Document:

Exhibit 10.1

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT
AGREEMENT (this “Agreement”), effective as of September 5, 2006, is by and between Think
Partnership Inc., a Nevada corporation (“THK”) and Jody Brown, an
individual residing in the State of Florida (“Executive”).

WHEREAS, THK
desires to employ Executive, and Executive desires to accept such employment,
pursuant to the terms and conditions set forth below.

NOW, THEREFORE, in
consideration of the foregoing premises and the mutual covenants and agreements
contained herein, as well as for other good and valuable consideration, the
receipt, adequacy and legal sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound, hereby agree as follows:

1.             Employment. 
THK hereby employs Executive, and Executive accepts such employment, in
accordance with the terms and conditions hereinafter set forth.

2.             Duties.  Executive shall be employed as Chief
Financial Officer of THK at its principal offices at 28050 US 19 North, Suite 509,
Clearwater, Florida 33761, or at other offices designated by THK, subject to
such travel as the rendering of services hereunder may require, and Executive
shall perform and discharge well and faithfully the duties which may be
assigned to him from time to time by the Board of Directors of THK (the “Board”)
consistent with Executive’s title in connection with the conduct of THK’s
businesses (the “Business”). Executive will report directly to the Chief
Executive Officer of THK. The duties of Executive shall be those that are
customarily performed by a chief financial officer of the same or similar title
in a company with similar revenues, together with such duties that may from
time to time be requested provided such additional duties are reasonably related
to the scope of employment of Executive and his title.

3.             Extent of Services.  During the Term (as defined in Section 4),
Executive shall devote his entire time and best efforts to the Business and
shall not be engaged (whether or not during normal business hours) in any other
business or professional activity; provided, however, that the
provisions of this Section 3 shall not be construed as preventing Executive
from engaging in a reasonable level of charitable activities nor investing his
personal assets in businesses which do not compete with THK or any THK
Affiliate (as hereinafter defined) or the Business, in such form or manner as
will not require any services on the part of Executive in the operation or the
affairs of the companies in which such investments are made and in which his
participation is solely that of a passive investor.

4.             Compensation.  For all services rendered by Executive under
this Agreement, THK shall pay Executive for the period from and after the date
of this Agreement through the three year anniversary of the date of this
Agreement, an annual base compensation in an amount equal to two hundred fifty
thousand dollars ($250,000). Any raises or bonuses paid to Executive during the
term of his employment shall be solely within the discretion of the Board.
Executive shall be paid in accordance with the customary payroll practices of
THK, subject to such deductions and withholdings as may be required by law or
agreed to by Executive. During the term of his employment, Executive shall be
generally entitled to participate in benefit plans or programs which are
generally made available to Vice Presidents of THK, subject to all of the
rules, regulations, terms and conditions applicable thereto.  A general summary of THK’s generally available
Vice Presidents benefits as currently in 

 

 

effect is attached
hereto as Attachment A.  THK shall
have the right at any time to put into place arrangements pursuant to which
some or all of Executive’s compensation and/or benefits set forth above shall
be provided to Executive by or through other companies affiliated with THK
(rather than directly by THK), and Executive shall fully cooperate with such
arrangements and shall promptly sign such documents and take all such other
actions as shall be deemed necessary by the legal counsel for THK in order to
facilitate such arrangements, provided that such arrangements shall not in any
event reduce any of the compensation, benefits and perks to which Executive is
entitled under this Agreement as of the signing hereof or otherwise release THK
of any of its obligations towards Executive under this Agreement.

5.             Term.  The term of this Agreement (the “Term”)
shall commence on the date first set forth above and shall continue until the
three (3) year anniversary of the date hereof, unless earlier terminated in
accordance with Section 6 of this Agreement.

6.             Termination of Employment.

(a)           Death or Disability of Executive.  The employment of Executive under this
Agreement shall terminate upon his death or, at the option of THK, if Executive
shall be prevented from fully performing his duties hereunder as a result of
his disability or illness for a continuous period of one hundred eighty (180)
days, and Executive shall only be entitled to be paid vacation pay and base salary
earned or accrued through the date of termination, and no severance payment
shall be due or payable to Executive in such event.  For purposes of this Agreement, “disability”
shall mean Executive’s inability to perform his functions by reason of physical
or mental infirmity, as determined by a reputable physician of Executive’s (or
his legal representative’s choosing) in the Tampa/Clearwater metropolitan area.

(b)           Termination “For Cause”.  THK shall have the right to terminate the
employment of Executive under this Agreement “For Cause” (as such term
is defined below) at any time without further liability or obligations to
Executive, excepting only that Executive shall be entitled to be paid vacation
pay, base salary and expense reimbursements earned or accrued through the date
of termination, and no severance payment shall be due or payable to Executive
in such event. For purposes of this Agreement, “For Cause” shall refer
to any of the following events as determined in the judgment of the Board: (1)
Executive’s repeated gross neglect of or negligence in the performance of his
duties, which is not cured within 30 days after written notice thereof is
received by Executive; (2) Executive’s repeated failure or refusal to follow
instructions given to him by the Board, which is not cured within 30 days after
written notice thereof is received by Executive; (3) Executive’s repeated
violation of any provision of THK’s Bylaws, Code of Ethics or of any other
stated policies, standards, or regulations, which is not cured within 30 days
after written notice thereof is received by Executive; (4) Executive being
convicted or plea bargaining in regard to any criminal offense, other than a
misdemeanor not involving moral turpitude or a minor traffic violation, based
on Executive’s conduct occurring during the term of this Agreement; (5)
Executive’s violation or breach of any material term, covenant or condition
contained in this Agreement, which is not cured within 30 days after written
notice thereof is received by Executive; or (6) the U.S. Securities and
Exchange Commission (the “SEC”) issues an order prohibiting Executive
from acting as an officer of THK.

 

 

(c)           Termination for Good Reason.  Executive shall have the right to terminate
his employment with Good Reason.  “Good
Reason” means (i) the failure of THK to pay the compensation due Executive
under Section 4 hereof which failure is not cured within 30 days after written
notice is received by THK or (iii) THK’s material breach of this Agreement,
which is not cured within 30 days after written notice thereof is received by
THK.

(d)           Accrued Salary.  In the event that THK or Executive terminates
this Agreement for any reason whatsoever, Executive shall be paid (less all
applicable deductions) all earned and accrued base compensation due to
Executive for services rendered up to the date of termination.

(e)           Severance Payment.  Except in the case of termination pursuant to
Section 6(a) (death or disability of Executive) and Section 6(b) (For Cause),
in the event that THK terminates this Agreement Executive shall be paid on the
date of termination a severance amount equal to all amounts of his annual base
compensation, less all applicable deductions, that would have become due and
owing to Executive through the three (3) year anniversary of the date of this
Agreement, as if Executive’s employment with THK had not been terminated prior
thereto.

7.             Non-Competition and
Non-Solicitation.

(a)           Executive
acknowledges that the services to be performed by him under this Agreement are
of a special, unique, unusual, extraordinary and intellectual character, and
the provisions of this Section 7 are reasonable and necessary to protect the
Business.

(b)           In
consideration of the foregoing acknowledgments by Executive, and in
consideration of the compensation and benefits to be paid or provided to
Executive by THK, Executive covenants that he will not, during the term of this
Agreement and for a period of one (1) year thereafter, directly or indirectly:

(1)           except in the course of his
employment hereunder, and except as permitted by Section 3 above, engage or
invest in, own, manage, operate, finance, control, or participate in the
ownership, management, operation, financing, or control of, be employed by,
associated with, or in any manner connected with, any business whose products
or services compete in whole or in part with the products or services of THK or
any THK Affiliate; provided, however, that Executive may purchase or otherwise
acquire up to (but not more than) one percent (1%) of any class of securities
of any enterprise (but without otherwise participating in the activities of
such enterprise) if such securities are listed on any national or regional
securities exchange or have been registered under Section 12(g) of the
Securities Exchange Act of 1934;

(2)           whether for Executive’s own account
or for the account of any other person, solicit business of the same or similar
type of business then being carried on by THK or any THK Affiliate, from any
person or entity known by Executive to be a customer of THK or any THK
Affiliate, whether or not Executive had personal contact with such person or
entity during and by reason of Executive’s employment with THK;

(3)           whether for Executive’s own account
or the account of any other person (i) solicit, employ or otherwise engage as
an employee, independent contractor or 

 

 

otherwise,
any person who is or was an employee of THK or any THK Affiliate at any time
during the  term of this Agreement or in
any manner induce or attempt to induce any employee of THK or any THK Affiliate
to terminate his employment with THK or the THK Affiliate, or (ii) interfere
with THK’s or any THK Affiliate relationship with any person or entity,
including any person or entity who at any time during the term of this
Agreement was an employee, contractor, supplier or customer of THK or any THK
Affiliate; or

(4)           at any time during or after the term
of this Agreement, disparage THK or any THK Affiliate, or any of their
respective shareholders, directors, officers, employees or agents.

(c)           If
any covenant of this Section 7 is held to be unreasonable, arbitrary or against
public policy, such covenant will be considered to be divisible with respect to
scope, time and geographic area, and such lesser scope, time or geographic
area, or all of them, as a court of competent jurisdiction may determine to be
reasonable, not arbitrary and not against public policy, will be effective,
binding and enforceable against Executive.

(d)           Executive acknowledges and agrees
that should Executive transfer between or among THK and any of its affiliated
companies including, without limitation, any parent, subsidiary or other
corporately related entity (a “THK Affiliate”) wherever situated, or
otherwise become employed by any THK Affiliate, or should he be promoted or
reassigned to functions other than the duties set forth in this Agreement, or
should Executive’s compensation and benefit package change (either higher or
lower), the terms of this Section 7 shall continue to apply with full force.

(e)           Executive agrees and acknowledges that THK does not have
an adequate remedy at law for the breach or threatened breach by
Executive of this Section 7 and agrees that THK may, in addition to the other
remedies which may be available to it under this Agreement, file suit in equity
to enjoin Executive from such breach or threatened breach.

8.             Certain
Representations.  Executive
acknowledges that as a publicly traded company functioning under the recently
enacted Sarbanes-Oxley Act, THK and its subsidiaries are subject to close
scrutiny regarding their activities, internal financial controls, and public
comments and disclosures. To appropriately protect THK and its subsidiaries,
Executive expressly acknowledges and agrees as follows:

(a)           Executive’s employment by THK shall be
full-time employment.  Except as
expressly  provided herein, during the
period of such employment by THK, Executive shall not have, provide or perform
any work, advice, assistance, consultation, analysis, input, participation, or
interest whatsoever (including but not limited to any financial interest,
direct or indirect, legal or beneficial) in or for the benefit of any
corporation, partnership, joint venture, limited liability company, sole
proprietorship, or any other entity whatsoever, whether for-profit or
non-profit and regardless of whether or not such entity competes against the
Business, excepting volunteer activities for local churches or schools and
passive real estate investments or investments in publicly traded stocks
provided that such volunteer activities and investments do not interfere with
the performance of Executive’s work for THK.

 

 

(b)           During and following any termination
of Executive’s employment by THK for any reason and under any circumstances
whatsoever:

(1)           Executive shall refrain from making
any public or private disclosures regarding THK, any THK Affiliate or their
respective officers, directors, employees or shareholders, except disclosures
of such information as may have been publicly disclosed by THK or any THK
Affiliate from time to time in press releases or in filings with the SEC, and
except as may be required by applicable law or court order; and

(2)           Executive shall refrain from making
public or private disparaging remarks regarding the Business, THK, any THK
Affiliate, or their respective officers, directors, employees or shareholders.

(c)           Executive further represents,
warrants and covenants as follows:

(1)           that
Executive is not subject to any contract, non-compete agreement, decree or
injunction which prohibits or restricts his performance of the duties set forth
herein with THK, the continued operation of the Business or the expansion
thereof to other geographical areas, customers and suppliers or lines of
business; and

(2)           That
no claims or lawsuits are pending at the time of this Agreement against
Executive or any corporation or other entity wherein he was or is an officer or
director.

(d)           If
during the period of his employment by THK, Executive violates this Section 8
or any of the representations, warranties and covenants made by Executive in
this Section 8 prove to be false, then following discovery of the violation or
falsehood, Executive shall immediately pay and turn over to THK any and all
software, software programs, other work product, copyrights, domain names, contract
rights, accounts receivable, cash, stock, options, warrants, membership
interests, other interests, salary, bonuses, royalties, commissions, fees and
any and all other assets, consideration and compensation of any nature
whatsoever which has been obtained by Executive or any of his immediate family
members or affiliates (directly or indirectly, legally or beneficially) in
regard to such violation.

9.             Nondisclosure
of Proprietary Information. 
Executive shall not, either during or after his employment with THK,
disclose to anyone outside THK or use other than for the purpose of the
Business, any Proprietary Information (as defined below) or any information
received in confidence by THK from any third party. For purposes of this
Agreement, “Proprietary Information” is information and data, whether in
oral, written, graphic, or machine-readable form relating to THK’s or any THK
Affiliate’s past, present and future businesses, including, but not limited to,
computer programs, routines, source code, object code, data, information,
documentation, know-how, technology, designs, procedures, formulas,
discoveries, inventions, trade secrets, improvements, concepts, ideas, product
plans, research and development, personnel information, financial information,
customer lists and marketing programs and including, without limitation, all
documents marked as confidential or proprietary and/or containing such
information, which THK or any THK Affiliate has acquired or developed and which
has not been made publicly available by THK.

10.           Return
of Documents.  Upon the termination
of Executive’s employment with THK or upon the earlier request of THK,
Executive shall return to THK all materials belonging to THK, including all 

 

 

materials containing or relating to any Proprietary
Information in any written or tangible form that Executive may have in his
possession or control.

11.           Ownership
of Work Product.  Executive hereby
assigns to THK his entire right, title and interest in all “Developments”.  “Developments” means any idea,
invention, design of a useful article (whether the design is ornamental or
otherwise), computer program including source code and object code and related
documentation, and any other work of authorship, or audio/visual work, written,
made or conceived solely or jointly by Executive during Executive’s employment
with THK, whether or not patentable, subject to copyright or susceptible to
other forms of protection that relate to the actual or anticipated businesses
or research or development of THK, or are suggested by or result from any task
assigned to Executive or work performed by Executive for or on behalf of THK.
Executive acknowledges that the copyrights in Developments created by him in
the scope of his employment belong to THK by operation of the law, or may
belong to a customer of THK pursuant to a contract between THK and such
customer. In connection with any of the Developments assigned above, Executive
agrees to promptly disclose them to THK, and Executive agrees, on the request
of THK, to promptly execute separate written assignments to THK and to do all
things reasonably necessary to enable THK to secure patents, register
copyrights or obtain any other forms of protection for Developments in the
United States and in other countries. In the event THK is unable, after
reasonable effort, to secure Executive’s signature on any letters patent,
copyright or other analogous protection relating to a Development, whether
because of Executive’s physical or mental incapacity or for any other reason
whatsoever, Executive irrevocably designates and appoints THK and its duly
authorized officers and agents as his agents and attorneys-in-fact to act for
and in his behalf and stead to execute and file any such application or
applications and to do all other lawfully permitted acts to further the
prosecution and issuance of letters patent, copyright or other analogous
protection thereon, with the same legal force and effect as if executed by
Executive. THK, THK Affiliates, their licensees, successors and assigns (direct
or indirect), are not required to designate Executive as the inventor or author
of any Development, when such Development is distributed publicly or otherwise.
Executive waives and releases, to the extent permitted by law, all of his
rights to such designation and any rights concerning future modifications of
such Developments. 

12.           Possession
of Other Materials.  Executive
represents that he will not use in the performance of Executive’s
responsibilities for THK, any materials or documents of a former employer which
are not generally available to the public or which did not belong to Executive,
unless Executive has obtained written authorization from the former employer or
other owner for their possession and use and provided THK with a copy thereof

13.           Indemnification.  Executive agrees to indemnify, defend and
hold harmless THK and all THK Affiliates, and each of their respective
officers, directors, employees and shareholders from and against all
liabilities, obligations, losses, expenses, costs (including attorneys fees),
claims, deficiencies and damages incurred or suffered by THK and any THK
Affiliate and each of their respective officers, directors and shareholders,
resulting from: (a) Executive’s breach of the terms of this Agreement,
including but not limited to any breach of Executive’s representations,
warranties and covenants, or (b) Executive’s breach of any agreement with a
third party restricting competition, intellectual property, confidential
information or disclosure, without
any limitations or qualifications whatsoever, and as an express inducement to
THK to enter into this Agreement, Executive waives any and all arguments,
grounds, facts, circumstances, reasons, basis, and defenses whatsoever, whether
based in law or in equity, regarding the full force and effect and legally
binding nature of this Agreement of Executive to indemnify 

 

 

and hold harmless THK and each
THK Affiliate and each of their respective officers, directors, employees and
shareholders, as aforesaid. This indemnification provision shall survive any
termination of Executive’s employment relationship with THK.

14.           Assignment.  This Agreement may not be assigned by
Executive under any circumstances. This Agreement may be assigned by THK, or to
any successor of THK in connection with a merger, consolidation, or sale of all
or substantially all of the assets of THK, so long as such assignee assumes all
of THK’s obligations hereunder.

15.           Notices.  Any notice required or permitted to be given
under this Agreement shall be sufficient if in writing and sent by registered
or certified mail, return receipt requested, to the following address:

	
  

  	
  To Executive:

  	
  Mr. Jody Brown

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  To THK:

  	
  Think
  Partnership Inc.

  	
   

  
	
   

  	
   

  	
  Attention: Chief
  Executive Officer

  	
   

  
	
   

  	
   

  	
  28050 US 19
  North, Suite 509

  	
   

  
	
   

  	
   

  	
  Clearwater,
  Florida 33761

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  With a copy to:

  	
  Shefsky &
  Froelich Ltd.

  	
   

  
	
   

  	
   

  	
  Attention:
  Jeremy Stonehill

  	
   

  
	
   

  	
   

  	
  111 East Wacker
  Drive, Suite 2800

  	
   

  
	
   

  	
   

  	
  Chicago,
  Illinois 60601

  	
   

  
					

 

or to such other
address as either Executive or THK may give to the other from time to time by
written notice in the manner set forth above.

16.           Waiver of Breach.  Any waiver by THK or Executive of a breach of
any provision of this Agreement by the other party shall not operate or be
construed as a waiver of any subsequent breach by the other party.

17.           Choice of Law, Jury Waiver. 
This Agreement shall be deemed to have been made in the State of
Florida.  The validity, interpretation
and performance of this Agreement, and any and all other matters relating to
Executive’s employment and separation of employment from THK shall be governed
by, and construed in accordance with the internal law of Florida, without
giving effect to conflict of law principles. Both parties agree that any
action, demand, claim or counterclaim (jointly “Action”) relating to (i)
Executive’s employment and separation of his employment, and (ii) the terms and
provisions of this Agreement or to its breach, shall be commenced in Florida in
a court of competent jurisdiction. Both parties further acknowledge that venue
shall exclusively lie in Florida.

18.           Entire Agreement.  This Agreement contains
the entire agreement of the parties regarding the subject matter hereof and supersedes all prior or contemporary
agreements or understandings, whether written or oral with respect thereto. 
This Agreement may be changed only by an agreement in writing signed by
the party against whom enforcement of any waiver, change, modification, extension
or 

 

 

discharge
is sought. Failure to insist
upon strict compliance with any provision of this Agreement shall not be deemed
a waiver of such provision or of any other provision in the Agreement.

19.           Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and all of which, when
taken together, shall constitute one and the same instrument.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

 

IN WITNESS
WHEREOF, the parties hereto have executed this Employment Agreement as of the
day and year first written above.

	
  EXECUTIVE:

  	
  

  	
  THINK
  PARTNERSHIP INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Scott P.
  Mitchell

  
	
  /s/ Jody Brown 

  	
   

  	
   

  	
  Scott P.
  Mitchell 

  
	
  Jody Brown

  	
   

  	
  Title:

  	
  Chief Executive
  Officer and President

  

 

 

 

Attachment “A”

	
  

  	
   

  	
  Summary of THK’s Vice Presidents’ Benefits as of
  September 2006

  
	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
  Medical insurance where a PPO or HMO plan is offered

  
	
  2.

  	
   

  	
  Dental and vision insurance

  
	
  3.

  	
   

  	
  Fifteen (15) vacation days per year

  
	
  4.

  	
   

  	
  Ten (10) paid holidays per year

  
	
  5.

  	
   

  	
  Company paid supplemental policies including
  Accident, Personal Recovery, Disability and Cancer insurance

  
	
  6.

  	
   

  	
  Short Term Disability coverage

  
	
  7.

  	
   

  	
  Company paid Long Term Disability

  
	
  8.

  	
   

  	
  Company paid executive life insurance plan with a
  death benefit of five times their annual salary up to a maximum of
  $500,000.00Exhibit
10.1

Execution Copy

SEPARATION
AGREEMENT AND GENERAL RELEASE

Roger K. Deromedi (“Mr. Deromedi”) was previously
employed by Kraft Foods Inc. (“Kraft”) as Chief Executive Officer in
Northfield, Illinois.  Mr. Deromedi’s
employment relationship with Kraft has ended and Kraft has offered Mr. Deromedi
benefits as set forth in this Agreement, certain of which benefits are greater
than what Mr. Deromedi is entitled to receive, and Mr. Deromedi has decided to
accept Kraft’s offer.  Therefore, Mr.
Deromedi and Kraft both agree and promise as follows:

1.             (a)           Mr.
Deromedi’s last day of employment was June 26, 2006 (the “Termination Date”).  Commencing on the date of this Agreement and
for so long as Mr. Deromedi  complies
with Section 7 of this Agreement, and complies in all material respects with
all other provisions of this Agreement, including Sections 9 and 11 hereof, Mr.
Deromedi will be paid by Kraft on a salary continuation basis (the “Separation
Payments”), at his bi-weekly base salary in effect on the Termination Date,
subject to the terms of this Agreement, until February 23, 2007 (the “Salary
Continuation Period”).  During the Salary
Continuation Period, Mr. Deromedi will be eligible to receive Kraft medical,
dental, life, long-term disability and personal accident insurance coverage
pursuant to the terms of these Kraft benefit plans as if he were an
employee.  During the Salary Continuation
Period, Mr. Deromedi will be eligible to participate in the Kraft Thrift and
Retirement Plans (both qualified and non-qualified, basic and supplemental)
pursuant to the terms of those plans, provided that for purposes of the
Thrift Plan, any Separation Payments received by Mr. Deromedi after January 1,
2007 will not be considered 

 1
 

 

“eligible compensation” and provided further,
that for purposes of the Retirement Plans, Mr. Deromedi will be credited with
service through the final day of the Salary Continuation Period.  Mr. Deromedi will not be eligible to receive
Kraft short-term disability insurance coverage or business travel accident
coverage after the Termination Date. 
Following the Salary Continuation Period, Mr. Deromedi will be eligible
to receive medical, dental and life insurance benefits from Kraft to the extent
provided in the letter, dated March 27, 1989, from Philip Morris Companies Inc.
to Mr. Deromedi. (the “1989 Letter”)

(b)                  Promptly following the end of
the Salary Continuation Period, Mr. Deromedi will receive a lump sum payment
from Kraft (the “Lump Sum Payment”) in an amount equal to the salary that he
would have received, at the rate of salary in effect for him on the Termination
Date, had his employment continued during the period between the end of the
Salary Continuation Period and June 26, 2008.

(c)                  If Mr. Deromedi were to die
prior to his receipt of the Lump Sum Payment, Kraft agrees to pay Mr. Deromedi’s
surviving spouse (or estate if no surviving spouse) any Separation Payments
earned but not yet received, the Lump Sum Payment, and the payments described
in Sections 2 and 3 below in a lump sum, provided that if the amount of
the payments described in Section 2 have not yet been determined at the time of
Mr. Deromedi’s death, such payments will be made at such time as their amount
has been determined.

2.             Provided that Mr. Deromedi complies with Section 7 of
this Agreement, and complies in all material respects with all other provisions
of this Agreement, including Sections 9

 2
 

 

and 11 hereof, Mr. Deromedi will receive a payment in
respect of his 2006 annual incentive award under the Kraft Management Incentive
Plan (“MIP”) to be pro-rated for the period from January 1, 2006 through June
30, 2006 and paid on the basis of Mr. Deromedi’s individual target percentage
and the actual business unit rating for Kraft for full fiscal 2006, as
determined by the Compensation Committee of Kraft’s Board of Directors (the “Committee”).  This payment, less required deductions, will
be made no later than December 31, 2006. 
In addition, Mr. Deromedi will, provided that he complies with Section 7
of this Agreement, and complies in all material respects with all other
provisions of this Agreement, including Sections 9 and 11 hereof, receive a
payment in respect of his 2004-2006 Long-Term Incentive Plan (“LTIP”) award to
be pro-rated from January 1, 2004 through June 30, 2006 and paid on the basis
of Mr. Deromedi’s individual target percentage and the actual Kraft LTIP
rating, as determined by the Committee. 
This payment, less required deductions, will be made at such time as
LTIP payments in respect of the 2004-2006 performance period are made to Kraft’s
senior executives.

3.              Mr. Deromedi will become vested, as of the effective
date of this Agreement,  in the number of
shares of restricted stock indicated below:

2004
Grant                             —             
66,667 shares

Special
2004 Grant                —             
25,000 shares

2005
Grant                             —             
50,030 shares

Total                                       —            141,697 shares

On the vesting date, Kraft will deduct the number of
shares having an approximate aggregate value equal to the amount of withholding
taxes due from the total number of shares vesting.  Shares deducted in satisfaction of actual
withholding tax requirements will be valued at the Fair

 3
 

 

Market Value on the date of vesting.  Mr. Deromedi will forfeit the balance of
unvested restricted stock held outstanding as of the date of this Agreement.

4.             Mr. Deromedi will be eligible for continued financial
counseling in accordance with current practice through the end of the Salary
Continuation Period.  In addition, Mr.
Deromedi will be eligible to continue participating in the Kraft executive car
policy through the Salary Continuation Period. 
Following the Salary Continuation Period, Mr. Deromedi will have the
choice of purchasing the car based on 100% of the wholesale value plus all
applicable taxes, license fees and any administrative fees charged by the leasing
company, or returning the car to Kraft’s Northfield location or another
mutually agreed upon location.  During
the Salary Continuation Period, Kraft will continue to be responsible for
paying all normal repair, normal maintenance and monitoring fees associated
with Mr. Deromedi’s home security system; thereafter, Mr. Deromedi will be
responsible for paying such repair, maintenance and monitoring fees.  At his request, Mr. Deromedi will also be
eligible to receive executive outplacement for a period of up to two years from
the Termination Date, which will include office and secretarial support.  Kraft will reimburse Mr. Deromedi for his
reasonable professional fees incurred by him in connection with the negotiation
and documentation of this Agreement, provided, however, that Kraft’s obligation
to pay for outplacement services and professional fees, combined, will not
exceed a maximum of $100,000.

5.             Mr. Deromedi will be entitled to exercise any vested
stock options that he holds in Altria Group, Inc. (formerly Philip Morris
Companies Inc.) and Kraft Foods Inc. stock pursuant to the terms of the
applicable option grant.  For purposes of
his outstanding vested stock options,

 4
 

 

Mr. Deromedi will be treated as a retiree as of the
Termination Date and accordingly all of such vested stock options  will be exercisable for the remainder of
their original term.

6.             Consistent with a previous agreement between Mr.
Deromedi and Kraft, a benefit recognizing Mr. Deromedi’s Kraft earnings for the
purpose of calculating his General Foods pension benefit and, in addition,
recognizing his 11 years of service with General Foods (i.e., added to his
Kraft service) for the purpose of determining early retirement eligibility is
payable under Kraft Foods Global, Inc. Supplemental Benefits Plan II.  Mr. Deromedi’s nonqualified retirement plan
benefits will be paid subject to the terms of the Employee Grantor Trust
Enrollment Agreement between Mr. Deromedi and Altria Group, Inc. (formerly
Philip Morris Companies Inc.) dated August 5, 1999 or any successor agreement
and will be subject to offset in accordance with such agreement for amounts
paid to Mr. Deromedi from the grantor trust established by him pursuant to such
agreement.

7.             As consideration for Kraft’s promises to provide the payments
and other benefits described herein, Mr. Deromedi agrees that he will not
engage in Prohibited Conduct from the date of this Agreement through June 26,
2007.  Prohibited Conduct will be: (1)
working for, or providing
services, directly or indirectly (whether as an employee, consultant, officer, director, partner, joint venturer,
manager, member, principal, agent, or independent contractor, individually, in
concert with others, or in any other manner), to any of the companies
listed below, or of an entity that has a controlling equity interest or
management control of any such company, without the written consent of
Kraft’s Executive Vice President Global Human Resources, or designee, such consent to be provided by Kraft in its
sole and absolute discretion; or (2) soliciting, directly or indirectly,
any employee of Kraft to leave Kraft and to work for any other entity, whether
as an employee, independent contractor or in any other capacity.  It will not

 5
 

 

be a violation of this Section 7 for Mr. Deromedi to
provide services to any entity that provides goods or services to any of the
companies listed below, or to any entity that has a controlling equity interest
or management control of any such company, provided that during the period
ending June 26, 2007 he is not himself, directly or indirectly, providing goods
or services to such listed companies or such entities that have controlling
equity interests or management control of such listed companies.

The companies are: 
Cadbury Schweppes plc, Campbell Soup Company, The Coca-Cola Company,
ConAgra Foods, Inc., General Mills, Inc., Groupe Danone, H.J. Heinz Company,
Hershey Foods Corporation, Kellogg Company, Nestlé S.A., PepsiCo, Inc., The
Procter & Gamble Company, Sara Lee Corporation, and Unilever N.V., or any
subsidiaries, affiliates or subsequent parent or merger partner if any of these
companies are acquired or merge.  For
purposes of this Agreement, “affiliate” of a specified person or entity means a
person or entity that directly or indirectly controls, is controlled by, or is
under common control with, the person or entity specified.

Should Mr. Deromedi engage in Prohibited Conduct at
any time prior to June 26, 2007, he will be obligated to pay back to Kraft all payments (including any
Separation Payments, the Lump Sum Payment and the payments described in
paragraph 2 herein) received pursuant to this Agreement.  This will be in addition to any other remedy
that Kraft may have in respect of such Prohibited Conduct.  Kraft and Mr. Deromedi acknowledge and agree
that Kraft will or would suffer irreparable injury in the event of a breach or
violation or threatened breach or violation of the provisions set forth in
Sections 7, 9 and 11 and agree that in the event of an actual or threatened
breach or violation of such provisions Kraft will be awarded injunctive relief
in the federal or state courts located in Illinois to prohibit any such
violation or breach or threatened

 6
 

 

violation or breach,
without necessity of posting any bond or security, and that such right to
injunctive relief will be in addition to any other rights available under this
Agreement.

8.             Except as otherwise communicated to Kraft by Mr.
Deromedi, Kraft and Mr. Deromedi acknowledge that Mr. Deromedi has returned all
company property in his possession, including documents, manuals, handbooks,
notes, keys and any other articles he has used in the course of his employment.

9.             Mr. Deromedi acknowledges that during the course of his
employment with Kraft, he was entrusted with certain marketing, financial,
product, manufacturing, technical and other proprietary information and
material which are the property of Kraft. 
Mr. Deromedi agrees that, from the date of this Agreement and
thereafter, he will not communicate or disclose to any third party, or use for
his own account, without the written consent of Kraft, any of the
aforementioned information or material, unless and until such information or
material becomes generally available to the public (which includes the trades
and industries in which Kraft operates) through no fault of Mr. Deromedi.  Nothing herein will preclude Mr. Deromedi
from using his general knowledge and expertise to fulfill job responsibilities
with a new employer.  Anything herein to
the contrary notwithstanding, this Section 9 will not apply (i) when disclosure
is required by law or by any court, arbitrator, mediator or administrative or
legislative body (including any committee thereof) with actual or apparent
jurisdiction to order Mr. Deromedi to disclose or make accessible any information,
provided that Mr. Deromedi will request confidential treatment with respect to
such information and/or request matters with respect to such information be
sealed, or (ii) when disclosure in an arbitration or litigation pursuant to
Section 13 is necessary, in the reasonable opinion of Mr. Deromedi based on the
advice of counsel,  to the assertion of
Mr. Deromedi’s entitlements (including any defense with respect to

 7
 

 

any claim), provided that Mr. Deromedi will request
confidential treatment with respect to such information and/or request matters
with respect to such information be sealed; provided, however, that Mr.
Deromedi will also provide Kraft with written notice within a reasonable time
prior to such disclosure of his intention to disclose to a party to such
arbitration or litigation other than Kraft.

10.           Mr. Deromedi will not be entitled to
receive any additional compensation or benefits, which are not the subject
matter of this Agreement.  Mr. Deromedi
understands that the arrangements provided for in this Agreement exceed those
to which he would be entitled under Kraft’s existing policies.

11.            Mr. Deromedi agrees not to knowingly
make any public statement that would disparage Kraft and its affiliates or
persons who are officers and directors of Kraft and its affiliates as of the
date of this Agreement.  Kraft agrees
that neither Kraft nor its senior officers and directors will knowingly make
any public statement that would disparage Mr. Deromedi.  Notwithstanding the foregoing, nothing in this
Section 11 will prevent any person from (a) responding publicly to incorrect,
disparaging or derogatory public statements to the extent reasonably necessary
to correct or refute such public statement or (b) making any truthful statement
to the extent (i) necessary with respect to any litigation, arbitration or
mediation involving this Agreement, including, but not limited to, the
enforcement of this Agreement or (ii) required by law or by any court,
arbitrator, mediator or administrative or legislative body (including any
committee thereof) with apparent jurisdiction to order such person to disclose
or make accessible such information. 
Each of the parties agrees to notify the other of any statement that is
required to be made as provided in clause (b)(ii) of the preceding
sentence.  Such notice will be given as
much in advance of the making of such statement as is reasonably possible.

 8
 

 

12.           Mr. Deromedi will make himself
available to Kraft to assist Kraft and its affiliates, as may be requested by
Kraft, at mutually convenient times and places, with respect to pending and
future litigations, arbitrations, governmental investigations or other dispute
resolutions relating to or in connection with matters in which Mr. Deromedi was
personally involved, directly or indirectly, during his employment with Kraft,
provided that in no event will Mr. Deromedi be required to provide any
cooperation if such cooperation is materially adverse to his legal
interests.  To the extent possible, Kraft
will try to limit Mr. Deromedi’s cooperation to regular business hours.  In any event, (i) in any matter subject to
this Section 12, Mr. Deromedi will not be required to act against the best
interests of any new employer or new business venture in which he is an
employee, partner or active participant and (ii) any request for such
cooperation will take into account Mr. Deromedi’s other personal and business
commitments.  Kraft agrees to provide Mr.
Deromedi reasonable notice in the event his assistance is required.  Kraft will pay or reimburse Mr. Deromedi for
all reasonable expenses and costs he may incur as a result of providing such
assistance, including travel costs and legal fees, provided Kraft receives
proper documentation with respect to all claimed expenses and costs.  Kraft will only be obligated to reimburse Mr.
Deromedi’s legal fees if Kraft is provided with a written statement, by counsel
reasonably acceptable to Kraft, that separate legal representation is
warranted.  Reimbursement will be made
within thirty (30) days after Kraft has been provided with a detailed, itemized
statement of services rendered by Mr. Deromedi’s attorney.  Mr. Deromedi’s entitlement to reimbursement
of expenses and costs, including legal fees pursuant to this Section 12, will
in no way affect his rights to be indemnified and/or to have his expenses paid
or reimbursed pursuant to paragraph 15 of this Agreement.  Mr. Deromedi will be entitled to an hourly
fee (which fee will be mutually determined by Kraft and Mr. Deromedi prior to
Mr. Deromedi’s providing any

 9
 

 

cooperation pursuant hereto, it being agreed that such
fee will be fair and reasonable in light of his compensation history) for
furnishing such cooperation (including, without limitation, for time taken in
travel undertaken in connection with such cooperation), such fee to be paid
promptly following his submission of a statement setting forth the number of
hours spent

13.           Any controversy, dispute or claim
arising out of or relating to this Agreement, any other agreement or
arrangement between Mr. Deromedi and Kraft, Mr. Deromedi’s employment with
Kraft, or the termination thereof (collectively, “Covered Claims”) will be
resolved by binding arbitration, to be held in Chicago, Illinois, in accordance
with the Commercial Arbitration Rules (and not the National Rules for the
Resolution of Employment Disputes) of the American Arbitration Association and
this Section 13.  Judgment upon the award
rendered by the arbitrator may be entered in any court having jurisdiction
thereof.  Each party will pay its own
costs of arbitration or litigation, including without limitation attorneys’
fees.  If either Mr. Deromedi or Kraft
believes that a breach of this Agreement has occurred, the party asserting such
breach will notify the other in writing. 
The parties will attempt to settle any such dispute through consultation
and negotiation in good faith and in a spirit of mutual cooperation.   If any such alleged breach is susceptible of
cure and is cured by the breaching party within a reasonable period of time after
notice has been served, such alleged breach shall not give rise to damages or
any other remedy under this Agreement. 
If the matter is not resolved to the parties’ satisfaction  within thirty (30) days  after notice has been served, or within such
longer time period as may be agreed to by the parties, the dispute will be
submitted to binding arbitration pursuant to this paragraph.  If, pursuant to this paragraph, the
arbitrator determines that Mr. Deromedi has breached the terms of this
Agreement, Mr. Deromedi will repay to Kraft the amounts that Kraft paid to him
under paragraphs 1 and 2 of this Agreement plus interest at the rate of the
then

 10
 

 

current published federal short-term rate.    If at the time any alleged breach of this
Agreement by Mr. Deromedi has occurred, all payments due Mr. Deromedi under
this Agreement have not yet been made, Kraft will make no further payments
due.  Notwithstanding the foregoing, if
such alleged breach is susceptible of cure and is cured by Mr. Deromedi within
a reasonable period of time after notice has been served, or if, pursuant to
this paragraph, the arbitrator determines that Mr. Deromedi has not breached
the terms of this Agreement, Kraft will resume payments to Mr. Deromedi in
accordance with the terms of this Agreement. 
Mr. Deromedi and Kraft agree that the prevailing party with respect to
any particular issue(s) in any arbitration of any Covered Claim will be
reimbursed by the non-prevailing party his/its attorneys’ fees and costs, up to
a maximum of $150,000, relating to such particular issue(s) before the
arbitrator.

14.           Mr. Deromedi is aware of his legal
rights concerning his employment with Kraft. 
In consideration for the benefits being provided to Mr. Deromedi
hereunder, Mr. Deromedi (for himself, his heirs, legal representatives and
assigns) hereby waives, and generally releases Kraft, its affiliated companies
and their officers, directors, agents, and employees from, and agrees not to
sue them for, any claims or causes of action existing on the date of this
Agreement arising out of his employment relationship with Kraft or the
termination of that employment.  This
includes, but is not limited to, all claims under Title VII of the Civil Rights
Act of 1964, the Age Discrimination in Employment Act, the Older Workers
Benefit Protection Act, the Employee Retirement Income Security Act, or any
other federal, state or local law dealing with employment discrimination, and
claims for breach of contract and wrongful discharge; provided, however,
nothing herein will release Kraft from any claims or damages based on (i) any
right Mr. Deromedi may have to enforce this Agreement, (ii) any right or claim
that arises after the date of this Agreement, (iii) any right Mr. Deromedi may
have to benefits or entitlements under

 11
 

 

any applicable plan, agreement, program, award, policy
or arrangement of Kraft or its affiliates, (iv) Mr. Deromedi’s eligibility for
indemnification in accordance with applicable laws or the certificate of
incorporation and by-laws of Kraft or its affiliates, or any applicable
insurance policy, with respect to any liability Mr. Deromedi incurs or incurred
as an employee or officer of Kraft or its affiliates or (v) any right Mr.
Deromedi may have to obtain contribution as permitted by law in the event of entry
of judgment against Mr. Deromedi as a result of any act or failure to act for
which Mr. Deromedi and Kraft are jointly liable.  In consideration for the above release,
Kraft, on behalf of itself and its affiliated companies, and their officers,
directors, agents and employees, hereby waives, and generally releases Mr.
Deromedi and his heirs and representatives from, and agrees not to sue him, for
any claims or causes of action existing on the date of this Agreement arising
out of his employment relationship with Kraft or the termination of that
employment.

15.     (a) 
Kraft agrees that if Mr. Deromedi is presently a party, is made a party
or is threatened to be made a party, to any action, suit or proceeding, whether
civil, criminal, administrative or investigative (a “Proceeding”), by reason of
the fact that he is or was a director, officer or employee of Kraft or is or
was a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, including service with respect to
employee benefit plans, at the request of Kraft whether or not the basis of
such Proceeding is Mr. Deromedi’s alleged action in an official capacity while
serving as such director, officer, employee or agent, Mr. Deromedi will be
indemnified and held harmless by Kraft to the fullest extent legally permitted
or authorized by Kraft’s articles of incorporation or bylaws or resolutions of
Kraft’s Board of Directors or, if greater, by the laws of the State of
Virginia,

 12
 

 

against all cost, expense, liability and loss
(including, without limitation, attorneys’ fees, judgments, fines, ERISA excise
taxes or penalties and amounts paid or to be paid in settlement) reasonably
incurred or suffered by Mr. Deromedi in connection therewith, and such indemnification
will inure to the benefit of Mr. Deromedi’s heirs and legal
representatives.  Kraft will pay or
reimburse Mr. Deromedi for all reasonable costs and expenses incurred by him in
connection with a Proceeding within thirty (30) days after Mr. Deromedi
delivers to Kraft  proper documentation
thereof; provided, however, that Kraft will only be obligated to pay or
reimburse Mr. Deromedi’s legal fees if Kraft is provided with (a) a written
statement, by counsel reasonably acceptable to Kraft, that separate legal
representation is warranted and (b) a detailed, itemized statement of services
rendered by Mr. Deromedi’s attorneys.

(b)           Kraft agrees to continue and maintain
directors’ and officers’ liability insurance covering Mr. Deromedi which is no
less favorable and no more favorable than the coverage Kraft provides for its
directors and other senior officers.

16.           In the event that the aggregate of
all payments or benefits made or provided to Mr. Deromedi under this Agreement
and under all other plans and programs of the Company (the “Aggregate Payment”)
is determined to constitute a Parachute Payment, as such term is defined in
Section 280G(b)(2) of the Internal Revenue Code of 1986, as amended (the “Code”),
Kraft will pay to Mr. Deromedi, prior to the time any excise tax imposed by
Section 4999 of the Code (“Excise Tax”) is payable with respect to such
Aggregate Payment, an additional amount which, after the imposition of all
income and excise taxes thereon, including any interest and penalties, is equal
to the Excise Tax on the Aggregate Payment; provided, however, that Kraft will
only be

 13
 

 

obligated to make the additional payments under this
paragraph if (a) the Aggregate Payment is determined to constitute a Parachute
Payment and (b) Kraft has made or agreed to make Parachute Payments to its
senior officers and has agreed to pay them such additional payments.

17.     (a) 
Mr. Deromedi is a participant in various plans operated by Kraft that
may or do provide non-qualified deferred compensation.  If any compensation or benefits provided for
by this Agreement may result in the application of Section 409A of the Code,
Kraft will, in agreement with Mr. Deromedi, modify the Agreement in the least
restrictive manner necessary in order, where applicable, (i) to exclude such
compensation from the definition of “deferred compensation” within the meaning
of said Section 409A, or (ii) to comply with the provisions of said Section
409A, other applicable provisions of the Code and/or any rules, regulations or
other regulatory guidance issued under such statutory provisions and to make
such modification, in each case, without any diminution in the value of the
payments to be paid or provided to Mr. Deromedi pursuant to paragraphs 1, 2, 3,
4, and 5 of this Agreement.  To the
extent required in order to comply with Section 409A of the Code, amounts or
benefits to be paid or provided to Mr. Deromedi pursuant to this Agreement will
be delayed to the first business day on which such amounts and benefits may be
paid to Mr. Deromedi in compliance with said Section 409A.  To the extent that a delay impacts Mr.
Deromedi’s welfare benefit coverage, Mr. Deromedi will be covered under the
welfare benefits described in the 1989 Letter.

(b)           If Mr. Deromedi is subject to
additional tax liability under said Section 409A (which for purposes hereof
will be deemed to include a deemed interest charge and the 20% additional tax),
as a result of the breach by Kraft of any of the provisions of this Agreement,
Kraft agrees to pay to Mr. Deromedi, prior to the time such additional tax
liability is payable by

 14
 

 

him, an additional amount which, after the imposition
of all income and excise taxes thereon, including any interest and penalties,
is equal to such additional tax liability. 
Mr. Deromedi agrees that he will cooperate with Kraft in challenging the
assessment of such additional tax liability. 
For the avoidance of doubt, Mr. Deromedi will be entitled to receive the
gross-up payment provided for in this clause (b) only in the specific
circumstances provided for herein.

(c)           Kraft agrees that if deferral of a
payment or benefit is required for more than one (1) year pursuant to clause
(a) above in order to comply with Section 409A(a)(v)(B)(i), it will provide
such payment  plus interest at the rate
of the then current published federal short-term rate.

18.           In no event will Mr. Deromedi be
obligated to seek other employment or take any other action by way of
mitigation of the amounts payable under this Agreement.  There will be no offset by Kraft against Mr.
Deromedi’s entitlements under this Agreement for any compensation or other
amounts that he earns from subsequent employment or engagement of his services
or on account of any claim that Kraft may have against him.  In no event will Kraft have a right of offset
against any account that Mr. Deromedi maintains with Kraft on account of any
claims arising under this Agreement.

19.           This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and will
supersede all prior agreements, whether written or oral, with respect
thereto.  In the event of any
inconsistency  between  the terms of this Agreement  and the terms of any other Kraft plan,
policy, equity grant, arrangement or agreement Mr. Deromedi,  the provisions most favorable to Mr. Deromedi
will govern.

 15
 

 

20.           This Agreement will be governed by
and construed in accordance with the laws of the State of Illinois without
reference to principles of conflict of laws.

21.           If any provision of this Agreement is
held to be invalid, illegal or unenforceable (in whole or part), such provision
will be deemed modified to the extent, but only to the extent, of such
invalidity, illegality or unenforceability and the remaining provisions will
not be affected thereby.  If at any time
any provision of this Agreement is or becomes illegal, invalid or unenforceable
in any respect under the law of any jurisdiction, neither (i) the legality,
validity or enforceability in that jurisdiction of any other provisions of this
Agreement nor (ii) the legality, validity or enforceability under the law of
any other jurisdiction of that or any other provisions of this Agreement, will
be affected or impaired.

22.           Except as otherwise expressly
provided herein, this Agreement will be binding upon and inure to the benefit
of the parties and their respective successors, heirs (in Mr. Deromedi’s case),
legal representatives (in Mr. Deromedi’s case) or assigns.  Kraft will require any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of Kraft to assume and agree to
perform this Agreement in the same manner and to the same extent that Kraft
would be required to perform it if no such succession had taken place.  As used in this Agreement, “Kraft” will mean
Kraft as defined above and any successor to its business and/or assets which
assumes and agrees to perform this Agreement by operation of law or
otherwise.  In the event of Mr. Deromedi’s
death or a judicial determination of his incompetence, with respect to any
payments, entitlements or benefits payable or due hereunder, references in this
Agreement to Mr. Deromedi will be deemed to refer, where appropriate, to his
legal representatives or his beneficiary or beneficiaries.  Anything herein to the contrary
notwithstanding, Kraft may not assign this Agreement except to 

 16
 

 

a successor to Kraft, and any such assignment by Kraft
will not relieve it of its obligations hereunder.  None of Mr. Deromedi’s rights or obligations
under this Agreement may be assigned or transferred by him other than his
rights to compensation and benefits, which may be transferred only by will or
operation of law, except as otherwise specifically provided in this Agreement
or other applicable plans or agreements of Kraft.

23.           For the purpose of this Agreement,
notices, demands and all other communications provided for in this Agreement
will be in writing and will be sent by messenger or overnight courier (provided
in each case confirmation of receipt is obtained), certified or registered
mail, postage prepaid and return receipt requested, or by facsimile
transmission to the parties at their respective addresses and fax numbers set
forth below or to such other address or fax number as to which notice is given.

	
  If to Mr. Deromedi:

  	
   

  	
  At the last address and fax number on file at Kraft

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  	
   

  	
  Joseph E.
  Bachelder, Esq.

  
	
   

  	
   

  	
  780 Third
  Avenue, 29th Floor

  
	
   

  	
   

  	
  New York, NY
  10017

  
	
   

  	
   

  	
  Fax: (212)
  319-3070

  
	
   

  	
   

  	
   

  
	
  If to Kraft:

  	
   

  	
  Karen May

  
	
   

  	
   

  	
  Executive Vice President

  
	
   

  	
   

  	
  Kraft Foods Global, Inc.

  
	
   

  	
   

  	
  Three Lakes Drive

  
	
   

  	
   

  	
  Northfield, IL 60093

  
	
   

  	
   

  	
  Fax: (847) 646-7101

  

 

 17
 

 

 

	
  

  	
   

  	
   

  
	
  With a copy to:

  	
   

  	
  Marc Firestone

  
	
   

  	
   

  	
  Executive Vice
  President and General Counsel

  
	
   

  	
   

  	
  Kraft Foods
  Global, Inc.

  
	
   

  	
   

  	
  Three Lakes
  Drive

  
	
   

  	
   

  	
  Northfield, IL
  60093

  
	
   

  	
   

  	
  Fax: (847)
  646-2950

  

 

Notices, demands and
other communications will be deemed given on delivery thereof.

24.           This Agreement may not be amended
except by mutual written agreement of Mr. Deromedi and an authorized officer of
Kraft.  No waiver by any party to this
Agreement at any time of any breach by the other party of, or compliance with,
any condition or provision of this Agreement to be performed by such other
party will be deemed a waiver of similar or dissimilar provisions or conditions
at the same or at any prior or subsequent time. 
Any waiver to be effective must be in writing and signed by the party
against whom it is being enforced.

25.           This Agreement may be executed in one
or more counterparts, each of which will be deemed to be an original but all of
which together will constitute one and the same instrument.  This Agreement may be executed by a signature
delivered by facsimile or in pdf format, which will be deemed to be an original
signature.

26.           Kraft represents and warrants that
(i) the execution, delivery and performance of this Agreement by Kraft has
been fully and validly authorized by all necessary corporate action,
(ii) the officer signing this Agreement on behalf of Kraft is duly
authorized to do so, (iii) the execution, delivery and performance of this
Agreement does not violate any applicable law,

 18
 

 

regulation, order,
judgment or decree or any agreement, plan or corporate governance document to
which Kraft is a party or by which it is bound and (iv) upon execution and
delivery of this agreement by the parties, it will be a valid and binding
obligation of Kraft enforceable against it in accordance with its terms, except
to the extent that enforceability may be limited by applicable bankruptcy,
insolvency or similar laws affecting the enforcement of creditors’ rights
generally.

27.           By signing below Mr. Deromedi
acknowledges that he has thoroughly read this Agreement.  He also acknowledges that he has been advised
to consult an attorney prior to executing this Agreement and that he has 21
days to review this Agreement before signing it, and an additional 7 days after
its becoming effective upon signing it to revoke it.  In addition, Mr. Deromedi agrees that he has
full understanding and knowledge of the terms and conditions of this Agreement,
and that he understands that these terms will be final and binding upon Mr.

Deromedi and upon Kraft
and no longer subject to revocation 7 days from the execution of this
Agreement.

	
  /s/ ROGER K. DEROMEDI

  	
   

  	
  Date: August 31, 2006

  
	
  ROGER K. DEROMEDI

  	
   

  	
   

  

 

The undersigned hereby
certifies that Roger K. Deromedi appeared before me and signed this document
and verified that he signed this Agreement voluntarily.

	
  /s/ YOLANDA KOZICZ

  	
   

  	
  Date: August 31, 2006

  
	
  Notary Public

  	
   

  	
   

  

 

	
  My Commission Expires:

  	
  October 17, 2007

  	
   

  
	
   

  	
   

  	
  [Official Seal
  of Notary]

  

 19
 

 

 

	
  ACCEPTED FOR KRAFT FOODS
  INC.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ KAREN MAY

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  Karen May

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
  EVP HR

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  August 31, 2006

  	
   

  

 

 20

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