Document:

Form of Note for the Company's 4.125% Subordinated Notes due July 25, 2028

 Exhibit 4.01 

This Subordinated Note is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the
Depository named below or a nominee of the Depository. This Subordinated Note is not exchangeable for Subordinated Notes registered in the name of a Person other than the Depository or its nominee except in the limited circumstances described herein
and in the Indenture, and no transfer of this Subordinated Note (other than a transfer of this Subordinated Note as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of
the Depository) may be registered except in the limited circumstances described herein. 
 Unless this certificate is presented by an
authorized representative of The Depository Trust Company, a New York corporation (the “Depository”), to Citigroup Inc. or its agent for registration of transfer, exchange, or payment, and any certificate issued in respect thereof is
registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of the Depository (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized
representative of the Depository), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

The Subordinated Notes are not savings accounts or deposits but are unsecured obligations of Citigroup Inc. The Subordinated Notes are not
insured by the Federal Deposit Insurance Corporation or by any other federal agency or instrumentality. 
 CITIGROUP INC. 

4.125% Subordinated Notes due July 25, 2028 
  

			
	REGISTERED	 	REGISTERED
		
		 	CUSIP: 172967KU4  
		 	ISIN: US172967KU42  
		 	Common Code: 145749247  
		
	No. R-000*	 	$250,000,000  

 CITIGROUP INC., a Delaware corporation (the “Company”, which term includes any successor Person
under the Indenture), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $250,000,000 on July 25, 2028 and to pay interest thereon from and including January 25, 2017 or from the
most recent Interest Payment Date (as defined herein) to which interest has been paid or duly provided for, semi-annually, on January 25 and July 25 of each year, commencing July 25, 2017, at the rate of 4.125% per annum, until the
principal hereof is paid or made available for payment (each such payment date, an “Interest Payment Date”). The Subordinated Notes may be redeemed in whole, but not in part, at any time if changes involving United States taxation occur
which could require Citigroup to pay additional amounts. 

 The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date
will, as provided in the Indenture, be paid pursuant to the instructions of the Person in whose name this Subordinated Note is registered at the close of business on the Record Date for such interest, which shall be the Business Day immediately
preceding such Interest Payment Date. 
 Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to
the holder on such Record Date and may either be paid pursuant to the instructions of the Person in whose name this Subordinated Note is registered at the close of business on a subsequent Record Date, such subsequent Record Date to be not less than
five days prior to the date of payment of such defaulted interest, notice whereof shall be given to holders of Subordinated Notes of this series not less than 15 days prior to such subsequent Record Date, or be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange on which the Subordinated Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Interest hereon will be calculated on the basis of a 360-day year comprised of twelve 30-day months or, in the case of an incomplete month, the number of days elapsed. In the event the Subordinated Notes do not continue to remain in book-entry only form, Citigroup shall have the right to select
record dates, which shall be more than 14 days but less than 60 days prior to an Interest Payment Date. 
 If an Interest Payment Date falls
on a day that is not a Business Day, such Interest Payment Date will be the next succeeding Business Day. If the Maturity of the Subordinated Notes falls on a day that is not a Business Day, the payment due on Maturity will be postponed to the next
succeeding Business Day, and no further interest will accrue in respect of such postponement. If a date for payment of interest or principal on the Subordinated Notes falls on a day that is not a business day in the place of payment, such payment
will be made on the next succeeding business day in such place of payment as if made on the date the payment was due. No interest will accrue on any amounts payable for the period from and after the due date for payment of such principal or
interest. 
 For these purposes, “Business Day” means any day on which commercial banks settle payments and are open for general
business in The City of New York. 
 Payment of the principal of and interest on this Subordinated Note will be made at the office or agency
of the Trustee maintained for that purpose in The City of New York. 
 Reference is hereby made to the further provisions of this
Subordinated Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee or by an authenticating agent on behalf of the Trustee by
manual signature, this Subordinated Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 Dated: May 10, 2017 
  

			
	CITIGROUP INC.
		
	By:	 	  

	Name:	 	Joseph Bonocore
	Title:	 	Deputy Treasurer

  

			
	ATTEST:
		
	By:	 	  

	Name:	 	Karen Wang
	Title:	 	Assistant Secretary

  
 3 

 This is one of the
Notes of the series issued under the within-mentioned Indenture. 

Dated: May 10, 2017 
  

			
	THE BANK OF NEW YORK MELLON,
	as Trustee

			
		
	By:	 	  

		 	Name:
		 	Title:
	
	-or-
	
	CITIBANK, N.A.,
	as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 4 

 This Subordinated Note is one of a duly authorized issue of Securities of the Company (the
“Subordinated Notes”), issued and to be issued in one or more series under the Indenture, dated as of April 12, 2001 (as amended and supplemented from time to time, the “Indenture”), between the Company and The Bank of New
York Mellon (as successor to J.P. Morgan Trust Company, N.A. and Bank One Trust Company, N.A.), as Trustee (the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the holders of the Subordinated Notes and of the terms upon which the Subordinated
Notes are, and are to be, authenticated and delivered. This Subordinated Note is one of the series designated on the face hereof, initially limited in aggregate principal amount of $1,500,000,000 and increased to $1,750,000,000. 

The Company covenants and agrees that the indebtedness evidenced by the Subordinated Notes is subordinate and junior in right of payment to
all Senior Indebtedness (as defined in the Indenture) to the extent provided in the Indenture, and each holder of Subordinated Notes, by his or her acceptance thereof, likewise covenants and agrees to the subordination provided in the Indenture
(including Article Fourteen thereof) and shall be bound by the provisions thereof. 
 In the event that the Company shall default in the
payment of any principal of (or premium, if any) or interest on any Senior Indebtedness when the same becomes due and payable after any applicable grace period, whether at maturity or at a date fixed for prepayment or by declaration or otherwise,
then, unless and until such default shall have been cured or waived or shall have ceased to exist, no direct or indirect payment (in cash, property, securities, by set-off or otherwise) shall be made or agreed
to be made on account of the principal of, or premium, if any, or interest on the indebtedness evidenced by the Subordinated Notes, or in respect of any redemption, retirement or other acquisition of any of the Subordinated Notes, except that
holders of Subordinated Notes may receive and retain (x) securities of the Company or any other corporation provided for by a plan of reorganization or readjustment the payment of which is subordinate, at least to the extent provided in these
subordination provisions with respect to the indebtedness evidenced by the Subordinated Notes, to the payment of all Senior Indebtedness at the time outstanding and to any securities issued in respect thereof under any such plan of reorganization or
readjustment and (y) payments made from a defeasance trust created pursuant to Article Eleven of the Indenture. 
 In the event of:

 (i) any insolvency, bankruptcy, receivership, liquidation, reorganization, readjustment, composition or other similar proceeding relating
to the Company, its creditors or its property, 
 (ii) any proceeding for liquidation, dissolution or other winding up of the Company,
voluntary or involuntary, whether or not involving insolvency or bankruptcy proceedings, 
 (iii) any assignment by the Company for the
benefit of creditors, or 
 (iv) any other marshalling of the assets of the Company, 

  
 5 

 all Senior Indebtedness (including any interest thereon accruing after the commencement of any such proceedings)
shall first be paid in full before any payment or distribution, whether in cash, securities or other property, shall be made to any Holder of any of the Subordinated Notes on account thereof (except as provided in the next sentence). Any payment or
distribution, whether in cash, securities or other property (other than (x) securities of the Company or any other corporation provided for by a plan of reorganization or readjustment the payment of which is subordinate, at least to the extent
provided in these subordination provisions with respect to the indebtedness evidenced by the Subordinated Notes, to the payment of all Senior Indebtedness at the time outstanding and to any securities issued in respect thereof under any such plan of
reorganization or readjustment and (y) payments made from a defeasance trust created pursuant to Article Eleven of the Indenture), which would otherwise (but for these subordination provisions) be payable or deliverable in respect of the
Subordinated Notes shall be paid or delivered directly to the holders of Senior Indebtedness in accordance with the priorities then existing among such holders until all Senior Indebtedness (including any interest thereon accruing after the
commencement of any such proceedings) shall have been paid in full. 
 If an event of default (as defined in the Indenture) with respect to
Subordinated Notes of this series shall occur and be continuing, the principal of the Subordinated Notes of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Subordinated Note upon compliance by the
Company with certain conditions set forth in Article Eleven thereof, which provisions apply to this Subordinated Note. 
 The Indenture
contains provisions permitting the Company and the Trustee, without the consent of the holders of Securities, to establish, among other things, the form and terms of any series of Securities issuable thereunder by one or more supplemental
indentures, and, with the consent of the holders of not less than a majority of the principal amount of Securities at the time Outstanding which are affected thereby, to modify the Indenture or any supplemental indenture or the rights of the holders
of Securities of such series to be affected, provided that no such modification shall, without the consent of the holder of each Outstanding Security so affected, (x) change the Stated Maturity of the principal of, or any installment of
principal of or interest on, any Security, or reduce the principal amount thereof or the rate of interest thereon or any premium thereon, or change any place of payment where, or the coin or currency in which any Security or any premium or interest
thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption on or after the Redemption Date) or modify the provisions of the Indenture with
respect to the subordination of the Securities in a manner adverse to the Securityholders or (y) reduce the aforesaid percentage in principal amount of the Outstanding Securities of any series, the consent of the holders of which is required
for any supplemental indenture, or the consent of whose holders is required for any waiver provided for in the Indenture, or (z) modify certain other provisions of the Indenture, as set forth in Section 13.02 of the Indenture. 

  
 6 

 No reference herein to the Indenture and no provision of this Subordinated Note or of the
Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Subordinated Note at the times, place and rate, and in the coin or currency, herein prescribed. 

This Subordinated Note is a Global Security registered in the name of a nominee of the Depository. This Subordinated Note is exchangeable for
Subordinated Notes registered in the name of a person other than the Depository or its nominee only in the limited circumstances hereinafter described. Unless and until it is exchanged in whole or in part for definitive Subordinated Notes in
certificated form, this Subordinated Note may not be transferred except as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository. 

The Subordinated Notes represented by this Global Security are exchangeable for definitive Subordinated Notes in certificated form of like
tenor as such Subordinated Notes in denominations of $1,000 and whole multiples of $1,000 in excess thereof only if (i) the Depository notifies the Company that it is unwilling or unable to continue as Depository for the Subordinated Notes or
(ii) the Depository ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, or (iii) the Company in its sole discretion decides to allow the Subordinated Notes to be exchanged for definitive
Subordinated Notes in registered form. Any Subordinated Notes that are exchangeable pursuant to the preceding sentence are exchangeable for certificated Subordinated Notes issuable in authorized denominations and registered in such names as the
Depository shall direct. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of definitive Subordinated Notes in certificated form is registrable in the register maintained by the Company in The City of
New York for such purpose, upon surrender of the definitive Subordinated Note for registration of transfer at the office or agency of the registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
Company and the registrar duly executed by, the holder thereof or his attorney duly authorized in writing, and thereupon one or more new Subordinated Notes of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees. Subject to the foregoing, this Subordinated Note is not exchangeable, except for a Global Security or Global Securities of this issue of the same principal amount to be
registered in the name of the Depository or its nominee. 
 No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Subordinated Note for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Subordinated Note is registered as the owner hereof for all purposes, whether or not this Subordinated Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by
notice to the contrary. 

  
 7 

 The Company will pay additional amounts (“Additional Amounts”) to the beneficial owner
of any Subordinated Note that is a non-United States person in order to ensure that every net payment on such Subordinated Note will not be less, due to payment of U.S. withholding tax, than the amount then
due and payable. For this purpose, a “net payment” on a Subordinated Note means a payment by the Company or a paying agent, including payment of principal and interest, after deduction for any present or future tax, assessment or other
governmental charge of the United States. These Additional Amounts will constitute additional interest on the Subordinated Note. 
 The
Company will not be required to pay Additional Amounts, however, in any of the circumstances described in items (1) through (13) below. 
  

	 	(1)	Additional Amounts will not be payable if a payment on a Subordinated Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the beneficial owner:

  

	 	(a)	having a relationship with the United States as a citizen, resident or otherwise; 

  

	 	(b)	having had such a relationship in the past; or 

  

	 	(c)	being considered as having had such a relationship. 

  

	 	(2)	Additional Amounts will not be payable if a payment on a Subordinated Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the beneficial owner:

  

	 	(a)	being treated as present in or engaged in a trade or business in the United States; 

  

	 	(b)	being treated as having been present in or engaged in a trade or business in the United States in the past; or 

  

	 	(c)	having or having had a permanent establishment in the United States. 

  

	 	(3)	Additional Amounts will not be payable if a payment on a Subordinated Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld in whole or in part by reason of the
beneficial owner being or having been any of the following (as such terms are defined in the Internal Revenue Code of 1986, as amended): 

  

	 	(a)	personal holding company; 

  

	 	(b)	foreign private foundation or other foreign tax-exempt organization; 

  

	 	(c)	passive foreign investment company; 

  

	 	(d)	controlled foreign corporation; or 

  

	 	(e)	corporation which has accumulated earnings to avoid United States federal income tax. 

  

	 	(4)	 Additional Amounts will not be payable if a payment on a Subordinated Note is reduced as a result of any tax,
assessment or other governmental charge that is 

  
 8 

	 	
imposed or withheld solely by reason of the beneficial owner owning or having owned, actually or constructively, 10 percent or more of the total combined voting power of all classes of stock
of the Company entitled to vote or by reason of the beneficial owner being a bank that has invested in a Subordinated Note as an extension of credit in the ordinary course of its trade or business. 

For purposes of items (1) through (4) above, “beneficial owner” means a fiduciary, settlor, beneficiary, member or shareholder of the
holder if the holder is an estate, trust, partnership, limited liability company, corporation or other entity, or a person holding a power over an estate or trust administered by a fiduciary holder. 

 

	 	(5)	Additional Amounts will not be payable to any beneficial owner of a Subordinated Note that is a: 

  

	 	(a)	fiduciary; 

  

	 	(b)	partnership; 

  

	 	(c)	limited liability company; or 

  

	 	(d)	other fiscally transparent entity 

 or that is not the sole beneficial owner of the Subordinated
Note, or any portion of the Subordinated Note. However, this exception to the obligation to pay Additional Amounts will only apply to the extent that a beneficiary or settlor in relation to the fiduciary, or a beneficial owner or member of the
partnership, limited liability company or other fiscally transparent entity, would not have been entitled to the payment of an Additional Amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or
distributive share of the payment. 
  

	 	(6)	Additional Amounts will not be payable if a payment on a Subordinated Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the failure of the
beneficial owner or any other person to comply with applicable certification, identification, documentation or other information reporting requirements. This exception to the obligation to pay Additional Amounts will only apply if compliance with
such reporting requirements is required by statute or regulation of the United States or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax, assessment or other governmental charge.

  

	 	(7)	Additional Amounts will not be payable if a payment on a Subordinated Note is reduced as a result of any tax, assessment or other governmental charge that is collected or imposed by any method other than by withholding
from a payment on a Subordinated Note by the Company or a paying agent. 

  

	 	(8)	Additional Amounts will not be payable if a payment on a Subordinated Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld by reason of a change in law, regulation,
or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later. 

  
 9 

	 	(9)	Additional Amounts will not be payable if a payment on a Subordinated Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld by reason of the presentation by the
beneficial owner of a Subordinated Note for payment more than 30 days after the date on which such payment becomes due or is duly provided for, whichever occurs later. 

 

	 	(10)	Additional Amounts will not be payable if a payment on a Subordinated Note is reduced as a result of any: 

  

	 	(a)	estate tax; 

  

	 	(b)	inheritance tax; 

  

	 	(c)	gift tax; 

  

	 	(d)	sales tax; 

  

	 	(e)	excise tax; 

  

	 	(f)	transfer tax; 

  

	 	(g)	wealth tax; 

  

	 	(h)	personal property tax; or 

  

	 	(i)	any similar tax, assessment, withholding, deduction or other governmental charge. 

  

	 	(11)	Additional Amounts will not be payable if a payment on a Subordinated Note is reduced as a result of any tax, assessment, or other governmental charge required to be withheld by any paying agent from a payment of
principal or interest on a Subordinated Note if such payment can be made without such withholding by any other paying agent. 

  

	 	(12)	Additional Amounts will not be payable if a payment on a Subordinated Note is reduced as a result of any withholding, deduction, tax, duty assessment or other governmental charge that would not have been imposed but for
a failure by the holder or beneficial owner of a Subordinated Note (or any financial institution through which the holder or beneficial owner holds the Subordinated Note or through which payment on the Subordinated Note is made) to take any action
(including entering into an agreement with the Internal Revenue Service, or a governmental authority of another jurisdiction if the holder is entitled to the benefits of an intergovernmental agreement between that jurisdiction and the United States)
or to comply with any applicable certification, documentation, information or other reporting requirement or agreement concerning accounts maintained by the holder or beneficial owner (or any such financial institution), or concerning ownership of
the holder or beneficial owner, or any substantially similar requirement or agreement. 

  

	 	(13)	Additional Amounts will not be payable if a payment on a Subordinated Note is reduced as a result of any combination of items (1) through (12) above. 

  
 10 

 Except as specifically provided herein, the Company will not be required to make any payment of
any tax, assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of such government. 

As used in this Subordinated Note, “United States person” means: 

 

	 	(a)	any individual who is a citizen or resident of the United States; 

  

	 	(b)	any corporation, partnership or other entity created or organized in or under the laws of the United States or any political subdivision thereof; 

 

	 	(c)	any estate if the income of such estate falls within the federal income tax jurisdiction of the United States regardless of the source of such income; and 

 

	 	(d)	any trust if (i) a United States court is able to exercise primary supervision over its administration and one or more United States persons have the authority to control all of the substantial decisions of the
trust; or (ii) it has a valid election in effect under applicable United States Treasury regulations to be treated as a United States person. 

Additionally, “non-United States person” means a person who is not a United States person,
and “United States” means the states of the United States of America and the District of Columbia, but excluding its territories and its possessions. 

Except as provided below, the Subordinated Notes may not be redeemed prior to maturity. 

 

	 	(1)	The Company may, at its option, redeem the Subordinated Notes if: 

  

	 	(a)	the Company becomes or will become obligated to pay Additional Amounts as described above; 

  

	 	(b)	the obligation to pay Additional Amounts arises as a result of any change in the laws, regulations or rulings of the United States, or an official position regarding the application or interpretation of such laws,
regulations or rulings, which change is announced or becomes effective on or after May 3, 2017; and 

  

	 	(c)	the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be avoided by the use of reasonable measures available to it, other than substituting the obligor under the
Subordinated Notes or taking any action that would entail a material cost to the Company. 

  

	 	(2)	The Company may also redeem the Subordinated Notes, at its option, if: 

  

	 	(a)	any act is taken by a taxing authority of the United States on or after May 3, 2017, whether or not such act is taken in relation to the Company or any subsidiary, that results in a substantial probability that the
Company will or may be required to pay Additional Amounts as described above; 

  
 11 

	 	(b)	the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be avoided by the use of reasonable measures available to it, other than substituting the obligor under the
Subordinated Notes or taking any action that would entail a material cost to the Company; and 

  

	 	(c)	the Company receives an opinion of independent counsel to the effect that an act taken by a taxing authority of the United States results in a substantial probability that the Company will or may be required to pay the
Additional Amounts described above, and delivers to the Trustee a certificate, signed by a duly authorized officer, stating that based on such opinion the Company is entitled to redeem the Subordinated Notes pursuant to their terms.

 Any redemption of the Subordinated Notes as set forth in clauses (1) or (2) above shall be in whole, and not in part, and will be made
at a redemption price equal to 100% of the principal amount of the Subordinated Notes Outstanding plus accrued interest thereon to the date of redemption. Holders shall be given not less than 30 days nor more than 60 days’ prior notice by the
Trustee of the date fixed for such redemption. 
 All terms used in this Subordinated Note which are defined in the Indenture shall have the
meanings assigned to them in the Indenture. The Subordinated Notes are governed by the laws of the State of New York. 

  
 12SunOpta Inc.: Exhibit 10.2- Filed by newsfilecorp.com

Exhibit 10.2 

SEPARATION AGREEMENT AND FULL AND FINAL RELEASE 

This agreement (Agreement) is
entered into between Joseph Davidson (Employee) and SunOpta, Inc. (Company).
This Agreement has been individually-negotiated and is not provided in
connection with a termination program. 

1.     
Separation From and Termination of Employment Relationship.

	 	A. 	
      Termination of Employment Relationship: Employee
      and the Company will end their employment relationship on February 16,
      2017 (the “Termination Date”). The Company may relieve Employee of all
      duties and place the Employee on administrative leave prior to the
      Termination Date by providing written notice. Employee no longer will be
      authorized to transact business or incur any expenses, obligations and
      liabilities on behalf of the Company after the earlier of being placed on
      administrative leave or the Termination Date. Employee agrees not to seek
      reinstatement, future employment, or other working relationship with the
      Company or any of its affiliates.

	 	 	 
	 	B. 	
      Compensation through Termination Date:
      Irrespective of wither Employee executes this Agreement and to the extent
      that Employee has not already received payment, the Company shall pay
      Employee (i) all unpaid compensation to which he is otherwise entitled
      through the Termination Date, and (ii) for any accrued, unused paid time
      off pay, if any, existing at the Termination Date, all in accordance with
      the Company’s applicable policies. All accrued and unused paid time off
      that is due will be paid on the Company’s first regularly scheduled pay
      date following the Termination Date.

	 	 	 
	 	C. 	
      Retention Bonus: Employee will receive a retention
      bonus payment in the total gross amount of $27,103.57, consistent with
      Employee’s retention bonus agreement dated November 11, 2016.

	 	 	 
	 	D. 	
      SunOpta Stock Awards. Employee’s stock option
      awards or restricted stock awards relating to SunOpta, Inc., as well as
      his ownership of any series of shares of SunOpta, Inc. or any of its
      subsidiaries, if any, will be handled in accordance with the terms,
      provisions and conditions of the applicable plans and agreements governing
      such options, restricted stock and shares. Nothing in this Agreement shall
      modify or override those terms, provisions and conditions of said plans
      and agreements.

	 	 	 
	 	E. 	
      Company Retirement and Incentive Plan(s). Employee
      may have vested interests in a Company-sponsored 401(k) plan or other
      retirement or deferred compensation plan. Employee’s interests in said
      plans shall be paid subject to the terms, provisions and conditions of
      said plans, and nothing in this Agreement shall modify or override those
      terms. Employee’s right to make contributions to any such plans shall
      terminate on the Termination Date, and the Severance Benefits provided for
      in Paragraph 2 shall not constitute wages for purposes of the plans.
      Employee’s participation in the SunOpta Corporate Bonus Plan (“STI”) and
      Long Term Incentive Plan shall terminate on the Termination Date and
      Employee shall forfeit any right to receive any benefit from such
    plan.

1

2.      Consideration.
In consideration of Employee’s promises in this Agreement, and upon expiration
of the revocation period so long as Employee has not revoked, the Company will
provide Employee: 

	 	A. 	
      Severance pay in the total gross amount of $426,360, to
      be paid as salary continuation (the “Severance Benefit”). The Severance
      Benefit shall be payable over up to a seventy-six (76) week period
      beginning after the Termination Date and payable in the form of
      substantially equal bi-weekly payments amortized over this seventy-six
      (76) week period. The initial payment shall be made on Company’s first
      regular pay date following, and subject to, the occurrence of all of the
      following: (i) Employee’s termination of employment, (ii) his execution of
      this Agreement, and (iii) expiration of the revocation period described in
      Paragraph 12 without Employee having revoked this Agreement. The Severance
      Benefit shall be paid pursuant to a fixed schedule of the regular payroll
      practices of the Company.

	 	 	 
	 	B. 	
      If Employee elects COBRA, Company will pay Employer
      portion and COBRA fees for medical and dental coverage through February
      2018. Employee is responsible for the Employee portion of such
      coverage.

	 	 	 
	 	C. 	
      Outplacement Benefits. Employer will provide Employee
      with outplacement benefits for six (6) months through Challenger, Gray
      & Christmas.

The Company will apply standard tax and other applicable
withholdings to payments made to Employee. Employee agrees that the
consideration the Company will provide includes amounts in addition to anything
of value to which Employee already is entitled. The Company also will pay
Employee accrued but unused vacation regardless of whether Employee signs this
Agreement. Although the Company is under no obligation to provide reinstatement,
employment, re-employment, consulting or other similar status, if the Company
rehires Employee within twelve months of the Termination Date, Employee’s right
to future severance payments will terminate.

3.      Full
and Final Release. In consideration of the benefits provided by the Company,
Employee, for Employee personally and Employee’s heirs, executors,
administrators, successors and assigns, fully, finally and forever releases and
discharges the Company and its affiliates, as well as their respective
successors, assigns, officers, owners, directors, agents, representatives,
attorneys, and employees (all of whom are referred to throughout this Agreement
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
Employee signs this Agreement. 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, and
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.

4.      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 Employee signs this Agreement,
(iii) that may arise after Employee signs this Agreement, and (iv) which
cannot be released by private agreement. Employee understands that nothing in
this Agreement (a) limits or affects Employee’s right to challenge the validity
of this Release under the ADEA or the Older Workers Benefit Protection Act or
(b) prevents Employee 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 or local agency charged with the enforcement of any laws,
including providing documents or other information, or (c) prevents Employee
from exercising Employee’s rights under Section 7 of the NLRA to engage in
protected, concerted activity with other employees, although by signing this
Agreement, Employee is waiving his 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
Employee or on his behalf by any third party, except for any right Employee may
have to receive a payment from a government agency (and not the Company) for
information provided to the government agency.

1

5.      Proprietary
Information. Employee acknowledges access to and receipt of confidential
business and proprietary information regarding the Company and its affiliates
while working. Employee agrees not to make any such information known to any
member of the public. Employee further agrees to return to the Company prior to
the Termination Date all confidential and proprietary information and all other
Company property, as well as all copies or excerpts of any property, files or
documents obtained as a result of employment with the Company, except those
items that the Company specifically agrees in writing to permit Employee to
retain. 

6.      Restrictive
Covenants. Employee understands and acknowledges that by virtue of his
employment with the Company, he had access to and knowledge of Confidential
Information (defined hereafter), was in a position of trust and confidence with
the Company, and benefitted from the Company’s goodwill. Employee further
understands and acknowledges that the restrictive covenants below are necessary
to protect the Company’s legitimate business interests in its Confidential
Information and goodwill. Employee further understands and acknowledges that the
Company’s ability to reserve these for the exclusive knowledge and use of the
Company is of great competitive importance and commercial value to the Company
and that the Company would be irreparably harmed if the Employee violates the
restrictive covenants below. 

	 	 	(a) 	
      Confidentiality. Employee understands and
      acknowledges that during the course of his employment, he has had access
      to and learned about confidential, secret and proprietary documents,
      materials and other information, in tangible and intangible form, of and
      relating to the Company, its businesses and existing and prospective
      customers, suppliers, investors and other associated third parties
      (“Confidential Information”). For purposes of this Agreement, Confidential
      Information includes, but is not limited to, all information not generally
      known to the public, whether oral or written, relating directly or
      indirectly to financial statements, projections, evaluations, plans,
      programs, customers, suppliers, facilities, equipment and other assets,
      products, processes, manufacturing, marketing, research and development,
      trade secrets, know-how, patent applications that have not been published,
      technology and other confidential information and intellectual property of
      the Company. Employee understands that the above list is not exhaustive,
      and that Confidential Information also includes other information that is
      marked or otherwise identified as confidential or proprietary, or that
      would otherwise appeal to a reasonable person to be confidential or
proprietary in the context and circumstances in which the information is known
or used. Employee agrees, as a condition of this Agreement, that Employee will
not use or disclose any Confidential Information which Employee learned or that
came into Employee possession during the course of employment with the Company.
Among other things, and without limitation, Employee will not use or disclose,
without the consent of the Company, any trade secrets, confidential or
proprietary information of or concerning the Company, its owners, affiliates,
customers or suppliers. 

2

	 	 	(b) 	
      Non-Competition. Employee will not at any time
      within the period of eighteen (18) months following the Termination Date
      either individually or in partnership or jointly or in conjunction with
      any person or persons as principal, agent, consultant, shareholder (except
      as a shareholder holding not more than five (5) percent of the outstanding
      shares from time to time from any class of shares of a publicly traded
      corporation) or in any other manner whatsoever engage in, own, manage,
      operate, join, control, advise or consult with, participate in the
      ownership, operation or control of, be employed by, or be connected in any
      manner with any person, company or firm that solicits, offers, sells or
      provides any services or products competitive with those offered or
      provided by Company, or which you became aware the Company is planning to
      offer or provide, during the course of your employment in the United
      States or Canada.

	 	 	 	 
	 	 	(c) 	
      Non-Solicitation of Customers. Employee
      understands and acknowledges that the Company has expended and continues
      to expend significant time and expense in developing customer
      relationships, customer information and goodwill, and that because of the
      Employee’s experience with and relationship to the Company, he has had
      access to and learned about much or all of the Company’s customer
      information. Customer information includes, but is not limited to, names,
      phone numbers, addresses, e-mail addresses, order history, order
      preferences, chain of command, product information, pricing information
      and other information identifying facts and circumstances specific to the
      customer. Employee agrees, as a condition of this Agreement, not to
      directly or indirectly solicit, contact, attempt to contact or meet
      without the Company’s consent, any person solicited, serviced, or
      contacted by you on behalf of the Company during your employment for
      purposes of offering or accepting goods or services competitive with those
      offered by the Company during the course of Employee’s employment for a
      period of eighteen (18) months.

	 	 	 	 
	 	 	(d) 	
      Non-Solicitation of Employees. Employee
      understands and acknowledges that the Company has expended and continues
      to expend significant time and expense in recruiting and training its
      employees. Employee agrees, as a condition of this Agreement, not to
      directly or indirectly solicit, hire, recruit, attempt to hire or recruit,
      or induce the termination of employment of any employee of the Company for
      a period of eighteen (18) months from the Termination Date.

	 	 	 	 
	 	 	(e) 	
      Reasonableness of Restrictions. If any covenant or
      provision of this Agreement is determined to be void or unenforceable in
      whole or in part, it shall not be deemed to affect or impair the validity of any other covenant or
provision and Paragraphs 6(a), 6(b), 6(c) and 6(d) are each declared to be
separate and distinct covenants. If any court of law finds that any provision of
this Paragraph 6 is invalid or unenforceable, then such provision shall be
enforced to the extent deemed reasonable and enforceable by the court. Employee
hereby agrees all restrictions contained in this section are reasonable and
valid and all defenses to the strict enforcement thereof by the Company are
hereby waived. Employee further agrees that the covenants in this section shall
not terminate upon the termination of employment hereunder and acknowledge that
a violation of any of the provisions of this section will result in immediate
and irreparable damage to the Company and agree that in the event of such
violation, the Company, in addition to any other right of relief, shall be
entitled to seek equitable relief by way of a temporary or permanent injunction
and to such other relief that any court of competent jurisdiction may deem just
and proper. If Employee is in breach of any such restrictions, the running of
the period of such restrictions shall be stayed and shall recommence upon the
date Employee ceases to be in breach thereof, whether voluntarily or by
injunction. 

3

	 	(f) 	
      Survivability. The terms of this Paragraph 6 shall
      survive the expiration or termination of this Agreement for any
    reason.

7.     
Confidentiality. The nature and terms of this Agreement are strictly
confidential and they have not been and shall not be disclosed by Employee at
any time to any person other than Employee’s lawyer or accountant, a
governmental agency, or Employee’s immediate family without the prior written
consent of an officer of the Company, except as necessary in any legal
proceedings directly related to the provisions and terms of this Agreement, to
prepare and file income tax forms, or as required by court order after
reasonable notice to the Company.

8.      Insider
Trading. The Company reminds you of that, by virtue of your role as a senior
officer of the Company, you may be in possession of material information with
respect to the Company which has not been publicly disclosed. As a result,
notwithstanding the termination of your employment, you may still be considered
to be in a “special relationship” with the Company under applicable securities
laws in Canada and the United States and therefore subject to restrictions on
trading in securities of the Company or tipping or disclosing material
non-public information to third parties. You are therefore encouraged to consult
with your attorney or the Company’s Compliance Officer in advance of trading in
securities of the Company.

9.      Cooperation.
Employee agrees to cooperate with the Released Parties regarding any pending or
subsequently filed litigation, claims or other disputes involving the Released
Parties that relate to matters within the knowledge or responsibility of
Employee. Without limiting the foregoing, Employee agrees (i) to meet with a
Released Party’s representatives, its counsel or other designees at mutually
convenient times and places with respect to any items within the scope of this
provision; (ii) to provide truthful testimony regarding same to any court,
agency, or other adjudicatory body; and (iii) to provide the Company with notice
of contact by any adverse party or such adverse party’s representative, except
as may be required by law. The Company will reimburse Employee for reasonable
expenses in connection with the cooperation described in this paragraph. 

10.      Non-Admission.
This Agreement shall not be construed as an admission by the Company of any liability or acts of wrongdoing or unlawful
discrimination, nor shall it be considered to be evidence of such liability,
wrongdoing, or unlawful discrimination. 

4

11.      Non-Disparagement.
Except as otherwise provided in Paragraph 4 above, Employee agrees not to make
statements to clients, customers and suppliers of the Company (or any of its
affiliates) or to other members of the public that are in any way disparaging or
negative towards the Company, any of its affiliates, or the products, services,
representatives or employees of any of the foregoing. Nothing in this paragraph
prohibits Employee from complying with a court order or lawful subpoena. 

12.      Acknowledgements:
Employee acknowledges and agrees that: (i) Employee has reported to the Company
any and all work-related injuries incurred during employment; and (iii) the
Company properly provided any leave of absence because of Employee’s or a family
member’s health condition and Employee has not been subjected to any improper
treatment, conduct or actions due to a request for or taking such leave, and
(iii) Employee has not filed for bankruptcy and has a legal right to receive the
Severance Benefits out lined above. 

13.      Advice
of Counsel, Consideration and Revocation Periods, Other Information. The
Company advises Employee to consult with an attorney prior to signing this
Agreement. Employee has twenty-one (21) days to consider whether to sign this
Agreement (the “Consideration Period”). Employee must return this signed
Agreement to the Company’s representative set forth below within the
Consideration Period but not prior to the Termination Date. If Employee signs
and returns this Agreement before the end of the Consideration Period, it is
because Employee freely chose to do so after carefully considering its terms.
Additionally, Employee shall have fifteen days from the date of the signing of
this Agreement to revoke this Agreement by delivering a written notice of
revocation within the fifteen-day revocation period to Jill Barnett, General
Counsel, 7301 Ohms Lane, Suite 600 Edina, MN 55439 If the revocation period
expires on a weekend or holiday, Employee will have until the end of the next
business day to revoke. This Agreement will become effective on the sixteenth
day after Employee signs this Agreement provided Employee does not revoke this
Agreement. Any modification or alteration of any terms of this Agreement by
Employee voids this Agreement in its entirety. Employee agrees with the Company
that changes, whether material or immaterial, do not restart the running of the
Consideration Period. Employee knowingly and voluntarily agrees to all of the
terms set forth in this Agreement. 

14.     
Applicable Law and General Provisions. This Agreement shall be
interpreted under Minnesota law. This Agreement sets forth the entire agreement
between the parties. Employee is not relying on any other agreements or oral
representations not fully addressed in this Agreement. Any prior agreements
between or directly involving Employee and the Company are superseded by this
Agreement. To the extent of any conflict between the terms of this Agreement and
the Company’s severance plan, the provisions of this Agreement shall prevail.
The provisions of this individually-negotiated Agreement are severable, and if
any part of this Agreement except Paragraph 3 is found by a court of law to be
unenforceable, the remainder of this Agreement will continue to be valid and
effective. The headings in this Agreement are provided for reference only and
shall not affect the substance of this Agreement.

In exchange for the promises
contained in this Agreement, the Company promises to provide the benefits set
forth in this Agreement. 

5

	Date: 2/21/2017 	Michelle Coleman 
Chief Human
      Resources Officer 	/s/ Michelle Coleman 
Signature
  

Employee has read and understood
this Agreement, signs this Agreement waiving valuable rights, and acknowledges
that this Agreement is final and binding.

	Date: 2/21/17 
Not valid if signed before
      Termination Date 	Joe Davidson 	/s/ Joseph Davidson 
Signature
  

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