Document:

exhibit_4-2.htm

    
 

    
      

      

    

    
 EXHIBIT 4.2

    OVERHILL
FARMS, INC.

     

    AMENDED
AND RESTATED 2005 STOCK PLAN

     

    STOCK
OPTION AGREEMENT

     

     

        Unless
otherwise defined herein, the terms defined in the Amended and Restated 2005
Stock Plan of Overhill Farms, Inc. (“Plan”) shall have the
same defined meanings in this Stock Option Agreement (“Option
Agreement”).

     

    

    
      
        	
                I.

              	
                NOTICE OF
GRANT

              

      

    

    

    
      	 
      	
              Name:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
              Address:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      

    

     

        The
undersigned Optionee has been granted an Option to purchase Common Stock of the
Company, subject to the terms and conditions of the Plan and this Option
Agreement, as follows:

    

    
      	 
      	
              Grant
      Number

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
              Date
      of Grant

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
              Exercise
      Price per Share

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
              Total
      Number of Shares

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
              Total
      Exercise Price

            	 
      	 
      	 
      

    

    

    
      
        
          	 
      	
                  Type
      of Option:

                	 
      	 
      	 
      	
                  Incentive
      Stock Option

                
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	
                  Nonqualified
      Stock Option

                

        

      

       

      
        
          	 
      	
                  Term/Expiration
      Date:

                	 
      	 
      

        

         

            Vesting
Schedule:

      

    

     

        Subject to
the terms and conditions of the Plan, this Option shall vest and become
exercisable according to the following schedule:

     

        [insert
vesting schedule].

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

        Termination Period:

    
       

          Any
unexercised portion of this Option shall automatically and without notice
terminate and become null and void, after the earliest to occur of the
following:

       

                  (a) six (6)
months following the death or Disability of the Optionee;

       

                  (b) thirty
(30) days following the date on which the Optionee ceases to be an Eligible
Person for any reason other than death, Disability, or 

          termination
for Cause; or

       

                  (c) immediately
upon the termination of an Optionee as an Eligible Person for
Cause.

       

          In no event,
however, shall the periods described above extend beyond the Term/Expiration
Date provided above or beyond the expiration of ten (10) years from the Date of
Grant.

       

    

    
      
        	
                II.

              	
                AGREEMENT

              

      

    

                 

        1.   
Grant of
Option. The Committee (or the Disinterested Committee, if applicable)
hereby grants to the Optionee named in the Notice of Grant (the “Optionee”), an option
(this “Option”)
to purchase the number of Shares set forth in the Notice of Grant, at the
exercise price per Share set forth in the Notice of Grant (the “Exercise Price”), and
subject to the terms and conditions of the Plan, which is incorporated herein by
reference, and this Option Agreement. In the event of a conflict between the
terms and conditions of the Plan and this Option Agreement, the terms and
conditions of the Plan shall prevail.

    
       

          If designated
in the Notice of Grant as an Incentive Stock Option (“ISO”), this Option is
intended to qualify as an Incentive Stock Option as defined in Section 422
of the Code. Nevertheless, to the extent that it exceeds the $100,000 rule of
Code Section 422(d), this Option shall be treated as a Nonqualified Stock Option
(“NSO”).

       

          2.   
Exercise of
Option.

       

                  (a) Right to Exercise.
This Option shall vest and become exercisable during its term in accordance with
the Vesting Schedule set out in the Notice of Grant and with the applicable
provisions of the Plan and this Option Agreement.

       

                  (b) Method of Exercise.
This Option shall be exercisable by delivery of an exercise notice in the form
attached as Exhibit A (the
“Exercise
Notice”), which shall state the election to exercise this Option, the
number of Shares with respect to which this Option is being exercised (“Exercised Shares”),
and such other representations and agreements as may be required by the Company.
The Exercise Notice shall be accompanied by payment of the aggregate Exercise
Price as to all Exercised Shares. This Option shall be deemed to be exercised
when (i) the Company has received a fully executed Exercise Notice, (ii) full
payment of the aggregate Exercise Price for the Exercised Shares has been made,
and (iii) arrangements that are satisfactory to the Committee (or the
Disinterested Committee, if applicable) in its sole discretion

       

       

    

    
      
        
          
            
              	
                       

                    	
                      -2-

                    	 
      	 
      

            

            

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

     

    have been
made for the Optionee’s payment to the Company of the amount, if any, that the
Committee (or the Disinterested Committee, if applicable) determines to be
necessary for the Company or a Subsidiary to withhold in accordance with
applicable federal or state income tax withholding requirements.

     

        No Shares
shall be issued pursuant to the exercise of an Option unless the issuance and
the exercise complies with all applicable laws, as determined by the Committee
(or the Disinterested Committee, if applicable) in its sole discretion. Assuming
such compliance, for income tax purposes the Shares shall be considered
transferred to the Optionee on the date on which the Option is exercised with
respect to the Shares.

     

        3.    Optionee’s
Representations.  If the issuance of the Shares is not
registered under the Securities Act of 1933 (“Securities Act”) at
the time this Option is exercised, then the Optionee shall, if requested by the
Company, deliver to the Company his or her Investment Representation Statement
in the form attached hereto as Exhibit
B.

     

        4.    Method of Payment.
Payment of the aggregate Exercise Price shall be by any of the following, or a
combination thereof, at the election of the 

    Optionee:        

                (a)
cash;

     

                (b) certified or
cashier’s check payable to the order of the Company;

     

                (c) other Shares
which have a Fair Market Value on the date of surrender equal to the aggregate
Exercise Price of the Shares as to which 

        this
Option
will be exercised; or

     

                (d) any other
consideration and method of payment for the issuance of Shares to the extent
permitted by applicable laws and authorized by 

        the
Committee
(or the Disinterested Committee, if applicable).

     

        5.   
Restrictions on
Exercise. This Option may not be exercised until such time as the Plan
has been approved by the stockholders of the Company, or if the issuance of the
Shares upon exercise or the method of payment of consideration for the Shares
would constitute a violation of any applicable law.

     

        6.    Non-Transferability of
Option. This Option may not be transferred in any manner otherwise than
by will or by the laws of descent or distribution and may be exercised during
the lifetime of Optionee only by Optionee or his guardian or legal
representative. The terms of the Plan and this Option Agreement shall be binding
upon the executors, administrators, heirs, successors and assigns of the
Optionee.

     

        7.    Term of Option. This
Option may be exercised only within the term set out in the Notice of Grant, and
may be exercised during such term only in accordance with the Plan and the terms
of this Option Agreement.

    

    
      
        
          
            
              	
                       

                    	
                      -3-

                    	 
      	 
      

            

            

          

           

        

        
           

          
            

          

        

        
           

        

      

    

     

        8.    Tax
Obligations.

     

                (a)
Withholding Taxes. The Optionee agrees to
make appropriate arrangements with the Company (or the Subsidiary employing or
retaining Optionee) for the satisfaction of all federal, state, local and
foreign income and employment tax withholding requirements applicable to the
Option exercise. The Optionee acknowledges and agrees that the Company may
refuse to honor the exercise and refuse to deliver Shares if the withholding
amounts are not delivered at the time of exercise.

     

                (b) Notice of Disqualifying
Disposition of ISO Shares. If this Option is an ISO, and if the Optionee
sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on
or before the later of (i) the date two (2) years after the Date of Grant,
or (ii) the date one (1) year after the date of exercise, the Optionee
shall immediately notify the Company in writing of the disposition. The Optionee
agrees that the Optionee may be subject to income tax withholding by the Company
on the compensation income recognized by the Optionee.

     

        9.  Entire Agreement. The
Plan is incorporated herein by reference. The Plan and this Option Agreement
constitute the entire agreement of the parties with respect to the subject
matter hereof and supersede in their entirety all prior undertakings and
agreements of the Company and the Optionee with respect to the subject matter
hereof, and may not be modified adversely to the Optionee’s interest except by
means of a writing signed by the Company and the Optionee.

     

        10.  Governing Law. The
corporate laws of the State of Nevada shall govern all issues concerning the
relative rights of the Company and its security holders under this Stock Option
Agreement. All other questions and obligations under this Option Agreement shall
be construed and enforced in accordance with the internal laws of the State of
California, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of California or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the
State of California. In any action, dispute, litigation or other proceeding
concerning this Option Agreement (including arbitration), exclusive jurisdiction
shall be with the courts of California, with the County of Los Angeles being the
sole venue for the bringing of the action or proceeding.

     

        11.  No Guarantee of Continued
Service. THE OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES
PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS AN
ELIGIBLE PERSON AT THE WILL OF THE COMPANY (NOT THROUGH THE ACT OF BEING HIRED,
BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER). THE OPTIONEE FURTHER
ACKNOWLEDGES AND AGREES THAT THIS OPTION AGREEMENT, THE TRANSACTIONS
CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT
CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS AN ELIGIBLE
PERSON FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT
INTERFERE IN ANY WAY WITH THE OPTIONEE’S RIGHT OR THE COMPANY’S RIGHT TO
TERMINATE THE OPTIONEE’S RELATIONSHIP AS AN ELIGIBLE PERSON AT ANY TIME, WITH OR
WITHOUT CAUSE.

    

    
      
        
          
            
              	
                       

                    	
                      -4-

                    	 
      	 
      

            

            

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

     

        The Optionee
acknowledges receipt of a copy of the Plan and represents that he or she is
familiar with the terms and provisions thereof, and hereby accepts this Option
subject to all of the terms and provisions thereof. The Optionee has reviewed
the Plan and this Option in their entirety, has had an opportunity to obtain the
advice of counsel prior to executing this Option and fully understands all
provisions of this Option. The Optionee hereby agrees to accept as binding,
conclusive and final all decisions or interpretations of the Committee (or the
Disinterested Committee, if applicable) upon any questions arising under the
Plan or this Option. The Optionee further agrees to notify the Company upon any
change in the residence address indicated below.

     

        IN WITNESS
WHEREOF, the Company has caused this Option Agreement to be duly executed by its
officer thereunto duly authorized, and the Optionee has hereunto set his or her
hand, on the respective dates set forth below, to memorialize the grant of the
Option that occurred as of the Date of Grant set forth in the above Notice of
Grant.

    

    
      	
              OPTIONEE

            	 
      	
              OVERHILL
      FARMS, INC.

            

    

    

    
      
        
          	 
      	 
      	
                  By:

                	 
      
	
                  Signature

                	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                  Title:

                	 
      
	
                  Print
      Name

                	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                  Date:

                	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                  Residence
      Address

                	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                  Social
      Security Number/Taxpayer ID

                	 
      	 
      	 
      

        

      

    

    

    

    
      	
              Date:

            	 
      	 
      

    

    

    

    

    

    
      
        
          
            
              	
                       

                    	
                      -5-

                    	 
      	 
      

            

            

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    EXHIBIT
A

     

    AMENDED
AND RESTATED 2005 STOCK PLAN

     

    EXERCISE
NOTICE

    

    Overhill
Farms, Inc.

    2727 East
Vernon Avenue

    Vernon,
California 90058

    Attention:
Corporate Secretary

     

        1.  Exercise of Option.
The undersigned (“Optionee”) hereby
elects to exercise Optionee’s option (the “Option”) by
purchasing _________ shares of the common stock (the “Shares”) of Overhill
Farms, Inc. (the “Company”) under and
pursuant to the Amended and Restated 2005 Stock Plan (the “Plan”) and the Stock
Option Agreement dated ____________, 20___ (the “Option Agreement”).
Capitalized terms not otherwise defined in this Exercise Notice shall have the
meanings ascribed thereto in the Option Agreement.

     

        2.  Delivery of Payment.
Optionee herewith delivers to the Company the full purchase price of the Shares,
as set forth in the Option Agreement, and any and all withholding taxes due in
connection with the exercise of the Option.

     

        3.  Representations of
Optionee. Optionee acknowledges that Optionee has received, read and
understood the Plan and the Option Agreement and agrees to abide by and be bound
by their terms and conditions.

     

        4.  Rights as
Stockholder. Until the issuance of the Shares (as evidenced by the
appropriate entry on the books of the Company or of a duly authorized transfer
agent of the Company), no right to vote or receive dividends or any other rights
as a stockholder shall exist with respect to the Shares subject to the Option,
notwithstanding the exercise of the Option. The Shares shall be issued to the
Optionee as soon as practicable after the Option is exercised in accordance with
the Option Agreement. No adjustment shall be made for a dividend or other right
for which the record date is prior to the date of issuance except as provided in
the Plan.

     

        5.  Tax Consultation.
Optionee understands that Optionee may suffer adverse tax consequences as a
result of Optionee’s purchase or disposition of the Shares. Optionee represents
that Optionee has consulted with any tax consultants Optionee deems advisable in
connection with the purchase or disposition of the Shares and that Optionee is
not relying on the Company for any tax advice.

     

        6.  Successors and
Assigns. The Company may assign any of its rights under this Exercise
Notice to single or multiple assignees, and this Exercise Notice shall inure to
the benefit of the successors and assigns of the Company. Subject to the
restrictions on transfer herein set forth, this Exercise Notice shall be binding
upon Optionee and his or her heirs, executors, administrators, successors and
assigns.

    

    
      
        
          
            
              	
                       

                    	
                      A-1

                    	 
      	 
      

            

            

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

     

        7.  Interpretation. Any
dispute regarding the interpretation of this Exercise Notice shall be submitted
by Optionee or by the Company forthwith to the Committee (or the Disinterested
Committee, if applicable), which shall review such dispute at its next regular
meeting. The resolution of such a dispute by the Committee (or the Disinterested
Committee, if applicable) shall be final and binding on all
parties.

     

        8.  Governing Law;
Severability. The corporate laws of the State of Nevada shall govern all
issues concerning the relative rights of the Company and its security holders
under this Exercise Notice. All other questions and obligations under this
Exercise Notice shall be construed and enforced in accordance with the internal
laws of the State of California, without giving effect to any choice of law or
conflict of law provision or rule (whether of the State of California or any
other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of California. In any action, dispute,
litigation or other proceeding concerning this Exercise Notice (including
arbitration), exclusive jurisdiction shall be with the courts of California,
with the County of Los Angeles being the sole venue for the bringing of the
action or proceeding. If any provision hereof becomes or is declared by a court
of competent jurisdiction to be illegal, unenforceable or void, this Exercise
Notice will continue in full force and effect.

     

        9.  Entire Agreement. The
Plan and the Option Agreement are incorporated herein by reference. This
Exercise Notice, the Plan and the Option Agreement constitute the entire
agreement of the parties with respect to the subject matter hereof and supersede
in their entirety all prior undertakings and agreements of the Company and
Optionee with respect to the subject matter hereof, and may not be modified
adversely to the Optionee’s interest, or modified by the Optionee, except by
means of a writing signed by the Company and Optionee.

    

    
      	
              Submitted
      by:

            	 
      	
              Accepted
      by:

            
	
              OPTIONEE

            	 
      	
              OVERHILL
      FARMS, INC.

            

    

    

    
      	 
      	 
      	
              By:

            	 
      
	
              Signature

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
              Title:

            	 
      
	
              Print
      Name

            	 
      	 
      	 
      

    

    

    
      
        	
                Address:

              	 
      	
                Address:

              
	 
      	 
      	 
      
	 
      	 
      	
                2727
      East Vernon Avenue

              
	 
      	 
      	
                Vernon,
      California 90058

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                Date
      Received

              

      

    

    

    

    

    

    
      
        
          
            
              	
                       

                    	
                      A-2

                    	 
      	 
      

            

            

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    EXHIBIT
B

     

    AMENDED
AND RESTATED 2005 STOCK PLAN

     

    INVESTMENT
REPRESENTATION STATEMENT

     

    

    
      	
              OPTIONEE:

            	 
      	 
      
	 
      	 
      	 
      
	
              COMPANY:

            	 
      	
              OVERHILL
      FARMS, INC.

            
	 
      	 
      	 
      
	
              SECURITY:

            	 
      	
              COMMON
      STOCK    

            

    

     

    AMOUNT:

     

        In connection
with the purchase of the above-referenced Securities, the undersigned Optionee
represents to the Company as follows:

     

        (a) Optionee
is aware of the Company’s business affairs and financial condition and has
acquired sufficient information about the Company to reach an informed and
knowledgeable decision to acquire the Securities. Optionee is acquiring these
Securities for investment for Optionee’s own account only and not with a view
to, or for resale in connection with, any “distribution” thereof within the
meaning of the Securities Act of 1933 (the “Securities
Act”).

     

        (b) Optionee
acknowledges and understands that the Securities constitute “restricted
securities” under the Securities Act and have not been registered under the
Securities Act in reliance upon a specific exemption therefrom, which exemption
depends upon, among other things, the bona fide nature of Optionee’s investment
intent as expressed herein. In this connection, Optionee understands that, in
the view of the Securities and Exchange Commission, the statutory basis for the
exemption may be unavailable if Optionee’s representation was predicated solely
upon a present intention to hold these Securities for the minimum capital gains
period specified under tax statutes, for a deferred sale, for or until an
increase or decrease in the market price of the Securities, or for a period of
six (6) months, one (1) year or any other fixed period in the future. Optionee
further understands that the Securities must be held indefinitely unless they
are subsequently registered under the Securities Act or an exemption from such
registration is available. Optionee further acknowledges and understands that
the Company is under no obligation to register the Securities. Optionee
understands that the certificate evidencing the Securities may be imprinted with
any legend required under applicable federal or state securities
laws.

     

        (c) Optionee
is familiar with the provisions of Rule 144 promulgated under the
Securities Act, which, in substance, permits limited public resale of
“restricted securities” acquired, directly or indirectly from the issuer
thereof, in a non-public offering subject to the satisfaction of certain
conditions.

     

        (d) Optionee
further understands that if all of the applicable requirements of Rule 144
are not satisfied, registration under the Securities Act or some other
registration exemption will be

    

    
      
        
          
            
              	
                       

                    	
                      B-1

                    	 
      	 
      

            

            

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

     

    required;
and that, notwithstanding the fact that Rule 144 is not exclusive, the
Staff of the Securities and Exchange Commission has expressed its opinion that
persons proposing to sell private placement securities other than in a
registered offering and otherwise than pursuant to Rule 144 will have a
substantial burden of proof in establishing that an exemption from registration
is available for the offers or sales, and that persons and their respective
brokers who participate in these transactions do so at their own risk. Optionee
understands that no assurances can be given that any other registration
exemption will be available in that event.

    

    
      
        
          
            	 
      	
                    Signature
      of Optionee:

                  
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 	 Date:                                    
      , 20  
                                                          
      

          

        

      

    

    

    

     

    

    

    
      
        
          
            
              	
                       

                    	
                      B-2exhibit_4-3.htm

    
 

    
      

      

    

    
EXHIBIT 4.3 

    OVERHILL
FARMS, INC.

     

    AMENDED
AND RESTATED 2005 STOCK PLAN

     

    RESTRICTED
STOCK PURCHASE AGREEMENT

     

        Unless
otherwise defined herein, the terms defined in the Amended and Restated 2005
Stock Plan of Overhill Farms, Inc. (“Plan”) shall have the
same defined meanings in this Restricted Stock Purchase Agreement (“Agreement”).

    

    
      
        	
                I.

              	
                NOTICE OF GRANT OF STOCK PURCHASE
      RIGHT

              

      

    

    

    
      	 
      	
              Name:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
              Address:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      

    

     

        You have been
granted a Stock Purchase Right, subject to the terms and conditions of the Plan
and this Agreement, as follows:

    

    
      	 
      	
              Grant
      Number

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
              Date
      of Grant

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
              Exercise
      Price per Share

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
              Total
      Number of Shares

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
              Aggregate
      Exercise Price

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
              Expiration
      Date

            	 
      	 
      	 
      

    

     

        YOU MUST
EXERCISE THIS STOCK PURCHASE RIGHT BEFORE THE EXPIRATION DATE OR IT WILL
TERMINATE AND YOU WILL HAVE NO FURTHER RIGHT TO PURCHASE THE
SHARES.

     

    Non-Transferability of Stock
Purchase Right.

     

        This Stock
Purchase Right may not be sold, pledged, assigned, hypothecated, transferred, or
disposed of in any manner other than by will or the laws of descent and
distribution, and may be exercised during your lifetime only by you. The terms
of the Plan and this Agreement shall be binding upon your executors,
administrators, heirs, successors and assigns.

     

        [NOTE: PLAN
GIVES COMMITTEE DISCRETION TO PERMIT TRANSFERS OF STOCK PURCHASE RIGHTS, IF
DESIRED.]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    II.        AGREEMENT

     

        1.  Sale of Stock. The
Company hereby agrees to sell to the individual named in the Notice of Grant of
Stock Purchase Right (“Purchaser”), and
Purchaser hereby agrees to purchase the number of Shares set forth in the Notice
of Grant of Stock Purchase Right, at the exercise price per share set forth in
the Notice of Grant of Stock Purchase Right (the “Exercise Price”), and
subject to the terms and conditions of the Plan, which is incorporated herein by
reference. In the event of a conflict between the terms and conditions of the
Plan and this Agreement, the terms and conditions of the Plan shall
prevail.

     

        2.  Payment of Purchase
Price. Purchaser herewith delivers to the Company the aggregate Exercise
Price for the Shares by cash, certified or cashier’s check payable to the order
of the Company [or promissory
note made by Purchaser in favor of the Company,] or any combination of
the foregoing.

     

        3.  Repurchase
Option.

     

                       
(a) If
Purchaser’s continuous status as an Eligible Person terminates for any or no
reason (including death or Disability), the Company shall, upon the date of
termination (as reasonably fixed and determined by the Company), have an
irrevocable, exclusive option for a period of ninety (90) days from such date to
repurchase up to that number of shares which constitutes the Unreleased Shares
(as defined in Section 4) at the Exercise Price per share (the “Repurchase Price”)
(the “Repurchase
Option”).

     

                        (b) The
Repurchase Option shall be exercised by the Company by delivering written notice
to Purchaser or Purchaser’s executor (with a copy to the Escrow Holder (as
defined in Section 6)) AND, at the Company’s option, (i) by delivering to
Purchaser or Purchaser’s executor a check in the amount of the aggregate
Repurchase Price, or (ii) by the Company canceling an amount of Purchaser’s
indebtedness to the Company equal to the aggregate Repurchase Price, or
(iii) by a combination of (i) and (ii) so that the combined payment
and cancellation of indebtedness equals such aggregate Repurchase Price. Upon
delivery of the notice and the payment of the aggregate Repurchase Price in any
of the ways described above, the Company shall become the legal and beneficial
owner of the Unreleased Shares being repurchased and all rights and interests
therein or relating thereto, and the Company shall have the right to retain and
transfer to its own name the number of Unreleased Shares being repurchased by
the Company.

     

                        (c) Whenever
the Company has the right to repurchase the Unreleased Shares hereunder, the
Company may designate and assign one or more employees, officers, directors or
stockholders of the Company or other persons or organizations to exercise all or
a part of the Company’s Repurchase Option to purchase all or a part of the
Unreleased Shares. If the Fair Market Value of the Unreleased Shares to be
repurchased on the date of designation or assignment (the “Repurchase FMV”)
exceeds the aggregate Repurchase Price of the Unreleased Shares, then each
designee or assignee shall pay the Company cash equal to the difference between
the Repurchase FMV and the aggregate Repurchase Price of Unreleased Shares to be
purchased.

    
      
        
          
            	
                     

                  	
                     
      -2-

                  	 
      

          

          

        

         

      

      
         

        
          

        

      

      
         

      

    

                        (d) If the
Company or its assignee does not elect to exercise the Repurchase Option
conferred above by giving the requisite notice within ninety (90) days following
Purchaser’s termination as an Eligible Person, the Repurchase Option shall
terminate.

     

        4.  Release of Shares From
Repurchase Option.

     

                        (a) [One-fourth (1/4)] of the
Shares shall be released from the Company’s Repurchase Option [twelve (12)] months following
the Date of Grant (as set forth in the Notice of Grant of Stock Purchase Right)
and [one forty-eighth
(1/48)] of the Shares shall be released each month thereafter, provided
in each case that Purchaser’s continuous status as an Eligible Person has not
terminated prior to the date of any release. [THIS IS A FOUR YEAR LAPSE SCHEDULE
WITH WITH NO LAPSING UNTIL THE FIRST ANNIVERSARY AND EQUAL MONTHLY LAPSING
THEREAFTER; NOTE THAT THE PLAN GIVES THE COMMITTEE DISCRETION TO ESTABLISH
WHATEVER LAPSE SCHEDULE IT DEEMS APPROPRIATE.]

     

                        (b) Any of
the Shares which have not yet been released from the Company’s Repurchase Option
are referred to herein as “Unreleased
Shares.”

     

                        (c) The
Shares which have been released from the Company’s Repurchase Option shall be
delivered to Purchaser at Purchaser’s request (see Section 6).

     

        5.  Restriction on
Transfer. Except for the escrow described in Section 6 or transfer
of the Shares to the Company or its assignees contemplated by this Agreement,
none of the Shares or any beneficial interest therein shall be transferred,
encumbered or otherwise disposed of in any way until the release of the Shares
from the Company’s Repurchase Option in accordance with the provisions of this
Agreement, other than (a) by will, (b) by the laws of descent and distribution,
or (c) to family members (within the meaning of Rule 701 under the Securities
Act of 1933) through gifts or domestic relations orders, as permitted by Rule
701 under the Securities Act of 1933.

     

        6.  Escrow of
Shares.

     

                        (a) To ensure
the availability for delivery of Purchaser’s Unreleased Shares upon exercise of
the Repurchase Option by the Company, Purchaser shall, upon execution of this
Agreement, deliver and deposit with an escrow holder designated by the Company
(the “Escrow
Holder”) the share certificates representing the Unreleased Shares,
together with the Assignment Separate from Certificate (the “Stock Assignment”)
duly endorsed in blank, attached hereto as Exhibit A-1. The
Unreleased Shares and Stock Assignment shall be held by the Escrow Holder,
pursuant to the Joint Escrow Instructions of the Company and Purchaser attached
as Exhibit A-2
hereto, until the Company’s Repurchase Option expires.

     

                        (b) The
Escrow Holder shall not be liable for any act it may do or omit to do with
respect to holding the Unreleased Shares in escrow and while acting in good
faith and in the exercise of its judgment.

    
      
        
          
            	
                     

                  	
                    -3-

                  	 
      	 
      

          

          

        

         

      

      
         

        
          

        

      

      
         

      

    

     

                        (c) If the
Company or any assignee exercises its Repurchase Option hereunder, the Escrow
Holder, upon receipt of written notice of the option exercise from the proposed
transferee, shall take all steps necessary to accomplish the
transfer.

     

                        (d) When the
Repurchase Option has been exercised or expires unexercised or a portion of the
Shares has been released from the Repurchase Option, upon Purchaser’s request
the Escrow Holder shall promptly cause a new certificate to be issued for such
released Shares and shall deliver the certificate to the Company or Purchaser,
as the case may be.

     

                        (e) Subject
to the terms hereof, Purchaser shall have rights equivalent to those of a
stockholder with respect to the Shares while they are held in escrow, including
without limitation, the right to vote the Shares and receive any cash dividends
declared thereon.

     

                        (f) If, from
time to time during the term of the Company’s Repurchase Option, there is
(i) any stock dividend, stock split or other change in the Shares or
(ii) any merger or sale of all or substantially all of the assets or other
acquisition of the Company, any and all new, substituted or additional
securities to which Purchaser is entitled by reason of Purchaser’s ownership of
the Shares shall be immediately subject to this escrow, deposited with the
Escrow Holder and included thereafter as “Shares” for purposes of this Agreement
and the Company’s Repurchase Option.

     

        7.  Tax Consequences. Set
forth below is a brief summary as of the date of grant of this Stock Purchase
Right of some of the federal tax consequences of exercise of this Stock Purchase
Right and disposition of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND
THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE.

     

                        (a) Exercise of Stock Purchase
Right. Generally, no income will be recognized by Purchaser in connection
with the exercise of the stock purchase right for shares subject to the
Repurchase Option, unless an election under Section 83(b) of the Internal
Revenue Code is filed with the Internal Revenue Service within thirty (30) days
of the date of exercise of the right to purchase stock. The form for making this
election is attached as Exhibit A-3
hereto. Otherwise, as the Company’s repurchase right lapses, Purchaser will
recognize compensation income in an amount equal to the difference between the
Fair Market Value of the stock at the time the Company’s repurchase right lapses
and the amount paid for the stock, if any (the “Spread”). If
Purchaser is an Employee or former Employee, the Spread will be subject to tax
withholding by the Company, and the Company will be entitled to a tax deduction
in the amount at the time Purchaser recognizes ordinary income with respect to a
Stock Purchase Right.

     

                        (b) Disposition of
Shares. Upon disposition of the Shares, any gain or loss is treated as
capital gain or loss. If the Shares are held for at least one (1) year, any gain
realized on disposition of the Shares will be treated as long-term capital gain
for federal income tax purposes. Long-term capital gains are grouped and netted
by holding periods. Net capital gains on assets held for more than twelve (12)
months is presently capped at fifteen percent (15%). Capital losses are allowed
in full against capital gains, and up to $3,000 against other
income.

    
      
        
          
            	
                     

                  	
                    -4-

                  	 
      	 
      

          

          

        

         

      

      
         

        
          

        

      

      
         

      

    

     

        PURCHASER
ACKNOWLEDGES THAT IT IS PURCHASER’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO
FILE TIMELY THE ELECTION UNDER SECTION 83(b), EVEN IF PURCHASER REQUESTS
THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON PURCHASER’S
BEHALF.

     

        8.  No Guarantee of Continued
Service. PURCHASER ACKNOWLEDGES AND AGREES THAT THE RELEASE OF SHARES
FROM THE REPURCHASE OPTION OF THE COMPANY PURSUANT TO SECTION 4 HEREOF IS EARNED
ONLY BY CONTINUING SERVICE AS AN ELIGIBLE PERSON AT THE WILL OF THE COMPANY (NOT
THROUGH THE ACT OF BEING HIRED OR PURCHASING SHARES HEREUNDER). PURCHASER
FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS
CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT
CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS AN ELIGIBLE
PERSON FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT
INTERFERE WITH PURCHASER’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE PURCHASER’S
RELATIONSHIP AS AN ELIGIBLE PERSON AT ANY TIME, WITH OR WITHOUT
CAUSE.

     

        9.  Notices. Any notice,
demand or request required or permitted to be given by either the Company or
Purchaser pursuant to the terms of this Agreement shall be in writing and shall
be deemed given when delivered personally or deposited in the U.S. mail, First
Class with postage prepaid, and addressed to the parties at the addresses of the
parties set forth at the end of this Agreement or such other address as a party
may request by notifying the other in writing.

     

        Any notice to
the Escrow Holder shall be sent to the Company’s address with a copy to the
other party not sending the notice.

     

        10.  No Waiver. Either
party’s failure to enforce any provision or provisions of this Agreement shall
not in any way be construed as a waiver of any such provision or provisions, nor
prevent that party from thereafter enforcing each and every other provision of
this Agreement. The rights granted both parties herein are cumulative and shall
not constitute a waiver of either party’s right to assert all other legal
remedies available to it under the circumstances.

     

        11.  Successors and
Assigns. The Company may assign any of its rights under this Agreement to
single or multiple assignees, and this Agreement shall inure to the benefit of
the successors and assigns of the Company. Subject to the restrictions on
transfer herein set forth, this Agreement shall be binding upon Purchaser and
his or her heirs, executors, administrators, successors and
assigns.

     

        12.  Interpretation. Any
dispute regarding the interpretation of this Agreement shall be submitted by
Purchaser or by the Company forthwith to the Committee which shall review such
dispute at its next regular meeting. The resolution of such a dispute by the
Committee shall be final and binding on all parties.

     

        13.  Governing Law. The
corporate laws of the State of Nevada shall govern all issues concerning the
relative rights of the Company and its security holders under this Agreement.
All

    
      
        
          
            	
                     

                  	
                    -5-

                  	 
      	 
      

          

          

        

         

      

      
         

        
          

        

      

      
         

      

    

     

    other
questions and obligations under this Agreement shall be construed and enforced
in accordance with the internal laws of the State of California, without giving
effect to any choice of law or conflict of law provision or rule (whether of the
State of California or any other jurisdiction) that would cause the application
of the laws of any jurisdiction other than the State of California. In any
action, dispute, litigation or other proceeding concerning this Agreement
(including arbitration), exclusive jurisdiction shall be with the courts of
California, with the County of Los Angeles being the sole venue for the bringing
of the action or proceeding.

     

        14.  Entire Agreement. The
Plan is incorporated herein by reference. This Agreement (including the exhibits
referenced herein) and the Plan constitute the entire agreement of the parties
with respect to the subject matter hereof and supersede in their entirety all
prior undertakings and agreements of the Company and Purchaser with respect to
the subject matter hereof, and may not be modified adversely to Purchaser’s
interest except by means of a writing signed by the Company and
Purchaser.

     

        By
Purchaser’s signature below, Purchaser represents that he or she is familiar
with the terms and provisions of the Plan, and hereby accepts this Agreement
subject to all of the terms and provisions thereof. Purchaser has reviewed the
Plan and this Agreement in their entirety, has had an opportunity to obtain the
advice of counsel prior to executing this Agreement and fully understands all
provisions of this Agreement. Purchaser agrees to accept as binding, conclusive
and final all decisions or interpretations of the Administrator upon any
questions arising under the Plan or this Agreement. Purchaser further agrees to
notify the Company upon any change in the residence indicated in the Notice of
Grant of Stock Purchase Right.

    

    
      	
              PURCHASER

            	
              OVERHILL
      FARMS, INC.

            

    

    

    

    
      	 
      	 
      	
              By:

            	 
      
	
              Signature

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
              Title:

            	 
      
	
              Print
      Name

            	 
      	 
      	 
      

    

    

    

    
      
        
          
            	
                     

                  	
                    -6-

                  	 
      	 
      

          

          

        

         

      

      
         

        
          

        

      

      
         

      

    

    

     

    EXHIBIT
A-1

     

    ASSIGNMENT
SEPARATE FROM CERTIFICATE

     

    

     

        FOR VALUE
RECEIVED I, __________________________, hereby sell, assign and transfer
unto                                                          
(__________) shares of the Common Stock of Overhill Farms, Inc. standing in my
name of the books of said corporation represented by Certificate No. _____
herewith and do hereby irrevocably constitute and appoint
______________________________ to transfer the said stock on the books of the
within named corporation with full power of substitution in the
premises.

     

        This Stock
Assignment may be used only in accordance with the Restricted Stock Purchase
Agreement between Overhill Farms, Inc. and the undersigned dated ______________,
____.

    

     

    Dated:
_______________,
_____                     
Signature:______________________________

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    INSTRUCTIONS: Please do not
fill in any blanks other than the signature line. The purpose of this assignment
is to enable the Company to exercise its Repurchase Option as set forth in the
Agreement, without requiring additional signatures on the part of
Purchaser.

     

    

    
      
        
          
            	
                     

                  	
                    A-1

                  	 
      

          

          

        

         

      

      
         

        
          

        

      

      
         

      

    

    

     

    EXHIBIT
A-2

     

    JOINT
ESCROW INSTRUCTIONS

    

     

    ____________________,
____

     

    Corporate
Secretary

     

    Overhill
Farms, Inc.

    272 E.
Vernon Avenue

    Vernon,
California 90058

    

    Dear
______________________:

     

        As Escrow
Agent for both Overhill Farms, Inc. (the “Company”) and the
undersigned purchaser of stock of the Company (“Purchaser”), you are
hereby authorized and directed to hold the documents delivered to you pursuant
to the terms of the Restricted Stock Purchase Agreement (“Agreement”) between
the Company and the undersigned, in accordance with the following
instructions:

     

        1.  If
the Company and/or any assignee of the Company (referred to collectively for
convenience herein as the “Company”) exercises
the Company’s repurchase option set forth in the Agreement (the “Repurchase Option”),
the Company shall give to Purchaser and you a written notice specifying the
number of shares of stock to be purchased, the purchase price, and the time for
a closing hereunder at the principal office of the Company. Purchaser and the
Company hereby irrevocably authorize and direct you to close the transaction
contemplated by such notice in accordance with the terms of the
notice.

     

        2.  At
the closing, you are directed (a) to date the stock assignments necessary
for the transfer in question, (b) to fill in the number of shares being
transferred and (c) to deliver same, together with the certificate
evidencing the shares of stock to be transferred, to the Company or its
assignee, against the simultaneous delivery to you of the purchase price (by
cash, a check, or some combination thereof) for the number of shares of stock
being purchased pursuant to the exercise of the Company’s Repurchase
Option.

     

        3. 
Purchaser irrevocably authorizes the Company to deposit with you any
certificates evidencing shares of stock to be held by you hereunder and any
additions and substitutions to said shares as defined in the Agreement.
Purchaser does hereby irrevocably constitute and appoint you as Purchaser’s
attorney-in-fact and agent for the term of this escrow to execute with respect
to the securities all documents necessary or appropriate to make the securities
negotiable and to complete any transaction herein contemplated, including but
not limited to the filing with any applicable state blue sky authority of any
required applications for consent to, or notice of transfer of, the securities.
Subject to the provisions of this paragraph 3, Purchaser shall exercise all
rights and privileges of a stockholder of the Company while the stock is held by
you.

    
      
        
          
            	
                    
                    

                     

                  	
                    A-2-1

                  	 
      

          

          

        

         

      

      
         

        
          

        

      

      
         

      

    

     

        4.  Upon
written request of Purchaser, but no more than once per calendar year, unless
the Company’s Repurchase Option has been exercised, you will deliver to
Purchaser a certificate or certificates representing so many shares of stock as
are not then subject to the Company’s Repurchase Option. Within ninety (90) days
after cessation of Purchaser’s continuous employment by or services to the
Company, or any subsidiary of the Company, you will deliver to Purchaser a
certificate or certificates representing the aggregate number of shares held or
issued pursuant to the Agreement and not purchased by the Company or its
assignees pursuant to exercise of the Company’s Repurchase Option.

     

        5.  If
at the time of termination of this escrow you should have in your possession any
documents, securities or other property belonging to Purchaser, you shall
deliver all of it to Purchaser and shall be discharged of all further
obligations hereunder.

     

        6.  Your
duties hereunder may be altered, amended, modified or revoked only by a writing
signed by all of the parties hereto.

     

        7.  You
shall be obligated only for the performance of such duties as are specifically
set forth herein and may rely and shall be protected in relying or refraining
from acting on any instrument reasonably believed by you to be genuine and to
have been signed or presented by the proper party or parties. You shall not be
personally liable for any act you may do or omit to do hereunder as Escrow Agent
or as attorney-in-fact for Purchaser while acting in good faith, and any act
done or omitted by you pursuant to the advice of your own attorneys shall be
conclusive evidence of your good faith.

     

        8.  You
are hereby expressly authorized to disregard any and all warnings given by any
of the parties hereto or by any other person or corporation, excepting only
orders or process of courts of law and are hereby expressly authorized to comply
with and obey orders, judgments or decrees of any court. In case you obey or
comply with any such order, judgment or decree, you shall not be liable to any
of the parties hereto or to any other person, firm or corporation by reason of
such compliance, notwithstanding any such order, judgment or decree being
subsequently reversed, modified, annulled, set aside, vacated or found to have
been entered without jurisdiction.

     

        9.  You
shall not be liable in any respect on account of the identity, authorities or
rights of the parties executing or delivering or purporting to execute or
deliver the Agreement or any documents or papers deposited or called for
hereunder.

     

        10.  You
shall not be liable for the outlawing of any rights under the statute of
limitations with respect to these Joint Escrow Instructions or any documents
deposited with you.

     

        11.  You
shall be entitled to employ such legal counsel and other experts as you may deem
necessary properly to advise you in connection with your obligations hereunder,
may rely upon the advice of such counsel, and may pay such counsel reasonable
compensation therefor.

    
      
        
          
            	
                     

                  	
                    A-2-2

                  	 
      	 
      

          

          

        

         

      

      
         

        
          

        

      

      
         

      

    

     

        12. 
Your responsibilities as Escrow Agent hereunder shall terminate if you cease to
be an officer or agent of the Company or if you resign by written notice to each
party. In the event of any termination, the Company shall appoint a successor
Escrow Agent.

     

        13.  If
you reasonably require other or further instruments in connection with these
Joint Escrow Instructions or obligations in respect hereto, the necessary
parties hereto shall join in furnishing these instruments.

     

        14.  It
is understood and agreed that should any dispute arise with respect to the
delivery and/or ownership or right of possession of the securities held by you
hereunder, you are authorized and directed to retain in your possession without
liability to anyone all or any part of said securities until the disputes shall
have been settled either by mutual written agreement of the parties concerned or
by a final order, decree or judgment of a court of competent jurisdiction after
the time for appeal has expired and no appeal has been perfected, but you shall
be under no duty whatsoever to institute or defend any the
proceedings.

     

        15.  Any
notice required or permitted hereunder shall be given in writing and shall be
deemed effectively given upon personal delivery or upon deposit in the United
States Post Office, by registered or certified mail with postage and fees
prepaid, addressed to each of the other parties thereunto entitled at the
following addresses or at such other addresses as a party may designate by ten
(10) days’ advance written notice to each of the other parties
hereto.

    

    
      	 
      	
              COMPANY:

            	 
      	
              Overhill
      Farms, Inc.

            	 
      
	 
      	 
      	 
      	
              2727
      E. Vernon Avenue

            	 
      
	 
      	 
      	 
      	
              Vernon,
      California 90058

            	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
              PURCHASER:

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
              ESCROW
      AGENT:

            	 
      	
              Corporate
      Secretary

            	 
      
	 
      	 
      	 
      	
              Overhill
      Farms, Inc.

            	 
      
	 
      	 
      	 
      	
              2727
      E. Vernon Avenue

            	 
      
	 
      	 
      	 
      	
              Vernon,
      California 90058

            	 
      

    

     

        16.  By
signing these Joint Escrow Instructions, you become a party hereto only for the
purpose of said Joint Escrow Instructions; you do not become a party to the
Agreement.

     

        17. 
This instrument shall be binding upon and inure to the benefit of the parties
hereto, and their respective successors and permitted assigns.

     

        18.  The
Restricted Stock Purchase Agreement is incorporated herein by reference. These
Joint Escrow Instructions, the Amended and Restated 2005 Stock Plan and the
Restricted Stock Purchase Agreement (including the exhibits referenced therein)
constitute the entire agreement of the parties with respect to the subject
matter hereof and supersede in their entirety all prior undertakings and
agreements of the Escrow Agent, Purchaser and the Company with respect
to

    
      
        
          
            	
                     

                  	
                    A-2-3

                  	 
      	 
      

          

          

        

         

      

      
         

        
          

        

      

      
         

      

    

     

     the
subject matter hereof, and may not be modified except by means of a writing
signed by the Escrow Agent, Purchaser and the Company.

     

        19.  The
corporate laws of the State of Nevada shall govern all issues concerning the
relative rights of the Company and its security holders under these Joint Escrow
Instructions. All other questions and obligations under these Joint Escrow
Instructions shall be construed and enforced in accordance with the internal
laws of the State of California, without giving effect to any choice of law or
conflict of law provision or rule (whether of the State of California or any
other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of California. In any action, dispute,
litigation or other proceeding concerning these Joint Escrow Instructions
(including arbitration), exclusive jurisdiction shall be with the courts of
California, with the County of Los Angeles being the sole venue for the bringing
of the action or proceeding.

     

    

    
      	 
      	
              Very
      truly yours,

            
	 
      	 
      
	 
      	
              OVERHILL
      FARMS, INC.

            

    

    

    

    
      	 
      	
              By:

            	 
      
	 
      	 
      	 
      
	 
      	
              Title:

            	 
      

    

    

    

    
      	 
      	
              PURCHASER:

            
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
              (Signature)

            
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
              (Typed
      or Printed Name)

            
	 
      	 
      
	
              ESCROW
      AGENT:

            	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
              Corporate
      Secretary

            	 
      

    

    

     

    

    

    
      
        
          
            	
                     

                  	
                    A-2-4

                  	 
      	 
      

          

          

        

         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
A-3

    ELECTION UNDER SECTION
83(b)

    OF THE INTERNAL REVENUE CODE
OF 1986

     

    The
undersigned taxpayer hereby elects, pursuant to the above-referenced Federal Tax
Internal Revenue code, to include in taxpayer’s gross income for the current
taxable year, the amount of any compensation taxable to taxpayer in connection
with his receipt of the property described below:

     

    
      	
              1.

            	
              The
      name, address, taxpayer identification number and taxable year of the
      undersigned are as follows:

            

    

    

    
      	 
      	
              NAME:

            	
              TAXPAYER:

            	
              SPOUSE:

            
	 
      	 
      	 
      	 
      
	 
      	
              ADDRESS:

            	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              IDENTIFICATION
      NO.:

            	
              TAXPAYER:

            	
              SPOUSE:

            
	 
      	 
      	 
      	 
      
	 
      	
              TAXABLE
      YEAR:

            	 
      	 
      

    

    

    
      	
              2.

            	
              The
      property with respect to which the election is made is described as
      follows:                    
      shares (the “Shares”) of the Common Stock of Overhill Farms, Inc., a
      Nevada corporation (the “Company”).

            

    

     

    
      	
              3.

            	
              The
      date on which the property was transferred is:          
                   
         ,     
         .

            

    

     

    
      	
              4.

            	
              The
      property is subject to the following
  restrictions:

            

    

     

    The
Shares may be repurchased by the Company, or its assignee, on certain events.
This right lapses with regard to a portion of the Shares based on the continued
performance of services by the taxpayer over time.

     

    
      	
              5.

            	
              The
      fair market value at the time of transfer, determined without regard to
      any restriction other than a restriction which by its terms will never
      lapse, of such property is:

            

    

    $_______________

     

    
      	
              6.

            	
              The
      amount (if any) paid for such property
is:

            

    

     

    $_______________

     

    The
undersigned has submitted a copy of this statement to the person for whom the
services were performed in connection with the undersigned’s receipt of the
above-described property. The transferee of the property is the person
performing the services in connection with the transfer of the
property.

     

    The
undersigned understands that the foregoing election may not be revoked except
with the consent of the Commissioner.

    

    
      
        	
                Dated:
      _______________, ____

              	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                                                                     ,
      Taxpayer

              
	
                The
      undersigned spouse of taxpayer joins in this election.

              	 
      
	 
      	 
      
	
                Dated:
      _______________, ____

              	 
      
	 
      	
                Spouse
      of Taxpayer

              

      

    

    

    
      
        
          
            	
                     

                  	
                    A-3

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