Retention and Severance Agreement (February 27th, 2013)
This RETENTION AND SEVERANCE AGREEMENT (this Agreement) is entered into as of November 20, 2012 by and between MORNINGSTAR FOODS, LLC, a limited liability company under the laws of the State of Delaware (the Company), and Kevin C. Yost (the Employee).
Kevin Yost Dear Kevin, I Am Delighted to Offer You the Position of General Manager, Morningstar Foods. The Terms of Your Offer Are as Follows: Position: General Manager, Morningstar Foods Reporting to Chris Sliva, Chief Operating Officer for Morningstar Foods. Salary: You Will Be Paid a Salary of $13,076.92 Bi-Weekly Which Annualizes to $340,000.00. (May 10th, 2011)
Bonus: A target amount equal to 50% of your base annual salary subject to the achievement of certain performance targets for you, your department and the company as a whole. A portion of your overall bonus will be based on the company achieving certain financial objectives while the remainder of the total bonus will be based on achievement of personal and departmental objectives. You will be eligible in 2010, with payout in early 2011, provided you are still on payroll at the time of payout. Bonus payments will be made pro-rata based on your employment date.