Document:

Exhibit 10.16

 

Merisant Company 2 SARL

Avenue Jean-Jacques Rousseau 7

2000 Neuchầtel

Switzerland

 

November 4, 2018

 

Albert Manzone

Dorfstrasse 3

Ch-8802 Kilchberg

 

Dear Albert:

 

I write to memorialize changes to your offer
letter dated January 25, 2016 (“Offer Letter”) as amended by an amendment dated July 1, 2017 (“Amendment”),
your 2016, 2017, and 2018 Long Term Incentive Plans in which you participate, the 2018 Special Incentive Plan, and the 2018 Supplemental
Bonus. Capitalized terms used but not defined herein shall have the meaning set forth in the Offer Letter or the Amendment, as
applicable (if, in the event of a conflict, the meaning set forth in the Offer Letter shall govern). The modifications herein will
allow greater flexibility as we move forward.

 

The changes in the above-referenced documents are as follows:

 

		1)	In the Amendment, the definition of “Company Sale” in Exhibit B, Section 2(a) shall be amended as follows: “...
(1) a sale to a Person (as such term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) (or group
of persons acting in concert) other than MacAndrews and Forbes Incorporated (“Incorporated”) or its affiliates of 50%
or more of Merisant Company’s or Company’s outstanding common stock or, or (2) a sale or other disposition of all or
substantially all of the assets of Merisant Company (which for the avoidance of doubt will be deemed to occur with or without the
sale of Merisant Company’s Whole Earth subsidiary) or the Company ...”

 

		2)	In the Amendment, the definition of “Transaction Proceeds” in Exhibit B. Section 2(c) shall be amended as follows:
 ““Transaction Proceeds” shall mean in the case of a Company Sale, the total consideration paid to Incorporated
for 50% or more of the common stock or all or substantially all of the assets of Merisant Company or the Company less (i) $194
million of indebtedness less any termination or redemption fees or similar payments in connection with the repayment of such indebtedness
and (ii) less any arms-length third party deal fees and transaction expenses and any sale bonuses.” For the avoidance of
doubt, aside from the changes to definitions set forth in Paragraphs 1 and 2 of this letter agreement, Exhibit B to the Amendment
remains in full force and effect.

 

		3)	Regarding your 2016, 2017 and 2018 Long Term Incentive Plan(s) in which you participate, the 2018 Special Incentive Plan, and
the 2018 Supplemental Bonus Plan and each corresponding award agreement (collectively the “Plans”):

 

		a.	In the event that a “Company Sale,” as defined above, is consummated on or prior to June 30, 2019, (i) the definition
of EBITDA in Paragraph 1(d) shall remain in full force and effect through December 31, 2018. On and after January
1, 2019, “Flavors Holdings Inc.” shall be replaced by “Merisant Company” and the Plan shall therefore become
a Merisant Company plan and all references to “Flavors Holdings Inc.” shall be replaced with “Merisant Company;”
(ii) for all Plans, “EBITDA” means EBITDA as defined as of the date of signing this letter amendment by both parties;
and (iii) all references to Flavors Holdings Inc. in any paragraph of the Offer Letter or Amendment that addresses any LTIP shall
be replaced with “Merisant Company.”

 

    1

     

    

 

		b.	If a Company Sale does not occur by June 30, 2019, the Plans shall remain in full force and effect as if Paragraph 3(a) of
this letter amendment did not exist with no modifications thereto.

 

We look forward to continuing our mutually beneficial
relationship.

 

	 	Very truly yours,
	 	/s/ Ira Schlussel
	 	 
	 	By: Ira Schlussel

 

Please indicated your acceptance of these changes by signing
in the space below and returning a signed copy to me.

 

	Accepted:	/s/ Albert Manzone	 	Date:	November 5, 2018
	 	Albert Manzone	 	 	 

 

    2Exhibit 10.17

 

Merisant Company 2 SARL

Avenue Jean-Jacques Rousseau 7

2000 Neuchatel

Switzerland

 

June 10, 2019

 

Albert Manzone

Dorfstrasse 3

Ch-8802 Kilchberg

 

Dear Albert:

 

I write to memorialize changes to your offer
letter dated January 25, 2016 (“Offer Letter”), as amended by an amendment dated July 1, 2017 (“Amendment”)
and the November 4, 2018 letter (“2018 Amendment Letter”) in this letter (“3rd Amendment”).
This 3rd Amendment will become effective on July 1, 2019, and except as otherwise provided herein, the terms of the
Offer Letter, Amendment and 2018 Amendment Letter will remain in full force and effect. Capitalized terms used but not defined
herein shall have the meaning set forth in the Offer Letter or the Amendment, as applicable (if, in the event of a conflict, the
meaning set forth in the Offer Letter shall govern).

 

The changes in the above-referenced documents are as follows:

 

		1)	Effective July 1, 2019, the first paragraph of Exhibit B to the Amendment shall be amended as follows:

 

Flavors Holdings Inc. (the “Company”)
would like to reward your continued future service as an employee, officer or director of the Company, the Employer, or any subsidiary
or affiliate thereof (collectively “Employee”), by granting you the right to earn a one-time bonus payable in
connection with a future Company Sale. Specifically, if you continue to remain an Employee through the closing date of the Company
Sale, the Employer or a subsidiary shall pay you a one-time cash bonus equal to $1,500,000 (the “Transaction Bonus”)
on or within five days following the closing date of such Company Sale. Notwithstanding the foregoing if a Company Sale is not
consummated on or prior to December 31, 2020, then this Exhibit B letter agreement (the “Agreement”) shall terminate
without any payment of the Transaction Bonus. For the avoidance of doubt, you shall only be entitled to the Transaction Bonus on
the first occurrence of a Company Sale and not on any subsequent Company Sale. If you are still employed and in good standing and
have not given notice of your resignation of employment, you shall be paid a one-time retention bonus of $500,000 on June 30, 2020
(the “Retention Bonus”) provided that the amount of the Retention Bonus paid, if any, shall reduce dollar for
dollar the amount of the Transaction Bonus. For the avoidance of doubt, this Retention Bonus and Transaction Bonus obligation does
not transfer to the buyer in the event of a Company Sale.

 

		2)	Effective July 1, 2019, in the Amendment, the definition of “Specified Amount” in Exhibit B, Section 2(b) shall be deleted.

 

      

     

    

 

		3)	Effective July 1, 2019, in the Amendment and in the 2018 Amendment Letter, the definition of “Transaction Proceeds”
in Exhibit B, Section 2(c) shall be deleted.

 

		4)	Effective July 1, 2019, the 2018 Amendment Letter, references to June 30, 2019 in sections 3(a) and 3(b) shall be deleted and
replaced with December 31, 2020.

 

We look forward to continuing our mutually beneficial
relationship.

 

	 	Very truly yours
	 	 
	 	By:  	/s/ Paul G. Savas

 

Please indicate your acceptance of this 3rd Amendment
by signing in the space below and returning a signed original amendment to me.

 

	Accepted:  	/s/ Albert Manzone	 	Date:	June 10, 2019
	 	Albert ManzoneExhibit 10.18

 

Merisant Company 2 SARL

Avenue Jean-Jacques Rousseau 7

2000 Neuchatel

Switzerland

 

July 23, 2019

 

Albert Manzone

Dorfstrasse 3

Ch-8802 Kilchberg

 

Dear Albert:

 

I write to memorialize changes to your offer
letter dated January 25, 2016 (“Offer Letter”), which was amended on July 1, 2017 (“Amendment”), in a November
4, 2018 letter (“2018 Amendment Letter”) and in a June 10, 2019 letter (“3rd Amendment”). This
amendment dated July 23, 2019 (“4th Amendment”) will become effective on August 1, 2019, and except as otherwise
provided herein, the terms of the Offer Letter, Amendment, 2018 Amendment Letter, and the 3rd Amendment will remain
in full force and effect. Capitalized terms used but not defined herein shall have the meaning set forth in the Offer Letter, the
Amendment, or the 3rd Amendment as applicable (if, in the event of a conflict, the meaning set forth in the Offer Letter
shall govern).

 

The change in the above-referenced documents is as follows:

 

		1)	Effective August 1, 2019, section (1) of the 3rd Amendment, which replaced the first paragraph of Exhibit B to the
Amendment, is hereby struck in its entirety and replaced with the following:

 

Flavors Holdings Inc. (the “Company”)
would like to reward your continued future service as an employee, officer or director of the Company, the Employer, or any subsidiary
or affiliate thereof (collectively “Employee”), by granting you the right to earn a one-time bonus payable in
connection with a future Company Sale. Specifically, if you continue to remain an Employee through the closing date of the Company
Sale, the Employer or a subsidiary shall pay you a one-time cash bonus equal to $2,000,000 (the “Transaction Bonus”)
on or within five days following the closing date of such Company Sale. Notwithstanding the foregoing if a Company Sale is not
consummated on or prior to December 31, 2020, then this Exhibit B letter agreement (the “Agreement”) shall terminate
without any payment of the Transaction Bonus. For the avoidance of doubt, you shall only be entitled to the Transaction Bonus on
the first occurrence of a Company Sale and not on any subsequent Company Sale. If you are still employed and in good standing and
have not given notice of your resignation of employment, you shall be paid a one-time retention bonus of $500,000 on June 30, 2020
(the “Retention Bonus”) provided that the amount of the Retention Bonus paid, if any, shall reduce dollar for
dollar the amount of the Transaction Bonus. For the avoidance of doubt, this Retention Bonus and Transaction Bonus obligation does
not transfer to the buyer in the event of a Company Sale.

  

     

     

    

 

We look forward to continuing our mutually beneficial relationship.

 

	 	Very truly yours,
	 	 
	 	By:	 /s/ Paul G. Savas
	 	 
	 	Paul G. Savas

 

Please indicate your acceptance of this 3rd Amendment
by signing in the space below and returning a signed original amendment to me.

 

	Accepted:	/s/ Albert Manzone	 	Date:	07.25.2019
	 	Albert Manzone

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