Document:

Exhibit 10.1

 

Employment
AgreemenT

 

THIS EMPLOYMENT AGREEMENT (this “Agreement”),
dated as of May 11, 2021, by and between B&G FOODS, INC. (hereinafter the “Corporation”) and Kenneth
C. “Casey” Keller (hereinafter “Executive”).

 

WHEREAS, subject to the terms of this Agreement,
Corporation desires to employ Executive as President and Chief Executive Officer, and Executive desires to accept such employment.

 

NOW THEREFORE, in consideration of the material
advantages accruing to the two parties and the mutual covenants contained herein, the Corporation and Executive agree with each other
as follows:

 

1.            Effective
Date. For purposes of this Agreement, the “Effective Date” shall mean June 14, 2021.

 

2.            Employment.
Executive will render full-time professional services to the Corporation and, as directed by the Corporation, to its subsidiaries or other
Affiliates (as defined in Paragraph 3 below), in the capacity of President and Chief Executive Officer under the terms and conditions
of this Agreement. Executive will at all times, faithfully, industriously and to the best of his ability, perform all duties that may
be required of Executive by virtue of his position as President and Chief Executive Officer and in accordance with the directions and
mandates of the Board of Directors of the Corporation. It is understood that these duties shall be substantially the same as those of
a president and chief executive officer of a similar business corporation engaged in a similar enterprise. Executive is hereby vested
with authority to act on behalf of the Corporation in keeping with policies adopted by the Board of Directors, as amended from time to
time, and in accordance with the directives of the Board of Directors. Executive shall report solely and directly to the Board of Directors.

 

3.            Services
to Subsidiaries or Other Affiliates. The Corporation and Executive understand and agree that if and when the Corporation so directs,
Executive shall also provide services to any subsidiary or other Affiliate (as defined below) by virtue of his employment under this Agreement.
If so directed, Executive agrees to serve as President and Chief Executive Officer of such subsidiary or other Affiliate of the Corporation,
as a condition of his employment under this Agreement, and upon the termination of his employment under this Agreement, Executive shall
no longer provide such services to the subsidiary or other Affiliate. The parties recognize and agree that Executive shall perform such
services as part of his overall professional services to the Corporation but that in certain circumstances approved by the Corporation
he may receive additional compensation from such subsidiary or other Affiliate. For purposes of this Agreement, an “Affiliate”
is any corporation or other entity that is controlled by, controlling or under common control with the Corporation. “Control”
means the direct or indirect beneficial ownership of at least fifty (50%) percent interest in the income of such corporation or entity,
or the power to elect at least fifty (50%) percent of the directors of such corporation or entity, or such other relationship which in
fact constitutes actual control.

 

     

     

    

 

4.            Term
of Agreement. The initial term of Executive’s employment under this Agreement shall commence on the Effective Date and end on
December 31, 2022; provided that unless notice of termination has been provided in accordance with Paragraph 8(a) (Termination
without Cause by the Corporation) at least sixty (60) days prior to the expiration of the initial term or any additional twelve (12) month
term (as provided below), or unless Executive’s term of employment is otherwise terminated in accordance with the terms of this
Agreement, this Agreement shall automatically be extended for additional twelve (12) month periods (the “Term”).

 

5.            Place
of Performance. The principal place of Executive’s employment shall be the Corporation’s corporate headquarters, which
is currently located in Parsippany, New Jersey; provided that Executive will be required to travel on Corporation business during the
Term as directed by the Chairman of the Board of Directors. Within one hundred eighty (180) days of the Effective Date, Executive shall
relocate his primary residence to permanent housing within forty-five (45) miles of Parsippany, New Jersey and shall thereafter maintain
his primary residence in permanent housing within forty-five (45) miles of Parsippany, New Jersey during the Term.

 

6.            Base
Compensation. During the Term, in consideration for the services as President and Chief Executive Officer required under this Agreement,
the Corporation agrees to pay Executive an annual base salary of One Million Fifty Thousand Dollars ($1,050,000), or such higher figure
as may be determined at an annual review of his performance and compensation by the Compensation Committee of the Board of Directors,
less applicable tax withholdings. The annual review of Executive’s base salary shall
be conducted by the Compensation Committee of the Board of Directors within a reasonable time after the end of each fiscal year of the
Corporation and any increase shall be retroactive to January 1st of the then current Agreement year. The amount of annual
base salary shall be payable in equal installments consistent with the Corporation’s payroll payment schedule for other executive
employees of the Corporation. Executive may choose to select a portion of his compensation to be paid as deferred income through qualified
plans or other programs consistent with the policy of the Corporation and subject to any and all applicable federal, state or local laws,
rules or regulations.

 

7.            Other
Compensation and Benefits. During the Term, in addition to his base salary, the Corporation shall provide Executive the following:

 

(a)           One
Time Benefits in Connection with New Hire.

 

(i)            Relocation
Assistance. In connection with Executive’s relocation pursuant to Paragraph 5 hereof, the
Corporation shall pay Executive a relocation assistance payment of $150,000, less applicable tax withholdings (the “Relocation
Assistance Payment”). The Relocation Assistance Payment shall be paid in two installments of $75,000 each. The first
installment shall be paid on the Corporation’s first payroll date following the Effective Date and
the second installment shall be paid upon the completion of Executive’s relocation. The Corporation shall also pay Executive
a temporary living and travel allowance for expenses of temporary housing near the Corporation’s
Parsippany headquarters and expenses for travel from Executive’s current residence to his temporary housing near the Corporation’s
Parsippany headquarters of $8,350 per month, less applicable tax withholdings, until the earlier of the date Executive completes his relocation
and the date that is one hundred eighty (180) days after the Effective Date (the “Temporary Living Payments”). In no
event shall the temporary living and travel allowance payments exceed $50,100 in the aggregate. Executive shall repay to the Corporation
an amount equal to the after-tax amount of the Relocation Assistance Payment and the Temporary Living Payments that the Corporation has
paid to Executive and shall forfeit any unpaid amount of the Relocation Assistance Payment and the Temporary Living Payments if (i) Executive
does not complete his relocation within one hundred eighty (180) days of the Effective Date, or (ii) prior to the first anniversary
of the Effective Date Executive terminates his employment voluntarily or is terminated by the Corporation for Cause pursuant to Paragraph 9
below.

 

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(ii)            One-Time
Equity Award. On the Effective Date, Executive will receive a one-time grant of stock options
for shares of common stock of the Corporation with a grant date Black-Scholes value of $1,500,000 as determined by the Corporation (the
 “Sign-On Option Grant”), pursuant to the Corporation’s Omnibus Incentive Compensation Plan and subject to the
terms of the applicable award agreement approved by the Compensation Committee, the form of which has been provided to Executive.

 

(iii)            Reimbursement
of Attorneys’ Fees. The Corporation shall reimburse Executive for the reasonable cost of attorneys’ fees incurred in connection
with negotiation of this Agreement in an aggregate amount not to exceed $17,500. Reimbursement shall be made within thirty (30) days after
Executive provides appropriate documentation supporting such attorneys’ fees. Executive understands that Executive may have tax
obligations in connection with reimbursement for the attorneys’ fees.

 

(b)            Incentive
Compensation.

 

(i)            Annual
Bonus Plan. Commencing with the 2021 performance period, Executive shall participate in the Corporation’s
annual bonus plan (the “Annual Bonus Plan”), as may be adopted and/or modified from time to time by the Board of Directors
or the Compensation Committee. Annual Bonus Plan awards are calculated as a percentage of Executive’s base salary on the December 31st
closest to the last day of the Annual Bonus Plan performance period. The percentages of base salary that Executive shall be eligible to
receive in accordance with the Annual Bonus Plan based on performance shall be determined by the Compensation Committee and it is anticipated
that the percentages shall initially range from 0% at “Threshold” to 100% at “Target” and to 200% at “Maximum,”
as such terms are defined in the Annual Bonus Plan. Notwithstanding the foregoing, for the performance period in which the Effective Date
occurs (i.e., the fiscal 2021 performance period), Executive’s bonus under the Annual Bonus Plan shall be determined on a pro rata
basis (x) applying the percentages set forth above to Executive’s base salary multiplied by a fraction, the numerator of which
is the number of days transpired in the performance period beginning on the Effective Date and ending on the last day of the performance
period and the denominator of which is the number of days in the entire performance period, and (y) so long as the Corporation’s
performance objective for such performance period is achieved at “Threshold” or above, the percentage applied shall be not
less than the “Target” percentage. Annual Bonus Plan awards are payable no later than the 15th day of the third month following
the end of each fiscal year of the Corporation. Except as expressly modified herein, Executive’s entitlement to any bonus hereunder
shall be subject to and in accordance with the terms of the Annual Bonus Plan.

 

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(ii)            Long-Term
Incentive Compensation. Beginning in 2021, Executive shall participate in the Corporation’s
long-term incentive plans (the “Long-Term Incentive Plans”), as shall be adopted and/or modified from time to time
by the Board of Directors or the Compensation Committee. Executive shall be eligible to earn Long-Term Incentive Plan awards (“LTIAs”)
calculated as a percentage of Executive’s base salary on the grant date of such LTIAs, with such percentage to be determined by
the Compensation Committee. For performance share LTIAs, the percentages of base salary that it is anticipated Executive will be eligible
to earn based on performance range from 56.25% at “Threshold” to 112.50% at “Target” to 262.50% at “Maximum,”
as such terms are defined in the performance share LTIAs. Performance based LTIAs, if earned, are payable no later than the 15th day of
the third month following the end of the final fiscal year of the Corporation of the applicable performance period. In order to phase
in the performance share LTIAs, which typically have three-year performance periods, Executive shall receive on the Effective Date, three
sets of performance share LTIAs, one with a one-year performance period of fiscal 2021, one with a two-year performance period of fiscal
2021 through 2022 and one with a three-year performance period of fiscal 2021 through fiscal 2023. The performance objectives for the
three sets of performance share LTIAs granted on the Effective Date shall be the same as the performance objectives for such performance
periods used for purposed of the performance share LTIAs granted to the Corporation’s other executive officers. The number of performance
shares Executive will be eligible to earn for each set of performance share LTIAs granted on the Effective Date shall be determined by
applying the percentages set forth above to Executive’s base salary as of the Effective Date. Notwithstanding the foregoing, for
the performance share LTIAs with a one-year performance period of fiscal 2021, Executive’s grant of performance share LTIAs shall
be determined on a pro rata basis applying the percentages set forth above to his base salary multiplied by a fraction, the numerator
of which is the number days remaining in the performance period beginning on the Effective Date and ending on the last day of the performance
period and the denominator of which is the number of days in the entire performance period. Each year, at the sole discretion of the Compensation
Committee, it is anticipated that Executive will be eligible to receive an LTIA of shares of restricted stock equivalent on the grant
date to 37.5% of Executive’s base salary. Notwithstanding the foregoing, for the initial grant of shares of restricted stock, such
grant shall be determined on a pro rata basis applying the percentage set forth above to his base salary multiplied by a fraction, the
numerator of which is the number of days remaining in the current fiscal year beginning on the Effective Date and ending on the last day
of the fiscal year and the denominator of which is the number of days in the fiscal year. Except as expressly modified herein, any LTIAs
to Executive hereunder shall be subject to and in accordance with the terms of the Long-Term Incentive Plans and Executive’s applicable
award agreement, which shall be in the same form used for the Corporation’s other executive officers.

 

(iii)            Other
Incentive Compensation. In addition, beginning in 2021, Executive shall be eligible to participate in all other incentive compensation
plans, if any, that may be adopted by the Corporation from time to time and with respect to which the other executive employees of the
Corporation are eligible to participate.

 

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(c)            Vacation.
Executive shall be entitled to five (5) weeks (or twenty-five (25) days) of compensated vacation time during each calendar year,
to be taken at times mutually agreed upon between Executive and the Chairman of the Board of Directors; provided, however, that during
2021, the number of vacation days will be prorated based on the portion of the calendar year Executive has been employed by the Corporation.
Vacation accrual shall be limited to the amount stated in the Corporation’s policies currently in effect, as amended from time to
time.

 

(d)            Sick
Leave and Disability. Executive shall be entitled to participate in such compensated sick leave and disability benefit programs as
are offered to the Corporation’s other executive employees, subject to Executive’s satisfaction of the eligibility requirements
of such programs and subject to applicable law and the terms and conditions of such programs.

 

(e)            Medical
and Dental Insurance. Executive, his spouse, and his dependents, shall be entitled to participate in such medical and dental insurance
programs as are provided to the Corporation’s other executive employees, subject to Executive’s satisfaction of the eligibility
requirements of such programs and subject to applicable law and the terms and conditions of such programs.

 

(f)            Executive
Benefits and Perquisites. Executive shall be entitled to receive all other executive benefits and perquisites to which all other executive
employees of the Corporation are entitled, subject to Executive’s satisfaction of the eligibility requirements of such plans or
programs and subject to applicable law and the terms and conditions of such plans or programs.

 

(g)            Automobile
and Cellular Phone. The Corporation agrees to provide Executive with a monthly automobile allowance of $833.33, less applicable tax
withholdings, and a monthly cellular phone allowance of $130.00, less applicable tax withholdings.

 

(h)            Liability
Insurance; Indemnification. The Corporation agrees to insure Executive under the appropriate liability insurance policies, in accordance
with the Corporation’s policies and procedures, for all acts done by Executive within the scope of his authority in good faith as
President and Chief Executive Officer throughout the Term. The Corporation shall indemnify Executive to the fullest extent contemplated
by the Corporation’s bylaws as in effect on the Effective Date. The Corporation’s obligations under this Paragraph 7(h) shall
survive the termination of Executive’s employment hereunder.

 

(i)            Professional
Meetings and Conferences. Executive will be permitted to be absent from the Corporation’s facilities during working days to
attend professional meetings and such continuing education programs as are necessary for Executive to maintain such professional licenses
and certifications, if any, as are required in the performance of his duties under this Agreement, and to attend to such outside professional
duties as have been mutually agreed upon between Executive and the Chairman of the Board of Directors. Attendance at such approved meetings
and programs and accomplishment of approved professional duties shall be fully compensated service time and shall not be considered vacation
time. The Corporation shall reimburse Executive for all reasonable expenses incurred by Executive incident to attendance at approved professional
meetings and continuing education programs, and such reasonable entertainment expenses incurred by Executive in furtherance of the Corporation’s
interests; provided, however, that such reimbursement is approved by the Chairman of the Board of Directors.

 

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(j)            Registration
Fees and Professional Dues. The Corporation shall reimburse Executive for registration fees for such professional licenses and certifications,
if any, as are required in the performance of his duties under this Agreement. In addition, the Corporation agrees to pay dues and expenses
to professional associations and societies and to such community and service organizations of which Executive is a member provided such
dues and expenses are approved by the Chairman of the Board of Directors as being in the best interests of the Corporation.

 

(k)            Life
Insurance. The Corporation shall provide Executive with life insurance coverage on the same terms as such coverage is provided to
all other executive employees of the Corporation, subject to Executive’s satisfaction of the eligibility requirements of such coverage
and subject to applicable law and the terms and conditions of such coverage.

 

(l)            Business
Expenses. The Corporation shall reimburse Executive for reasonable expenses incurred by Executive in connection with the conduct of
business of the Corporation and its subsidiaries or other Affiliates in accordance with and subject to the generally applicable expense
reimbursement policies of the Corporation.

 

8.            Termination
Without Cause.

 

(a)            By
the Corporation. The Corporation may, in its sole discretion, terminate Executive’s employment hereunder without Cause at any
time upon sixty (60) days prior written notice or at such later time as may be specified in said notice (the date of termination set forth
in such notice is herein referred to as the “Termination Date”). Except as provided in Paragraphs 7(a)(i), 8(b), 11,
12, 13, 14, 15 and 20 or as otherwise provided in this Agreement or any applicable LTIA agreement, after such termination, all rights,
duties and obligations of both parties shall cease. At any time during such sixty (60) day notice period, the Corporation may in its sole
discretion: (i) relieve Executive of Executive’s duties and responsibilities (in whole or part), (ii) place Executive
on paid leave-of-absence status, (iii) impose conditions with respect to attending or remaining away from the Corporation’s
places of business, and/or (iv) accelerate the Termination Date, in which case the Corporation shall continue to pay Executive during
the remainder of such 60-day period the compensation that would otherwise be owned to Executive under this Agreement for the remainder
of such 60-day period.

 

(i)            Upon
the termination of employment pursuant to subparagraph (a) above, subject to the terms in subparagraph (ii) and Paragraphs 8(b) and
10 below and the requirements of Paragraph 12 below, in addition to all accrued and vested benefits payable under the Corporation’s
employment and benefit policies, including, but not limited to, earned but unpaid incentive compensation awards under (I) the Annual
Bonus Plan or (II) any other incentive compensation plan for any completed performance periods or any applicable LTIA agreement,
Executive shall be provided with the following Salary Continuation and Other Benefits (as defined below) for the duration of the Severance
Period (as defined below): (1) salary continuation payments for each year of the Severance Period in an amount per year equal to
200% of his then current annual base salary (“Salary Continuation”), which Salary Continuation shall be paid in the
same manner and pursuant to the same payroll procedures that were in effect prior to the effective date of termination commencing on the
Corporation’s first payroll date following the date the Release (as defined below) becomes irrevocable or such later date as provided
in Paragraph 8(b) below; (2) continuation of medical, dental, life insurance and disability insurance for Executive, Executive’s
spouse and Executive’s dependents, during the Severance Period, as in effect on the effective date of termination (“Other
Benefits”), or if the continuation of all or any of the Other Benefits is not available because of his status as a terminated
employee, a payment equal to the cost to the Corporation as if Executive were not a terminated employee of such excluded Other Benefits;
and (3) outplacement services of an independent third party, mutually satisfactory to both parties, until the earlier of one year
after the effective date of termination, or until he obtains new employment, with the cost for such service to be paid in full by the
Corporation. For purposes of this Agreement (except for Paragraph 10 below), the “Severance Period” shall mean the
period from the date of termination of Executive’s employment to the first (1st) anniversary of the date of such termination.

 

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(ii)            Subject
to Paragraph 12 below, in the event Executive accepts other employment during the Severance Period, the Corporation shall continue the
Salary Continuation in force until the end of the Severance Period. All Other Benefits described in subparagraph (i)(2), other than all
accrued and vested benefits payable under the Corporation’s employment and benefit policies, shall cease upon Executive’s
commencement of such employment.

 

(iii)            Executive
shall not be required to seek or accept any other employment during the Severance Period. Rather, the election of whether to seek or accept
other employment shall be solely within Executive’s discretion. If during the Severance Period Executive is receiving all or any
part of the benefits set forth in subparagraph (i) above and he should die, then Salary Continuation remaining during the Severance
Period shall be paid fully and completely to his spouse or such individual designated by Executive or if no such person is designated
to his estate.

 

(b)            Release.
The obligation of the Corporation to provide the Salary Continuation and Other Benefits described in Paragraph 8(a) above and the
benefit described in Paragraph 8(a)(i)(3) above is contingent upon and subject to (i) the execution and delivery by Executive
of a general release of claims, in form and substance satisfactory to the Corporation (the “Release”), which Release
must become effective and irrevocable on or prior to the earlier of (x) the date set forth in the Release and (y) the sixtieth
(60th) day after Executive’s termination of employment (the “Release Deadline Date”) and (ii) Executive’s
compliance with the requirements of Paragraph 12. The Corporation will provide Executive with a copy of the Release simultaneously with
or as soon as administratively practicable following (I) the delivery of the notice of termination provided in Paragraph 8(a), (II) the
expiration of the Corporation’s right to cure provided in Paragraph 8(d) or Paragraph 10, or (III) Executive’s termination
of employment due to his Total Disability provided in Paragraph 8(e). Notwithstanding anything herein to the contrary, if the period of
time in which Executive has to review, execute and revoke the Release begins in one taxable year and ends in another taxable year, payments
and benefits shall not begin until the later of the first payroll date after January 1st of the year following the year
in which Executive’s employment terminated or the first payroll date after the Release becomes irrevocable; provided that the first
installment payment shall include all amounts that would otherwise have been paid or provided to Executive during the period beginning
on the date on which Executive’s employment terminated and ending on the first payment date if no delay had been imposed. If the
Release does not become effective and irrevocable by the Release Deadline Date, then Executive shall forfeit the payments and benefits
described in Paragraphs 8(a)(i)(1)–(3) hereof. In no event will the payments and benefits described in Paragraphs 8(a)(i)(1)–(3) hereof
be paid or provided until the Release becomes effective and irrevocable.

 

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Without limiting the foregoing, the Release shall
provide that for and in consideration of the above Salary Continuation and Other Benefits, Executive releases and gives up any and all
claims and rights which he may have against the Corporation, a subsidiary or other Affiliate, and their respective trustees, officers,
managers, employees and agents, including all claims arising from or related to his employment and/or termination, other than claims for
amounts payable pursuant to this Agreement or rights to indemnification or coverage under directors and officers insurance. This releases
all claims, whether based upon federal, state, local or common law, rules or regulations. Such Release shall survive the termination
of Executive’s employment under this Agreement.

 

(c)            Voluntary
Termination. Should Executive in his discretion elect to terminate his employment under this Agreement, he shall give the Corporation
at least sixty (60) days prior written notice of his decision to terminate. Except as provided in Paragraphs 7(a)(i), 11, 12, 13, 14,
15 and 20 or as otherwise provided in this Agreement, at the end of the sixty (60) day notice period, all rights, duties and obligations
of both parties to the Agreement shall cease, except for any and all accrued and vested benefits under the Corporation’s existing
employment and benefit policies, including but not limited to, earned but unpaid incentive compensation awards under (I) the Annual
Bonus Plan or (II) any other incentive compensation plan for any completed performance periods or any applicable LTIA agreement.
At any time during such sixty (60) day notice period, the Corporation may in its sole discretion: (i) relieve Executive of Executive’s
duties and responsibilities (in whole or part), (ii) place Executive on paid leave-of-absence status, (iii) impose conditions
with respect to attending or remaining away from the Corporation’s places of business, and/or (iv) accelerate the Termination
Date, in which case the Corporation shall not be required to continue to pay Executive during the remainder of such 60-day period the
compensation that would otherwise be owed to Executive had the Termination Date not occurred.

 

(d)            Alteration
of Duties. If the Board of Directors of the Corporation, in its sole discretion, takes action which substantially changes or alters
Executive’s authority or duties so as to effectively prevent Executive from performing the duties of the President and Chief Executive
Officer as defined in this Agreement, or requires that his office be located at and/or principal duties be performed at a location more
than forty-five (45) miles from the present corporate headquarters of the Corporation located in Parsippany, New Jersey, then Executive
may, at his option and upon written notice to the Board of Directors within thirty (30) days after the Board’s action, consider
Executive terminated without Cause and, subject to the Release requirement of Paragraph 8(b), become entitled to the benefits set forth
in Paragraph 8(a), unless within thirty (30) days after delivery of such notice, Executive’s duties have been restored or the Corporation’s
actions have otherwise been cured.

 

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(e)            Disability.

 

(i)            The
Corporation, in its sole discretion, may terminate Executive’s employment upon his Total Disability. In the event he is terminated
pursuant to this subparagraph, subject to the Release requirement of Paragraph 8(b), he shall be entitled to the benefits set forth in
Paragraph 8(a), provided however, that the annual base salary component of Salary Continuation shall be reduced by any amounts paid to
Executive under any disability benefits plan or insurance policy. For purposes of this Agreement, the term “Total Disability”
shall mean death or any physical or mental condition which prevents Executive from performing his duties under this contract for at least
four (4) consecutive months. The determination of whether or not a physical or mental condition would prevent Executive from the
performance of his duties shall be made by the Board of Directors in its sole discretion. If requested by the Board of Directors, Executive
shall submit to a mental or physical examination by an independent physician selected by the Corporation and reasonably acceptable to
Executive to assist the Board of Directors in its determination, and his acceptance of such physician shall not be unreasonably withheld
or delayed. Failure to comply with this request shall prevent Executive from challenging the Board’s determination.

 

(f)            Retirement.
The Corporation, in its sole discretion and in accordance with applicable law, may establish a retirement policy for its executive employees,
including Executive, which includes the age for mandatory retirement from employment with the Corporation. Upon the termination of employment
pursuant to such retirement policy, other than as provided in Paragraphs 7(a)(i), 11, 12, 13, 14, 15 and 20 or as otherwise provided in
this Agreement or any applicable LTIA agreement, all rights and obligations under this Agreement shall cease, except that Executive shall
be entitled to any and all accrued and vested benefits under the Corporation’s existing employment and benefits policies, including
but not limited to earned but unpaid incentive compensation awards under (I) the Annual Bonus Plan or (II) any other incentive
compensation plan for any completed performance periods.

 

(g)            Section 280G.
Notwithstanding any other provision of this Agreement, in the event that the amount of payments or other benefits payable to Executive
under this Agreement (including, without limitation, the acceleration of any payment or the accelerated vesting of any payment or other
benefit), together with any payments, awards or benefits payable under any other plan, program, arrangement or agreement maintained by
the Corporation or one of its Subsidiaries or other Affiliates, would constitute an “excess parachute payment” (within the
meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”)), such payments and benefits shall
be reduced (by the minimum possible amounts) in the order set forth below until no amount payable to Executive under this Agreement or
otherwise constitutes an “excess parachute payment” (within the meaning of Section 280G of the Code); provided, however,
that no such reduction shall be made if the net after-tax amount (after taking into account federal, state, local or other income, employment
and excise taxes) to which Executive would otherwise be entitled without such reduction would be greater than the net after-tax amount
(after taking into account federal, state, local or other income, employment and excise taxes) to Executive resulting from the receipt
of such payments and benefits with such reduction. If any payments or benefits payable to Executive are required to be reduced pursuant
to this Paragraph, such payments and/or benefits to Executive shall be reduced in the following order: first, payments that are payable
in cash, with amounts that are payable last reduced first; second, payments due in respect of any equity or equity derivatives included
at their full value under Section 280G (rather than their accelerated value); third, payments due in respect of any equity or equity
derivatives valued at accelerated value under Section 280G, with the highest values reduced first (as such values are determined
under Treasury Regulation Section 1.280G-1, Q&A 24); and fourth, all other non-cash benefits.

 

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All determinations required to be made under this
Paragraph 8(g), including whether a payment would result in an “excess parachute payment” and the assumptions to be utilized
in arriving at such determinations, shall be made by an accounting firm designated by the Corporation (the “Accounting Firm”)
which shall provide detailed supporting calculations both to the Corporation and Executive as requested by the Corporation or Executive.
All fees and expenses of the Accounting Firm shall be borne solely by the Corporation and shall be paid by the Corporation. Absent manifest
error, all determinations made by the Accounting Firm under this Paragraph 8(g) shall be final and binding upon the Corporation and
Executive.

 

9.            Termination
for Cause. Executive’s employment under this Agreement may be terminated by the Corporation immediately upon written notice,
for Cause. For purposes of this Agreement, “Cause” shall exist in the event and only in the event of the following
conduct: conviction of a felony or any other crime involving moral turpitude, whether or not relating to Executive’s employment;
habitual unexcused absence from the facilities of the Corporation; habitual substance abuse; willful disclosure of material confidential
information of the Corporation and/or its subsidiaries or other Affiliates; intentional violation of conflicts of interest policies established
by the Board of Directors; wanton or willful failure to comply with the lawful written directions of the Board of Directors or other superiors;
and willful misconduct or gross negligence that results, in the determination of the Board of Directors, in damage to the interests of
the Corporation and its subsidiaries or other Affiliates. Should any of these situations occur, the Board of Directors will provide Executive
written notice specifying the effective date of such termination. Upon the effective date of such termination, any and all payments and
benefits due Executive under this Agreement shall cease except for any accrued and vested benefits payable under the Corporation’s
employment and benefit policies, including any earned but unpaid amounts under (I) the Annual Bonus Plan or (II) any other incentive
compensation plan.

 

10.            Major
Transaction. If, during the Term, the Corporation consummates a Major Transaction and, following the Major Transaction, Executive
is not the President and Chief Executive Officer with duties and responsibilities substantially equivalent to those described herein and/or
is not entitled to substantially the same benefits as set forth in Paragraph 6 and Paragraph 7(b) through 7(l) of this Agreement,
then Executive shall have the right to terminate his employment under this Agreement and, subject to the Release requirement of Paragraph
8(b), shall be entitled to the benefits set forth in Paragraph 8(a), except that the Severance Period shall mean the period from the date
of termination of employment to the second (2nd) anniversary of the date of such termination. Executive shall provide the Corporation
with written notice of his desire to terminate his employment under this Agreement pursuant to this Paragraph within ninety (90) days
of the effective date of the Major Transaction and the Severance Period shall commence as of the effective date of the termination of
Executive’s employment under this Agreement, provided the Corporation has not corrected the basis for such notice within thirty
(30) days after delivery of such notice and further provided that the effective date of termination of Executive’s employment under
this Agreement shall not be more than one year following the effective date of the Major Transaction. If, during the Term, the Corporation
consummates a Major Transaction and the Corporation terminates Executive’s employment hereunder without Cause pursuant to subparagraph
8(a) of this Agreement within one year after the Major Transaction, then, subject to the Release requirement of Paragraph 8(b), Executive
shall be entitled to the benefits set forth in Paragraph 8(a), except that the Severance Period shall mean the period from the date of
termination of employment to the second (2nd) anniversary of the date of such termination. For purposes of this Paragraph, “Major
Transaction” shall mean the sale of all or substantially all of the assets of the Corporation, or a merger, consolidation, sale
of stock or similar transaction or series of related transactions whereby a third party (including a “group” as defined
in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) acquires beneficial ownership, directly or indirectly,
of securities of the Corporation representing over fifty percent (50%) of the combined voting power of the Corporation; provided, however,
that a Major Transaction shall not in any event include a direct or indirect public offering of securities of the Corporation, its parent
or other Affiliates.

 

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11.            Nomination
for Election to Board; Effect of Separation or Termination on Board and Officer Positions. Executive shall be appointed to the Board
of Directors of the Corporation on or as soon as reasonably practicable following the Effective Date and Executive agrees to accept such
appointment and to serve as a member of the Board during his employment with the Corporation and for so long as he is reelected by the
Corporation’s stockholders, without any additional compensation for such service. Upon separation or termination of Executive’s
employment for any reason, and as a precondition to Executive’s receipt of the Salary Continuation, Other Benefits and other separation
benefits set forth in this Agreement, Executive shall be deemed to have immediately resigned from the Board of Directors of the Corporation
and any and all positions Executive holds as a director, officer or otherwise with the Corporation or any subsidiary or Affiliate of the
Corporation (and this Agreement shall constitute notice of resignation by Executive without any further action by Executive), to be effective
no later than the date of Executive’s employment separation or termination (or such other date requested or permitted by the Board
of Directors of the Corporation), and Executive agrees to execute and deliver such further instruments as are requested by the Corporation
in furtherance of the foregoing.

 

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12.            Restrictive
Covenants and Cooperation.

 

(a)            Non-competition.
Executive agrees that during (i) the Term; (ii) the one (1) year period following the effective date of termination of
this Agreement by Executive pursuant to Paragraph 8(c) (Voluntary Termination); and (iii) the one (1) year period following
the effective date of termination by the Corporation pursuant to Paragraph 9 (Termination For Cause) (the “Restricted Period”),
he shall not, directly or indirectly, be employed by or otherwise provide services to any food manufacturer operating in the United States
of America which engages in activities directly competitive with any significant activities conducted by the Corporation or its subsidiaries
or other Affiliates whose principal business operations are in the United States of America.

 

(b)            Non-solicitation
of Employees. Executive covenants and agrees not to directly or indirectly solicit, hire, recruit, attempt to hire or recruit, or
induce the termination of employment of any employee of the Corporation during the Restricted Period.

 

(c)            Non-disparagement.
Subject to subparagraph (d)(v) below, Executive covenants and agrees that Executive will not at any time make, publish or communicate
to any person or entity or in any public forum any defamatory or disparaging remarks, comments or statements concerning the Corporation
or its businesses, or any of its employees, officers, and existing and prospective customers, suppliers, investors and other associated
third parties.

 

(d)            Confidentiality
of Information.

 

(i)            Confidential
Information. Executive recognizes and acknowledges that following Executive’s execution of this Agreement and during his employment
by the Corporation, he will have access to and/or acquire certain proprietary and confidential information relating to the business of
the Corporation and its subsidiaries or other Affiliates (the “Confidential Information”). For purposes of this Agreement,
 “Confidential Information” includes, but is not limited to, all information not generally known to the public, in spoken,
printed, electronic or any other form or medium, relating directly or indirectly to: business processes, practices, methods, policies,
plans, documents, research, operations, strategies, techniques, agreements, contracts, terms of agreements, transactions, potential transactions,
negotiations, pending negotiations, know-how, trade secrets, work-in-process, manuals, records, systems, supplier information, vendor
information, financial information, advertising information, pricing information, credit information, design information, supplier lists,
vendor lists, developments, reports, internal controls, market studies, sales information, revenue, costs, formulae, recipes, notes, communications,
product plans, designs, ideas, specifications, customer information, customer lists, manufacturing information, factory lists, distributor
lists, and buyer lists of the Corporation or its businesses, or of any other person or entity that has entrusted information to the Corporation
in confidence. Executive understands that the above list is not exhaustive, and that Confidential Information also includes other information
that is marked or otherwise identified as confidential or proprietary, or that would otherwise appear to a reasonable person to be confidential
or proprietary in the context and circumstances in which the information is known or used.

 

    - 12 -

     

    

 

(ii)            Restrictions.
Subject to subparagraph (v) below, Executive covenants and agrees: (A) to treat all Confidential Information as strictly confidential;
(B) not to directly or indirectly disclose, publish, communicate or make available Confidential Information, or allow it to be disclosed,
published, communicated or made available, in whole or part, to any entity or person whatsoever (including other employees of the Corporation)
not having a need to know and authority to know and use the Confidential Information in connection with the business of the Corporation
and, in any event, not to anyone outside of the direct employ of the Corporation except as required in the performance of Executive’s
authorized employment duties to the Corporation or with the prior consent of the Corporation in each instance (and then, such disclosure
shall be made only within the limits and to the extent of such duties or consent); (C) not to access or use any Confidential Information,
and not to copy any documents, records, files, media or other resources containing any Confidential Information, or remove any such documents,
records, files, media or other resources from the premises or control of the Corporation, except as required in the performance of Executive’s
authorized employment duties to the Corporation or with the prior consent of the Corporation in each instance (and then, such disclosure
shall be made only within the limits and to the extent of such duties or consent); and (D) not to use or disclose to the Corporation
any confidential, trade secret, or other proprietary information or material of any previous employer or other person, and not to bring
onto the Corporation’s premises any unpublished document or any other property belonging to any former employer without the written
consent of that former employer.

 

(iii)            Exit
Obligations. Upon (i) voluntary or involuntary termination of Executive’s employment or (ii) the Corporation’s
request at any time following Executive’s execution of this Agreement and during Executive’s employment, Executive shall (a) provide
or return to the Corporation any and all property of the Corporation or its subsidiaries or other Affiliates, including all keys, key
cards, access cards, identification cards, security devices, employer credit cards, network access devices, user names and passwords for
Corporation accounts (including but not limited to domain name and social media accounts), computers, cell phones, smartphones, PDAs,
pagers, equipment, manuals, reports, files, books, compilations, work product, e-mail messages, recordings, tapes, disks, thumb drives
or other removable information storage devices, hard drives and data and all documents and materials belonging to the Corporation and
stored in any fashion, including but not limited to those that constitute or contain any Confidential Information or Work Product (as
defined below), that are in the possession or control of Executive, whether they were provided to Executive by the Corporation or any
of its business associates or created by Executive in connection with Executive’s previous employment by the Corporation; and (b) delete
or destroy all copies of any such documents and materials not returned to the Corporation that remain in Executive’s possession
or control, including those stored on any non-Corporation devices, networks, storage locations and media in Executive’s possession
or control.

 

(iv)            Continuing
Obligations. Executive understands and acknowledges that his obligations under this Agreement with regard to any particular Confidential
Information shall commence on the date Executive executes this Agreement and shall continue during and after his employment by the Corporation
until such time as such Confidential Information has become public knowledge other than as a result of Executive’s breach of this
Agreement or breach by those acting in concert with Executive or on Executive’s behalf or who are otherwise obligated to maintain
the confidentiality of such information.

 

    - 13 -

     

    

 

(v)            Disclosures
and Communications Permitted or Required by Law. Nothing in this Agreement shall be construed to prevent disclosure of Confidential
Information as may be required by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction or
an authorized government agency, or in connection with reporting possible violations of federal law or regulation to any governmental
agency, or making other disclosures that are protected under the whistleblower provisions of applicable law or regulation, provided that
the disclosure does not exceed the extent of disclosure required by such law, regulation or order. Executive shall promptly provide written
notice of any such order to an authorized officer of the Corporation as promptly as practicable after receiving such order, but in any
event sufficiently in advance of making any disclosure to permit the Corporation to contest the order or seek confidentiality protections,
as determined in the Corporation’s sole discretion. Further, in accordance with the Defend Trade Secrets Act of 2016, (I) Executive
shall not be held criminally or civilly liable under any federal or state trade secret law for the
disclosure of a trade secret that: (A) is made (i) in confidence to a federal, state, or local government official, either directly
or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law;
or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal,
and (II) if Executive files a lawsuit for retaliation by the Corporation for reporting a suspected violation of law, Executive may
disclose a trade secret to his attorney and use the trade secret information in the court proceeding, if Executive files any document
containing the trade secret under seal, and does not disclose the trade secret except pursuant to court order.

 

(e)            Cooperation.
Executive shall, at all times subsequent to the termination of Executive’s employment, reasonably cooperate, in a timely and good
faith manner, with all reasonable requests for assistance made by the Corporation, relating directly or indirectly to all investigations,
legal claims or any regulatory matter with respect to any matter which occurred during the course of Executive’s employment with
the Corporation, with which Executive was involved prior to the termination of Executive’s employment, or with which Executive became
aware of during the course of Executive’s employment. Upon the submission of proper documentation, the Corporation will reimburse
Executive for all reasonable expenses (other than Executive’s attorney’s fees, if any) Executive incurs as a result of such
requests for assistance, if any.

 

(f)            Remedies
for Breach or Threatened Breach. In the event of a breach or threatened breach by Executive of any of the provisions of this Paragraph
12 or any other provision of this Agreement, Executive hereby consents and agrees that the Corporation shall be entitled to, in addition
to other available remedies, a temporary or permanent injunction or other equitable relief against such breach or threatened breach from
any court of competent jurisdiction, without the necessity of showing any actual damages or that money damages would not afford an adequate
remedy, and without the necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to,
not in lieu of, legal remedies, monetary damages or other available forms of relief for such breach or threatened breach. Executive further
agrees that (i) any breach or claimed breach of the provisions set forth in this Agreement by, or any other claim Executive may
have against, the Corporation or its subsidiaries or other Affiliates will not be a defense to enforcement of any covenants in this Section 12
and (ii) the circumstances of Executive’s termination of employment with the Corporation will have no impact on Executive’s
obligations to comply with the covenants in this Section 12. The covenants in this Section 12 are intended for the benefit
of the Corporation and its subsidiaries and other Affiliates, as well as their successors and assigns, each of which is an intended third
party beneficiary of and may enforce such covenants.

 

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13.            Representation
and Warranty. Executive represents and warrants that (i) Executive’s employment hereunder and compliance with the terms
and conditions hereof will not conflict with or result in the breach by Executive of any agreement which Executive is a party or by which
Executive may be bound, and (ii) in connection with Executive’s employment or other service with the Corporation or any of
its subsidiaries or Affiliates, Executive will not violate any non-compete, non-solicitation, non-disclosure, or other similar restrictive
covenant or related contractual limitation by which Executive is or may be bound.

 

14.            Proprietary
Rights.

 

(a)            Prior
Inventions. Executive has attached hereto, as Section (i) of Exhibit A, a list describing with particularity
all Inventions (defined below) that were Invented (defined below) by Executive prior to the Term (collectively, “Prior Inventions”)
which: (i) are owned in whole or part by Executive or in which Executive has an interest, (ii) relate in any way to any of the
Corporation’s actual or proposed businesses, products or research and development, and (iii) are not assigned to Corporation
hereunder. If no such list is attached, Executive represents that there are no such Prior Inventions. Executive agrees not to incorporate
into any Corporation product, process or machine any Prior Invention, or any Invention owned by a third party. If notwithstanding the
foregoing during the Term, Executive incorporates any Prior Invention into any Corporation product, process or machine, then Executive
hereby grants to the Corporation a non-exclusive, royalty-free, irrevocable, perpetual, worldwide license (with the right to sublicense)
to make, have made, copy, modify, make derivative works of, use, sell, offer to sell, import, and otherwise distribute such Prior Invention
as part of or in connection with such product, process or machine.

 

(b)            Work
Product. Executive acknowledges and agrees that all writings, works of authorship, technology, inventions, modifications, designs,
processes, software (including source code and object code), algorithms, data, databases, documentation, formulas, procedures, techniques,
discoveries, ideas and other work product of any nature whatsoever (“Inventions”), that are created, made, discovered,
invented, or otherwise developed, prepared, produced, authored, edited, amended, conceived or reduced to practice by Executive, in whole
or in part, individually or jointly with others (“Invented”) during the period of Executive’s employment by the
Corporation and relating, directly or indirectly, at the time of its conception or reduction to practice to (i) any actual or proposed
business, product or service of the Corporation, (ii) any research or development of the Corporation (regardless of when or where
the Work Product is prepared or whose equipment or other resources is used in preparing the same), (iii) any Invention or Intellectual
Property Rights owned by the Corporation, or (iv) results from any work performed by Executive for or at the direction of the Corporation,
and all printed, physical and electronic copies, all improvements, versions, modifications, enhancements and derivative works of the foregoing,
all rights and claims related to the foregoing, and other tangible embodiments thereof, in each case whether or not patentable, copyrightable
or otherwise protected (collectively, “Work Product”), as well as any and all rights in and to copyrights, trade secrets,
trademarks (and related goodwill), mask works, patents and other Intellectual Property Rights therein arising in any jurisdiction throughout
the world and all related rights of priority under international conventions with respect thereto, including all pending and future applications
and registrations therefor, and continuations, divisions, continuations-in-part, reissues, extensions and renewals thereof, including
without limitation, all associated past, present and future enforcement rights and rights of priority therein or associated therewith
(collectively, “Intellectual Property Rights”), shall be the sole and exclusive property of the Corporation. For purposes
of this Agreement, Work Product includes, but is not limited to, the Corporation information, including, without limitation, plans, publications,
research, strategies, techniques, agreements, documents, contracts, terms of agreements, negotiations, know-how, computer programs, computer
applications, software design, web design, work in process, databases, manuals, results, developments, reports, graphics, drawings, sketches,
market studies, formulae, notes, communications, algorithms, product plans, product designs, styles, models, audiovisual programs, inventions,
unpublished patent applications, original works of authorship, discoveries, experimental processes, experimental results, specifications,
customer information, client information, customer lists, client lists, manufacturing information, marketing information, advertising
information, and sales information.

 

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(c)            Assignment
of Inventions. Executive agrees to promptly make full written disclosure to the Corporation of any and all Work Product made during
the Term, as well as any patent application relating to the business of the Corporation that Executive files within the one year period
after termination of this Agreement. Executive hereby sells, assigns and transfers unto the Corporation all right, title and interest
to any invention falling within the Work Product as defined herein, in the United States of America and all foreign countries, including,
but not limited to, patent applications, divisionals, continuations, continuations-in-part, reissues and reexaminations thereof and substitutions
of or for patent applications, and all foreign rights including the right to apply for a patent for the inventions in any and all foreign
countries and the right to claim priority to the filing date of the U.S. or foreign patent application under the International Convention.
Executive hereby authorizes and requests the Commissioner of Patents to issue all patents issuing therefrom to the Corporation, its successors,
assigns and legal representatives.

 

(d)            Work
Made for Hire; Assignment. Executive acknowledges that, by reason of being employed by the Corporation at the relevant times, to the
extent permitted by law, all of the Work Product consisting of copyrightable subject matter is “work made for hire” as defined
in the Copyright Act of 1976 (17 U.S.C. § 101), and such copyrights are therefore owned by the Corporation. To the extent that the
foregoing does not apply, Executive hereby irrevocably sells, assigns and transfers to the Corporation, for no additional consideration,
Executive’s entire right, title and interest in and to all Work Product and Intellectual Property Rights therein, including the
right to sue, counterclaim and recover for all past, present and future infringement, misappropriation or dilution thereof, and all rights
corresponding thereto throughout the world. Nothing contained in this Agreement shall be construed to reduce or limit the Corporation’s
rights, title or interest in any Work Product or Intellectual Property Rights so as to be less in any respect than that the Corporation
would have had in the absence of this Agreement.

 

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(e)            Further
Assurances; Power of Attorney. During and after Executive’s employment, Executive agrees to reasonably cooperate with the Corporation
at the Corporation’s expense to (i) apply for, obtain, perfect and transfer to the Corporation the Work Product and Intellectual
Property Rights in the Work Product in any jurisdiction in the world; and (ii) maintain, protect and enforce the same, including,
without limitation, executing and delivering to the Corporation any and all applications, oaths, declarations, affidavits, waivers, assignments
and other documents and instruments as shall be requested by the Corporation. Executive hereby irrevocably grants the Corporation power
of attorney to execute and deliver any such documents on Executive’s behalf in Executive’s name and to do all other lawfully
permitted acts to transfer the Work Product to the Corporation and further the transfer, issuance, prosecution and maintenance of all
Intellectual Property Rights therein, to the full extent permitted by law, if Executive does not promptly cooperate with the Corporation’s
request (without limiting the rights the Corporation shall have in such circumstances by operation of law). The power of attorney is coupled
with an interest and shall not be affected by Executive’s subsequent incapacity.

 

(f)            Moral
Rights. To the extent any copyrights are assigned under this Agreement, Executive hereby irrevocably waives, to the extent permitted
by applicable law, any and all claims Executive may now or hereafter have in any jurisdiction to all rights of paternity, integrity, disclosure
and withdrawal and any other rights that may be known as “moral rights” with respect to all Work Product and all Intellectual
Property Rights therein. To the extent Executive retains any such moral rights under applicable law, Executive hereby ratifies and consent
to any action that may be taken with respect to such moral rights by or authorized by the Corporation and agrees not to assert any moral
rights with respect thereto. Executive will confirm any such ratification, consent or agreement from time to time as requested by the
Corporation. Furthermore, Executive agrees that notwithstanding any rights of publicity, privacy or otherwise (whether or not statutory)
anywhere in the world and without any further compensation, the Corporation may and is hereby authorized to Executive’s name, likeness
and voice in connection with promotion of its business, products and services and to allow others to do so, and Executive hereby releases
the Corporation from any and all liability arising from such use. Executive acknowledges and agrees that the compensation Executive received
and will receive in connection with the Term that there is reasonable and sufficient consideration for the covenants, grants and assignments
made by Executive under this Agreement, and agree that the Corporation has no obligation to make any additional payments to Executive
hereunder.

 

(g)            No
License. Executive understands that this Agreement does not, and shall not be construed to, grant Executive any license or right of
any nature with respect to any Work Product or Intellectual Property Rights or any Confidential Information, materials, software or other
tools made available to Executive by the Corporation.

 

(h)            Maintenance
of Records. Executive agrees to keep and maintain adequate and current written records of all Work Product Executive makes (solely
or jointly with others) during the Term. The records may be in the form of notes, sketches, drawings, flow charts, electronic data or
recordings, laboratory notebooks, and any other format. The records will be available to and remain at all times the sole property of
the Corporation and Confidential Information. Executive agrees to return all such records (including all copies thereof) to the Corporation
at the time of termination of the Term with the Corporation.

 

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15.            Security
and Access. Executive shall (i) to comply with all of the Corporation’s security policies and procedures as in force from
time to time including computer equipment, telephone systems, voicemail systems, facilities access, key cards, access codes, the Corporation
intranet, internet, social media and instant messaging systems, computer systems, e-mail systems, computer networks, document storage
systems, software, data security, passwords and any and all other the Corporation facilities, IT resources and communication technologies
(“Facilities Information Technology and Access Resources”); (ii) not to access or use any Facilities and Information
Technology Resources except as authorized by the Corporation; and (iii) not to access or use any Facilities and Information Technology
Resources in any manner after the termination of Executive’s previous employment by the Corporation, whether termination is voluntary
or involuntary. Executive agrees to notify the Corporation promptly in the event Executive learns of any violation of the foregoing by
others, or of any other misappropriation or unauthorized access, use, reproduction or reverse engineering of, or tampering with any Facilities
and Information Technology Access Resources or other the Corporation property or materials by others.

 

16.            Superseding
Agreement. This Agreement constitutes the entire agreement between the parties and contains all the agreements between them with respect
to the subject matter hereof. It also supersedes any and all other agreements or contracts, either oral or written, between the parties
with respect to the subject matter hereof.

 

17.            Agreement
Amendments. Except as otherwise specifically provided, the terms and conditions of this Agreement may be amended at any time by mutual
agreement of the parties, provided that before any amendment shall be valid or effective, it shall have been reduced to writing, approved
by the Board of Directors or the Compensation Committee of the Board of Directors, and signed by the Chairman of the Board of Directors,
the Chairman of the Compensation Committee or any officer of the Corporation authorized to do so by the Board of Directors or the Compensation
Committee, and Executive.

 

18.            Severability;
Invalidity or Unenforceability Provision. The invalidity or unenforceability of any particular provision of this Agreement shall
not affect its other provisions and this Agreement shall be construed in all aspects as if such invalid or unenforceable provision had
been omitted. It is the intention of the parties that the covenants contained in this Agreement be reasonable in duration and geographic
scope and in all other respects. Executive agrees that such covenants, including, without limitation, the duration, geographic scope
and activity restrictions of each restriction, are reasonable in light of Executive’s position, and that Executive’s experience
and capabilities are such that the covenants will not prevent Executive from obtaining employment or otherwise earning a living. If for
any reason any court of competent jurisdiction shall find any provisions of any covenant in Section 12 or any other section of this
Agreement to be unreasonable in duration, geographic scope, scope of restriction, or otherwise, it is the intention of the parties that
the restrictions and prohibitions contained therein shall be modified by the court to be effective to the fullest extent allowed under
applicable law in such jurisdiction.

 

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19.            Binding
Agreement; Assignment. This Agreement shall be binding upon and inure to the benefit of the Corporation and Executive, their respective
successors and permitted assigns. The parties recognize and acknowledge that this Agreement is a contract for the personal services of
Executive and that this Agreement may not be assigned by Executive nor may the services required of Executive hereunder be performed by
any other person without the prior written consent of the Corporation. The Corporation may assign its rights and/or delegate its obligations
under this Agreement to any of its subsidiaries or other Affiliations or any successor of the Corporation or any of its subsidiaries or
other Affiliates, whether by operation of law, agreement or otherwise.

 

20.            Governing
Law. This Agreement and any claim, controversy or dispute arising under or related to this Agreement, the relationship of the parties,
and/or the interpretation and enforcement of the rights and duties of the parties shall be construed and enforced under and in accordance
with the laws of the State of New Jersey, without regard to conflicts of law principles. Anything in this Agreement to the contrary notwithstanding,
the terms of this Agreement shall be interpreted and applied in a manner consistent with the requirements of Code section 409A so as not
to subject Executive to the payment of any tax penalty or interest under such section; provided that neither the Corporation nor any of
its Affiliates shall have any liability to Executive or to any other person for any taxes, interest or penalties relating to this Agreement,
including, without limitation, any arising under Code section 409A.

 

21.            Enforcing
Compliance. If Executive needs to retain legal counsel to enforce any of the terms of this Agreement either as a result of noncompliance
by the Corporation or a legitimate dispute as to the provisions of the Agreement, then any fees incurred in such expense by Executive
shall be reimbursed wholly and completely by the Corporation if Executive prevails in such legal proceedings.

 

22.            Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed effective when delivered, if
delivered in person, or upon receipt if mailed by overnight courier or by certified or registered mail, postage prepaid, return receipt
requested, to the parties at the addresses set forth below, or at such other addresses as the parties may designate by like written notice:

 

		To
                            the Corporationat:	B&G Foods, Inc

Four Gatehall Drive

Parsippany, NJ 07054

Attn: General Counsel

 

		To Executive at:	his then current address included in the employment records
of the Corporation

 

23.            Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to
be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

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24.            Other
Terms Relating to Code Section 409A. Executive’s right to Salary Continuation, right to Other Benefits, and right to reimbursements
under this Agreement each shall be treated as a right to a series of separate payments under Treasury Regulation section 1.409A-2(b)(2)(iii).
If Executive’s termination of employment hereunder does not constitute a “separation from service” within the meaning
of Code section 409A, then any amounts payable hereunder on account of a termination of Executive’s employment and which are subject
to Code section 409A shall not be paid until Executive has experienced a “separation from service” within the meaning of Code
section 409A.

 

(a)            Reimbursements.
Any reimbursements made or in-kind benefits provided under this Agreement shall be subject to the following conditions:

 

(i)            The
reimbursement of any expense shall be made not later than the last day of Executive’s taxable year following Executive’s taxable
year in which the expense was incurred (unless this Agreement specifically provides for reimbursement by an earlier date). The right to
reimbursement of an expense or payment of an in-kind benefit shall not be subject to liquidation or exchange for another benefit, and
the amount available for reimbursement, or in-kind benefits provided, during any calendar year shall not affect the amount available for
reimbursement, or in-kind benefits to be provided, in a subsequent calendar year.

 

(ii)            Any
reimbursement made under Paragraph 8(a)(i)(2), 8(d), 8(e) or 10 for expenses for medical coverage purchased by Executive, if made
during the period of time Executive would be entitled (or would, but for such reimbursement, be entitled) to continuation coverage under
the Corporation’s medical insurance plan pursuant to COBRA if Executive had elected such coverage and paid the applicable premiums,
shall be exempt from Code section 409A and the six-month delay in payment described below pursuant to Treasury Regulation section 1.409A-1(b)(9)(v)(B).

 

(iii)            Any
reimbursement or payment made under Paragraph 8(a)(i)(3), 8(d), 8(e) or 10 for reasonable expenses for outplacement services for
Executive shall be exempt from Code section 409A and the six-month delay in payment described below pursuant to Treasury Regulation section
1.409A-1(b)(9)(v)(A).

 

(b)            Short-Term
Deferrals. It is intended that payments made under this Agreement due to Executive’s termination of employment that are not
otherwise subject to Code section 409A, and which are paid on or before the 15th day of the third month following the end of Executive’s
taxable year in which his termination of employment occurs, shall be exempt from compliance with Code section 409A pursuant to the exemption
for short-term deferrals set forth in Treasury Regulation section 1.409A-1(b)(4).

 

(c)            Separation
Pay Upon Involuntary Termination of Employment. It is intended that payments made under this Agreement due to Executive’s involuntary
termination of employment under Paragraph 8(a)(i)(1), 8(a)(i)(2), 8(d), 8(e) or 10 that are not otherwise exempt from compliance
with Code section 409A, and which are separation pay described in Treasury Regulation section 1.409A-1(b)(9)(iii), shall be exempt from
compliance with Code section 409A to the extent that the aggregate amount does not exceed two times the lesser of (i) Executive’s
annualized compensation for his taxable year preceding the taxable year in which his termination of employment occurs and (ii) the
maximum amount that may be taken into account under a qualified plan pursuant to Code section 401(a)(17) for the year in which the termination
of employment occurs.

 

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(d)            Six-Month
Delay. Anything in this Agreement to the contrary notwithstanding, payments to be made under this Agreement upon termination of Executive’s
employment that are subject to Code section 409A (“Covered Payment”), as mutually determined by the Corporation and
Executive, shall be delayed for six months following such termination of employment if Executive is a “specified employee”
on the date of his termination of employment. Any Covered Payment due within such six-month period shall be delayed to the end of such
six-month period. The Corporation will increase the Covered Payment to include interest payable on such Covered Payment at the interest
rate described below from the date of Executive’s termination of employment to the date of payment. The interest rate shall be determined
as of the date of Executive’s termination of employment and shall be the rate of interest then most recently published in The Wall
Street Journal as the “prime rate” at large U.S. money center banks. The Corporation will pay the adjusted Covered Payment
at the beginning of the seventh month following Executive’s termination of employment. Notwithstanding the foregoing, if calculation
of the amounts payable by any payment date specified in this subsection is not administratively practicable due to events beyond the control
of Executive (or Executive’s beneficiary or estate) and for reasons that are commercially reasonable, payment will be made as soon
as administratively practicable in compliance with Code section 409A and the Treasury Regulations thereunder. In the event of Executive’s
death during such six-month period, payment will be made or begin, as the case may be with respect to a particular payment, in the payroll
period next following the payroll period in which Executive’s death occurs.

 

For purposes of this Agreement, “specified
employee” means an employee of the Corporation who satisfies the requirements for being designated a “key employee”
under Code section 416(i)(1)(A)(i), (ii) or (iii), without regard to Code section 416(i)(5), at any time during a calendar year,
in which case such employee shall be considered a specified employee for the twelve-month period beginning on the next succeeding April 1.

 

[Signatures on Next Page]

 

    - 21 -

     

    

 

IN WITNESS WHEREOF, the Corporation and Executive
have executed this Agreement as of the day and year first above written.

 

	 	B&G FOODS, INC.
	 	 
	 	By:	/s/
    Scott E. Lerner
	 	 	Name: 	Scott E. Lerner 
	 	 	Title:	 Executive Vice President,
	 	 	 	General Counsel and Secretary
	 	 
	 	 
	 	Kenneth
    C. “Casey” Keller
	 	 
	 	 
	 	/s/
    Kenneth C. Keller

    - 22 -exhibit1048a-addendumtoe

    ADDENDUM TO EMPLOYMENT AGREEMENT  THIS ADDENDUM TO EMPLOYMENT AGREEMENT (the “Addendum”) is entered into  effective as of May 12, 2021 (the “Addendum Effective Date”) by and between:  (i) Patrick McCahill (the “Executive”); and  (ii) FEDNAT HOLDING COMPANY, a Florida corporation (the "Company").  P R E L I M I N A R Y   S T A T E M E N T  WHEREAS, the Company and the Executive are parties to (i) an Employment Agreement dated  as of August 22, 2020 (the “Employment Agreement”); and (ii) a Confidential Information, Non- Solicitation and Non-Competition Agreement dated as of August 22, 2020 (the “Restrictive  Covenant Agreement”); and  WHEREAS, the Company and the Executive desire to confirm the parties’ agreement regarding  the Executive’s incentive bonus opportunity for 2021, as set forth herein.  NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained  and for other good and valuable consideration, the receipt and sufficiency of which are hereby  acknowledged, the parties hereto hereby agree as follows:  1. Capitalized Terms.  Capitalized terms used but not defined in this Addendum shall have  the meanings as set forth in the Employment Agreement.  2. Annual Incentive Bonus Program.  The Executive agrees that his annual bonus program  for 2021 shall be modified as follows:  (a) he shall not be entitled to any minimum bonus amount  and (b) the weighting of the two components of the Executive’s annual bonus program shall be  12.5% for the EBITDA metric and 37.5% for the discretionary component.  The Executive  acknowledges and agrees that the discretionary component of his annual bonus will be tied to  comprehensive goals for members of senior management, including without limitation  “SMART” objectives. The Executive further acknowledges and agrees that the modifications  described herein will not constitute “Good Reason” as defined in the Employment Agreement.   3. Effect of Addendum.  Except as expressly set forth in this Addendum, the provisions of  the Employment Agreement and the Restrictive Covenant Agreement shall be unmodified and  remain in full force and effect.    4. Injunction.  It is recognized and hereby acknowledged by the parties hereto that a breach  by the Executive of this Addendum or other action in conflict with this Addendum will cause  irreparable harm and damage to the Company, the monetary amount of which may be virtually  

 

impossible to ascertain.  As a result, the Executive recognizes and hereby acknowledges that the  Company shall be entitled to an injunction from any court of competent jurisdiction enjoining  and restraining any violation of this Addendum by the Executive or any of his affiliates,  associates, partners or agents, either directly or indirectly, and that such right to injunction shall  be cumulative and in addition to whatever other remedies the Company may possess.  5. Entire Agreement; Conflict with Employment Agreement or Restrictive Covenant  Agreement.  This Addendum, the Employment Agreement, and the Restrictive Covenant  Agreement constitute the entire agreement between the parties hereto with respect to the subject  matter hereof and supersede all prior negotiations, letters and understandings relating to the  subject matter hereof.  If any provision of this Addendum shall conflict with the Employment  Agreement or the Restrictive Covenant Agreement, the terms of this Addendum shall control.  6. Amendment.  This Addendum may not be amended, supplemented or modified in whole  or in part except by an instrument in writing signed by the party or parties against whom  enforcement of any such amendment, supplement or modification is sought.  7. Choice of Law.  This Addendum will be interpreted, construed and enforced in  accordance with the laws of the State of Florida, without giving effect to the application of the  principles pertaining to conflicts of laws.  8. Effect of Waiver.  The failure of any party at any time or times to require performance of  any provision of this Addendum will in no manner affect the right to enforce the same.  The  waiver by any party of any breach of any provision of this Addendum will not be construed to be  a waiver by any such party of any succeeding breach of that provision or a waiver by such party  of any breach of any other provision.  9. Severability.  The invalidity, illegality or unenforceability of any provision of this  Addendum will not affect any other provision of this Addendum, which will remain in full force  and effect, nor will the invalidity, illegality or unenforceability of a portion of any provision of  this Addendum affect the balance of such provision.  In the event that any provision of this  Addendum shall for any reason be held to be invalid, illegal or unenforceable in any respect, the  parties agree that this Addendum shall be modified, reformed, construed and enforced so that  such invalid, illegal or unenforceable provision is enforceable and comes closest to expressing  the intention of the unenforceable provision.  10. Enforcement.  Should it become necessary for any party to institute legal action to  enforce the terms and conditions of this Addendum, the successful party will be awarded  reasonable attorneys' fees at all trial and appellate levels, expenses and costs.  Any suit, action or  proceeding with respect to this Addendum shall be brought in the courts of Broward County in  the State of Florida or in the U.S. District Court for the Southern District of Florida.  Each party  hereto consents to service of process by any means authorized by the applicable law of such  forum and each party irrevocably waives, to the fullest extent each may effectively do so, the  defense of an inconvenient forum to the maintenance of such action or proceeding in any such  court.  

 

   Venue for any such action, in addition to any other venue permitted by statute, will be  Broward County, Florida.  The parties hereto hereby irrevocably waive, to the fullest extent  permitted by law, any objection that any of them may now or hereafter have to the laying of  venue of any suit, action or proceeding arising out of or relating to this Addendum or any  judgment entered by any court in respect thereof brought in Broward County, Florida, and  hereby further irrevocably waive any claim that any suit, action or proceeding brought in  Broward County, Florida, has been brought in an inconvenient forum.  11. Assignment; Binding Effect.  This Addendum may not be assigned by the Executive.   This Addendum may be assigned by the Company, in whole or in part, without the consent of the  Executive.  This Addendum shall be binding upon and inure to the benefit of the parties, and  their heirs, personal representatives, successors and permitted assigns.  12. Counterparts.  This Addendum may be executed in one or more counterparts, including  by facsimile or other electronic transmission, each of which shall be deemed an original, but all  of which together shall constitute one and the same instrument.  13. Notice.  Any notice required or permitted to be delivered hereunder shall be deemed to be  delivered when sent by facsimile with receipt confirmed or when deposited in the United States  mail, postage prepaid, registered or certified mail, return receipt requested, or by overnight  courier, addressed to the Executive at the address currently on record with the Company and to  the Company at 14050 N.W. 14th Street, Suite 180, Sunrise, FL  33323, or to such other address  as either party hereto shall from time to time designate to the other party by notice in writing as  provided herein.  14. Voluntary Execution.  Executive acknowledges that he has read and understands this  Addendum, has had an opportunity to consult with an attorney, and signs this Addendum  voluntarily, without coercion, based upon his own judgment and not in reliance upon any  representations or promises other than those set forth herein.   IN WITNESS WHEREOF, this Addendum has been duly signed by the parties hereto  effective as of the Addendum Effective Date.       FEDNAT HOLDING COMPANY         By: /s/ Michael H. Braun          Name: Michael H. Braun       Title: Chief Executive Officer    EXECUTIVE          /s/ Patrick McCahill          Name:  Patrick McCahill

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