Exhibit 10.3
[Logo] Midwest Grain Products, Inc.
1300 Main, P.O. Box 130, Established 1941
Atchison, Ks 66002-0130 * 913-367-1480 * 800-255 0302
Fax 913-367-0192
November 11, 1998
MEMORANDUM
TO: Outside Directors Holding Options Under the:
Midwest Grain Products, Inc. 1996 STOCK OPTION PLAN FOR
OUTSIDE DIRECTORS
FROM: Ladd Seaberg
Re: Amendments to Option Agreements
This is to advise you that on September 4, 1998, the Board of Directors of the
Company adopted amendments to the Midwest Grain Products, Inc. 1996 Stock Option
Plan for Outside Directors so as to revise paragraph 5(b)(4) of the Plan to read
as follows:
"(4) Each Stock Option shall cease to be exercisable on the date that is
ten years following the date of grant."
The directors also took action to cause the amendment to be applied to options
theretofore granted under the plan.
The above actions of the Board were made subject to subsequent stockholder
approval, which approval was given at the October 8, 1998, annual meeting of
stockholders.
This memo is intended to evidence the change in the maximum term of options
awarded to you under the Plan prior to October 8, 1998. Options automatically
granted to you under the Plan on October 9, 1998, also reflect this change. A
form of option agreement reflecting the most recent grant is attached. Please
sign and return a copy for our records.
You should keep this memo with the original of your option agreement or
agreements as evidence of the amendment.
Please contact Marta Myers or Bob Booe if you have any questions.
s/Laidacker M. Seaberg
---------------------------
Laidacker M. Seaberg, President
[Logo] Midwest Grain Products, Inc.
1300 Main, P.O. Box 130, Established 1941
Atchison, Ks 66002-0130 * 913-367-1480 * 800-255 0302
Fax 913-367-0192
November 11, 1998
MEMORANDUM
TO: All Persons Holding Options Under the: Midwest Grain Products,
Inc. Stock Incentive Plan of 1996; and the Midwest Grain
Products, Inc. 1998 Stock Incentive Plan For Salaried Employees
FROM: Ladd Seaberg
Re: Amendments to Option Agreements
This is to advise you that on September 4, 1998, outstanding options previously
granted to you under the Midwest Grain Products, Inc. Stock Incentive Plan of
1996 and the Midwest Grain Products, Inc.1998 Stock Incentive Plan For Salaried
Employees were amended by the Human Resources Committee of the Board of
Directors to increase the maximum term of the options from five years to ten
years. The amendment states:
"Effective immediately as of this fourth day of September, 1998, the provision
contained in the instrument evidencing the grant of each option heretofore
granted under the Midwest Grain Products, Inc. Stock Incentive Plan of 1996 and
the Midwest Grain Products, Inc. 1998 Stock Incentive Plan for Salaried
Employees (the "Plans") which state:
"All options granted to you under this grant must be exercised, if at
all, within five years after the date of this grant. "
"is hereby amended to read:
"All options granted to you under this grant must be exercised, if at
all, within ten years after the date of this grant."
You should keep this memo with the original of your option agreement or
agreements as evidence of the amendment.
Please contact Marta Myers or Bob Booe if you have any questions.
s/Laidacker M. Seaberg
---------------------------
Laidacker M. Seaberg, President