Document:

Form of MFI Holding Corporation Nonqualified Stock Option Agreement

 Exhibit 10.7 
 FORM OF MFI HOLDING CORPORATION 
 NONQUALIFIED STOCK OPTION AGREEMENT 

(Performance-Vesting) 
 THIS AGREEMENT (the “Agreement”), is made effective as of [•], 2010 (the “Date of Grant”), between MFI Holding Corporation, a Delaware corporation (the
“Company”), and [•] (the “Optionee”). 
 R E C I T
A L S: 
 WHEREAS, the Company has adopted the MFI Holding Corporation Equity Incentive Plan (the
“Plan”), which Plan is incorporated herein by reference and made a part of this Agreement. Capitalized terms not otherwise defined herein shall have the meanings given thereto in the Plan; 

WHEREAS, the Committee has determined that it would be in the best interests of the Company and its shareholders to grant an Option to
the Optionee pursuant to the Plan and the terms set forth herein. 
 NOW THEREFORE, in consideration of the mutual covenants
hereinafter set forth, the parties agree as follows: 
 1. General. 

(a) Grant of the Option. The Company hereby grants to the Optionee the right and option to purchase all or any part of such
aggregate number of Shares (the “Option Shares”), at a corresponding Option Price, as set forth on Exhibit 1, in each case subject to adjustment as set forth in the Plan. To the extent Exhibit 1 identifies multiple
groups of Option Shares with corresponding Option Prices, each such group of Option Shares, for the avoidance of doubt, will be treated as if it were a separate Option, each of which may be exercised individually, and this Agreement shall be
construed accordingly. References hereinafter to the Option shall refer to each such group of Option Shares severally. The Option is granted pursuant to Section 5 of the Plan and is governed in all respects by the Plan and the terms and
conditions set forth herein. This Option is not intended to constitute an incentive stock option under Section 422 of the Code. 
 (b) Term. The term of the Option shall commence on the Date of Grant and, unless the Option is earlier terminated or canceled as provided elsewhere herein, shall expire at 5:00 PM (Eastern time) on
the tenth (10th) anniversary of the Date of Grant
(the “Term”). Upon such expiration, this Agreement and all rights of the Optionee to exercise the Option shall automatically terminate. 
 2. Vesting. Subject to the earlier termination or cancellation of the Option as set forth herein or in the Plan, the Option shall become vested and exercisable with respect to 100% of the aggregate
number of the Option Shares upon the consummation of a Liquidity Event. For 

 
purposes of determining whether a Liquidity Event has occurred, the applicable Return on Initial Investment threshold is 2.0. 

3. Exercise of Option. 
 (a) Notice of Exercise. Subject to the terms and conditions of this Agreement and the Plan, the Option may be exercised by delivery of written notice in substantially the form attached hereto or
such other form as the Committee may require from time to time (the “Exercise Notice”) to the Company; provided, however, that the Optionee shall give thirty (30) days’ advance notice to the Company of the Optionee’s
intention to deliver an Exercise Notice (which time period may be waived in whole or in part by the Company). The delivery of such advance notice, for the avoidance of doubt, shall in no way obligate the Optionee to deliver an Exercise Notice. The
Exercise Notice shall state that the Optionee is electing to exercise the Option, shall set forth the number of Shares in respect of which the Option is being exercised (the “Purchased Shares”) and shall be signed by the Optionee
or, where applicable, by the Optionee’s legal representative. 
 (b) Deliveries. The Exercise Notice shall be
accompanied by (A) payment in full of the Option Price in cash or by check or wire transfer; provided, however, that, in the discretion of the Committee, payment of such aggregate exercise price may instead be made, in whole or in
part, by (i) the delivery to the Company of a certificate or certificates representing Shares, duly endorsed or accompanied by a duly executed stock power, which delivery effectively transfers to the Company good and valid title to such Shares,
free and clear of any pledge, commitment, lien, claim or other encumbrance (such shares to be valued at the aggregate Fair Market Value thereof on the date of such exercise), or (ii) by a reduction in the number of Purchased Shares to be issued
upon such exercise by that number of Shares having a Fair Market Value on the date of exercise equal to the aggregate Option Price in respect of the Purchased Shares, provided that, in either case, the Company is not then prohibited from purchasing
or acquiring such Shares and (B) if the Optionee is not then a party to the Stockholders Agreement, a fully executed Stockholders Agreement (a copy of which, in the form to be executed by the Optionee (which may differ from Optionee to Optionee
and from time to time), will be supplied to the Optionee) and an undated stock power. 
 (c) Issuance of Shares. Upon
receipt of the Exercise Notice, full payment for the Purchased Shares and a fully executed Stockholders Agreement and stock power, and subject to Section 3(d) below and Section 9(a) of the Plan, the Company shall take such action as may be
necessary under applicable law to effect the issuance to the Optionee of the Purchased Shares. 
 (d) Conditions.
Notwithstanding any other provision of the Plan or this Agreement to the contrary, the Option may not be exercised prior to the completion of any registration or qualification of the Option or the Shares under applicable state and federal securities
or other laws, or under any ruling or regulation of any governmental body or national securities exchange (collectively, the “Legal Requirements”) that the Committee shall in good faith determine to be necessary or advisable, unless
an exemption to such registration or qualification is available and satisfied. The Committee may establish additional procedures as it deems necessary or desirable in connection with the exercise of the Option or the issuance of any Shares upon such
exercise to comply with any Legal Requirements. Such procedures may 

  
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include but are not limited to the establishment of limited periods during which the Option may be exercised or that following receipt of an Exercise Notice, and prior to completion of the
exercise, the Optionee will be required to affirm the exercise of the Option following receipt of any disclosure deemed necessary or desirable by the Committee. 
 (e) Exercise by Optionee During Optionee’s Lifetime. During the Optionee’s lifetime, the Option shall be exercisable only by the Optionee. In the event of the Optionee’s death, to
the extent that the Vested Portion of the Option remains as provided in Section 4, it shall be exercisable by the Optionee’s executor or administrator, or the person or persons to whom the Optionee’s rights under this Agreement shall
pass by will or by the laws of descent and distribution as the case may be, to the extent set forth in Section 4 (and the term “Optionee” shall be deemed to include such person or persons). Any such executor or administrator or other
person or persons shall have all of the rights and obligations of the Optionee herein. 
 (f) Rights as a Stockholder.
The Optionee shall not be deemed to be the holder of, or to have any of the rights of a holder with respect to, any Option Shares until: (a) the Option shall have been exercised in accordance with the terms of this Agreement and the Optionee
shall have paid the full purchase price for the number of Shares in respect of which the Option was exercised and any withholding taxes due, (b) the Optionee shall have delivered the fully executed Stockholders Agreement and stock power to the
Company, (c) the Company shall have issued the Shares to the Optionee, and (d) the Optionee’s name shall have been entered as a shareholder of record on the books of the Company. Upon the occurrence of all of the foregoing events, the
Optionee shall have full ownership rights with respect to such shares, subject to the provisions of the Stockholders Agreement. 

4. Termination of Employment. 
 (a) Employment Termination. If the Optionee shall no longer be Employed by the Company or any of its Affiliates for any reason (“Terminated” or a “Termination”),
the Option (i) if it has not become vested and exercisable pursuant to Section 2, shall be automatically canceled without payment of consideration therefor and (ii) if it has become vested and exercisable pursuant to Section 2
shall be exercisable by the Optionee during the Post-Termination Exercise Period (as defined below), but in no event after the expiration of the Term of the Option, and, until exercised, the Option shall continue to be subject to the terms of this
Agreement. Any portion of the Option that the Optionee does not exercise within the Post-Termination Exercise Period shall terminate and shall be of no further force and effect following the close of business on the last day of the Post-Termination
Exercise Period. Notwithstanding the foregoing, if the Optionee’s Employment is Terminated for Cause, the Option shall immediately be cancelled without payment of consideration therefor. 

(b) Post-Termination Exercise Period. The “Post-Termination Exercise Period” shall mean the period commencing on
the date of the Optionee’s Termination and ending on (i) in the case of a Termination other than by reason of the Optionee’s death or Disability, 5:00 pm (Eastern time) on the ninetieth (90th) day following the date of the
Optionee’s Termination and (ii) in the case of a Termination by reason of the Optionee’s death or Disability, the expiration of the Term. 

  
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 5. Certain Definitions. 

(a) “Return on Initial Investment” shall mean, as of any date of determination, a fraction, the numerator of which is
the Aggregate Value Received (as defined below) on or prior to such date of determination and the denominator of which is the aggregate amount of all capital invested by the Existing Owner Group (whether in cash or the contribution of shares of
M-Foods Holdings, Inc. or otherwise) in the Company on or prior to (but not after) the closing of the Merger in exchange for Common Stock. For purposes of the foregoing, “Aggregate Value Received” shall mean, as of any date of
determination, the gross return realized by the Existing Owner Group on or prior to the date of determination with respect to the shares of Common Stock acquired at the closing of the Merger and any other shares of Common Stock or other equity
securities of any kind (but for the avoidance of doubt, excluding debt securities) of the Company or any of its Subsidiaries acquired at any time by the Existing Owner Group (such Common Stock and any such equity securities (including any and all
equity securities of any kind whatsoever of the Company which may be issued in respect of, or in exchange for, such equity securities pursuant to a merger, consolidation, stock split, stock dividend or recapitalization or otherwise) being referred
to herein as the “Applicable Equity Securities”), which shall include the following (in each case, however, net of direct expenses incurred by the Existing Owner Group (other than income and gains taxes) in connection with the
realization of such amounts) to the extent received, paid or otherwise realized, as applicable, on or prior to such date of determination: the amount of cash or the Fair Market Value of Marketable Securities (as defined below) received (or
previously received) by the Existing Owner Group (i) as a result of a sale of Applicable Equity Securities by the Existing Owner Group, (ii) in connection with the redemption of Applicable Equity Securities and (iii) as dividends
(whether or not extraordinary), distributions or other payments made (or previously paid) in respect of the Applicable Equity Securities (including in connection with a recapitalization or any similar transaction). 

(b) “Marketable Securities” shall mean securities (i) issued by an issuer with a market capitalization equal to or
greater than $2,000,000,000; (ii) that are of a class of securities listed on a major national or international stock exchange; (iii) that constitute, in the aggregate, not more than 25% of the outstanding securities of such class; and
(iv) that are or were issued to the holder thereof in a transaction registered under the Securities Act of 1933, as amended (the “Securities Act”), or the resale of which by the holder thereof is registered under the Securities
Act and are otherwise freely tradable by the holder thereof without restriction under applicable laws; it being understood, for the avoidance of doubt, that if securities are not Marketable Securities at the time received by the Existing Owner Group
but later become Marketable Securities in accordance with the foregoing, such securities shall be deemed Marketable Securities from and after such later date. 
 6. Certain Adjustments. Subject to the Optionee’s continued Employment on the date of any dividend or distribution (or, following the date on which the Company has any class of securities
registered under Section 12 of the Exchange Act, an extraordinary dividend or distribution), the Committee shall use its power pursuant to Section 3(c)(ii) of the Plan to equitably reduce the Option Price to reflect such dividend or
distribution; provided, that if such adjustment may not be made without resulting in a deemed exercise of such Option for tax purposes, the Option shall be otherwise adjusted by the Committee pursuant to Section 3(c) of

  
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the Plan in a manner that preserves the intrinsic value of the Option prior to such dividend or distribution. 
 7. No Right to Continued Employment. The granting of the Option evidenced hereby and this Agreement shall impose no obligation on the Company or any other member of the Company or its Affiliates to
continue the Employment of the Optionee and shall not lessen or affect the Company’s or any of its Affiliates’ right to terminate the Employment of the Optionee. 
 8. Legend on Certificates. The certificates representing the Shares purchased upon the exercise of the Option shall be subject to such stop transfer orders and other restrictions set forth in the
Stockholders Agreement and/or as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission and any stock exchange upon which such Shares are listed, and any applicable
Federal or state laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 
 9. Transferability. The Option and the Optionee’s other rights and obligations under the Plan and this Agreement may not be assigned, alienated, pledged, attached, sold or otherwise
transferred or encumbered by the Optionee without the prior written consent of the Company otherwise than by will or by the laws of descent and distribution, and any such purported assignment, alienation, pledge, attachment, sale, transfer or
encumbrance shall be void and unenforceable against the Company or any of its Affiliates. No such permitted transfer of the Option to heirs or legatees of the Optionee shall be effective to bind the Company unless the Company shall have been
furnished with written notice thereof and a copy of such evidence as the Committee may deem necessary to establish the validity of the transfer and the acceptance by the transferee or transferees of the terms and conditions hereof. 

10. Withholding. Whenever Shares are to be issued upon exercise of the Option, the Company shall have the right to require the
Optionee to remit to the Company cash sufficient to satisfy all federal, state and local withholding tax requirements prior to issuance of the Shares and the delivery of any certificate or certificates for such Shares. In the discretion of the
Committee, the Optionee may satisfy such tax withholding obligation by surrendering to the Company at the time of exercise Shares (including Purchased Shares) having a Fair Market Value on the date of exercise equal to the withholding tax
obligations, provided that the Company is not then prohibited from purchasing or acquiring such Shares. 
 11. Securities
Laws. Upon the acquisition of any Shares pursuant to the exercise of the Option, the Optionee will make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with
applicable securities laws or with this Agreement. 
 12. Notices. Any notice to be given to the Company pursuant to the
provisions of the Plan or this Agreement shall be given by personal delivery, by telecopier or similar facsimile means, by registered or certified first-class U.S. mail, return receipt requested and postage prepaid, or by express courier or
recognized overnight delivery service, charges prepaid. If directed to the Company, any such notice shall be addressed to the Company’s principal executive office, to the Company’s Secretary, or to such other address, person or telecopier

  
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number as the Company may designate from time to time. If directed to the Optionee, any such notice or communication shall be addressed to him or her at the most recent address of the Optionee on
file with the Company. Any such notice shall be deemed given: (a) when delivered personally to the recipient; (b) when received, if sent by telecopy or similar facsimile means (confirmation of such receipt by confirmed facsimile
transmission being deemed receipt of communications sent by telecopy or other facsimile means); (c) on the date five days after the date mailed, if sent by registered or certified first-class U.S. mail, return receipt requested and postage
prepaid; and (d) when delivered (or upon the date of attempted delivery where delivery is refused), if sent by express courier or recognized overnight delivery service, charges prepaid. Whenever the giving of notice is required pursuant to the
provisions of the Plan or this Agreement, the giving of such notice may be waived by the party entitled to receive such notice. 

13. Resolution of Disputes. Any dispute or disagreement which may arise under, or as a result of, or which may in any way relate
to, the interpretation, construction or application of this Agreement shall be determined by the Committee, in good faith, whose determination shall be final, binding and conclusive for all purposes. 

14. Governing Law; Waiver of Jury Trial. This Agreement shall be governed by and construed and enforced in accordance with the
laws of the State of Delaware, without reference to the conflict of laws principles thereof. The parties hereby irrevocably submit to the personal jurisdiction of the courts of the State of Delaware located in the County of New Castle and the
Federal courts of the United States of America located in the County of New Castle solely in respect of the interpretation and enforcement of the provisions of this Agreement and of the documents referred to in this Agreement, and in respect of the
transactions contemplated hereby, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or of any such document, that it is not subject thereto or that such action,
suit or proceeding may not be brought or is not maintainable in said courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such courts, and the parties hereto irrevocably
agree that all claims with respect to such action or proceeding shall be heard and determined in such a Delaware State or Federal court located in the County of New Castle. The parties hereby consent to and grant any such court jurisdiction over the
person of such parties and, to the extent permitted by law, over the subject matter of such dispute and agree that mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section 11 or in
such other manner as may be permitted by law shall be valid and sufficient service thereof. Each of the parties irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in
connection with any litigation arising out of or relating to this Agreement or the transactions contemplated hereby. 
 15.
Option Subject to Plan. By entering into this Agreement, the Optionee agrees and acknowledges that the Optionee has received and read a copy of the Plan. The Option is subject to the Plan. The terms and provisions of the Plan, as it may be
amended from time to time, are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and
prevail. 

  
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 16. Signature in Counterparts. This Agreement may be signed in counterparts, each of
which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement, effective as of the
Date of Grant. 
  

			
	MFI Holding Corporation
		
	By:	 	 
	Name:	 	
	Title:	 	

  

	
	 Agreed and acknowledged as
 of
the Date of Grant:

	
	  
	[Insert Optionee’s Name]

 CONSENT OF SPOUSE 

The undersigned spouse of the Optionee has read and hereby approves the terms and conditions of the Plan and this Agreement. In
consideration of the Company’s granting his or her spouse the right to purchase Shares as set forth in the Plan and this Agreement, the undersigned hereby agrees to be irrevocably bound by the terms and conditions of the Plan and this Agreement
and further agrees that any community property interest shall be similarly bound. The undersigned hereby appoints the undersigned’s spouse as attorney-in-fact for the undersigned with respect to any amendment or exercise of rights under the
Plan or this Agreement. 

	
	
	  
	Spouse of the Optionee

 Exhibit 1 

 

					
	 Option Shares
	  	Option Price	 
	 [•]
	  	$	4,457.97	  
	 [•]
	  	$	5,943.96	  
	 [•]
	  	$	6,934.62	  

 SCHEDULE I 
 Please check any and all boxes that apply and initial in the space indicated; you must check at least one box: 
  

	 	 ̈	(i) The Optionee’s individual net worth, or joint net worth with the Optionee’s spouse, as of the date indicated below, exceeds $1,000,000;

 For purposes of this paragraph (i), “net worth” shall mean the Optionee’s assets minus
liabilities, provided that the value of such Optionee’s primary residence, as well as the amount of any indebtedness secured by the primary residence up to the fair market value of the primary residence, shall be excluded from the calculation
of net worth. Indebtedness secured by the primary residence in excess of the value of the primary residence shall be considered a liability for purposes of determining net worth. 

 

	 	 ̈	(ii) The Optionee had individual income in excess of $200,000 in each of the two most recent years, or joint income with the Optionee’s spouse in excess of
$300,000 in each of those years, and has a reasonable expectation of reaching the same income level in the current year; or 

  

	 	 ̈	(iii) None of the statements above apply. 

Optionee’s initials:                    

 Dated:                    

 MFI HOLDING CORPORATION 

NOTICE OF OPTION EXERCISE 
 Subject to the terms and conditions hereof, the undersigned (the “Purchaser”) hereby elects to exercise his or her option to
purchase                    shares of common stock (the “Shares”) of MFI Holding Corporation (the “Company”)
under the MFI Holding Corporation Equity Incentive Plan (the “Plan”) and the Nonqualified Stock Option Agreement dated as of [•], 2010 (the “Option Agreement”). The purchase price for the Shares shall be
$            per Share for a total purchase price of $             (subject to applicable withholding taxes). The
Purchaser tenders herewith payment of the full exercise price in the form of cash, by check or by wire transfer. The term “Shares” refers to the purchased Shares and all securities received in replacement of the Shares or as stock
dividends or splits, all securities received in replacement of the Shares in a recapitalization, merger, reorganization, exchange or the like, and all new, substituted or additional securities or other properties to which Purchaser is entitled by
reason of Purchaser’s ownership of the Shares.  
 In connection with the purchase of Shares, Purchaser represents and covenants the
following: 
 1. Knowledge. The Purchaser is aware of the Company’s business affairs and financial condition and has
acquired sufficient information about the Company to reach an informed and knowledgeable decision to purchase the Shares. The Purchaser is relying on his or her own business judgment and knowledge and the advice of his or her own counsel, tax
advisors and other advisors, regarding the risks of an investment in the Company, in making the decision to purchase the Shares. The Purchaser, either alone or with his or her advisors, has sufficient knowledge and experience in business and
financial matters to evaluate the merits and risks of the purchase of the Shares and has the capacity to protect his or her own interests in connection with such purchase. In furtherance of the foregoing, the Purchaser represents and warrants that
(i) no representation or warranty, express or implied, whether written or oral, as to the financial condition, results of operations, prospects, properties or business of the Company and its subsidiaries or as to the desirability or value of an
investment in the Company has been made to the Purchaser by or on behalf of the Company or any of its subsidiaries, and (ii) the Purchaser will continue to bear sole responsibility for making his or her own independent evaluation and monitoring
of the risks of his or her investment in the Company. 
 2. Investment Intent. The Purchaser is purchasing the Shares for
investment for his or her own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), or under
any applicable provision of state securities laws. The Purchaser does not have any present intention to transfer the Shares to any person or entity. 
 3. Securities Laws; Transfer Restrictions. The Purchaser understands that the Shares have not been registered under the Securities Act by reason of a specific exemption therefrom, which exemption
depends upon, among other things, the bona fide nature of the Purchaser’s investment intent as expressed herein. The Purchaser acknowledges and understands that the Shares must be held indefinitely unless (i) they are subsequently
registered under the Securities Act or any applicable provision of state securities laws or (ii) an exemption from such 

 
registration is available. The Purchaser further acknowledges and understands that the Company is under no obligation to register the Shares. In addition, the Purchaser acknowledges and
understands that there are substantial restrictions on the transferability of the Shares under the Stockholders Agreement, dated as of June 29, 2010 (the “Stockholders Agreement”), which the Purchaser will become a party to as
a condition to the purchase of the Shares. The Purchaser understands that the certificate or certificates evidencing the Shares will be imprinted with a legend which prohibits the transfer of the Shares except in compliance with the Securities Act
or applicable state securities laws and except in accordance with the provisions of the Stockholders Agreement, and that the Company will retain physical possession of the Shares as provided in the Stockholders Agreement. 

4. Rules 144 and 701. The Purchaser is familiar with the provisions of Rules 144 and 701, each promulgated under the Securities
Act, which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly, from the issuer of the securities (or from an affiliate of such issuer) in a non-public offering subject to the
satisfaction of certain conditions. The Purchaser understands that the Company provides no assurances as to whether the Purchaser will be able to resell any or all of the Shares pursuant to Rule 144 or Rule 701, which rules require, among other
things, that the Company be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, that resales of securities take place only after the holder of the securities has held such securities for certain specified time
periods, and, under certain circumstances, that resales of securities be limited in volume and take place only pursuant to brokered transactions. Notwithstanding this paragraph 4, the Purchaser acknowledges and agrees to the restrictions set forth
in paragraph 5 below. 
 5. Burden of Proof. The Purchaser further understands that, in the event all of the applicable
requirements of Rule 144 or 701 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required, and that, notwithstanding the fact that Rules 144 and 701 are not
exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rule 144 or 701 will have a
substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. 

6. Tax. The Purchaser understands that he or she may suffer adverse tax consequences as a result of his or her purchase or
disposition of the Shares. The Purchaser represents that he or she has consulted any tax consultants he or she deems advisable in connection with the purchase or disposition of the Shares and that he or she is not relying on the Company for any tax
advice. Purchaser understands that, prior to the issuance of any Shares, Purchaser will have to make satisfactory arrangements with the Company to satisfy any withholding requirements applicable to the exercise of the option. 

7. Speculative Investment. The Purchaser understands that an investment in the Shares is a speculative investment which involves a
high degree of risk of loss of the Purchaser’s investment therein. The Purchaser is able to bear the economic risk of such investment for an 

  

 
indefinite period of time, including the risk of a complete loss of the Purchaser’s investment in such securities. 
 8. Underwriter Lock-Up. The Purchaser agrees (i) to the extent requested in writing by a managing underwriter, if any, of any underwritten public offering pursuant to a registration or
offering of equity securities of the Company not to sell, transfer or otherwise dispose of, including any sale pursuant to Rule 144 under the Securities Act, the Shares, or any other equity security of the Company or any security convertible into or
exchangeable or exercisable for any equity security of the Company (other than as part of such underwritten public offering) during the time period reasonably requested by the managing underwriter, not to exceed ninety (90) days or such shorter
period as the Company or any executive officer or director of the Company shall agree to and (ii) to the extent requested in writing by a managing underwriter of any underwritten public offering effected by the Company for its own account, not
to sell the Shares or any other equity securities of the Company (other than as part of such underwritten public offering) during the time period reasonably requested by the managing underwriter, which period shall not exceed ninety (90) days
or such shorter period as the Company or any executive officer or director of the Company shall agree to. 
 9. Disclosure
Memorandum. If the Purchaser checked Box 3 on Schedule I to his or her Option Agreement, the Purchaser has received and read the Disclosure Memorandum
dated                    . Other than such Disclosure Memorandum, the Purchaser has not been given any oral or written information,
representations or assurances by the Company or any representative thereof in connection with the Purchaser’s purchase of the Shares. 
 Please issue a certificate or certificates for such Shares in the name of: 

Name:                        
                                         
                                         
       

Address:                        
                                         
                                         
   
 Social Security or Tax I.D.
Number:                                        
                         
 Signature                                
                         
 Dated                    , 20        .Amended and Restated Employment Agreement

 Exhibit 10.8 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 AGREEMENT,
dated as of the 29th day of June, 2010, by and among
Michael Foods, Inc., a Delaware corporation having its principal executive offices in Minnetonka, Minnesota (the “Company”), James E. Dwyer, Jr. (the “Executive”), and for the purposes of Section 2(c) hereof,
MFI Holding Corporation, a Delaware corporation and ultimate controlling entity of the Company (“Holdings”). 

WHEREAS, Executive currently serves as a senior executive officer of the Company; 

WHEREAS, concurrently herewith, MFI Acquisition Corporation, an indirect subsidiary of Holdings, is merging with and into M-Foods
Holdings, Inc., the parent of the Company, pursuant to an Agreement and Plan of Merger dated as of May 20, 2010 (the “Transaction”); 
 WHEREAS, the Company desires to provide for the continued employment of the Executive following the Transaction and to make certain changes in the Executive’s employment arrangements with the Company
in the best interests of the Company and its shareholders; and 
 WHEREAS, the Executive is willing to continue to serve the
Company on the terms and conditions set forth below. 
 NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS: 

1. Employment Period. Subject to the terms and conditions of this Agreement, including Section 3, the Company
hereby agrees to employ the Executive, and the Executive hereby agrees to serve in the employ of the Company, for the period commencing on the date hereof (the “Effective Date”) and ending on the second (2nd) anniversary of such Effective Date (the “Initial
Employment Period”), provided, however, that commencing on the second (2nd) anniversary of the Effective Date and each subsequent anniversary thereafter, the Employment Period shall automatically be extended for one (1) additional year. Each such additional year
during which this Agreement shall be extended is referred to herein as a “Renewal Year.” The Initial Employment Period and all Renewal Years, collectively, are referred to hereinafter as the “Employment Period.”

 2. Terms of Employment. 
 a. Position and Duties. 
 i. During the Employment Period, the
Executive shall serve as President and Chief Executive Officer of the Company with the appropriate authority, duties and responsibilities attendant to such positions. Executive will be elected to the Board of Directors of the Company and each of its
subsidiaries. 
 ii. During the Employment Period, and excluding any periods of vacation and sick leave to which
the Executive is entitled, the Executive agrees to devote substantially all of his business attention and time during normal business hours to the business and affairs of the Company and, to the extent necessary to discharge the responsibilities
assigned to the Executive hereunder, to use the 

 
Executive’s reasonable best efforts to perform faithfully and efficiently such responsibilities; provided, however, that nothing herein shall prohibit Executive from devoting reasonable
periods of time to personal, non-competitive business activities and to charitable and professional activities, in Executive ‘s own discretion and during such hours as he is not obligated to perform any services for the Company. 

b. Compensation. 
 i. Annual Base Salary. Effective immediately, and during the Employment Period, the Executive shall receive an annual base salary (“Annual Base Salary”) of at least $750,000, the
competitiveness of which shall be periodically reviewed and adjusted in accordance with Company policy. Any increase in Annual Base Salary shall not serve to limit or reduce any other obligation to the Executive under this Agreement. Annual Base
Salary shall not be reduced after any such increase and the term Annual Base Salary as utilized in this Agreement shall refer to Annual Base Salary as so increased. 

ii. Annual Bonus. For each calendar year, or portion thereof, during the Employment Period, the
Executive shall participate in such bonus arrangements as may be approved by the Compensation Committee of the Board (the “Compensation Committee”) (the aggregate of all payments made under such bonus arrangements being herein
referred to as the “Annual Bonus”). Executive’s aggregate bonus opportunity will be no less than 100% of Annual Base Salary and the “Target Bonus” will be no less than 75% of Annual Base Salary or greater as
determined by the Compensation Committee. Each Annual Bonus shall be paid within two and one-half
(2 1/2) months after the end of the fiscal year
of the Company to which it relates. If a Change in Control occurs, the Executive shall be paid upon consummation of the Change in Control at least the Target Bonus for the year in which such Change in Control occurs. Any Annual Bonus to which the
Executive is entitled in respect of the 2010 calendar year shall be reduced by the Target Bonus he receives pursuant to the preceding sentence. 
 iii. Other Employee Benefit Plans. During the Employment Period, except as otherwise expressly provided herein, the Executive shall be entitled to participate in all health and welfare employee benefit
plans, practices, policies and programs and fringe benefits of the Company (including equity incentive plans) on a basis no less favorable than that provided to any other executive of the Company. 

iv. Relocation, Commuting and Living Expenses. The Company acknowledges that the Executive is commuting between New Jersey
and Minnesota. The Company will pay all commuting expenses, including without limitation, coach airfare and airport parking. The Executive will be responsible for all housing expenses in Minnesota; provided that, the Company shall
reimburse Executive all reasonable closing costs associated with the sale of his home (including attorney fees) in New Jersey and the purchase of a new home in 

  
 2 

 
the Minneapolis area (including attorney fees, title search and title insurance fees, loan origination costs and fees, and so forth). The Company further agrees to pay for the relocation of
household goods to Executive’s new residence in Minnesota. The Executive shall provide the Company with documentation substantiating all costs to be reimbursed under this Section 2(b)(iv) within sixty (60) days of the incurrence of
such costs. The Company shall reimburse the Executive within thirty (30) days of receiving such substantiation. 
 v. Vacation. Executive shall be entitled to four (4) weeks of paid vacation time each year or such greater time as may be authorized by the Board of Directors. 

c. Equity. On or as soon as practicable following the closing of the Transaction, the Executive will be granted the following options to
purchase common stock of Holdings: 4000.32 options under an option agreement substantially in the form attached hereto as Exhibit A and 12,199.14 options under an option agreement substantially in the form attached hereto as Exhibit B,
of which 6,984.68 shall have a strike price of $4,457.97, 2,982.44 shall have a strike price of $5,943.96 and 2,232.02 shall have a strike price of $6,934.62. 
 d. Other Allowances. During the Employment Period, the Executive shall be entitled to reimbursement of (i) an initiation fee up to a maximum of $30,000 at a country club located in Minnesota, and
(ii) monthly membership dues payable to such country club; provided that, Executive shall properly account therefore in accordance with the requirements for federal income tax deductibility and the Company’s policies and
procedures. 
 3. Termination of Employment. 

a. Death or Disability. The Executive’s employment shall terminate automatically upon the Executive’s death
during the Employment Period. If the Company determines in good faith that the Disability of the Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to the Executive written
notice in accordance with Section 10(b) of this Agreement of its intention to terminate the Executive’s employment. In such event, the Executive’s employment with the Company shall terminate effective on the thirtieth (30th) day after receipt of such notice by the Executive (the
“Disability Effective Date”), provided that, within the thirty (30) days after such receipt, the Executive shall not have returned to full-time performance of the Executive’s duties. In the event the
Executive has been unable to perform his job responsibilities as a result of chronic illness, physical, mental or any other disability for two hundred-forty (240) or more days in any consecutive twelve (12) month period or two
hundred-seventy (270) or more days in any consecutive twenty-four (24) month period, then the Company shall be able to terminate the Executive’s employment without providing the written notice referred to above (and the Disability
Effective Date shall be the date of such termination). For purposes of this Agreement, “Disability” shall mean a good faith determination by the Company in its sole discretion that Executive is unable to perform his job
responsibilities as a result of chronic illness, physical, mental or any other disability for a period of six (6) consecutive months or more. During any period of the Executive’s absence from employment and prior to a determination by the
Company that the Executive is disabled, as 

  
 3 

 
provided herein, the Company shall continue to pay to the Executive his Base Salary, as then in effect. 
 b. With or Without Cause. The Company may terminate the Executive’s employment during the Employment Period with or without Cause. For purposes of this Agreement, “Cause” shall mean:

 i. the continued failure of the Executive to perform substantially the Executive’s duties with the
Company or one of its affiliates (other than any such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to the Executive by the Board which specifically identifies
the manner in which the Board believes that the Executive has not substantially performed the Executive’s duties, or 
 ii. the engaging by the Executive in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company, or 

iii. indictment for or conviction of a felony or the entry of a guilty or nolo contendere plea by the Executive with
respect to any felony charge. 
 For purposes of this provision, no act or failure to act, on the part of the Executive, shall be
considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Company. Any act, or failure to act,
based upon authority given pursuant to a resolution duly adopted by the Board or upon the instructions of the Chief Executive Officer (while the Executive does not serve as such) or based upon the advice of counsel for the Company shall be
conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company. The cessation of employment of the Executive shall not be deemed to be for Cause unless and until there shall have been
delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of a majority of the entire membership of the Board (excluding the Executive) at a meeting of the Board called and held for such purpose (after reasonable notice
is provided to the Executive and the Executive is given an opportunity, together with counsel, to be heard before the Board) finding that, in the good faith opinion of the Board, the Executive is guilty of the conduct described in subparagraph (i),
(ii) or (iii) above, and specifying the particulars thereof in detail. 
 c. Good Reason. The Executive’s
employment may be terminated by the Executive for Good Reason. For purposes of this Agreement, “Good Reason” shall mean, in the absence of a written consent of the Executive: 

i. the assignment to the Executive of any duties inconsistent with the Executive’s title and position (including
status, offices and reporting requirements), authority, duties or responsibilities as contemplated by Section 2(a)(i) of this Agreement, or any other action by the Company which results in a

  
 4 

 
material diminution in such position, authority, duties or responsibilities; provided that it is specifically understood that within six (6) months of a Change in Control, the Company shall
have the flexibility to appoint the Executive to a reporting relationship different from that which existed prior to the Change in Control, to make an immaterial change in Executive’s duties or to change the Executive’s title;
provided that, Executive shall not have a stature less than that of a Divisional President (it being understood that equivalent positions may have different titles) and Executive shall report directly to the Chief Executive Officer (or
equivalent position) of the acquiror’s parent company; 
 ii. any failure by the Company to comply with any
of the provisions of Section 2(b) of this Agreement, or, following a Change in Control, the failure by the Company to review and provide increases in Annual Base Salary in a manner that is consistent with the acquiror’s review and
compensation policy for other senior executives, in each case other than an immaterial failure which is remedied by the Company promptly after receipt of notice thereof given by the Executive; 

iii. the failure of the Company upon a Change in Control to (A) continue in effect any material employee benefit
plan, compensation plan, welfare benefit plan or material fringe benefit plan in which Executive is participating immediately prior to such Change in Control or the taking of any action by the Company which would materially and adversely affect
Executive’s participation in or materially reduce Executive’s benefits under any such plan, unless Executive is permitted to participate in other plans providing Executive with substantially comparable benefits to those provided to him
prior to the Change in Control or those provided to similarly situated executives of the acquiror’s parent company and its subsidiaries, or (B) provide Executive with paid vacation in accordance with the most favorable past practice of the
Company as in effect for Executive immediately prior to such Change in Control; 
 iv. any purported termination
by the Company of the Executive’s employment otherwise than as expressly permitted by this Agreement for Cause, death or Disability; 
 v. any failure by the Company to comply with and satisfy Section 8(c) of this Agreement; or 
 vi. any requirement that the Executive be based anywhere more than fifty (50) miles from the principal executive office of the Company. 

d. Notice of Termination. Any termination by the Company or by the Executive shall be communicated by a Notice of Termination to the
other party hereto given in accordance with Section 10(b) of this Agreement. For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific termination provision in this
Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under

  
 5 

 
the provisions so indicated, and (iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination date (which date shall be not
more than thirty days after the giving of such notice). The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right
of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting such fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder. 

e. Date of Termination. “Date of Termination” means (i) if the Executive’s employment is terminated by the
Company other than for death or Disability, the date of receipt of the Notice of Termination or any later date specified therein within thirty (30) days of such notice, (ii) if the Executive’s employment is terminated by reason of
death or Disability, the date of death of the Executive or the Disability Effective Date, as the case may be, and (iii) if the Executive’s employment is terminated by the Executive, thirty (30) days after the giving of such notice by
the Executive provided that the Company may elect to place the Executive on paid leave for all or any part of such thirty (30) day period. 
 f. Change in Control. “Change in Control” means the consummation of a transaction, whether in a single transaction or in a series of related transactions that are consummated
contemporaneously (or consummated pursuant to contemporaneous agreements), with any party or parties other than Holdings or its affiliates on an arm’s-length basis, pursuant to which (a) such party or parties, directly or indirectly
acquire (whether by merger, stock purchase, recapitalization, reorganization, redemption, issuance of capital stock or otherwise) more than fifty percent (50%) of the voting stock of the Company, (b) such party or parties, directly or
indirectly, acquire assets constituting all or substantially all of the assets of the Company and its subsidiaries on a consolidated basis, or (c) prior to an initial public offering of the Company Common Stock pursuant to an offering
registered under the 1933 Act, GS Capital Partners VI Fund, L.P., a Delaware limited partnership, or its affiliates, cease to have the ability to elect, directly or indirectly, a majority of the Board of Directors of the Company. 

4. Obligations of the Company upon Termination. 
 a. Death or Disability. If, during the Employment Period, the Executive’s employment shall terminate on account of death or Disability: 

i. the Company shall pay to the Executive or his estate or beneficiaries in a lump sum in cash within thirty
(30) days after the Date of Termination the sum of (x) the Executive’s Annual Base Salary through the Date of Termination to the extent not theretofore paid, and (y) the product of (1) the Target Bonus and (2) a
fraction, the numerator of which is the number of months, which shall include partial months, in the fiscal year in which the Date of Termination occurs through the Date of Termination and the denominator of which is twelve (12), to the extent not
theretofore paid (the sum of the amounts described in clauses (x) and (y) shall be hereinafter referred to as the “Accrued Obligations”); 

  
 6 

 ii. to the extent not theretofore paid or provided, the Company shall timely
pay or provide to the Executive or his estate or beneficiaries any other amounts or benefits required to be paid or provided or which the Executive is entitled to receive under any plan, program, policy or practice of or contract or agreement with
the Company and its affiliated companies through the Date of Termination (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”); and 

iii. the Company shall pay to the Executive or his estate or beneficiaries in cash an amount equal to
the product of (x) two (2) and (y) the sum of the Executive’s current Annual Base Salary and Target Bonus, payable in twenty-four (24) equal monthly installments in accordance with the Company’s regular payroll
practices, commencing with the first regular payroll date occurring after the thirtieth (30th) day following the Date of Termination (to the extent such payments are made on account of the Executive’s death, the “Death Benefit”). If requested by the Company, the
Executive agrees to cooperate with the Company in obtaining a corporate owned life insurance policy to finance the Death Benefit, or, at the Company’s election, a life insurance policy owned by the Executive in a similar amount. In the case of
the latter, any payments under such policy will offset the Company’s obligations to provide the Death Benefit dollar for dollar. 
 b. By the Company for Cause; By the Executive Other than for Good Reason. If the Executive’s employment is terminated for Cause or the Executive terminates his employment without Good Reason during
the Employment Period, this Agreement shall terminate without further obligations to the Executive other than the obligation to pay to the Executive (i) his Annual Base Salary through the Date of Termination to the extent theretofore unpaid and
(ii) the Other Benefits. 
 c. By the Company Other than for Cause, Death or Disability; By the Executive for Good Reason.
If, during the Employment Period, the Executive’s employment is terminated by the Executive for Good Reason or by the Company other than for Cause and other than on account of death or Disability; 

i. the Company shall pay to the Executive: 

1. in one lump sum in cash within thirty (30) days after the Date of Termination, the Accrued Obligations; and

 2. the amount equal to the product of (x) two (2) and (y) the sum of the
Executive’s current Annual Base Salary and Target Bonus, payable in twenty-four (24) equal monthly installments in accordance with the Company’s regular payroll practices, commencing with the first regular payroll date occurring after
the thirtieth (30th) day following the Date of
Termination; provided that the Executive executes and delivers the Release, which has become irrevocable prior to the thirtieth (30th) day following the Date of Termination. 

  
 7 

 ii. the Company shall provide the Executive with the Other Benefits.

 d. Welfare Benefits. In the event of a termination described in Section 4(a) or 4(c), for a period of eighteen
(18) months following Executive’s Date of Termination the Company shall continue to provide medical, dental and life insurance benefits to the Executive, his spouse and children under age twenty-five (25) on the same basis, including
without limitation employee contributions, as such benefits are then currently provided to the Executive (“Welfare Benefits”); provided further that the provision of such Welfare Benefits shall cease in the event that Executive
becomes eligible to receive comparable benefits from another employer (either because he becomes employed by, or becomes an independent contractor with respect to such employer). 

e. Liquidated Damages. The benefits and amounts payable to Executive under this Section 4 shall be deemed liquidated damages.

 f. Section 409A Compliance. 

i. Notwithstanding any other provision in this Agreement to the contrary, (A) any benefits to
which the Executive becomes entitled under this Agreement due to the termination of the Executive’s employment, shall not be paid or provided until the Executive has incurred a “separation from service” with the Company within the
meaning of Section 409A of the Internal Revenue Code of 1986, as from time to time amended (the “Code”), if the earlier provision or payment would result in a violation of Section 409A of the Code and (B) to the
extent required by Section 409A of the Code, payment of such benefits shall commence no earlier than the earlier of (1) the first (1st) day of the first (1st) month commencing at least six (6) months following the date of the Executive’s separation from service
with the Company or (2) the Executive’s death; provided, that any amount the payment of which is delayed by application of clause (B) of this Section 4(f) shall be paid as soon as possible following the expiration of the
applicable period under such clause (B) with interest at the rate provided in Section 1274(b)(2)(B) of the Code. 
 ii. Notwithstanding anything to the contrary, no payment or benefits provided under this Agreement in respect of one taxable year shall affect the amounts payable in any other taxable year. No such
amounts due to the Executive under this Agreement shall be subject to liquidation or exchange for another benefit. 
 iii. It is intended that each installment of payments or benefits hereunder shall be treated as a separate “payment” for purposes of Section 409A of the Code. 

5. Noncompetition and Nonsolicitation. Executive acknowledges that in the course of his employment with the Company he will become
familiar with the Company’s and its subsidiaries’ trade secrets and other confidential information concerning the Company and such subsidiaries, and that his services will be of special, unique and extraordinary value to the Company and
its subsidiaries. Therefore Executive agrees that: 

  
 8 

 a. Noncompetition. During the period commencing on the Effective Date
and ending on the second (2nd) anniversary of the
date Executive’s employment with the Company terminates (such period the “Restricted Period”), Executive shall not, for himself or on behalf of any other person, firm, partnership, corporation, or other entity, engage, directly
or indirectly, as an executive, agent, representative, consultant, partner, shareholder or holder of any other financial interest, in (i) Cargill, Inc. or (ii) any business that competes with the Company in the business of the production,
distribution or sales of eggs or egg products, refrigerated potato products or any other business engaged in by the Company at the time of termination of Executive’s employment with the Company (a “Competing Business”), it
being understood that Executive’s activities shall not breach this Section 5(a)(ii) where Executive is employed by a person, firm, partnership, corporation or other entity engaged in a variety of activities, including the Competing
Business but Executive is not engaged in or responsible for the Competing Business of such entity. Nothing herein shall prohibit Executive from being a passive owner of not more than two percent (2%) of the outstanding publicly traded stock of
any class of a Competing Business so long as Executive has no active participation in the business of such entity, except to the extent permitted above. Executive acknowledges that this Agreement, and specifically, this Section 5, does not
preclude Executive from earning a livelihood, nor does it unreasonably impose limitations on Executive’s ability to earn a living. In addition, Executive agrees and acknowledges that the potential harm to the Company of its non-enforcement
outweighs any harm to Executive of its enforcement by injunction or otherwise. 
 b. Nonsolicitation. During the Restricted
Period, Executive shall not directly or indirectly through another entity (i) induce or attempt to induce any employee of the Company or its subsidiaries to leave the employ of the Company or its subsidiaries, or in any way interfere with the
relationship between the Company or any of its subsidiaries and any employee thereof, (ii) hire any person who was an employee of the Company or any of its subsidiaries within one hundred-eighty (180) days prior to the time such employee
was hired by Executive, (iii) induce or attempt to induce any customer, supplier, licensee or other business relation of the Company or any of its subsidiaries to cease doing business with the Company or its subsidiaries or in any way interfere
with the relationship between any such customer, supplier, licensee or business relation and the Company or any subsidiary or (iv) directly or indirectly acquire or attempt to acquire an interest in any business relating to the business of the
Company or any of its subsidiaries and with which the Company or any of its subsidiaries has entertained discussions or has requested and received information relating to the acquisition of such business by the Company or its subsidiaries in the one
(1) year period immediately preceding Executive’s termination of employment with the Company. 
 c. Enforcement. The
parties to this Agreement hereby agree and stipulate that (i) the restrictions contained in this Agreement are reasonable and necessary in order to protect the Company’s and its subsidiaries’ legitimate business interests and
(ii) in the event of any breach or violation of this Agreement or of any provision hereof by Executive, the Company and its subsidiaries will have no adequate remedy at law and will suffer irreparable loss and damage thereby. The parties hereby
further agree and stipulate that in the event of any such breach or violation, either threatened or actual, the Company’s and its subsidiaries’ rights shall include, in addition to any and all other rights available to the Company and its
subsidiaries at law or in equity, the right to seek and obtain any and all injunctive relief or restraining orders available to it in courts of proper jurisdiction, so as to prohibit, bar, and restrain any and all such breaches or

  
 9 

 
violations by Executive. The prevailing party to any legal action, arbitration or other proceeding commenced in connection with enforcing any provision of this Section 5, including without
limitation, obtaining the injunctive relief provided by this Section 5, shall be entitled to recover all court costs, reasonable attorneys’ fees, and related expenses incurred by such party. Executive further agrees that no bond need be
filed in connection with any request by the Company and its subsidiaries for a temporary restraining order or for temporary or preliminary injunctive relief. If the Executive is the prevailing party, any reimbursement made under this
Section 5(c) shall be made no later than the later of (i) the end of the year in which the legal action, arbitration or other proceeding is finally resolved, and (ii) the last day of the Executive’s taxable year following the
taxable year in which the expense was incurred. 
 d. Additional Acknowledgements. Executive acknowledges that the provisions of
this Section 5 are in consideration of: (i) employment with the Company and (ii) additional good and valuable consideration as set forth in this Agreement, including, without limitation, the payments to be made under Section 4
hereof. In addition, Executive acknowledges (i) that the business of the Company and its subsidiaries is national in scope and without geographical limitation and (ii) notwithstanding the state of incorporation or principal office of the
Company or any of its subsidiaries, or any of their respective executives or employees (including the Executive), it is expected that the Company will have business activities and have valuable business relationships within its industry throughout
the United States. Executive acknowledges that he has carefully read this Agreement and has given careful consideration to the restraints imposed upon Executive by this Agreement, and is in full accord as to their necessity for the reasonable and
proper protection of confidential and proprietary information of the Company and its subsidiaries now existing or to be developed in the future. Executive expressly acknowledges and agrees that each and every restraint imposed by this Agreement is
reasonable with respect to subject matter, time period and geographical area. 
 6. Non-exclusivity of Rights. Nothing in this
Agreement shall prevent or limit the Executive’s continuing or future participation in any plan, program, policy or practice provided by the Company or any of its affiliated companies and for which the Executive may qualify, nor shall anything
herein limit or otherwise affect such rights as the Executive may have under any contract or agreement with the Company or any of its affiliated companies. Amounts which are vested benefits or which the Executive is otherwise entitled to receive
under any plan, policy, practice or program of or any contract or agreement with the Company or any of its affiliated companies at or subsequent to the Date of Termination shall be payable in accordance with such plan, policy, practice, program,
contract or agreement, except as explicitly modified by this Agreement; provided that the Executive shall not be eligible for severance benefits under any other program or policy of the Company. 

  
 10 

 7. Full Settlement; Arbitration. 

a. The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder
shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any
other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement; and such amounts shall not be reduced whether or not the Executive obtains other employment. 

b. Other than with respect to the enforcement of Section 5 hereof, the Parties agree that all claims relating to this Agreement
shall be subject to arbitration in the State of Minnesota in accordance with the rules of the American Arbitration Association in the State of Minnesota. The non-prevailing party in such arbitration shall pay, to the full extent permitted by law,
all legal fees and expenses (including arbitration expenses) which the prevailing party may reasonably incur as a result of any contest pursued or defended against in good faith by the prevailing party regarding the validity or enforceability of, or
liability under, any provision of this Agreement (including as a result of any contest by the prevailing party about the amount of any payment pursuant to this Agreement). Any reimbursement payable to the Executive under this Section 7(b) shall
be made no later than the later of (i) the end of the year in which the arbitration is finally resolved, and (ii) the last day of the Executive’s taxable year following the taxable year in which the expense was incurred. 

8. Excess Parachute Payments. In the event it shall be determined that any payment or distribution by the Company to or for the benefit
of the Executive would constitute an “excess parachute payment” within the meaning of Section 280G(b)(1) of the Code, at a time when the common stock of the Company or any of its affiliates is not readily tradeable on an established
securities market or otherwise, within the meaning of Section 280G(b)(5)(A)(ii) of the Code, the parties shall use their best efforts to satisfy the “shareholder approval requirements” of that section in a manner designed to preserve
the full economic benefit to the Executive of any payments or benefits otherwise due to the Executive. 
 9. Successors.

 a. This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable
by the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives. 

b. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. 

c. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had

  
 11 

 
taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid. 

10. Miscellaneous. 
 a. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota, without reference to principles of conflict of laws. The captions of this Agreement are not part
of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives. 

b. All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by
registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
 If to the Executive:

 James E. Dwyer, Jr. 
 132 Hunt Drive 
 Princeton, NJ 08540 

with a copy to: 

Steven A. Holt, Esq. 
 Mandelbaum Salsburg, P.C. 
 155 Prospect Avenue 

West Orange, NJ 07052 
 If to the Company: 
 Michael Foods, Inc. 

301 Carlson Parkway, Suite 400 
 Minnetonka, MN 55305 
 Attention: General Counsel 

with a copy to: 

GS Capital Partners VI Fund, L.P. 
 200 West Street 
 New York, NY 10282-2198 

Attn:     Adrian Jones 
              Oliver Thym 
              Nicole Agnew 
 or to
such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee. 

  
 12 

 c. Whenever possible, each provision of this Agreement will be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

 d. The Company may withhold from any amounts payable under this Agreement such Federal, state, local or foreign taxes as
shall be required to be withheld pursuant to any applicable law or regulation. 
 e. The Executive’s or the Company’s
failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation, the right of the Executive to terminate employment for
Good Reason pursuant to Section (3)(c)(i)-(v) of this Agreement (unless such action is expressly waived or consented to by the Executive), shall not be deemed to be a waiver of such provision or right or any other provision or right of this
Agreement. 
 f. From and after the Effective Date this Agreement shall supersede any other agreement between the parties with
respect to the subject matter hereof. 
 g. Subject to the provisions of Section 3(d), there shall be no limitation on the
ability of the Company to terminate the Executive at any time with or without Cause. 
 *   *   *  
*   * 

  
 13 

 IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and, pursuant
to the authorization from its Board of Directors, the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written. 

 

			
	
	/s/ James E. Dwyer, Jr.
	James E. Dwyer, Jr.
	
	MICHAEL FOODS, INC.
		
	By:	 	/s/ Mark Westphal
	Name:	 	Mark Westphal
	Title:	 	Chief Financial Officer and Senior Vice President
	
	MFI HOLDING CORPORATION
		
	By:	 	/s/ Mark Westphal
	Name:	 	Mark Westphal
	Title:	 	Chief Financial Officer and Senior Vice President

  
 14 

 Exhibit A 
 MFI Holding Corporation Nonqualified Stock Option Agreement (Time-Vesting) 

  
 15 

 Exhibit B 
 MFI Holding Corporation Nonqualified Stock Option Agreement (Performance-Vesting) 

  
 16

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