Document:

SunOpta Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

 

July 6, 2015 

Hendrik Jacobs 
[Address omitted] 

Dear Rik, 

Per our discussions, I am most pleased to offer you the
position of Chief Executive Officer, SunOpta, Inc. reporting to the Board
of Directors and Alan Murray as the Board Chair effective October 1, 2015 under
the following conditions: 

Location: You will be based in the United States but
working for the Canadian SunOpta, Inc entity. 

Duties: During the term of this Agreement you shall
devote your full-time attention, energies and talents to serving as Chief
Executive Officer, to discharge the responsibilities assigned to you hereunder
by the Board of Directors and to use your reasonable best efforts to perform
faithfully and efficiently such responsibilities. Your responsibilities and
duties shall be as mutually agreed upon from time to time by you and the Board
of Directors and shall comply with all Company policies and procedures. 

Salary: During the term of your full time employment
under this agreement, the Company shall pay you a base salary at an annual rate
of no less than $650,000.00 USD or such at a higher annual rate as approved by
the Board of Directors. The salary will be paid in equal bi-weekly amounts
aligned with the US payroll schedule. Your salary will be reviewed no less than
one time per year. Your next salary review will be in April 2016. Your salary
will transition to the US payroll as of October 1, 2015. 

Housing Assistance: You will be provided a $100,000 USD
lump sum payment, less applicable withholding, for housing benefits in the U.S.

Short Term Incentive: You will be eligible for the Short
Term Incentive Plan at a target of 100% of your base salary and administered
according to the Short Term Incentive Plan Document as approved by the Board of
Directors. Your incentive target change will be prorated for 2015 from the
effective date of the change in salary and role. The STI grant and Plan terms
are subject to change on an annual basis and are at the sole discretion of the
Board of Directors. 

Long Term Incentive: You will be eligible to participate
in the Long Term Incentive Plan at a target of 150% of your base salary and
administered according to the Long Term Incentive Plan document as approved by
the Board of Directors. The next award at the 150% target will be in May 2016.
The LTI grant and Plan terms are subject to change on an annual basis and are at
the sole discretion of the Board of Directors. 

1

 

Stock Grant: You will be awarded 23,000 Stock Options
priced as of market close the day prior to the executed agreement date. The
vesting period is 20% each year for five years and the options will expire ten
years after the award date. You will also be awarded 23,000 Performance Share
Units that will vest according to the 2015 Long Term Incentive Plan. 

Benefits: Your medical, dental, disability and life
insurance benefits will remain aligned with your current package as outlined in
your employment agreement dated 30 June 2012. 

Allowances: Paid time off, auto allowance, club
allowance, professional fee allowances and social contributions, such as RRSP,
will remain the same as the employment agreement dated 30 June 2012. 

Employee Stock Purchase Plan: You will continue to be
able to be eligible to participate in the ESPP with 1% to 10% contribution up to
a maximum stock value of $25,000 USD and in accordance with the ESP Plan
document. 

Change of Control: In the event of a change of Change of
Control of the Company ("Change of Control") defined as a transaction or series
of transactions whereby directly or indirectly: 

(a) any person or combination of
persons obtains a sufficient number of securities of the Company to affect
materially the control of the Company; for the purposes of this Agreement, a
person or combination of persons holding shares or other securities in excess of
the number which, directly or following conversion thereof, would entitle the
holders thereof to cast [50%] or more of the votes attaching to all shares of
the Company which may be cast to elect directors of the Company, shall be deemed
to be in a position to affect materially the control of the Company; or 

(b) the Company consolidates or merges
with or into, amalgamates with, or enters into a statutory arrangement with, any
other person (other than a subsidiary of the Company) or any other person (other
than a subsidiary of the Company) consolidates or merges with or into, or
amalgamates with or enter into a statutory arrangement with, the Company, and,
in connection therewith, all or part of the outstanding voting shares shall be
changed in any way, reclassified or converted into, exchanged or otherwise
acquired for shares or other securities of the Company or any other person or
for cash or any other property; 

(c) all unvested options and
performance share units will immediately vest. In addition, if your employment
is terminated by the Company without Cause (other than on account of death or
disability) or in the event of a constructive dismissal claim within twelve (12)
months following a Change of Control, you will be entitled to receive severance
benefits of twenty-four months that includes: (i) current base salary, (ii)
incentive based on the average of the last two years of STI previously awarded
to you by way of a lump sum payment, (iii) plus continuation of allowable
medical and insurance benefits during the severance period, and (iv) the
monetary equivalent of the amounts the Company previously paid for LTD, life
insurance and auto allowance during the severance period. The payments and
benefits described in this paragraph are in lieu of, and not in addition to, any
other severance arrangements stated herein. 

Non-Competition and Non-Solicitation: In your capacity
as an officer and employee of the Company, you covenant and agree that you will
not at any time within the period of twenty four (24) months following the
earlier of the expiration of this Agreement or any termination of your
employment hereunder: 

(a) either individually or in
partnership or jointly or in conjunction with any person or persons as
principal, agent, consultant, shareholder (except as a shareholder holding not
more than five (5) percent of the outstanding shares from time to time from any
class of shares of a publicly traded corporation) or in any other manner
whatsoever carry on or be engaged in or concerned with or interested in, or
advise, lend money to, guarantee the debts of or obligations of, or permit his
name or any part thereof to be used or employed by or associated with,
any person or persons engaged in or concerned with or interested in, any
business the same or substantially similar to or competitive with the business
the Company carried on during the course of your employment hereunder in the
United States or Canada at the time of the termination of your employment
hereunder; 

2

 

(b) either directly or indirectly, by
any means or in any capacity, approach, solicit or contact in the course of
being engaged in a business competitive with the Company any person solicited,
serviced, or contacted by you on behalf of the Company during your employment;
and 

(c) either directly or indirectly, by
any means or in any capacity, interfere with the employment arrangements between
the Corporation or any of its employees and will not in any way solicit,
recruit, assist others in recruiting or hiring, or discuss employment or similar
arrangements with any employees of the Company. 

If any covenant or provision herein is determined to be void or
unenforceable in whole or in part, it shall not be deemed to affect or impair
the validity of any other covenant or provision and paragraphs (a), (b) and (c)
are each declared to be separate and distinct covenants. You hereby agree that
all restrictions contained in this section are reasonable and valid and all
defenses to the strict enforcement thereof by the Company are hereby waived. You
further agree that the covenants in this section shall not terminate upon the
termination of your employment hereunder and acknowledge that a violation of any
of the provisions of this section will result in immediate and irreparable
damage to the Company and agree that in the event of such violation, the
Company, in addition to any other right of relief, shall be entitled to seek
equitable relief by way of a temporary or permanent injunction and to such other
relief that any court of competent jurisdiction may deem just and proper. If you
are in breach of any such restrictions, the running of the period of such
restrictions shall be stayed and shall recommence upon the date you cease to be
in breach thereof, whether voluntarily or by injunction. 

Termination of Employment by Employee: You
may resign your employment with the Company upon providing at least twelve (12)
weeks advance notice of your expected last day of work. The Company has the
right to waive all or part of your resignation notice but will pay you for the
entire 12-week period if it waives some or all of the notice. Other than paying
you for the 12-week period, the Company will have no liability for termination
or severance pay or payment in lieu therefore or damages whether at common law
equity or otherwise. 

Termination by Company: 

1) Termination by Company without Cause. The Company may
terminate your employment at any time without Cause, in which case the Company
will, in full satisfaction of its obligations to you and subject to you signing
and delivering to the Company a standard form release in favor of the Company
and complying with your post-employment obligations as set out above: 

(a) pay your outstanding base salary,
prorated bonus based on the Company’s current financial results in accordance
with measures outlined in the current year Short Term Incentive Plan plus
outstanding vacation pay accrued until the date your employment ceases; 

(b) reimburse the outstanding expenses
properly incurred by you until the date your employment ceases; 

(c) pay you severance benefits of
twenty-four (24) months (“the Severance Period”), paid by way of salary
continuance, that includes: (i) base salary as of the date of termination; (ii)
incentive based on the average of the last two years of STI previously awarded
to you, (iii) continuation of allowable medical and dental insurance benefits
during the Severance Period; and (iv) the monetary equivalent of the amounts the
Company previously paid for LTD, life insurance and auto allowance during the
Severance Period. 

(d) providing that you continue
consulting for the Company upon the Company’s reasonable request during the
Severance Period, the Company will allow your unvested options to continue
vesting during the Severance Period. You will also have thirty (30)
days after the end of the Severance Period in which to exercise vested options.

3

 

Payments made under this termination provision encompass any
entitlement you have to common law notice or pay in lieu and to termination
and/or severance pay and benefits continuation under applicable legislation.

2) Termination by Company with Cause. The Company may terminate
your employment at any time with Cause and without prior notice or any further
obligations by the Company, and you will be ineligible for any common shares not
yet granted. On the termination of your employment with Cause, the Company will,
in full satisfaction of its obligations to you: 

(a) pay your outstanding base salary,
prorated bonus based on the Company’s current financial results in accordance
with measures outlined in the current year Short Term Incentive Plan and
vacation pay accrued until the date your employment ceases; and 

(b) reimburse the outstanding expenses
properly incurred by you until the date your employment ceases. 

In this Agreement, "Cause" means cause for termination of
employment as: 

(a) Employee has materially breached
the provisions of this Agreement in any respect, 

(b) Employee has engaged in material
misconduct, including material failure to perform Employee's duties as an
officer or employee of the Company, or has provided information about Employee's
qualifications, experience, character, or reputation that is false or misleading

(c) Employee has committed fraud,
theft, misappropriation, breach of fiduciary duty or embezzlement in connection
with the Company's business, 

(d) Employee has been convicted or has
pleaded guilty, no contest, or nolo contendere to any felony, or 

(e) Employee's use of narcotics, liquor
or illicit drugs that has a detrimental effect on the performance of his
employment responsibilities, as determined by the Company. 

3) Termination upon Death. In the event that you should die
during the term of this Agreement, this Agreement automatically ceases without
notice or any further obligations by the Company and the Company will, in full
satisfaction of its obligations herein: 

(a) pay any outstanding base salary,
prorated bonus, prorated allowances and vacation pay accrued until the date of
your death; 

(b) reimburse the expenses properly
incurred by you up to the date of your death; and 

(c) provide any bonus and vested
options and shares for the fiscal period immediately prior to your death, which
have not been paid prior to your death; vested shares and options will need to
be exercised within have thirty (30) days post death; 

(d) provide family health benefits for
eighteen (18) months following death. 

4) Constructive Dismissal. If the Company makes a substantially
material change in your title, duties, reporting relationship or remuneration,
or materially breaches this Agreement without your express or implied consent,
then you may resign and claim constructive dismissal. If you are constructively
dismissed under this paragraph, then you will be entitled to the same severance
benefits for the same Severance Period as if the Company terminated you without
cause under this Agreement. 

5) Consequences of Termination. The termination of your
employment for any reason whatsoever shall also automatically terminate any
director or officer positions you may then hold, and you agree to sign any
documentation necessary to give effect to this paragraph 5. 

6) Benefits on Termination. If on the termination of your
employment, the Company is unable to continue its contributions to the benefit
plans as set out in this Agreement because it is unable to do so under the terms
of any benefit plan, it will pay you an amount equal to the
Company's required contributions to such benefit plans on your behalf for such
period required by this Agreement. You understand and agree, as provided for
above, that the Company will terminate your LTD coverage and life insurance
coverage on the date you are provided with termination notice and will pay you
the monetary equivalent of its contribution for that coverage during any
Severance Period. 

4

 

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. All such
practices and policies form part of this contract of employment. The Company
reserves the right to change any practice or policy at any time, including any
benefit plan or program, at our sole discretion. The Company, however, will only
make such changes after providing ninety (90) days of advance written notice
(unless the change(s) are not material, or are permitted to be made without
advance notice under applicable law), after which you will be expected to comply
with the change. You understand and agree that any such changes shall not
constitute a constructive dismissal of your employment under this Agreement or
under governing law. 

Miscellaneous 

This Agreement supersedes and replaces all prior employment
agreements with the Company except as specifically referenced herein. 

Sincerely, 

/s/ Alan Murray

Alan Murray
Board Chair, SunOpta, Inc. 

I have read, understand and accept the terms and conditions set
out in this letter. 

	Signature 	Date 
	  	  
	/s/ Hendrik Jacobs 	July 6, 2015 
	Hendrik Jacobs 	  

5SunOpta Inc.: Exhibit 10.2 - Filed by newsfilecorp.com

 

July 6, 2015

	PRIVATE AND CONFIDENTIAL 	WITHOUT PREJUDICE 

Mr. Steven Bromley 
[Address omitted]

Dear Steve:

Further to our discussions, this will confirm our agreement
that your employment with SunOpta Inc. (“SunOpta” or the “Company”) will cease
on December 31, 2015 (the “Effective Departure Date”). 

To assist with the CEO succession plan we have collectively
decided to engage in this discussion at this point to ensure a smooth transition
of the CEO position and we are pleased that these discussions have resulted in a
mutually acceptable agreement with respect to all matters relative to your
employment and the cessation of your employment. 

This letter will serve to memorialize the entirety of the terms
of that agreement. 

BETWEEN TODAY AND THE EFFECTIVE DEPARTURE DATE 

During this period of transition your continued support and
cooperation is important to ensuring the orderly and efficient transfer of
affairs. We expect that you will continue to perform the duties of your position
in the same professional manner that you always have through the effective date
of the transition of the CEO role (the “Transition Date”). Effective immediately
upon the Transition Date, your title and role will change to “Vice Chair”,
reporting to myself and you will perform the agreed upon duties of this position
in the same professional manner that you always have through the Effective
Departure Date and not leave our employment, for any reason, prior to the
Effective Departure Date. Such duties of this role will include, but are not
limited to: (a) actively assisting and leading to conclusion, as needed, current
corporate development projects identified by the Company; (b) introducing the
new CEO to the top 20+ investors through in-person meetings as requested by the
Company; (c) participating in on-site communication activities with Company
employees and the new CEO in order to facilitate a seamless transition; (d)
assisting with any other duties as requested by the Company; and (e) advising
the CEO as needed. That being said, should you leave the Company’s employment
prior to the Effective Departure Date, then paragraph 9 of this letter will
apply. 

In return, the Company will maintain your salary and benefits,
less applicable deductions and withholdings, until the Effective Departure Date
subject, of course, to your continuing to be actively employed through the
entirety of the period between the date of this letter and the Effective
Departure Date. 

Upon the earlier of your actual last day of active employment
with the Company or the Effective Departure Date, you agree to immediately
submit your resignation as a director on the board of SunOpta Inc. 

 

CONTRACTUAL ENTITLEMENTS 

As you know, you and the Company are parties to an employment
agreement effective February 1, 2007 (the “Employment Agreement”). The
Employment Agreement was supplemented by two (2) documents:

	
  Minutes of the Compensation Committee dated January 11, 2008; and 

  
	
  A letter to you from Jeremy Kendall and Alan Murray dated May 7, 2012.
  

TERMS OF OUR AGREEMENT 

The following confirms the entirety of the agreement between
you and the Company relative to, without limitation, your employment and the
cessation of your employment with the Company whether contractual, statutory, at
common law or otherwise:

	1. 	
      Accrued Base Salary and Vacation
  Pay

The Company will pay to you any accrued base salary and
vacation pay as reflected on the Company’s records owing to you up to and
including the Effective Departure Date. 

	2. 	
      Accrued Bonus

You will receive a payment, less applicable deductions and
withholdings required by law, representing a bonus for the 2015 fiscal year
based on the Company’s year-end financial results in accordance with the 2015
Short Term Incentive Plan. Such bonus payment, if any, will be paid out in
accordance with the normally scheduled payout date for all eligible Company
employees under the plan. 

	3. 	
      Expenses

The Company will provide you with a payment for any outstanding
business expenses incurred up to and including your Effective Departure Date in
accordance with Company policy. Please submit all claims no later than two weeks
from your Effective Departure Date so that these can be reviewed. 

	4. 	
      Separation Payment

The Company will pay you a monthly amount of $43,025.51 (CAD),
less applicable deductions and withholdings required by law, by direct deposit
commencing on January 8, 2016 and ending thirty- six (36) months from January 1,
2016 (the “Separation Payment Period”). Separation payments will be made to you
on a bi-weekly basis in accordance with the Company’s regular payroll cycle as
it exists from time to time and, once completed, will provide you with the
equivalent of 24 months of base salary, bonus and certain benefits and
perquisites for a total amount of $1,548,918.52 (CAD) (the “Separation Payment”)
spread out over 36 months. 

Attached as Schedule 1 is information indicating the manner in
which the Separation Payment set out above was calculated. 

 

	5. 	
      Acceleration of Separation
  Payment

At any time after the Effective Departure Date you may request,
in writing, that the Company pay to you the unpaid balance of the Separation
Payment described in paragraph 4 above as a lump-sum. Company may also elect, in
writing, at any time to pay you any unpaid balance of the Separation Payment as
described at paragraph 4 above as a lump-sum. Should the Company elect to pay
you the unpaid balance of the Separation Payment as a lump-sum, it is agreed
that this election will not affect the continued vesting of stock options and
performance share units which will continue in accordance with paragraph 7
below. On the other hand, if you elect to require the Company to pay any unpaid
balance of the Separation Payment as a lump-sum then continued vesting of stock
options and performance share units will cease on the Full Separation Payment
Date as stated in paragraph 7. 

	6. 	
      Employee Benefits

(a)     After the Effective Departure Date,
only your health care and dental care benefits will continue, subject to, as
permitted by and in accordance with the terms and conditions of the applicable
insurance plans and policies, as they may exist from time to time, until the
earlier of 24 months after the Effective Departure Date or the date on which you
secure alternative employment or become self-employed at which time all benefits
will cease. 

(b)     It is your responsibility to inform
the Company when you secure alternative employment or become self-employed and
it is an express condition of this offer that you do so. 

(c)     All of your other group benefits
not specifically mentioned in paragraphs 6(a) as continuing after the Effective
Departure Date, including, without limitation, all disability coverage of any
kind or nature whatsoever along with those benefits listed on Schedule 1 will
cease on the Effective Departure Date. 

(d)     You have 30 days after certain of
the group insurance benefits end to convert, at your own expense, your group
insurance benefits to an individual policy. You will be provided with the
information for the insurance provider. It is your responsibility to explore
this and the Company will take no further steps in this regard and will not be
responsible or liable for any losses caused by your failure to take advantage of
any conversion rights. 

	7. 	
      Stock Options and Performance
  Shares

You have been granted the following Stock Options and
Performance Share Units that currently remain outstanding as of the date of this
letter:

	Grant Date 	Grant Price 	Number of Options 	Exercisable/Vested 	Non-Vested 
	May 12, 2010 	$4.45 	60,000 	60,000 	0 
	January 3, 2011 	$7.72 	200,00 	160,000 	40,000 
	May 8, 2012 	$5.73 	150,000 	90,000 	60,000 
	May 7, 2013 	$7.36 	100,000 	40,000 	60,000 
	May 13, 2014 	$11.30 	32,217 	6,443 	25,774 
	*May 13, 2014 	$0.00 	19,330 	0 	19,330 

 

	*May 12, 2015 	$0.00 	20,049 	0 	20,049 
	May 12, 2015 	$10.08 	36,916 	0 	36,916 
	Total 		618,512 	356,443 	262,069 
(includes 
39,379 PSU’s)
  

*Performance Share Units (PSU’s)

We will allow you to continue to participate in the Stock
Option Plan until the date upon which the Separation Payment has been made in
full (“Full Separation Payment Date”). As such, options will continue to vest,
subject to and in accordance with the terms of the Stock Option Plan, until the
Full Separation Payment Date. If you fail to exercise your options on or before
the Full Separation Payment Date, they will expire and cease to be of any
further force or effect as of that date. Any outstanding performance share units
will continue to vest until the Full Separation Payment Date and will be
calculated in accordance with the applicable 2014 and 2015 Long Term Incentive
Plans. Any acceleration of the Separation Payment at your request, except in the
event of a Change of Control, or acceleration by the company, will result in the
expiration of the vesting period upon the Full Separation Payment Date. In the
event of a Change of Control, any unvested stock options will immediately vest
upon the effective date of the Change of Control. For clarification purposes,
any acceleration of the Separation Payment at the Company’s option will not
cause the vesting period to expire. 

In consideration of the Company agreeing to extend the vesting
period for your options and to accelerate vesting of your options in the event
of a Change of Control, you hereby agree to the following: (a) to advise the
Company's Compliance Officer in advance of trading in securities of the Company
and to obtain prior consent of the Company in respect of any proposed trades of
the Company's securities in accordance with the Company's insider trading
policy; and (b) to provide to the Company such consulting services as the
Company may from time to time reasonably require during the vesting period. You
will perform any requested consulting services in the same professional manner
as you did during your employment. 

	8. 	
      Employee Stock Purchase Plan
  (“ESPP”)

Your participation in the ESPP will end on your Effective
Departure Date. Any contributions made to your ESPP account that were not used
to purchase stock will be promptly returned to you after your Effective
Departure Date. 

	9. 	
      Early Departure

Notwithstanding the above and any other provision of this
letter, in the event you end your employment with the Company, for any reason,
prior to the Effective Departure Date, and such early departure is not mutually
agreed upon between you and the Company, then the Separation Payment Period will
be revised to twenty-four (24) months, with bi-weekly payment amounts adjusted
accordingly to account for this change, and will begin as of your actual last
day of active employment with the Company as will your health care and dental
benefits continuation in accordance with paragraph 6 above. You will, of course,
by your early departure be foregoing any salary or other payments or
entitlements between your actual last day of active employment and the Effective
Departure Date. In addition, the vesting period for any of your options as set
out at paragraph 7 above will be revised to twenty-four (24) months from your
actual last day of active employment with the Company. 

 

	10. 	
      Permanent Disability or
Death

If you are permanently disabled or die at any time prior to the
Full Separation Payment Date, then Company shall, upon receipt of written
notification of such event, pay any remaining Separation Payment in a lump sum
to you or your estate, as the case may be, to the extent permitted by law and
upon receipt of such documents and other information as might reasonably be
requested by SunOpta to permit it to consider the matter and effect such
payment. In accordance with paragraph 7, any continued vesting of stock options
and performance share units will cease on the Full Separation Payment Date. 

	11. 	
      Confidentiality, Fiduciary Obligations,
      Non-Competition and Non-Solicitation

You agree, as a condition of this settlement, that you will not
use or disclose any confidential information which you learned or that came into
your possession during the course of your employment with the Company, including
information as to the terms of this letter (except that you may discuss the
terms of this letter with members of your immediate family and with your legal
and financial advisors provided that they agree to keep this confidential).
Among other things, and without limitation, you will not use or disclose,
without the consent of the Company, any trade secrets, confidential or
proprietary information of or concerning the Company, its owners, affiliates,
clients or suppliers. 

Furthermore, as a fiduciary, we expect that you will abide
strictly with all of your continuing obligations. Among others, you are
prohibited from directly soliciting the Company’s customers, from soliciting
employees to leave their employment with the Company to join in a competing
business and from usurping a maturing business opportunity of the Company of
which you were aware while employed for your own benefit or that of a third
party. 

In addition, we wish to remind you of your contractual
obligations that survive the cessation of your employment as set out in the
Employment Agreement, specifically the Non-Competition and Non-Solicitation
provision that will be in effect for a period of two (2) years from your
Effective Departure Date or such earlier date that you cease employment with the
Company, for any reason, prior to the Effective Departure Date. 

The expectation of the Company is that you will abide by and
fully comply with any and all common law, statutory, contractual and/or
fiduciary obligations that survive the cessation of your employment with the
Company. 

	12. 	
      Return of Company Property

Upon your Effective Departure Date, or such earlier date as the
Company may determine, you will return all property and information belonging to
the Company and any of its clients including all correspondence, documents,
precedents, memoranda and other records together with all login codes and
passwords necessary to allow the Company to access its information and property,
including login codes and passwords for, among others, voicemail, email,
computer and VPN. After such return, you will delete all such information from
personally-owned computers and other storage media and from
personally-controlled web-based accounts in a manner that renders such
information irretrievable. Please confirm that you have complied with this
paragraph. 

 

	13. 	
      Internal and External
  Announcement

We will announce internally and externally through a press
release on or about July7, 2015 that you will be leaving the Company on the
Effective Departure Date. We are prepared to work with you on the internal and
external announcement and will provide you with a draft. We are very much aware
of your contribution to the business of the Company, and the respect with which
you are held by the staff and customers. We want to ensure that this is messaged
in an appropriate way and, again, we are willing to provide you with some input
into this before we make the announcement. 

	14. 	
      Release

In return for the above, and as provided in the Employment
Agreement, you will sign the standard form release attached as Schedule 2. 

	15. 	
      Entire Agreement

This letter and the attached Schedules contain the entire
agreement between you and the Company in regard to your employment and the
termination thereof. There are no other agreements, understandings or
arrangements, whether oral or written, relative to the aforementioned matters
other than those set out in this letter and the attached Schedules which
supersede and replace any such agreements, understandings or arrangements. Any
prior agreements, understandings or arrangements are, therefore, void,
unenforceable and of no force or effect. The headings in this letter are
provided for reference only and shall not affect the substance of this letter.

	16. 	
      Governing Law

This letter shall be interpreted under the laws of the province
of Ontario and the federal laws of Canada applicable therein. 

Please sign this letter below and the attached release to
signify your agreement to the above. Of course, if you have any questions, or
need to discuss this, please let me know. 

Yours very truly,

SUNOPTA INC. 

/s/ Alan Murray
Alan Murray
Chair, SunOpta Inc.

(Employee Signature Page to Follow)

 

I have had ample opportunity to review the terms of this
letter and the attachments with legal counsel. If I did not do so, it was
because I understood the terms of this letter and the attachments and did not
feel that I needed legal advice. I acknowledge that, by my signature, I am
acknowledging and accepting that the terms of this letter and the attached
Schedules accurately and completely set out the entirety of the terms of my
agreement and settlement with the Company relative to, without, limitation, my
employment and the cessation of my employment with the Company and that I am
doing so freely, voluntarily and without duress. 

	/s/ Steven Bromley 	July 6, 2015 
	STEVEN BROMLEY 	DATE 
	  	  
	  	  
	/s/ Michelle Coleman 	July 6, 2015 
	WITNESS 	DATE 

 
Calculation of Separation Payment

	24 months of base salary 	$1,140,000.00 
	Bonus 	$317,418.76 
	Payment of 24 months
      of the followingbenefits: 	 
    
	  	  
	Life Insurance
      ($750,000) 	$127.44/mo. 
	Dependent Life 	$2.30/mo. 
	Employee AD&D
      ($750,000) 	$19.44/mo. 
	Add’l LTD
      coverage-Great West Life ($2,000) 	$90.81/mo. 
	Add’l Life Insurance
    	$4,805.00/yr. 
	Critical illness
      insurance 	$2,600.00/yr. 
	RRSP Company
      contribution 	$12,465.00/yr. 
	Annual car allowance
      & expenses 	$20,000.00/yr. 
	Club membership 	$3,000.00/yr. 
	 	 
	Total Separation Payment 	$1,548,918.52 (CAD) 

 

Schedule 2 
FINAL RELEASE AND INDEMNITY

IN CONSIDERATION of the terms and conditions of a
settlement as evidenced in a letter dated July 6, 2015 from SunOpta Inc.
to Steven Bromley, to which this Final Release and Indemnity is
attached as Schedule “A”, and other good and valuable consideration the receipt
and sufficiency whereof is hereby acknowledged, I, Steven Bromley, on
behalf of myself, my heirs, successors and assigns (hereinafter collectively
referred to as the “Releasor”) hereby release and forever discharge SunOpta
Inc. along with all parents, subsidiaries, affiliates and associated
companies, and together with all respective past, present and future officers,
directors, employees, servants and agents and their successors and assigns
(hereinafter collectively referred to as the “Releasee”) jointly and severally
from any and all actions, causes of action, contracts, covenants, whether
express or implied, claims, demands for damages, including disability, life or
other insurance claims, indemnity, benefits, bonus, short term incentive,
commission, stock and stock options, compensation, costs, interest, loss or
injury of every nature and kind whatsoever and howsoever arising, whether
statutory or otherwise, which I may heretofore have had, may now have, or may
hereinafter have, in any way relating to the hiring of, the employment by and
the cessation of the employment of the Releasor by the Releasee. Notwithstanding
the foregoing, nothing herein releases the Releasee from any obligations under
any written indemnification agreement, by-law or insurance policy with respect
to indemnification in any fashion of the Releasor from any third party claims or
any defense costs or professional fees associated therewith. 

AND FOR THE SAID CONSIDERATION it is further agreed that
the Releasor shall not make any claims (including any cross-claims,
counter-claims, third party claims, actions or applications) or take any
proceedings against any person or corporation who might claim contribution or
indemnity against the Releasee. 

AND FOR THE SAID CONSIDERATION I further covenant and
agree to save harmless and indemnify the Releasee from and against all claims,
charges, taxes, penalties or demands which may be made by the Minister of
National Revenue requiring the Releasee to pay income tax, charges, taxes, or
penalties under the Income Tax Act (Canada) in respect of income tax payable by
me in excess of income tax previously withheld; and in respect of any and all
claims, charges, taxes or penalties and demands which may be made on behalf of
or related to the Employment Insurance Commission and the Canada Pension
Commission under the applicable statutes and regulations with respect to any
amounts which may in the future be found to be payable by the Releasee in
respect of the Releasor. 

AND FOR THE SAID CONSIDERATION I covenant, undertake and
confirm that I have not filed or commenced and will not file or commence any
complaint for payment in lieu of notice of termination, severance pay, wages,
salary, benefits, pension plan contributions, overtime pay, vacation pay and
holiday pay or make any other claim, complaint or application against the
Releasee pursuant to the Ontario Employment Standards Act, 2000. 

I FURTHER ACKNOWLEDGE that I have received all payments
and amounts owing to me under the Employment Standards Act, 2000 and that the
payments made to me herein are in full and final satisfaction of any further
entitlements I may have pursuant to the Employment Standards Act, 2000.

I FURTHER ACKNOWLEDGE AND AGREE that I have no claim of
any nature or kind to any entitlement whatsoever arising under or from any group
health or welfare insurance policy maintained by the Company for the benefit of
its employees including, without limitation, disability or life insurance plans. The Releasor agrees that they have
been advised of all conversion privileges that exist under the terms of the
Company’s benefit plans. 

 

I HEREBY ACKNOWLEDGE that I have discussed or otherwise
canvassed and considered any and all possible human rights complaints, concerns
or issues arising out of or in respect of my hiring, employment and the
cessation of my employment with the Releasee. 

I AGREE that this agreement constitutes a full and final
settlement of any existing, contemplated, or possible complaint or complaints
against the Releasee under the Human Rights Code up to the date of this
agreement, arising out of or in respect to my hiring, employment and the
cessation of my employment with the Releasee. 

IT IS UNDERSTOOD AND AGREED that the beforementioned
consideration is deemed to be no admission of liability on the part of the said
Releasee. 

IT IS HEREBY FURTHER COVENANTED AND AGREED that I will
not disclose the terms or the nature of the settlement evidenced by the within
Final Release, save and except for my spouse, my legal and financial advisors,
and as may be required by law. 

I HEREBY CONFIRM that I have been afforded an
opportunity to independently review and read and obtain independent advice with
respect to the details of this Final Release and Indemnity and the settlement
relating thereto, and confirm that I am executing this Final Release and
Indemnity freely, voluntarily and without duress. 

IN WITNESS WHEREOF I have hereunto executed this Release
by affixing my hand and seal this day of July 6, 2015, in the presence of the
witness whose signature is subscribed below. 

	SIGNED, SEALED AND DELIVERED 	) 	  
	in the presence of 	) 	  
	  	) 	  
	  	) 	  
	/s/ Michelle Coleman 	) 	/s/ Steven Bromley 
	Witness Signature 	) 	Steven Bromley 
	  	)

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