Document:

EX-10.3
                   OPTIOIN TO EXCLUSIVE LICENSE AGREEMENT

                   OPTION TO EXCLUSIVE LICENSE AGREEMENT

     This Option Agreement (the "Agreement") is entered into as of
June 20, 2005 (the "Effective Date") by and between The Research
Foundation of State University of New York, a New York non-profit
corporation ("Foundation"), for and on behalf of the University at
Buffalo, and Senz-It Inc., a company with a principal address located
at 4040 MacArthur Boulevard, Suite 240, Newport Beach, California
92660  ("Optionee").

                                 RECITALS

     A.  Foundation owns rights to certain intellectual property and
technology developed by University at Buffalo and disclosed and
described in the IPD dockets referenced in Attachment A to this
Agreement.

     B.  Foundation desires to grant to Optionee, and Optionee
desire to accept, an option to negotiate an exclusive, royalty-
bearing license to use and otherwise exploit the Technology Rights
(as hereinafter defined) on terms and in fields of use mutually
agreed upon between the parties.

     NOW THEREFORE, in consideration of the mutual covenants and
premises herein contained, the parties agree as follows:

1. DEFINITIONS

     1.1  "Fields" means the following fields of use: homeland
security; environmental; artificial olfactory sense detection; and
medical.

     1.2  "Licensed Method" means any method or process that uses
Technology Rights or any part thereof, or which uses a Licensed
Product.

     1.3  "Licensed Product" means any product that cannot be
developed, manufactured, used or sold without utilizing Licensed
Subject Matter.

     1.4  "Licensed Subject Matter" means inventions and discoveries
covered by Technology Rights.

     1.5  "Option Period" means the period of time commencing on the
Effective Date and ending on the earlier of (a) three months from the
date the Option is exercised pursuant to Paragraph 3.3 of this
Agreement, or (b) the six month anniversary of the Effective Date if
Optionee does not exercise the Option by that date, or (c) the
termination date if this Agreement is terminated pursuant to
Paragraph 5.4, 5.5 or 5.6, or (d) the effective date of a final
license agreement if the parties finalize a license agreement during
the Option Period.

     1.6  "Patent Rights" means Foundation's patent rights to any
subject matter claimed in or covered by (a) any pending or issued
United States or foreign patent or any patent application listed on
Attachment A attached hereto, including any reissues or
reexaminations thereof; (b) all divisional or continuation
applications of the patents or patent applications listed on
Attachment A; and (c) any patents issued on continuation or
divisional applications, including reissues and reexaminations, of
the patents and patent applications listed in Attachment A attached
hereto.

     1.7  "Technology Rights" means (a) Foundation's intellectual
property rights in know-how or proprietary or confidential
information related to the inventions disclosed in IPD docket nos. R-
5449, R-5516, R-5729, R-5767, R-5821, R-5828, R-5834, R-5843, R-5894,
R-5896, R-R-5898, R-5899, R-5902, and R-5914 which were developed by
the inventors on or before the Effective Date and which Foundation is
free to disclose to Optionee, and (b) the Patent Rights.

2. WARRANTIES

     2.1  FOUNDATION MAKES NO REPRESENTATIONS OR WARRANTIES,
EXPRESSED OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF
MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE REGARDING OR
WITH RESPECT TO THE LICENSED SUBJECT MATTER OR ANY LICENSED PRODUCT
OR LICENSED METHOD.  FOUNDATION MAKES NO WARRANTY OR REPRESENTATION
AS TO THE VALIDITY OR SCOPE OF THE PATENT RIGHTS OR THAT ANY LICENSED
PRODUCT WILL BE FREE FROM AN INFRINGEMENT OF PATENTS OF THIRD
PARTIES, OR THAT NO THIRD PARTIES ARE IN ANY WAY INFRINGING PATENT RIGHTS.

     2.2  Optionee understands that the Technology Rights may have
been developed under a funding agreement with the Government of the
United States of America and, if so, that the Government may have
certain rights relative thereto.  This Agreement is explicitly made
subject to the Government's rights under any such agreement and any
applicable law or regulation.  To the extent that there is a conflict
between any such agreement, applicable law or regulation and this
Agreement, the terms of such Government agreement, applicable law or
regulation will prevail.

     2.3  Optionee understands and acknowledges that Foundation, by
this Agreement, makes no representation as to the operability or
fitness for any use, safety, efficacy, ability to obtain regulatory
approval, patentability, and/or breadth of the Licensed Subject
Matter.  Foundation, by this Agreement, also makes no representation
as to whether there are any patents now held, or which will be held,
by others or by Foundation, nor does Foundation make any
representation that the inventions contained in Patent Rights do not
infringe any other patents now held or that will be held by others or
by Foundation. Foundation shall not be liable for any losses incurred
as the result of an action for infringement brought against Optionee
as the result of Optionee's exercise of any right granted under this
Agreement. The decision to defend or not defend shall be in
Optionee's sole discretion.

     2.4  Optionee, by execution hereof, acknowledges, covenants and
agrees that it has not been induced in anyway by Foundation or
University at Buffalo, or any of their employees, to enter into this
Agreement, and further warrants and represents that (i) it has
conducted sufficient due diligence with respect to all items and
issues pertaining to this Article 2 and all other matters pertaining
to this Agreement; and (ii) Optionee has adequate knowledge and
expertise, or has utilized knowledgeable and expert consultants, to
adequately conduct the due diligence, and agrees to accept all risks
inherent herein.

3. OPTION FOR EXCLUSIVE LICENSE

     3.1  Subject to the terms of this Agreement (including
Paragraphs 3.3, 3.4 and 3.5), Foundation hereby grants Optionee an
option (the "Option") to enter into an exclusive, royalty bearing,
worldwide license to use and otherwise exploit the Technology Rights
in the Fields agreed to by the parties, including the right to make,
have made, use, sell and offer to sell Licensed Products and practice
Licensed Methods, pursuant to the terms of a definitive license
agreement agreed upon between the parties (a "License Agreement").

     3.2  Foundation shall not enter into any license or other option
agreement during the Option Period that grants rights in the
Technology Rights to another party.

     3.3  Optionee may exercise the Option at any time by delivering to
Foundation a written notice of its intent to exercise the Option on
or before the six (6) month anniversary of the Effective Date.  Such
notice shall (a) describe the products/and processes which would be
based on or utilize the Technology Rights that Optionee wishes to
commercialize; and (b) will also include a preliminary
commercialization plan ("Commercialization Plan") for such products
and/or processes which outlines Optionee's plans and capabilities for
commercializing the identified products and processes. Upon
Foundation's receipt of such notice and the Commercialization Plan
from Optionee, the parties shall enter into good faith negotiations
with respect to the terms of a License Agreement, and shall
diligently continue such negotiations during the remainder of the
Option Period. In order to receive an exclusive license to a Field,
Licensee's Commercialization Plan must (a) demonstrate Optionee's
ability to commercialize Licensed Products and/or Licensed Methods in
a Field, and (b) outline a reasonable plan for commercializing the
Licensed Subject Matter in the Field.

     3.4  The terms and conditions of the License Agreement entered into
by the parties shall be based on the terms of Foundation's standard
license agreement and will include: payment of all past and future
patent costs associated with the Patent Rights; a 3% royalty on gross
sales; a $25,000 license issue fee; and a 10% equity interest in
Licensee. The terms of a License Agreement entered into by the
parties may also include, without limitation, (a) other payment and
consideration for the license (i.e., sublicensing fees, annual
minimums); (b) due diligence provisions and milestones; and (c) other
terms that may be reasonable, usual, and customary to similar license
agreements, all in conformity with the United States Constitution and
laws of the State of New York and Foundation's rules and regulations
and policies. If the parties enter into a License Agreement, Optionee
will also provide the following additional funding and development
work to Optionor:

        a.  Optionee will sponsor research at Foundation for a five
            year period after (1) the License Agreement is signed,
            and (2) Optionee is funded.  Optionee will provide
            Foundation with unrestricted research funds in accordance
            with the following schedule: $25,000 for the first year,
            $50,000 for the second year, $75,000 for the third year,
            $100,000 for the fourth year and for $125,000 for the
            fifth year. The research funded by these funds does not
            need to relate to the Technology Rights, and may be used
            by the inventors (see Attachment A) for the research
            projects of their choosing.

        b.  In addition, if it is practical for "engineering
            development" work related to the Licensed Subject Matter
            to be done in the inventors' lab(s), these costs will be
            paid for by Optionee and are in addition to the funding
            described above in Section 3.4(a).

     3.5  If the parties fail to enter into a License Agreement during
the Option Period, then Foundation shall be free to market and
license the Licensed Subject Matter to third parties with no further
obligation to Optionee.

4. RESERVED

5. TERM AND TERMINATION

     5.1  This Agreement shall terminate or expire on the last day of
the Option Period.

     5.2  If Optionee does not exercise the Option by providing
written notice as required by Paragraph 3.3, this Agreement shall
terminate on the six (6) month anniversary of the Effective Date.

     5.3  If Optionee exercises the Option by providing written
notice as required by Paragraph 3.3, this Agreement shall expire upon
the effective date of the License Agreement; provided, however, that
if the parties have not entered into a License Agreement prior to
three months from the date the Option is exercised pursuant to
Paragraph 3.3 of this Agreement, this Agreement shall expire on the
three month anniversary of the date the Option is exercised.

     5.4  Optionee may terminate this Agreement at any time by giving
thirty (30) days written notice to Foundation.

     5.5  This Agreement shall terminate automatically (a) if
Optionee shall commence any case, proceeding or other action under
any existing or future law of any jurisdiction relating to bankruptcy
seeking to have an order for relief entered with respect to it, (b)
if there shall be commenced against the Optionee any case, proceeding
or other action of a nature referred to in clause (a) above, (c) upon
the appointment of a receiver, trustee, custodian, conservator or
other similar official for Optionee or all or a substantial part of
Optionee's assets, (d) if Optionee ceases to attempt to carry on its
business or (e) if Optionee shall make a general assignment for the
benefit of its creditors.

     5.6  In the event of a default or failure by Optionee to perform
any of the terms, covenants or provisions of this Agreement, the
Optionee shall have thirty (30) days after the giving of written
notice of such default by Foundation to correct such default. If such
default is not corrected within the thirty (30) day cure period,
Foundation shall have the right, at its option, to cancel and
terminate this Agreement.

     5.7  If the Agreement is terminated prior to its scheduled
expiration, the Option Period shall also terminate as of the
Agreement termination date.

6. PAYMENT

     6.1  In consideration of the grant of the Option hereunder,
Optionee agrees to pay to Foundation a nonrefundable option fee of
Four Thousand U.S. Dollars ($4,000) within five (5) business days of
the Effective Date.

     6.2  All payments under this Agreement are to be paid in U.S.
dollars, checks payable to the order of The Research Foundation of
State University of New York and mailed to the attention of the
Foundation's Licensing Specialist at the address in Paragraph 10.6 below.

7. INFORMATION AND CONFIDENTIALITY

     7.1  The parties may disclose Confidential Information (as
hereinafter defined) to each other, from time to time, in connection
with work contemplated under this Agreement.  "Confidential
Information" means all confidential and/or proprietary information
provided by one party to the other hereunder which relates to the
Technology Rights or the development or commercialization thereof.
Each party will only disclose the other party's Confidential
Information to those of its employees as is reasonably necessary to
effectuate the purposes set forth in this Agreement. Each party will
use reasonable efforts to prevent the disclosure of any of the
disclosing party's Confidential Information to third parties for a
period of five (5) years from receipt thereof, and will only use the
disclosing party's Confidential Information for evaluating a
potential license arrangement between the parties, provided that the
recipient party's obligations will not apply to information that:

        a.  is already in the recipient party's possession at the
            time of disclosure thereof and not obtained directly or
            indirectly from the other;

        b.  is or later becomes available to the public through no
            fault of the recipient party;

        c.  is lawfully acquired from a third party having no
            obligations of confidentiality to the disclosing party;

        d.  is independently developed by the recipient party; or

        e.  is required by law or regulation to be disclosed.

     7.2  In the event that information is required to be disclosed
under Paragraph 7.1(e) above, the party required to make disclosure
will promptly notify the other to allow that party to assert whatever
exclusions or exemptions may be available to it under such law or
regulation.

8. PATENTS AND INTELLECTUAL PROPERTY

     Foundation will maintain management of patent prosecution for
applications and patents associated with the Licensed Subject Matter
during the term of the Option Period, and will consult with Optionee
on decisions relating to such patent prosecution. Optionee will
reimburse Optionor for any patent expenses incurred by Optionor in
connection with the Technology Rights during the Option Period.

9. INDEMNIFICATION

     Optionee shall hold harmless and indemnify Foundation, the
University at Buffalo, their regents, officers, employees, and agents
from and against any claims, demands, damages, liabilities, causes of
action and expenses (including reasonable attorneys' fees) whatsoever
to the extent caused by or resulting from the exercise or practice of
the Option by Optionee, its subsidiaries, or their officers,
employees, agents or representatives.

10. RESERVED

11. GENERAL PROVISIONS

     11.1  This Agreement may not be assigned by either party without
the prior written consent of the other party.

     11.2  This Agreement constitutes the entire and only agreement
between the parties relating to the Option, and all prior
negotiations, representations, agreements and understandings are
superseded hereby.  No agreements altering or supplementing the terms
hereof may be made except by written mutual agreement by the parties.

     11.3  The relationship between Foundation and Optionee is that of
independent contractors.  Foundation and Optionee are not joint
ventures, partners, principal and agent, master and servant, employer
or employee, and have no other relationship other than independent
contracting parties.  Foundation will have no power to bind or
obligate Optionee in any manner, other than as is expressly set forth
in this Agreement.  Likewise Optionee will have no power to bind or
obligate Foundation in any manner, other than as is expressly set
forth in this Agreement.

     11.4  If any provision of this Agreement is ultimately held
to be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions will not in any way be
affected or impaired thereby.

     11.5  Any delay in enforcing a party's right under this Agreement
or any waiver as to a particular default or other matter will not
constitute a waiver of such party's rights to the future enforcement
of its rights under this Agreement, except only as to an express
written and signed waiver to a specific matter for a specific period
of time.

     11.6  Any notice required by this Agreement will be given by
personal delivery (including delivery by reputable messenger services
such as Federal Express) or by prepaid, first class, certified mail,
return receipt requested, addressed in the case of Foundation to:

     UB Office of Science, Technology Transfer and Economic Outreach
     Intellectual Property Division
     University at Buffalo Technology Incubator
     Baird Research Park
     1576 Sweet Home Road
     Amherst, NY 14228
     Attn: Intellectual Property Division Director

or in the case of Optionee to:

     Senz-It, Inc.
     4040 MacArthur Boulevard, Suite 240
     Newport Beach, CA 92660
     Attn: Fred Rogers

or at such other addresses as may be given from time to time in
accordance with the terms of this notice provision.

     11.7  This Agreement will be governed by, construed, and enforced
in accordance with the internal laws of the State of New York. The
parties hereby consent to the jurisdiction of the courts of the State
of New York over any dispute concerning this Agreement or the
relationship between the parties.

     11.8  This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original, but
all of which together shall constitute one agreement binding on the
parties, notwithstanding that both parties are not signatories to the
original or the same counterpart.

     IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed by their duly authorized representatives.

THE RESEARCH FOUNDATION OF STATE
UNIVERSITY OF NEW YORK, FOR AND
ON BEHALF OF UNIVERSITY AT BUFFALO     SENZ-IT INC.

By: /s/  Robert J. Genco               By: /s/  Frederick T. Rogers
Robert J. Genco D.D.S., Ph.D.          Frederick T. Rogers
Title:  Vice Provost                   Title: President
Director of the UB Office of Science,
Technology Transfer & Economic Outreach

Date:	June 20, 2005                    Date:  June 20, 2005

                                 Attachment A

                       Patents and Patent Applications

<TABLE>
<CAPTION>
Patent or
Application                  Title (RF Docket                                    Faculty
  Number    Location             Number)               Filed        Assignee     Inventors      Sponsor
<S>         <C>              <C>                       <C>          <C>          <C>            <C>
6,241,948   US patent        Low Power Solid-          Issued       Research     Bright,       Office of
                             State Sensor              6/5/2001     Foundation   Jordan,       Naval
                             Device (R 5449)                                     Watkins,      Research
                                                                                 Wenner

6,492,182   US patent        Micromachined             Issued       Research     Bright,       Office of
                             Microsensor               12/10/2002   Foundation   Baker,        Naval
                             Arrays for                                          Doody,        Research
                             Chemical Sensing                                    Wenner
                             Applications
                             (R 5516)

6,582,966   US patent        Micromachined             Issued       Research     Bright,       Office of
            (divisional)     Microsensor               6/24/2003    Foundation   Baker,        Naval
                             Arrays for                                          Doody,        Research
                             Chemical Sensing                                    Wenner
                             Applications
                             (R 5516)

6,589,438   US patent        Micromachined            Issued        Research     Bright,      Office of
            (divisional)     Microsensor              7/8/2003      Foundation   Baker,       Naval
                             Arrays for                                          Doody,       Research
                             Chemical Sensing                                    Wenner
                             Applications
                             (R 5516)

60/351,592  US               Pin Printed              Filed        Research      Bright, Cho  National
            provisional      Chemical Sensor          1/25/2002    Foundation                 Science
                             Array for                                                        Foundation
                             Simultaneous Multi-
                             Analyte
                             Detection
                             (R 5729)

10/351,109  US               Pin Printed             Filed        Research       Bright, Cho  National
            provisional      Chemical Sensor         1/24/2003    Foundation                  Science
            continuation-    Array for                                                        Foundation
            in-part          Simultaneous
                             Multi-Analyte
                             Detection
                             (R 5729)

10/948,062  US non-          CMOS Optical            Filed        Research      Bright, Titus  National
            provisional      Detectors               9/23/2004    Foundation                   Science
                             and Lock-In                                                       Foundation
                             Amplifiers Used
                             for Detection of
                             Emission from
                             Sensor Array
                             Platforms
                             (R5767)

Applied;    US non-          Site Selectively        Filed        Research      Bright         National
serial      provisional      Tagged and              12/8/2004    Foundation                   Science
number                       Templated                                                         Foundation
pending                      Xerogels
                             for Sensor
                             Applications
                             (R 5821)

PCT/US04/  US PCT            Site Selectively        Filed        Research      Bright         National
                             Tagged and              12/8/2004    Foundation                   Science
                             Templated                                                         Foundation
                             Xerogels
                             for Sensor
                             Applications
                             (R 5821)

Applied;   US non-           Protein Imprinted       Filed        Research      Bright         National
serial     provisional       Xerogels with           1/7/2005     Foundation                   Science
number                       Integrated                                                        Foundation
pending                      Emission Sites
                             (PIXIES)
                             (R 5828)

PCT/US04/ US PCT             Protein Imprinted       Filed        Research      Bright         National
                             Xerogels with           1/7/2005     Foundation                   Science
                             Integrated                                                        Foundation
                             Emission Sites
                             (PIXIES)
                             (R 5828)

10/945,344 US non-           Temporally              Filed        Research      Bright,        None
           provisional       Addressable             9/20/2004    Foundation    Cartwright,
                             Biochemical                                        Titus
                             Sensor Arrays
                            (R 5834)

10/957,254 US non-          Sensor Elements          Filed        Research      Bright,        None
           provisional      for Aqueous              10/1/2004    Foundation    Cartwright,
                            Samples (SEAS)                                      Titus
                            (R 5843)

60/551,818 US               Photonic Sensor          Filed        Research      Bright,       National
           provisional      Arrays                   3/10/2004    Foundation    Holthoff      Science
                            Based on a                                                        Foundation
                            Non-Electrical
                            Light Source
                            (R 5894)

60/551,818 US               High Stability           Filed        Research      Bright       Office of
           provisional      Xerogel-Based            3/10/2004    Foundation                 Naval Research
                            Sensors with
                            Linear Calibration
                            Curves (R 5896)

60/551,818 US              Diversified Xerogel-     Filed         Research     Bright        National
           provisional     Based Sensors to         3/10/2004     Foundation                 Science
                           Improved Analyte                                                  Foundation
                           Detection and
                           Quantification
                           (R 5898)

60/551,818 US              Tailored Pins for        Filed        Research      Bright, Tehan  National
           provisional     High Density             3/10/2004    Foundation                   Science
                           Microarray                                                         Foundation
                           Production (R 5899)

60/551,818 US              Chemically               Filed        Research       Bright,       National
           provisional     Responsive               3/10/2004    Foundation     Holthoff      Science
                           Nanosensors with                                                   Foundation
                           Integrated Light
                           Sources (R 5902)

Data from  US non-         Diversified              To be filed  Research       Bright        National
R-5914     provisional     Chemical                              Foundation                   Science
will be                    Responses from a                                                   Foundation
included                   Single Chemical
when                       Sensor (R 5914)
converting
provisional
filed
for R-5894,
5896, 5898,
5899, &
5902 to
non-
provisional
</TABLE>Exhibit 10.1

 

SECOND AMENDED AND RESTATED SHAREHOLDER
AGREEMENT

 

BY AND BETWEEN

 

PEPSIAMERICAS, INC., 

A DELAWARE CORPORATION,

 

AND

 

PEPSICO, INC., 

A NORTH CAROLINA CORPORATION

 

 

DATED AS OF SEPTEMBER 6, 2005

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I

  	
   

  	
  CERTAIN
  DEFINITIONS

  	
   

  	
   

  
	
  Section 1.1

  	
   

  	
  Certain Definitions

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
   

  	
  REPRESENTATIONS
  AND WARRANTIES

  	
   

  	
   

  
	
  Section 2.1

  	
   

  	
  Representations and
  Warranties of the Company

  	
   

  	
   

  
	
  Section 2.2

  	
   

  	
  Representations and
  Warranties of the Shareholder

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
   

  	
  SHAREHOLDER
  AND COMPANY CONDUCT

  	
   

  	
   

  
	
  Section 3.1

  	
   

  	
  Acquisition of Voting
  Securities

  	
   

  	
   

  
	
  Section 3.2

  	
   

  	
  Required Reduction of
  Ownership Percentage

  	
   

  	
   

  
	
  Section 3.3

  	
   

  	
  Top-Up Rights

  	
   

  	
   

  
	
  Section 3.4

  	
   

  	
  Transfer

  	
   

  	
   

  
	
  Section 3.5

  	
   

  	
  Charter and By-Laws

  	
   

  	
   

  
	
  Section 3.6

  	
   

  	
  Rights Agreement

  	
   

  	
   

  
	
  Section 3.7

  	
   

  	
  Special Meetings
  Requested by the Shareholder; Nominations

  	
   

  	
   

  
	
  Section 3.8

  	
   

  	
  No Agreements

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
   

  	
  EFFECTIVENESS
  AND TERMINATION

  	
   

  	
   

  
	
  Section 4.1

  	
   

  	
  Effectiveness

  	
   

  	
   

  
	
  Section 4.2

  	
   

  	
  Termination

  	
   

  	
   

  
	
  Section 4.3

  	
   

  	
  Amendments Following
  Certain Acquisitions

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
   

  	
  MISCELLANEOUS

  	
   

  	
   

  
	
  Section 5.1

  	
   

  	
  Injunctive Relief

  	
   

  	
   

  
	
  Section 5.2

  	
   

  	
  Successors and Assigns

  	
   

  	
   

  
	
  Section 5.3

  	
   

  	
  Amendments; Waiver

  	
   

  	
   

  
	
  Section 5.4

  	
   

  	
  Notices

  	
   

  	
   

  
	
  Section 5.5

  	
   

  	
  Applicable Law

  	
   

  	
   

  
	
  Section 5.6

  	
   

  	
  Headings

  	
   

  	
   

  
	
  Section 5.7

  	
   

  	
  Integration

  	
   

  	
   

  
	
  Section 5.8

  	
   

  	
  Severability

  	
   

  	
   

  
	
  Section 5.9

  	
   

  	
  Consent to Jurisdiction

  	
   

  	
   

  
	
  Section 5.10

  	
   

  	
  Counterparts

  	
   

  	
   

  

 

i

 

SECOND AMENDED
AND RESTATED SHAREHOLDER AGREEMENT, dated as of September 6, 2005 (this “Agreement”),
by and between PepsiAmericas, Inc., a Delaware corporation (the “Company”),
and PepsiCo, Inc., a North Carolina corporation (the “Shareholder”).

 

W I T N E S S E T H:

 

WHEREAS, the
Company and the Shareholder are parties to a Shareholder Agreement, dated as of
May 20, 1999, as amended and restated as of November 30, 2000 (the “Original
Shareholder Agreement”);

 

WHEREAS,
Shareholder is currently the owner of certain outstanding shares of common
stock,  par value $0.01 per share of the
Company (the “Common Stock”);

 

WHEREAS, the
Company and the Shareholder again desire to amend and restate in this Agreement
certain terms and conditions concerning the acquisition and disposition of
Voting Securities (as defined herein) of the Company by the Shareholder, and
related provisions concerning the Shareholder’s relationship with and
investment in the Company.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth
herein and for other good and valuable consideration, receipt and sufficiency
of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE I

 

CERTAIN DEFINITIONS

 

Section 1.1 
Certain Definitions.  In
addition to other terms defined elsewhere in this Agreement, as used in this
Agreement, the following terms shall have the meanings ascribed to them below:

 

“Affiliate”
shall mean, with respect to any person, any other person that directly or
indirectly through one or more intermediaries controls or is controlled by or
is under common control with such person. 
For the purposes of this definition, “control,” when used with respect
to any particular person, means the power to direct the management and policies
of such person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

 

“Affiliated
Transaction Committee” shall mean the Affiliated Transaction Committee of
the Board.

 

“Agreement”
shall have the meaning assigned to such term in the preamble.

 

“Beneficial
Owner” (and, with correlative meanings, “Beneficially Own” and “Beneficial
Ownership”) of any interest means a Person who, together with his or its
Affiliates, is or may be deemed a beneficial owner of such interest for
purposes of Rule 13d-3 or 13d-5 under the Exchange Act, or
who, together with his or its Affiliates, has the right to become such a

 

 

beneficial
owner of such interest (whether such right is exercisable immediately or only
after the passage of time) pursuant to any agreement, arrangement or
understanding, or upon the exercise, conversion or exchange of any warrant,
right or other instrument, or otherwise; provided that a Person shall
not be deemed the Beneficial Owner of Voting Securities solely as a result of
having been granted a revocable proxy relating to such Voting Securities in
connection with any one special or annual meeting of shareholders of the
Company (including any postponements or adjournments thereof), nor shall the
procurement of such a proxy be deemed to give the proxy holder “control” over
any Person as to which such proxy holder does not otherwise have control.

 

“Board”
shall mean the Board of Directors of the Company in office at the applicable
time, as elected in accordance with the By-Laws.

 

“Buy-Back
Offer” shall have the meaning set forth in Section 3.2 of this
Agreement.

 

“By-Laws”
shall mean the by-laws of the Company, as they may be amended from time to
time.

 

“Charter”
shall mean the Certificate of Incorporation of the Company, as it may be
amended from time to time.

 

“Commission”
shall mean the United States Securities and Exchange Agreement.

 

“Common
Stock” shall have the meaning assigned in the recitals of this Agreement.

 

“Company”
shall have the meaning assigned in the preamble.

 

“Director”
shall mean any member of the Board of Directors of the Company in office at the
applicable time, as elected in accordance with the provisions of the By-Laws.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

“Family”
shall mean, with respect to any natural person, (i) any child, stepchild,
parent, stepparent, spouse or sibling, and (ii) any grandchild,
grandparent, uncle, aunt, first cousin, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law or sister-in-law who Beneficially
Owns greater than 1% of the Voting Power or who has entered into an agreement
or commitment with said natural person with respect to the Voting Securities,
and shall in each case include adoptive relationships.

 

“Independent
Director” shall mean any person who is both (i) independent of and
otherwise unaffiliated with any member of the Shareholder Group, and who is not
a director, officer, employee, consultant or advisor (financial, legal or
other) of any member of the Shareholder Group and has not served in any such
capacity in the previous two (2) years and (ii) not an officer or
employee, consultant or advisor (financial, legal or other) of the Company and
has not served in any such capacity in the previous two (2) years.

 

“Maximum
Ownership Percentage” shall mean, calculated at a particular point in time,
a Total Ownership Percentage of 49.0%; provided that in the event of a
Permitted Acquisition which results in the Shareholder Group’s Total Ownership
Percentage exceeding 49.0%, so long

 

2

 

as the
Shareholder Group’s Total Ownership Percentage exceeds 49.0% due to such
Permitted Acquisition, the Maximum Ownership Percentage shall become the
Shareholder Group’s Total Ownership Percentage giving effect to such Permitted
Acquisition.

 

“Minimum
Price” shall mean the highest average of per share closing prices on the
NYSE Composite Tape of the Voting Securities (or, if the Voting Securities are
not quoted on the NYSE Composite Tape, on the principal United States
securities exchange registered under the Exchange Act on which such Voting
Securities are listed, or, if such Voting Securities are not listed on any such
exchange, the closing sale price or bid quotation with respect to such Voting
Securities on the National Association of Securities Dealers, Inc.
Automated Quotations System or any system then in use; provided, however,
if no such quotations are available with respect to such Voting Securities, the
price of such Voting Securities shall be the public market trading value as
determined by an investment banker of nationally recognized reputation selected
by the Independent Directors) over any 20 consecutive trading day period during
the 18 month period preceding the date of the first public announcement of a
Shareholder Offer.

 

“NYSE”
shall mean the New York Stock Exchange, Inc.

 

“Permitted
Acquisition” shall mean the acquisition of Voting Securities pursuant to (1) a
transaction or series of transactions that would not result, individually or in
the aggregate, in any member of the Shareholder Group, singly or as part of a
partnership, limited partnership, syndicate or other 13D Group, directly or
indirectly, acquiring, proposing to acquire, or publicly announcing or
otherwise disclosing an intention to propose to acquire, or offering or
agreeing to acquire, by purchase or otherwise, Beneficial Ownership of any
security so as to cause the Shareholder Group’s Total Ownership Percentage to
exceed the Maximum Ownership Percentage, (2) a Shareholder Offer at a
price which is not less than the Minimum Price, (3) a merger or other
business combination approved by a majority of the Voting Power attributable to
Voting Securities not Beneficially Owned by the Shareholder Group, or (4) a
transaction approved by a majority of the Independent Directors.  For purposes of this definition, the value of
any securities offered in exchange for Voting Securities pursuant to a
Shareholder Offer shall be the average of closing prices on the NYSE Composite
Tape of such securities (or, if such securities are not quoted on the NYSE
Composite Tape, on the principal United States securities exchange registered
under the Exchange Act on which such securities are listed, or, if such
securities are not listed on any such exchange, the closing sale price or bid
quotation with respect to such security on the National Association of
Securities Dealers, Inc. Automated Quotations System or any system then in
use; provided, however, if no such quotations are available with
respect to such securities, the price of such securities shall be the public
market trading value as determined by an investment banker of nationally
recognized reputation selected by the Independent Directors) over the five
consecutive trading day period preceding the date of the first public announcement
of such Shareholder Offer.

 

“Permitted
Significant Transferee” shall have the meaning set forth in Section 3.4
of this Agreement.

 

“Person”
shall mean any individual, partnership, joint venture, corporation, trust,
unincorporated organization, government or department or agency of a
government.

 

3

 

“Pohlad
Group” shall mean Robert C. Pohlad, any Affiliate of Robert C.
Pohlad (other than the Company or its subsidiaries), any member of
Robert C. Pohlad’s Family, and any Person with whom Robert C. Pohlad,
any Affiliate of Robert C. Pohlad or any member of Robert C. Pohlad’s
Family is part of a 13D Group.

 

“Repurchase”
shall have the meaning set forth in Section 3.2 of this Agreement.

 

“Rights
Agreement” shall mean the Shareholder Rights Agreement, dated as of May 20, 1999,
as amended.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended.

 

“Shareholder”
shall have the meaning assigned in the preamble.

 

“Shareholder
Affiliate” shall mean any Affiliate of the Shareholder (other than the
Company or its subsidiaries).

 

“Shareholder
Group” shall mean the Shareholder, any Shareholder Affiliate, any Permitted
Significant Transferee and any Person with whom the Shareholder, any
Shareholder Affiliate or any Permitted Significant Transferee is part of a 13D
Group in respect of Voting Securities.

 

“Shareholder
Offer” shall mean (i) a tender offer or exchange offer by any member
of the Shareholder Group for all Voting Securities not Beneficially Owned by
the Shareholder Group or (ii) a merger or other business combination
pursuant to which all Voting Securities not Beneficially Owned by the
Shareholder Group are proposed to be exchanged or converted.

 

“Significant
Transferee” shall mean a transferee which would have a Total Ownership
Percentage of greater than 20% after giving effect to any proposed Transfer.

 

“13D Group”
shall mean any group of Persons acquiring, holding, voting or disposing of any
Voting Security which would be required under Section 13(d) of the
Exchange Act and the rules and regulations thereunder to file a statement
on Schedule 13D with the Commission as a “person” within the meaning of Section 13(d)(3) of
the Exchange Act; provided that a Person shall not be deemed to be part
of a 13D Group with another Person solely as a result of having been granted a
revocable proxy relating to such Person’s Voting Securities in connection with
any one special or annual meeting of shareholders of the Company (including any
postponements or adjournments thereof).

 

“Total
Ownership Percentage” shall mean, calculated at a particular point in time,
the Voting Power represented by the Voting Securities Beneficially Owned by the
Person (or Persons) whose Total Ownership Percentage is being determined.

 

“Total
Voting Power” shall mean, calculated at a particular point in time, the
aggregate Votes represented by all then outstanding Voting Securities.

 

“Trading
Day”, with respect to a Voting Security, shall mean a day on which the
principal national securities exchange on which such Voting Security is listed
or admitted to

 

4

 

trading is
open for the transaction of business or, if such security is not listed or
admitted to trading on any national securities exchange, any day other than a
Saturday, Sunday or a day on which banking institutions in the City of New York
are authorized or obligated to close.

 

“Transfer”
shall mean any sale, transfer, pledge, encumbrance or other disposition to any
Person, and to “Transfer” shall mean to sell, transfer, pledge, encumber
or otherwise dispose of to any Person.

 

“Votes”
shall mean votes entitled to be cast generally in the election of Directors,
assuming the conversion of any securities then convertible into Common Stock or
shares of any other class of capital stock of the Company then entitled to vote
generally in the election of Directors.

 

“Voting
Power” shall mean, calculated at a particular point in time, the ratio,
expressed as a percentage, of (a) the Votes represented by the Voting
Securities with respect to which the Voting Power is being determined to (b) Total
Voting Power.

 

“Voting
Securities” shall mean the Common Stock and shares of any other class of
capital stock of the Company then entitled to vote generally in the election of
Directors and any securities then convertible into Common Stock or shares of
any other class of capital stock of the Company then entitled to vote generally
in the election of Directors.

 

ARTICLE II

 

REPRESENTATIONS AND WARRANTIES

 

Section 2.1 
Representations and Warranties of the Company.  The Company represents and warrants to the
Shareholder as of the date hereof as follows:

 

(a)           The Company has been duly
incorporated and is validly existing as a corporation in good standing under the
laws of the State of Delaware and has all necessary corporate power and
authority to enter into this Agreement and to carry out its obligations
hereunder.

 

(b)           This Agreement has been duly and
validly authorized by the Company and all necessary and appropriate action has
been taken by the Company to execute and deliver this Agreement and to perform
its obligations hereunder.

 

(c)           This Agreement has been duly executed
and delivered by the Company and assuming due authorization and valid execution
and delivery by the Shareholder, this Agreement is a valid and binding
obligation of the Company, enforceable against it in accordance with its terms.

 

Section 2.2 
Representations and Warranties of the Shareholder.  The Shareholder represents and warrants to
the Company as of the date hereof as follows:

 

(a)           The Shareholder has been duly
incorporated and is validly existing as a corporation in good standing under
the laws of the State of North Carolina and has all

 

5

 

necessary corporate power
and authority to enter into this Agreement and to carry out its obligations
hereunder.

 

(b)           This Agreement has been duly and
validly authorized by the Shareholder and all necessary and appropriate action
has been taken by the Shareholder to execute and deliver this Agreement and to
perform its obligations hereunder.

 

(c)           This Agreement has been duly executed
and delivered by the Shareholder and assuming due authorization and valid
execution and delivery by the Company, this Agreement is a valid and binding
obligation of the Shareholder, enforceable against it in accordance with its
terms.

 

ARTICLE III

 

SHAREHOLDER AND COMPANY CONDUCT

 

Section 3.1 
Acquisition of Voting Securities. 
Subject to the provisions of this Agreement, during the term of this
Agreement, the Shareholder agrees with the Company that, without the prior
approval of a majority of the Independent Directors, the Shareholder will not,
and will cause each member of the Shareholder Group not to, take any of the
following actions:

 

(a)           singly or as part of a partnership,
limited partnership, syndicate or other 13D Group, directly or indirectly,
acquire, propose to acquire, or publicly announce or otherwise disclose an
intention to propose to acquire, or offer or agree to acquire, by purchase or
otherwise, Beneficial Ownership of any Voting Security so as to cause the
Shareholder Group’s Total Ownership Percentage to exceed the Maximum Ownership
Percentage, other than pursuant to a Permitted Acquisition;

 

(b)           form, join or in any way participate
in a 13D Group with respect to any Voting Securities of the Company or any
securities of its subsidiaries if such 13D Group’s Total Ownership Percentage
would exceed the Maximum Ownership Percentage;

 

(c)           initiate (including by means of
proposing or publicly announcing or otherwise disclosing an intention to
propose, solicit, offer, seek to effect or negotiate) a merger, acquisition or
other business combination transaction relating to the Company (other than a
merger, acquisition or business combination of a third party (not a member of
the Shareholder Group) with the Company) which would not be, if consummated, a
Permitted Acquisition.

 

The
Shareholder Group shall not be prohibited by the terms of this Agreement from
taking any action or exercising any right which is not inconsistent with the
terms of this Agreement, including soliciting or obtaining the revocable proxy
of any other shareholder of the Company with respect to the election of
directors or any other matter, seeking the election of new directors, calling
special meetings of shareholders of the Company, making shareholder proposals,
engaging in discussions with the Board or the management of the Company or
otherwise voting its Voting Securities in any manner in which any member of the
Shareholder Group shall determine in its sole discretion.  In addition, this section shall not be
deemed to

 

6

 

restrict
Directors affiliated with the Shareholder from participating as Board members
in the direction of the Company.

 

Section 3.2 
Required Reduction of Ownership Percentage.

 

(a)           If at any time the Shareholder Group’s
Total Ownership Percentage exceeds the Maximum Ownership Percentage other than
as permitted pursuant to the terms of this Agreement, then the Shareholder
shall, or shall cause the Shareholder Group to, consistent with the provisions
of this Agreement, promptly (in any event, prior to the earliest to occur of (i) the
record date for the next annual or special meeting of shareholders of the
Company, (ii) the record date for the taking of any action of shareholders
of the Company by written consent or (iii) the purchase of any additional
Voting Securities by any member of the Shareholder Group) take all action
necessary to reduce the amount of Voting Securities Beneficially Owned by the
Shareholder Group such that the Shareholder Group’s Total Ownership Percentage
is not greater than the Maximum Ownership Percentage.

 

(b)           During the term of this Agreement, if
the Company purchases shares of Common Stock from the public, whether by tender
offer, open market purchase or otherwise (a “Repurchase”), the Company
shall contemporaneously with the Repurchase offer to purchase from the
Shareholder Group, on the same terms and conditions, including price, as in the
Repurchase, a percentage of those shares of Common Stock Beneficially Owned by
the Shareholder Group equal to the percentage of shares of Common Stock to be
Repurchased from the Beneficial Owners of shares of Common Stock other than the
Shareholder Group (the “Buy-Back Offer”).  The Company shall provide notice to the
Shareholder of its intention to engage in a Repurchase and of the mechanism by
which the Repurchase shall occur not less than thirty (30) days in advance of
the date on which the Repurchase is to be consummated, and the Shareholder
shall provide notice to the Company within ten (10) days of receipt of
such notice of whether the Shareholder Group intends to accept the Buy-Back
Offer.

 

Section 3.3 
Top-Up Rights.  During the
term of this Agreement, if the Shareholder Group’s Total Ownership Percentage
is below the Maximum Ownership Percentage, the Shareholder Group may at its
option purchase Voting Securities from time to time in the open market or
otherwise in an amount not in excess of the amount that would cause the
Shareholder Group’s Total Ownership Percentage to exceed the Maximum Ownership.

 

Section 3.4 
Transfer.  Except for any
requirements of the Securities Act applicable to such Transfer, each of the
members of the Shareholder Group may Transfer any of the Voting Securities
Beneficially Owned by such member of the Shareholder Group to any transferee
which is not a Significant Transferee without restriction, and may effect such
a Transfer to a Significant Transferee with the prior written consent of a
majority of the Independent Directors; provided, however, that
each of such members of the Shareholder Group may Transfer any of such Voting
Securities to any Significant Transferee without restriction (other than as
contemplated in the last sentence of this Section 3.4) or obtaining such
consent if, at the time of such Transfer, the Shareholder Group Beneficially
Owns at least 20% of the outstanding voting securities of such Significant
Transferee and no other Person Beneficially Owns a greater

 

7

 

percentage of the outstanding voting securities of
such Significant Transferee than the percentage owned by the Shareholder Group
(a “Permitted Significant Transferee”). 
The Shareholder Group shall obtain the prior written consent of a
majority of the Independent Directors to any Transfer by the Shareholder Group
of any voting securities of a Permitted Significant Transferee if, at the time
of such Transfer, such Permitted Significant Transferee has a Total Ownership
Percentage of greater than 20% and such Transfer would result in (x) the
Shareholder Group Beneficially Owning less than 20% of the outstanding voting
securities of such Permitted Significant Transferee or (y) any other Person
Beneficially Owning a greater percentage of the outstanding voting securities
of such Permitted Significant Transferee than the percentage Beneficially Owned
by the Shareholder Group after giving effect to such Transfer.  Notwithstanding the foregoing provisions of
this Section 3.4, none of the restrictions of this Section 3.4 shall
apply to (i) a Transfer by any member of the Shareholder Group of any of
the Voting Securities in a public offering pursuant to which reasonable efforts
are made to achieve a wide distribution of such Voting Securities, or (ii) a
Transfer of Voting Securities among members of the Shareholder Group, provided
that any such transferee shall agree with the Company in writing prior to each
such Transfer to be bound by the terms of this Agreement with respect to its
Beneficial Ownership of Voting Securities.

 

Section 3.5 
Charter and By-Laws. 
During the term of this Agreement the Company shall not, and the
Shareholder Group shall not, and shall not facilitate any effort to, amend,
alter or repeal, or propose the amendment, alteration or repeal of, any
provision of the Charter or the By-Laws in any manner which is inconsistent
with the terms of this Agreement.  If at
any time during the term of this Agreement the provisions of this Agreement
shall conflict with the provisions of the Charter or the By-Laws, the parties
shall use all reasonable efforts, consistent with their fiduciary
responsibilities, to cause the provisions of the Charter and the By-Laws to be
brought into conformity with the provisions of this Agreement.

 

Section 3.6 
Rights Agreement.  During
the term of this Agreement, the Company hereby agrees not to (i) amend any
provision of the Rights Agreement in any manner which is inconsistent with the
terms of this Agreement and which adversely affects the rights of the
Shareholder Group under the terms of this Agreement or (ii) adopt any new
rights agreement which is inconsistent with the terms of this Agreement and
which adversely affects the rights of the Shareholder Group under the terms of
this Agreement.

 

Section 3.7 
Special Meetings Requested by the Shareholder; Nominations.  In the event that during the term of this
Agreement the Shareholder Group requests a special meeting of the stockholders
of the Company in accordance with the By-Laws, or the Shareholder Group
nominates an alternative slate of directors to the slate proposed by the Board
at any annual meeting of stockholders of the Company in accordance with the
By-Laws, the Company hereby agrees that the Company shall not, without the
Shareholder’s consent, from the date of receipt of such request for a special
meeting or the date of receipt of such nomination, as the case may be, until
the adjournment of the requested special meeting or the annual meeting, as the
case may be, (i) take any action effecting a material change in its
capital structure, (ii) declare or pay a dividend (other than any regular
quarterly dividend), (iii) materially increase the compensation of any
executive officer or (iv) take any material action not in the ordinary
course of business; provided that this Section shall not restrict
the ability of the Company to comply with commitments entered into prior to the
date of such request.

 

8

 

Section 3.8 
No Agreements.  During the
term of this Agreement, no member of the Shareholder Group shall, directly or
indirectly, enter into any agreement or commitment with any member of the
Pohlad Group with respect to the holding, voting, acquisition or disposition of
Voting Securities.

 

ARTICLE IV

 

EFFECTIVENESS AND TERMINATION

 

Section 4.1 
Effectiveness.  This
Agreement shall take effect immediately upon its execution and shall remain in
effect until it is terminated pursuant to Section 4.2 hereof.

 

Section 4.2 
Termination.  This
Agreement shall terminate upon the earliest to occur of the following:

 

(a)           The Shareholder Group’s Total
Ownership Percentage falling below 15% at any time.

 

(b)           Subject to the provisions of Section 4.3,
the consummation of a Permitted Acquisition pursuant to which the Shareholder
Group becomes the Beneficial Owner of not less than that percentage of the
Voting Power attributable to all Voting Securities of the Company equal to 75%;

 

(c)           Two (2) years from the first
date on which the following two conditions are met: (i) the Shareholder
Group has become the Beneficial Owner of a percentage of the Voting Power
attributable to all Voting Securities of the Company which is greater than (x)
55%, but less than (y) 75%, and (ii) the Shareholder Group has consummated
a Shareholder Offer at a price which is not less than the Minimum Price
pursuant to which at least 10% of the Voting Power attributable to Voting
Securities not Beneficially Owned by the Shareholder Group prior to such
Shareholder Offer were acquired by the Shareholder Group.

 

(d)           Mutual written agreement of the
Company and the Shareholder at any time to terminate this Agreement, which
termination shall occur at a time to be fixed in such mutual agreement.

 

Section 4.3 
Amendments Following Certain Acquisitions.  Following the consummation of a Permitted
Acquisition pursuant to which the Shareholder Group becomes the Beneficial
Owner of not less than that percentage of the Voting Power attributable to all
Voting Securities of the Company equal to 75%, the Company agrees that for a
period of 90 days after such Permitted Acquisition it shall not, without the
Shareholder’s consent, take any action or enter into any agreement which (i) restricts
the acquisition by the Shareholder Group of any Voting Securities,
notwithstanding that such acquisition is not a Permitted Acquisition, (ii) restricts
in any manner the transfer of any such Voting Securities by the Shareholder
Group, (iii) restricts any right of the Shareholder Group specifically
preserved under Section 3.1, (iv) otherwise restricts in any manner
the ability of any member of the Shareholder Group to take any action with
respect to Voting Securities, including, in the case of clauses (i) through
(iv), amending the Rights Agreement to provide for any such restriction, (v) effects
a material change in the capital

 

9

 

structure, (vi) declares or pays a dividend
(other than any regular quarterly dividend), (vii) materially increases
the compensation of any executive officer or (viii) is a material action
not in the ordinary course of business; provided that this Section shall
not restrict the ability of the Company to comply with commitments entered into
prior to the date of such Permitted Acquisition.

 

ARTICLE V

 

MISCELLANEOUS

 

Section 5.1 
Injunctive Relief.  Each
party hereto acknowledges that it would be impossible to determine the amount
of damages that would result from any breach of any of the provisions of this
Agreement and that the remedy at law for any breach, or threatened breach, of
any of such provisions would likely be inadequate and, accordingly, agrees that
each other party shall, in addition to any other rights or remedies which it
may have, be entitled to seek such equitable and injunctive relief as may be
available from any court of competent jurisdiction to compel specific
performance of, or restrain any party from violating, any of such
provisions.  In connection with any
action or proceeding for injunctive relief, each party hereto hereby waives the
claim or defense that a remedy at law alone is adequate and agrees, to the
maximum extent permitted by law, to have each provision of this Agreement
specifically enforced against him or it, without the necessity of posting bond
or other security against him or it, and consents to the entry of injunctive
relief against him or it enjoining or restraining any breach or threatened
breach of such provisions of this Agreement.

 

Section 5.2 
Successors and Assigns. 
This Agreement shall be binding upon, shall inure to the benefit of and
shall be enforceable by the Company and by the Shareholder and their respective
successors and permitted assigns, and no such term or provision is for the
benefit of, or intended to create any obligations to, any other Person.

 

Section 5.3 
Amendments; Waiver.

 

(a)           This Agreement may be amended only by
an agreement in writing executed by the parties hereto.  Any approval of an amendment of this
Agreement upon the part of the Company shall require the approval of a majority
of the Independent Directors at a duly convened meeting thereof.

 

(b)           Either party may waive in whole or in
part any benefit or right provided to it under this Agreement, such waiver
being effective only if contained in a writing executed by the waiving
party.  No failure by any party to insist
upon the strict performance of any covenant, duty, agreement or condition of
this Agreement or to exercise any right or remedy consequent upon breach
thereof shall constitute a waiver of any such breach or of any other covenant,
duty, agreement or condition, nor shall any delay or omission of either party
to exercise any right hereunder in any manner impair the exercise of any such
right accruing to it thereafter.  Any
waiver of any benefit or right provided to the Company under this Agreement
shall require the approval of a majority of the Board and a majority of the
Independent Directors at a duly convened meeting thereof.

 

10

 

Section 5.4 
Notices.  Except as
otherwise provided in this Agreement, all notices, requests, claims, demands,
waivers and other communications hereunder shall be in writing and shall be
deemed to have been duly given when delivered by hand, when delivered personally
or by courier, three days after being deposited in the mail (registered or
certified mail, postage prepaid, return receipt requested), or when received by
facsimile transmission if promptly confirmed by one of the foregoing means, as
follows:

 

If to the
Shareholder:

 

PepsiCo, Inc.

700 Anderson Hill Road

Purchase, NY 10577

Attention: General Counsel

Fax: (914) 253-3667

 

If to the
Company:

 

PepsiAmericas, Inc.

4000 Dain Rauscher Plaza

60 South Sixth Street

Minneapolis, Minnesota 55402

Attention: Chief Executive Officer

Fax: (612) 661-3825

 

with a copy
to:

 

Briggs and Morgan, P.A.

2200 IDS Center

80 S. 8th Street

Minneapolis, MN 55402

Attention: 
Brian D. Wenger

Fax: 
(612) 977-8650

 

or to such other address or facsimile number
as either party may, from time to time, designate in a written notice given in
a like manner.

 

Section 5.5 
Applicable Law.  This
Agreement shall be governed by and construed in accordance with the internal
laws of the State of Delaware without giving effect to principles of conflicts of
law.

 

Section 5.6 
Headings.  The descriptive
headings of the several sections in this Agreement are for convenience only and
do not constitute a part of this Agreement and shall not be deemed to limit or
affect in any way the meaning or interpretation of this Agreement.

 

Section 5.7 
Integration.  This
Agreement and the other writings referred to herein or delivered pursuant
hereto which form a part hereof contain the entire understanding of the parties
with respect to its subject matter.  This
Agreement supersedes all prior agreements and

 

11

 

understandings between the parties with respect to its
subject matter.  There are no
restrictions, agreements, promises, representations, warranties, covenants or
undertakings with respect to its subject matter other than those expressly set
forth or referred to herein.

 

Section 5.8 
Severability.  If any term
or provision of this Agreement or any application thereof shall be declared or
held invalid, illegal or unenforceable, in whole or in part, whether generally
or in any particular jurisdiction, such provision shall be deemed amended to
the extent, but only to the extent, necessary to cure such invalidity,
illegality or unenforceability, and the validity, legality and enforceability
of the remaining provisions, both generally and in every other jurisdiction,
shall not in any way be affected or impaired thereby.

 

Section 5.9 
Consent to Jurisdiction. 
In connection with any suit, claim, action or proceeding arising out of
this Agreement, the Shareholder and the Company each hereby consent to the in
personam jurisdiction of the United States federal courts and state courts
located in the State of Delaware; the Shareholder and the Company each agree
that service in the manner set forth in Section 5.4 hereof shall be valid
and sufficient for all purposes; and the Shareholder and the Company each agree
to, and irrevocably waive any objection based on forum non conveniens or venue
not to, appear in any United States federal court or state court located in the
State of Delaware.

 

Section 5.10 
Counterparts.  This
Agreement may be executed by the parties hereto in two or more counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

 

[SIGNATURE PAGE FOLLOWS]

 

12

 

[SIGNATURE PAGE TO SECOND AMENDED AND
RESTATED SHAREHOLDER

AGREEMENT]

 

IN WITNESS
WHEREOF, the Company and the Shareholder have caused this Agreement to be duly
executed by their respective authorized officers as of the date set forth at
the head of this Agreement.

 

	
   

  	
  PEPSIAMERICAS,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert
  C. Pohlad

  	
   

  
	
   

  	
   

  	
    Name:
  Robert C. Pohlad

  
	
   

  	
   

  	
    Title:
  Chairman of the Board and

   Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
  PEPSICO,
  INC. (on behalf of itself and all

  members of the Shareholder Group)

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Lionel
  L. Nowell III

  	
   

  
	
   

  	
   

  	
    Name:
  Lionel L. Nowell III

  
	
   

  	
   

  	
    Title:
  Senior Vice President and Treasurer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]