company’s prior
consent, provided that in doing so he does not violate this Agreement or any
other agreement with the Company.

 

2.                                      Non-Solicitation;
Non-Disparagement

 

(a)                                  Seaberg
acknowledges and agrees that during the Term of this Agreement and for a period
of one year thereafter he will not, directly or indirectly, (i) solicit,
directly or indirectly, any of the Company’s customers, prospects, business or
patronage for any competitive business anywhere in the United States, or (ii) solicit,
divert, entice or otherwise attempt to take away any customers, active
prospects, business, patronage or orders of the Company anywhere in the United
States.

 

(b)                                 During the Term
and for a period of one year thereafter, Seaberg shall not, directly or
indirectly, (i) solicit or induce or attempt to solicit or induce any
employee, representative or agent of the Company to terminate its employment,
representation or other association with the Company, or (ii) disparage
the Company, or any of its past, present or future agents, officers,
shareholders, directors or employees to the public, media, any individual or
any other third party.

 

3.                                      Protection
of Confidential Information.

 

(a)                                  As used in this
paragraph 3, the term “Confidential Information” means attorney client or other
confidential communications or information protected by the work product
doctrine and any of the following, whether historical, current or proposed and
whether the Company’s or a customer’s: customer lists, customer credit
information, marketing data,  production
methods and formulas, recipes, processes, innovations, inventions, strategies,
suppliers, pricing and pricing methods, sales techniques, advertising,
traveling and canvassing methods, brochures or instructions relating to
products, services or business of the Company or any customer of the Company,
and any other information which the Company may from time to time identify in
writing to Seaberg as information which it wishes to preserve as secret.  Such other Confidential Information and the
dates on which the Company so advised Seaberg may, but need not be, recorded as
an exhibit to be attached to and deemed a part of this Agreement.

 

(b)                                 By executing
this Agreement, Seaberg acknowledges that he has been advised that the Company
wishes to preserve Confidential Information as secret.

 

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(c)                                  Unless Seaberg
shall first secure the written consent of the Company, Seaberg shall not
disclose or use at any time, either during or subsequent to the Term of this
Agreement, any Confidential Information, whether or not patentable, of which
Seaberg is presently aware or becomes informed during such time, whether or not
developed by Seaberg, except as required in the exercise of Seaberg’s duties to
the Company under this Agreement.  This
obligation shall not apply to any Confidential Information which is or shall
become a part of the public domain through no fault of Seaberg.  Seaberg shall not be deemed in breach of this
provision for good faith actions undertaken in the performance of duties
requested of him by the Company under this Agreement.

 

(d)                                 Upon the
Company’s request, Seaberg shall promptly deliver to the Company all manuals,
sales materials, letters, notes, notebooks, reports, customer lists, and all
copies thereof, and all other materials of a secret or confidential nature
related to the business of the Company or any customers of the Company, which
are in the possession or under the control of Seaberg.

 

(e)                                  This paragraph
3 is intended to supplement, but not limit or supplant, any obligation of
Seaberg or remedy of the Company which may be otherwise imposed on Seaberg or
available to the Company under common law or equity without written agreement.

 

4.                                       Other Considerations.

 

(a)                                  In the event of
Seaberg’s death, the payments provided for herein will be made to such person
or persons as he may designate in writing and in the absence of such
designation to his estate. The Company may provide for such obligation through
insurance on the life of Seaberg, and Seaberg agrees to cooperate with the
Company if it elects to procure such a policy. Notwithstanding the foregoing,
the Company shall have no obligation to pay such amounts if Seaberg violates
the terms of this Agreement.

 

(b)                                 Seaberg
acknowledges that his breach of the covenants contained in paragraph 2 or 3
will cause irreparable damage to the Company, and accordingly, Seaberg agrees
that in addition to other remedies which it may have hereunder, the Company may
seek equitable relief to enforce the obligations imposed hereunder.

 

5.                                       Notices.

 

Any
notice required or permitted to be given hereunder shall be sufficient if in
writing and shall be deemed delivered upon the date of mailing if mailed by
certified or registered mail, return receipt requested, to the address of
Seaberg as reflected in the Company’s records, or to the Company to 100
Commercial Street, P.O. Box 130, Atchison, Kansas 66002-0130, Attn:  President.

 

6.                                       Miscellaneous.  This
Agreement constitutes the entire Agreement of the parties hereto respecting the
subject matter hereof and supersedes all prior understandings or agreements,
oral or written, among all or any of such parties.  This Agreement shall not be amended except by
a written agreement signed by all of the parties hereto.  This Agreement shall be binding upon, inure
to the benefit of and be enforceable by the parties hereto and their

 

3

 

respective heirs, personal representatives,
successors and permitted assigns;  in
this regard, except as provided herein no rights or obligations of Seaberg
under this agreement are assignable without the prior written consent of the
Company.  This Agreement shall be
governed by the laws of the State of Kansas. 
In the event any one or more of the provisions contained in this
Agreement or any application thereof shall be held to be illegal, the
enforceability of the remaining provisions of this Agreement or any other
application thereof shall not in any way be affected or impaired thereby.  No delay or failure on the part of any party
hereto in exercising any rights hereunder, and no partial or single exercise
thereof, shall constitute a waiver of any other rights hereunder.  Whenever the context hereof shall require,
the use of any gender shall include all genders and the singular shall include
the plural, and vice versa.

 

 

	
   

  	
   

  	
  “COMPANY”

  
	
   

  	
   

  	
   

  
	
  (CORPORATE SEAL)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MGP
  INGREDIENTS, INC.

  
	
   

  	
   

  	
   

  
	
  ATTEST:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  Marta M. Myers

  	
   

  	
  By:

  	
  /s/
  John Speirs

  
	
  Marta
  M. Myers

  	
   

  	
  John
  Speirs

  
	
  Secretary

  	
   

  	
  Chairman
  of the Board

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  “SEABERG”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  Laidacker M. Seaberg

  
	
   

  	
   

  	
  Laidacker
  M. Seaberg

  

 

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