Document:

SunOpta Inc.: Exhibit 10.3 - Filed by newsfilecorp.com

Exhibit 10.3

STOCK OPTION AWARD AGREEMENT

            This
Stock Option Award Agreement (this “Agreement”) is entered into as of September
3, 2019 (the “Award Date”) by and between SunOpta Inc., a Canadian corporation
(the “Company”), and Scott Huckins (the “Optionee”). 

            The
Company and the Optionee agree as follows:

            1.       
Grant. The Company hereby grants to the Optionee an option to purchase
262,182 common shares of the Company on the terms and conditions as set forth
herein (the “Options”). The Options will not be treated as Incentive
Stock Options as defined in Section 422 of the Internal Revenue Code of 1986, as
amended, and are therefore Non-Statutory Stock Options. The Options are not, and
shall not be deemed to be, granted under or subject to the Company’s Amended
2013 Stock Incentive Plan or any other plan. The Options are granted pursuant to
the terms of the Executive Employment Agreement dated August 30, 2019 between
the Company and the Optionee (the “Employment Agreement”) and in the
event of any inconsistency between this Agreement and the Employment Agreement
as to timing of vesting or any other provision, the terms of the Employment
Agreement shall control and apply. 

            2.       
Exercise Price. The exercise price of the Option is $2.38 per share (the
“Exercise Price”). 

            3.       
Vesting. The Options will vest on the third anniversary of Optionee’s
first day of employment subject to the Optionee’s continued employment during
the entire vesting period, except as otherwise provided in Section 6 or the
Employment Agreement.

            4.       
Time of Exercise of Option. Except as provided in Section 6, the Option
may not be exercised prior to the vesting date set forth in Section 3. Following
such date and until it expires or is terminated as provided in Sections 6 or 11,
this Option may be exercised from time to time to purchase whole shares.

            5.       
Expiration Date. The Options shall expire on September 3, 2029 unless
earlier terminated pursuant to the provisions hereof (the “Expiration
Date”).

            6.       
Termination of Employment. 

                        6.1       
General Rule. Except as provided in this Section 6 or the Employment
Agreement, the Options may not be exercised unless at the time of exercise the
Optionee is employed by the Company and shall have been so employed continuously
from the Award Date through the end of the vesting period. For purposes of this
Agreement, the Optionee is considered to be employed by the Company if the
Optionee is employed by the Company or any parent or subsidiary of the Company
(an “Employer”). 

                       
6.2        Termination Generally. If
the Optionee’s employment by the Company terminates for any reason other than as
provided in Sections 6.3 or 6.4 below, the Options may be exercised at any time
before the Expiration Date or the expiration of 30 days after the date of
termination, whichever is the shorter period, but only if and to the extent the
Optionee was entitled to exercise the Option at the date of termination, and all
unvested Options shall be forfeited and canceled. 

                        6.3       
Total Disability. If the Optionee’s employment with the Company is
terminated at any time because of Total Disability (as defined in the Employment
Agreement), the Option may be exercised at any time before the Expiration Date
or before the date 12 months after the date of termination, whichever is the
shorter period, but only if and to the extent the Optionee was entitled to
exercise the Option at the date of termination..

                        6.4       
Death. If the Optionee’s employment with the Company is terminated at any
time because of death, the Option may be exercised at any time before the
Expiration Date or before the date 12 months after the date of death, whichever
is the shorter period, but only if and to the extent the Optionee was entitled
to exercise the Option at the date of death and only by the person or persons to
whom the Optionee’s rights under the Option shall pass by the Optionee’s will or
by the laws of descent and distribution of the state or country of domicile at
the time of death. 

                        6.5       
Failure to Exercise Options. To the extent that following termination of
employment, the Options are not exercised within the applicable periods
described above (or the Employment Agreement, if applicable), all further rights
to purchase shares pursuant to the Options shall cease and terminate. 

            7.       
Leave of Absence. Absence on leave approved by the Employer or on account
of illness or disability shall not be deemed a termination or interruption of
employment. Vesting of the Options shall continue during a medical, family or
military leave of absence, whether paid or unpaid, and vesting of the Options
shall be suspended during any other unpaid leave of absence.

            8.       
Method of Exercise of Option; Tax Withholding. The Options may be
exercised by notice from the Optionee to the Company through the Company’s
third-party administrator, which is currently Solium Shareworks, of the
Optionee’s binding commitment to purchase shares, specifying the number of
shares the Optionee desires to purchase under the Options, which may not be more
than 30 days after delivery of the notice, and, if required to comply with the
Securities Act of 1933, containing a representation that it is the Optionee’s
intention to acquire the shares for investment and not with a view to
distribution. On or before the date specified for completion of the purchase,
the Optionee must pay the Company the full purchase price of those shares in
cash or by certified check, or in whole or in part in common shares of the
Company valued at fair market value. The fair market value of common shares
provided in payment of the purchase price shall be the closing price of the
common shares last reported on Nasdaq before the time payment in common shares
are made or, if earlier, committed to be made, if the Common Stock is publicly
traded, or another value of the common shares as specified by the Company. No
shares shall be issued until full payment for the shares has been made,
including all amounts owed for tax withholding. The Optionee shall, immediately
upon notification of the amount due, if any, pay to the Company in cash or by
certified check amounts necessary to satisfy any applicable federal, state and
local tax withholding requirements. If additional withholding is or becomes
required beyond any amount deposited before delivery of the electronic transfer
of the shares, the Optionee shall pay such amount to the Company, in cash or by
certified check, on demand. If the Optionee fails to pay the amount demanded, the Company or the Employer
may withhold that amount from other amounts payable to the Optionee, including
salary, subject to applicable law.

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            9.       
Nontransferability. Except as provided in this Section 9 the Options are
nonassignable and nontransferable by the Optionee, either voluntarily or by
operation of law, and during the Optionee’s lifetime, the Options are
exercisable only by the Optionee. The Options may be transferred by will or by
the laws of descent and distribution of the state or country of the Optionee’s
domicile at the time of death. 

            10.      Stock
Splits, Stock Dividends. If the outstanding common shares of the Company are
hereafter increased or decreased or changed into or exchanged for a different
number or kind of shares or other securities of the Company by reason of any
stock split, combination of shares, dividend payable in shares, recapitalization
or reclassification, appropriate adjustment shall be made by the Company in (i)
the number and kind of shares subject to the Options, or the unexercised portion
thereof, and (ii) the Exercise Price per share, so that the Optionee’s
proportionate interest before and after the occurrence of the event is
maintained. Notwithstanding the foregoing, the Company shall have no obligation
to effect any adjustment that would or might result in the issuance of
fractional shares, and any fractional shares resulting from any adjustment may
be disregarded or provided for in any manner determined by the Company. Any such
adjustments made by the Company shall be conclusive. 

            11.      Mergers,
Etc. If, while any Options are outstanding, there shall occur a merger,
consolidation, amalgamation, plan of exchange or other transaction, in each case
involving the Company pursuant to which outstanding shares are converted into
cash or other stock, securities or property (each, a “Transaction”), the
Board of Directors, may, in its sole discretion, provide that the remaining
outstanding Options shall be treated in accordance with any of the following
alternatives:

            (i)       
The remaining Options shall be converted into options to purchase stock of the
surviving or acquiring corporation in the Transaction, which Options may not be
exercised, in whole or in part, before the completion of the vesting period
(unless otherwise accelerated as determined by the Board of Directors in its
sole discretion) and shall be subject to continued employment of the Optionee by
the Company or any acquiring or surviving company through such vesting date, for
a total purchase price equal to the total price applicable to the unexercised
portion of the Options, and with the amount and type of shares subject thereto
and exercise price per share thereof to be conclusively determined by the Board
of Directors, taking into account the relative values of the companies involved
in the Transaction and the exchange rate, if any, used in determining shares of
the surviving corporation to be held by holders of common shares of the Company
following the Transaction in accordance with Treas. Reg. § 1.409A
-1(b)(5)(v)(D), and disregarding fractional shares;

            (ii)       The
remaining Options shall be cancelled effective immediately prior to the
consummation of the Transaction, and, in full consideration of the cancellation,
the Company or any acquiring or surviving company shall pay to the Optionee upon
the vesting date (unless otherwise accelerated by the terms of the Employment
Agreement or as determined by the Board of Directors in its sole discretion),
subject to continued employment of the Optionee by the
Company or any acquiring or surviving company through such date, an amount in
cash, for each share subject to the Options, equal to the excess of (A) the
value, as determined by the Board of Directors, of the property (including cash
and securities) received by the holder of a common share of the Company as a
result of the transaction over (B) the Exercise Price; or

3

            (iii)      The
remaining Options shall become exercisable for 100 percent of the shares subject
to the Options effective as of the consummation of the Transaction, and the
Board of Directors shall approve some arrangement by which the Optionee shall
have a reasonable opportunity to exercise all such Options effective as of the
consummation of the Transaction or otherwise realize the value of the Options,
as determined by the Board of Directors. Any Options that are not exercised in
accordance with procedures approved by the Board of Directors shall
terminate.

            In
the event the Board of Directors opts that the remaining outstanding Options
shall be treated in accordance with (i) above, then the surviving or acquiring
corporation in the Transaction must agree to all relevant provisions of the
Employment Agreement pertaining to the Options. 

            12.      Conditions
on Obligations. The Company shall not be obligated to issue common shares
upon exercise of the Options if the Company is advised by its legal counsel that
such issuance would violate applicable state or federal laws, including
securities laws. The Company will use its reasonable best efforts to take steps
required by state or federal law or applicable regulations in connection with
issuance of shares upon exercise of the Options.

            13.      No
Right to Employment. Nothing in this Agreement shall (i) confer upon the
Optionee any right to be continued in the employment of an Employer or interfere
in any way with the Employer’s right to terminate the Optionee’s employment at
will at any time, for any reason, with or without cause, or to decrease the
Optionee’s compensation or benefits, or (ii) confer upon the Optionee any right
to be retained or employed by the Employer or to the continuation, extension,
renewal or modification of any compensation, contract or arrangement with or by
the Employer.

            14.      Successors
of Company. This Agreement shall be binding upon and shall inure to the
benefit of any successor of the Company but, except as provided herein, the
Option may not be assigned or otherwise transferred by the Optionee.

            15.      Rights
as a Shareholder. The Optionee shall have no rights as a shareholder with
respect to any shares of Common Stock until the date the Optionee becomes the
holder or record of those shares. No adjustment shall be made for dividends or
other rights for which the record date occurs before the date the Optionee
becomes the holder of record. 

            16.      Amendments.
The Company may at any time amend this Agreement if the amendment does not
adversely affect the Optionee and no amendment that does adversely affect the
Optionee shall be valid or binding. Otherwise, this Agreement may not be amended
without the written consent of the Optionee and the Company. 

            17.      Governing
Law; Jurisdiction and Venue. This Agreement will be interpreted under the
laws of the state of Minnesota, exclusive of choice of law rules. Any action or
proceeding by either of the parties to enforce this Agreement
shall be brought only in a state or federal court located in the state of
Minnesota. 

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     18.      Complete
Agreement. This Agreement and the Employment Agreement constitute the entire
agreements between the Optionee and the Company, both oral and written
concerning the matters addressed herein, and all prior agreements or
representations concerning the matters addressed herein, whether written or
oral, express or implied, are terminated and of no further effect. 

            19.      Electronic
Delivery of Prospectus. The Optionee consents to the electronic delivery of
any prospectus and related documents relating to the Options in lieu of mailing
or other form of delivery. 

	SUNOPTA INC. 	RECIPIENT 
	  	  
	  	  
	By: /s/ Jeff Gough 	/s/ Scott Huckins 
	Name: Jeff Gough 	Scott Huckins 
	Title: CHRO 	  

5SunOpta Inc.: Exhibit 10.4 - Filed by newsfilecorp.com

Exhibit 10.4

PERFORMANCE SHARE UNIT AWARD AGREEMENT

            This
Performance Share Unit Award Agreement (the “Agreement”) is entered into
as of September 3, 2019 between SunOpta Inc., a Canadian corporation (the
“Company”), and Scott Huckins (the “Recipient”). 

            On
September 3, 2019 (the “Award Date”) the Company’s Board of Directors
(the “Board”) authorized the grant of performance share units to
Recipient pursuant to the terms of this Agreement. Recipient desires to accept
the award subject to the terms and conditions of this Agreement. This award is
not, and shall not be deemed to be, granted under or subject to the terms of the
Company’s Amended 2013 Stock Incentive Plan or any other plan. This award is
granted pursuant to the terms of the Executive Employment Agreement dated August
30, 2019 between the Company and Recipient (the “Employment Agreement”)
and in the event of any inconsistency between this Agreement and the Employment
Agreement as to timing of vesting or any other provision, the terms of the
Employment Agreement shall control and apply. 

            NOW,
THEREFORE, the parties agree as follows:

1.       
Award. The Company grants to Recipient 346,638
performance share units (“PSUs”) with respect to the Company’s common
shares (“Common Shares”). Subject to the terms and conditions of this
Agreement and the Employment Agreement, the Company shall issue to Recipient the
number of Common Shares of the Company corresponding to the number of PSUs
determined under this Agreement based on (a) the performance of the Company as
described in Section 2 and (b) Recipient’s continued employment through the date
the applicable PSUs vest as described in Section 2 (a “Vesting Event”).

2.       
Performance Conditions. 

            2.1       
The vesting of 173,319 of the PSUs, if vesting occurs at all, is dependent on
the Common Shares achieving a volume weighted average trading price set forth
below in each case for 20 consecutive trading days (the “Stock Price
Hurdles”) during the period commencing on the Award Date and ending on
December 31, 2022 (the “Performance Period”) as provided herein;
provided, however, that a Stock Price Hurdle shall also be met with respect to
any previously unmet hurdles if the Company’s Common Shares cease trading as a
result of a Change of Control (as defined in the Employment Agreement)
transaction in which holders of the Company’s Common Shares receive per-share
consideration with a value equal to or greater than such Stock Price Hurdle.

            During
the Performance Period, except as otherwise provided in Section 2.3 below in the
event of a Change of Control (as defined in the Employment Agreement), PSUs
shall vest on the achievement of each of the three Stock Price Hurdles (with
each hurdle only being able to be achieved once for purposes of vesting), as
follows, subject to Recipient’s continued employment through the date a given
Stock Price Hurdle is achieved:

	Stock Price Hurdle 
	Number of PSUs 
That Will
      Vest 
	US$5.00 
	50% of target shares = 
57,773 
	US$9.00 
	100% of target shares = 
115,546 
	US$14.00 
	150% of target shares = 
173,319 shares
  
	Total Vested Shares 	173,319 

            The
Stock Price Hurdles will be subject to appropriate adjustment in the event of
any share dividend, share split, combination or other similar recapitalization
or any other event described in Section 6.1. If none of the Stock Price Hurdles
are met, none of the PSUs dependent on Stock Price Hurdles will vest. If only
the US$5.00 Stock Price Hurdle is met, only 57,773 PSUs dependent upon Stock
Price Hurdles will vest. If the US$5.00 and US$9.00 Stock Price Hurdles are met,
115,546 PSUs dependent upon Stock Price Hurdles will vest. If all three Stock
Price Hurdles are met, 173,319 PSUs will vest. The maximum aggregate number of
PSUs that can vest under the Stock Price Hurdles is 173,319. Except as otherwise
provided in Section 3, all vested PSUs shall be settled by the Company within 60
days of the date they vest, subject to continued employment through the
applicable date of vesting, and all unvested PSUs shall be forfeited and
cancelled. In the event of an unusual, extraordinary, non-recurring or similar
event as referred to in Section 2.2, the Board will consider, in its sole
discretion, making adjustments to the Stock Price Hurdles. 

            2.2       
The vesting of 173,319 of the PSUs, if vesting occurs at all, is dependent on
the Company achieving annual Adjusted EBITDA during fiscal years 2019 through
2022 (the “EBITDA Hurdles”) as provided herein. 

            During
the Performance Period, except as otherwise provided in Section 2.3 below in the
event of a Change of Control (as defined in the Employment Agreement), PSUs
dependent upon EBITDA Hurdles shall vest at the end of the fiscal year in which
each of the three EBITDA Hurdles is achieved (with each hurdle only being able
to be achieved once for purposes of vesting), as follows, subject to Recipient’s
continued employment through the end of the fiscal year in which the applicable
EBITDA Hurdle is achieved:

	EBITDA Hurdle 
	Number of PSUs
      
That Will Vest 
	US$80,000,000 	50% of EBITDA Target Shares =
      57,773 
	US$110,000,000 	100% of EBITDA Target Shares =
      115,546 
	US$140,000,000 	150% of EBITDA Target Shares =
      173,319 
	Total Vested Shares 	173,319

2

            If
none of the EBITDA Hurdles are met, none of the PSUs dependent upon EBITDA
Hurdles will vest. If only the US$80,000,000 EBITDA Hurdle is met, only 57,773
PSUs dependent upon EBITDA Hurdles will vest. If the US$80,000,000 and
US$110,000,000 EBITDA Hurdles are met, 115,546 PSUs dependent upon EBITDA
Hurdles will vest. If all three EBITDA Hurdles are met, 173,319 PSUs will vest.
Except as otherwise provided in Section 3, all vested PSUs shall be settled by
the Company within 90 days following the delivery to the Company and acceptance
by the Board of Directors of the Company’s audited financial statements for each
fiscal year during the Performance Period in which a EBITDA Hurdle is achieved,
subject to continued employment through the end of the fiscal year in which the
applicable EBITDA Hurdle is achieved, and all unvested PSUs shall be forfeited
and cancelled. 

            “Adjusted
EBITDA” for a given fiscal year will be calculated in the same manner, using the
same adjustments, as adjusted EBITDA is publicly reported by the Company in its
Form 10-K for such fiscal year and will be based on the Company’s audited
financial statements. If the Company ceases reporting adjusted EBITDA in its
Form 10-K, then adjusted EBITDA will be calculated in the same manner, using the
same adjustments, as calculated in the most recent Form 10-K containing adjusted
EBITDA. Notwithstanding the foregoing, adjustments to Adjusted EBITDA may be
made by the Board of Directors, at its sole discretion, in the event of the
occurrence of unusual, extraordinary, non-recurring or other circumstances that,
in the judgment of the Board of Directors, would cause the application of the
existing performance goals or measures to fail to fairly reflect the performance
of the Company. These circumstances may include acquisitions, divestitures,
joint ventures, regulatory developments, tax law changes, accounting changes,
restructuring or other special charges, and other occurrences. 

            2.3       
In the event of a Change of Control (as defined in the Employment Agreement),
unvested PSUs as of the date of the Change of Control will be interpolated as
follows: if the actual performance of the performance conditions described above
as of the end of the fiscal year immediately prior to the Change of Control date
is between (a) first and second vesting levels, or (b) second and third vesting
levels for the applicable Stock Price Hurdle or EBITDA Hurdle, the number of
earned PSUs shall be equal to the product of: (i) the number of PSUs subject to
the performance requirement; and (ii) the actual performance achievement,
determined using straight line interpolation between the first vesting level and
the second vesting level (or second vesting level and third vesting level, as
applicable) rounded down to a whole number, less any PSUs previously earned
based on achievement of a lower vesting level. Except as otherwise provided in
Section 3, all vested PSUs shall be settled by the Company within 60 days of the
date they vest, subject to continued employment through the applicable date of
vesting, and all unvested PSUs shall be forfeited and cancelled. 

3.       
Employment Condition. 

            3.1       
Payout. In order to receive a payout of shares under this Agreement,
Recipient must be employed by the Company continuously from the Award Date until
the Vesting Event applicable to the underlying PSUs, except as provided in the
Employment Agreement or Sections 3.2, 3.3 or 3.4 below. For purposes of this
Agreement, Recipient is considered to be employed by the Company if Recipient is
employed by the Company or any parent or subsidiary of the Company (an
“Employer”). 

3

            3.2       
Total Disability. If Recipient’s employment with the Company is
terminated at any time prior to a Vesting Event because of Total Disability (as
defined in the Employment Agreement), any PSUs that are vested as of the
Termination Date (as defined in the Employment Agreement), shall be settled in
accordance with the terms of this Agreement. 

            3.3       
Death. If Recipient’s employment with the Company is terminated at any
time prior to a Vesting Event because of death, any PSUs that are vested as of
the Termination Date (as defined in the Employment Agreement), shall be settled
in accordance with the terms of this Agreement. 

            3.4       
Other Terminations. If Recipient’s employment by the Company is
terminated at any time prior to a Vesting Event and neither Section 3.2 nor
Section 3.3 applies to such termination, Recipient shall not be entitled to
receive any shares under this Agreement that have not vested prior to the date
of termination. 

4.       
Payment. As soon as practicable following a Vesting
Event, the Board shall determine the number, if any, of Common Shares, issuable
pursuant to this Agreement. Subject to applicable tax withholding, such shares
shall be issued to Recipient as soon as practicable following the Vesting Event.
No fractional shares shall be issued and the number of shares deliverable shall
be rounded down to the nearest whole share, and any remaining fractional shares
shall be paid in cash. Notwithstanding anything hereinabove to the contrary, if
either Section 3.2 or 3.3 requires an earlier award payout, a similar process
shall be followed in accordance with the timing identified therein. 

5.       
Tax Withholding. 

            5.1       
Recipient acknowledges that on the date that shares underlying the PSUs are
issued to Recipient, the fair market value of the Common Shares will be treated
as ordinary compensation income for federal and state and provincial income tax
purposes and employment tax purposes, and that the Company will be required to
withhold taxes on these income amounts pursuant to Section 5.2 below. 

            5.2       
Prior to any relevant taxable or tax withholding event, as applicable, Recipient
agrees to make adequate arrangements satisfactory to the Company and/or the
Employer to satisfy all federal, state and other tax withholding obligations. In
this regard, Recipient authorizes the Company and/or the Employer, or their
respective agents, at their discretion, to satisfy applicable withholding
obligations by one or a combination of the following:

                          (a)       
withholding from Recipient’s or other cash compensation paid by the Company
and/or the Employer; or

                          (b)       
withholding from proceeds of the sale of Common Shares acquired upon
vesting/settlement of the PSUs either through a voluntary sale or through a
mandatory sale arranged by the Company on Recipient’s behalf pursuant to this
authorization; or

                          (c)       
withholding in Common Shares to be issued upon vesting/settlement of the PSUs.

4

            5.3        If the withholding obligation is satisfied by withholding in Common Shares, for tax purposes, Recipient is deemed to have been issued the full number of Common Shares subject to the vested PSUs, notwithstanding that
a number of the Common Shares are held back solely for the purpose of paying the withholding. 

            5.4        Recipient agrees to pay to the Company or the Employer any amount the Company or the Employer may be required to withhold or account for as a result of this award that cannot be satisfied by the means previously
described. The Company may refuse to issue or deliver the shares or the proceeds of the sale of shares if Recipient fails to comply with these obligations. 

6.        Stock Splits, Stock Dividend; Mergers, Etc. 

            6.1        If the outstanding common shares of the Company are hereafter increased or decreased or changed into or exchanged for a different number or kind of shares or other securities of the Company by reason of any stock
split, combination of shares, dividend payable in shares, recapitalization or reclassification, appropriate adjustment shall be made by the Company in the number and kind of shares subject to the PSUs, so that Recipient’s proportionate
interest before and after the occurrence of the event is maintained. Notwithstanding the foregoing, the Company shall have no obligation to effect any adjustment that would or might result in the issuance of fractional shares, and any fractional
shares resulting from any adjustment may be disregarded or provided for in any manner determined by the Company. Any such adjustments made by the Company shall be conclusive. 

            6.2        Mergers, Reorganizations, Etc. If, while any unvested PSUs are outstanding, there shall occur a merger, consolidation, amalgamation or plan of exchange, in each case involving the Company pursuant to
which outstanding Common Shares are converted into cash or other stock, securities or property (each, a “Transaction”), (i) all outstanding PSUs as to which the applicable vesting requirement set forth in Section 2 has not been
satisfied as of the closing of the Transaction shall be forfeited and cancelled and (ii) the Board of Directors, may, in its sole discretion, provide that the remaining PSUs shall be treated in accordance with any of the following alternatives:

                         (a)        The remaining PSUs shall be converted into restricted stock units to acquire stock of the surviving or acquiring corporation in the Transaction (unless otherwise accelerated as determined by the Board of Directors
in its sole discretion) and shall be subject to continued employment of Recipient by the Company or any acquiring or surviving company through the Performance Period, with the amount and type of shares subject thereto to be conclusively determined
by the Board of Directors, taking into account the relative values of the companies involved in the Transaction and the exchange rate, if any, used in determining shares of the surviving corporation to be held by holders of common shares of the
Company following the Transaction, and disregarding fractional shares, and the performance measures adjusted to reflect the circumstances of the Company or any acquiring or surviving corporation as conclusively determined by the Board of
Directors;

                         (b)        The remaining PSUs shall be cancelled effective immediately prior to the consummation of the Transaction, and, in full consideration of the cancellation, the surviving corporation shall pay to Recipient ), with
payment subject to continued employment of Recipient by the Company or any acquiring or surviving corporation through the Performance Period (unless otherwise accelerated pursuant to Section 3 or the terms of the
Employment Agreement), an amount in cash, for each remaining PSU assuming
vesting at the 100% level, equal to the value, as determined by the Board of
Directors, of the common shares subject to the unvested PSUs at the time of the
closing of the Transaction, taking into account the relative values of the
companies involved in the Transaction and the exchange rate, if any, used in
determining shares of the surviving corporation to be held by holders of common
shares of the Company following the Transaction or other consideration paid in
the Transaction to holders of common shares of the Company; or

 5

                          (c)       
The remaining PSUs shall become vested in full and all unissued shares subject
to the PSUs shall be issued immediately prior to the consummation of the
Transaction. 

            In
the event the Board of Directors opts that the remaining PSUs shall be treated
in accordance with (a) above, then the surviving or acquiring corporation in the
Transaction must agree to all relevant provisions of the Employment Agreement
pertaining to the PSUs. 

7.       
Section 409A. The awards granted pursuant to this
Agreement are intended to be compliant with Section 409A of the Internal Revenue
Code (“Section 409A”) and shall be interpreted consistent with such
intent. Each of the Section 409A provisions of Section 7.3 of the Employment
Agreement shall apply to the award.

8.       
No Right to Employment. Nothing contained in this
Agreement and the Employment Agreement shall confer upon Recipient any right to
be employed by the Company or to interfere in any way with the right of the
Company to terminate Recipient’s employment at any time for any reason, with or
without cause. 

9.       
Miscellaneous. 

            9.1       
Entire Agreement; Amendment. This Agreement and the Employment Agreement
constitute the entire agreements of the parties with regard to the subjects
hereof and may be amended only by written agreement between the Company and
Recipient. 

            9.2       
Notices. Any notice required or permitted under this Agreement shall be
in writing and shall be deemed sufficient when delivered personally to the party
to whom it is addressed or when deposited into the United States or Canadian
mail as registered or certified mail, return receipt requested, postage prepaid,
addressed to the Company, Attention: General Counsel, at its principal executive
offices or to Recipient at the address of Recipient in the Company’s records, or
at such other address as such party may designate by ten (10) days’ advance
written notice to the other party. 

            9.3       
Assignment; Rights and Benefits. Recipient shall not assign this
Agreement or any rights hereunder to any other party or parties without the
prior written consent of the Company. The rights and benefits of this Agreement
shall inure to the benefit of and be enforceable by the Company’s successors and
assigns and, subject to the foregoing restriction on assignment, be binding upon
Recipient’s heirs, executors, administrators, successors and assigns. 

            9.4       
Further Action. The parties agree to execute such further instruments and
to take such further action as may reasonably be necessary to carry out the
intent of this Agreement. 

6

            9.5       
Applicable Law. The terms and conditions of this Agreement will be
interpreted under the laws of the state of Minnesota, exclusive of choice of law
rules. Any action or proceeding by either of the parties to enforce this
Agreement shall be brought only in a state or federal court located in the state
of Minnesota. 

      
     9.6       
Counterparts. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original. 

	SUNOPTA INC. 	RECIPIENT 
	  	  
	  	  
	By: /s/ Jeff Gough 	/s/ Scott Huckins 
	Name: Jeff Gough 	Scott Huckins 
	Title: CHRO 	  

7

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