Document:

Amendment to Amended and Restated Investor Rights Agreement

 
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). 

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

	
	 	 	 James Rudis
 President and Chief Executive Officer

	
	 By:
	 	 /s/ John Steinbrun

	
	 	 	 Senior Vice President and Chief Financial
 Officer

	
	 RUDIS

	
	 /s/ James Rudis

	
	 James Rudis

	
	 SHATLEY

	
	 /s/ William E. Shatley

	
	 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

	 	 	 	 	 	 	 Steven E. Hartman
 Vice President

 

-3-Second Amendment to Amended and Restated Security Agreement

 
Exhibit 10.7

 
SECOND AMENDMENT TO 
AMENDED AND RESTATED 
SECURITY AGREEMENT 
 
THIS SECOND AMENDMENT TO AMENDED AND RESTATED SECURITY AGREEMENT, dated as of April 16, 2003 (this “Amendment”), is made by OVERHILL FARMS, INC., a Nevada corporation (the “Company”), and OVERHILL
L.C. VENTURES, INC., a California corporation (“Overhill Ventures” and, together with the Company, and any future direct or indirect Subsidiaries of Company and Overhill Ventures from time to time party hereto, the
“Debtors” and, individually, a “Debtor”) in favor of LEVINE LEICHTMAN CAPITAL PARTNERS II, L.P., a California limited partnership (“Secured Party”). 
 
RECITALS 
 
A. The parties are party to that certain Amended and Restated
Security Agreement dated as of October 29, 2002, as amended by an Amendment to Amended and Restated Security Agreement dated as of April 4, 2003 (as so amended and as further amended from time to time, the “Security Agreement”),
pursuant to which, among other things, the Debtors granted to Secured Party security interests and liens in and to the Collateral to secure the payment and performance of all Obligations as provided for therein. Capitalized terms used and not
defined herein have the meanings set forth in the Security Agreement. 
 
B. Concurrently herewith, the Company, the entities from time to time parties thereto as Guarantors (including Overhill Ventures) and the Purchaser are entering into that certain Second Amended and Restated Securities
Purchase Agreement dated as of April 16, 2003 (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. The parties wish to amend further Schedule 3 (Bank Accounts, Instruments and Chattel Paper) to the Security 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 amend the Security Agreement as follows: 
 
1. Amendment to Schedule 3 (Bank Accounts, Instruments and
Chattel Paper) to Security Agreement. Pursuant to Section 19 of the Security Agreement, Schedule 3 (Bank Accounts, Instruments and Chattel Paper) to the Security Agreement is hereby 

amended by replacing such Schedule in its entirety with Schedule 3 attached hereto which, from and after
the date hereof, shall be a part thereof. 
 
2.
Acknowledgment and Confirmation of Security Interest. Each Debtor hereby confirms and ratifies its prior assignment and grant, and assigns and grants to Secured Party, a continuing, first priority security interest and Lien in all of such
Debtor’s right, title and interest in, to and under the Collateral, subject only to the Liens in favor of the Senior Lender as provided in the Security Agreement. 
 
3. Ratification. The Debtors acknowledge that the Security Agreement, as amended hereby, shall remain
binding upon each Debtor and all provisions thereof shall remain in full force and effect. Each Debtor expressly ratifies and reaffirms its obligations to Secured Party under the Security Agreement and the other Collateral Documents. 
 
4. Miscellaneous. 
 
4.1 Complete Agreement. The Security Agreement, as
amended by this Amendment, constitutes the complete agreement among the parties with respect to the subject matter hereof and supersedes any prior written or oral agreements, writings, communications or understandings of the parties hereto and
thereto, with respect to such matter. 
 
4.2
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. 
 
4.3 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. 
 
4.4 No Limitation on Rights. This Amendment amends the Security Agreement on and as of the date hereof, and the Security Agreement,
as amended hereby, shall remain in full force and effect in accordance with its terms. The execution, delivery and effectiveness of this Amendment shall not (a) limit, impair, constitute a waiver by, or otherwise affect any right, power or remedy
of, Secured Party under the Security Agreement, as amended hereby, or any other Investment Document, (b) constitute a waiver of any provision in the Security Agreement or any other Investment Document or (c) except as set forth in this Amendment,
alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Security Agreement or any other Investment Document, all of which are ratified and affirmed in all respects and shall
continue in full force and effect. 
 

-2- 

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

	 DEBTORS

	 OVERHILL FARMS, INC., a Nevada corporation

	
	 By:
	 	 /s/ James Rudis

	 	 	 James Rudis
 President and Chief Executive Officer

	
	 By:
	 	 /s/ John Steinbrun

	 	 	 John Steinbrun
 Senior Vice President and Chief Financial Officer

	
	 OVERHILL L.C. VENTURES, INC., a California corporation

	
	 By:
	 	 /s/ James Rudis

	 	 	 James Rudis
 President

	
	 By:
	 	 /s/ Richard A. Horvath

	 	 	 Richard A. Horvath
 Chief Financial Officer

 

	 ACKNOWLEDGED AND ACCEPTED:
 SECURED PARTY

	
	 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

	 	 	 	 	 	 	 Steven E. Hartman
 Vice President

 

-3-

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