Document:

Unassociated Document

Termination Agreement

The undersigned parties hereby agree that the Put Option Agreement (the “Put Agreement”) dated as of October 30, 2009 by and among Bernard Kravitz, Central Mega Limited and Dionics, Inc. is hereby terminated with immediate effect and none of the parties shall have any further responsibility or liability thereunder.

This Agreement shall inure to the benefits of and be binding upon the parties hereto and their respective successors and assigns. This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute a single agreement.

IN WITNESS WHEREOF, the parties hereto have executed this Termination Agreement as of the 29th day of June, 2012.

 

	 	/s/ Bernard Kravitz	 
	 	BERNARD KRAVITZ	 
	 	 	 	 

 

	 	 
CENTRAL MEGA LIMITED

	 
	 	 	 	 
	 	
By: 

	/s/ Jeff Teng	 
	 	Name :	Jeff Teng	 
	 	Title: 	President 	 
	 	 	 	 

 

	 	 
DIONICS, INC.

	 
	 	 	 	 
	 	
By: 

	/s/ Bernard Kravitz	 
	 	Name :	Bernard Kravitz	 
	 	Title: 	PresidentSunOpta Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

June 30, 2012 

Mr. Hendrik Jacobs 
CH3 5AU Chester, 
United Kingdom

Dear Rik: 

As per our discussions, I am most pleased to offer you the
position of President and Chief Operating Officer, SunOpta Inc.

Personally, I am extremely confident that you will be a great
fit with SunOpta and vice versa. Even more important, I am sure the role will be
both challenging and rewarding, but also a great deal of fun as we continue to
grow and position SunOpta as a world class leader in natural and organic
foods.

The terms of this offer are obviously contingent upon on you
achieving work status in Canada. This process is currently ongoing and I am
confident that we will have finalized this in the near future.

POSITION DESCRIPTION: 

While we will work together to finalize a number of
organizational and operating objectives and priorities, the key aspects of the
President and Chief Operating Officer role will be: 

	
      	 

	
      Member of SunOpta Inc. Senior Management
  Committee.

	 	 	 
	
      	 

	
      Operational and strategic leadership of SunOpta Foods,
      with a focus on:

		
      	 

	
      Revenue development and improved customer facing
      processes,

		
      	 

	
      Alignment of resources for maximum operating efficiency
      and effectiveness,

		
      	 

	
      Operational excellence,

		
      	 

	
      Development of improved operating margins and return on
      assets employed,

		
      	 

	
      Operational risk assessment and ongoing management of key
      risks, and;

		
      	 

	
      Strategic positioning of SunOpta Foods.

	 	 	 
	
      	 

	
      Guide and direct key personnel within SunOpta Foods Group
      in the development, production, promotion, distribution and financial
      aspects of the Group’s products and services.

	 	 	 
	
      	 

	
      Lead the preparation of short-term and long range plans
      and budgets for SunOpta Foods based on broad corporate goals and growth
      objectives.

	 	 	 
	
      	 

	
      Direct participation in assessing potential acquisition
      and merger targets, ensuring that post acquisition synergies and
      integration of existing business units are realized in order to drive
      improved business practices and return on investment.

	 	 	 
	
      	 

	
      Strategic leadership and management of SunOpta
      Sustainability and Global Supply Chain activities.

	 	 	 
	
      	 

	
      Ongoing evaluation and reporting on the results of
      operations (sales, margins, overheads, key operating metrics,
  etc)

	
      	 

	
      Maintain a sound staffing and organizational plan,
      further developing policies and practices to drive management development
      and provide for capable succession planning.

	 	 	 
	
      	 

	
      Ensure that all organization activities and operations
      are carried out in compliance with all jurisdictional regulations and SOX
      requirements.

	 	 	 
	
      	 

	
      Work in hand with SunOpta Inc. Executive Management Team
      Members (CFO, CAO, Legal and Business Development, others) to ensure
      functional priorities are addressed within operations.

	 	 	 
	
      	 

	
      Ongoing support/partnership with the Chief Executive
      Officer and other senior executives in areas such as investor relations,
      strategic planning, mergers and acquisitions and organizational
      development.

	 	 	 
	
      	 

	
      In this role a number of executive level positions will
      report directly to you including:

		
      	 

	
      President, SunOpta Grains and Foods Group (Allan
      Routh)

		
      	 

	
      President, SunOpta Ingredients Group (Scott
  Gordon)

		
      	 

	
      President(s) , SunOpta Consumer Products Group (Chris
      Bouchard, Joseph Stern)

		
      	 

	
      President(s), SunOpta International Foods Group (Gerard
      Versteegh)

		
      	 

	
      Vice President, Sustainability (Bill Van
  Heeswyk)*

* Initially all of the Food Group
President’s will report to you and we will determine a mutually agreeable time
for the transition of the Sustainability function to your leadership. 

	REPORTING TO: 	Steve Bromley, currently President and Chief
      Executive Officer 
	 	 
	LOCATION: 	Corporate Head Office, presently located at
      2838 Bovaird Drive West, Brampton, Ontario L7A 0H2 
	 	 
	STARTING DATE: 	August 1, 2012 or a date to be mutually agreed
      upon. 

COMPENSATION AND BENEFITS: 

Salary: Your base salary will be $500,000 CDN per annum
and you will be paid bi-weekly (every other Friday). Your salary and related
compensation package will be reviewed annually with the next review scheduled
for April 1, 2013. 

Short Term Incentive/Bonus: You will be entitled to a
target short term incentive/bonus of 50% of your base salary. The short term
inventive plan is administered in line with the fiscal reporting calendar. You
will be eligible for bonus based on the SunOpta Corporate Bonus Plan, which is
based on a combination of budgeted return on net asset (RONA) results in each of
the operating groups (50%), budgeted corporate return on equity (25%) and
budgeted net earnings at the corporate level (25%). This plan has a minimum
threshold of 90% for all parameters and an upside payable at 1% of target bonus
overachievement for each metric. For net earnings at a corporate level the
over-achievement starts at 100% of the budget before any allowance. Your bonus
for 2012 will be pro-rated based on your starting date. The terms of this plan
are reviewed on an annual basis by the Board of Directors and are subject to
change. 

Long-Term Incentive – In addition to the one time
initial grant of employee stock options detailed below, you will be entitled to
a long-term incentive. Currently the incentive is awarded via an annual grant of
stock options equivalent to 50% of your base salary, rounded to the nearest 100
shares. The calculation of the value of the options toward the amount of 50%
will be based on the ‘Black-Scholes’ method of determining stock option value.
The annual option grant is at the sole discretion of the Board of Directors.

It is the intention of the Board of Directors to do a complete
review of the short term and long term incentive plans this year with any
changes applicable for 2013. 

Initial Stock Option Grant: You will be granted 250,000
stock options on joining the Company. Pricing for these options will be based on
the closing price of SunOpta shares on the NASDAQ on the day prior to you
joining the Company. Options have a ten year term and vest over five years with
the first 20% vesting after one year and 20% per year thereafter. In the event
the Company is unable to issue and price stock options on the day prior to you
joining the Company due to restrictions with the issuance of securities by
regulatory authorities, these options will be issued and priced based on the
closing price on such date which is two days after the lifting of applicable
restrictions or the earliest date authorized by the applicable regulatory
authorities. 

Benefits: The Company provides family health, hospital,
vision and dental coverage. Some of the coverage highlights are as follows: 

	 	a) 	
      Medical and Dental Coverage;

	 	b) 	
      Paramedical services;

	 	c) 	
      Vision Coverage every two years;

	 	d) 	
      Life Insurance (3 Times Salary to maximum $750,000
      CDN)

	 	e) 	
      Accidental death & dismemberment (3 Times Salary to
      maximum $750,000 CDN)

Life insurance premiums paid for by the Company are a taxable
benefit and will be added to your income on your annual T4.

Enrollment in the long-term disability plan is mandatory for
all employees; the plan covers up to 66% of your income if you become disabled
to a maximum of $10,000 per month. Premiums for disability insurance are paid
directly by the employee, through payroll deduction, to ensure that any benefits
received from this plan are non-taxable. 

Should you become disabled and unable to work, the company will
pay your full salary through the elimination period of 180 days. 

You will be eligible for an annual medical and related
follow-up coverage provided via Medcan, at the Company’s expense. 

The Company may change, add or delete benefits or coverage in
the future and no such change will be considered as a substantial change to the
terms of your employment or a breach of contract.

A copy of the Company’s current group benefits plan is attached
as Exhibit A. As a result of the recent sale of Purity Life Natural Health
Products, the plan will be amended in the future for new employees. In any
event, the Company will ensure the benefits provided are consistent with the
terms of the current plan as attached. 

RRSP (Registered Retirement Savings Plan): You may
contribute up to 5% of your salary by payroll deduction into your individual
RRSP. The Company will match your contribution into your RRSP, $1 for $1, up to
50% of the maximum applicable under the Income Tax Act in any given year (the
combination of your contribution and the Company contribution reaching the
maximum). The total contribution limit for 2012 is $22,970 CDN. 

Vacation: You will be entitled to four (4) weeks
vacation per annum, all to be scheduled based on business needs. SunOpta’s
vacation period runs from January to December and all vacation must be taken in
the year it is earned. No carry forward of vacation to the following year is
permitted unless previously approved. This vacation will be pro-rated for the
2012 vacation year. 

Auto Allowance: You will be provided a monthly auto
allowance of $1,000 CDN, plus reimbursement of reasonable operating costs
including insurance, gas, normal maintenance and 407 ETR fees. 

Professional Fees:  The Company will pay reasonable annual professional fees related to your employment. 

Membership Fees: You will be entitled to reimbursement of annual membership fees up to a maximum of $2,500. 

Transition Support: You will be provided transition support of $4,000 per month, net of applicable taxes, for a period of 12 months ($48,000 total). The total amount will be paid via lump sum once you join the company. In the event
you choose not to stay with the company for the initial 12 month period, you agree to reimburse the company for the amount of the transition support which was not earned.

Relocation: The Company will reimburse you for all reasonable relocation expenses for you and your family to relocate from the United Kingdom to the Greater Toronto Area. The costs to ship your personal sailboat will be shared on a 50/50
basis. You will provide and estimates of relocation costs at your earliest convenience.

Employee Stock Purchase Plan: You may elect to contribute between 1% and 10% of your base salary into the Employee Stock Purchase Plan, subject to maximum contribution limits as detailed in the Plan. (Plan limits value of stock received
through the plan to a maximum of $25,000 per year). Stock is issued at the end of each quarterly offering period based on a 15% discount to the average share price immediately before the end of the offering period. You are eligible to enroll in
the plan at the beginning of the next offering period subsequent to your start date. All senior management are encouraged to utilize this plan as one of the methods available to establish an ownership position over time.

Change of Control and Termination Without Cause:  In the event of a Change of Control of the Company (defined as 50% or more of the common shares owned by one investor group) all unvested options will immediately vest. In addition, in the
event of a Change of Control, should material changes be proposed to your position, you will have the option to receive a lump sum severance payment equal to eighteen (18) months of the total of your then annual base salary and annual bonus, plus
the continuation of the auto allowance and medical, dental and insurance benefits, with the exception of short and long term disability insurance, for a period of eighteen (18) months following the date that employment is terminated.

In the event of termination of your employment without cause, you will receive severance benefits of eighteen months base salary, bonus, plus continuation of auto allowance and allowable medical and insurance benefits during the severance period.

For the purposes of calculating severance under Change of Control or Termination Without Cause above, the bonus will be based on the higher of the average of the pro-rated year to date results, assuming a minimum of six (6) months have elapsed for
that current fiscal year plus the preceding year bonus payout or the average bonus payout of your previous two years of employment.

Termination of Employment: You may resign your employment with the Company upon providing at least twelve weeks advance notice of your expected last day of work (‘resignation date’).  Once the Company has received your resignation
it may, at its sole discretion, terminate your employment at any time prior to your resignation date in which case you will continue to be paid up to your ‘resignation date’ and the Company will have no liability for termination
severance pay or damages whether at common law or otherwise. 

In the event you decide to terminate your employment as a result of your perceived material inability to execute the responsibilities of your position, you will receive benefits of twelve months base salary and annual bonus, plus continuation of
auto allowance and allowable medical and insurance benefits during the termination period.  For greater clarity, this provision will apply to circumstances whereby due to decisions taken by myself or the Board of Directors, you are not able to
execute key responsibilities of your position such as decisions on hiring or firing, thereby
limiting your ability to be effective in your role. In the event you wish to
exercise the provisions of this clause, final approval will be subject to the
approval of the Chairpersons of both the Compensation Committee and the
Corporate Governance Committee. In the event they do not mutually agree on the
matter, the final decision will rest with the Chairman of the Board of
Directors.

For this provision the determination of annual bonus will be
based on the higher of the average of the prorated year to date results,
assuming a minimum of six (6) months have elapsed for that current fiscal year
plus the preceding year bonus payout or the average bonus payout of your
previous two years of employment. In the event you have not been employed for
two years, the bonus will be based on the average earned over the period of
employment, prorated for twelve months. 

SUNOPTA POLICIES 

Practices & Policies: You agree to be bound by and
comply with all Company practices and policies whether written or not, of which
you are aware, or of which you ought to be aware and such practices and policies
form part of this contract of employment. 

You confirm that you have read, signed and agree to abide by
the terms and conditions of Business Ethics and Code of Conduct Policy attached
as Exhibit B. 

The agreement arising from your acceptance of this offer will
be governed by and constructed in accordance with the laws of the Province of
Ontario and the laws of Canada applicable therein. 

Rik, I am very pleased to have you join the SunOpta Corporate
team in this role and have the opportunity to work with you as we build a world
class natural and organic foods company.

Assuming these terms are acceptable, please sign and return a
copy to my attention. 

Yours sincerely, 

/s/ Steve
Bromley                                  
 
Steve Bromley 
President and CEO 
SunOpta Inc. 

I hereby agree to and accept the above. 

/s/ Hendrik
Jacobs                                  
 
Hendrik Jacobs 

Agreed on this 30th day of June, 2012.

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