EXHIBIT 10.7

 

EMPLOYMENT AGREEMENT TERMINATION

 

This Employment Agreement Termination is entered into as of this 31st day of
March, 2000, by and between AMERICAN SEAFOODS GROUP LLC (“ASG”), AMERICAN
SEAFOODS COMPANY (“ASC”) and MICHAEL J. HYDE (“Hyde”).

 

Recitals

 

A.    In October 1998, Hyde entered into an Executive Employment Agreement with
ASC. The term of the Employment Agreement ends on September 30, 2001.

 

B.    ASG, the parent of ASC, wishes to substitute a new Employment Agreement
for the existing Employment Agreement.

 

C.    Hyde is willing to terminate the existing Agreement and enter into a new
Employment Agreement on the terms proposed in return for payment by ASG of a
termination fee.

 

NOW THEREFORE, the parties agree as follows:

 

1.    Termination.  Effective March 31, the Employment Agreement is terminated.

 

2.    Termination Fee.  In consideration of execution of a new employment
agreement and termination of the existing Employment Agreement, ASG shall pay to
Hyde a termination fee of Fifty Thousand Dollars ($50,000) per year for a period
of five years. ASG shall pay the termination fee on or before July 1 each year.

 

3.    Entire Agreement, Amendments, Waivers, Etc.

 

(a)    No amendment or modification of this Agreement shall be effective unless
set forth in a writing signed by the ASG, ASC and Hyde. No waiver by the parties
of any breach by the other party of any provision or condition of this Agreement
shall be deemed a waiver of any similar or dissimilar provision or condition at
the same or any prior or subsequent time. Any waiver must be in writing and
signed by the waiving party.

 

(b)    This Agreement sets forth the entire understanding and agreement of the
parties with respect to the subject matter hereof and supersedes all prior oral
and written understandings and agreements. There are no representations,
agreements, arrangements or understandings, oral or written, among the parties
relating to the subject matter hereof which are not expressly set forth herein,
and no party hereto has been induced to enter into this Agreement, except by the
agreements expressly contained herein.

 

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(c)    Nothing herein contained shall be construed so as to require the
commission of any act contrary to law, and wherever there is a conflict between
any provision of this Agreement and any present or future statute, law,
ordinance or regulation, the latter shall prevail, but in such event the
provision of this Agreement affected shall be curtailed and limited only to the
extent necessary to bring it within legal requirements.

 

(d)    This Agreement shall inure to the benefit of and be enforceable by Hyde
and his heirs, executors, administrators and legal representatives, by ASG and
its successors and assigns and by ASC and its successors and assigns. This
Agreement and all rights hereunder are personal to Hyde and shall not be
assignable. Each of ASG and ASC may assign its rights under this Agreement to
any successor by merger, consolidation, purchase of all or substantially all of
its and its subsidiaries’ assets, or otherwise; provided that such successor
assumes all of the liabilities, obligations and duties of ASG or ASC under this
Agreement, either contractually or as a matter of law.

 

(e)    If any provision of this Agreement or the application thereof is held
invalid, the invalidity shall not affect the other provisions or application of
this Agreement that can be given effect without the invalid provisions or
application, and to this end the provisions of this Agreement are declared to be
severable.

 

4.    Governing Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of New York without reference to
principles of conflict of laws.

 

5.    Taxes.  All payments required to be made to Hyde hereunder shall be
subject to all applicable federal, state and local tax withholding laws.

 

6.    Arbitration.  Any dispute or controversy between Employer and Executive,
arising out of or relating to this Agreement, the breach of this Agreement, or
otherwise, shall be settled by arbitration in Seattle, Washington, administered
by the American Arbitration Association in accordance with its Commercial Rules
then in effect and judgment on the award rendered by the arbitrator may be
entered in any court having jurisdiction thereof. The arbitrator shall have the
authority to award any remedy or relief that a court of competent jurisdiction
could order or grant, including, without limitation, the issuance of an
injunction. However, either party may, without inconsistency with this
arbitration provision, apply to any court having jurisdiction over such dispute
or controversy and seek interim provisional, injunctive or other equitable
relief until the arbitration award is rendered or the controversy is otherwise
resolved. Except as necessary in court proceedings to enforce this arbitration
provision or an award rendered hereunder, or to obtain interim relief, neither a
party nor an arbitrator may disclose the existence, content or results of any
arbitration hereunder without the prior written consent of ASG, ASC and Hyde.

 

7.    Construction.  Each party has cooperated in the drafting and preparation
of this Agreement. Therefore, in any construction to be made of this Agreement,
the same shall not be construed against any party on the basis that the party
was the drafter.

 

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.

 

AMERICAN SEAFOODS GROUP LLC

     

AMERICAN SEAFOODS COMPANY

By

 

/s/    BERNT O. BODAL                

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By

 

/s/    MICHAEL J. HYDE                

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Its

 

Chief Executive Officer

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Its

 

President

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/s/    MICHAEL J. HYDE                

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Michael J. Hyde

 

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