Document:

exv10w1

Exhibit 10.1

AMENDMENT TO

COMPENSATION AND BENEFITS ASSURANCE AGREEMENT

     THIS AMENDMENT TO COMPENSATION AND BENEFITS ASSURANCE AGREEMENT (the “Amendment”)
is made and entered into as of December 17, 2010, by and between LANCE, INC., a North Carolina
corporation (the “Company”), and GLENN A. PATCHA (the “Executive”).

Statement of Purpose

     The Company and Executive entered into an Amended and Restated Compensation and Benefits
Assurance Agreement dated April 24, 2008 (the “Agreement”). The purpose of this Amendment is to
amend the Agreement to provide for certain post-employment covenants by Executive and provide for
additional cash severance benefits to Executive.

     NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the
parties hereto hereby agree that the Agreement is amended effective as of the date hereof as
follows:

	 	1.	 	Section 4(c)(ii) of the Agreement is amended to read as follows:
	 
	 	“(ii)	 	A lump-sum cash amount equal to the sum of:

	 	(A)	 	three (3) multiplied by the Executive’s Base Salary in
effect upon the date of the Qualifying Termination or, if greater, by
Executive’s Base Salary in effect immediately prior to the occurrence
of the Change in Control, plus
	 
	 	(B)	 	three and one-half (3.5) multiplied by the greater of
(I) Executive’s annual bonus actually earned by Executive (whether or
not deferred) during the bonus plan year which ended immediately prior
to the Qualifying Termination or (II) Executive’s then-current target
bonus opportunity (stated in terms of a percentage of Base Salary)
established under the Company’s Annual Corporate Performance Incentive
Plan for Officers (or any successor plan thereto), if any, for the
incentive plan year in which the date of Executive’s Qualifying
Termination occurs, plus

	 	2.	 	The following new Section 21 is added to the Agreement:

	“21.	 	Covenant Not to Compete.

     (a) Executive and the Company understand and agree that the purpose of this Section 21 is
solely to protect the Company’s legitimate business interests, including, but not limited to, the
Company’s business relationships and goodwill, its confidential information and trade secrets, and
the Company’s competitive advantage within its industry.

 

 

     (b) Executive understands that the Company is headquartered in North Carolina and that the
Company operates its business across the United States including in states that permit
post-termination non-compete covenants. To the fullest extent permitted by any applicable state
law, Executive agrees to be subject to the restrictive covenants set forth in this Section 21.

     (c) During Executive’s employment with the Company, and for the period of three (3) years
immediately following a Qualifying Termination, Executive shall not, without the prior written
consent of the Company, directly or indirectly, obtain or hold a Sandwich Cracker Competitive
Position with a Competitor in the Restricted Territory, as these terms are defined herein.

     (d) During Executive’s employment with the Company, and for the period of twelve (12) calendar
months immediately following a Qualifying Termination, Executive shall not, without the prior
written consent of the Company, directly or indirectly, obtain or hold a Private Label/Kettle
Cooked Potato Chip Competitive Position with a Competitor in the Restricted Territory as these
terms are defined herein.

     (e) For purposes of this Section 21, the following definitions apply:

	 	(i)	 	A “Sandwich Cracker Competitive Position” means any employment
with or service to be performed (whether as owner, member, manager, lender,
partner, shareholder, consultant, agent, employee, co-venturer, or otherwise)
for a Competitor in which Executive will hold a position, will have duties, or
will perform or be expected to perform services for such Competitor, in
connection with the sale of Sandwich Cracker snacks (as that term is used
within the Company’s business).
	 
	 	(ii)	 	A “Private Label/Kettle Cooked Potato Chips Competitive
Position” means any employment with or service to be performed (whether as
owner, member, manager, lender, partner, shareholder, consultant, agent,
employee, co-venturer, or otherwise) for a Competitor in which Executive will
hold a position, will have duties, or will perform or be expected to perform
services for such Competitor, in connection with the sale of (1) private label
cookies and crackers, or (2) kettle cooked chips.
	 
	 	(iii)	 	A “Competitor” means any third-party (1) whose business is the
same as or substantially similar to the business of the Company or major
segment thereof, or (2) who owns or operates, intends to own or operate, or is
preparing to own or operate a subsidiary, affiliate, or business line or
business segment whose business is or is expected to be the same as or
substantially similar to the Company’s business or major segment thereof.
	 
	 	(iv)	 	The “Restricted Territory” means all states in the United
States of America in which the Company currently sells its products.
	 
	 	(v)	 	Executive shall be deemed to be in a Competitive Position with
a Competitor in the Restricted Territory, if Executive obtains or holds a
Competitive Position with a Competitor that conducts its business within

-2-

 

	 	 	 	the Restricted Territory (and Executive’s responsibilities relate to that
Competitor’s business in the Restricted Territory), even if Executive’s
residence or principal place of work is not within the Restricted Territory.

     (f) Notwithstanding the foregoing, Executive may, as a passive investor, own capital stock of
a publicly held corporation, which is actively traded in the over-the-counter market or is listed
and traded on a national securities exchange, which constitutes or is affiliated with a Competitor,
so long as Executive’s ownership is not in excess of five percent (5%) of the total outstanding
capital stock of the Competitor.

     (g) Executive acknowledges and agrees that (i) the restrictive covenants contained in this
Agreement are reasonable in time, territory, and scope, and in all other respects; (ii) should any
part or provision of any covenant be held invalid, void, or unenforceable in any court of competent
jurisdiction, such invalidity, voidness, or unenforceability shall not render invalid, void, or
unenforceable any other part or provision of this Agreement; and (iii) if any portion of the
foregoing provisions is found to be invalid or unenforceable by a court of competent jurisdiction
because its duration, territory, definition of activities, or definition of information covered is
considered to be invalid or unreasonable in scope, the invalid or unreasonable terms shall be
redefined to carry out the Company’s and Executive’s intent in agreeing to these restrictive
covenants. These restrictive covenants shall be construed as agreements independent of any other
provision in this Agreement and the existence of any claim or cause of action of Executive against
the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to
the enforcement by the Company of these restrictive covenants.

     (h) Notwithstanding any provision herein to the contrary, in the event of any actual or
threatened breach by Executive of the provisions of this Section 21, the Company shall have the
right to recover from Executive from the prior cash Severance Benefits paid to Executive as set
forth in Section 4(c) an amount determined by the Company not to exceed two million dollars
($2,000,000). Nothing herein shall be construed as prohibiting the Company from pursuing any other
equitable or legal remedies for such breach or threatened breach, including the recovery of
monetary damages from Executive.”

3. Except as expressly or by necessary implication amended hereby, the Agreement shall
remain in full force and effect.

     IN WITNESS WHEREOF, the Company has caused this Amendment to be signed by its duly authorized
officer, and Executive has hereunto set his hand, all as of the day and year first above written.

	 	 	 	 	 	 	 	 	 

	 	 	“Company”	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	LANCE, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By	 	/s/ Kevin A. Henry	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Kevin A. Henry	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:
	 	Chief HR Officer
	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	“Executive”	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	/s/ Glenn A. Patch	 	 
	 	 	 	 	 
	 	 	Glenn A. Patcha	 	 

-3-exv10w1

Exhibit 10.1

Universal Biosensors Pty Ltd

ABN 35 098 234 309

1 Corporate Avenue

Rowville Victoria 3178

Australia

Telephone +61 3 9212 9000

Facsimile +61 3 9212 9099

Email info@universalbiosensors.com

www.universalbiosensors.com

9 September 2010

Mr Andrew Leslie Denver

27 Woodville Avenue

Wahroonga NSW 2076

Dear Andrew,

Letter of Offer and Terms of Employment

Universal Biosensors Pty Ltd ACN 098 234 309 (Company)

Pursuant to the resolution of the Board of Universal Biosensor, Inc dated 9 September 2010, it is
with great pleasure that the Company offers you employment on the following terms and conditions.

	1.1	 	You are being employed as Interim Chief Executive Officer of the Company and Universal
Biosensors Inc., and any of their subsidiaries or parent companies, in the manner contemplated
by this agreement. Your primary duties will involve the formulation of the company’s business
plan and the implementation of this plan as approved by the Board of Directors of Universal
Biosensors, Inc. There may also be other duties and responsibilities as required from time to
time by the Board of Directors of Universal Biosensors, Inc. You will be required to report
to the board of directors of Universal Biosensors Inc.
	 
	1.2	 	In performing this or any other position, you agree to:

	 	(a)	 	observe all rules, regulations, directions and policies of the Company;
	 
	 	(b)	 	perform your duties in a diligent and professional manner and to the best
of your ability;
	 
	 	(c)	 	follow such reasonable directions and perform such duties as the Company
may give to you;

 

 

Universal Biosensors Pty Ltd

ABN 35 098 234 309

1 Corporate Avenue

Rowville Victoria 3178

Australia

Telephone +61 3 9212 9000

Facsimile +61 3 9212 9099

Email info@universalbiosensors.com

www.universalbiosensors.com

	 	(d)	 	perform your duties in a manner that complies with all applicable laws and
regulations; and
	 
	 	(e)	 	not without the written consent of the Company engage in any activity,
whether paid or unpaid, which could, in the Company’s opinion, conflict with your
duties or with the business interests of the Company.

	1.3	 	Your position description, reporting lines and location of work may change from time to time.
In the event of any such change the terms of this agreement will continue to apply to your
employment, unless varied, replaced or superseded in writing.
	 
	2.	 	Hours of work
	 
	 	 	This is an interim position. You will be expected to work customary hours in order to
perform your duties effectively and otherwise as may reasonably be required by the Company.
You acknowledge that the remuneration specified in this letter is sufficient to cover
payment for all additional hours that you may be required to work, and that no overtime
payments will be payable.
	 
	3.	 	Commencement date and term
	 
	 	 	Your employment will commence on 1 September 2010 and is terminable as set out in this
letter.
	 
	4.	 	Location
	 
	 	 	Your employment will be based at the Company’s office in Melbourne and other places as
required from time to time to carry out your duties.
	 
	5.	 	Remuneration
	 
	5.1	 	Your salary is $300,000 per annum plus superannuation.
	 
	5.2	 	The remuneration provided under this agreement has been set specifically having regard to any
and all entitlements that may apply now, or in the future, under an award, workplace agreement
or similar instrument, including shift penalties and allowances (howsoever described).
	 
	5.3	 	Notwithstanding anything in this letter agreement, it is acknowledged and agreed that:

 

 

Universal Biosensors Pty Ltd

ABN 35 098 234 309

1 Corporate Avenue

Rowville Victoria 3178

Australia

Telephone +61 3 9212 9000

Facsimile +61 3 9212 9099

Email info@universalbiosensors.com

www.universalbiosensors.com

	 	(a)	 	you are currently a director of the Company, and Chairman of Universal
Biosensors, Inc;
	 
	 	(b)	 	during the term of your employment the subject of this letter agreement,
you shall not be entitled, and forfeit any right to remuneration in relation to your
duties as a director of the Company, or a director and Chairman of Universal
Biosensors, Inc, and all such payments shall be suspended from 1 September 2010;
	 
	 	(c)	 	upon expiry or termination of your employment in accordance with the terms
of this letter agreement, all remuneration in relation to your duties as a director
of the Company, or a director and Chairman of Universal Biosensors, Inc, shall be
automatically reinstated and effective from such date of expiry or termination.

	5.4	 	If an award, workplace agreement or similar instrument applies to the employment, then:

	 	(a)	 	your remuneration is in satisfaction of all minimum award, workplace
agreement or similar entitlements including minimum wage, overtime, allowances,
penalties, extra rates for working evenings weekends or Public Holidays, payment for
temporarily working in a more senior role and annual leave loading;
	 
	 	(b)	 	if there are any changes to the entitlements in paragraph 5.4(a), then your
remuneration is applied to and absorbs those changed entitlements; and
	 
	 	(c)	 	the Company may vary your remuneration to incorporate the value of an
entitlement (although will not reduce it).

	5.5	 	Your salary will be paid two weeks in advance and two weeks in arrears in 12 equal calendar
monthly instalments on or about the 15th day of the month (or other usual payment date for
employees) and deposited into a bank account nominated by you.
	 
	5.6	 	Payment of your superannuation entitlements will be in accordance with applicable legislation
and the Company’s policies from time to time.
	 
	5.7	 	During your employment there will be ongoing review of your performance. Your base
remuneration may be reviewed annually by the Company. Any increase in your remuneration is at
the sole discretion of the Company.

 

 

Universal Biosensors Pty Ltd

ABN 35 098 234 309

1 Corporate Avenue

Rowville Victoria 3178

Australia

Telephone +61 3 9212 9000

Facsimile +61 3 9212 9099

Email info@universalbiosensors.com

www.universalbiosensors.com

	6.	 	Leave entitlements
	 
	6.1	 	You are entitled to leave (e.g. annual leave, personal leave, carers leave, compassionate
leave, parental leave, community service leave and long service leave) in accordance with the
National Employment Standards. A summary of your entitlements to leave is contained in the
Fair Work Information Statement located in your employee folder, or can be accessed
electronically at www.fwa.gov.au.
	 
	6.2	 	Annual leave must ordinarily be taken at times which do not conflict with the Company’s
operational requirements. The Company will endeavour to accommodate your preference for the
time at which leave is taken. However generally no more than two weeks’ leave will be taken at
any one time unless by mutual consent. You may be directed to take annual leave during shut
down periods.
	 
	6.3	 	You will be entitled to public holidays as proclaimed in Victoria without loss of pay.
	 
	7.	 	Confidentiality
	 
	7.1	 	During and after your employment, you must keep confidential and not disclose to any person
any information which you obtain in the course of your employment and which is not available
to the public, other than in a manner expressly authorized by the Company. Such information
would include: all commercial information about the Company, all commercial information about
the business, financial plans, strategy, sales and marketing information, production
techniques, technical information, trade secrets, know-how and other processes.
	 
	7.2	 	During and after your employment, you must not use any information which you obtain in the
course of your employment and which is not available to the public other than in the
performance of your duties and for the benefit of the Company or otherwise in a manner
expressly authorized by the Company.
	 
	7.3	 	You must:

	 	(a)	 	only use the information obtained by you in the course of your employment
with the Company for the benefit or advantage of the Company and for no other
purpose;
	 
	 	(b)	 	strictly adhere to the Company’s policies in relation to the treatment of
confidential information;

 

 

Universal Biosensors Pty Ltd

ABN 35 098 234 309

1 Corporate Avenue

Rowville Victoria 3178

Australia

Telephone +61 3 9212 9000

Facsimile +61 3 9212 9099

Email info@universalbiosensors.com

www.universalbiosensors.com

	 	(c)	 	comply with any security measures established by the Company and safeguard
the confidential information from unauthorised access or use;
	 
	 	(d)	 	immediately notify the Company of any suspected or actual unauthorised use,
copying or disclosure of the information, of which you become aware;
	 
	 	(e)	 	upon request by the Company and upon termination, return to the Company all
records, documents, computer disks, papers, notes (including copies) and everything
else in your possession or control which contains or records information of the
Company and not retain any copies of such information in any form; and
	 
	 	(f)	 	during and after your employment, provide assistance reasonably requested
by the Company in relation to any proceedings it may take against any person for
unauthorised use, copying or disclosure of the information.

	7.4	 	Your obligations of confidentiality do not extend to information that is public knowledge
(otherwise than as a result of a breach of confidence by any person) or is required by law to
be disclosed.
	 
	8.	 	Intellectual Property
	 
	8.1	 	You must promptly, fully and effectively disclose to the Company or its nominee either in
writing, orally or both (as required by the Company) full details of any intellectual property
or industrial property generated or conceived by you during your employment (whether or not
during business hours and whether or not before or after the execution of a formal employment
agreement), relating to or connected with any of the matters which have been, are or may
become subject of Company’s business affairs or business and whether or not capable of
statutory protection, including without limitation each and every invention (whether
patentable or not), process, know-how, formula design (whether registrable or not), trademark
or service mark and any copyright material, trade secret or other confidential information
(“Company Intellectual Property”).
	 
	8.2	 	In exchange for the benefits conferred on you by your employment, you:

	 	(a)	 	agree that by virtue of this provision, to the extent permitted by law, all
Company Intellectual Property is the property of the Company or its nominee and vests
in the Company immediately upon creation;

 

 

Universal Biosensors Pty Ltd

ABN 35 098 234 309

1 Corporate Avenue

Rowville Victoria 3178

Australia

Telephone +61 3 9212 9000

Facsimile +61 3 9212 9099

Email info@universalbiosensors.com

www.universalbiosensors.com

	 	(b)	 	consent to all acts or omissions by the Company in relation to your
moral rights in all copyright works in such Company Intellectual Property; and
	 
	 	(c)	 	consent to the infringement of your moral rights in all copyright works in such
Company Intellectual Property by the Company, its licensees, assignees and successors
in title and any person authorised by the Company at the absolute discretion of the
Company and without reference to you.

	8.3	 	You must at the request and expense of the Company without additional compensation from the
Company, sign all such documents (including assignment deeds) and do all such things as may be
necessary to vest, confirm and perfect and record ownership by the Company or its nominee
throughout the world of the right, title and interest to and in the Company Intellectual
Property and to enable the Company or its nominee to acquire and preserve such rights and to
have the full enjoyment of such intellectual property.

	8.4	 	You must keep complete written records of everything you invent or develop. These records
belong to the Company and must be at all times retained in your custody and control at the
Company’s premises and must be handed to the Company on demand.

	9.	 	Records

	9.1	 	The Company owns all documents and records (in any form) relating to the business of the
Company, whether or not prepared by you. On demand by the Company and in any event at the end
of your employment, you must:

	 	(a)	 	deliver to the Company all those documents and records in the your possession
or control; and then
	 
	 	(b)	 	delete all those documents and records held electronically in any medium in
your possession or control.

	9.2	 	During and after your employment, you must use and permit to be used those documents and
records for the Company’s benefit only.

	10.	 	Restraint

	10.1	 	You must not during your employment participate, promote, carry on, assist or otherwise be
concerned or interested financially or otherwise, in any capacity (including as principal,
agent, partner, employee, shareholder, unitholder, director, trustee, beneficiary,

 

 

Universal Biosensors Pty Ltd

ABN 35 098 234 309

1 Corporate Avenue

Rowville Victoria 3178

Australia

Telephone +61 3 9212 9000

Facsimile +61 3 9212 9099

Email info@universalbiosensors.com

www.universalbiosensors.com

	 	 	financier, consultant or adviser) in any business or activity which is the same as, or
substantially similar to the business of the Company or its associates, unless the
Company otherwise agrees in writing;

	10.2	 	You must not during your employment and or a period of 3 months after termination of your
employment, directly or indirectly, on your own account or on behalf of any person or entity,
anywhere in which the Company or its associates carries on business:

	 	(a)	 	solicit, canvass, induce or encourage any employee or agent of the Company or
its associates to leave the employment or agency of the Company or such associates;
	 
	 	(b)	 	solicit, canvass, approach any customer of the Company or its associates with a
view to soliciting the business of that customer; or
	 
	 	(c)	 	interfere or seek to interfere with the relationship between the Company or its
associates (on the one hand) and the customers, suppliers and employees of the Company
or its associates (on the other hand).

	10.3	 	Notwithstanding this paragraph 10, the Company acknowledges that at the date of this
agreement, you are currently a director of SpeeDx Pty Ltd, Cochlear Ltd, PFM Cornerstone Ltd
and other companies as previously advised to the Company. If the Company requests, you must
disclose to the Company all your outside activities and interests in businesses and companies.

	10.4	 	You acknowledge the prohibitions and restrictions contained in this clause are reasonable in
the circumstances and necessary to protect the Company and its associate’s businesses.

	10.5	 	Each of the obligations imposed on you under this clause is a separate and independent
obligation from the other restraint obligations imposed, but they are cumulative in effect. If
any separate provision is unenforceable, illegal or void, that provision is severed and the
other separate provisions remain in force.

	10.6	 	You acknowledge and agree that each of the restraints imposed upon you under this clause 10
are fair and reasonable and are no greater than is reasonably necessary to protect the
Company.

 

 

Universal Biosensors Pty Ltd

ABN 35 098 234 309

1 Corporate Avenue

Rowville Victoria 3178

Australia

Telephone +61 3 9212 9000

Facsimile +61 3 9212 9099

Email info@universalbiosensors.com

www.universalbiosensors.com

	11.	 	Termination

	11.1	 	The Company or you may at any time terminate your employment by giving 1 month’s written
notice. The Company may choose to make payment in lieu of notice, or require you to work some
of the notice period and pay you in lieu of working for the balance of the notice period. You
agree this is a reasonable period of notice for termination without cause.

	11.2	 	You are entitled to an additional week’s notice if you are over 45 years old and have
completed at least 2 years of continuous service with the employer on the day the notice of
termination is given.

	11.3	 	During the notice period, you may be required to perform duties other than your normal duties
or to not attend the workplace for all or part of the notice period

	11.5	 	The Company may at any time terminate your employment without notice for cause, including if:

	 	(a)	 	you commit any serious or persistent breach of your employment obligations.
	 
	 	(b)	 	you fail to comply with any reasonable directions of the Company;
	 
	 	(c)	 	you are guilty of any serious misconduct or wilful neglect in performing
your duties;
	 
	 	(d)	 	you engage in fraudulent conduct;
	 
	 	(e)	 	in the reasonable opinion of the persons to whom you report, you are guilty
of any dishonesty relating to the affairs of the Company
	 
	 	(f)	 	you are negligent in the performance of your duties;
	 
	 	(g)	 	you work under the influence of drugs or alcohol;
	 
	 	(h)	 	you commit a serious or persistent breach of Company policy;
	 
	 	(i)	 	you are found guilty of an indictable offence; or
	 
	 	(j)	 	you bring the Company into disrepute.

 

 

Universal Biosensors Pty Ltd

ABN 35 098 234 309

1 Corporate Avenue

Rowville Victoria 3178

Australia

Telephone +61 3 9212 9000

Facsimile +61 3 9212 9099

Email info@universalbiosensors.com

www.universalbiosensors.com

	11.6	 	Termination of your employment does not affect in any way your obligations under clauses 7 to
10 of this letter.

	11.7	 	When your employment ends, you must return to the Company all of the Company’s property in
your possession or control.

	12.	 	Special Conditions

	12.1	 	The following special conditions (if any) will apply to your employment with the Company. In
the event of any inconsistency between other terms of this letter and this clause, the special
conditions will prevail to the extent of any such inconsistency.

     “Not applicable”.

	13.	 	General

	13.1	 	The terms of employment set out in this document will continue to apply except to the extent
that they are varied, replaced or cancelled by agreement in writing signed by both parties.

	13.2	 	The failure of the Company at any time to insist on performance of any provision of the terms
of employment set out in this document is not a waiver of its right at any later time to
insist on performance of that or any other provision of this letter.

	13.3	 	This letter sets out the entire understanding and agreement between the parties with respect
to the terms and conditions of the employment offered with the Company.

	13.4	 	The interpretation of the agreement constituted by your acceptance of this offer is governed
by the laws of Victoria.

It would be appreciated if you would accept this offer by signing the enclosed copy of this letter
and returning it to me at your earliest convenience.

Yours faithfully,

            
                     
                     
                      

Salesh Balak

Director — Universal Biosensors Pty Ltd

 

 

Universal Biosensors Pty Ltd

ABN 35 098 234 309

1 Corporate Avenue

Rowville Victoria 3178

Australia

Telephone +61 3 9212 9000

Facsimile +61 3 9212 9099

Email info@universalbiosensors.com

www.universalbiosensors.com

             
                      
                      
                    

Acknowledged by Andy Jane

Director and Chairman of the Remuneration and Nomination Committee — Universal Biosensors, Inc.

ACCEPTANCE

I accept this offer:

Signed:            
                      
                      
                      Dated: 9 September 2010

                              Andrew Leslie Denver

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}]]