Document:

EX-10.2

  Exhibit 10.2

   

   

   

   

   

   

   

  Transfer Agency and Service Agreement

  Between

  HERCULES CAPITAL, INC.

  and

  Computershare Trust Company, N.A.

  and

  Computershare Inc.

   

   

   

   

   

   

   

   

   

   

   

   

   

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  THIS TRANSFER AGENCY AND SERVICE AGREEMENT, effective as of October 3, 2022 (“Effective Date”), is by and between Hercules Capital, Inc., a Maryland corporation, having its principal office and place of business at 400 Hamilton Avenue, Suite 310, Palo Alto, California 94301 (“Company”), and Computershare Inc., a Delaware corporation (“Computershare”), and its affiliate Computershare Trust Company, N.A., a federally chartered trust company (“Trust Company”, and together with Computershare, “Agent”), each having a principal office and place of business at 150 Royall Street, Canton, Massachusetts 02021.

  	 

  	WHEREAS, Company desires to appoint Trust Company as its sole transfer agent and registrar for the Shares, and administrator of any dividend reinvestment plan or direct stock purchase plan for Company, and Computershare as processor of all payments received or made by Company under this Agreement; 

  	 

  	WHEREAS, Trust Company and Computershare will each separately provide specified services covered by this Agreement and, in addition, Trust Company may arrange for Computershare to act on behalf of Trust Company in providing certain of its services covered by this Agreement; and

   

  	WHEREAS, Trust Company and Computershare desire to accept such respective appointments and perform the services related to such appointments;

   

  	NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree as follows:

   

  1.Certain Definitions. 

   

  1.1.“Account” means the account of each Shareholder which reflects any full or fractional Shares held by such Shareholder, outstanding funds, or reportable tax information. 
 

  1.2."Agreement" means this agreement and any and all exhibits or schedules attached hereto and any and all amendments or modifications which may from time to time be executed.

   

  1.3.“Confidential Information” means any and all technical or business information relating to a party, including, without limitation, financial, marketing and product development information, Shareholder Data (including any non-public information of such Shareholder), Personal Information, Proprietary Information, and the terms and conditions (but not the existence) of this Agreement, that is disclosed or otherwise becomes known to the other party or its affiliates, agents or representatives before or during the term of this Agreement.  Confidential Information constitutes trade secrets and is of great value to the owner (or its affiliates).  Except for Personal Information and Proprietary Information, Confidential Information shall not include any information that is: (a) already known to the other party or its affiliates at the time of the disclosure; (b) publicly known at the time of the disclosure or becomes publicly known through no wrongful act or failure of the other party; (c) subsequently disclosed to the other party or its affiliates on a non-confidential basis by a third party not having a confidential relationship with the owner and which rightfully acquired such information; or (d) independently developed by one party without access to the Confidential Information of the other.

   

  1.4.“DSPP” means direct stock purchase plan.
 

  1.5.“Personal Information” means information that identifies, relates to, describes, is reasonably capable of being associated with, or could reasonably be linked, directly or indirectly, with a particular living individual, including without limitation names, signatures, addresses, email addresses, telephone numbers, account numbers and information, social security numbers and other personal identification numbers, financial  data, date of birth, transaction information, user names, passwords, security codes, employee ID numbers, identity photos, and any other information defined in applicable United States’ privacy laws or regulations as personal information, that Agent receives from Company, is otherwise obtained by Agent in connection with the Agreement, or to which Agent has access in the course of performing the Services. 

   

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  1.6.“Plans” means any dividend reinvestment plan, DSPP, or other investment programs administered by Trust Company for Company relating to the Shares, whether as of the Effective Date or at any time during the term of this Agreement.  

   

  1.7.“Services” means all services performed or made available by Agent pursuant to this Agreement. 

   

  1.8.“Share” means Company's common shares, par value $0.001 per share authorized by Company’s Articles of Incorporation, and other classes of Company’s shares to be designated by Company in writing and which Agent agrees to service under this Agreement.
 

  1.9.“Shareholder” means a holder of record of Shares.

   

  1.10.“Shareholder Data” means all information maintained on the records database of Agent concerning Shareholders, including any Personal Information of Shareholders.

   

  2.Appointment of Agent.

   

  2.1.Appointments.  Company hereby appoints Trust Company to act as sole transfer agent and registrar for all Shares and as administrator of Plans in accordance with the terms and conditions hereof and appoints Computershare as the service provider to Trust Company and as processor of all payments received or made by or on behalf of Company under this Agreement, and Trust Company and Computershare accept the respective appointments. 

   

  2.2.Documents.  In connection with the appointments herein, Company has provided or will provide the following appointment and corporate authority documents to Agent:	

   

  (a)Board resolution appointing Trust Company as the transfer agent;   

  (b)If applicable, specimens of all forms of outstanding Share certificates, in forms approved by the Board of Directors of Company, with a certificate of the Secretary of Company as to such approval;

  (c)Board resolution and/or certificate of incumbency designating officers or other designated persons of Company authorized to sign written instructions and requests and, if applicable, Share certificates, in connection with this Agreement (each an “Authorized Person”); 

  (d)An opinion of counsel for Company addressed to both Trust Company and Computershare stating that:

   

  a.Company is duly organized, validly existing and in good standing under the laws of its state of organization;

  b.All Shares issued and outstanding on the date hereof were issued as part of an offering that was registered under the Securities Act of 1933, as amended (“1933 Act”) and any other applicable federal or state statute or that was exempt from such registration; 

  c.All Shares issued and outstanding on the date hereof are duly authorized, validly issued, fully paid and non-assessable; and

  d.The use of facsimile signatures by Agent in connection with the countersigning and registering of Share certificates has been duly authorized by Company and is valid and effective.

   

  (e)A certificate of Company as to the Shares authorized, issued and outstanding, as well as a description of all reserves of unissued Shares relating to the exercise of options;

  (f)A completed Internal Revenue Service Form 2678; and

  (g)A completed Form W-8 or W-9, as applicable.

   

  In addition, upon any future original issuance of Shares for which Agent will act as transfer agent hereunder, Company shall deliver an opinion of counsel for Company addressed to both Trust Company and Computershare stating that such Shares (i) have been issued as part of an offering that was registered under the 1933 Act and any other applicable federal or state statute, or that was 

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  exempt from such registration, and (ii) are duly authorized, validly issued, fully paid and non-assessable.

   

  2.3.Records.  Agent may adopt as part of its records all Shareholder lists, Share ledgers, records, books, and documents provided to Agent by Company or any of its agents.  In order to enable Agent to perform the duties of transfer agent and registrar, Company shall provide, or shall cause its prior transfer agent and registrar to provide, a complete and accurate register of Shareholders on or before the Effective Date, and shall indemnify Agent under Section 9.2 of this Agreement for the failure to provide such register on or before the Effective Date.  Agent shall keep records relating to the Services, in the form and manner it deems advisable, but in any event consistent with the reasonable standards of the transfer agency industry.  Agent agrees that all such records prepared or maintained by it relating to the Services are the property of Company and will be preserved, maintained and made available in accordance with the requirements of law and Agent’s records management policy, and will be surrendered promptly to Company in accordance with its request subject to applicable law and Agent’s records management policy.
 

  2.4.Shares.  Company shall, if applicable, inform Agent as soon as possible in advance as to: (a) the existence or termination of any restrictions on the transfer of Shares, the application to or removal from any Share of any legend restricting the transfer of such Shares (which may be subject, in the case of removal of any such legend, to delivery of such legal opinion in form and substance acceptable to Agent), or the substitution for such Share of a Share without such legend; (b) any authorized but unissued Shares reserved for specific purposes; (c) any outstanding Shares which are exchangeable for Shares and the basis for exchange; (d) reserved Shares subject to option and the details of such reservation; (e) any Share split or Share dividend; (f) any other relevant event or special instructions which may affect the Shares; and (g) any bankruptcy, insolvency or other proceeding regarding Company affecting the enforcement of creditors’ rights. 

   

  2.5.Share Certificates.  If applicable, Company shall provide Agent with (a) documentation required to print on demand Share certificates, or (b) an appropriate supply of Share certificates which contain a signature panel for use by an authorized signor of Agent and state that such certificates are only valid after being countersigned and registered, whichever is applicable. 

   

  2.6.Company Responsibility.  Company shall perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, documents, instruments and assurances as Agent may reasonably require in order to carry out or perform its obligations under this Agreement.

   

  2.7.Scope of Agency.

   

  (a)Agent shall act solely as agent for Company under this Agreement and owes no duties hereunder to any other person.  Agent undertakes to perform the duties and only the duties that are specifically set forth in this Agreement, and no implied covenants or obligations shall be read into this Agreement against Agent.

  (b)Agent may rely upon, and shall be protected in acting or refraining from acting in good faith reliance upon, (i) any communication from Company, any predecessor transfer agent or co-transfer agent or any registrar (other than Agent), predecessor registrar or co-registrar; (ii) any instruction, notice, request, direction, consent, report, certificate, opinion or other instrument, paper, document or electronic transmission believed in good faith by Agent to be genuine and to have been signed or given by the proper party or parties; (iii) any guaranty of signature by an “eligible guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable “signature guarantee program” or insurance program in addition to, or in substitution for, the foregoing; or (iv) any instructions received through Direct Registration System/Profile.  In addition, Agent is authorized to refuse to make any transfer that it determines in good faith not to be in good order.

  (c)From time to time, Company may provide Agent with instructions concerning the Services. Further, Agent may apply to any Authorized Person for instruction, and may consult with legal 

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  counsel for Company with respect to any matter arising in connection with the Services.  Agent and its agents and subcontractors shall not be liable and shall be indemnified by Company under Section 9.2 of this Agreement for any action taken or omitted by Agent in good faith reliance upon any Company instructions given by an Authorized Person.  Company shall promptly provide Agent with an updated board resolution and/or certificate of incumbency regarding any change of authority for any Authorized Person.  Agent shall not be held to have notice of any change of authority of any Authorized Person, until receipt of written notice thereof from Company.

   

  2.8.Compliance with Laws.  Agent is obligated and agrees to comply with all applicable U.S. federal, state and local laws and regulations, codes, orders and government rules in the performance of its duties under this Agreement.  

   

  3.Standard Services.
 

  3.1.Share Services.  Agent shall perform the Services set forth in the Fee and Service Schedule (“Fee and Service Schedule”) attached hereto and incorporated herein.  Further, Agent shall issue and record Shares as authorized, hold Shares in the appropriate Account, and effect transfers of Shares upon receipt of appropriate documentation. 

   

  3.2.Replacement Shares.  Agent shall issue replacement Shares for those certificates alleged to have been lost, stolen or destroyed, upon receipt by Agent of an open penalty surety bond satisfactory to it and holding it and Company harmless, absent notice to Agent that such certificates have been acquired by a bona fide purchaser.  Agent may, at its option, issue replacement Shares for mutilated certificates upon presentation thereof without such indemnity.  Agent may, at its sole option, accept indemnification from Company to issue replacement Shares for those certificates alleged to have been lost, stolen or destroyed in lieu of an open penalty bond.  Agent shall charge Shareholders an administrative fee for replacement of lost certificates, which shall be charged only once in instances where a single surety bond obtained covers multiple certificates.  Agent may receive compensation, including in the form of commissions, for services provided in connection with surety programs offered to Shareholders.

   

  3.3.Internet Services.  Agent shall make available to Company and Shareholders, through its web sites, including but not limited to www.computershare.com (collectively, “Web Site”), online access to certain Account and Shareholder information and certain transaction capabilities (“Internet Services”), subject to Agent’s security procedures and the terms and conditions set forth herein and on the Web Site.  Agent provides Internet Services “as is,” on an “as available” basis, and hereby specifically disclaims any and all representations or warranties, express or implied, regarding such Internet Services, including any implied warranty of merchantability or fitness for a particular purpose and implied warranties arising from course of dealing or course of performance.    

   

  3.4.Proprietary Information.  Company agrees that the databases, programs, screen and report formats, interactive design techniques, Internet Services, software (including methods or concepts used therein, source code, object code, or related technical information) and documentation manuals furnished to Company by Agent as part of the Services are under the control and ownership of Agent or a third party (including its affiliates) and constitute copyrighted, trade secret, or other proprietary information (collectively, “Proprietary Information”).  Shareholder Data is not Proprietary Information.  Company agrees that Proprietary Information is of substantial value to Agent or other third party and will treat all Proprietary Information as confidential in accordance with Section 11 of this Agreement.  Company shall take reasonable efforts to advise its relevant employees and agents of its obligations pursuant to this Section 3.4.

   

  3.5.Third Party Content.  Agent may provide real-time or delayed quotations and other market information and messages (“Market Data”), which Market Data is provided to Agent by certain third parties who may assert a proprietary interest in Market Data disseminated by them but do not guarantee the timeliness, sequence, accuracy or completeness thereof.  Company agrees and acknowledges that 

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  Agent shall not be liable in any way for any loss or damage arising from or occasioned by any inaccuracy, error, delay in, omission of, or interruption in any Market Data or the transmission thereof.

   

  3.6.Lost Shareholders; In-Depth Shareholder Search.  

   

  (a)Agent shall conduct such database searches to locate lost Shareholders as are required by Rule 17Ad-17 (“Rule 17Ad-17”) promulgated under the Securities Exchange Act of 1934, as amended (“1934 Act”), without charge to the Shareholder.  If a new address is so obtained in a database search for a lost Shareholder, Agent shall conduct a verification mailing and update its records for such Shareholder accordingly.  

  (b)Computershare may facilitate the performance of a more in-depth search for the purpose of (i) locating lost Shareholders for whom a new address is not obtained in accordance with clause (a) above, (ii) identifying Shareholders who are deceased (or locating the deceased Shareholder’s estate representative, heirs or other party entitled to act with respect to such Shareholder’s Account (“Authorized Representative”)), and (iii) locating Shareholders whose Accounts contain an uncashed check older than 180 days and who have already received the required unresponsive payee notification under Rule 17Ad-17, in each case using the services of a locating service provider selected by Computershare (“Locating Service Provider”), which Locating Service Provider may be an affiliate of Computershare.  Such Locating Service Provider may compensate Computershare for processing and other services that Computershare provides in connection with such in-depth search, including providing Computershare a portion of its service fees.

  (c)Upon locating any Shareholder (or such Shareholder’s Authorized Representative) pursuant to clause (b) above, the Locating Service Provider shall clearly identify to such Shareholder (or such Shareholder’s Authorized Representative) all assets held in such Shareholder’s Account.  Such Locating Service Provider shall inform any such located Shareholders (or such Shareholder’s Authorized Representative) that such Shareholder (or such Shareholder’s Authorized Representative) may choose either (i) to contact Agent directly to obtain the assets in such Account, at no charge other than any applicable fees to replace lost certificates, if applicable, or (ii) to use the services of such Locating Service Provider for a processing fee, which may not exceed 20% of the asset value of such Shareholder’s property where the registered Shareholder is living, deceased, or not a natural person; provided that in no case shall such fee exceed the maximum statutory fee permitted by the applicable state jurisdiction.  If Company selects a locating service provider other than one selected by Computershare, then Agent shall not be responsible for the terms of any agreement between such provider and Company and additional fees may apply.

  (d)Pursuant to Section 2.7(c) of this Agreement, Company hereby authorizes and instructs Agent to provide to the Locating Service Provider: 

   

  (i)aggregate Shareholder Data including number of projected eligible Accounts, value of projected eligible Accounts (includes sum of outstanding checks and value of Shares) in order for the Locating Service Provider to determine the feasibility of providing in-depth search services; 

  (ii)upon determination by the Locating Service Provider that an in-depth Shareholder location program will be implemented and after notification of implementation to Company by Agent (including by e-mail):

  (1)a complete Shareholder file (from which the Locating Service Provider will eliminate those Accounts for which a search is still required by Rule 17Ad-17), and

  (2)preliminary escheatment files (used to block Accounts that may not be serviced under the program based on state unclaimed property laws); and

  (iii)view-only access (during the time a program is in place) to Shareholder Data for the limited purposes of verifying Account information and reconcilement for program eligible Accounts.

   

  4.PLAN SERVICES.

   

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  4.1.Trust Company shall perform all services under the Plans, as the administrator of such Plans, with the exception of payment processing for which Computershare has been appointed as agent by Company, and certain other services that Trust Company may subcontract to Computershare as permitted by applicable law (e.g., ministerial services).  

   

  4.2.To the extent Company does not have a DSPP as of the Effective Date, Company agrees that Trust Company may implement and administer a Trust Company-sponsored DSPP on behalf of Company for the Shares at any time during the term of this Agreement, upon providing prior written notice to Company.  In consideration of Trust Company receiving service and transaction fees from the DSPP participants in connection with its administration of the DSPP, Agent shall not charge any fees to Company for such administration.

   

  4.3.Agent shall act as agent for Shareholders pursuant to the Plans in accordance with the terms and conditions of such Plans.

   

  5.Computershare Dividend Disbursing and Payment Services.

   

  5.1.Declaration of Dividends.  Company must provide Computershare with written notice from an Authorized Person of any declaration of a dividend.  Computershare will initiate dividend payments to the extent Computershare receives sufficient funds from Company in advance of such initiation.  The payment of such funds to Computershare for the purpose of being available for the payment of dividends from time to time is not intended by Company to confer any rights in such funds on Shareholders whether in trust, contract, or otherwise.
 

  5.2.Stop Payments.  Company hereby authorizes Computershare to stop payment of checks issued in payment of sales proceeds and of dividends, if applicable, but not presented for payment, when the payees thereof allege either that they have not received the checks or that such checks have been mislaid, lost, stolen, destroyed or, through no fault of theirs, are otherwise beyond their control and cannot be produced by them for presentation and collection, and Computershare shall issue and deliver duplicate checks in replacement thereof, and Company shall indemnify Agent against any loss or damage resulting from reissuance of the checks.  

   

  5.3.Tax Withholding.  Company hereby authorizes Computershare to deduct from all payments of sales proceeds and of dividends declared by Company and disbursed by Computershare to Shareholders, if applicable, the tax required to be withheld pursuant to Sections 1441, 1442, 1445, 1471 through 1474, and 3406 of the Internal Revenue Code of 1986, as amended, or by any federal or state statutes subsequently enacted, and to make the necessary returns and payment of such tax to the relevant taxing authority.  Company will provide withholding and reporting instructions to Computershare from time to time as relevant, and upon request of Computershare.
 

  5.4.Plan Payments.  If applicable, Company hereby authorizes Computershare to receive all payments made to Company (i.e., optional cash purchases) or Agent under the Plans and make all payments required to be made under such Plans, including all payments required to be made to Company. For optional cash purchases, in the event funds are unavailable for any reason (including, without limitation, due to a rejection or reversal of the payment), Computershare shall sell the Shares purchased and any gain thereon shall accrue to Computershare.

   

  5.5.Bank Accounts.  All funds received by Computershare under this Agreement that are to be distributed or applied by Computershare in the performance of Services (the “Funds”) shall be held by Computershare as agent for Company and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for Company.  Until paid pursuant to this Agreement, Computershare may hold or invest the Funds through such accounts in: (a) obligations of, or guaranteed by, the United States of America; (b) commercial paper obligations rated A-1 or P-1 or better by Standard & Poor's Corporation (“S&P”) or Moody's Investors Service, Inc. (“Moody’s”), respectively; (c) AAA rated money market funds that comply with Rule 2a-7 of the Investment Company Act of 1940; or (d) demand deposit accounts, short term certificates of deposit, bank 

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  repurchase agreements or bankers’ acceptances, of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.).  Computershare shall have no responsibility or liability for any diminution of the Funds that may result from any deposit or investment made by Computershare in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other third party.  Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits or investments.  Computershare shall not be obligated to pay such interest, dividends or earnings to Company, any Shareholder or any other party. 

   

  6.ADDITIOnal Services.  To the extent that Company elects to engage any entity other than Agent (“Vendor”) to provide any additional services (e.g., plans, restricted stock, corporate actions, etc.), Company shall give Agent or its affiliates an opportunity to bid on such services upon the same terms and conditions as Vendor.

   

  7.Fees and Expenses.  
 

  7.1.Fee and Service Schedules.  Company agrees to pay Agent the fees and expenses for Services performed pursuant to this Agreement as set forth in the Fee and Service Schedule.  At least sixty (60) days before the expiration of the Initial Term (as defined below) or a Renewal Term (as defined below), whichever is applicable, the parties to this Agreement will agree upon a new fee schedule for the upcoming Renewal Term.  If no new fee schedule is agreed upon, the fees will increase as set forth in the Term Section of the Fee and Service Schedule.

   

  7.2.Out-of-Balance Conditions.  If any out-of-balance condition caused by Company or any of its prior agents arises during any term of this Agreement, Company will, promptly upon Agent’s request, provide Agent with funds or Shares sufficient to resolve the out-of-balance condition.

   

  7.3.Invoices.  Company agrees to pay all fees and expenses within 30 days of the date of the respective billing notice, except for any fees or expenses that are subject to good faith dispute.  In the event of such dispute, Company must promptly notify Agent of such dispute and may only withhold that portion of the fee or expense subject to such dispute.  Company shall settle such disputed amounts within five (5) business days of the date on which the parties agree on the amount to be paid by payment of the agreed amount.  If no agreement is reached, then such disputed amounts shall be settled as may be required by law or legal process.

   

  7.4.Late Payments.  

   

  (a)If any undisputed amount in an invoice of Agent is not paid within 30 days after the date of such invoice, Agent may charge Company interest thereon (from the due date to the date of payment) at a monthly rate equal to one and a half percent (1.5%).  Notwithstanding any other provision hereof, such interest rate shall be no greater than permitted under applicable law.

  (b)The failure by Company to (i) pay the undisputed portion of an invoice within 90 days after the date of such invoice or (ii) timely pay the undisputed portions of two consecutive invoices shall constitute a material breach of this Agreement by Company.  Notwithstanding terms to the contrary in Section 12.2 below, Agent may terminate this Agreement for such material breach immediately and shall not be obligated to provide Company with 30 days to cure such breach.

   

  7.5.Transaction Taxes.  Company is responsible for all taxes, levies, duties, and assessments levied on Services purchased under this Agreement (collectively, “Transaction Taxes”).  Computershare is responsible for collecting and remitting Transaction Taxes in all jurisdictions in which Computershare is registered to collect such Transaction Taxes.  Computershare shall invoice Company for such Transaction Taxes that Computershare is obligated to collect upon the furnishing of Services.  Company shall pay such Transaction Taxes according to the terms in Section 7.3.  Computershare shall timely remit to the appropriate governmental authorities all such Transaction Taxes that Computershare collects from Company.  To the extent that Company provides Computershare with 

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  valid exemption certificates, direct pay permits, or other documentation that exempts Computershare from collecting Transaction Taxes from Company, invoices issued for Services provided after Computershare’s receipt of such certificates, permits, or other documentation will not reflect exempted Transaction Taxes.  Computershare is solely responsible for the payment of all personal property taxes, franchise taxes, corporate excise or privilege taxes, property or license taxes, taxes relating to Computershare’s personnel, and taxes based on Computershare’s net income or gross revenues relating to Services.
 

  8.Representations and Warranties. 

   

  8.1.Agent.  Agent represents and warrants to Company that:

   

  (a)Governance.  Trust Company is a federally chartered trust company duly organized, validly existing, and in good standing under the laws of the United States and Computershare is a corporation duly organized, validly existing, and in good standing under the laws of the State of Delaware and each has full power, authority and legal right to execute, deliver and perform this Agreement; and  

  (b)Compliance with Laws.  The execution, delivery and performance of this Agreement by Agent has been duly authorized by all necessary action, constitutes a legal, valid and binding obligation of Agent enforceable against Agent in accordance with its terms, will not require the consent of any third party that has not been given, and will not violate, conflict with or result in the breach of any material term, condition or provision of (i) any existing law, ordinance, or governmental rule or regulation to which Agent is subject, (ii) any judgment, order, writ, injunction, decree or award of any court, arbitrator or governmental or regulatory official, body or authority applicable to Agent, (iii) Agent’s incorporation documents or by-laws, or (iv) any material agreement to which Agent is a party.

   

  8.2.Company.  Company represents and warrants to Agent that:

   

  (a)Governance.  It is a corporation duly organized, validly existing and in good standing under the laws of the State of Maryland, and it has full power, authority and legal right to enter into and perform this Agreement;  

  (b)Compliance with Laws.  The execution, delivery and performance of this Agreement by Company has been duly authorized by all necessary action, constitutes a legal, valid and binding obligation of Company enforceable against Company in accordance with its terms, will not require the consent of any third party that has not been given, and will not violate, conflict with or result in the breach of any material term, condition or provision of (i) any existing law, ordinance, or governmental rule or regulation to which Company is subject, (ii) any judgment, order, writ, injunction, decree or award of any court, arbitrator or governmental or regulatory official, body or authority applicable to Company, (iii) Company’s incorporation documents or by-laws, (iv) any material agreement to which Company is a party, or (v) any applicable stock exchange rules; 

  (c)Securities Laws.  Registration statements under the 1933 Act and the 1934 Act have been filed and are currently effective, or will be effective prior to the sale of any Shares, and will remain so effective, and all appropriate state securities law filings have been made with respect to all Shares being offered for sale except for any Shares which are offered in a transaction or series of transactions which are exempt from the registration requirements of the 1933 Act, 1934 Act and state securities laws; Company will immediately notify Agent of any information to the contrary;

  (d)Shares.  The Shares issued and outstanding on the date hereof are duly authorized, validly issued, fully paid and non-assessable; and any Shares to be issued hereafter, when issued, will be duly authorized, validly issued, fully paid and non-assessable; and

  (e)Facsimile Signatures.  The use of facsimile signatures by Agent in connection with the countersigning and registering of Share certificates has been duly authorized by Company and is valid and effective.

   

  9.Indemnification and Limitation of Liability.

   

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  9.1.Liability.  Each party shall only be liable for any loss or damage arising out of or attributable to such party’s refusal or failure to comply with the terms of this Agreement, or which arise out of such party’s negligence or willful misconduct or which arise out of the breach of any representation or warranty of such party hereunder. 

   

  9.2.Indemnity.  Company shall indemnify and hold Agent harmless from and against, and Agent shall not be responsible for, any and all losses, claims, damages, costs, charges, counsel fees and expenses, payments, expenses and liability (collectively, “Losses”) arising out of or attributable to Agent’s duties under this Agreement or this appointment, including the reasonable costs and expenses of defending itself against any Loss or enforcing this Agreement, except for any liability of Agent as set forth in Section 9.1 above. Agent shall indemnify and hold Company harmless from and against, and Company shall not be responsible for, any and all Losses arising out of or attributable to Company’s duties under this Agreement, including the reasonable costs and expenses of defending itself against any Loss or enforcing this Agreement, except for any liability of Company as seth forth in Section 9.1 above. Upon the assertion of a claim for which one party may be required to indemnify the other, the party seeking indemnification shall promptly notify the other party of such assertion, and shall keep the other party advised with respect to all developments concerning such claim. The indemnifying party shall have the option to participate with the indemnified party in the defense of such claim or to defend against said claim in its own name or the name of the indemnified party. The indemnified party shall in no case confess any claim or make any compromise in any case in which the indemnifying party may be required to indemnify it, except with the indemnifying party’s prior written consent. 

   

  10.Damages.  Notwithstanding anything in this Agreement to the contrary, neither party shall be liable to the other for any incidental, indirect, special or consequential damages of any nature whatsoever, including, but not limited to, loss of anticipated profits, occasioned by a breach of any provision of this Agreement even if apprised of the possibility of such damages. 
 

  11.Confidentiality AND DATA PRIVACY. 

   

  11.1.General.  All Confidential Information of a party will be held in confidence by the other party with at least the same degree of care as such party protects its own confidential or proprietary information of like kind and import, but not less than a reasonable degree of care.  Neither party will disclose in any manner Confidential Information of the other party in any form to any person or entity without the other party's prior consent.  However, each party may disclose relevant aspects of the other party's Confidential Information to its officers, affiliates, agents, subcontractors and employees to the extent reasonably necessary to perform its duties and obligations under this Agreement and such disclosure is not prohibited by applicable law.  Without limiting the foregoing, each party will implement physical and other security measures and controls designed to protect (a) the security and confidentiality of Confidential Information; (b) against any threats or hazards to the security and integrity of Confidential Information; and (c) against any unauthorized access to or use of Confidential Information.  To the extent that a party delegates any duties and responsibilities under this Agreement to an agent or other subcontractor, the party ensures that such agent and subcontractor are contractually bound to confidentiality terms consistent with the terms of this Section 11.  

   

  11.2.Required or Permitted Disclosure.  In the event that any requests or demands are made for the disclosure of Confidential Information, other than requests to Agent for Shareholder records pursuant to subpoenas from state or federal government authorities (e.g., probate, divorce and criminal actions), the party receiving such request will promptly notify the other party to secure instructions from an authorized officer of such party as to such request and to enable the other party the opportunity to obtain a protective order or other confidential treatment, unless such notification is otherwise prohibited by law or court order.  Each party expressly reserves the right, however, to disclose Confidential Information to any person whenever it is advised by counsel that it may be held liable for the failure to disclose such Confidential Information or if required by law or court order.
 

  11.3.Unauthorized Disclosure.  As may be required by law and without limiting any party's rights in respect of a breach of this Section 11, each party will promptly:

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  (a)notify the other party in writing of any unauthorized possession, use or disclosure of the other party's Confidential Information by any person or entity that may become known to such party;

  (b)furnish to the other party full details of the unauthorized possession, use or disclosure; and

  (c)use commercially reasonable efforts to prevent a recurrence of any such unauthorized possession, use or disclosure of Confidential Information.

   

  11.4.Data Privacy. 

   

  (a)Agent will not retain, use, process, or disclose Personal Information for any purpose other than (i) the specific purpose of performing the Services specified in the Agreement on behalf of Company and the services reasonably related thereto; (ii) Agent’s business purposes, including, without limitation, as may be defined by applicable U.S. privacy laws, or (iii) as otherwise required or permitted by applicable law and the terms of the Agreement.  

  (b)Agent will not sell, rent, release, disclose, disseminate, make available, transfer, or otherwise communicate orally, in writing, or by electronic or other means, any Personal Information to a third party for monetary or other valuable consideration from such third party, except as permitted by applicable law.

  (c)Agent will reasonably assist Company to support Company’s obligations to respond to requests of Shareholders exercising their rights under applicable U.S. privacy laws, as directed by Company and agreed to by Agent.  

   

  12.Term and Termination.

   

  12.1.Term.  The initial term of this Agreement shall be three (3) years from the Effective Date (“Initial Term”) unless terminated pursuant to the provisions of this Section 12.  This Agreement will renew automatically from year to year (each a “Renewal Term”), unless a terminating party gives written notice to the other party not less than sixty (60) days before the expiration of the Initial Term or Renewal Term, whichever is in effect.  

   

  12.2.Termination for Cause.  This Agreement may be terminated at any time by any party (a) upon a material breach of a representation, covenant or term of this Agreement by any other party which is not cured within thirty (30) days after receipt of written notice thereof from the terminating party or (b) if any proceeding in bankruptcy, reorganization, receivership or insolvency is commenced by or against any other party, such other party shall become insolvent or shall cease paying its obligations as they become due or such other party shall make any assignment for the benefit of its creditors.

   

  12.3.Fees and Expenses.  Upon termination or expiration of this Agreement for any reason, Company shall pay to Agent on or before the effective date of such termination or expiration (a) all fees and expenses due and payable to Agent up to and including the date of such termination or expiration, and (b) in connection with the movement of records, materials, and services to Company or the successor agent, (i) all reasonable expenses and (ii) a conversion fee in an amount equal to 10% of the aggregate fees (not including expenses) incurred by Company during the immediately preceding twelve (12) month period, for the standard conversion services listed on the attached Exhibit A to this Agreement; provided, however, the fee under this Section 12.3(b)(ii) shall in no event be less than $5,000.00.  In the event any of the extended conversion services listed on Exhibit A are requested by Company, the fee for each extended conversion service will be $2,500.00.

   

  12.4.Early Termination.  Notwithstanding anything in this Agreement to the contrary, if this Agreement is terminated prior to the expiration of the then-current term (including the Initial erm) (a) by Company for any reason other than pursuant to Section 12.2 above, including but not limited to, Company’s liquidation, acquisition, merger or restructuring, or (b) by Agent pursuant to Section 12.2 above, then, in addition to the payments required in Section 12.3 above, Company shall pay to Agent all fees accelerated through the end of, and including all months that would have remained in, the then-current term at the time of termination.  Such fees will be calculated using the rates, volumes, and Services in effect as of the termination date.  If Company does not provide notice of early termination within 

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  the time period referenced in Section 12.1 above, Agent shall make a good faith effort, but cannot guarantee, to convert Company’s records on the date requested by Company.

   

  13.Assignment.  Neither this Agreement nor any rights or obligations hereunder may be assigned by Company or Agent without the written consent of the other, such consent not to be unreasonably withheld; provided, however, that Agent may, without further consent of Company, assign any of its rights and obligations hereunder to any affiliated transfer agent registered under Rule 17Ac2-1 promulgated under the 1934 Act. 

   

  14. SUBCONTRACTORS AND UNAFFILIATED THIRD PARTIES.  

   

  14.1.Subcontractors.  Agent may, without further consent of Company, subcontract with (a) any affiliates, or (b) unaffiliated subcontractors for such services as may be required from time to time (e.g., lost shareholder searches, escheatment, telephone and mailing services); provided, however, that Agent shall be as fully responsible to Company for the acts and omissions of any subcontractor as it is for its own acts and omissions under this Agreement.

   

  14.2.Unaffiliated Third Parties.  Nothing herein shall impose any duty upon Agent in connection with or make Agent liable for the actions or omissions to act of unaffiliated third parties (other than subcontractors referenced in Section 14.1 of this Agreement) such as, by way of example and not limitation, airborne services, delivery services, the U.S. mails, and telecommunication companies, provided, if Agent selected such company, Agent exercised due care in selecting the same.

   

  15. Miscellaneous.

   

  15.1.Notices.  Any notice or communication by Agent or Company to the other pursuant to this Agreement is duly given if in writing and delivered in person or sent by overnight delivery service or first-class mail, postage prepaid, to the other’s address: 

   

  		
	If to Company:
 
	Hercules Capital, Inc.
400 Hamilton Avenue, Suite 310
Palo Alto, CA 94301
Attn: General Counsel
Email: legal@htgc.com
 

	If to Agent:
	Computershare Trust Company, N.A.
150 Royall Street 
Canton, MA  02021
Attn:  General Counsel

  	 

  15.2.No Expenditure of Funds.  No provision of this Agreement shall require Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of its rights if it shall believe in good faith that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it.

   

  15.3.Successors.  All the covenants and provisions of this Agreement by or for the benefit of Company or Agent shall bind and inure to the benefit of their respective successors and assigns hereunder.

   

  15.4.Amendments.  This Agreement may be amended or modified only by a written amendment executed by the parties hereto and, to the extent required, authorized by a resolution of the Board of Directors of Company.

   

  15.5.Severability.  If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the 

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  terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

   

  15.6.Governing Law; Jurisdiction.  This Agreement shall be governed by the laws of the State of New York, without regard to principles of conflicts of law.  The parties irrevocably (a) submit to the non-exclusive jurisdiction of any New York State court sitting in New York City or the United States District Court for the Southern District of New York in any action or proceeding arising out of or relating to this Agreement, (b) waive, to the fullest extent they may effectively do so, any defense based on inconvenient forum, improper venue or lack of jurisdiction to the maintenance of any such action or proceeding, and (c) waive, to the fullest extent permitted by law, all right to trial by jury in any action, proceeding or counterclaim arising out of this Agreement or the transactions contemplated hereby.  Agent shall not be required hereunder to comply with the laws or regulations of any country other than the United States of America or any political subdivision thereof.  Agent may consult with foreign counsel, at Company’s expense, to resolve any foreign law issues that may arise as a result of Company or any other party being subject to the laws or regulations of any foreign jurisdiction.

   

  15.7.Force Majeure.  Agent will not be liable for any delay or failure in performance when such delay or failure arises from circumstances beyond its reasonable control, including without limitation acts of God, acts of government in its sovereign or contractual capacity, acts of public enemy or terrorists, acts of civil or military authority, war, riots, civil strife, terrorism, blockades, sabotage, rationing, embargoes, epidemics, pandemics, outbreaks of infectious diseases or any other public health crises, earthquakes, fire, flood, other natural disaster, quarantine or any other employee restrictions, power shortages or failures, utility or communication failure or delays, labor disputes, strikes, or shortages, supply shortages, equipment failures, or software malfunctions.

   

  15.8.Third Party Beneficiaries.  The provisions of this Agreement are intended to benefit only Agent, Company and their respective permitted successors and assigns.  No rights shall be granted to any other person by virtue of this Agreement, and there are no third party beneficiaries hereof.

   

  15.9.Survival.  All provisions regarding indemnification, warranty, liability and limits thereon, compensation and expenses and confidentiality and protection of proprietary rights and trade secrets shall survive the termination or expiration of this Agreement.

   

  15.10.Priorities.  In the event of any conflict, discrepancy, or ambiguity between the terms and conditions contained in this Agreement and any schedules or attachments hereto, the terms and conditions contained in this Agreement shall take precedence.
 

  15.11.Merger of Agreement.  This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof, whether oral or written.

   

  15.12.No Strict Construction.  The parties hereto have participated jointly in the negotiation and drafting of this Agreement.  In the event any ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by all parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.  

   

  15.13.Descriptive Headings.  Descriptive headings contained in this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.

   

  15.14.Counterparts.  This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.  A signature to this Agreement executed and/or transmitted electronically shall have the same authority, effect, and enforceability as an original signature.

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  IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed by one of its officers thereunto duly authorized, all as of the Effective Date.

  
 

  Computershare Inc. and

  Computershare Trust Company, N. A.	Hercules Capital, Inc.

  On Behalf of Both Entities:

   

   

  By:	/s/ Dennis V. Moccia 		By: 	/s/ Seth Meyer				 

  Name: 	Dennis V. Moccia				Name: 	Seth Meyer				

  Title:  	Manager, Contract Administration		Title:  	Chief Financial Officer			

  	 

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

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  [SIGNATURE PAGE TO TRANSFER AGENCY AND SERVICE AGREEMENT]

  15Exhibit 10.1

  

  

  

  

  EMPLOYMENT AGREEMENT

  THIS EMPLOYMENT AGREEMENT (the “Agreement”) by and
    between Freshpet, Inc., a Delaware corporation (the “Company”), and Todd Cunfer (the “Executive”), is dated as of October 27, 2022.

  In consideration of the mutual covenants herein contained and of the mutual benefits herein provided, the Company and the Executive
    agree as follows:

  1.      Representations and Warranties.  The Executive represents and warrants to the Company that the Executive is not bound by any restrictive covenants and has no prior or other obligations or
    commitments of any kind that would in any way prevent, restrict, hinder or interfere with the Executive’s acceptance of continued employment or the performance of all duties and services hereunder to the fullest extent of the Executive’s ability and
    knowledge.  The Executive agrees to indemnify and hold harmless the Company for any liability the Company may incur as the result of the existence of any such covenants, obligations or commitments.

  2.      Term of Employment.  The Company will employ the Executive and the Executive accepts employment by the Company on the terms and conditions herein contained for a period beginning on
    December 1, 2022 (the “Effective Date”) and ending as provided in Section 5.

  3. 

          Duties and Functions.

  (a)            During the Employment Period (as defined below), he Executive shall be employed as the Chief Financial Officer of the Company.  The Executive shall report directly to the Chief Executive
      Officer of the Company (the “CEO”).  The Executive agrees to undertake the duties and responsibilities commensurate with the position of the Chief Financial Officer, which
      may encompass different or additional duties as may, from time to time, be reasonably assigned by the CEO or the Board of Directors of the Company (the “Board”),

      and the duties and responsibilities undertaken by the Executive may be reasonably altered or modified from time to time by the CEO and the Board.

  (b)            During the Employment Period, the Executive will devote the Executive’s full business time and efforts to the business of the Company.  The
      Executive may engage in non-competitive business or charitable activities for reasonable periods of time each month so long as such activities do not interfere with the Executive’s responsibilities under this Agreement, as determined by the Company.

  4.      Compensation.

  (a)            Base Salary.  As compensation for the Executive’s services hereunder, during the Employment Period, the Company
      agrees to pay the Executive a base salary at the rate of $500,000.00 per annum (“Base Salary”), payable in accordance with the Company’s normal payroll schedule (which will
      be no less frequently than one-twelfth of the annual salary amount during each calendar month, which normal payroll schedule shall be the “Normal Payment Schedule”).  The
      Company may withhold from any amounts payable under this Agreement such federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or

  
    
      

  

  
  

  

  regulation.  The Executive’s Base Salary shall be subject to annual review, based on corporate policy and contributions made by the Executive to the
    Company.

  (b)            Participation in Equity Incentive Program.  During the Employment Period, the Executive shall be eligible to
      participate in the Company’s equity incentive programs, as such programs may exist on the date hereof or from time to time hereafter, subject to the terms of such programs and any corresponding equity agreements to which Executive is a party, with an
      annual target opportunity of at least one hundred twenty-five percent (125%) of the Executive’s Base Salary.

  (i)            Inducement Equity Grants.  Subject to the approval of the Compensation Committee of the Board (the “Compensation Committee”), as an inducement for the Executive to join the Company in the role of Chief Financial Officer of the Company, the Executive will be granted the Option
      and the Restricted Stock Units (as further described below), which are intended to be inducement awards under Rule 5635(c)(4) of the Nasdaq Stock Market Listing Rules and will be granted outside of the Freshpet, Inc. Second Amended and Restated 2014
      Omnibus Incentive Plan, as in effect and as amended from time to time (the “Incentive Plan”).  Although granted as inducement awards outside of the Incentive Plan, the
      Option and the Restricted Stock Units shall be subject to the terms of the Incentive Plan as if issued thereunder.

  (1)            Stock Option.  Subject to the terms of the nonqualified stock option agreement for inducement grants provided by the
      Company and as set forth above, the Executive will be granted a nonqualified stock option to purchase shares of Company common stock (the “Option”) that will (A) be in
      respect of a number of shares that have a Black-Sholes value of $1,500,000, based on the closing price of the Company’s common stock on the date immediately prior to the date of grant (the “Closing Price”), (B) have a per-share exercise price equal to the Closing Price, and (C) will vest and become exercisable in three substantially equal installments on each of the first three anniversaries of the date of grant
      of the Option, subject to the Executive’s continued employment through such vesting dates.

  (2)            Restricted Stock Units.  Subject to the terms of the restricted stock unit agreement for inducement grants provided
      by the Company, the Executive will be granted restricted stock units, in respect of a number of shares with a grant date value of $1,500,000 based on the Closing Price (“Restricted
          Stock Units”).  The Restricted Stock Units will vest in three substantially equal installments on each of the first three anniversaries of the date of grant of the Restricted Stock Units, subject to the Executive’s continued employment
      through such vesting dates.

  (c)            Other Expenses.  In addition to the compensation provided for
      above, the Company agrees to pay or to reimburse the Executive for all reasonable, ordinary, and necessary, properly vouchered, client-related business or entertainment expenses incurred during the Employment Period in the performance of the
      Executive’s services hereunder in accordance with Company policy in effect from time to time.  The Executive shall submit vouchers and receipts for all expenses for which reimbursement is sought.

  Any reimbursements or in-kind benefits to be provided pursuant to this Agreement that are taxable to the Executive shall be subject to the following
    restrictions: (a) each reimbursement must be paid

  
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  no later than the last day of the calendar year following the Executive’s tax year during which the expense was incurred; (b) the amount of expenses
    or in-kind benefits provided during a tax year of the Executive may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other tax year of the Executive; and (c) the right to reimbursement or in-kind benefits
    is not subject to liquidation or exchange for another benefit.

  (d)            Vacation.  During each calendar year during the Employment Period, the Executive shall be entitled to five (5) weeks
      of vacation to be taken in accordance with Company policy as in effect from time to time.

  (e)            Fringe Benefits.  In addition to the Executive’s compensation provided by the foregoing, during the Employment
      Period the Executive shall be entitled to the benefits available generally to Company employees pursuant to, and subject to the terms of, Company programs, including, by way of illustration, personal leave, paid holidays, sick leave, profit-sharing,
      retirement, disability, dental, vision, group sickness, accident or health insurance programs of the Company which may now or, if not terminated, shall hereafter be in effect, or in any other or additional such programs which may be established by
      the Company, as and to the extent any such programs are or may from time to time be in effect, as determined by the Company.

  (f)            Annual Bonus.  During the Employment Period, the Executive shall
      be eligible to participate in any annual cash bonus plan as established by the Board (or a committee thereof) in its sole discretion with an annual target bonus opportunity of at least sixty percent (60%) of the Executive’s Base Salary (the “Target Bonus”) based on the achievement of pre-established performance goals established by the Board (or a committee thereof) in its sole discretion.  Any annual bonus payable
      hereunder shall be paid on or before March 15 of the calendar year following the calendar year to which such bonus relates at the same time such annual bonuses are paid to other senior executives of the
      Company (the “Payment Date”), subject to the Executive’s continued employment with the Company through the Payment Date (except as
      otherwise provided in Section 5).  Notwithstanding anything to the contrary contained herein, the Executive shall receive a prorated annual bonus in respect of calendar year 2022, which shall be calculated by multiplying the Target Bonus by a
      fraction, the numerator of which is the number of days beginning on the Effective Date through December 31, 2022 and the denominator of which is three hundred sixty-five (365), which annual bonus shall be payable on the Payment Date, subject to the
      Executive’s continued employment with the Company through such Payment Date.

  (g)            Stock Ownership Guidelines.  No later than on the fifth
      anniversary of the Effective Date and at all times thereafter during the Employment Period, the Executive shall hold shares of the Company’s common stock equal in value to at least three (3) times the
      Executive’s Base Salary on or prior to the fifth anniversary of the Effective Date, calculated based on the “Fair Market Value” (as defined under the Incentive Plan) of the Company’s common stock (the “Stock Ownership Requirement”).  If the Executive reaches the Stock Ownership Requirement but thereafter fails to meet the Stock Ownership Requirement as a result of the decline
      in value of the common stock, the Executive shall have a period of twelve (12) months within which to increase his stock ownership to meet the Stock Ownership Requirement.  For purposes of determining whether the Executive has met the Stock Ownership
      Requirement, stock ownership shall be measured by (1) shares owned individually, either directly or indirectly, by the Executive, (2) shares owned jointly with the Executive, or separately by spouse, domestic partner and/or minor

  
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  children, either directly or indirectly, and (3) shares underlying vested stock unit awards held by the Executive.  Until the Executive meets the
    requirements of this Section 4(g), the Executive shall be required to retain at least fifty percent (50%) of the Executive’s vested stock options granted to the Executive pursuant to the Incentive Plan or otherwise.  This Stock Ownership Requirement is
    subject to change as determined by the Board (or a committee thereof) in its sole discretion.

  5.      Employment Period; Termination.

  (a)            The Employment Period shall continue until terminated upon the earlier to occur of the following events: (i) the close of business on the first anniversary of the Effective Date (the initial
      one (1) year term of this Agreement shall be referred to herein as the “Initial Term”), (ii) the death or Disability (as defined in Section 5(f)) of the Executive or
      (iii) the occurrence of another termination event described in this Section 5; provided, however, that, on the first anniversary of the Effective Date, and on every subsequent annual anniversary, and unless either party has given the other party written notice at least ninety (90) days prior to the such
      anniversary date, the term of this Agreement and the Employment Period shall be renewed for a term ending one (1) year subsequent to such date (each such one-year term shall be referred to herein as a “Renewal Term”), unless sooner terminated as provided herein.  For the purposes of this Agreement, the period that the Executive is employed hereunder shall be referred to as the “Employment Period.”  For the avoidance of doubt, a termination of the Executive’s employment as a result of a non-renewal of
      this Agreement by the Executive pursuant to Section 5(b) shall be deemed a voluntary resignation without Good Reason as such term is defined herein, for all purposes hereunder.

  (b)            The Executive may terminate the employment relationship at any time for any reason other than Good Reason by giving the Company written notice at
      least thirty (30) days prior to the effective date of termination; provided that the Company, in its discretion,
      may waive such advance notice requirement, in whole or part, and pay the Executive any Base Salary that would have been paid had the Executive worked for the full notice period.  In the event of such a termination, the Company shall (i) provide to
      the Executive all Base Salary accrued but unpaid as of the date of termination; (ii) reimburse the Executive for all reimbursable expenses described in Section 4(c) incurred by the Executive prior to termination but not yet paid and (iii) provide to
      the Executive any accrued and vested benefits under any of the Company’s broad-based employee benefit plans (collectively, the “Accrued Benefits”) and following the date of
      termination, all compensation and benefits paid by the Company to the Executive shall cease upon the Executive’s last day of employment.

  (c)            The Executive may terminate the employment relationship for Good Reason pursuant to the terms and conditions set forth below, and in the event of such a termination, provided
      that the Executive complies with the terms of this Agreement, including, without limitation, Sections 5(h), 7, 8 and 9: (i) the Company will continue to pay the Executive an amount equal to the
      Executive’s Base Salary as of the date of his termination pursuant to the Normal Payment Schedule for a period of twelve (12) months from the effective date of termination (the “Severance Period”); (ii) the Company shall pay the Executive any earned but unpaid annual bonus described in Section 4(f) relating to the calendar year prior to the calendar year in which the effective date of termination occurs (the “Prior Year’s Bonus”); and (iii) the

      Company will pay the premiums for continuation of group health coverage for the Executive (including the Executive’s

  
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  eligible dependents) under the Company’s plans under COBRA at the active employee rates and subject to the Executive’s timely election of COBRA
    beginning on the date of the Executive’s Separation from Service (as defined in Code Section 409A) for the Severance Period (the “Continued Health Insurance”) (collectively, items (i) through (iii)

    are referred to herein as the “Severance Benefits”).  The Company may include the premiums for the Continued Health Insurance in
    the Executive’s taxable income to the extent the Company determines is necessary to comply with legal and regulatory requirements or guidance.  Notwithstanding the foregoing, in the event that providing the Continued Health Insurance would result in
    the imposition of excise taxes on the Company for failure to comply with the nondiscrimination requirements of the Patient Protection and Affordable Care Act of 2010, as amended, and the Health Care and Education Reconciliation Act of 2010, as amended (to the extent applicable), the parties hereby agree to negotiate in good faith to modify the Continued Health Insurance in such
    manner as to avoid the imposition of such excise taxes while also maintaining, to the maximum extent reasonably possible, the original intent and economic benefits to the Executive and the Company under this Section 5(c). Payment of the Severance
    Benefits will be made or will commence within sixty (60) days after the Executive’s termination date, and any installments not paid between the termination date and the date of the first payment will be paid with the first payment.

  For purposes of this Agreement, “Good Reason”
    is defined as any one of the following, without the Executive’s consent: (i) the Company’s material breach of any provision of this Agreement or (ii) any material adverse change in the Executive’s position, authority, or principal duties or
    responsibilities, which results in a diminution in any material respect, and which material diminution continues in time over at least thirty (30) days, such that it constitutes an effective demotion; provided, however, that any such circumstance(s) described in (i)–(ii) shall not constitute Good Reason unless the Executive shall have provided the Company with written notice of its alleged actions
    constituting Good Reason (which notice shall specify in reasonable detail the particulars of such Good Reason) within sixty (60) days following the first occurrence of such event and the Company has not cured any such alleged Good Reason within thirty
    (30) days of the Company’s receipt of such written notice.  In order for the Executive’s resignation to constitute a resignation with “Good Reason,” the Executive must actually terminate employment within thirty (30) days following the end of the
    Company’s thirty (30) day cure period set forth above.

  (d)            The Company shall retain the right to terminate the Executive for Cause (as defined below), effective immediately.  If the Executive’s employment is terminated for Cause, the Executive shall be
      entitled to the Accrued Benefits but shall not be entitled to receive the Severance Benefits or any other form of severance pay.

  As used in this Agreement, the term “Cause”
    shall include a termination for (A) fraud (including but not limited to any acts of embezzlement or misappropriation of funds); (B) serious dereliction of fiduciary obligation; (C) conviction of
    a felony, plea of guilty or nolo contendere to a felony charge or any criminal act involving moral turpitude (which, through lapse of time or otherwise, is not
    subject to appeal); (D) repeatedly being under the influence of drugs or alcohol (other than prescription medicine or other medically-related drugs to the extent that they are taken in accordance with their directions) during the performance of the
    Executive’s duties under this Agreement, or, while under the influence of such drugs or alcohol, engaging in grossly inappropriate conduct during the performance of the Executive’s duties under this Agreement;

  
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  (E) a failure to perform the Executive’s duties hereunder; (F) willful misconduct or gross negligence; or (G) material breach of this Agreement or a violation of the Company’s written code of conduct or any other written policy, both as provided to the Executive before the alleged breach, except in the
    event of the Executive’s Disability as set forth in Section 5(f).  Anything herein to the contrary notwithstanding, the Company shall give the Executive written notice prior to terminating this Agreement or the Executive’s employment based upon (E) or (G) above, which notice shall set forth the exact nature of the alleged conduct and the conduct required to cure such breach, if
    curable.  If applicable, the Executive shall have thirty (30) days from the giving of such notice within which to cure.

  (e)            Upon sixty (60) days written notice, the Company shall retain the right to terminate the Executive
      without Cause (which, for the avoidance of doubt, shall include a non-renewal of this Agreement by the Company pursuant to Section 5(b)).  If the Executive’s employment is terminated by the Company without Cause, provided that the Executive complies
      with the terms of this Agreement, including Sections 5(h), 7, 8 and 9, the Executive shall receive the Severance Benefits according to Section 5(c).

  (f)            In the event of the Executive’s Disability during employment with the Company, the Company may terminate this Agreement by
      giving thirty (30) days’ notice to the Executive of its intent to terminate, and unless the Executive resumes performance of the duties set forth in Section 3 within five (5) days of the date of the notice and continues performance for the remainder
      of the notice period, this Agreement shall terminate at the end of the thirty (30) day period.  If the Executive is terminated pursuant to this Section 5(f), (i) the Executive shall receive the Accrued Benefits and the Prior Year’s Bonus (to the
      extent the Prior Year’s Bonus remains unpaid as of the termination of employment); and (ii) the Company shall provide to the Executive the Continued Health Insurance.  “Disability”
      for the purposes of this Agreement means the Executive is entitled to receive long-term disability benefits under the Company’s long-term disability plan.

  (g)            This Agreement will terminate immediately upon the Executive’s death, in which case, the Company shall pay to the Executive’s estate the Accrued Benefits and the Prior Year’s Bonus (to the
      extent the Prior Year’s Bonus remains unpaid as of the termination of employment) and the Company shall not have any further liability or obligation to the Executive, the Executive’s executors, heirs, assigns or any other person claiming under or
      through the Executive’s estate.

  (h)            The Severance Benefits (and any portion thereof) shall only be payable if the Executive delivers to the Company and does not revoke a general release of claims in
      favor of the Company in a form acceptable to the Company.  Such release shall be executed and delivered (and no longer subject to revocation, if applicable) within sixty (60) days following termination.  Notwithstanding the provisions of Section
      5(c), 5(e) and 5(f), to the extent that the payment of any severance amount subject to the release requirement under this Section 5(h) constitutes “nonqualified deferred compensation” for purposes of Code
      Section 409A (as defined in Section 18(b)), any such payment scheduled to occur during the first sixty (60) days following termination of employment shall not be paid until the sixtieth (60th) day following such termination and shall
      include payment of any amount that was otherwise scheduled to be paid prior thereto.

  
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  (i)            The Executive acknowledges and agrees that the non-competition and non-solicitation restrictions set forth in Section 7 of this Agreement will remain in full force and effect after the
      termination of the Executive’s employment for the period set forth therein, and the confidentiality and rights to inventions obligations established in Sections 8 and 9 of this Agreement will survive the termination of this Agreement, and the
      Severance Benefits are subject to such obligations.

  6.      Company Property.  All
    correspondence, records, documents, software, promotional materials, and other Company property, including all copies, which come into the Executive’s possession by, through or in the course of the Executive’s employment, regardless of the source and
    whether created by the Executive, are the sole and exclusive property of the Company, and immediately upon the termination of the Executive’s employment, or any time at the Company’s request, the Executive shall return to the Company all such property
    of the Company.

  7. 

          Non-Competition; Non-Solicitation.

  (a)            The Executive agrees that, in consideration of the Executive’s employment with the Company pursuant to this Agreement, and other good and valuable consideration, the receipt of which is hereby
      acknowledged, during the Executive’s employment with the Company and for twenty-four (24) months after termination thereof, the Executive will not either on the Executive’s own behalf or on behalf of any third party, except on behalf of the Company,
      directly or indirectly (other than through the Executive’s ownership of equity interest in the Company), as an individual proprietor, partner, stockholder, officer, employee, director, joint venturer, investor, lender, or in any other capacity
      whatsoever (other than as the holder of not more than five percent (5%) of the total outstanding stock of a publicly-held company), (i) own, manage, operate, control, be employed by or provide services to, or otherwise engage in any business that is
      engaged in the manufacture, sale or distribution of any pet food, whether dry, fresh, refrigerated, frozen or raw; (ii) divert, take away, or attempt to divert or take away, the business or patronage (with respect to products or services of the kind
      or type developed, produced, marketed, furnished or sold by the Company) of any of the Company’s clients, customers, vendors, business or strategic partners, or accounts, or prospective clients, customers, vendors, business or strategic partners, or
      accounts, that were contacted, solicited, or served by the Executive while employed by the Company, or (iii) persuade any client, customer, vendor, strategic or business partner, or account of the Company to cease to do business, invest in,
      participate with, or otherwise work with the Company, or to reduce the amount of business, investment, participation or work that any such client, customer, vendor, or strategic or business partner has customarily done or actively contemplates doing
      with the Company.

  (b)            During the Executive’s employment with the Company and for twenty-four (24) months after termination thereof, the Executive agrees that the
      Executive shall not, except in the furtherance of the Executive’s duties hereunder, directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity, solicit, aid or induce any employee, contractor, service
      provider, representative or agent of the Company or any of its affiliates to leave such employment or retention or to accept employment with or render services to or with any other person, firm, corporation or other entity unaffiliated with the
      Company or hire or retain any such employee, representative or agent, or take any action to materially assist or aid any other person,

  
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  firm, corporation or other entity in identifying, hiring or soliciting any such employee, contractor, service provider, representative or agent.  An
    employee, contractor, service provider, representative or agent shall be deemed covered by this Section 7(b) while so employed or retained and for a period of twelve (12) months thereafter.

  (c)            If any restriction set forth in Section 7 is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of
      activities or geographic area, it shall be interpreted to extend over the maximum period of time, range of activities or geographic areas as to which it may be enforceable.

  (d)            The Executive acknowledges and agrees that the Company’s remedies at law for a breach or threatened breach of any of the provisions of Section 7, Section 8 or Section 9 would be inadequate and,
      in recognition of this fact, the Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond or other security, shall be entitled to obtain equitable relief in
      the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available, without the necessity of showing actual monetary damages.  In the event of a violation by
      the Executive of Section 7 or Section 8, any severance being paid to the Executive pursuant to this Agreement or otherwise shall immediately cease.

  (e)            The provisions of Section 7 and Section 8 shall survive termination of this Agreement.

  8.      Protection of Confidential Information.  The Executive agrees that all information, whether or not in writing, relating to
    the business, technical, or financial affairs of the Company and that is generally understood in the pet food industry (and any other related or relevant industry) as being confidential and/or proprietary information, is the exclusive property of the
    Company.  The Executive agrees to hold in a fiduciary capacity for the sole benefit of the Company all secret, confidential or proprietary information, knowledge, data, or trade secret (“Confidential

        Information”) relating to the Company or any of its affiliates or their respective clients, which Confidential Information shall have been obtained during the Executive’s employment with the Company.  By way of illustration, but not
    limitation, Confidential Information includes information regarding the Company’s projects, methodologies, business or vendor relationships, relationships with strategic or business partners, and all information and know-how (whether or not patentable,
    copyrightable or otherwise able to be registered or protected under laws governing intellectual property) owned, possessed, or used by the Company, including, without limitation, finances, pricing, accounting methods and records, any invention,
    existing or future product, formula, method, manufacturing techniques and procedures, composition, compound, project, development, plan, market research, vendor information, supplier information, customer lists or information, apparatus, equipment,
    trade secret, process, research, reports, clinical data, financial data, technical data, test data, know-how, computer program, software, software documentation, source code, hardware design, technology, marketing or business plan, forecast,
    unpublished financial statement, budget, license, patent applications, contracts, joint ventures, price, cost and personnel data, any trade names, trademarks or slogans, but shall not include information that (i) is or becomes public knowledge through
    legal means without fault by the Executive, (ii) is already public knowledge prior to the signing of this Agreement, (iii) was available to the Executive on a non-confidential basis prior to its disclosure by the Company, (iv)

  
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  was disclosed by the Executive in the performance of the Executive’s duties hereunder, or (v) must be disclosed pursuant to applicable law or court
    order.

  The Executive agrees that the Executive will not at any time, either during the Employment Period or after, except as reasonably
    necessary in the scope and course of the Executive’s duties, disclose to anyone any Confidential Information, or utilize such Confidential Information for the Executive’s own benefit, or for the benefit of third parties without written approval by an
    officer of the Company.  The Executive further agrees that all memoranda, notes, records, data, schematics, sketches, computer programs, prototypes, or written, photographic, magnetic or other documents or tangible objects compiled by the Executive or
    made available to the Executive during the Employment Period concerning the business of the Company and/or its clients, including any copies of such materials, shall be the property of the Company and shall be delivered to the Company on the
    termination of the Executive’s employment, or at any other time upon request of the Company.  The Executive understands and acknowledges that Confidential Information and the Company’s ability to reserve it for the exclusive knowledge and use of the
    Company is of great competitive importance and commercial value to the Company, and that improper use or disclosure of Confidential Information by the Executive may cause irreparable harm to the Company, for which remedies at law would not be adequate
    and may also cause the Company to incur, inter alia, financial costs, loss of business advantage, liability under confidentiality agreements with third parties,
    civil damages, and criminal penalties.

  18 U.S.C. § 1833(b) provides: “An individual shall not be held criminally or civilly liable under any Federal or State trade secret
    law for the disclosure of a trade secret that—(A) is made—(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected
    violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.”  Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for
    disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b).  Accordingly, the parties to this Agreement have the right to disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for
    the sole purpose of reporting or investigating a suspected violation of law.

  Notwithstanding the foregoing, nothing in this Agreement restricts or prohibits the Executive, without needing to notify the
    Company, from initiating communications directly with, responding to any inquiries from, providing testimony before, reporting possible violations of law or regulation to, or from filing a claim or assisting with an investigation directly with, a
    self-regulatory authority or a government agency or entity, including the U.S. Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board, the Department of Justice, the Securities and Exchange Commission, the
    Congress, and any agency Inspector General, or from making other disclosures that are protected under the whistleblower provisions of federal, state or local law or regulation.

  9.      Publicity.  Except as required by applicable securities law and regulations or national listing exchange rules, neither party shall issue, without consent of the other party, any press release or make any public
    announcement with respect to this Agreement or the employment relationship between them.  Following the Effective Date and regardless of any dispute that may arise in the future, the Executive and the Company jointly and mutually agree that they will
    not

  
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  disparage, criticize or make statements which are negative, detrimental or injurious to the other to any individual, company or client, including
    within the Company.

  10.      Binding Agreement.  This
    Agreement shall be binding upon and inure to the benefit of the parties hereto, their heirs, personal representatives, successors and assigns.  In the event the Company is acquired, is a non-surviving party in a merger, or transfers substantially all
    of its assets, this Agreement shall not be terminated and the transferee or surviving company shall be bound by the provisions of this Agreement.  The parties understand that the obligations of the Executive are personal and may not be assigned by the
    Executive.

  11.      Entire Agreement.  This Agreement contains the entire understanding of the Executive and the Company with respect to employment of the Executive and supersedes any and all prior
    understandings, written or oral.  This Agreement may not be amended, waived, discharged or terminated orally, but only by an instrument in writing, specifically identified as an amendment to this Agreement, and signed by all parties.  By entering into
    this Agreement, the Executive certifies and acknowledges that the Executive has carefully read all of the provisions of this Agreement and that the Executive voluntarily and knowingly enters into said Agreement.

  12.      Severability.  Any provision of
    this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be deemed severable from the remainder of this Agreement, and the remaining provisions contained in this Agreement shall be construed to preserve to
    the maximum permissible extent the intent and purposes of this Agreement.  Any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

  13.      Governing Law and Submission to
      Jurisdiction.  This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New Jersey, without giving
    effect to the principles of conflicts of law thereof.

  14.      Notices.  Any notice provided
    for in this Agreement shall be provided in writing.  Notices shall be effective from the date of service, if served personally on the party to whom notice is to be given, or on the second day after mailing, if mailed by first class mail, postage
    prepaid.  Notices shall be properly addressed to the parties at their respective addresses or to such other address as either party may later specify by notice to the other.

  15.      ARBITRATION.  THE PARTIES AGREE THAT ANY CONTROVERSY, CLAIM, OR DISPUTE ARISING OUT OF OR RELATING TO
    THIS AGREEMENT OR THE BREACH THEREOF (EXCEPT AS DISCUSSED HEREIN), OR ARISING OUT OF OR RELATING TO THE EMPLOYMENT OF THE EXECUTIVE OR THE TERMINATION THEREOF, INCLUDING ANY STATUTORY OR COMMON LAW CLAIMS UNDER FEDERAL, STATE, OR LOCAL LAW, INCLUDING
    ALL LAWS PROHIBITING DISCRIMINATION IN THE WORKPLACE, AND FURTHER INCLUDING ANY DISAGREEMENT AS TO WHETHER SUCH CONTROVERSY, CLAIM, OR DISPUTE IS ARBITRABLE, SHALL BE RESOLVED BY ARBITRATION IN NEW JERSEY IN ACCORDANCE WITH THE EMPLOYMENT DISPUTE
    RESOLUTION RULES OF JAMS/ENDISPUTE.  THE EXECUTIVE UNDERSTANDS AND ACKNOWLEDGES THAT BY AGREEING TO THE EXCLUSIVE RESOLUTION

  
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  OF SUCH CLAIMS THROUGH BINDING ARBITRATION, THE EXECUTIVE IS WAIVING
      HIS RIGHTS TO BRING SUCH CLAIMS IN COURT, INCLUDING THE RIGHT TO A JURY TRIAL, TO THE FULLEST EXTENT PERMISSIBLE BY LAW.  THE PARTIES AGREE THAT ANY AWARD RENDERED BY THE ARBITRATOR SHALL BE FINAL AND BINDING, AND THAT JUDGMENT UPON THE AWARD MAY BE ENTERED IN ANY COURT HAVING JURISDICTION THEREOF.  THE PARTIES FURTHER ACKNOWLEDGE AND
      AGREE THAT, DUE TO THE NATURE OF THE CONFIDENTIAL INFORMATION, TRADE SECRETS, AND INTELLECTUAL PROPERTY BELONGING TO THE COMPANY TO WHICH THE EXECUTIVE HAS OR WILL BE GIVEN ACCESS, AND THE LIKELIHOOD OF SIGNIFICANT HARM THAT THE COMPANY WOULD SUFFER
      IN THE EVENT THAT SUCH INFORMATION WAS DISCLOSED TO THIRD PARTIES, NOTHING IN THIS SECTION SHALL PRECLUDE THE COMPANY FROM GOING TO COURT TO SEEK INJUNCTIVE RELIEF TO PREVENT THE EXECUTIVE FROM VIOLATING THE OBLIGATIONS ESTABLISHED IN SECTIONS 7
      THROUGH 9 OF THIS AGREEMENT.

  16. 

          Indemnification.  In the Executive’s capacity as a director, manager, officer, or employee of the Company or serving or having served any other entity as a director, manager, officer, or the Executive at the Company’s request, the
    Executive shall be indemnified and held harmless by the Company to the fullest extent required by law, the Company’s charter and by-laws, and any applicable agreements from and against any and all losses, claims, damages, liabilities, expenses
    (including legal fees and expenses), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Executive may be involved, or
    threatened to be involved, as a party or otherwise by reason of the Executive’s status, which relate to or arise out of the Company, their assets, business or affairs, unless in each of the foregoing cases, a court of competent jurisdiction has finally
    determined that (i) the Executive did not act in good faith and in a manner the Executive believed to be in, or not opposed to, the best interests of the Company, and, with respect to any criminal proceeding, had reasonable cause to believe the Executive’s conduct was unlawful, and (ii) the Executive’s conduct constituted gross negligence or willful or wanton misconduct (and the Company shall also advance expenses as incurred to the
    fullest extent permitted under applicable law, provided the Executive provides an undertaking to repay advances if it is ultimately determined that the Executive is not entitled to indemnification).  The Company shall advance all expenses incurred by
    the Executive in connection with the investigation, defense, settlement or appeal of any civil or criminal action or proceeding referenced in this Section, including but not necessarily limited to legal counsel, expert witnesses or other
    litigation-related expenses.  The Executive shall be entitled to coverage under the Company’s directors and officers liability insurance policy in effect at any time in the future to no lesser extent than any other officers or directors of the
    Company.  After the Executive is no longer employed by the Company, the Company shall keep in effect the provisions of this Section 16, which provision shall not be amended except as required by applicable law or except to make changes permitted by law
    that would enlarge the right of indemnification of the Executive.  Notwithstanding anything herein to the contrary or in the release agreement described in Section 5(h), the provisions of this Section shall survive the termination of this Agreement and
    the termination of the Employment Period for any reason.

  17.      Miscellaneous.

  
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  (a)            No delay or omission by either party in exercising any right under this Agreement shall operate as a waiver of that or any other right.  A waiver or consent given by one party on any one
      occasion shall be effective only in that instance and shall not be construed as a bar or waiver of any right on any other occasion.

  (b)            The captions of the sections of this Agreement are for convenience of reference only and in no way define, limit or affect the scope or substance of any section of this Agreement.

  (c)            Any rights of the Executive hereunder shall be in addition to any rights the Executive may otherwise have under written benefit plans or agreements of the Company to which the Executive is a
      party or in which the Executive is a participant, including, but not limited to, any Company sponsored written employee benefit plans, stock option plans, grants and agreements.

  18.      Tax Matters.

  (a)            Section 280G Treatment.  If it is determined that any payment or distribution in the nature of compensation (as
      defined in Internal Revenue Code Section 280G(b)(2)) to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (the “Parachute Payment”), would constitute an “excess parachute payment” as defined in Internal Revenue Code Section 280G, then the Company shall pay to the Executive whichever of the following gives the Executive the
      highest net after-tax amount (after taking into account all applicable federal, state, local and social security taxes): (i) the Parachute Payment, or (ii) the amount that would not result in the imposition of excise tax on the Executive under
      Internal Revenue Code Section 4999.  All determinations to be made under this Section 18(a) shall be made by an independent public accounting firm selected by the Company immediately prior to an event giving rise to a potential Parachute Payment (the
      “Accounting Firm”), which shall provide its determinations and any supporting calculations to both the Company and the Executive within thirty (30) days after such event. 
      Any such determination by the Accounting Firm shall be binding upon the Company and the Executive.  All of the fees and expenses of the Accounting Firm in performing the determinations referred to in this Section 18(a) shall be borne solely by the
      Company.

  (b)            Section 409A Compliance.

  (i)            The intent of the parties is that payments and benefits under this Agreement are exempt from, or comply with, Internal Revenue Code Section 409A and the regulations and guidance promulgated
      thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.  To the
      extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the
      Executive and the Company of the applicable provision without violating the provisions of Code Section 409A. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Executive by Code
      Section 409A or damages for failing to comply with Code Section 409A.

  
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  (ii)            A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a
      termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or
      like terms shall mean “separation from service.” Notwithstanding anything to the contrary in this Agreement, if the Executive is deemed on the date of termination to be a “specified employee” within the meaning of that term under Code Section
      409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on account of a “separation from service,” such payment or benefit shall not be made or provided
      until the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such “separation from service” of the Executive, and (B) the

      date of the Executive’s death, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this Section 18(b)(2) (whether they would have otherwise been payable in a
      single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

  (iii)            For purposes of Code Section 409A, the Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct
      payments.  Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

  (iv)            Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes “nonqualified deferred compensation” for purposes of
      Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.

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  IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed and delivered under seal, by its
    authorized officers or individually, on the date first identified above.

  	 	
          FRESHPET, INC.:

           

          

           

          

        
	 	
          /s/ William B. Cyr                         

            

        
	 	
          By: William B. Cyr

        
	 	
          Title: CEO

        

  

  

  

  

  	 	
          Todd Cunfer:

           

          

           

          

        
	 	
          /s/ Todd Cunfer                    

          

        
	 	
           

          

          10/27/2022

           

  

  

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