Document:

sf-ex101_15.htm

Exhibit 10.1

STIFEL FINANCIAL CORP.

RESTRICTED CASH AWARD AGREEMENT 

 

Stifel Financial Corp., a Delaware corporation including its past, present or future affiliates, subsidiaries, predecessors and successors (collectively, “Stifel” or the “Corporation”), in exercising its discretion with respect to your eligibility for incentive and retention compensation for performance calendar year 2020 (the “2020 Cash Award”) shall advance the 2020 Cash Award which will be earned and vest over time, with any advanced but unearned and unvested amount subject to repayment under the terms and conditions described herein (the “Agreement”).

 

Name:

 

Award Date:

 

Amount of Advanced Cash Award:  $[   ], less applicable taxes and withholdings. 

 

For good and valuable consideration in receiving the 2020 Cash Award, you hereby agree that:

 

	
1.
	
Provided that you execute and deliver this Agreement on a timely basis and are in Active Working Status (meaning that you have not resigned, given notice of your resignation, have not been terminated or been given notice of your termination, or are not under suspension (either with or without pay)) on the advance payment date which shall be on or before March 31, 2021, Stifel shall advance to you the 2020 Cash Award in the amount of $[  ], less applicable taxes and withholding.  The advance payment date is within the discretion of Stifel and in no event may you, directly or indirectly, designate the calendar year of payment of the 2020 Cash Award.

 

	
2.
	
The 2020 Cash Award will be earned in five equal annual tranches commencing on the anniversary date of this Agreement and continuing on the same date for the following four years (each, a “Vesting Date”), provided in each case that you remain continuously employed from the date hereof through the applicable Vesting Date and are in Active Working Status on such Vesting Date.  For example, in the event that you are in Active Working Status on the anniversary date of this Agreement, 20% of the 2020 Cash Award will vest.

 

	
3.
	
In the event you are not in Active Working Status on or prior to December 31, 2025, you agree to immediately repay to Stifel [  ]% of any portion of the 2020 Cash Award that has not vested and been earned in accordance with paragraph 2 above.  

 

	
4.
	
By signing below and accepting the advance of the 2020 Cash Award, you specifically authorize Stifel, to the maximum extent permitted under applicable law but only to the extent not resulting in adverse tax consequences under Section 409A of the Internal Revenue Code, in addition to all other rights and remedies available to the Company, to set-off, apply and deduct, at its sole discretion, any or all of the following for the payment of any outstanding amount under this Agreement:  (a) any amount(s) outstanding to your credit, whether in the form of Stifel Financial Corp. stock, Stifel Financial Corp. stock units (whether in the Stifel Financial Corp. Wealth Accumulation Plan (“SWAP”) or otherwise, or (b) any sums or assets in which you have a direct or indirect interest that is held in any brokerage, deposit or other account or form with Stifel Financial or any other affiliate, successor, or assign.  You hereby authorize Stifel Financial and its affiliates, successors, and assigns to exercise this right of set-off, and you therefore assign and grant a security interest to Stifel Financial, its affiliates, successors, and assigns, as security for repayment of any and all amounts due hereunder in all securities, interests, deferred compensation plans, benefits and other 

 

		
amounts due or to become due you.  Stifel shall be permitted, but not obligated, to make such deductions.  In the event Stifel does not recover the full amount of the unvested and unearned 2020 Cash Award through setoff or deduction authorized pursuant to this Agreement, you agree to repay any remaining balance in full within ten days after your last day of employment with Stifel.

 

	
5.
	
You have the right to dispute in writing the amount and frequency of deductions that are not in accordance with the terms of the authorization contained in this Agreement.  Stifel may not make any deductions during the dispute process.  Stifel must address your concerns, in writing, as soon as practical with a clear statement indicating its position with regard to the deduction, including whether Stifel agrees or disagrees with your position(s) regarding the deduction and why it agrees or disagrees.  If it disagrees with your position(s), Stifel will invite you to a resolution meeting within one week of providing the written response to you.  If you accept the invitation, Stifel and you may discuss any remaining issues at such meeting, and thereafter Stifel must address the matter in a written, final determination within one week of the meeting date in which it considers each of your concerns.  Stifel must wait three weeks after such final, written decision to begin making deductions, or, if it determines deductions were improperly made, must repay all deductions to you as soon as possible.

 

	
6.
	
This Agreement shall be governed by, and construed in accordance with, the laws of the State of [Maryland, Missouri, New York or California], without giving effect to its principles or rules of conflicts of laws, to the extent that such principles or rules would require or permit the application of the law of another jurisdiction.  

 

	
7.
	
You hereby agree that, if you are registered with the Financial Industry Regulatory Authority (“FINRA”), any controversy or claim arising out of or relating to this Agreement will be resolved through binding arbitration before FINRA in accordance with its rules. Further, to the extent Stifel may avail itself of state or federal court to enforce this Agreement, you hereby consent to the personal jurisdiction of the state and federal courts sitting in the State of [Maryland, Missouri, New York, California].  Any arbitration pursuant to this Agreement shall be deemed an arbitration proceeding subject to the Federal Arbitration Act.

 

	
8.
	
You agree that you shall pay all costs of enforcement of this Agreement and collection of any amounts due under this Agreement, including reasonable attorney's fees and indemnify Stifel for any liabilities, taxes, costs, and expenses of any kind that it may incur in connection with the exercise of its rights under this Agreement.  Further, you agree that you will not assert any defenses, rights of set-off, or counterclaims as a reason for not fully repaying the amounts due under this Agreement.

 

	
9.
	
Nothing in this Agreement shall create a contract of employment between Stifel and you for a specific term or guarantee of employment. Your employment with Stifel is and shall remain employment-at-will.

 

	
10.
	
If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect.  Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.

 

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11.
	
Stifel may assign its rights under this Agreement to any successor or assignee, and Stifel’s rights under this Agreement will inure to the benefit of any successor or assignee.  This Agreement is not assignable by you.

 

	
12.
	
Neither the failure nor any delay in exercising any right, power or privilege under this Agreement will operate as a waiver of such right, power or privilege, and no single or partial exercise of any such right, power or privilege by Stifel will preclude any other or further exercise of such right, power or privilege.  Any extension or renewals of payment under this Agreement that may be permitted by Stifel in its sole discretion shall not operate as a waiver or otherwise release you from liability under the terms of this Agreement.  You hereby waive presentment, demand, protest and notice of dishonor.

 

	
13.
	
It is the intention of Stifel that the 2020 Cash Award be exempt from Section 409A of the Internal Revenue Code and the rules and regulations promulgated thereunder and this Agreement shall be interpreted in a manner consistent with the foregoing.  In no event whatsoever shall Stifel or any of its subsidiaries or affiliates be liable for any additional tax, interest, income inclusion or other penalty that may be imposed on you by Section 409A of the Code or for damages for failing to comply with Section 409A of the Code. 

 

	
14.
	
This Agreement constitutes the entire agreement between Stifel and you with respect to the 2020 Cash Award.  This Agreement may not be changed, modified, or terminated orally, but only by a written agreement signed by Stifel and you.

 

	
15.
	
The type and periods of restriction imposed by this Agreement are fair and reasonable. You have read and understand this Agreement, and voluntarily agree to the terms and conditions in this Agreement. You acknowledge that you have been provided with the opportunity to consult with independent legal counsel of your choice.

 

 

 

 

 

 

AGREED AND ACCEPTED INCLUDING AGREEMENT TO ARBITRATE THROUGHT FINRA:

 

 

  

                NAME       DATE

 

 

 

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Exhibit 10.1

Separation Agreement and General Release
This Separation Agreement and General Release (the “Agreement”) is by and between Brian McLaughlin (the “Executive”) and Landec Corporation (the “Company”) effective as of the Effective Date (see Section 2b.(iii) below).  In consideration of the mutual promises and covenants contained herein, it is hereby agreed by and between the parties hereto as follows:
1.Separation Date, Accrued Amounts and Separation Benefits.  Executive’s employment with Landec Corporation (the “Company”) will end effective January 15, 2021 (the “Separation Date”).  Executive acknowledges that the Company has paid Executive in a single lump-sum payment on the Separation Date any earned, but unpaid, base salary and accrued, but unused paid vacation to which he is entitled through the Separation Date (collectively the “Accrued Amounts”).  If Executive signs this Agreement no earlier than the Separation Date and no later than the 22nd day after he receives it (the “Offer Period”), the Company shall provide Executive with the separation benefits described in Sections 1(a) through (d) below (collectively the “Separation Benefits”) provided this Agreement becomes effective and enforceable.  All payments made by the Company under this Agreement shall be reduced by any tax or other amounts required to be withheld by the Company under applicable law.
(a)Severance Payment.  The Company shall pay Executive the amount of $350,000.00, which sum represents twelve (12) months’ of his current base salary (such amount to be paid in equal installments on the Company’s regularly scheduled payroll dates), with the first payment, which shall be retroactive to the day immediately following the Separation Date, being due and payable on the Company’s next regular payday for executives that follows the expiration of thirty (30) days from the Separation Date. If the Executive signs the Agreement on the Separation Date, and does not subsequently revoke the Agreement, the first payday under the Agreement will be February 5, 2021 and the last payday will be January 28, 2022. 
(b)Equity.      The stock options granted to you in 2020 will vest and become exercisable, as of your Separation Date but subject to the effectiveness of this Agreement, as to the number of shares that would have vested had you remained employed during the 12-month period following your Separation Date (rounded down to the nearest whole share).  Under separate cover you have been provided with a statement of your outstanding stock options eligible for exercise (Exercising Stock Options) document. You understand and agree that all vested options must be exercised within six (6) months following your Separation Date in accordance with the applicable stock incentive plan and related stock option agreements.  Any options and restricted stock units not vested as of the Separation Date (after taking into account the first sentence of this Section 1(b)) are forfeited automatically in accordance with the terms of the applicable stock incentive plan and related stock option agreements.  Please keep in mind that IRS regulations require that any Incentive Stock Options (ISO) not exercised within 90 days, following your Separation Date will become Nonqualified Stock Options for taxing and reporting purposes.  
(c)Cobra.  During the period commencing on the Separation Date and ending on the earlier of (i) the 12-month anniversary of the Separation Date and (ii) the date on which you become eligible for coverage under the group health plan of a subsequent employer (of 

which eligibility you hereby agree to give prompt notice to the Company) (in any case, the “COBRA Period”), the Company shall reimburse you, with respect to each month during the COBRA Period, an amount equal to (I) the monthly premiums actually paid by you for such continued healthcare coverage less (II) the monthly premium payable by you for coverage under the Company’s group health plans as of immediately prior to the Separation Date; provided, that in no event shall such reimbursement amount exceed the cost actually paid by you for such continued healthcare coverage.  Notwithstanding the foregoing, if (x) any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A (as defined below) under Treasury Regulation Section 1.409A-1(a)(5), or (y) the Company is otherwise unable to continue to cover you under its group health plans without incurring penalties (including without limitation, pursuant to Section 2716 of the Public Health Service Act or the Patient Protection and Affordable Care Act), then, in either case, each remaining premium payment under this Section 4(b) shall thereafter be paid to you in substantially equal monthly installments over the COBRA Period (or the remaining portion thereof).  To be eligible for this benefit, you may be required to make a valid and timely election to continue healthcare coverage under the Company’s group health plans pursuant to Section 4980B of the Internal Revenue Code of  1986, as amended and the regulations thereunder (i.e., by electing COBRA).  In addition, you may be required to provide complete and accurate documentation evidencing your actual premium payments for continued healthcare coverage in order to receive reimbursement from the Company pursuant to this Section 1.  
(d)Resignations.  Effective as of the Separation Date, Executive hereby resigns as (a) Executive Vice President of Finance and Administration and Chief Financial Officer of the Company, (b) Vice President, and a member of the Board of Directors, of Curation Foods, Inc. and GreenLine Logistics, Inc., (c) Vice President and Secretary, and a member of the Board of Directors, of Camden Fruit Corp. and Yucatan Foods, LLC, (d) a member of the Board of Directors of Windset Holding 2010 Ltd., (e) Vice President of Lifecore Biomedical, Inc., and (f) any other officer or board positions that he may hold with any other affiliate of the Company.
2.General Release. In exchange for good and valuable consideration, and intending to be legally bound by this Agreement, Executive agrees as follows on behalf of himself and his heirs, representatives, successors, and assigns, to release the Company, its parents, subsidiaries, divisions, affiliates, and related entities and their respective past and present officers, directors, stockholders, managers, members, partners, employees, agents, servants, attorneys, predecessors, successors, representatives, and assigns (collectively the “Released Parties”), collectively, separately, and severally, of and from any and all rights, obligations, promises, agreements, debts, losses, controversies, claims, demands, causes of action, liabilities, suits, judgments, damages, and expenses, including without limitation attorneys’ fees and costs, of any nature whatsoever, whether known or unknown, foreseen or unforeseen, accrued or unaccrued, asserted or unasserted, which he ever had, now have, or hereafter may have against the Released Parties, or any of them, from the beginning of time up until the date he signs this Agreement, including without limitation the right to take discovery with respect to any matter, transaction, or occurrence existing or happening at any time before or upon Executive signing of this Agreement, with the exception of (i) any claims which cannot legally be waived by private 
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agreement; and (ii) any claims which may arise after the date he signs this Agreement.  This general release includes, but is not limited to, any and all claims whether based in equity, law or otherwise, including without limitation any federal, state, or local statute, code, regulation, rule, ordinance, constitution, order, or at common law.  This general release includes, but is not limited to, any and all claims, related in any way to Executive’s employment with the Company and/or its predecessors, the termination of that employment), including but not limited to, any and all tort claims, contract claims, claims or demands related to stock, stock options or any other ownership interests in the Company, fringe benefits, severance pay wages, incentive compensation, bonuses, and other remuneration.  Executive’s acceptance of this Agreement also releases any and all claims under the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”).  Executive understands that he should not construe this reference to age discrimination claims as in any way limiting the general and comprehensive nature of the release of claims provided under this Section.  Notwithstanding anything herein to the contrary, nothing in this Agreement shall be construed in any way to release (a) the Company’s obligation to indemnify Executive pursuant to the Company’s indemnification obligation pursuant to agreement or applicable law; or (b) workers’ compensation benefits, unemployment compensation benefits, or any other rights or benefits that, as a matter of law, may not be waived, including but not limited to unwaivable rights he might have under federal and/or state law.  This release does not limit or restrict Executive’s right under the ADEA to challenge the validity of this release in a court of law.  However, this release does prevent Executive from making any individual or personal recovery against the Company or the Released Parties, including the recovery of money damages, reinstatement or other legal or equitable relief, as a result of filing a charge or complaint with a government agency against the Company and/or any of the Released Parties, with the exception of any right to receive an award for information provided to the Securities and Exchange Commission.
(a)Waiver of California Civil Code Section 1542.  Executive also acknowledges that he has been advised of California Civil Code Section 1542, which reads as follows:  
A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or his favor at the time of executing the release and that, if known by him or her, would have materially affected his or his settlement with the debtor or released party.
Executive agrees that he is waiving any and all rights he may have under California Civil Code Section 1542 with respect to the general release of claims in Section 2 of this Agreement.  In connection with this waiver, he acknowledges that he may hereafter discover claims presently unknown or unsuspected, or facts in addition to or different from those which he may now know or believe to be true, with respect to the claims released pursuant to Section 2.  Nevertheless, he intends to and does by this Agreement release, fully, finally and forever, in the manner described in Section 2, all such claims as provided therein.  This Agreement shall constitute the full and absolute release of all claims and rights released in this Agreement, notwithstanding the discovery or existence of any additional or different claims or facts relating thereto.
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(b)Release of Claims Under the ADEA; Consideration & Revocation Period
(i)ADEA Claims Released.  Executive understands that the general release set forth in Section 2 above includes a release of any claims he may have, if any, against the Released Parties under the ADEA.  He understands that his waiver of rights and claims under the ADEA does not extend to any ADEA rights or claims arising after the date he signs this Agreement and he is not prohibited from challenging the validity of this release and waiver of claims under the ADEA.
(ii)Consideration Period. Executive acknowledges that he has been given a period of at least twenty-one (21) days from the date this Agreement was initially delivered to him to decide whether to sign this Agreement (the “Consideration Period”).  If he decides to sign this Agreement before the expiration of the Consideration Period, which is solely his choice, he represents that his decision is knowing and voluntary.  He agrees that any revisions made to this Agreement after it was initially delivered to him were either not material or were requested by him, and do not re-start the Consideration Period.  Executive has been advised to consult with an attorney of his own choosing prior to signing this Agreement.
(iii)Revocation Period; Effective Date. Executive understands that he may revoke this Agreement within seven (7) days after he has signed it (the “Revocation Period”).  This Agreement shall not become effective or enforceable until the eighth (8th) day after he signs this Agreement without having revoked it (the “Effective Date”).  In the event he chooses to revoke this Agreement, he must notify the Company in writing directed to the Chairman of the Board of Directors in which case this Agreement (other than the resignations set forth in Section 1(e)) shall have no force or effect.
3.Representations & Warranties.  By signing below, Executive represents and warrants as follows:
(a)There are no pending complaints, charges or lawsuits filed by him against any of the Released Parties.
(b)Executive is the sole and lawful owner of all rights, title and interest in and to all matters released under Section 2, above, and he has not assigned or transferred, or purported to assign or transfer, any of such released matters to any other person or entity.
(c)Executive has been properly paid for all hours worked, and he has received all compensation due through the Separation Date.
(d)The Company has reimbursed Executive for all Company-related expenses incurred by him in direct consequence of the discharge of his duties, or of his obedience to the directions of the Company.
(e)The Company has not denied Executive the right to take leave under the Family and Medical Leave Act or any other federal, state or local leave law.
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(f)Executive has not suffered or incurred any workplace injury in the course of his employment with the Company, other than any injury that was made the subject of a written injury report before he signed this Agreement.
(g)Executive confirms that the Confidential Information and Invention Assignment Agreement survives the termination of the Executive’s employment, and his execution of this Agreement.  Except as otherwise provided in the preceding sentence, this Agreement shall constitute the complete and exclusive statement of its terms, and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative, arbitral or other legal proceeding involving this Agreement.  
4.Cooperation.  Executive acknowledges and agrees that he will reasonably cooperate with the Company in any pending or future matters, including without limitation any litigation, investigation, or other dispute, in which he, by virtue of his employment with the Company, has relevant knowledge or information.  
5.Miscellaneous.
(a)Intentionally Omitted.
(b)Executive agrees and acknowledges that this Agreement provides him with benefits from the Company which, in their totality, are greater than those to which he otherwise would be entitled.
(c)Nothing in this Agreement should be construed as an admission of wrongdoing or liability on the part of the Company or the other Released Parties, who expressly deny any liability whatsoever.
(d)This Agreement and its interpretation shall be governed and construed in accordance with the laws of the State of California without regard to its conflict of law principles.  
(e)If any provision of this Agreement or portion thereof is found to be invalid, void or unenforceable, then the parties intend that it be modified only to the extent necessary to render the provision enforceable as modified or, if the provision cannot be so modified, the parties intend that the offending language be severed, and that the remainder of this Agreement, and all remaining provisions, remain valid, enforceable, and in full force and effect.
(f)Each of the Released Parties is an intended third-party beneficiary of this Agreement having full rights to enforce this Agreement.
(g)A facsimile or scanned (e.g., .PDF, etc.) signature on this Agreement shall be deemed to be an original.  

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By signing this Agreement, Executive acknowledges that he does so voluntarily after carefully reading and fully understanding each provision and all of the effects of this Agreement, which includes a release of known and unknown claims and restricts future legal action against the Company and other Released Parties.

									
			COMPANY:
			
			LANDEC CORPORATION

			
			
	Dated: 1/28/2021
		/s/ Albert D. Bolles
			Dr. Albert D. Bolles, Ph.D.

			President and Chief Executive Officer
			
			
			EXECUTIVE:
			
			Brian F. McLaughlin

			
			
	Dated: 1/28/2021
		/s/ Brian F. McLaughlin
			

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