Document:

Exhibit 10.25 ExO Termination Notice

Exhibit 10.25

[CHIQUITA LETTERHEAD]

January ___, 2015

[_______]
Chiquita Brands International Inc.
550 South Caldwell Street
Charlotte, North Carolina 28202

[Executive]:

Reference is made to the Severance Agreement (the “Severance Agreement”) between Chiquita Brands International, Inc. (the “Company”) and you, dated as of August 22, 2014.  Capitalized terms used but not defined herein shall have the meaning set forth in the Severance Agreement.

Your employment with the Company is hereby terminated pursuant to a resignation for Good Reason, effective as of January 9, 2015 (the “Termination Date”), which is within the two year period following a Change in Control.  As a consequence of such termination you will receive from the Company all of the payments and benefits due to you under the Severance Agreement under Section 6 of the Severance Agreement, which will consist of the following:

		
	•
	payment to you in a cash lump sum within fifteen days following the Termination Date (or if later, upon the effectiveness of the Release (as defined below)), of the gross amount of $[●] pursuant to Section 6.1(A) of the Severance Agreement;

		
	•
	a full-year 2014 annual bonus, in such amount based on actual performance as determined under the Company annual cash incentive compensation plan in accordance with the Agreement and Plan of Merger among the Company and other parties thereto dated as of October 26, 2014 (the “Cutrale-Safra Merger Agreement”), which amount shall be paid at the time 2014 annual bonuses are paid to other senior executives but not later than March 15, 2015;

		
	•
	a pro-rata target bonus for the portion of 2015 which has elapsed as of the Termination Date, resulting in a gross payment to you of $[●], payable in a cash lump sum within fifteen days following the Termination Date (or if later, upon the effectiveness of the Release); and

		
	•
	continued provision to you and your dependents for the 24 month period following the Termination Date of the benefits described in Section 6.2 of the Severance Agreement in accordance with such section. 

In the event the Company has not received a final report from Golden Parachute Tax Solutions, LLC regarding the application of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), in form and substance satisfactory to the Company (including all supporting materials and documentation), prior to the date it is required to make the payments described above, the Company will pay you the maximum amount that may be paid without imposition of tax under Section 4999 of the Code, excluding for purposes of such calculation any value ascribed to your restrictive covenants, and will pay the remainder, subject to Section 6.2 of the Severance Agreement, on the fifteenth day following the receipt of such report.

Your receipt of the payments and benefits set forth above is subject to the requirement that you deliver to the Company, within 45 days following the Termination Date, an executed General Release, in the form attached hereto as Exhibit A (the “Release”).

You will also remain entitled to the payments and benefits described in Section 5 of the Severance Agreement, which will be paid or provided to you in the ordinary course.  Separately, all of your outstanding restricted stock units (other than those granted in respect of the 2012 – 2014 performance period) have been cancelled in exchange for a cash lump sum payment in the manner set forth in Cutrale-Safra Merger Agreement, resulting in a gross payment to you of $[●].  In addition, no later than March 15, 2015, you will receive a cash lump sum payment for restricted stock units granted in respect of the 2012-2014 performance period based on actual performance for such period.

By executing this letter, you agree that, effective as of the Termination Date, you will cease to serve as an employee, officer, director or in any other capacity for the Company, its subsidiaries or any affiliated entity, it being agreed that you shall retain any indemnification, liability insurance and similar rights with respect to such service in accordance with the existing terms thereof and the Cutrale-Safra Merger Agreement.  In addition, by executing this letter you acknowledge and reaffirm your obligations pursuant to the restrictive covenants to which you are subject (including those contained in Section 4 of the Severance Agreement).

This letter does not amend the Severance Agreement, which remains in effect in accordance with its terms.
Sincerely, 

	
			
	 
	CHIQUITA BRANDS INTERNATIONAL, INC.

     by

	 
	 
	_______________________________ 

Assistant Secretary

	 
	 

	 
	 
	_______________________________Exhibit 10.26

Exhibit 10.26

CHIQUITA BRANDS INTERNATIONAL, INC. 
550 South Caldwell Street
Charlotte, North Carolina 28202
January 9, 2015
Mr. Edward L. Lonergan
Chiquita Brands International, Inc. 550 South Caldwell Street
Charlotte, North Carolina 28202
Mr. Lonergan:
Reference is made to the Employment Agreement (the "Original Employment Agreement") between Chiquita Brands International, Inc. (the "Company") and you, dated as of October 1, 2012, and amended as of September 8, 2014 (the "Amendment" and together with the Original Employment Agreement, the "Employment Agreement") and to the Agreement and Plan of Merger among the Company and other parties thereto dated as of October 26, 2014 (the "Cutrale-Safra Merger Agreement"). Capitalized terms used but not defined herein shall have the meaning set forth in the Employment Agreement.
Your employment as Chief Executive Officer of the Company was terminated pursuant to a Qualifying Termination (as defined in the Employment Agreement), effective as of January 6, 2015 (the "Termination Date"). As a consequence of your Qualifying Termination you will receive from the Company all of the payments and benefits due to you under the Employment Agreement upon a Qualifying Termination, which will consist of the following:
		
	•
	payment to you of the "Accrued Amounts" (which include your accrued unpaid Base Salary and accrued unused vacation) and the Other Benefits;

		
	•
	payment to you in a cash lump sum within fifteen days following the Termination Date (or if later, upon the effectiveness of the Release (as defined below)), equal to the sum of (a) the Annual Base Salary and (b) Target Bonus (the gross amount of which will be $1,900,000);

		
	•
	payment to you of a full-year 2014 annual bonus, in such amount based on actual performance as determined under the Company annual cash incentive compensation plan in accordance with the Cutrale-Safra Merger Agreement, which amount shall be paid at the time 2014 annual bonuses are paid to other senior executives but not later than March 15, 2015;

		
	•
	payment to you of a pro rata Target Bonus for 2015 in a cash lump sum amount of $15,616 within fifteen days following the Termination Date (or if later, upon the effectiveness of the Release), which equals the product of (a) the Target Bonus ($950,000) multiplied by (b) the fraction the numerator of which is the number of

days you were employed during 2015 through the Termination Date and the denominator of which is 365;
		
	•
	payment to you in the gross amount of $2,520,000 (which payment is in lieu of the performance stock unit award described in Section 7 of the Amendment) and which will be paid to you in a cash lump sum within fifteen days following the Termination Date (or if later, upon the effectiveness of the Release); and

		
	•
	the Company shall provide you (and your eligible dependents, as the case may be), for a period of twelve (12) months following the Termination Date, the various welfare benefits under Section 3(e) of the Employment Agreement in which you (and/or your eligible dependents, as the case may be) currently participate (on a basis no less favorable than that in effect immediately prior to consummation of the transactions contemplated by the Cutrale-Safra Merger Agreement).

Your receipt of the payments and benefits set forth above (other than the Accrued Amounts and Other Benefits) is subject to the requirement that you deliver to the Company, within 45 days following the Termination Date, an executed General Release, in the form attached hereto as Exhibit A (the "Release"). 
Separately, all of your outstanding stock options and restricted stock units have been cancelled in exchange for a cash lump sum payment in the manner set forth in the Cutrale-Safra Merger Agreement, resulting in a gross payment to you of $10,972,697.
By executing this letter, you agree that, effective as of the Termination Date, you will cease to serve as an employee, officer, director or in any other capacity for the Company, its subsidiaries or any affiliated entity, it being agreed that you shall retain any indemnification, liability insurance and similar rights with respect to such service in accordance with the existing terms of the Employment Agreement and the Cutrale-Safra Merger Agreement. In addition, by executing this letter you acknowledge and reaffirm your obligations pursuant to the restrictive covenants to which you are subject (including those contained in Section 8 of the Employment Agreement).
This letter does not amend the Employment Agreement, which remains in effect in accordance with its terms.
Sincerely,
CHIQUITA BRANDS INTERNATIONAL, INC. by
 Assistant Secretary 
EDWARD L. LONERGAN.Exhibit 10.2

                                 LEASE AGREEMENT

                           ISTAMBUL, TURKEY 01/08/2014

ISMAIL KAYA hereinafter referred to as the LESSOR.
-AND-
NIMTECH CORP. hereinafter referred to as the LESSEE.

TERMS AND CONDITIONS

1. PURPOSES: That premises hereby leased shall be used exclusively by the LESSEE
for commercial purposes only and shall not be diverted to other uses. It is
hereby expressly agreed that if at any time the premises are used for other
purposes, the LESSOR shall have the right to rescind this contract without
prejudice to its other rights under the law. According to the agreement we lease
50 square meters of premises on the first floor of the building at Perpa Ticaret
Merkezi, B Blok, Kat: 9, No: 1524, Istanbul.

2. TERM: This term of lease is for 2 YEAR from January 01, 2015 to January 01,
2017 inclusive. Upon its expiration, this lease may be renewed under such terms
and conditions as my be mutually agreed upon by both parties, written notice of
intention to renew the lease shall be served to the LESSOR not later than seven
(7) days prior to the expiry date of the period herein agreed upon.

3. RENTAL RATE: the agreed annual rental fee is $6,000 for the first year of
lease and will be reduced to $5,400 for the second year of lease.

4. FORCE MAJEURE: If whole or any part of the leased premises shall be destroyed
or damaged by fire, flood, lightning, typhoon, earthquake, storm, riot or any
other unforeseen disabling cause of acts of God, as to render the leased
premises during the term substantially unfit for use and occupation of the
LESSEE, then this lease contract may be terminated without compensation by the
LESSOR or by the LESSEE by notice in writing to the other.

5. LESSOR'S RIGHT OF ENTRY: The LESSOR or its authorized agent shall after
giving due notice to the LESSEE shall have the right to enter the premises in
the presence of the LESSEE or its representative at any reasonable hour to
examine the same or make repairs therein or for the operation and maintenance of
the building or to exhibit the leased premises to prospective LESSEE, or for any
other lawful purposes which it may deem necessary.

6. EXPIRATION OF LEASE: At the expiration of the term of this lease or
cancellation thereof, as herein provided, the LESSEE will promptly deliver to
the LESSOR the leased premises with all corresponding keys and in as good and
tenable condition as the same is now, ordinary wear and tear expected devoid of
all occupants, movable furniture, articles and effects of any kind.
Non-compliance with the terms of this clause by the LESSEE will give the LESSOR
the right, at the latter's option, to refuse to accept the delivery of the
premises and compel the LESSEE to pay rent therefrom at the same rate plus
Twenty Five (25) % thereof as penalty until the LESSEE shall have complied with
the terms hereof. The same penalty shall be imposed in case the LESSEE fails to
leave the premises after the expiration of this Contract of Lease or termination
for any reason whatsoever.

 7. NIMTECH CORP and ISMAIL KAYA have signed lease agreement as of 01/08/2014
coming into force January 01, 2015.

ISMAIL KAYA                                       NIMTECH CORP

/s/ Ismail Kaya                                   /s/ Badria Alhussin
-------------------------------                   ------------------------------

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