Document:

rsuequityplan2007.htm

    
      
         

      

       

      
         

        
          Exhibit
10.22

          

        

      

    

    NVIDIA
Corporation

     

    Restricted Stock Unit Grant
Notice

     

    2007
Equity Incentive Plan

     

    NVIDIA Corporation (the “Company”), pursuant to its 2007 Equity
Incentive Plan (the “Plan”), hereby awards to Participant a
Restricted Stock Unit Award for the number of shares of the Company’s
Common Stock set forth below (the “Award”).  The Award is subject to
all of the terms and conditions as set forth herein and in the Plan and the
Restricted Stock Unit Agreement (the “Agreement”), both of which are attached hereto
and incorporated herein in their entirety.  Capitalized terms not
otherwise defined herein shall have the meanings set forth in the Plan or the
Restricted Stock Unit Agreement.  In the event of any conflict between
the terms in the Award and the Plan, the terms of the Plan shall
control.

     

    Participant:                                                                

    Date of
Grant:                                                                

    Vesting
Commencement
Date:                                                                

    Number of
Shares Subject to
Award:                                                                

    

    
      	
              Vesting
      Schedule:

            	
              [__________________________________________________________________]. However, vesting
      will cease upon the Participant’s termination of Continuous Service unless
      due to Participant’s death, in which case this Award will be fully vested
      as of the date of death.

            

    

    

    
      	
               
      

            	
              If
      the Participant’s full-time schedule is reduced to a part-time schedule,
      then the Company reserves the right to unilaterally modify the rate at
      which this Award will vest so that the rate of vesting is commensurate
      with the reduced work schedule, in accordance with the Company’s
      then-applicable policy on part-time employee vesting, with such
      modification made in the sole discretion of the
  Company.

            

    

    
      	
               
      

            	 

    

    
      	
               
      

            	
              Finally,
      in the event of any personal leave of absence, and as a condition of
      taking the leave of absence, vesting of the Award will be in accordance
      with the leave of absence policy in effect at the time of the
      leave.

            

    

    

    
      	
              Issuance
      Schedule:

            	
              The
      shares will be issued in accordance with the issuance schedule set forth
      in Section 6 of the Agreement.

            

    

     

    Additional
Terms/Acknowledgements:  The undersigned Participant
acknowledges receipt of, and understands and agrees to, this Restricted Stock
Unit Grant Notice, the Agreement and the Plan.  Participant further
acknowledges that as of the Date of Grant (specified above), this Restricted
Stock Unit Grant Notice, the Agreement and the Plan set forth the entire
understanding between Participant and the Company regarding the acquisition of
stock in the Company and supersede all prior oral and written agreements on that
subject with the exception of (i) awards previously granted and delivered to
Participant by the Company, and (ii) the following agreements
only:

     

    Other
Agreements:                                                      

    

    

     

    NVIDIA
Corporation                                                                           Participant:

     

    By:                                                                

    Signature                                                                                                   
Signature

     

    Title:                                                                                            
Date:                                                                

     

    Date:                                                                

     

    
      1

    

    
      	
              Attachments:

            	
              Restricted
      Stock Unit Agreement, 2007 Equity Incentive
Plan

            

    

    
      
        
          

          

           

        

         

      

      
         

        
          

        

      

      
         

      

    

    Attachment
I

    

    NVIDIA
Corporation

    2007
Equity Incentive Plan

     

    Restricted
Stock Unit Agreement

     

    Pursuant
to the Restricted Stock Unit Grant Notice (“Grant
Notice”) and this Restricted Stock Unit Agreement (the “Agreement”),
NVIDIA Corporation (the “Company”)
has awarded you a Restricted Stock Unit Award (the “Award”)
under its 2007 Equity Incentive Plan (the “Plan”).
Your Award is granted to you effective as of the Date of Grant set forth in the
Grant Notice for this Award.  This Agreement shall be deemed to be
agreed to by the Company and you upon the signing by you of the Grant Notice to
which it is attached.  Defined terms not explicitly defined in this
Agreement shall have the same meanings given to them in the Plan.  In
the event of any conflict between the terms in this Agreement and the Plan, the
terms of the Plan shall control.  The details of your Award, in
addition to those set forth in the Grant Notice and the Plan, are as
follows.

     

    1. Grant of
the Award.  This Award represents the right to be issued on a
future date the number of shares of the Company’s Common Stock as indicated in
the Grant Notice.  As of the Date of Grant, the Company will credit to
a bookkeeping account maintained by the Company for your benefit (the “Account”)
the number of shares of Common Stock subject to the Award.  Except as
otherwise provided herein, you will not be required to make any payment to the
Company (other than past and future services to the Company or an Affiliate)
with respect to your receipt of the Award, the vesting of the shares or the
delivery of the underlying Common Stock.

     

    2. Vesting.  Subject to the
limitations contained herein, your Award will vest, if at all, in accordance
with the vesting schedule provided in the Grant Notice, provided that vesting
will cease upon the termination of your Continuous Service unless due to your
death, in which case this Award will be fully vested.  Upon such
termination of your Continuous Service, the shares credited to the Account that
were not vested on the date of such termination will be forfeited at no cost to
the Company and you will have no further right, title or interest in or to such
underlying shares of Common Stock. Notwithstanding the foregoing, if your
Continuous Service terminates due to your death, this Award will be fully vested
as of the date of death and shares will be issued to your heirs or legal
representatives as soon as practicable following death.

     

    3. Number of
Shares.

     

    (a)  The
number of shares subject to your Award may be adjusted from time to time for
Capitalization Adjustments, as provided in the Plan.

     

    (b) Any
shares, cash or other property that becomes subject to the Award pursuant to
this Section 3, if any, shall be subject, in a manner determined by the Board,
to the same forfeiture restrictions, restrictions on transferability, and time
and manner of delivery as applicable to the other shares covered by your
Award.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (c) Notwithstanding
the provisions of this Section 3, no fractional shares or rights for fractional
shares of Common Stock shall be created pursuant to this Section
3.  The Board shall, in its discretion, determine an equivalent
benefit for any fractional shares or fractional shares that might be created by
the adjustments referred to in this Section 3.

     

    4. Securities
Law Compliance.  You may not be
issued any shares under your Award unless either (a) the shares are registered
under the Securities Act; or (b) the Company has determined that such issuance
would be exempt from the registration requirements of the Securities Act. Your
Award also must comply with other applicable laws and regulations governing the
Award, and you will not receive such shares if the Company determines that such
receipt would not be in material compliance with such laws and
regulations.

     

    5. Limitations
on Transfer.  Your Award is not
transferable, except by will or by the laws of descent and
distribution.  In addition to any other limitation on transfer created
by applicable securities laws, you agree not to assign, hypothecate, donate,
encumber or otherwise dispose of any interest in any of the shares of Common
Stock subject to the Award until the shares are issued to you in accordance with
Section 6 of this Agreement.  After the shares have been issued to
you, you are free to assign, hypothecate, donate, encumber or otherwise dispose
of any interest in such shares provided that any such actions are in compliance
with the provisions herein and applicable securities
laws.  Notwithstanding the foregoing, by delivering written notice to
the Company, in a form satisfactory to the Company, you may designate a third
party who, in the event of your death, shall thereafter be entitled to receive
any distribution of Common Stock to which you were entitled at the time of your
death pursuant to this Agreement.

     

    6. Date
of Issuance.

     

    (a) Subject
to Section 10, if applicable, the Company will deliver to you a number of shares
of the Company’s Common Stock equal to the number of vested shares subject to
your Award, including any additional shares received pursuant to Section 3 above
that relate to those vested shares on the applicable vesting
date(s).  However, if a scheduled delivery date falls on a date that
is not a business day, such delivery date shall instead fall on the next
following business day.

     

    (b) Notwithstanding
the foregoing, in the event that you are subject to the Company’s policy
permitting employees, contractors or consultants to sell shares only during
certain “window” periods, in effect from time to time or you are otherwise
prohibited from selling shares of the Company’s Common Stock in the public
market and any shares covered by your Award are scheduled to be delivered on a
day (the “Original
Distribution Date”) that does not occur during an open “window period”
applicable to you, as determined by the Company in accordance with such policy,
or does not occur on a date when you are otherwise permitted to sell shares of
the Company’s Common Stock on the open market, and the Company elects (i) not to
satisfy its tax withholding obligations by withholding shares from your
distribution, or (ii) not to permit you to enter into a “same day sale”
commitment with a broker-dealer pursuant to Section 10(a)(iii) of this Agreement
(including but not limited to a commitment under a previously established
Company-approved 10b5-1 plan), then such shares shall not be delivered on such
Original Distribution Date and shall instead be delivered on the first business
day of the next occurring open “window period” applicable to you pursuant to
such policy (regardless of whether you are still providing Continuous Services
at such time) or the next business day when you are not prohibited from selling
shares of the Company’s Common Stock in the open market, but in no event later
than the fifteenth (15th) day of the third calendar month of the calendar year
following the calendar year in which the Original Distribution Date
occurs.  The form of such delivery (e.g., a stock certificate or
electronic entry evidencing such shares) shall be determined by the
Company.  In all cases, the delivery of shares under this Award is
intended to comply with U.S. Treasury Regulation Section 1.409A-1(b)(4) and
shall be construed and administered in such a manner.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    7. Dividends.  You shall receive no
benefit or adjustment to your Award with respect to any cash dividend, stock
dividend or other distribution that does not result from a Capitalization
Adjustment; provided,
however, that this sentence shall not apply with respect to any shares of
Common Stock that are delivered to you in connection with your Award after such
shares have been delivered to you.

     

    8. Restrictive
Legends.  The shares issued under your Award shall be endorsed
with appropriate legends if determined by the Company that legends are required
under applicable law or otherwise.

     

    9. Award not a
Service Contract.

     

    (a) Your
Continuous Service with the Company or an Affiliate is not for any specified
term and may be terminated by you or by the Company or an Affiliate at any time,
for any reason, with or without cause and with or without notice.  Nothing
in this Agreement (including, but not limited to, the vesting of your Award
pursuant to the schedule set forth in Section 2 herein or the issuance of the
shares subject to your Award), the Plan or any covenant of good faith and fair
dealing that may be found implicit in this Agreement or the Plan shall: 
(i) confer upon you any right to continue in the employ of, or affiliation with,
the Company or an Affiliate; (ii) constitute any promise or commitment by the
Company or an Affiliate regarding the fact or nature of future positions, future
work assignments, future compensation or any other term or condition of
employment or affiliation; (iii) confer any right or benefit under this
Agreement or the Plan unless such right or benefit has specifically accrued
under the terms of this Agreement or Plan; or (iv) deprive the Company or an
Affiliate of the right to terminate you at will and without regard to any future
vesting opportunity that you may have.

     

    (b) By
accepting this Award, you acknowledge and agree that the right to continue
vesting in the Award pursuant to the schedule set forth in Section 2 is earned
only by continuing as an Employee, Director or Consultant at the will of the
Company or an Affiliate (not through the act of being hired, being granted this
Award or any other award or benefit) and that the Company has the right to
reorganize, sell, spin-out or otherwise restructure one or more of its
businesses or Affiliates at any time or from time to time, as it deems
appropriate (a “reorganization”). 
You further acknowledge and agree that such a reorganization could result in the
termination of your Continuous Service, or the termination of Affiliate status
of your employer and the loss of benefits available to you under this Agreement,
including but not limited to, the termination of the right to continue vesting
in the Award.  You further acknowledge and agree that this Agreement,
the Plan, the transactions contemplated hereunder and the vesting schedule set
forth herein or any covenant of good faith and fair dealing that may be found
implicit in any of them do not constitute an express or implied promise of
continued engagement as an Employee, Director or Consultant for the term of this
Agreement, for any period, or at all, and shall not interfere in any way with
your right or the Company’s or an Affiliate’s right to terminate your Continuous
Service at any time, with or without cause and with or without
notice.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    10. Withholding
Obligations.

     

    (a) On or
before the time you receive a distribution of the shares subject to your Award,
or at any time thereafter as requested by the Company, you hereby authorize any
required withholding from the Common Stock issuable to you and/or otherwise
agree to make adequate provision in cash for any sums required to satisfy the
federal, state, local and foreign tax withholding obligations of the Company or
any Affiliate which arise in connection with your Award (the “Withholding
Taxes”).  Additionally, the Company or an Affiliate, or their
respective agents, may, in their sole discretion, satisfy all or any portion of
the Withholding Taxes obligation relating to your Award by any of the following
means or by a combination of such means: (i) withholding from any compensation
otherwise payable to you by the Company; (ii) causing you to tender a cash
payment; (iii) permitting you to enter into a “same day sale” commitment with a
broker-dealer that is a member of the Financial Industry Regulatory Authority (a
“FINRA
Dealer”) whereby you irrevocably elect to sell a portion of the shares to
be delivered under the Award to satisfy the Withholding Taxes and whereby the
FINRA Dealer irrevocably commits to forward the proceeds necessary to satisfy
the Withholding Taxes directly to the Company and/or its Affiliates, including a
commitment pursuant to a previously established Company-approved 10b5-1 plan, or
(iv) withholding shares of Common Stock from the shares of Common Stock issued
or otherwise issuable to you in connection with the Award with a Fair Market
Value (measured as of the date shares of Common Stock are issued to pursuant to
Section 6) equal to the amount of such Withholding Taxes; provided, however,
that the number of such shares of Common Stock so withheld shall not exceed the
amount necessary to satisfy the Company’s required tax withholding obligations
using the minimum statutory withholding rates for federal, state, local and
foreign tax purposes, including payroll taxes, that are applicable to
supplemental taxable income.

     

    (b) Unless
the tax withholding obligations of the Company and/or any Affiliate are
satisfied, the Company shall have no obligation to deliver to you any Common
Stock.

     

    (c) In the
event the Company’s and/or an Affiliate’s obligation to withhold arises prior to
the delivery to you of Common Stock or it is determined after the delivery of
Common Stock to you that the amount of the Company’s and/or an Affiliate’s
withholding obligation was greater than the amount withheld by the Company
and/or an Affiliate, you agree to indemnify and hold the Company and/or the
Affiliate harmless from any failure by the Company and/or an Affiliate to
withhold the proper amount.

     

    11. Unsecured
Obligation.  Your Award is unfunded, and as a holder of a
vested Award, you shall be considered an unsecured creditor of the Company with
respect to the Company’s obligation, if any, to issue shares pursuant to this
Agreement.  You shall not have voting or any other rights as a
stockholder of the Company with respect to the shares to be issued pursuant to
this Agreement until such shares are issued to you pursuant to Section 6 of this
Agreement.  Upon such issuance, you will obtain full voting and other
rights as a stockholder of the Company.  Nothing contained in this
Agreement, and no action taken pursuant to its provisions, shall create or be
construed to create a trust of any kind or a fiduciary relationship between you
and the Company or any other person.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    12. Other
Documents.  You hereby
acknowledge receipt or the right to receive a document providing the information
required by Rule 428(b)(1) promulgated under the Securities Act, which includes
the Plan prospectus.  In addition, you acknowledge receipt of the
Company’s policy permitting certain individuals to sell shares only during
certain “window” periods and the Company’s insider trading policy, in effect
from time to time.

     

    13. Notices.  Any notices
provided for in your Award or the Plan shall be given in writing and shall be
deemed effectively given upon receipt or, in the case of notices delivered by
the Company to you, five (5) days after deposit in the United States mail,
postage prepaid, addressed to you at the last address you provided to the
Company.  Notwithstanding the foregoing, the Company may, in its sole
discretion, decide to deliver any documents related to participation in the Plan
and this Award by electronic means or to request your consent to participate in
the Plan by electronic means.  You hereby consent to receive such
documents by electronic delivery and, if requested, to agree to participate in
the Plan through an on-line or electronic system established and maintained by
the Company or another third party designated by the Company.

     

    14. Miscellaneous.

     

    (a) The
rights and obligations of the Company under your Award shall be transferable to
any one or more persons or entities, and all covenants and agreements hereunder
shall inure to the benefit of, and be enforceable by the Company’s successors
and assigns. Your rights and obligations under your Award may only be assigned
with the prior written consent of the Company.

     

    (b) You agree
upon request to execute any further documents or instruments necessary or
desirable in the sole determination of the Company to carry out the purposes or
intent of your Award.

     

    (c) You
acknowledge and agree that you have reviewed your Award in its entirety, have
had an opportunity to obtain the advice of counsel prior to executing and
accepting your Award, and fully understand all provisions of your
Award.

     

    (d) This
Agreement shall be subject to all applicable laws, rules, and regulations, and
to such approvals by any governmental agencies or national securities exchanges
as may be required.

     

    (e) All
obligations of the Company under the Plan and this Agreement shall be binding on
any successor to the Company, whether the existence of such successor is the
result of a direct or indirect purchase, merger, consolidation, or otherwise, of
all or substantially all of the business and/or assets of the
Company.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    15. Governing
Plan Document.  Your Award is
subject to all the provisions of the Plan, the provisions of which are hereby
made a part of your Award, and is further subject to all interpretations,
amendments, rules and regulations which may from time to time be promulgated and
adopted pursuant to the Plan.  Except as expressly provided herein, in
the event of any conflict between the provisions of your Award and those of the
Plan, the provisions of the Plan shall control.

     

    16. Severability.  If
all or any part of this Agreement or the Plan is declared by any court or
governmental authority to be unlawful or invalid, such unlawfulness or
invalidity shall not invalidate any portion of this Agreement or the Plan not
declared to be unlawful or invalid. Any Section of this Agreement (or part of
such a Section) so declared to be unlawful or invalid shall, if possible, be
construed in a manner which will give effect to the terms of such Section or
part of a Section to the fullest extent possible while remaining lawful and
valid.

     

    17. Effect on
Other Employee Benefit Plans.  The value of the Award subject
to this Agreement shall not be included as compensation, earnings, salaries, or
other similar terms used when calculating your benefits under any employee
benefit plan sponsored by the Company or any Affiliate, except as such plan
otherwise expressly provides. The Company expressly reserves its rights to
amend, modify, or terminate any of the Company’s or any Affiliate’s employee
benefit plans.

     

    18. Choice
of Law.  The
interpretation, performance and enforcement of this Agreement will be governed
by the law of the state of Delaware without regard to such state’s conflicts of
laws rules.

     

    19. Amendment.  This
Agreement may not be modified, amended or terminated except by an instrument in
writing, signed by you and by a duly authorized representative of the Company.
Notwithstanding the foregoing, this Agreement may be amended solely by the Board
by a writing which specifically states that it is amending this Agreement, so
long as a copy of such amendment is delivered to you, and provided that no such
amendment adversely affecting your rights hereunder may be made without your
written consent. Without limiting the foregoing, the Board reserves the right to
change, by written notice to you, the provisions of this Agreement in any way it
may deem necessary or advisable to carry out the purpose of the grant as a
result of any change in applicable laws or regulations or any future law,
regulation, ruling, or judicial decision, provided that any such change shall be
applicable only to rights relating to that portion of the Award which is then
subject to restrictions as provided herein.

     

    20. Compliance
with Section 409A of the Code.  This Award is
intended to comply with the “short-term deferral” rule set forth in U.S.
Treasury Regulation Section 1.409A-1(b)(4).  Notwithstanding the
foregoing, if it is determined that the Award fails to satisfy the requirements
of the short-term deferral rule and is otherwise deferred compensation subject
to Section 409A, and if you are a “Specified Employee” (within the meaning set
forth in Section 409A(a)(2)(B)(i) of the Code) as of the date of your separation
from service (within the meaning of U.S. Treasury Regulation Section
1.409A-1(h)), then the issuance of any shares that would otherwise be made upon
the date of the separation from service or within the first six (6) months
thereafter will not be made on the originally scheduled date(s) and will instead
be issued in a lump sum on the date that is six (6) months and one day after the
date of the separation from service, with the balance of the shares issued
thereafter in accordance with the original vesting and issuance schedule set
forth above, but if and only if such delay in the issuance of the shares is
necessary to avoid the imposition of taxation on you in respect of the shares
under Section 409A of the Code.  Each installment of shares that vests
is intended to constitute a “separate payment” for purposes of U.S. Treasury
Regulation Section 1.409A-2(b)(2).

     

    
      
        
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    Attachment
II

    

    NVIDIA
Corporation

    
      	
               
      

            	
              2007
      Equity Incentive Plan

            

    

     

    

    
      
        
          .Exhibit 10.31

 

SEVERENCE AGREEMENT

AND COMPLETE RELEASE OF ALL
CLAIMS

 

This Severance Agreement and Complete Release of All
Claims (“Agreement”) is entered into as of August 13, 2008, by and between
George A. Schnug (“Employee”) and AmeriCold Logistics, LLC (“AmeriCold” or the “Company”),
Yucaipa American Management, The Yucaipa Companies, L.L.C., Yucaipa American
Alliance Fund I, LP, Yucaipa American Alliance (Parallel) Fund I, LP, Yucaipa
American Alliance Fund II, LP, Yucaipa American Alliance (Parallel) Fund II,
LP, Yucaipa Corporate Initiatives I, LP and Ronald W. Burkle (collectively, “the
Yucaipa Parties”).

 

W I T N E S S E T H:

 

WHEREAS, Employee’s full-time employment as Chief
Executive Officer with the Company will be terminated effective August 31,
2008 (“Termination Date”); and,

 

WHEREAS, Employee had an Employment Agreement with the
Company called “Employment and Non-Solicitation and Non-Disclosure Agreement”
which was effective November 1, 2005 (the “Employment Agreement”); and

 

WHEREAS, the parties intend to implement the
provisions of paragraph 4 of the Employment Agreement in this Agreement and
also desire to agree as to what provisions of the Employment Agreement shall
continue in effect; and

 

WHEREAS, Employee as of the Termination Date will, at
the discretion of Ronald W. Burkle, become the Chairman of the Board of the
Company reporting specifically to Yucaipa American Management, LLC and Ronald
W. Burkle with respect to Employee’s role as Chairman of the Board of the
Company; and

 

WHEREAS, Employee does not have pending against the
Company or any partner, member, employee, agent, officer, or director of the
Company or the Yucaipa Parties any claim, charge, or action in or with any
federal, state, or local court or administrative agency; and,

 

WHEREAS, Employee and the Company and the Yucaipa
Parties desire to fully and finally resolve all matters between them regarding
Employee’s employment as Chief Executive Officer of the Company;

 

NOW THEREFORE, in consideration of the mutual
covenants and promises herein and other good and valuable consideration,
receipt of which is hereby acknowledged, the parties agree as follows:

 

1.                                       This Agreement and compliance with this
Agreement shall not be construed as an admission by the Company or the Yucaipa
Parties of any liability

 

1

 

whatsoever, or as an admission by the Company or the Yucaipa Parties of
any violation of the rights of Employee or any other person, or of a violation
of any order, law, statute, duty or contract whatsoever.  The Company and the Yucaipa Parties specifically
disclaim any liability to Employee or any other person for any alleged
violation of the rights of Employee or any person or for any alleged violation
of any order, law, statute, duty or contract on the part of the Company, the
Yucaipa Parties, their respective employees or agents.

 

2.                                       Employee understands and agrees that he
did not execute this Agreement without first being advised herein to consult
with an attorney.

 

3.                                       (a)                                  If Employee delivers to the Company an executed copy
of this Agreement, the Company will upon the expiration of the seven (7) day
waiting period described below at paragraph 14(f):

 

(i)                                     Commencing September 1, 2008 pay to
Employee one year’s salary of $600,000 in installments over a period of 12
months at the same time as other employees of the Company are paid.  Such payments will be less all normal
deductions for state and federal taxes.

 

(ii)                                  For a period of one year from the
Termination Date pay directly or reimburse Employee for all COBRA health
insurance premiums.  The first COBRA
payment is expected to be in September 2008 but the parties agree to
cooperate concerning when the first COBRA payment date will be made.  In any event, Employee will be entitled to
one year of COBRA premium payments, either paid directly to Employee or
reimbursed to Employee.

 

(iii)                               Purchase Employee’s condominium located
at 3445 Stratford Road, NE, #3503, Atlanta, GA 30326 for a gross amount of
$617,000.  Company and Employee agree to
cooperate with respect to this purchase which will be handled by a local escrow
company.  The Company will be entitled to
review and approve preliminary title reports and other evidences of title and
shall only be required to purchase the condo described above if it is free and
clear of all liens and encumbrances other than standard property taxes not yet
due and payable and standard easements and rights of way.  The Company and Employee expect to enter into
separate escrow instructions with a local escrow company concerning the
purchase of the subject condo.

 

(iv)                              Reimburse Employee for moving expenses
from Atlanta Georgia to the Los Angeles, California area not to exceed $25,000.
Employee will be reimbursed by the Company within 30 days of presentation of
appropriate receipts evidencing the moving expenses.

 

2

 

(v)                                 Payment to Employee of all amounts due
and payable under the AmeriCold Supplemental Executive Retirement Plan which
amount is currently estimated to be $204,514.18.

 

(vi)                              Pay to Employee on September 1, 2008
for all accrued but unused vacation.

 

(b)                                 The Company and Employee acknowledge and
agree as follows:

 

(i)                                     from and after August 31, 2008
Employee is not an employee of the Company and the employment of Employee by
the Company has terminatee effective August 31, 2008.

 

(ii)                                  Employee and Ronald W. Burkle have
discussed the fact that Employee will be offered a position as an operating partner
with Yucaipa American Management LLC on terms and conditions to be agreed
upon.  The Company shall have no
obligation or liability with respect to this arrangement.

 

(iii)                               The Employment Agreement referenced above
which was effective November 1, 2005 shall terminate with respect to
paragraphs 1, 2, 3 and 4 but shall remain effective with respect to paragraph
5.  If the provisions in the Employment
Agreement conflict with the provisions of this Agreement, then the provisions
of the Employment Agreement shall control with respect to the provisions of
paragraph 5 of the Employment Agreement.

 

(iv)                              The Employee, the Company and the Yucaipa
Parties acknowledge that no agreement has been reached concerning whether any
bonus is due and payable to Employee for any periods of time.  Whether or not a bonus will be due and
payable shall be within the sole discretion of Ronald W. Burkle.

 

(v)                                 Effective as of August 31, 2008
Employee will become Chairman of the Company. 
The appointment as Chairman is at the discretion of Ronald W. Burkle,
and Employee agrees and acknowledges that he will serve as Chairman at the
pleasure and sole discretion of Ronald W. Burkle, who can remove Employee as
Chairman at any time for any or no reason. 
As Chairman he will not have any specific operational duties but will
act as a consultant to the Company pursuant to directions from Yucaipa American
Management and Ronald W. Burkle.  No
officer of the Company, including its President and Chief Executive Officer
will report to the Chairman.

 

3

 

(vi)                              Employee acknowledges and agrees that he
is not entitled to any equity interest, stock, stock options, warrants or like
security of any kind or character with respect to the Company or any of the
entities that make up the Company.

 

(c)                                  Receipt of the payments described above
in paragraph 3(a) are wholly contingent upon (1) Employee’s informed
and voluntary decision to execute this Agreement and (2) Employee’s
faithful compliance with its terms.

 

4.                                       In consideration of the above, Employee
agrees:

 

(a)                                  that the payments and agreements described
at paragraph 3(a)  above shall constitute the entire amount of
consideration provided to him under this Agreement and that he will not seek
any further compensation for any other claimed damage, costs, or attorneys’ fees
in connection with the matters encompassed in this Agreement;

 

(b)                                 and represents that he has not filed any
complaints, claims or actions against the Company or the Yucaipa Parties or
their respective partners, members, officers, agents, directors, supervisors,
employees, or representatives (the “Company, et al.”) with any state, federal,
or local agency or court and that he will not do so at any time hereafter;

 

(c)                                  that he will keep the fact, terms and
amount of this Agreement completely confidential and that he will not hereafter
disclose any information concerning this Agreement to anyone, provided that any
party hereto may make such disclosures as are required by law and as are
necessary for legitimate law enforcement, accounting, tax  or compliance purposes;

 

(d)                                 that he has not removed any Company
confidential or proprietary records, data or information or Company property
from the Company and agrees that he shall not remove any such records, data,
information or property; and he shall retain no copies of Company confidential
or proprietary records, data, or information concerning the Company, et al. or
property thereof in his possession, which shall be returned to the Company
immediately; and

 

5.                                       Employee acknowledges and agrees that the
Company has made no representations to him regarding the tax consequences of any
amounts received by him pursuant to this Agreement.  Employee agrees to pay federal or state
taxes, if any, which are required by law to be paid with respect to this
settlement.  Employee further agrees to
indemnify and hold the Company harmless from any claims, demands, deficiencies,
levies, assessments, executions, judgments or recoveries by any governmental
entity against the Company for any amounts claimed due on account of this Agreement,
or pursuant to claims made under any federal or state tax laws, and any costs,
expenses or damages sustained by the Company by reason of any such claims,
including any amounts 

 

4

 

paid by the Company as taxes, attorneys’ fees, deficiencies, levies,
assessments, fines, penalties, interest or otherwise.

 

6.                                       In further consideration of the mutual
promises herein, Employee hereby waives and forever releases, individually and
collectively, the Company, et al. from any and all charges, complaints, claims,
rights, demands, liabilities, causes of action, losses, costs or expenses of
any kind whatsoever, known or unknown, suspected or unsuspected (“claim” or “claims”)
which Employee may now have, has ever had or may have in the future against the
Company, et al., by reason of any act or omission occurring up to and including
the date of this Agreement or arising out of his employment with the Company
including, but not limited to, claims based upon expressed or implied contract,
covenants of fair dealing and good faith, age discrimination, wrongful
discharge, the Age Discrimination Act and Employment Acts, Title VII of the
Civil Rights Act of 1964, the payment of wages or overtime, and any other
applicable federal, state or local laws, ordinances and regulations.  This includes without limitation all claims
related to or in any manner incidental to his employment with the Company or
termination therefrom.  This release does
not, however, apply to or waive any rights Employee may have under applicable
workers’ compensation laws for claims that may have arisen on or prior to the
Termination Date.

 

7.                                       Employee and the Company understand the
word “claims” to include all actions, claims, causes of action or grievances, whether
actual or potential, known or unknown, and specifically, but not exclusively
all claims arising out of his employment with the Company and his
termination.  All such claims (including
attorneys’ fees and costs) are barred by this Agreement, and without regard to
whether those claims are based on any alleged breach of a duty arising in
contract or tort, by statute or law; any alleged unlawful act, including,
without limitation, age discrimination; any other claim or cause of action; and
regardless of the form in which it might be brought.

 

8.                                       Confidential Information and Trade
Secrets.

 

(a)                                  Employee shall maintain in confidence and
shall not directly, indirectly or otherwise, use, disseminate, disclose or
publish, or use for his benefit or the benefit of any person, firm, corporation
or other entity any confidential or proprietary information or trade secrets of
or relating to Company (or which Company has a right to use), including,
without limitation, confidential or proprietary information with respect to
Company’s or it’s operations, investments, potential investments, investors,
processes, products, inventions, business practices, finances, principals,
vendors, suppliers, customers, potential customers, marketing methods, costs,
prices, contractual relationships, regulatory status, compensation paid to
employees or other terms of employment, or deliver to any person, firm,
corporation or other entity any document, record, notebook, computer program or
similar repository of or containing any such confidential or proprietary
information or trade secrets.  The
parties hereby stipulate and agree that as between them the foregoing matters
are important, material and confidential proprietary information and trade secrets
and affect the successful conduct of the

 

5

 

businesses of the Company (and any successor or assignee thereof).  Confidential, proprietary and trade secret
information does not include information that is publically available.

 

(b)                                 Employee and the Company agree not to
disclose the terms or existence of this Agreement or the circumstances
surrounding Employee’s performance with or departure from the Company to any
person, agency, institution, company, or other entity unless the counter party
agrees to such disclosure in advance and in writing, provided that Employee
may, without such permission, disclose that Employee has amicably resigned from
his position and make such disclosures as are required by courts or government
agencies of appropriate jurisdiction or otherwise by law, including disclosures
to taxing agencies, and disclose the terms of this Agreement to his
attorney(s), accountant(s), tax advisor(s), and other professional service
provider(s), as reasonably necessary. 
However, to the extent Employee discloses information about the terms of
this Agreement, Employee agrees to instruct such person(s) that the terms of
this Agreement are strictly confidential and are not to be revealed to anyone
else except as required by law.

 

9.                                       Non-Disparagement.

 

(a)                                  Employee will not disparage or denigrate
to any person any aspect of his past relationship with the Yucaipa Parties or
the Company, nor the character of the Company or its affiliates or the
Company’s owners, partners, agents, representatives, products, or operating
methods, whether past, present, or future, and whether or not based on or with
reference to their past relationship; provided, however, that this paragraph
shall have no application to any evidence or testimony requested of Employee by
any court or government agency.  In the
event any government agency or any of the Company’s present or future labor
unions, adverse parties in actual or potential litigation, suppliers, service
providers, employees or customers initiate communications with Employee,
Employee agrees that he will inform any such persons, consistent with this
paragraph, of his change in status and direct such persons to an appropriate
office or current employee of Company.

 

(b)                                 The Company and
its executives and employees will not disparage or denigrate to any person any
aspect of Employee’s past relationship with the Company,  nor the character of Employee, whether past,
present or future and whether or not based on or with reference to their past
relationship; provided, however, that this paragraph shall have no application
to any evidence or testimony requested of the Company by any court or
government agency.  In the event any
government agency or any of Employee’s present or future or potential employers
or business partners initiates communications with the Company, the Company
agrees that they will inform any such persons, consistent with this paragraph,
of Employee’s amicable change in status and direct such persons to an
appropriate officer or employee who will inform any such persons, consistent
with this paragraph of Employee’s amicable change in status with respect to the
Company.

 

6

 

10.                                 Non-Solicitation.  From August 31, 2008 through the third
anniversary thereof, Employee shall not, without the prior written approval of
the Company, directly or indirectly, solicit, raid, entice or induce any person
who was at any time during Employee’s service with the Company therewith an
employee of the Company to become employed by any other person, firm or
corporation in any business.

 

11.                                 This Agreement shall be governed by and
construed in accordance with California State law.

 

12.                                 Employee expressly waives all rights
under Section 1542 of the California Civil Code, which section Employee
has read and which Employee fully understands. 
Section 1542 provides as follows:

 

A general release does not extend
to claims which a creditor does not know or suspect to exist in his or her
favor at the time of executing the release, which if known by him or her must
have materially affected his or her settlement with the debtor.

 

13.                                 It is expressly understood and agreed by
the parties that this Agreement is in full accord, satisfaction, and discharge
of doubtful and disputed claims and that this Agreement has been executed with
the express intention of effectuating the legal consequences provided for in Section 1541
provides as follows:

 

An obligation is extinguished by
a release therefrom given to the debtor by the creditor, upon a new consideration,
or in writing, with or without new consideration.

 

14.                                 Employee understands and agrees that he:

 

(a)                                  has carefully read and fully understands
all of the provisions of this Agreement;

 

(b)                                 is, through this Agreement, releasing the
Company, et al. from any and all claims he may have against the Company, et
al.;

 

(c)                                  knowingly and voluntarily agrees to all
of the terms set forth in this Agreement;

 

(d)                                 knowingly and voluntarily intends to be
legally bound by the same;

 

(e)                                  was advised and hereby is advised in
writing to consider the terms of this Agreement and consult with an attorney of
Employee’s choice prior to executing this Agreement;

 

7

 

(f)                                    has a full seven (7) days following
the execution of this Agreement to revoke this Agreement and has been and
hereby is advised in writing that this Agreement shall not become effective or
enforceable until this revocation period has expired;

 

(g)                                 understands that rights or claims under
the Age Discrimination in Employment Act of 1967, 29 U.S.C. Section 621, et seq. that may arise from any event after the date of this
Agreement is executed are not waived; and

 

(h)                                 has had the opportunity to consider this
Agreement for a full twenty-one (21) days before executing it.

 

15.                                 This Agreement shall be binding upon the
parties hereto and upon their heirs, administrators, representatives,
executors, successors, and assigns, and shall inure to the benefit of said
parties and each of them and to their heirs, administrators, representatives,
executors, successors, and assigns. 
Employee expressly warrants that he has not transferred to any person or
entity any rights, causes of action or claims released in the Agreement.

 

16.                                 The parties hereto represent and
acknowledge that in executing this Agreement, they do not rely and have not
relied upon any representation or statement made by any of the parties or by
any of the parties; agents, attorneys or representatives with regard to the
subject matter, basis, or effect of this Agreement or otherwise other than
those specifically stated in this Agreement.

 

17.                                 Should any provision of the Agreement be
declared or be determined by any court of competent jurisdiction to be illegal,
invalid, or unenforceable, the legality, validity, and enforceability of the
remaining parts, terms, or provisions shall not be affected thereby, and any
illegal, unenforceable, or invalid part, term, or provision shall be deemed not
to be a part of the Agreement.

 

18.                                 The Agreement sets forth the entire agreement
between the parties hereto and fully supersedes any and all prior agreements or
understandings, written or oral, between the parties.

 

19.                                 This Agreement shall be interpreted in
accordance with the plain meaning of its terms and not strictly for or against
any of the parties.

 

20.                                 Employee further understands and agrees
that if, at any time, he violates any term of this Agreement, the Company shall
have the right to seek specific performance of that term and/or any other
necessary and proper relief, including but not limited to liquidated damages
and any other damages from any court of competent jurisdiction located in the
State of California, and the prevailing party shall be entitled to recover its
reasonable costs and attorneys’ fees.

 

8

 

	
  AGREED AND UNDERSTOOD:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Employee:

  	
   

  	
  AMERICOLD LOGISTICS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ George A. Schnug

  	
   

  	
  By:

  	
  /s/ Jozef Opdeweegh

  
	
  George A. Schnug

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Jozef Opdeweegh

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
  August 15, 2008

  	
   

  	
  Dated:

  	
  August 15, 2008

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Ronald W. Burkle

  
	
   

  	
   

  	
  Ronald W. Burkle

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Dated:

  	
  August 15, 2008

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  THE YUCAIPA COMPANIES, L.L.C.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Robert P. Bermingham

  
	
   

  	
   

  	
   

  	
  Robert P. Bermingham

  
	
   

  	
   

  	
   

  	
  Vice President and Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  YUCAIPA AMERICAN MANAGEMENT LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Robert P. Bermingham

  
	
   

  	
   

  	
   

  	
  Robert P. Bermingham

  
	
   

  	
   

  	
   

  	
  Vice President and Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Dated:

  	
  August 15, 2008

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  YUCAIPA AMERICAN ALLIANCE FUND I, LP

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Robert P. Bermingham

  
	
   

  	
   

  	
   

  	
  Robert P. Bermingham

  
	
   

  	
   

  	
   

  	
  Vice President and Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Dated:

  	
  August 15, 2008

  
					

 

9

 

	
   

  	
   

  	
  YUCAIPA AMERICAN ALLIANCE (PARALLEL) FUND I, LP

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Robert P. Bermingham

  
	
   

  	
   

  	
   

  	
  Robert P. Bermingham

  
	
   

  	
   

  	
   

  	
  Vice President and Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Dated:

  	
  August 15, 2008

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  YUCAIPA AMERICAN ALLIANCE FUND II, LP

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Robert P. Bermingham

  
	
   

  	
   

  	
   

  	
  Robert P. Bermingham

  
	
   

  	
   

  	
   

  	
  Vice President and Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Dated:

  	
  August 15, 2008

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  YUCAIPA AMERICAN ALLIANCE (PARALLEL) FUND II, LP

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Robert P. Bermingham

  
	
   

  	
   

  	
   

  	
  Robert P. Bermingham

  
	
   

  	
   

  	
   

  	
  Vice President and Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Dated:

  	
  August 15, 2008

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  YUCAIPA CORPORATE INITIATIVES FUND I, LP

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Robert P. Bermingham

  
	
   

  	
   

  	
   

  	
  Robert P. Bermingham

  
	
   

  	
   

  	
   

  	
  Vice President and Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Dated:

  	
  August 15, 2008

  

 

10

 

ACKNOWLEDGMENT OF
RECEIPTS

 

Receipt is acknowledged by the undersigned of the
SEVERANCE AGREEMENT AND COMPLETE RELEASE OF ALL CLAIMS, a copy of which is
attached to this Acknowledgment.

 

	
  Date:

  	
  August 15, 2008

  	
  ,

  	
   

  	
  /s/ George A. Schnug

  
	
   

  	
   

  	
   

  	
  George A. Schnug

  

 

11

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