Steven D. Hunt (“CEO”) and U.S. Premium Beef, LLC (“USPB”) enter into this agreement amending the employment agreement between U.S. Premium Beef, LLC and Steven D. Hunt, 2010-2015 employment years (the “employment contract”); this amendment agreement, known as the “Second Amendment,” as follows: in the event that your employment is terminated by the company for another reason or if you terminate your employment for a good reason (as these conditions are defined below), the company agrees to accept it as an exclusive and exclusive remedy to terminate your employment relationship , and you agree to accept this as an exclusive and exclusive remedy to end your working relationship. , severance pay and severance pay: c. After the full completion of this agreement, the company will also pay you a signing bonus of one hundred thousand dollars ($100,000). This signing bonus must be returned to the company if you voluntarily terminate your employment without good reason within one (1) year after this Agreement comes into force. At its next regular meeting, the compensation committee will grant them a registration grant of two hundred and fifty thousand (250,000) options with a strike price at the base market price at the time of the grant (the “option grant”). Ten per cent (10%) stock options will be the first anniversary of the grant, twenty per cent (20%) stock options will be the second anniversary of the grant, thirty percent (30%) stock options will be the third anniversary of the grant and the remaining forty percent (40%) stock options are subject to the fourth anniversary of the grant, all conditional, with the exception of sections 7A, 7B and 7C, to your ongoing work with the company as Chief Executive Officer on the laying dates.
Options remain open for 10 (10) years from the date of the grant, as long as you remain in the company153s as Chief Executive Officer, but do not expire until at least ninety (90) days after the termination of your employment. In the event that this contract expires before these stock options are stretched, they will be immediately withdrawn and will remain on hold for ninety (90) days after the expiry of the agreement153s. The option grant is issued as part of Company153`s existing stock option plan and is granted in the form of one or more Schedule C premium agreements and is subject to all conditions in the plan documents and bonus agreements, as they may be amended from time to time, except that the award contract or conditions are inconsistent with the terms of the agreement. the provisions of this agreement apply. They are also entitled to additional stock bonuses, which correspond to all the programs that the company can put in place in the future for executives. Options on undauthed shares cannot be cancelled in or in connection with a transaction, “change of control” or limited change of control (as defined in paragraph 7C) unless you receive an amount equal to the excess of the total value of the shares subject to the non-derailed options relative to the aggregate exercise price of the unre transferred call options. , or you will receive replacement stock options with an exercise price and the number of shares determined in accordance with Section 424 of the 1986 Internal Income Code as amended (the “code”) and the rules adopted there. If, for any reason, any part of the restrictions covered in this paragraph are declared invalidated by a competent court or a finding of arbitration or administration, the validity or applicability of the other restrictions will not be affected, provided that the company is required to continue to make treatment or any other payment or benefit without compromising the validity of the terms of the release agreement. , which remain fully in force and in force.