Document:

Exhibit 10.7

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

This
AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”) dated as of January 25,
2006 constitutes an amendment and restatement in its entirety of that
EMPLOYMENT AGREEMENT, dated as of March 18, 2005, between TRC Companies, Inc.,
a Delaware Corporation (the “Company”) and Christopher P. Vincze (the “Executive”).

1.             Effective Date and Employment
Term.

(a)           Effective Date. This Agreement
is effective as of March 18, 2005 (the “Effective Date”).

(b)           Employment Term. The initial
term of the Executive’s employment under this Agreement commenced on May 2,
2005 (the “Start Date”), and shall now terminate on December 31, 2008 (the
“Initial Term”), unless sooner terminated pursuant to Section 4. Upon the expiration
of such initial term, it is anticipated that Executive will continue as an
employee-at-will upon terms and conditions generally available to individuals
at his level in the Key Person Group of the Company, subject, however, to the
provisions of Subsections 4 (d) and 4 (e) hereof. The initial term
and any successive term shall hereinafter be referred to as the “Employment
Term.”

2.             Position,
Reporting, and Other Activities.

(a)           Position. The Executive was
initially employed by the Company as its Chief Operating Officer and effective January 1,
2006 became President and Chief Executive Officer of the Company in accordance
with the terms and conditions herein. The Executive shall devote his full
professional time and attention (except for vacation, sick leave, and other
excused leaves of absence) to the performance of the services customarily
incident to such office, and of such other duties as may be reasonably assigned
to the Executive from time to time by the Company’s Board of Directors. The
Company will provide office facilities, secretarial, and clerical support
consistent with customary practices of the Company.

(b)           Reporting. During the
Employment Term, the Executive shall be required to report to the Board of
Directors.

(c)           Other Activities. Except upon
the prior written consent of the Board of Directors of the Company (the “Board”),
during the Employment Term, the Executive will not: (i) accept any other
employment; or (ii) engage, directly or indirectly, in any other business
activity (whether or not pursued for pecuniary advantage) that is competitive
with, or that places him in a competing position to, the Company. Personal
passive investments and personal business affairs not inconsistent with this
Agreement, or teaching, writing or publicly speaking are permitted, so long as
these activities do not interfere or conflict with the Executive’s duties
hereunder.

3.             Compensation
and Other Benefits.

(a)           Base Salary. In consideration
of the services to be rendered hereunder, the Executive shall be paid a base
salary of $297,500.00 per year, payable in accordance with the Company’s
payroll practices in effect during the course of this Agreement. Effective January 1,
2006, Executive’s salary shall increase to $400,000.00 per year. The
compensation payable under this Section 3(a) shall be Executive’s “Base
Salary” hereunder.

(b)           Initial Bonuses. Executive
shall be paid an initial bonus of $50,000 on July 1, 2005 and a bonus of
$37,500 on the date hereof.

(c)           Annual Bonuses.

 

 

(I)            Bonus. The Executive shall
participate in the Company’s Bonus Plan for senior management and be given
consideration thereunder in accordance with Executive’s role in the Company. It
is generally anticipated that, except for any bonuses awarded to executive
officers for extraordinary performance, Executive’s bonus will be the highest
awarded to any executive officer of the Company, subject to Compensation
Committee Approval.

(II)           Periodic Options. The
Executive will be eligible to receive stock options under the Company’s Restated
Stock Option Plan and will be given consideration thereunder in accordance with
Executive’s role in the Company. It is generally anticipated that, except for
any awards made to executive officers for extraordinary performance, Executive’s
option grant will be the highest amount awarded to any executive officer of the
Company, subject to Compensation Committee Approval.

(d)           Benefits. Executive shall have
the right to participate in and to receive benefits from all present and future
life, vacation, accident, disability, medical, pension, and savings plans and
all similar benefits made available generally to executives of the Company. The
amount and extent of benefits to which the Executive is entitled shall be
governed by any applicable benefit plan, as it may be amended from time to time.
Executive shall receive no less than three (3) weeks paid vacation each
year which shall accrue if not used in any year and be paid to Executive or
carried forward to subsequent years consistent with Company policy. The Company
shall also carry D&O Liability Insurance coverage for the benefit of its
officers and directors including Executive.

(e)           Automobile Allowance. During
the Employment Term, the Company shall provide the Executive with an automobile
allowance of $700 per month to be increased consistent with policies applicable
to other executives of the Company. Executive will also receive a Company
gasoline credit card pursuant to its standard practice for officers.

(f)            Expenses. The Company shall
reimburse the Executive for reasonable travel and other business expenses
incurred by the Executive in the performance of his duties hereunder in
accordance with the Company’s general policies, as they may be amended from
time to time during the course of this Agreement including, but not limited to,
the cost of Executive’s Country Club expenses up to $10,000 per year.

(g)           Options. As of March 18,
2005, the Company granted to the Executive ten-year options to purchase 60,000
shares (the “60,000 Options”) of the Company’s common stock, par value $0.01
per share (the “Options”), pursuant to the Company’s Restated Stock Option Plan
(the “Plan”). The exercise price of such 60,000 Options was the closing price
of the Company’s common stock on April 29, 2005 of $13.82 per share. In the
event the Executive’s employment with the Company is terminated, the Executive
will only be permitted to exercise vested Options (determined pursuant to the
Vesting Schedule set forth herein) within the ninety (90) day period following
such termination. The Options will vest in equal one-third increments upon the
date of grant and on the next two anniversaries of such grant, and to the
extent unvested, shall vest in their entirety upon a Change of Control, as
defined, or upon termination of employment pursuant to Subsections 4(d) or
4(e) hereof (the “Vesting Schedule”). In addition, the Company hereby
conveys to Executive 15,000 shares of TRC common stock (the “Stock”). The Stock
shall vest pursuant to the Vesting Schedule. The Stock will be restricted and
may only be sold upon a valid registration thereof or under an exemption to
such registration pursuant to applicable law. The fair market value of the
Stock shall be determined as of January 25, 2006 in accordance with a
filing to be made by Executive pursuant to an election made by Executive
pursuant to Section 83(b) of the Internal Revenue Code. The options
and shares shall be duly noted on the Company’s books and records.

4.             Termination
of Employment.

(a)           By Death. If the Executive
dies prior to the expiration of the Employment Term, his bonuses pursuant to Section 3(c) (if
any), and accrued but unused vacation will be prorated through the day of his
death and shall be paid to his beneficiaries or estate within thirty (30) days
of the Executive’s death; provided that the manner and time frame in which the
bonuses will be paid shall be pursuant to Section 4(f). In addition,
Executive agrees to enroll in the Company’s life insurance plan, and Company
will provide a benefit to Executive’s estate equal to the amount, if any, such
life insurance benefit is less than Executive’s Annual Base Salary hereunder. Thereafter,
the Company’s obligations hereunder shall terminate.

 

(b)           By Disability. If the
Executive becomes “Permanently Disabled” (as defined below) prior to the
expiration of the Employment Term, then the Company shall be entitled to
terminate his employment, subject to the requirements of applicable law, and
the Executive shall be entitled to receive disability benefits in accordance
with any applicable disability policy maintained by the Company as of the date
of such disability, in which policy Executive agrees to enroll. In the event of
such termination, the Executive will be paid an amount, if any, by which
amounts paid under such disability policy are less than Executive’s Annual Base
Salary hereunder, and his bonuses pursuant to Section 3(c) (if any)
will be prorated through the date of termination and paid to him on the date of
termination. Additionally the Executive shall receive a cash lump sum payment
on the date of termination for accrued but unused vacation for the year of
termination, and thereafter the Company shall have no further obligations to
the Executive hereunder other than to provide the Executive with the benefits
as set forth in this subparagraph. For the purposes of this subparagraph, the
Executive shall be deemed “Permanently Disabled” when, and only when, the
Company determines, after consultation with the Executive’s physician, that the
Executive suffers a physical or mental disability that prevents the Executive
from performing the essential duties of his position with reasonable
accommodations as may be required by law: (i) for a period of one hundred
twenty (120) consecutive days; or (ii) for an aggregate of one hundred
fifty (150) business days in any twelve (12) month period.

(c)           By the Company For Cause. If
the Company terminates the Executive for “Cause” (as defined below), then the
Company shall pay to the Executive within ten (10) days his accrued Base
Salary and accrued but unused vacation plus all business expenses and the car
allowance through the date of such termination, and thereafter the Company
shall have no obligations to the Executive hereunder. For purposes of this
Agreement, “Cause” shall mean: (i) any act or omission that constitutes a
material breach by the Executive of any of his obligations under this
Agreement, or under any other material agreement with, or material written
policy of the Company, which act or omission is not cured within thirty (30)
days of the Company providing the Executive with notice of the act, omission,
or failure deemed to constitute Cause; (ii) the failure or refusal by the
Executive to follow any lawful reasonable written direction of the Board of
Directors, which failure or refusal is not cured within thirty (30) days of the
Company providing the Executive with reasonably detailed written notice of the
failure or refusal deemed to constitute Cause; (iii) the conviction of the
Executive of a felony or a crime involving moral turpitude, or the perpetration
by the Executive of a fraud; or (iv) any other willful act or omission by
the Executive, which is or will be materially injurious to the financial
condition or business reputation of, or is otherwise materially injurious to,
the Company, which act or omission is not cured within thirty (30) days of the
Company providing the Executive with reasonably detailed written notice of the
act or omission deemed to constitute Cause.

(d)           By the Executive For Good Reason.
The Executive may terminate, without liability, the Employment Term for “Good
Reason” (as defined below) upon advance written notice of thirty (30) business
days to the Company if such circumstance claimed to constitute Good Reason is
not cured within such 30-day period. Within ten (10) days after
termination, the Company shall then pay to the Executive a lump sum payment
equal to one times his Annual Base Salary to which he is entitled pursuant to Section 3(a).
In addition, the Company shall pay to the Executive within ten (10) days
of termination his accrued Base Salary, accrued but unused vacation,
outstanding business expenses, and pro-rated bonuses pursuant to Section 3(c) (if
any) through the date of such termination. The Company will also provide the
Executive with continued coverage under the Company’s benefit plans and the
benefits described in Sections 3(d), 3(e) and 3(f) herein for a
period of one (1) year or at Executive’s option solely with respect to
automobile and related expenses and country club memberships a lump sum payment
in such amount equal to said benefits for a twelve (12) month period to be paid
on the date of termination. Notwithstanding anything herein to the contrary, if
such coverage cannot be continued to the Executive after such termination of
employment, the Company shall, within ten (10) days of such termination,
pay the Executive in a lump sum an amount equivalent to the value of such
coverage. Thereafter, the Company’s obligations hereunder shall terminate. For
purposes of this Agreement, Good Reason shall exist if:  (i) there is a permanent assignment to
the Executive of a role materially inconsistent with, or which constitutes a
material adverse diminution in, the Executive’s position, duties,
responsibilities, or status with the Company, or a material adverse diminution
in the Executive’s reporting responsibilities, title, or offices; or (ii) there
is a material breach by the Company of this Agreement or any other material
agreement between the Company and the Executive or (iv) Executive is
required to relocate his principal place of employment to a location outside a
radius of 50 miles from Company’s offices, in Lowell, Massachusetts
headquarters.

 

 

(e)           By the Company other than by
Reason of Death, Disability, or Cause. If the Company terminates the Executive’s
employment for any reason other than death, disability, or Cause, the Company
shall pay to the Executive on the date of termination a lump sum payment equal
to the greater of (i) the compensation due Executive under this Agreement
for the remainder of the Initial Term if terminated during the Initial Term but
not exceed 24 months; or (ii) one (1) year of Base Salary. In
addition, the Company shall pay to the Executive his accrued Base Salary,
accrued but unused vacation, and pro-rated bonuses pursuant to Section 3(c) (if
any) through the date of such termination plus reimbursement for all business
expenses. Further, the Company shall pay all of the benefits described in
Sections 3(d), 3(e) and 3(f) herein for the period described in the
first sentence of this Subsection 4(e) following such termination or at
Executive’s option solely with respect to automobile and related expenses and
country club memberships in a lump sum payment equal to such amount to be paid
on the date of termination. Notwithstanding anything herein to the contrary, if
such coverage cannot be continued to the Executive after such termination of
employment, the Company shall, within ten (10) days of such termination,
pay the Executive in a lump sum an amount equivalent to the value of such
coverage. Thereafter, the Company’s obligations hereunder shall terminate.

(f)            Bonus Calculation. The pro
rata bonuses pursuant to Section 3(c) payable to the Executive
pursuant to Section 4(a), (b), (d), or (e) shall include any unpaid
bonuses for the prior fiscal year. The pro rata bonuses for the fiscal year in
which the termination occurs will be calculated at the end of the fiscal year
in question according to the following method. The Company and/or Board shall
determine the amount that would have been paid to the Executive as if he had
remained employed through the end of the fiscal year and multiply that amount
by the number of days of such fiscal year during which the Executive was
employed by the Company divided by 365 days.

5.             Proprietary
Information.

(a)           Defined. “Proprietary
Information” is all proprietary, secret, or confidential information pertaining
to the business of the Company.

(b)           General Restrictions on Use. The
Executive agrees to hold all Proprietary Information in strict confidence and
trust for the sole benefit of the Company, and not, directly or indirectly, to
disclose, use, copy, publish, summarize, or remove from the Company’s premises
any Propriety Information except:  (i) during
the Employment Term to the extent necessary to carry out the Executive’s
responsibilities under this Agreement; (ii) to the extent that such
Proprietary Information is generally available to the public other than as a
result of disclosure by the Executive; and (iii) after termination of the
Employment Term as specifically authorized in writing by the Board.

6.             No
Assignment.

(a)           Neither this Agreement nor any right
or interest hereunder shall be assignable by the Executive, his beneficiaries,
or legal representatives without the Company’s prior written consent; provided
that nothing in this subsection 6(a) shall preclude the Executive from
designating a beneficiary to receive, upon his death, any benefit payable
hereunder, or the executors, administrators, or other legal representatives of
the Executive’s estate from assigning any rights hereunder to the person or
persons entitled thereto.

(b)           Except as otherwise required by law,
without the Company’s prior written consent, no right to receive payments under
this Agreement shall be subject to anticipation, commutation, alienation, sale,
assignment, encumbrance, charge, pledge, or hypothecation, or to exclusion,
attachment, levy, or similar process or assignment by operation of law, and any
attempt, voluntary or involuntary, to effect any such action shall be null,
void, and of no effect.

(c)           Company agrees that in any Change of
Control the terms of this Agreement will survive and will be assumed by any
successor to Company in such Change of Control.

7.             Change
of Control. For purposes of this Agreement, Change of Control shall mean (i) the
merger or consolidation of Company with another entity, as a result of which
Company will not be the surviving entity; (ii) the sale of all or
substantially all of Company’s assets or all or substantially all of the assets
of Company’s wholly-owned subsidiaries; or (iii) the acquisition, by an
entity, person or group of beneficial ownership (as defined in Rule 13d-3
under the Securities 

 

and
Exchange Act of 1934) of the capital stock of Company if, immediately after
such acquisition, such entity, person or group is entitled to exercise more
than 25% of the outstanding voting power of all capital stock of the Company
entitled to vote at elections of directors.

8.             Non-Interference.
Executive agrees that during any period for which or related to which Executive
is receiving payments pursuant to Section 4 hereof, Executive will not,
without the prior written consent of the Company, directly or indirectly,
solicit, induce or attempt to solicit or induce any employee, agent or other
representative or associate of the Company, to terminate its relationship with
the Company or in any way interfere with such a relationship.

9.             Notices. All notices,
requests, claims, demands, and other communications under this Agreement shall be
in writing and shall be deemed given if delivered personally or sent by
overnight courier (providing proof of delivery) to the parties at the following
addresses (or at such address for a party as shall be specified by like
notice):

If to the Company

TRC Companies, Inc.

5 Waterside Crossing

Windsor, Connecticut 06095

Attn:  General Counsel

If to the Employee:

Christopher P. Vincze

1 Eisenhaure Lane

North Reading, Massachusetts 01864

With a copy to:

Frank A. Segall

Burns & Levinson, LLP

125 Summer Street

Boston, Massachusetts 02110

10.           Entire Agreement. The terms of
this Agreement are intended by the parties to be the final expression of their
agreement with respect to the employment of the Executive by the Company and
may not be contradicted by evidence of any prior or contemporaneous agreement. The
parties further intend that this Agreement shall constitute the complete and
exclusive statement of its terms and that no extrinsic evidence whatsoever may
be introduced in any judicial, administrative, or other legal proceeding
involving this Agreement.

11.           Amendments; Waivers. This
Agreement may not be modified, amended, or terminated except by an instrument
in writing, signed by the Executive and by a duly authorized representative of
the Company other than the Executive. By an instrument in writing similarly
executed, either party may waive compliance by the other party with any
provision of this Agreement that such other party was or is obligated to comply
with or perform; provided that such waiver shall not operate as a waiver of, or
estoppel with respect to, any other or subsequent failure. No failure to
exercise and no delay in exercising any right, remedy, or power hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any
right, remedy, or power hereunder preclude any other or further exercise
thereof, or the exercise of any other right, remedy, or power provided herein,
or by law or in equity.

12.           Confidentiality. The Executive
agrees that the terms and conditions of this Agreement are confidential and
shall not be disclosed by the Executive to any third parties, other than the
Executive’s lawyers and other professional advisors, unless such disclosure is
required by law.

 

 

13.           Governing Law. The validity,
interpretation, enforceability, and performance of this Agreement shall be
governed by and construed in accordance with the law of the State of
Massachusetts without giving effect to its conflict of laws principles.

14.           Executive Acknowledgment. The
Executive acknowledges:  (i) that he
has consulted with or has had the opportunity to consult with independent
counsel of his own choice concerning this Agreement and has been advised to do
so by the Company; and (ii) that he has read and understands the
Agreement, is fully aware of its legal effect, and has entered into it freely
based on his own judgment.

15.           Binding Effect. This Agreement
shall be binding upon and shall inure to the benefit of the Company and its
respective successors and assigns, but the rights and obligations of the
Executive are personal and may not be assigned or delegated without the Company’s
prior written consent.

16.           Arbitration. Any dispute or
controversy between the parties arising out of or under this Agreement, the
Executive’s employment with the Company, or the termination thereof, including
without limitation, claims under any federal, state, or local statute
preventing discrimination, shall not be decided in court, but instead shall be
submitted to final, binding arbitration before the American Arbitration
Association (the “AAA”) in Boston, Massachusetts. The National Rules for
Resolution of Employment Disputes shall be used by the AAA to resolve any
disputes between the parties. Each party shall bear its own expenses arising
under this arbitration provision.

17.           Legal Fees. The Company shall
pay all legal fees plus and disbursements incurred by the Executive in
connection with the negotiation and preparation of this Agreement not to exceed
$20,000.

The parties have duly executed this Agreement as
of the date first written above.

	
  

  	
  TRC
  COMPANIES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  

  	
  By:

  	
  /s/ Edward W. Large

  
	
   

  	
   

  	
  Name: Edward W. Large

  
	
   

  	
   

  	
  Title: Chairman,
  Compensation Committee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Christopher P. Vincze

  
	
   

  	
   

  	
  Christopher P. VinczeEdgewater Foods International, Inc. Ex 10.1 on 6/16/2006

Joinder Agreement to Series A Convertible Preferred Stock Purchase Agreement

Reference is made to that certain Series A Convertible Preferred Stock Purchase Agreement dated as of May 30, 2006, a copy of which is attached hereto as Exhibit A (as amended and in effect from time to time, the “Purchase Agreement”), among Edgewater Foods International, Inc.  (the “Company”) and the Purchasers (as defined therein).

The undersigned, _______________________________, in order to become the owner or holder of shares of Series A Convertible Preferred Stock (the ”Preferred Shares”), Series A Warrants, Series B Warrants, Series C Warrants and Series D Warrants (collectively, the “Warrants”), each convertible or exercisable into shares of the Company’s common stock, par value $0.001 per share (together with the Preferred Shares and the Warrants, the “Securities”), hereby agrees that by execution hereof the undersigned is a party to the Purchase Agreement, subject to all of the restrictions and conditions and entitled to all of the rights and benefits set forth in such Purchase Agreement, and all of the Securities purchased by the undersigned in connection herewith (and any and all shares of stock of the Company issued in respect thereof) are subject to all the restrictions and conditions and entitled to all of the rights and benefits applicable thereto as set forth in the Purchase Agreement.  This Joinder Agreement shall take effect and shall become a part of said Purchase Agreement immediately upon execution.

	 	Executed as of the date set forth below under the laws of the State of New York.

	 	 	[Investor]

	 	 	

________________________________

	 	

Address:

	Name:

Title:

________________________________

	 	 	________________________________

	 	 	________________________________

	 	

Date:

	

________________________________

Accepted:

EDGEWATER FOODS INTERNATIONAL, INC. 

By:

Date:

Exhibit A

Series A Convertible Preferred Stock Purchase Agreement

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