Document:

Exhibit
10.2

 

CASELLA WASTE SYSTEMS, INC.

 

Nonstatutory Stock Option Agreement

Granted
Under the Amended and Restated 1997 Non-Employee Director 

Stock Option Plan

 

1.                                       Grant
of Option.

 

This agreement evidences the grant by Casella Waste
Systems, Inc., a Delaware corporation (the “Company”), on XXXX, XXXX (the “Grant Date”)
to XXXXX,
a director of the Company (the “Participant”), of an option to purchase, in
whole or in part, on the terms provided herein and in the Company’s Amended and
Restated 1997 Non-Employee Director Stock Option Plan (the “Plan”), a
total of XXXX
shares (the “Shares”) of Class A common stock, $0.01 par value per share,
of the Company (“Common Stock”) at $XXXX per Share.  Unless earlier terminated, this option shall expire on XXXX, XXXX
(the “Final Exercise Date”).

 

It is intended that the option evidenced by this
agreement shall not be an incentive
stock option as defined in Section 422 of the Internal Revenue
Code of 1986, as amended and any regulations promulgated thereunder (the “Code”).  Except as otherwise indicated by the
context, the term “Participant”, as used in this option, shall be deemed to
include any person who acquires the right to exercise this option validly under
its terms.

 

2.                                       Vesting
Schedule.

 

This option shall become exercisable XXXXX.

 

The right of exercise shall be cumulative so that to
the extent the option is not exercised in any period to the maximum extent
permissible it shall continue to be exercisable, in whole or in part, with
respect to all shares for which it is vested until the earlier of the Final
Exercise Date or the termination of this option under Section 3 hereof or the
Plan.

 

3.                                       Exercise
of Option.

 

(a)           Form of Exercise.  Each election to exercise this option shall
be in writing, signed by the Participant, and received by the Company at its
principal office, accompanied by this agreement, and payment in full in the
manner provided in the Plan.  The
Participant may purchase less than the number of shares covered hereby,
provided that no partial exercise of this option may be for any fractional
share.

 

(b)           Continuous Relationship with the
Company Required.  Except as
otherwise provided in this Section 3, this option may not be exercised
unless the Participant, at the time he or she exercises this option, is, and
has been at all times since the Grant Date, an employee, officer or director
of, or consultant or advisor to, the Company or any parent or subsidiary of the
Company as defined in Section 424(e) or (f) of the Code (an “Eligible
Participant”).

 

 

(c)           Termination of Relationship with
the Company.  If the Participant
ceases to be an Eligible Participant for any reason, then, except as provided
in paragraphs (d) and (e) below, the right to exercise this option shall
terminate 90 days after such cessation (but in no event after the Final
Exercise Date), provided  that this option shall be exercisable
only to the extent that the Participant was entitled to exercise this option on
the date of such cessation.

 

(d)           Exercise Period Upon Death or
Disability.  If the Participant dies
or becomes disabled (within the meaning of Section 22(e)(3) of the Code)
prior to the Final Exercise Date while he or she is an Eligible Participant and
the Company has not terminated such relationship for “cause” as specified in paragraph
(e) below, this option shall be exercisable, within the period of 180 days
following the date of death or disability of the Participant, by the
Participant, provided  that this option shall be exercisable only
to the extent that this option was exercisable by the Participant on the date
of his or her death or disability, and further provided that this option shall
not be exercisable after the Final Exercise Date.

 

(e)           Discharge for Cause.  If the Participant, prior to the Final
Exercise Date, is discharged by the Company for “cause” (as defined below), the
right to exercise this option shall terminate immediately upon the effective
date of such discharge.  “Cause” shall
mean willful misconduct by the Participant or willful failure by the
Participant to perform his or her responsibilities to the Company (including,
without limitation, breach by the Participant of any provision of any
employment, consulting, advisory, nondisclosure, non-competition or other
similar agreement between the Participant and the Company), as determined by
the Company, which determination shall be conclusive.  The Participant shall be considered to have been discharged for
“Cause” if the Company determines, within 30 days after the Participant’s
resignation, that discharge for cause was warranted.

 

4.                                       Withholding.

 

No Shares will be issued pursuant to the exercise of
this option unless and until the Participant pays to the Company, or makes
provision satisfactory to the Company for payment of, any federal, state or
local withholding taxes required by law to be withheld in respect of this
option.

 

5.                                       Nontransferability
of Option.

 

This option may not be sold, assigned, transferred,
pledged or otherwise encumbered by the Participant, either voluntarily or by
operation of law, except by will or the laws of descent and distribution, and,
during the lifetime of the Participant, this option shall be exercisable only
by the Participant.

 

2

 

6.                                       Provisions
of the Plan.

 

This option is subject to the provisions of the Plan,
a copy of which is furnished to the Participant with this option.

 

IN WITNESS WHEREOF, the Company has caused this option to be executed
under its corporate seal by its duly authorized officer.  This option shall take effect as a sealed
instrument.

 

 

	
   

  	
  Casella Waste Systems, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated: XXXXXXXXXX

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Chairman and Chief Executive Officer

  

 

PARTICIPANT’S ACCEPTANCE

 

The undersigned hereby accepts the foregoing option
and agrees to the terms and conditions thereof.  The undersigned hereby acknowledges receipt of a copy of the
Company’s Amended and Restated 1997 Non-Employee Director Stock Option Plan.

 

	
   

  	
  PARTICIPANT:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  XXXX

  
	
   

  	
   

  
	
   

  	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

3

 

NOTICE OF STOCK OPTION EXERCISE

 

Date:

 

Casella Waste Systems, Inc.

Attn:  XXXXXXXX

25 Greens Hill Lane

Rutland, VT 05701

 

 

I am the holder of a Non-Statutory Stock Option
granted to me under the Casella Waste System, Inc. (the “Company”) Amended and
Restated 1997 Non-Employee Director Stock Option Plan on XXXXX, XXXX  for the purchase of XXXX shares of Common Stock of the Company
at a purchase price of $XXX per share.

 

I hereby exercise my option to purchase
                      
shares of Common Stock (the “Shares”), for which I have enclosed
                          
in the amount of                     .  Please register my stock certificate as
follows:

 

	
  Name(s):

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Address:

  	
   

  
	
   

  	
   

  
	
  Tax I.D. #:

  	
   

  

 

Very truly yours,  

 

 

	
   

  	
   

  
	
  (Signature)

  

 

4Exhibit
10.56

 

STOCK
PURCHASE AGREEMENT

 

This Stock Purchase Agreement (this “Agreement”)
is made and entered into as of September 3, 2004, by and between Landec
Corporation, a California corporation (the “Company”), and Chiquita
Brands International, Inc., a New Jersey corporation (the “Purchaser”).

 

RECITALS

 

A.                                   Whereas,
the Company and the Purchaser are simultaneously entering into that certain
License and Distribution Agreement (the “License Agreement”) dated as of
the date hereof, regarding the Purchaser’s use of certain proprietary
technology of the Company for packaging bananas, specialty bananas and
plantains.

 

B.                                     Whereas,
in connection with the License Agreement, the Purchaser wishes to purchase from
the Company, and the Company wishes to sell to the Purchaser, shares of its
Common Stock, par value $0.001 (the “Common Stock”), on the terms and
conditions set forth herein.

 

AGREEMENT

 

The parties hereto agree as follows:

 

1.                                       Purchase and Sale of the Shares.  Subject to the terms and conditions herein contained,
on the twenty-fifth Trading Day (as defined below) following the first public
announcement of the License Agreement (the “Closing Date”), the Company
shall issue and sell to the Purchaser, and the Purchaser shall purchase from
the Company, the number of shares of Common Stock determined in accordance with
the formula set forth below (the “Shares”) at the price per share
calculated in accordance with the formula set forth below.

 

(a)                                  The
“Price Per Share” for the Shares shall equal the greater of (i) the
volume-weighted average of the daily closing prices (“VWAP”) of the
Common Stock on the NASDAQ National Market during the period beginning on the
first trading day on the NASDAQ National Market (“Trading Day”)
immediately following the first public announcement of the License Agreement
and ending on the twentieth (20th) Trading Day following the date of such
announcement (the “Trading Period”); provided that for purposes of this
calculation the VWAP shall not exceed $7.20 (as adjusted for stock splits,
stock dividends, reclassifications and the like) or (ii) the closing price of
the Common Stock on the NASDAQ National Market on the Trading Day immediately
preceding the first public announcement of the License Agreement (the “Initial
Trading Price”).

 

(b)                                 If
the Price Per Share equals or exceeds $6.00 (as adjusted for stock splits,
stock dividends, reclassifications and the like), the number of Shares shall
equal the lesser of (i) 500,000 or (ii) $3,500,000 divided by the Price Per
Share.

 

 

(c)                                  If
the Price Per Share is less than $6.00 (as adjusted for stock splits, stock
dividends, reclassifications and the like), the number of Shares shall equal
$2,000,000 divided by the Price Per Share; provided that if the VWAP is less
than the Initial Trading Price (as adjusted for stock splits, stock dividends,
reclassifications and the like), the number of Shares shall equal $1,000,000
divided by the Price Per Share.

 

(d)                                 The
closing of the purchase of the Shares (the “Closing”) shall be held at
the offices of Orrick, Herrington & Sutcliffe LLP, 1020 Marsh Road, Menlo
Park, CA 94025 at 10:00 a.m. California time on the Closing Date. At the
Closing, the Company shall deliver to the Purchaser a certificate representing
the Shares, registered in such name as the Purchaser requests, and the Purchaser
shall deliver to the Company by cashier’s check or wire transfer, to a bank
account designated by the Company, the aggregate purchase price for the Shares
and deliver all other documents required of the Purchaser pursuant to this Agreement.

 

(e)                                  The
Shares will be offered and sold to the Purchaser without such offer and sale
being registered under the Securities Act of 1933, as amended (together with
the rules and regulations of the Securities and Exchange Commission (the “Commission”)
promulgated thereunder, the “Securities Act”), in reliance on exemptions
therefrom.

 

(f)                                    In
connection with the sale of the Shares, the Company has made available its
periodic reports filed with the Commission under the Securities Exchange Act of
1934 (the “Exchange Act”) since August 31, 2003.  These reports and filings are collectively
referred to as the “Disclosure Documents”.

 

2.                                       Representations, Warranties and Covenants of the
Company.  The Company
represents, warrants and covenants to the Purchaser as follows:

 

(a)                                  The
Disclosure Documents as of their respective dates did not, and any amendment or
supplement thereto as of its date did not, contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not
misleading.  The Disclosure Documents,
at the time they were filed with the Commission, complied in all material
respects with the requirements of the Securities Act and/or the Exchange Act,
as the case may be (together with the rules and regulations of the Commission
promulgated thereunder, the “Securities Acts”), as applicable.

 

(b)                                 Each
of the Company and its subsidiaries (the “Subsidiaries”) has been duly
incorporated and each of the Company and the Subsidiaries is validly existing
in good standing as a corporation under the laws of its jurisdiction of
incorporation, with the requisite corporate power and authority to own its
properties and conduct its business as now conducted as described in the
Disclosure Documents and is duly qualified to do business as a foreign
corporation in good standing in all other jurisdictions where the ownership or
leasing of its properties or the conduct of its business requires such qualification,
except where the failure to be so qualified would not, individually or in the
aggregate, have a material adverse

 

2

 

effect on the business, condition, properties, or results of operations
of the Company and the Subsidiaries, taken as a whole (any such event, a “Material
Adverse Effect”).

 

(c)                                  The
Company has the requisite corporate power and authority to execute, deliver and
perform its obligations under this Agreement. 
This Agreement has been duly and validly authorized by the Company and,
when executed and delivered by the Company, will constitute a valid and legally
binding agreement of the Company, enforceable against the Company in accordance
with its terms except as the enforcement thereof may be limited by
(A) bankruptcy, insolvency, reorganization, fraudulent conveyance,
moratorium or other similar laws now or hereafter in effect relating to or
affecting creditors’ rights generally or (B) general principles of equity
and the discretion of the court before which any proceeding therefore may be
brought (regardless of whether such enforcement is considered in a proceeding
at law or in equity) (collectively, the “Enforceability Exceptions”).

 

(d)                                 The
Shares have been duly authorized and, when issued upon payment thereof in
accordance with this Agreement, will have been validly issued, fully paid and
nonassessable.  The capital stock of the
Company, including the Common Stock, conforms to the description thereof
contained in the Disclosure Documents. 
The shareholders of the Company have no preemptive or similar rights
with respect to the Common Stock.

 

(e)                                  No
consent, approval, authorization, license, qualification, exemption or order of
any court or governmental agency or body or third party is required for the
performance of this Agreement by the Company or for the consummation by the
Company of any of the transactions contemplated hereby, except for such
consents, approvals, authorizations, licenses, qualifications, exemptions or
orders (i) as have been obtained on or prior to the Closing Date,
(ii) as are not required to be obtained on or prior to the Closing Date
that will be obtained when required, or (iii) the failure to obtain which
would not, individually or in the aggregate, have a Material Adverse Effect.

 

(f)                                    The
execution, delivery and performance by the Company of this Agreement and the
consummation by the Company of the transactions contemplated hereby and the
fulfillment of the terms hereof will not violate, conflict with or constitute
or result in a breach of or a default under (or an event that, with notice or
lapse of time, or both, would constitute a breach of or a default under) any of
(i) the terms or provisions of any contract, indenture, mortgage, deed of
trust, loan agreement, note, lease, license, franchise agreement, permit,
certificate or agreement or instrument to which any of the Company or the
Subsidiaries is a party or to which any of their respective properties or
assets are subject, (ii) the articles of incorporation or bylaws of any of
the Company or the Subsidiaries (or similar organizational document) or
(iii) any statute, judgment, decree, order, rule or regulation of any
court or governmental agency or other body applicable to the Company or the
Subsidiaries or any of their respective properties or assets.

 

(g)                                 Except
as described in the Disclosure Documents, there is not pending or, to the best
knowledge of the Company, threatened any action, suit, proceeding, inquiry or
investigation, governmental or otherwise, to which any of the Company or the
Subsidiaries is a party, or to which their respective properties or assets are
subject, before or brought by any

 

3

 

court, arbitrator or governmental agency or body, that, if determined
adversely to the Company or any such Subsidiary, would, individually or in the
aggregate, have a Material Adverse Effect or that seeks to restrain, enjoin,
prevent the consummation of or otherwise challenge the issuance or sale of the
Shares to be sold hereunder or the application of the proceeds therefrom.

 

(h)                                 None
of the Company or any of its affiliates will sell, offer for sale or solicit
offers to buy or otherwise negotiate in respect of any “security” (as defined
in the Securities Act) which could be integrated with the sale of the Shares in
a manner which would require the registration under the Securities Act of the
Shares.

 

(i)                                     No
approvals from or notices to the NASDAQ National Market are required in
connection with the sale of the Shares under this Agreement.

 

(j)                                     At
no time prior to the end of the Trading Period will the Company repurchase any
of its shares of Common  Stock or
declare or pay any dividends on its Common Stock or make any distribution in
respect thereof.  Neither the Company
nor any of its directors, officers, employees, agents, or controlling persons
will take prior to the end of the Trading Period, directly or indirectly, any
actions designed to, or that might reasonably be expected to cause or result,
under the Securities Acts or otherwise, in, or that have constituted,
stabilization, or manipulation of the price of the shares of Common Stock.

 

3.                                       Representations, Warranties and Covenants of the
Purchaser.

 

(a)                                  The
Purchaser represents and warrants to the Company that the Shares to be acquired
by it hereunder are being acquired for its own account for investment and with
no intention of distributing or reselling such Shares or any part thereof or
interest therein in any transaction which would be in violation of the
securities laws of the United States of America or any State, without
prejudice, however, to the Purchaser’s right, subject to the provisions of this
Agreement, at all times to sell or otherwise dispose of all or any part of such
Shares in compliance with applicable federal and state securities laws, and
subject, nevertheless, to the disposition of the Purchaser’s property being at
all times within its control.

 

(b)                                 The
Purchaser understands that the Shares have not been registered under the
Securities Act and may not be offered, resold, pledged or otherwise transferred
except (a) pursuant to an exemption from registration under the Securities
Act (and, if requested by the Company, based upon an opinion of counsel
acceptable to the Company) and (b) in accordance with all applicable
securities laws of the states of the United States and other jurisdictions.

 

The  Purchaser
agrees to the imprinting, so long as appropriate, of the following legend on
the Shares:

 

The shares of common stock evidenced
by this certificate have not been registered under the U.S. Securities Act of
1933, as amended, and may not be offered, sold, pledged or otherwise
transferred (“transferred”)

 

4

 

in the absence of such registration or an applicable
exemption therefrom. In the absence of such registration, such shares may not
be transferred unless, if the Company requests, the Company has received a
written opinion from counsel in form and substance satisfactory to the Company
stating that such transfer is being made in compliance with all applicable
federal and state securities laws.

 

The legend set forth above may be removed if and when
the Shares are disposed of pursuant to an effective registration statement
under the Securities Act or in the opinion of counsel to the Company
experienced in the area of United States Federal securities laws such legends
are no longer required under applicable requirements of the Securities
Act.  The Shares shall also bear any
other legends required by applicable Federal or state securities laws, which
legends may be removed when in the opinion of counsel to the Company
experienced in the applicable securities laws, the same are no longer required
under the applicable requirements of such securities laws.  The Company agrees that it will provide the
Purchaser, upon request, with a substitute Share certificate, not bearing such
legend at such time as such legend is no longer applicable.  The Company makes no representation,
warranty or agreement as to the availability of any exemption from registration
under the Securities Act with respect to any resale of the Shares.

 

(c)                                  The
Purchaser is an institutional investor that is an accredited investor within
the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the
Securities Act.  The Purchaser
represents and warrants to the Company that it has such knowledge,
sophistication and experience in business and financial matters so as to be
capable of evaluating the merits and risks of the prospective investment in the
Shares, the Purchaser having been represented by counsel, and has so evaluated
the merits and risks of such investment and is able to bear the economic risk
of such investment and, at the present time, is able to afford a complete loss
of such investment.

 

(d)                                 The
Purchaser represents and warrants to the Company that (i) the purchase of the
Shares to be purchased by it has been duly and properly authorized and this
Agreement has been duly executed and delivered by it or on its behalf and constitutes
the valid and legally binding obligation of the Purchaser, enforceable against
the Purchaser in accordance with its terms, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors’ rights generally and to
general principles of equity; and (ii) the purchase of the Shares to be
purchased by it does not conflict with or violate its charter, by-laws or any
law, regulation or court order applicable to it.

 

(e)                                  The
Purchaser represents and warrants to the Company that neither it nor any of its
directors, officers, employees, agents, or controlling persons has taken or
will take prior to the end of the Trading Period, directly or indirectly, any
actions designed to, or that might reasonably be expected to cause or result,
under the Securities Acts or otherwise, in, or that have constituted,
stabilization, or manipulation of the price of the shares of Common Stock.

 

5

 

(f)                                    The
Purchaser acknowledges receipt of the Disclosure Documents and further
acknowledges that it has been afforded (i) the opportunity to ask such
questions as it has deemed necessary of, and to receive answers from,
representatives of the Company concerning the terms and conditions of the
offering of the Shares and the merits and risks of investing in the Shares;
(ii) access to information about the Company and the Company’s financial
condition, results of operations, business and properties sufficient to enable
it to evaluate its investment in the Shares; and (iii) the opportunity to
obtain such additional information which the Company possesses or can acquire
without unreasonable effort or expense that is necessary to verify the accuracy
and completeness of the information contained in the Disclosure Documents.

 

(g)                                 The
Purchaser agrees not to sell, make any short sale of, loan, grant any option
for the purchase of, or otherwise dispose of the Shares without the prior
written consent of the Company until the first anniversary of the Closing Date
and thereafter only in accordance with Rule 144 or any other applicable
exemption, or pursuant to a registration statement, under the Securities
Act.  Notwithstanding the foregoing, the
Purchaser may transfer any or all of the Shares to one or more of its
subsidiaries, provided that each such subsidiary agrees in writing to be bound
by the terms of this Agreement.

 

4.                                       Conditions of the Purchaser’s Obligations.  The obligation of the Purchaser to purchase
and pay for the Shares is subject to the following conditions unless waived in
writing by the Purchaser:

 

(a)                                  The
representations and warranties of the Company contained in this Agreement shall
be true and correct in all material respects (other than representations and
warranties with a Material Adverse Effect qualifier, which shall be true and
correct as written) on and as of the Closing Date; the Company shall have
complied in all material respects with all agreements and satisfied all
conditions on its part to be performed or satisfied hereunder at or prior to
the Closing Date.

 

(b)                                 None
of the issuance and sale of the Shares pursuant to this Agreement shall be
enjoined (temporarily or permanently) and no restraining order or other
injunctive order shall have been issued in respect thereof; and there shall not
have been any legal action, order, decree or other administrative proceeding
instituted or, to the Company’s knowledge, threatened against the Company or
against the Purchaser relating to the issuance of the Shares or the Purchaser’s
activities in connection therewith or any other transactions contemplated by
this Agreement or the Disclosure Documents.

 

5.                                       Survival Clause.  The respective representations and
warranties of the Company and the Purchaser set forth in this Agreement shall
survive for a period of one year following the Closing Date.

 

6.                                       Notices.  All communications hereunder shall be in writing and, (i) if
sent to the Purchaser, shall be hand delivered, couriered by next-day air
courier or confirmed facsimile to Chiquita Brands International, Inc., 250 E.
Fifth St., Cincinnati, OH 45202, Attention: 
Senior Vice President and General Counsel and (ii) if sent to the
Company, shall

 

6

 

be hand delivered,  couriered by
next-day air courier or confirmed facsimile to Landec Corporation, 3603 Haven
Avenue, Menlo Park, CA 94025, Attention: 
Greg Skinner, and with a copy to Geoffrey P. Leonard, Orrick, Herrington
& Sutcliffe LLP, 1020 March Road, Menlo Park, CA 94025.

 

All such notices and communications shall be deemed to
have been duly given:  when delivered by
hand, if personally delivered; five business days after being deposited in the
mail, postage prepaid, if mailed; one business day after being timely delivered
to a next-day air courier guaranteeing overnight delivery; and when receipt is
acknowledged by the addressee, if telecopied.

 

7.                                       Successors.  This Agreement shall inure to the benefit of and be binding upon
the Purchaser and the Company and their respective successors and legal
representatives, and nothing expressed or mentioned in this Agreement is
intended or shall be construed to give any other person any legal or equitable
right, remedy or claim under or in respect of this Agreement, or any provisions
herein contained; this Agreement and all conditions and provisions hereof being
intended to be and being for the sole and exclusive benefit of such persons and
for the benefit of no other person.  No
purchaser of Shares from the Purchaser will be deemed a successor because of
such purchase.

 

8.                                       No Waiver; Modifications in Writing.  No failure or delay on the part of the
Company or the Purchaser in exercising any right, power or remedy hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of
any such right, power or remedy preclude any other or further exercise thereof
or the exercise of any other right, power or remedy.  The remedies provided for herein are cumulative and are not
exclusive of any remedies that may be available to the Company or the Purchaser
at law or in equity or otherwise.  No
waiver of or consent to any departure by the Company or the Purchaser from any
provision of this Agreement shall be effective unless signed in writing by the
party entitled to the benefit thereof, provided that notice of any such waiver
shall be given to each party hereto as set forth below.  Except as otherwise provided herein, no
amendment, modification or termination of any provision of this Agreement shall
be effective unless signed in writing by or on behalf of each of the Company
and the relevant Purchaser.  Any
amendment, supplement or modification of or to any provision of this Agreement,
any waiver of any provision of this Agreement, and any consent to any departure
by the Company or the Purchaser from the terms of any provision of this
Agreement shall be effective only in the specific instance and for the specific
purpose for which made or given.  Except
where notice is specifically required by this Agreement, no notice to or demand
on the Company in any case shall entitle the Company to any other or further
notice or demand in similar or other circumstances.

 

9.                                       Entire Agreement.  This Agreement constitutes the entire
agreement among the parties hereto and supersedes all prior agreements,
understandings and arrangements, oral or written, among the parties hereto with
respect to the subject matter hereof.

 

10.                                 APPLICABLE LAW.  THE VALIDITY AND INTERPRETATION OF THIS
AGREEMENT, AND THE TERMS AND CONDITIONS SET FORTH HEREIN

 

7

 

SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF CALIFORNIA, WITHOUT GIVING EFFECT TO PROVISIONS RELATING TO CONFLICTS
OF LAW TO THE EXTENT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD
BE REQUIRED THEREBY.

 

11.                                 Counterparts.  This Agreement may be executed in two or more counterparts, each
of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

 

[signature
page follows]

 

8

 

The parties have duly executed this Stock Purchase
Agreement as of the date first above written.

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  LANDEC CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PURCHASER:

  
	
   

  	
   

  
	
   

  	
  CHIQUITA BRANDS INTERNATIONAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

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