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EXHIBIT 10.14
[CALAVO LOGO]
AMENDMENT TO THE
CALAVO GROWERS OF CALIFORNIA
SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT
THIS AGREEMENT is made effective November 9, 1993 by and between Calavo Growers
of California (the "Company") and Xxxxxx Xxxxxxx (the "Executive"). The parties
agree that the Calavo Supplemental Executive Retirement Agreement (the "SERP"),
effective March 11, 1989 by and between the Company and the Executive, is hereby
amended as follows.
Paragraphs 2.1 and 2.2 of the SERP are hereby amended to insert the following
language prior to the last sentence of each Paragraph:
In the alternative, the Executive may elect to receive the
actuarially determined equivalent (as determined by the Company by
using the Pension Benefit Guarantee Corporation immediate interest
rate as in effect on the Retirement Date) of such life annuity, if
the Executive is married on the retirement Date, in the form of a
joint and survivor annuity over the life of the Executive and his/her
spouse. Any election or change of election regarding the form of
benefit must be made prior to the date on which the Executive attains
age 61. The Company, in its sole discretion, may allow an Executive
to change an election regarding the form of benefit after age 61 if
the Company determines that there are extenuating circumstances
justifying such change.
All other terms and provisions of the SERP shall continue with the same force
and effect and the notice of amendment required by paragraph 3.4 of the SERP is
hereby waived by the parties hereto.
The undersigned have entered into this Agreement as of the date written above.
XXXXXX XXXXXXX CALAVO GROWERS OF CALIFORNIA
Signature: /s/ XXXXXX XXXXXXX By: /s/ XXXXX X. XXXX
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Date: 12/15/93 Date: 12/14/93
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