Document:

kro-ex1017_240.htm

 

Exhibit 10.17

UNSECURED REVOLVING

DEMAND PROMISSORY NOTE

$60,000,000.00December 31, 2018

 

 

Section 1.  Promise to Pay.  For and in consideration of value received, the undersigned, Valhi, Inc., a corporation duly organized under the laws of the state of Delaware (“Borrower”), promises to pay, in lawful money of the United States of America, to the order of Kronos Worldwide, Inc., a corporation duly organized under the laws of the state of Delaware (“Kronos Worldwide”), or the holder hereof (as applicable, Kronos Worldwide or such holder shall be referred to as the “Noteholder”), the principal sum of SIXTY MILLION and NO/100ths United States Dollars ($60,000,000.00) or such lesser amount as shall equal the unpaid principal amount of the loan made by the Noteholder to Borrower together with accrued and unpaid interest on the unpaid principal balance from time to time pursuant to the terms of this Unsecured Revolving Demand Promissory Note, as it may be amended from time to time (this “Note”).  This Note shall be unsecured and will bear interest on the terms set forth in Section 7 below. Capitalized terms not otherwise defined shall have the meanings given to such terms in Section 19 of this Note.

 

Section 2.  Amendment and Restatement.  This Note renews, replaces, amends and restates in its entirety the Eleventh Amended and Restated Unsecured Revolving Demand Promissory Note dated December 31 2017 in the original principal amount of $60,000,000.00 payable to the order of the Noteholder and executed by the Borrower (the “Prior Note”).  As of the close of business on December 31, 2018, the unpaid principal balance of the Prior Note was nil, the accrued and unpaid interest thereon was nil and the accrued and unpaid commitment fee thereon was nil, which is the unpaid principal, accrued and unpaid interest and accrued and unpaid commitment fee owed under this Note as of the close of business on the date of this Note.  This Note contains the entire understanding between the Noteholder and the Borrower with respect to the transactions contemplated hereby and supersedes all other instruments, agreements and understandings between the Noteholder and the Borrower with respect to the subject matter of this Note.

 

Section 3.  Place of Payment.  All payments will be made at Noteholder’s address at Three Lincoln Centre, 5430 LBJ Freeway, Suite 1700, Dallas, Texas   75240-2697, Attention:  Treasurer, or such other place as the Noteholder may from time to time appoint in writing.

 

Section 4.  Payments.  The unpaid principal balance of this Note and any accrued and unpaid interest thereon shall be due and payable on the Final Payment Date.  Prior to the Final Payment Date, any accrued and unpaid interest on an unpaid principal balance shall be paid in arrears quarterly on the last day of each March, June, September and December, commencing March 31, 2019.  All payments on this Note shall be applied first to accrued and unpaid interest, next to accrued interest not yet payable and then to principal.  If any payment of principal or interest on this Note shall become due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and the payment shall be the amount owed on the original payment date.

 

Section 5.  Prepayments.  This Note may be prepaid in part or in full at any time without penalty.

 

Section 6.  Borrowings.  Prior to the Final Payment Date, Noteholder expressly authorizes Borrower to borrow, repay and re-borrow principal under this Note in increments of $100,000 on a daily basis so long as:

 

	
 
	
•
	
the aggregate outstanding principal balance does not exceed $60,000,000.00; and

	
 
	
•
	
no Event of Default has occurred and is continuing.

 

Notwithstanding anything else in this Note, in no event will Noteholder be required to lend money to Borrower under this Note and loans under this Note shall be at the sole and absolute discretion of Noteholder.

 

Section 7.  Interest.  The unpaid principal balance of this Note shall bear interest at the rate per annum of the Prime Rate plus one percent (1.00%).  In the event that an Event of Default occurs and is continuing, the unpaid principal amount shall bear interest from the Event of Default at the rate per annum of the Prime Rate plus four percent (4.00%) until such time as the Event of Default is cured.  Accrued interest on the unpaid principal of this Note shall be computed on the basis of a 365- or 366-day year for actual days (including the first, but excluding the last day) elapsed, but in no event shall such computation result in an amount of accrued interest that would exceed accrued interest on the unpaid principal balance during the same period at the Maximum Rate. Notwithstanding anything to the contrary, this Note is expressly limited so that in no contingency or event whatsoever shall the amount paid or agreed to be paid to the Noteholder exceed the Maximum Rate.  If, from any circumstances whatsoever, the Noteholder 

Page 1 of 5.

 

shall ever receive as interest an amount that would exceed the Maximum Rate, such amount that would be excessive interest shall be applied to the reduction of the unpaid principal balance and not to the payment of interest, and if the principal amount of this Note is paid in full, any remaining excess shall be paid to Borrower, and in such event, the Noteholder shall not be subject to any penalties provided by any laws for contracting for, charging, taking, reserving or receiving interest in excess of the highest lawful rate permissible under applicable law.  All sums paid or agreed to be paid to Noteholder for the use, forbearance or detention of the indebtedness of the Borrower to Noteholder shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such indebtedness until payment in full of the principal (including the period of any renewal or extension thereof) so that the interest on account of such indebtedness shall not exceed the Maximum Rate.  If at any time the Contract Rate is limited to the Maximum Rate, any subsequent reductions in the Contract Rate shall not reduce the rate of interest on this Note below the Maximum Rate until the total amount of interest accrued equals the amount of interest that would have accrued if the Contract Rate had not been limited by the Maximum Rate.  In the event that, upon the Final Payment Date, the total amount of interest paid or accrued on this Note is less than the amount of interest that would have accrued if the Contract Rate had not been limited by the Maximum Rate, then at such time, to the extent permitted by law, in addition to the principal and any other amounts Borrower owes to the Noteholder, the Borrower shall pay to the Noteholder an amount equal to the difference between:  (i) the lesser of the amount of interest that would have accrued if the Contract Rate had not been limited by the Maximum Rate or the amount of interest that would have accrued if the Maximum Rate had at all times been in effect; and (ii) the amount of interest actually paid on this Note.

 

Section 8.  Fees and Expenses. On the last day of each March, June, September and December, commencing March 31, 2019, and on the Final Payment Date, Borrower shall pay to Noteholder the Unused Commitment Fee for such period, provided, however, Borrower will not owe any Unused Commitment Fee for any part of such period (prorated as applicable) that the Noteholder is a net borrower of money from the Borrower.  In addition, Borrower and any guarantor jointly and severally agree to pay on the Final Payment Date to Noteholder any other cost or expense reasonably incurred by Noteholder in connection with Noteholder’s commitment to Borrower pursuant to the terms of this Note, including without limitation any other cost reasonably incurred by Noteholder pursuant to the terms of any credit facility of Noteholder.

 

Section 9.  Remedy.  Upon the occurrence and during the continuation of an Event of Default, the Noteholder shall have all of the rights and remedies provided in the applicable Uniform Commercial Code, this Note or any other agreement among Borrower and in favor of the Noteholder, as well as those rights and remedies provided by any other applicable law, rule or regulation.  In conjunction with and in addition to the foregoing rights and remedies of the Noteholder, the Noteholder may declare all indebtedness due under this Note, although otherwise unmatured, to be due and payable immediately without notice or demand whatsoever.  All rights and remedies of the Noteholder are cumulative and may be exercised singly or concurrently.  The failure to exercise any right or remedy will not be a waiver of such right or remedy.

 

Section 10.  Right of Offset.  The Noteholder shall have the right of offset against amounts that may be due by the Noteholder now or in the future to Borrower against amounts due under this Note.

 

Section 11.  Record of Outstanding Indebtedness.  The date and amount of each repayment of principal outstanding under this Note or interest thereon shall be recorded by Noteholder in its records.  The principal balance outstanding and all accrued or accruing interest owed under this Note as recorded by Noteholder in its records shall be the best evidence of the principal balance outstanding and all accrued or accruing interest owed under this Note; provided that the failure of Noteholder to so record or any error in so recording or computing any such amount owed shall not limit or otherwise affect the obligations of the Borrower under this Note to repay the principal balance outstanding and all accrued or accruing interest.

 

Section 12.  Waiver.  Borrower and each surety, endorser, guarantor, and other party now or subsequently liable for payment of this Note, severally waive demand, presentment for payment, notice of nonpayment, notice of dishonor, protest, notice of protest, notice of the intention to accelerate, notice of acceleration, diligence in collecting or bringing suit against any party liable on this Note, and further agree to any and all extensions, renewals, modifications, partial payments, substitutions of evidence of indebtedness, and the taking or release of any collateral with or without notice before or after demand by the Noteholder for payment under this Note.

 

Section 13.  Costs and Attorneys’ Fees.  In addition to any other amounts payable to Noteholder pursuant to the terms of this Note, in the event the Noteholder incurs costs in collecting on this Note, this Note is placed in the hands of any attorney for collection, suit is filed on this Note or if proceedings are had in bankruptcy, receivership, 

Page 2 of 5.

 

reorganization, or other legal or judicial proceedings for the collection of this Note, Borrower and any guarantor jointly and severally agree to pay on demand to the Noteholder all expenses and costs of collection, including, but not limited to, reasonable attorneys’ fees incurred in connection with any such collection, suit, or proceeding, in addition to the principal and interest then due.

 

Section 14.  Time of Essence.  Time is of the essence with respect to all of Borrower’s obligations and agreements under this Note.

 

Section 15.  Jurisdiction and Venue.  THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE DOMESTIC LAWS OF THE STATE OF TEXAS, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF TEXAS OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF TEXAS.  BORROWER CONSENTS TO JURISDICTION IN THE COURTS LOCATED IN DALLAS, TEXAS.

 

Section 16.  Notice.  Any notice or demand required by this Note shall be deemed to have been given and received on the earlier of (i) when the notice or demand is actually received by the recipient or (ii) 72 hours after the notice is deposited in the United States mail, certified or registered, with postage prepaid, and addressed to the recipient.  The address for giving notice or demand under this Note (i) to the Noteholder shall be the place of payment specified in Section 3 or such other place as the Noteholder may specify in writing to the Borrower and (ii) to Borrower shall be the address below the Borrower’s signature or such other place as the Borrower may specify in writing to the Noteholder.

 

Section 17.  Amendment or Waiver of Provisions of this Note.  No amendment or waiver of any provision of this Note shall in any event be effective unless the same shall be in a writing referring to this Note and signed by the Borrower and the Noteholder.  Such amendment or waiver shall be effective only in the specific instance and for the specific purpose for which given.  No waiver of any of the provisions of this Note shall be deemed or shall constitute a waiver of any other provisions, whether or not similar, nor shall any waiver constitute a continuing waiver.

 

Section 18.  Successors and Assigns.  All of the covenants, obligations, promises and agreements contained in this Note made by Borrower shall be binding upon its successors and permitted assigns, as applicable.  Notwithstanding the foregoing, Borrower shall not assign this Note or its performance under this Note without the prior written consent of the Noteholder.  Noteholder at any time may assign this Note without the consent of Borrower.

 

Section 19  Definitions.  For purposes of this Note, the following terms shall have the following meanings:

 

	
(a)
	
“Basis Point” shall mean 1/100th of 1 percent.

 

	
(b)
	
“Business Day” shall mean any day banks are open in the state of Texas.

 

	
(c)
	
“Contract Rate” means the amount of any interest (including fees, charges or expenses or any other amounts that, under applicable law, are deemed interest) contracted for, charged or received by or for the account of Noteholder.

 

	
(d)
	
“Event of Default” wherever used herein, means any one of the following events:

 

	
 
	
(i)
	
the Borrower fails to pay any amount due on this Note and/or any fees or sums due under or in connection with this Note after any such payment otherwise becomes due and payable and three Business Days after demand for such payment;

 

	
 
	
(ii)
	
the Borrower otherwise fails to perform or observe any other provision contained in this Note and such breach or failure to perform shall continue for a period of thirty days after notice thereof shall have been given to the Borrower by the Noteholder;

 

	
 
	
(iii)
	
a case shall be commenced against Borrower, or Borrower shall file a petition commencing a case, under any provision of the Federal Bankruptcy Code of 1978, as amended, or shall seek relief under any provision of any other bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction, whether now or 

Page 3 of 5.

 

	
 
		
hereafter in effect, or shall consent to the filing of any petition against it under such law, or Borrower shall make an assignment for the benefit of its creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall consent to the appointment of a receiver, trustee or liquidator of Borrower or all or any part of its property; or

 

	
 
	
(iv)
	
an event occurs that, with notice or lapse of time, or both, would become any of the foregoing Events of Default.

 

	
(e)
	
“Final Payment Date” shall mean the earlier of:

 

	
 
	
•
	
written demand by the Noteholder for payment of all or part of the unpaid principal, the accrued and unpaid interest thereon and the accrued and unpaid commitment fee thereon, but in any event no earlier than December 31, 2020; or

	
 
	
•
	
acceleration as provided herein.

 

	
(f)
	
“Maximum Rate” shall mean the highest lawful rate permissible under applicable law for the use, forbearance or detention of money.

 

	
(g)
	
“Prime Rate” shall mean the fluctuating interest rate per annum in effect from time to time equal to the base rate on corporate loans as reported as the Prime Rate in the Money Rates column of The Wall Street Journal or other reliable source.

 

	
(h)
	
“Unused Commitment Amount” for any period on after the date of this Note shall mean the average on each day of such period of the difference between (A) $60,000,000.00 and (B) the amount of the unpaid principal balance of this Note.

 

	
(i)
	
“Unused Commitment Fee” shall mean the product of (A) 50 Basis Points per annum (pro rated to take into account that the fee is payable quarterly, or such shorter period if applicable) and (B) the Unused Commitment Amount.

 

BORROWER:

 

Valhi, Inc.

 

 

 

 

	
 
	
By:
	
/s/ Gregory M. Swalwell

Gregory M. Swalwell

Executive Vice President, Chief Financial Officer and Chief Accounting Officer

 

Address:

 

5430 LBJ Freeway, Suite 1700

Dallas, Texas   75240-2697

 

Page 4 of 5.

 

As of the date hereof, Kronos Worldwide, Inc., as the Noteholder, hereby agrees that this Note renews, replaces, amends and restates in its entirety the Prior Note, and that the unpaid principal of nil, the accrued and unpaid interest thereon of nil and the accrued and unpaid commitment fee thereon of nil that was owed under the Prior Note as of the close of business on December 31, 2018 are the unpaid principal, the accrued and unpaid interest thereon and the accrued and unpaid commitment fee thereon, respectively, owed under this Note as of the close of business on the date of this Note.

 

 

KRONOS WORLDWIDE, INC.

 

 

 

 

	
 
	
By:
	
/s/ Tim C. Hafer

Tim C. Hafer

Vice President and Controller

Page 5 of 5.SunOpta Inc: Exhibit 10.1- Filed by newsfilecorp.com

 

February 25, 2019

VIA EMAIL AND HAND DELIVERED COURIER

WITHOUT PREJUDICE
CONFIDENTIAL

David Colo
[Address omitted] 

Dear David:

This letter will confirm our discussion today in which you were
advised that SunOpta Inc. ("SunOpta") has decided to terminate your employment.
The effective date of the termination of your employment is February 26, 2019
(the "Termination Date") and this letter will be your written notice of
termination.

Effective as of the Termination Date, this letter will
terminate any employment you have with any parent, subsidiary, affiliate,
predecessor or successor of SunOpta. Other than as expressly set out herein,
this letter will also terminate any obligations owed to you by SunOpta pursuant
to any agreement, specifically including the Executive Employment Agreement
between you and SunOpta made as of February 2, 2017 (the
"Employment Agreement"). Capitalized terms not defined in this
letter have the meanings ascribed in the Employment Agreement.

You will, of course, receive all base salary earned by you
through the Termination Date and payment for any accrued and unused paid time
off ("PTO") owed to you, which amounts are set forth in Schedule "A"
hereto. To the extent not otherwise specifically continued pursuant to this
letter, all payments, benefits, perquisites or other entitlements of any type
will end on Termination Date.

	1. 	Severance and Other Payments
  
	  	  
	In accordance with the requirements of the
      Employment Agreement, SunOpta will provide you with the payments and
      entitlements d escribed in Schedule "A", all subject to the terms and
      conditions set out in this letter (including, with respect to payments and
      entitlements set forth on Schedule A other than those d escribed u n d er
      “Base Salary and Paid Time Off as of the Termination Date” and “Expense
      Reimbursement”, delivery by you of a Release in the form attached as
      Schedule "B" hereto, and confirmation of your acceptance of these terms
      and conditions evidenced by you signing the Acceptance at the end of this
      letter); once signed by you, this letter, including Schedule "A" and Schedule "B"
hereto, shall also be referred to as "this agreement".

- 2 - 

	2. 	No Other Payments 
	  	  
	The payments, benefits and other entitlements set
      out in this letter shall constitute your complete
    entitlement
      and SunOpta's complete obligations to you whatsoever, including with
      respect to the cessation of your employment, whether at
      common law, statute or contract. For greater certainty,
      you confirm that, other than the payments and entitlements set out in
      paragraph 1above and Schedule "A" hereto, you have no further payment
      (including any bonus payments), benefits, perquisites,
      allowances or entitlements earned or owing to you from SunOpta pursuant to any employment or any other agreement whatsoever
      (specifically including the Employment Agreement), all of
      which shall cease on the Termination Date without further obligation to
      you from
      SunOpta.

	3. 	
      Your Continuing Obligations

	 	 	 
		(a) 	
      Employment Agreement: Notwithstanding the
      cessation of your employment and in consideration of the p ayments and b
      enefits set o u t in this agreement, you represent and warrant that you
      have abided by all of the obligations set out in the Employment Agreement
      and you confirm and agree that, the provisions of the Employment Agreement
      relating to Confidentiality, Non-Competition and Non- Solicitation shall
      survive the cessation of your employment and the termination of the
      Employment Agreement and shall be enforceable in accordance with their
      terms.

	 	 	 
		(b) 	
      Resignation o f All Other Positions: Upon the
      Termination Date, you h ereby confirm your resignation from all positions
      held by you as a director, officer or other fiduciary of the Company,
      including any and all affiliates.

	 	 	 
		(c) 	
      Return of Property: You are required to return
      immediately to SunOpta all of the property of SunOpta in your possession
      or in the possession of your family or agents including, without
      limitation, wireless devices and accessories, computer and office
      equipment, keys, passes, credit cards, customer lists, sales materials,
      manuals, computer information, software and codes, files and all
      documentation (and all copies thereof) d ealing with the finances,
      operations and activities o f SunOpta, its customers, employees, partners,
      investors or suppliers.

	 	 	 
		(d) 	
      Release: You will execute and return the Release
      attached as Schedule "B" hereto, the terms o f which are incorporated h
      erein and the d elivery of which is a condition of any payment to you by
      SunOpta other than for all base salary earned by you through the
      Termination Date and payment for any accrued and unused PTO and
      reimbursement of properly incurred unreimbursed business
  expenses.

	 	 	 
		(e) 	
      Cooperation: During the 12 -month period following
      the Termination Date, at SunOpta's request, you agree to cooperate
      reasonably with SunOpta and its legal advisors in connection with (i) any
      business matters in which you were involved or (ii) any existing or
      potential claims, investigations, administrative
  proceedings, lawsuits and other legal and business matters which arose d
uring your employment or involving SunOpta with respect to which you have
knowledge of the underlying facts. 

- 3 - 

	4. 	
      General

	 	 	 
		(a) 	
      Entire Agreement: This agreement constitutes the
      entire agreement between you and SunOpta with reference to any of the
      matters herein provided or with reference to your engagement, any
      employment or office with SunOpta or the cessation thereof. All promises,
      representations, collateral agreements, offers and understandings n o t
      expressly incorporated in this agreement are h ereby superseded and have
      no further effect. For certainty, this agreement replaces and supersedes
      any obligation owed to you by SunOpta pursuant to the Employment
      Agreement.

	 	 	 
		(b) 	
      Full Understanding: By signing this agreement, you
      confirm that: (i) you have had an adequate opportunity to read and
      consider the terms set out herein, including the Release, and that you
      fully understand them and their consequences; (ii) you have been advised
      to consult with legal counsel of your choosing and that you have obtained
      such legal or other advice as you have considered advisable; and (iii) you
      are signing voluntarily, without coercion, and without reliance on any
      representation, express or implied, by SunOpta, or by any director,
      officer, shareholder, employee or other representative of SunOpta; and
      (iv) this agreement and any payment referred to herein is not an admission
      of liability on SunOpta's part.

	 	 	 
		(c) 	
      Taxes: All payments referred to in this agreement
      will be less applicable withholdings and deductions (if any) and you shall
      be responsible for all tax liability resulting from your receipt of the
      payment and benefits referred to in this letter, except to the extent that
      SunOpta h as withheld funds for remittance to statutory
  authorities.

	 	 	 
		(d) 	
      Severability: You hereby agree that each p
      rovision and the subparts of each provision of this agreement shall be
      treated as separate and independent clauses, and the u n enforceability o
      f any o n e clause shall in n o way impair the enforceability o f any of
      the o ther p rovisions o f this agreement (which shall continue to be
      enforceable).

	 	 	 
		(e) 	
      Governing Law: This agreement, for all p u rposes,
      shall be construed in accordance with the laws of the state of Minnesota
      without regard to conflicts of law principles. Any action or proceeding by
      either of the parties to enforce this agreement shall be brought only in a
      state or federal court located in the state of Minnesota. The parties
      hereby irrevocably submit to the exclusive jurisdiction of such courts and
      waive the defense of inconvenient forum to the maintenance of any such
      action or proceeding in such venue.

*** 

- 4 - 

Your acceptance of the terms and conditions of this letter may
be signified by signing and returning a duplicate of this letter, where
indicated, together with the Release attached as Schedule "B" hereto. We would
appreciate hearing from you by no later than twenty-one (21) days from the date
of this letter.

We wish you well in your future endeavors. Sincerely,

SUNOPTA INC. 

 

Jill Barnett
General Counsel & Corporate
Secretary

ACCEPTANCE:

I hereby acknowledge receipt of this letter, and hereby accept
and agree to be bound by the terms and conditions set out in this letter
together with the enclosed Release.

	/s/ David J. Colo 	 	3/5/19
	David Colo 	 	
    Date  

     SCHEDULE "A"
Severance
and Other Entitlements

Note: All amounts are in U.S. Dollars and are subject to
applicable withholdings and deductions. 

	  	Employment Agreement Entitlement

	Base Salary and Paid Time Off as
      of Termination Date: 	Pro-rated portion of base salary (at
      $650,000 per year) from last pay period
      until the Termination Date is $17,500 (for 7 days). Accrued and unused PTO owed to you (based on 40 hours
      carryover in 2018 and 38.46 unused PTO hours for 2019) is
      $24,518.75.

	Severance Payment: 

	
      You are entitled to receive a severance payment of $1,050,000 in 
      accordance with the terms of your Employment Agreement, which includes the
      sum of (i) one and a half (1.5) times your base salary ($975,000), and
      (ii) $75,000 in satisfaction of any amounts payable pursuant to Section
      5.3(c) of the Employment Agreement (the "Severance Payment"). The
      Severance Payment will be payable to you within 60 days from the
      Termination Date. 

	Special RSUs: 
	All unvested Special RSUs shall
      immediately vest on the Termination Date and be settled in accordance with
      the terms of the applicable Special Award Agreement. 
	Special Options and 
Special PSUs:
      	All Special Options and Special PSUs
      which have not vested as of the Termination Date in accordance with your
      Employment Agreement will immediately be forfeited and cancelled effective
      as of the Termination Date. You will not be entitled to any payment in
      lieu of such forfeited and cancelled Special Options or Special PSUs.
	Expense 
Reimbursement: 	You will be reimbursed for any
      properly incurred but unreimbursed business expenses through the
      Termination Date. 

SCHEDULE "B" 
Release

	FROM: 	David Colo 
	  	  
	TO: 	SunOpta Inc., its affiliates, subsidiaries,
      parents and related organizations and their respective partners, directors,
      officers, shareholders, employees and agents (collectively "SunOpta") 

	1. 	
      Full and Final Release. In consideration of the
      terms of the letter from SunOpta Inc. to me, David Colo, dated February
      25, 2019 (the "Letter Agreement"), which terms are deemed to b e and are
      accepted by me in full and final satisfaction o f the Executive Employment
      Agreement between SunOpta and me, David Colo, made on February 2, 2017
      (the receipt and sufficiency of which consideration are hereby
      acknowledged) and except for SunOpta's o b ligations referred to in the
      Letter Agreement, I, David Colo, personally and for my h eirs, executors,
      administrators, successors and assigns, fully, finally and forever
      releases and discharges SunOpta and its affiliates, as well as their
      respective successors, assigns, o fficers, owners, d irectors, agents,
      representatives, attorneys, and employees (all of whom are referred to
      throughout this Release as the “Released Parties”), of and from all
      claims, demands, actions, causes of action, suits, damages, losses, and
      expenses, of any and every nature whatsoever, as a result of actions or
      omissions occurring through the date I sign this Release. Specifically
      included in this waiver and release are, among other things, any and all
      claims of alleged employment discrimination and retaliation prohibited by
      Title VII of the Civil Rights Act of 1964, the Americans with Disabilities
      Act, the Age Discrimination in Employment Act, including the amendments
      provided by the Older Workers Benefits Protection Act, or any other
      federal, state or local statute, rule, ordinance, or regulation, as well
      as any claims under common law for tort, contract, or wrongful
      discharge.

	 	 
	2. 	
      Compliance with Older Worker Benefit Protection Act. This Release is subject to the Older Workers Benefit Protection Act
      (“OWBPA”), which provides that I cannot waive a right or claim under the
      Age Discrimination in Employment Act (the “ADEA”) unless the waiver is
      knowing and voluntary. I acknowledge and agree that I have executed this
      Release v o luntarily and with full k n o wledge of its consequences. I
      acknowledge and agree that: (a) this Release is written in language I
      understand; (b) this Release applies to any rights I may have under the
      ADEA; (c) this Release does not apply to any rights or claims I may have
      under the ADEA which arise after the date I execute this Agreement; (d) I
      am advised to consult with an attorney before signing this Release; (e)
      SunOpta is giving me a period of twenty-one (21) days to consider this
      Release. I may accept and sign this Release before the expiration of the
      twenty-one (21) day period, but I am not required to do so by SunOpta; (f)
      for a period of fifteen (15) days following the signing of this Release, I
      may revoke the waiver of the ADEA claims in this Release by personally
      delivering o r by mailing (postmarked within fifteen d ays after I sign
      this release) written notice of revocation to SunOpta; (g) this Release
      shall become effective on the sixteenth day after I sign it, and any
      revocation shall apply only to ADEA claims. Except as to the ADEA claims,
      this Release will remain in full force and
effect.

	3. 	
      Exceptions to the Release. The above release does
      not waive claims (i) for unemployment or workers’ compensation benefits,
      (ii) for vested rights under ERISA-covered employee benefit plans as
      applicable on the date I sign this Release, (iii) that may arise after I
      sign this Release, and (iv) which cannot be released by private agreement.
      I understand that nothing in this Release (a) prevents me from filing a
      charge or complaint with or from participating in an investigation or
      proceeding conducted by the EEOC, the National Labor Relations Board, the
      Securities and Exchange Commission, or any other federal, state o r local
      agency charged with the enforcement o f any laws, including p roviding
      documents o r other information, or (b) p revents me from exercising my
      rights u n d er Section 7 of the NLRA to engage in protected, concerted
      activity with other employees, although by signing this Release, I am
      waiving my right to recover any individual relief (including any backpay,
      frontpay, reinstatement or other legal or equitable relief) in any charge,
      complaint, or lawsuit or other proceeding brought by me or a third party
      on my behalf, except for any right I may have to receive a payment from a
      government agency (and not SunOpta) for information provided to the
      government agency.

SIGNED this 5thday of March, 2019.

	/s/ David J. Colo                                        
    
	David Colo

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00293-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00293-of-00352.parquet"}]]