Document:

Employment Agreement

 Exhibit 10.2 
  
 EMPLOYMENT AGREEMENT 
  
 EMPLOYMENT AGREEMENT (this “Agreement”) made and entered into as of the 9th day of August, 2004 among American Seafoods, L.P. (“Parent”) and American Seafoods Group LLC (“Employer” or the “Company”) and
Matthew Latimer (“Executive”). 
  
 W I
T N E S S E T H: 
  
 WHEREAS, Employer desires to employ Executive and Executive desires to accept employment with Employer upon the terms and conditions hereinafter set forth; 
  
 NOW THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth, and intending to be legally
bound hereby, it is hereby agreed as follows: 
  
 1.
Employment Term. Employer agrees to employ Executive, and Executive agrees to be so employed, in the capacity of Chief Legal Officer and General Counsel, for a term commencing on August 9, 2004 and ending on December 31, 2007 (the
“Initial Term”); provided, however, that, notwithstanding anything to the contrary set forth in this Agreement, this Agreement may be earlier terminated pursuant to the terms hereof. The term of this Agreement will
automatically extend past the Initial Term for succeeding periods of one year each unless either party terminates this Agreement as of the end of the Initial Term, or as of the end of any subsequent one-year period (in either case, the
“Termination Date”), by delivering notice to the other party specifying the applicable Termination Date not earlier than 180 days and not later than 120 days prior to the date so specified. “Employment Term” as used herein shall
mean the term of this Agreement including any automatic extensions pursuant to the preceding sentence. 
  
 2. Position and Duties. Executive shall (in accordance with Section 11 hereof) diligently and conscientiously devote his full business time,
attention, energy, skill and best efforts to the business of Employer and the discharge of his duties hereunder. Executive’s duties under this Agreement shall be to serve as Chief Legal Officer and General Counsel, with the responsibilities,
rights, authority and duties customarily pertaining to such office and as may be established from time to time by or under the direction of the Chief Executive Officer (the “CEO”) or his/her designees, and Executive shall report to the
CEO. Executive shall also act as an officer and/or director and/or manager of such subsidiaries of Employer as may be designated by the CEO, commensurate with Executive’s office, all without further compensation, other than as provided in this
Agreement. 
  
 3. Compensation. 
  
 (a) Base Salary. Employer shall pay to Executive base salary
compensation at an annual rate of $200,000. In 2005 and annually thereafter, the CEO shall review Executive’s base salary in light of the performance of Executive and the Company, and may, in his/her sole discretion, increase or decrease (but
not decrease below $200,000) such base salary by an amount he/she determines to be appropriate. Executive’s annual base salary payable hereunder, as it may be increased or decreased from time to time, is referred to herein as “Base

 Salary.” Base Salary shall be paid in equal installments in accordance with Employer’s payroll practices in
effect from time to time for executive officers, but in no event less frequently than monthly. 
  
 (b) Bonus. In addition to Base Salary, Executive may receive an annual bonus of an amount to be determined by the governing body of Parent (the “Board”) in its sole discretion, taking into
consideration individual and corporate performance. Further, Executive shall be entitled to receive with respect to each fiscal year during the Employment Term a nondiscretionary bonus if the EBITDA (as defined on Schedule I hereto) of Parent and
its subsidiaries in such fiscal year exceeds certain targets. The amount and calculation of such bonus are described with particularity on Schedule I hereto. In no event will (i) the nondiscretionary bonus be payable if at the time of payment or at
any time during the year of measurement the Company was in default under any credit agreement relating to indebtedness for borrowed money or (ii) the annual bonus (including discretionary and nondiscretionary portions thereof) in any year exceed
150% of Executive’s Base Salary. The annual bonus with respect to any year, if any, shall be paid within 30 days after the receipt by the Board of Parent of audited financial statements for Parent and its subsidiaries for the pertinent year.
The bonus for 2004, if any, shall be prorated for the year based on the number of days that Executive is employed under this Agreement. 
  
 (c) Option Grants. Executive will participate in Parent’s employee option plan or other equity based compensation plan at a level to be
determined by the Board as appropriate for senior management and equal or similar to the participation level of ASG’s Chief Financial Officer. 
  
 4. Benefits. Executive shall be eligible to participate in all employee benefit programs of Employer offered from time to time during the term of
Executive’s employment hereunder by Employer to employees or executives of Executive’s rank, to the extent that Executive qualifies under the eligibility provisions of the applicable plan or plans, in each case consistent with
Employer’s then-current practice as approved by the Board from time to time. The foregoing shall not be construed to require Employer to establish such plans or to prevent the modification or termination of such plans once established, and no
such action or failure thereof shall affect this Agreement. Executive recognizes that Employer and its affiliates have the right, in their sole discretion, to amend, modify or terminate their benefit plans without creating any rights in Executive.

  
 5. Vacation. Executive shall be entitled to up to three
weeks of paid vacation per calendar year. A maximum of one week of vacation time may be carried over from one calendar year and into the following calendar year; provided however, that the vacation time be exercised prior to the end of
the subsequent calendar year. 
  
 6. Business Expenses. To
the extent that Executive’s reasonable and necessary expenditures for travel, entertainment and similar items made in furtherance of Executive’s duties under this Agreement comply with Employer’s expense reimbursement policy, are
wholly or partially deductible by Employer for federal income tax purposes pursuant to the Internal Revenue Code of 1986, as amended and are documented and substantiated by Executive as required by the Internal Revenue Service and the policies of
Employer, Employer 
  

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 shall reimburse the Executive for such expenditures; provided documentation therefor is submitted not later than
45 days after such expense is incurred. Employer shall reimburse the reasonable expenses of maintaining Executive’s Washington State Bar Association membership including the costs of CLE classes and bar association fees and dues. 
  
 7. Termination by the Company. 
  
 (a) Employer shall have the right to terminate the Employment Term under the
following circumstances (and also as contemplated by Section 8(b)): 
  
 (i) upon the death of Executive; 
  
 (ii) in the event of a disability which prevents or seriously inhibits Executive from performing his duties for 60 consecutive days as determined in good faith by the CEO, upon 30 days written notice from Employer to
Executive; or 
  
 (iii) for Cause (as defined
below). 
  
 “Cause” as used in this Agreement shall mean (i)
Executive’s commission of a felony or any other crime involving moral turpitude, fraud, misrepresentation, embezzlement or theft, (ii) Executive’s engaging in any activity that is harmful (including, without limitation, alcoholic or other
self-induced affliction), in a material respect, to the Company or any of its subsidiaries, monetarily or otherwise, as determined by the CEO; (iii) Executive’s material malfeasance (including without limitation, any intentional act of fraud or
theft), misconduct, or gross negligence in connection with the performance of his duties hereunder; (iv) Executive’s significant violation of any statutory or common law duty of loyalty to the Company or any of its subsidiaries; (v)
Executive’s material breach of this Agreement or of a material Company policy (including without limitation, disclosure or misuse of any confidential or competitively sensitive information or trade secrets of the Company or a subsidiary); or
(vi) Executive’s refusal or failure to carry out directives or instructions of the CEO or the Board that are consistent with the scope and nature of Executive’s duties and responsibilities set forth herein, in the case of clause (v) or
(vi) above, only if such breach or failure continues for more than 10 days following written notice from Employer describing such breach or failure. 
  
 (b) If this Agreement is terminated pursuant to Paragraph 7(a), or for any other reason (except by Executive pursuant to Paragraph 8 or by Employer other
than pursuant to Paragraph 7(a)), Executive’s rights and Employer’s obligations hereunder shall forthwith terminate except that Employer shall pay Executive his Base Salary earned but not yet paid through the date of termination. In
addition, if the Executive is terminated pursuant to Paragraph 7(a)(i) or 7(a)(ii), Employer shall also pay Executive within 30 days following receipt of audited financial statements for the year during which such termination occurred, a prorated
annual bonus in respect of the partial year during which such termination occurred, the amount to be equal to the full amount of the nondiscretionary bonus, if any, that would be due under Section 3(b) multiplied by a fraction, the numerator of
which is the number of days in such fiscal year prior to such termination and the denominator of which is 365. 
  

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	8.	Termination by Executive. 

  
 (a) Executive shall have the right to terminate the Employment Term for Good Reason (as defined below), upon 60 days’ written notice to the CEO and
the Board given within 60 days following the occurrence of an event constituting Good Reason; provided that Employer shall have 10 days after the date such notice has been given to the CEO and the Board in which to cure the conduct specified
in such notice. For purposes of this Agreement “Good Reason” shall mean: 
  
 (i) the Company’s failure to pay or provide when due Executive’s Base Salary, which failure is not cured within 10 days after
the receipt by the CEO and the Board from Executive of a written notice referring to this provision and describing such failure; or 
  
 (ii) the failure to continue Executive in his position as provided in Paragraph 1 or removal of him from such position; or 
  
 (iii) a material diminution of Executive’s
responsibilities, duties or status, which diminution is not rescinded within 30 days after the date of receipt by the Board and the CEO from Executive of a written notice referring to this provision and describing such diminution. 
  
 (b) If this Agreement is terminated pursuant to Paragraph 8(a), or if
Employer shall terminate Executive’s employment under this Agreement other than pursuant to Paragraph 7(a), Executive shall be entitled to the following, which he acknowledges to be fair and reasonable, as his sole and exclusive remedy, in lieu
of all other remedies at law or in equity, for any such termination: 
  
 (i) Base Salary earned but not yet paid through the date of termination; 
  
 (ii) a prorated annual bonus in respect of the partial year during which such termination occurred, the amount to be equal to the full
amount of the nondiscretionary bonus, if any, that would be due under Section 3(b) multiplied by a fraction, the numerator of which is the number of days in such fiscal year prior to such termination and the denominator of which is 365; and

  
 (iii) an amount equal to Executive’s
actual Base Salary (not including any bonus paid or payable) for the 12-month period immediately prior to such termination (or the period during which Executive was employed by Employer if less than 12 months), payable in 12 equal installments
during the 12-month period following such termination (the “Severance Pay Period”). 
  
 In the event of any such termination, Executive shall use commercially reasonable efforts to secure alternative employment. During the last three months of the Severance Pay Period, any compensation, income or
benefits earned by or paid to (in cash or otherwise) the Executive as an employee of or consultant to a company other than the Company shall reduce the amount of severance payments payable during such three-month period pursuant to Paragraph
8(b)(iii). 
  

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 (c) If Executive terminates his employment at any time during the term of this Agreement other than
pursuant to Section 8(a), without limiting or prejudicing any other legal or equitable rights or remedies which Employer may have upon such breach by Executive, Executive will receive his Base Salary earned but not yet paid though the date of
termination. 
  
 9. Services Unique. Executive recognizes
that Executive’s services hereunder are of a special, unique, unusual, extraordinary and intellectual character giving them a peculiar value, the loss of which cannot be reasonably or adequately compensated for in damages, and in the event of a
breach of this Agreement by Executive (particularly, but without limitation, with respect to the provisions hereof relating to the exclusivity of Executive’s services and the provisions of Paragraph 11), the Company shall, in addition to all
other remedies available to it, be entitled to equitable relief by way of an injunction and any other legal or equitable remedies. Anything to the contrary herein not withstanding, the Company may seek such equitable relief in a federal or state
court in Seattle, Washington, and the Executive hereby submits to jurisdiction in those courts. 
  
 10. Protection of the Company’s Interests. To the fullest extent permitted by law, all rights worldwide with respect to any intellectual
property of any nature conceived, developed, produced, created, suggested or acquired by Executive during the period commencing on the date hereof and ending six months following the termination of Executive’s employment hereunder shall be
deemed to be a work made for hire and shall be the sole and exclusive property of Employer. Executive agrees to execute, acknowledge and deliver to Employer at Employer’s request, such further documents as the Employer finds appropriate to
evidence the Employer’s rights in such property. Executive further acknowledges that in performing his duties hereunder, he will have access to proprietary and confidential information and to trade secrets of Employer and its affiliates. Any
confidential and/or proprietary information of Employer or its affiliates shall not be used by Executive or disclosed or made available by Executive to any person except (i) as required in the course of Executive’s employment or (ii) when
required to do so by a court of law, by any governmental agency having supervisory authority over the business of Employer or by any administrative or legislative body (including a committee thereof) with apparent jurisdiction to order him to
divulge, disclose or make accessible such information, it being understood that Executive will promptly notify Employer of such requirement so that Employer may seek to obtain a protective order. Upon expiration or earlier termination of the term of
Executive’s employment, Executive shall return to Employer all such information that exists in written or other physical form (and all copies thereof) under Executive’s control. 
  
 11. Non-Competition. 
  
 (a) Exclusivity of Employment. Executive agrees that his employment hereunder is on an exclusive basis, and that during the Employment Term, he
will not engage in any other business activity. Notwithstanding the foregoing, nothing in this Agreement shall preclude Executive from engaging in charitable and public service activities, or engaging in speaking and writing activities, or from
managing his personal investments, provided that such activities do not interfere with Executive’s availability or ability to perform his duties and responsibilities hereunder. 
  

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 (b) Noncompete. Executive agrees that during the Employment Term, and the Severance Pay Period (if
applicable), and the 12-month period thereafter, he shall not, directly or indirectly, engage in, or participate as an investor in, an officer, employee, director or agent of, or consultant for, any entity whose primary business involves the
catching, processing, marketing or sale of seafood; provided however that, nothing herein shall prevent him from investing as less than a 5% shareholder in the securities of any company listed on a national securities exchange or
quoted on an automated quotation system. Executive’s participation in an entity in any of the foregoing capacities, other than participation described in the foregoing proviso, being sometimes referred to herein as being a
“Participant.” 
  
 (c) Nonsolicitation of
Employees. Executive agrees that during the Employment Term and the Severance Pay Period (if applicable), and the 36-month period thereafter (the “Nonsolicitation Period”), he will not directly or indirectly, employ, or be a
Participant in any entity that employs, any person previously employed by the Company or any of its subsidiaries or in any way induce or attempt to induce any person to leave the employment of the Company or any of its subsidiaries. 
  
 (d) Nonsolicitation of Customers. Executive agrees that during the
Nonsolicitation Period, he will not directly or indirectly, solicit or do business with, or be a Participant in any entity that solicits or does business with, any customer of Employer or any of its subsidiaries, nor shall Executive in any way
induce or attempt to induce any customer of Employer to do business with any person or entity other than Employer; provided that, the foregoing shall not restrict Executive or any entity in which he is a Participant from soliciting or doing
business with any customer of Employer or any of its subsidiaries with respect to a business that is not competitive with the business of Employer or any of its subsidiaries or any line of business that Employer or any of its subsidiaries is
contemplating. Notwithstanding the foregoing, after the expiration of the noncompetition period set forth in Paragraph 11(b), Executive may participate as an investor in, an officer, employee, director or agent of or consultant for an entity that
does business with one or more customers of Employer so long as Executive has no contact with such customer and has no direct or indirect involvement in the solicitation of business from any such customer. 
  
 (e) Standstill. Executive agrees that during the Nonsolicitation
Period, Executive shall not, except at the specific written request of the CEO: 
  
 (i) engage in or propose, or be a Participant in any entity that engages in or proposes, a Rule 13e-3 Transaction (as defined in Rule
13e-3 under the Securities Exchange Act of 1934) or any other material transaction, between Parent, Employer or any of its subsidiaries, on the one hand, and Executive or any entity in which Executive is a Participant, on the other hand; 

 
 (ii) acquire any equity securities of Parent, Employer or
any of its subsidiaries (other than securities issued to Executive by Parent or issued to Executive by Parent upon exercise of options issued to Executive by Parent), or be a participant in any entity that acquires any equity securities of Parent,
Employer or any of its subsidiaries; 
  

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 (iii) solicit proxies, or be a Participant in any entity that solicits proxies, or become
a participant in any solicitation of proxies, with respect to the election of directors of Parent, Employer or any of its subsidiaries in opposition to the nominees recommended by the Board of any such entity; or 
  
 (iv) directly or indirectly, engage in or participate in any
other activity that would be reasonably expected to result in a change of control of Parent, Employer or any of its subsidiaries. 
  
 The foregoing provisions of this Paragraph shall not be construed to prohibit or restrict the manner in which Executive exercises his voting rights in respect of equity
interests in Parent acquired in a manner that is not a violation of the terms of this Paragraph 11. 
  
 12. Nondisparagement. Executive will not at any time during or after this Agreement directly (or through any other person or entity) make any
public or private statements (whether oral or in writing) which are derogatory or damaging to the Company, its business, activities, operations, affairs, reputation or prospects or any of its officers, employees, directors or shareholders. Employer
will not at any time during or after the term of this Agreement directly (or through any other person or entity) make any defamatory public or private statements (whether oral or in writing) concerning the Executive. 
  
 13. Representation of the Parties. Executive represents and warrants
to Employer and Parent that Executive has the capacity to enter into this Agreement and the other agreements referred to herein, and that the execution, delivery and performance of this Agreement and such other agreements by Executive will not
violate any agreement, undertaking or covenant to which Executive is party or is otherwise bound. Each of Employer and Parent represents to Executive that it is a limited liability company or corporation, as applicable, and is duly organized and
validly existing under the laws of the State of Delaware, that it is fully authorized and empowered by action of its Board, CEO or general partner, as applicable, to enter into this Agreement and the other agreements referred to herein, and that
performance of its obligations under this Agreement and such other agreements will not violate any agreement between it and any other person, firm or other entity. 
  
 14. Key Man Insurance. Employer will have the right throughout the term of this Agreement, to obtain or increase
insurance on Executive’s life in such amount as the Board determines, in the name of Employer for its sole benefit or otherwise, in the discretion of the Company. Executive will cooperate in any and all necessary physical examinations without
expense to Executive, supply information, and sign documents, and otherwise cooperate fully with Employer as Employer may request in connection with any such insurance. Executive warrants and represents that, to his best knowledge, he is in good
health and does not suffer from any medical condition which might interfere with the timely performance of his obligations under this Agreement. 
  
 15. Notices. All notices given under this Agreement shall be in writing and shall be deemed to have been duly given (a) when delivered personally,
(b) three business days after being mailed by first class certified mail, return receipt requested, postage prepaid, (c) one business day after being sent by a reputable overnight delivery service, postage or delivery 
  

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 charges prepaid, or (d) on the date on which a facsimile is transmitted to the parties at their respective addresses
stated below. Any party may change its address for notice and the address to which copies must be sent by giving notice of the new addresses to the other parties in accordance with this Paragraph 15, except that any such change of address notice
shall not be effective unless and until received. 
  
 If to the
Employer or Parent: 
  
 American Seafoods Group 
 2025 First Ave, Suite 1200 
 Seattle, WA 98121

 Attention: CEO 
  
 with a copy to: 
  
 Matt Fick 
 Mundt MacGregor 
 999 Third Ave, Suite 4200 
 Seattle, WA 98104

  
 If to the Executive: 
  
 1417 181st Place S.W. 
 Lynnwood, WA 98037 
  
 16. Entire Agreement, Amendments, Waivers, Etc. 
  
 (a) No amendment or modification of this Agreement shall be effective unless
set forth in a writing signed by the Company and Executive. No waiver by either party of any breach by the other party of any provision or condition of this Agreement shall be deemed a waiver of any similar or dissimilar provision or condition at
the same or any prior or subsequent time. Any waiver must be in writing and signed by the waiving party. 
  
 (b) This Agreement, together with the Exhibits and Schedules hereto and the documents referred to herein and therein, sets forth the entire understanding
and agreement of the parties with respect to the subject matter hereof and supersedes all prior oral and written understandings and agreements. There are no representations, agreements, arrangements or understandings, oral or written, among the
parties relating to the subject matter hereof which are not expressly set forth herein, and no party hereto has been induced to enter into this Agreement, except by the agreements expressly contained herein. 
  
 (c) Nothing herein contained shall be construed so as to require the
commission of any act contrary to law, and wherever there is a conflict between any provision of this Agreement and any present or future statute, law, ordinance or regulation, the latter shall prevail, but in such event the provision of this
Agreement affected shall be curtailed and limited only to the extent necessary to bring it within legal requirements. 
  

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 (d) This Agreement shall inure to the benefit of and be enforceable by Executive and his heirs,
executors, administrators and legal representatives, by the Company and its successors and assigns, by Parent and its successors. This Agreement and all rights hereunder are personal to Executive and shall not be assignable. Each of the Company and
Parent may assign its rights under this Agreement to any successor by merger, consolidation, purchase of all or substantially all of its and its subsidiaries’ assets, or otherwise; provided that such successor assumes all of the
liabilities, obligations and duties of the Company under this Agreement, either contractually or as a matter of law. 
  
 (e) If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect the other provisions or application of
this Agreement that can be given effect without the invalid provisions or application, and to this end the provisions of this Agreement are declared to be severable. 
  
 17. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
Washington without reference to principles of conflict of laws. 
  
 18. Right to Equitable Relief. Executive recognizes that Employer will have no adequate remedy at law for his breach of any provision of Paragraph 10, 11 or 12 and in the event of any such breach or threatened breach he agrees that
Employer shall be entitled to obtain equitable relief in addition to other remedies available at law and/or hereunder. 
  
 19. Taxes. All payments required to be made to Executive hereunder, whether during the term of his employment hereunder or otherwise shall be
subject to all applicable federal, state and local tax withholding laws. 
  
 20. Headings, Etc. The headings set forth herein are included solely for the purpose of identification and shall not be used for the purpose of construing the meaning of the provisions of this Agreement. Unless
otherwise provided, references herein to Exhibits, Schedules and Paragraphs refer to Exhibits and Schedules to and Paragraphs of this Agreement. 
  
 21. Arbitration. Any dispute or controversy between Employer and Executive, arising out of or relating to this Agreement, the breach of this
Agreement, or otherwise, shall be settled by arbitration in Seattle, Washington, administered by the American Arbitration Association in accordance with its Commercial Rules then in effect and judgment on the award rendered by the arbitrator may be
entered in any court having jurisdiction thereof. The arbitrator shall have the authority to award any remedy or relief that a court of competent jurisdiction could order or grant, including, without limitation, the issuance of an injunction.
However, either party may, without inconsistency with this arbitration provision, apply to any court having jurisdiction over such dispute or controversy and seek interim provisional, injunctive or other equitable relief until the arbitration award
is rendered or the controversy is otherwise resolved. Except as necessary in court proceedings to enforce this arbitration provision or an award rendered hereunder, or to obtain interim relief, neither a party nor an arbitrator may disclose the
existence, content or results of any arbitration hereunder without the prior written consent of Employer and Executive. 
  

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 22. Survival. Executive’s obligations under the provisions of Paragraphs 10, 11 and 12, as
well as the provisions of Paragraphs 6, 7(b), 8(b) and 15 through and including 19 and Paragraphs 21 and 22, shall survive the termination or expiration of this Agreement. 
  
 23. Construction. Each party has cooperated in the drafting and preparation of this Agreement. Therefore, in any
construction to be made of this Agreement, the same shall not be construed against any party on the basis that the party was the drafter. 
  
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 
  

							
	AMERICAN SEAFOODS GROUP LLC:
		
	By:	 	 /s/    BERNT O. BODAL

	Name:	 	Bernt O. Bodal
	Title:	 	Chairman and Chief Executive Officer
	
	EXECUTIVE:
	
	 /s/     MATTHEW LATIMER

	
	AMERICAN SEAFOODS, L.P.:
	
	AMERICAN SEAFOODS. L.P.
			
	 	 	By:	 	ASC Management, Inc., its General Partner
				
	 	 	 	 	By:	 	 /s/    BERNT O. BODAL

	 	 	 	 	Name:	 	Bernt O. Bodal
	 	 	 	 	Title:	 	Chairman and Chief Executive Officer

  

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 SCHEDULE I 
  
 BONUS CALCULATION 
  
 Subject to the terms and conditions of Section 3(b) (including the requirement that there shall have occurred no default under credit agreements
applicable to Employer or its affiliates), the nondiscretionary bonus described in Section 3(b) for any fiscal year shall be equal to (i) if EBITDA for such fiscal year is less than 80% of Target EBITDA for such fiscal year, zero dollars; (ii) if
EBITDA for such fiscal year exceeds 120% of Target EBITDA for such fiscal year, 150% of Executive’s Base Salary for such fiscal year; and (iii) if neither (i) nor (ii) applies, the product of 150% of Executive’s Base Salary during such
fiscal year multiplied by a fraction, the numerator of which is the amount by which EBITDA for such fiscal year exceeds 80% of Target EBITDA for such fiscal year, and the denominator of which is 40% of Target EBITDA for such fiscal year. Such bonus
shall be determined by the Board in good faith on the basis of the audited financial statement of Parent and its subsidiaries. 
  
 For these purposes: 
  
 “EBITDA” means, for any period, the sum of the amounts for such period of (i) net income (or loss) (excluding (I) interest income, (II) noncash
income items (other than ordinary accruals) and (III) extraordinary items), plus (ii) to the extent deducted in determining consolidated net income, (x) interest expense, (y) provisions for taxes based on net income and (z) depreciation and
amortization expense, each as determined for the Partnership and its subsidiaries on a consolidated basis in accordance with generally accepted accounting principals, consistently applied, except that no effect shall be given to noncash gains and
losses on foreign exchange contracts. EBITDA for any period shall be determined by the CEO acting in good faith following receipt of audited financial statements for the relevant period and shall reflect as expenses (determined on an iterative basis
if necessary) any bonuses payable in respect of such year. 
  
 “Target EBITDA” means, for any fiscal year, the amount proposed by the management and adopted by the Board of Parent as the EBITDA target in each year’s annual budget. 
  

 I-1Executive Officer Severance Plan and Summary Plan Description

 Exhibit 10.80 
  
 INVITROGEN CORPORATION’S 
  

EXECUTIVE OFFICER SEVERANCE PLAN 
  
 AND 
  
 SUMMARY PLAN DESCRIPTION 
  
 EFFECTIVE NOVEMBER 1, 2004 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

			
	 I.
	  	 INTRODUCTION
	  	1
			
	 II.
	  	 ELIGIBILITY
	  	1
			
	 III.
	  	 SEVERANCE BENEFITS
	  	2
			
	 IV.
	  	 CLAIMS PROCEDURE
	  	3
			
	 V.
	  	 STATEMENT OF RIGHTS UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974
 (“ERISA”)
	  	4
			
	 VI.
	  	 AMENDMENT AND TERMINATION
	  	4
			
	 VII.
	  	 EMPLOYMENT RIGHTS
	  	5
			
	 VIII.
	  	 NONALIENATION OF BENEFITS
	  	5
			
	 IX.
	  	 GOVERNING LAW
	  	5
			
	 X.
	  	 GENERAL INFORMATION
	  	5

  

 - i - 

 INVITROGEN CORPORATION’S 
 EXECUTIVE OFFICER SEVERANCE PLAN AND SUMMARY PLAN DESCRIPTION 
  

	I.	INTRODUCTION 

  
 Invitrogen Corporation (“Invitrogen”) hereby adopts the Invitrogen Corporation Executive Officer Severance Plan and Summary Plan Description
(the “Plan”), to provide severance benefits to eligible executives of Invitrogen whose employment is terminated involuntarily under certain circumstances. The Plan is effective as of November 1, 2004 and supersedes any and all other
severance plans, policies or practices. All benefit determinations under the Plan and interpretation of Plan provisions will be made by Invitrogen (or its designee) in its sole discretion as Plan Administrator. The Plan is described in further
detail below. 
  

	II.	ELIGIBILITY 

  
 Any executive currently working for Invitrogen at the executive officer level (EL-2) whose employment is terminated involuntarily is eligible for severance benefits described in Section III of this Plan, PROVIDED each
of the following requirements is met: 
  
 1. The termination
of employment is involuntary. The termination is involuntary if initiated by Invitrogen. 
  
 2. The termination is not due to retirement, death or disability of the executive. 
  
 3. The termination of employment is not for “cause” (as described below). Employment is terminated involuntarily if the termination
action is initiated by Invitrogen and is not for cause. Employment is terminated for cause if the termination is due to misconduct or unsatisfactory performance including, but not limited to, the following: 
  
 a. Commission of a crime against Invitrogen, its affiliates, customers or
employees, whether prosecuted or not. 
  
 b. Commission of any
other crime or violation of law, statute or regulation which creates an inability to perform job duties. 
  
 c. Failure or inability to perform job duties due to intoxication by drugs or alcohol during working hours. 
  
 d. Conflict of interest, not specifically waived in advance by Invitrogen.

  
 e. Unauthorized release of confidential information which
belongs to Invitrogen, its affiliates, customers or employees or breach of Invitrogen’s Information and Technology Agreement. 
  
 f. Habitual neglect of duties. 
  
 g. Insubordination. 
  
 h. Other misconduct including, but not limited to: falsification of Invitrogen’s company records, nonadherence to Invitrogen’s policies,
illegal discrimination or harassment of another employee, customer or supplier; theft; unauthorized use or possession of property belonging to Invitrogen, a co-worker or customer; destruction of property of Invitrogen or of another employee;
possession of firearms, controlled substances or illegal drugs on 
  

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 Invitrogen’s premises or while performing Invitrogen business; gambling on Invitrogen’s premises; concealing
serious offenses by another employee; and any other conduct interfering with work performance or constituting an unsafe, unethical or unlawful practice. 
  
 Invitrogen, as Plan Administrator, will, in its sole discretion, determine if a termination of employment is for “cause.” 
  
 4. The executive is not a temporary employee or a new hire who has not yet
started to work on a regular, full-time or part-time basis. 
  
 5. The executive is not covered under any other severance-type plan, policy, arrangement or agreement that provides severance payments and benefits more favorable in the aggregate to those provided herein. If any such plan, policy,
arrangement or agreement exists, the executive will receive payments and benefits pursuant to that plan, policy, arrangement or agreement and shall not receive any of the severance payments and benefits described herein. If the severance payments
and benefits provided under any other severance-type plan, policy, arrangement or agreement are less favorable in the aggregate than the severance payments and benefits described in this Plan, than the executive will be eligible for the severance
payments and benefits described herein, provided that all of the remainder of the eligibility requirements are met. In no case, will the executive receive severance payments and benefits under any other such severance-type plan, policy,
arrangement or agreement and this Plan. 
  
 6. The executive
has not agreed in writing to waive severance benefits under this Plan or otherwise payable from Invitrogen. 
  
 7. The executive signs and does not revoke a Confidential Separation Agreement and General Release of All Claims (“Separation Agreement”) in
a form acceptable to Invitrogen, that contains, among other provisions, a 12-month covenant not to compete and a 12-month nonsolicitation of customers and/or employees provision that will be enforced to the fullest extent permitted by law.

  
 8. The executive has returned all Invitrogen property and
equipment. 
  
 A terminated executive must satisfy all
of the requirements set forth above in order to receive severance benefits under the Plan. Eligibility for severance benefits under the Plan will be determined by Invitrogen upon an eligible executive’s termination of employment. Invitrogen has
full power and authority to interpret the provisions of the Plan and render decisions on eligibility for benefits. If Invitrogen determines that an eligible executive satisfies all of the eligibility conditions described above, the executive will
receive severance benefits calculated in accordance with Section III below. The severance benefits will be paid following the eligible executive’s termination of employment in accordance with the terms set forth below and in the Separation
Agreement. 
  

	III.	SEVERANCE BENEFITS 

  
 A. Severance Pay and Benefits. The following severance pay and benefits are payable under this Plan: 
  
 1. Severance Pay. The amount of severance pay provided to an eligible
involuntarily terminated executive under this Plan is twelve (12) months of base salary. 
  
 The amount of severance payable to an eligible executive shall be based upon the executive’s regular weekly base salary in effect immediately before his/her termination of 
  

 - 2 - 

 employment. The weekly salary shall be determined without regard to any overtime, bonuses, fringe benefits,
reimbursements or other irregular payments. The daily base salary shall equal one fifth (1/5th) of the executive’s weekly base salary. 
  
 Severance will be paid over time in accordance with Invitrogen’s regular payroll practices. 
  
 2. Incentive Bonus. The executive will receive his/her incentive bonus
under Invitrogen’s Incentive Compensation Plan (“ICP”) for the year in which the termination occurred, prorated to the date of termination, subject to and in accordance with the terms of the ICP including achievement of company and
individual performance objectives. The bonus will be paid in a lump sum within thirty (30) days of the date of termination. 
  
 3. Stock Exercise. Any and all of the executive’s stock options, restricted stock units and other equity-based awards that are vested as of
his/her date of termination shall remain exercisable for six (6) months following the date of termination. 
  
 4. Outplacement Services. Invitrogen will provide nine (9) months of outplacement assistance through a designated service provider to eligible
executives. In no event shall an eligible executive receive cash or other severance benefits in lieu of outplacement assistance. 
  
 5. Continuation of Group Health Insurance Coverage. Invitrogen will also pay for the monthly premiums required to continue an eligible
executive’s group health insurance coverage for a period of twelve (12) months. Continuation of group health insurance coverage will be on the same terms as during the executive’s employment, provided the executive elects to continue such
benefits and remains eligible to receive such benefits in accordance with the applicable provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”). If an eligible executive’s group health insurance coverage
included his/her dependents immediately prior to the executive’s Separation Date, such dependents shall also be covered at Invitrogen’s expense. 
  
 B. No Separate Fund. All severance benefits payable under the Plan are payable from Invitrogen’s general assets. There is no separate trust or
fund established for the payment of severance benefits under the Plan. All amounts shall be less all appropriate deductions, including federal, state and local withholding taxes. 
  
 C. Additional Benefits. Invitrogen reserves the right to pay benefits in addition to those required by the Plan based
on special circumstances. Each exception will be considered unique and not precedent-setting. Payment of additional amounts or provision of additional benefits will be subject to such terms and conditions as Invitrogen may determine. All such
determinations shall be made by Invitrogen in its sole and absolute discretion. 
  
 IV. CLAIMS PROCEDURE 
  
 Severance benefits under this
Plan will automatically be paid to executives who qualify for such benefits. An executive who believes that he or she is entitled to severance benefits under this Plan that have not been provided should file a claim with Invitrogen’s Human
Resources Department. The claim must be in writing. If the claim is denied, written notice of the denial will be provided within 60 days of initial receipt of the claim. Such notice will include an explanation of the factors on which the denial is
based and what, if any, additional information is needed to support the claim. Further review of the claim may be obtained by filing a written request for review. The decision on the review will be made no later than 120 days after the request for
review is received. 
  

 -3- 

 V. STATEMENT OF RIGHTS UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 (“ERISA”) 
  
 The Plan is an employee benefit plan subject to the provisions of the
Employee Retirement Income Security Act of 1974 (ERISA). The following statement is required by ERISA: 
  
 ERISA provides that all employees who may become eligible for benefits under the Plan shall be entitled to: 
  

	 	1.	Examine, without charge, at Invitrogen’s offices all documents relating to the Plan. 

  

	 	2.	Obtain copies of all documents relating to the Plan upon written request. A reasonable charge may be imposed for the copies. 

  
 In addition to creating rights for employees, ERISA imposes duties upon the
people who are responsible for the operation of the employee benefit plan. These people, called “fiduciaries” of the plan, have a duty to act prudently and in the interest of all employees. No one, including Invitrogen, or any other
person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a benefit or exercising your rights under ERISA. If your claim for a benefit is denied in whole or in part, you must receive a written explanation of
the reason for the denial. You have the right to have Invitrogen review and reconsider your claim. Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request materials from Invitrogen and do not receive them
within 30 days, you may file a suit in federal court and the court may require Invitrogen to provide the materials, unless the materials were not sent because of reasons beyond the control of Invitrogen. If you have a claim for benefits which is
denied or ignored, in whole or in part, you may file suit in a state or federal court. If you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a federal court.
The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it
finds your claim is frivolous. If you have any questions about the Plan, you should contact Invitrogen (Human Resources). If you have any questions about this statement or about your rights under ERISA, you should contact the nearest Area Office of
the Pension and Welfare Benefits Administration, U.S. Department of Labor listed in your telephone directory or the Division of Technical Assistance and Inquiries, Pension and Welfare Benefits Administration, U.S. Department of Labor, 200
Constitution Avenue, NW, Washington, DC 20210. 
  
 VI. AMENDMENT AND TERMINATION

  
 Invitrogen, by action of its Board of Directors or by action
of any committee appointed by the Board to administer the Plan, reserves the right to terminate or amend the Plan at any time and in any manner in its sole discretion. No executive shall have any vested interest in severance benefits payable under
this Plan prior to satisfying all of the terms and conditions for payment of benefits under this Plan. 
  

 -4- 

 VII. EMPLOYMENT RIGHTS 
  
 Nothing in this Plan shall have any effect on Invitrogen’s right to terminate an executive, with or without cause, at
any time (subject to the terms of any written employment contract between the executive and Invitrogen). The payment of severance benefits under this Plan does not extend an executive’s term of employment. 
  
 VIII. NONALIENATION OF BENEFITS 
  
 No benefit under the Plan may be assigned, transferred, pledged as security
for indebtedness or otherwise encumbered by any eligible executive or subject to any legal process for the payment of any claim against an eligible executive. 
  

IX. GOVERNING LAW 
  
 This Plan shall be governed by and construed in accordance with the laws of the State of California to the extent such laws are not preempted by ERISA.

  
 X. GENERAL INFORMATION 
  

			
	Employer and Plan Administrator Name:	 	 Invitrogen Corporation
 1600 Faraday Avenue

Carlsbad, California 92008

		
	Employer Identification Number:	 	33 037 3077
		
	Plan Number:	 	10010_
		
	Type of Plan:	 	The Plan is an unfunded welfare benefit plan providing severance benefits
		
	Agent For Service of Process:	 	 CT Corporation System
 818 West Seventh
 Los Angeles, CA 90017

		
	Plan Year:	 	Calendar

  

 -5-

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