Document:

exv10w14

Exhibit
10.14

Amended and Restated

John B. Sanfilippo & Son, Inc.

Sanfilippo Value Added Plan (“SVA Plan”)

	I.	 	Purposes of the Plan
	 
	 	 	The purpose of the Plan is to more closely link incentive cash compensation to the
creation of stockholder value. The Plan is intended to foster a culture of performance and
ownership, promote employee accountability, and establish a framework of manageable risks
imposed by variable pay. The Plan is also intended to reward continuing improvements in
stockholder value with an opportunity to participate in a portion of the wealth created. The
Plan is amended and restated as of August 31, 2011 to be effective for the 2012 Plan Year
and thereafter.

	II.	 	Definitions
	 
	 	 	“Actual Improvement” means the annual change in SVA, as determined under Section
V(B)(1) of the Plan, which can be positive or negative.
	 
	 	 	“Annual Salary” means, with respect to a Participant, his or her final and actually paid (or
fully earned, but not yet paid) annual or pro-rated (in the case of employment for less than
the full year) base salary in a particular fiscal year of the Company.
	 
	 	 	“Board” means the Board of Directors of the Company.
	 
	 	 	“Bonus Declared” means the annual or pro-rated (in the case of employment for less than the
full year) bonus amount for a Plan Year, as determined under Section V of the Plan.
	 
	 	 	“Bonus Interval” means the amount of SVA growth or diminution as a variance from Target SVA
Improvement that would either (A) result in the doubling of the Target Bonus for SVA
performance above Target SVA Improvement; or, (B) result in the realization of no Target
Bonus for SVA performance below Target SVA Improvement.
	 
	 	 	“Capital Charge” means the Cost of Capital multiplied by the Company’s aggregate capital, as
determined by the Committee.
	 
	 	 	“Cause” means, in the judgment of the Committee, (A) the breach by the Participant of any
employment agreement, employment arrangement or any other agreement with the Company or a
Subsidiary, (B) the Participant engaging in an activity or a business that competes with the
Company or a Subsidiary, (C) the Participant disclosing business secrets, trade secrets or
confidential information of the Company or a Subsidiary to any party, (D) dishonesty,
misconduct, fraud or disloyalty by the Participant, (E) misappropriation of corporate funds,
or (F) such other conduct by the Participant of an incompetent, disloyal, insubordinate,
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Amended and Restated John B. Sanfilippo & Son, Inc. Sanfilippo Value Added Plan

criminal nature as to have rendered the continued employment of the Participant incompatible
with the best interests of the Company and its Subsidiaries.

“Change in Control” means the first date on which one of the following events occurs:

A. the consummation of a merger or consolidation of the Company with or into
another entity or any other corporate reorganization, if more than 50% of the combined
voting power of the continuing or surviving entity’s securities outstanding immediately
after such merger, consolidation or other reorganization is owned by persons who were not
stockholders of the Company immediately prior to such merger, consolidation or other
reorganization;

B. the sale, transfer or other disposition of all or substantially all of the
Company’s assets;

C. a change in the composition of the Board, as a result of which fewer than
one-half of the directors following such change in composition of the Board are directors
who either (1) had been directors of the Company on the date 24 months prior to the date of
the event that may constitute a Change in Control (the “Original Directors”) or (2) were
elected, or nominated for election, to the Board with the affirmative votes of at least a
majority of the aggregate of (a) the Original Directors who were still in office at the time
of the election or nomination and (b) the directors whose election or nomination was
previously approved pursuant to this Clause (2); or

D. any transaction as a result of which any “person” or “group” (as such terms are
used in Section 13(d) and 14(d) of the Exchange Act), other than one or more Permitted
Holders, or any group that is controlled by Permitted Holders, is or becomes the “beneficial
owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly,
of the voting securities of the Company representing at least 30% of the total voting power
of the Company (with respect to all matters other than the election of directors)
represented by the Company’s then outstanding voting securities. For purposes of this Clause
(D), the term “transaction” shall include any conversion of the Class A Stock, whether or
not such conversion occurs in connection with a sale, transfer or other disposition of such
Class A Stock.

For purposes of this definition, (1) the term “person” shall exclude: (a) a trustee or other
fiduciary holding securities under an employee benefit plan of the Company or a company
controlled by the Company; and (b) a corporation owned directly or indirectly by the
stockholders of the Company in substantially the same proportions as their ownership of the
Common Stock (it being understood that for purposes of subsequently determining whether a
Change in Control has occurred, all references to the “Company” in the definition of Change
in Control shall be deemed to be references to the Company and/or such corporation, as
applicable); (2) the term “group” shall exclude any group controlled by any person
identified in Clause (1)(a) above and (c) the term “control” shall mean the possession,
directly or indirectly, of the power to direct or cause the direction of the management or
policies of a person, whether through the ownership of voting securities, by contract, or
otherwise, and the terms “controlling” and “controlled” have meanings correlative thereto.

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Amended and Restated John B. Sanfilippo & Son, Inc. Sanfilippo Value Added Plan

Except as otherwise determined by the Committee, any spin-off of a division or subsidiary of
the Company to its stockholders will not constitute a Change in Control of the Company.

“Class A Stock” means the Class A Common Stock, $.01 par value per share, of the Company.

“Code” means the Internal Revenue Code of 1986, as amended.

“Committee” has the meaning set forth in Section IV(A).

“Common Stock” means the Common Stock, par value $.01 per share, of the Company, and any
other shares into which such Common Stock shall thereafter be exchanged by reason of a
recapitalization, merger, consolidation, split-up, combination, exchange of shares or the
like.

“Company” means John B. Sanfilippo & Son, Inc., a Delaware corporation, and its successors
and assigns.

“Cost of Capital” means the Company’s cost of equity plus its cost of debt, expressed as a
percentage, as determined by the Committee using a weighted average of the expected return
on the Company’s debt and equity capital. Cost of Capital is intended to reflect the rate of
return that an investor could earn by choosing another investment with equivalent risk.

“Declared Bonus Multiple” means the multiple determined in accordance with Section V(B)(4)
of the Plan for purposes of determining a Participant’s Bonus Declared.

“Disability” means a Participant is (A) unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment which can be expected
to result in death or can be expected to last for a continuous period of not less than 12
months, or (B) by reason of any medically determinable physical or mental impairment which
can be expected to result in death or can be expected to last for a continuous period of not
less than 12 months, receiving income replacement benefits for a period of not less than 3
months under an accident and health plan covering employees of the Company or Subsidiary;
or, if different, as may be defined for purposes of Section 409A.

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

“Excess Improvement” has the meaning set forth in Section V(B)(2).

“Guidelines” has the meaning set forth in Section IV(B)(3).

“NOPAT” means the Company’s net operating profit after tax, as determined by the Committee
from the Company’s audited financial statements.

“Participant” has the meaning set forth in Section III.

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Amended and Restated John B. Sanfilippo & Son, Inc. Sanfilippo Value Added Plan

“Permitted Holder” means:

A. Jasper B. Sanfilippo (“Jasper”), Mathias A. Valentine, (“Mathias”), a spouse of
Jasper, a spouse of Mathias, any lineal descendant of Jasper or any lineal descendant of
Mathias (collectively referred to as the “Family Members”);

B. a legal representative of a deceased or disabled Family Member’s estate,
provided that such legal representative is a Family Member;

C. a trustee of any trust of which all the beneficiaries (and any donees and
appointees of any powers of appointment held thereunder) are Family Members and the trustee
of which is a Family Member;

D. a custodian under the Uniform Gifts to Minors Act or Uniform Transfers to
Minors Act for the exclusive benefit of a Family Member, provided that such custodian is a
Family Member;

E. any corporation, partnership or other entity, provided that at least 75% of the
equity interests in such entity (by vote and by value) are owned, either directly or
indirectly, in the aggregate by Family Members;

F.
any bank or other financial institution, solely as a bona fide pledgee of
shares of Class A Stock by the owner thereof as collateral security for indebtedness due to
the pledgee; or

G. any employee benefit plan, or trust or account held thereunder, or any savings
or retirement account (including an individual retirement account), held for the exclusive
benefit of a Family Member.

“Plan” or “SVA Plan” means the Amended and Restated John B. Sanfilippo & Son, Inc.
Sanfilippo Value Added Plan.

“Plan Year” means the fiscal year of the Company.

“Retirement” means a Participant’s termination of employment, other than for Cause, either:
(A) on or after age 65, or (B) on or after age 55 if the Participant has been credited with,
at least, 10 full years of employment at the time of his termination of employment.

“Section 409A” means Code Section 409A and all applicable rules and regulations related
thereto.

“Shortfall” has the meaning set forth in Section V(B)(3).

“Subsidiary” means any corporation at least eighty percent (80%) of the outstanding
voting stock of which is owned by the Company.

“SVA” means the “stockholder value added” of the Company determined each Plan Year by
deducting the Company’s Capital Charge from NOPAT, as determined by the Committee.

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Amended and Restated John B. Sanfilippo & Son, Inc. Sanfilippo Value Added Plan

“Target Bonus” means the Bonus Declared a Participant would be paid for a Plan Year if
Actual Improvement equaled Target SVA Improvement, determined by multiplying a Participant’s
Annual Salary for that Plan Year by the Participant’s Target Bonus Percentage for that Plan
Year.

“Target Bonus Percentage” means the percentage of a Participant’s Annual Salary, as
established or approved by the Committee for purposes of determining a Participant’s Target
Bonus.

“Target SVA Improvement” means the targeted improvement in annual SVA growth as determined
by the Committee pursuant to Section V(A)(1)(c).

“Termination for Cause” means a determination by the Committee following a Participant’s
termination of employment for any reason that, prior to such termination of employment,
circumstances constituting Cause existed with respect to such Participant.

“Termination Year” has the meaning set forth in Section VI(B)(1)(a).

	III.	 	Eligibility
	 
	 	 	An employee of the Company or a Subsidiary who, individually or as part of a group, is
selected by the Committee to be eligible to participate in the Plan for the Plan Year shall
become a participant as of the first day of such Plan Year, unless otherwise determined by
the Committee (each, a “Participant”).

	IV.	 	Administration

	 	A.	 	The Committee
	 
	 	 	 	The Board hereby appoints the Compensation Committee of the Board to be the
“Committee” hereunder unless a new, independent committee is selected by the Board.
For this purpose, a new Committee will be deemed independent if it is comprised
solely of two or more directors who are “independent directors” within the meaning
of the The Nasdaq Stock Market, Inc.’s rules and regulations. The Board hereby
delegates to the Committee all compensation review and approval powers associated
with the Plan and the Guidelines.

	 	B.	 	Powers
	 
	 	 	 	The Committee shall have full and exclusive discretionary power to:

1. Interpret and administer the Plan,

2. Determine those employees of the Company and its Subsidiaries who are eligible to
participate in the Plan,

3. Adopt such rules, regulations, and guidelines (including the establishment of
performance criteria) the “Guidelines”, for administering the Plan as the Committee

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Amended and Restated John B. Sanfilippo & Son, Inc. Sanfilippo Value Added Plan

may deem necessary or proper, including the full discretion not to make payment of
any or all of the Bonus Declared determined in Section VI, and

4. Except to the extent prohibited by applicable law or the applicable rules of a
stock exchange, or inconsistent with the Company’s Bylaws or Committee charter,
allocate all or any portion of its responsibilities and powers under this Plan to
any one or more of its members or delegate all or any part of its responsibilities
and powers to any person or persons selected by it. Such delegation shall include,
unless limited by its terms, all of the responsibility and authority held by the
Committee hereunder, and any such allocation or delegation may be revoked by the
Committee at any time.

	 	C.	 	Adjustment to Payments

1. If a Participant violates any Company policy, the Company retains the right
to declare forfeited any award granted to a Participant hereunder, to the extent it
remains unpaid; provided, however, that in the event that a Participant’s prior Plan
Year’s Bonus Declared has not yet been paid at the time the Company declares such
Participant’s award forfeited, such forfeited amounts shall be distributed to other
Participant(s) on a pro-rata basis, or distributed to other Participant(s) as
otherwise determined by the Committee.

2. If (a) the Company is required to prepare an accounting restatement due to the
material noncompliance of the Company with any financial reporting requirement under
securities laws, (b) the Committee determines a Termination for Cause occurred with
respect to a Participant or (c) the Company is required by law, rule or regulation
or the rules of the stock exchange on which the Company’s securities are listed to
“clawback” any amounts paid hereunder, the Committee may require any or all of the
following: (i) any award granted to the Participant hereunder, to the extent it
remains unpaid at the time of the restatement, be forfeited; provided, however, that
in the event that a Participant’s prior Plan Year’s Bonus Declared has not yet been
paid at the time the Committee declares such Participant’s award forfeited, such
forfeited amounts shall be distributed to other Participant(s) on a pro-rata basis,
or distributed to other Participant(s) as otherwise determined by the Committee; and
(ii) the Participant shall pay to the Company in cash all of the amounts paid
hereunder during the three-year period (or such other period as determined by the
Committee) prior to the date the Company is required to prepare the financial
restatement based on the erroneous data or the Participant’s termination of
employment, as the case may be, together with any other amounts which may be
required to be paid under any law, rule or regulation or the rules of the stock
exchange on which the Company’s securities are listed.

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Amended and Restated John B. Sanfilippo & Son, Inc. Sanfilippo Value Added Plan

	 	D.	 	Third-Party Advisors
	 
	 	 	 	The Committee may employ attorneys, consultants, accountants, and other
persons. The Board, Committee, the Company and its officers shall be entitled to
rely upon the advice or opinion of such persons.
	 
	 	E.	 	Binding Effect of Committee Actions
	 
	 	 	 	All actions taken and all interpretations and determinations made by the
Committee shall be final and binding upon the Participants, the Company, and all
other interested persons. No member of the Committee shall be personally liable for
any action, determination, or interpretations made in good faith with respect to the
Plan. All members of the Committee shall be fully protected and indemnified by the
Company, to the fullest extent permitted by applicable law, in respect of any such
action, determination, or interpretation of the Plan.
	 
	 	F.	 	Foreign Jurisdiction
	 
	 	 	 	The Committee shall have the discretion to modify or amend the Plan, or adopt
additional terms and/or conditions, as may be deemed necessary or advisable in order
to comply with the local laws and regulations of any jurisdiction.

	V.	 	Determination of Bonus Declared

	 	A.	 	Determination of SVA and Actual Improvement

1. Beginning of Plan Year Determinations. At the beginning of each applicable
Plan Year, the following determinations shall be made:

a) The Committee shall determine, or approve the determination of, the
Company’s annual SVA as of the end of the preceding Plan Year.

b) The Committee shall determine or approve Target Bonus Percentages for
each Participant and the Company’s Cost of Capital for the applicable Plan
Year.

c) The Committee shall establish the Target SVA Improvement and the Bonus
Interval for the applicable Plan Year, which standards may be set by the
Committee for one or more Plan Years.

2. End of Plan Year Determinations. As of the end of each applicable Plan Year, the
following determinations shall be made:

a) The Committee shall determine the Company’s annual SVA as of the end of
the Plan Year and the resulting Actual Improvement.

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Amended and Restated John B. Sanfilippo & Son, Inc. Sanfilippo Value Added Plan

b) The Committee shall determine, or approve the determination of, the
Declared Bonus Multiple for such Plan Year, consistent with the terms of the
Plan.

	 	B.	 	Determination of Bonus Declared

Each Participant’s Bonus Declared, if any, shall be determined for a Plan Year
according to the following:

1. The Actual Improvement in SVA for a Plan Year shall be determined by subtracting
the SVA for the immediately preceding Plan Year (or such other amount as determined
by the Committee) from the SVA for the Plan Year.

2. If the Actual Improvement exceeds the Target SVA Improvement, the amount of that
excess shall be the “Excess Improvement”;

3. If the Target SVA Improvement exceeds the Actual Improvement, the amount of that
excess shall be the “Shortfall”;

4. The Declared Bonus Multiple shall be determined by comparing the Excess
Improvement or Shortfall to the Target SVA Improvement and Bonus Interval, according
to the following:

a) If the Actual Improvement equals the Target SVA Improvement, the Declared
Bonus Multiple shall equal one (1).

b) If the Actual Improvement exceeds the Target SVA Improvement, the
Declared Bonus Multiple shall equal the Excess Improvement divided by the
Bonus Interval, plus one (1); provided, however, that in no event shall the
Declared Bonus Multiple be greater than 2.0.

c) If the Actual Improvement is less than the Target SVA Improvement, the
Declared Bonus Multiple shall equal the Shortfall (expressed as a negative
number) divided by the Bonus Interval, plus one (1); provided, however, that
in no event shall the Declared Bonus Multiple be less than 0.

5. The Bonus Declared for each Participant shall equal the Participant’s Target
Bonus, multiplied by the Declared Bonus Multiple.

	VI.	 	Payment of Bonus Declared

	 	A.	 	Payment

1. The Bonus Declared shall be paid by the Company within thirty (30) days
following the Committee’s determination of the Declared Bonus Multiple, but in no
event earlier than the first day of the Plan Year following the applicable Plan Year
and

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Amended and Restated John B. Sanfilippo & Son, Inc. Sanfilippo Value Added Plan

no later than the fifteenth (15th) day of the third month following the
end of the applicable Plan Year. In the event that a Participant’s prior Plan
Year’s Bonus Declared has not yet been paid at the time such Participant’s award is
forfeited pursuant to the terms of this Plan, such forfeited amounts shall be
distributed to other Participant(s) on a pro-rata basis, or distributed to other
Participant(s) as otherwise determined by the Committee.

	 	B.	 	Payment Upon Termination of Employment

1. In General. Subject to Section IV(C) and except as specified below, and
unless otherwise determined by the Committee, in the event a Participant’s
employment is terminated by the Company or by the Participant other than as
described in Section VI(B)(2), or the Participant becomes ineligible to participate
in the Plan:

	 	a)	 	the Participant shall not be paid any Bonus
Declared for the Plan Year in which the termination occurs (the
“Termination Year”);
	 
	 	b)	 	in the event that the prior Plan Year’s Bonus
Declared has not yet been paid, the Participant shall not be paid any
Bonus Declared for such prior Plan Year; provided, however, that any
amounts forfeited pursuant to this VI(B)(1)(b) shall be distributed to
other Participant(s) on a pro-rata basis, or distributed to other
Participant(s) as otherwise determined by the Committee; and
	 
	 	c)	 	the Participant shall have no rights or
interests in the Plan thereafter.

Any payments made under this Section VI(B)(1) at the discretion of the Committee
shall be within the time set forth in Section VI(A) and the Participant shall have
no rights or interests in the Plan thereafter.

2. Upon Death, Disability, Retirement, or Termination by the Company Other than for
Cause. Subject to Section IV(C), in the event of a Participant’s death, Disability,
Retirement or termination by the Company other than for Cause:

	 	a)	 	to the extent not previously paid, any Bonus
Declared with respect to the Plan Year preceding the Termination Year
shall be paid by the Company to the former Participant, or in the event
of his or her death, to his or her estate or designated beneficiary,
within the time set forth in Section VI(A);
	 
	 	b)	 	with respect to the Termination Year, a
Participant shall receive a pro-rated Bonus Declared determined in
accordance with Section VI(A) of the Plan and such pro-rated Bonus
Declared shall be paid by the Company to the former Participant, or in
the event of his or her death, to his or her estate or designated
beneficiary, within the time set forth in Section VI(A), for the
avoidance of doubt the Bonus Declared is

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Amended and Restated John B. Sanfilippo & Son, Inc. Sanfilippo Value Added Plan

considered “pro-rated” because the Annual Salary used in the
determination of the Bonus Declared in Section V is the final and
actually paid (or fully earned, but not yet paid) pro-rated base
salary; and

	 	c)	 	the Participant shall have no rights or
interests in the Plan thereafter.

3. Condition of Payments. At the discretion of the Committee, any payment hereunder
that is due to termination of employment by the Company or by the Participant may be
subject to a requirement that the Participant execute a release of claims (including
claims relating to age discrimination) against the Company and its Subsidiaries and
related persons at the time and in the form determined by the Company from time to
time (provided that such requirement shall not cause a delay in the time of payment
otherwise provided for herein).

	VII.	 	General Provisions

	 	A.	 	No Right to Employment or Participation
	 
	 	 	 	No Participant or other person shall have any claim or right to be retained in
the employment of the Company or a Subsidiary by reason of the Plan or any Bonus
Declared. Selection for eligibility to participate in the Plan for any given Plan
Year shall not entitle the Participant to participate in any subsequent Plan Year.
	 
	 	B.	 	Plan Expenses
	 
	 	 	 	The expenses of the Plan and its administration shall be borne by the Company.
	 
	 	C.	 	Plan Not Funded
	 
	 	 	 	The Plan shall be unfunded. The Company shall not be required to establish any
special or separate fund or to make any other segregation of assets to assure the
payment of any Bonus Declared under the Plan.
	 
	 	D.	 	Reports
	 
	 	 	 	The appropriate officers of the Company shall cause to be filed any reports,
returns, or other information regarding the Plan, as may be required by applicable
statute, rule, or regulation.
	 
	 	E.	 	Governing Law
	 
	 	 	 	The validity, construction, and effect of the Plan, and any actions relating to
the Plan, shall be determined in accordance with the laws of the state of Illinois
and applicable federal law, without regard to the conflicts of laws provisions of
any state.

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Amended and Restated John B. Sanfilippo & Son, Inc. Sanfilippo Value Added Plan

	VIII.	 	Amendment and Termination of the Plan; Change in Control; 409A

	 	A.	 	Amendment and Termination of the Plan.

1. The Board may, from time to time, amend the Plan in any respect, or may
discontinue or terminate the Plan at any time, provided, however, that:

a) Impact on Existing Rights. Except as required by law, no
amendment, discontinuance or termination of the Plan shall alter or
otherwise affect the amount of a Bonus Declared prior to the date of
termination;

b) Impact on SVA Performance Measurement System. No amendment shall
be made which would replace the SVA performance measurement system for
purposes of determining the Bonus Declared under the Plan during a Plan Year
for such Plan Year, provided that the Board or Committee shall have the
authority to adjust and establish Target SVA Improvement, Target Bonus
Percentages, and other criteria utilized in the SVA performance measurement
system; and

c) Consequence of Full Termination of Plan. If the Plan is
terminated prior to the end of a Plan Year, the Bonus Declared for that Plan
Year shall be determined and paid to a Participant as set forth in Sections
V and VI of the Plan, assuming that Target SVA Improvement for that Plan
Year had been achieved, then pro-rated for the actual number of days in the
Plan Year before the Plan was terminated. Any such payment shall be subject
to the terms and conditions of this Plan.

	 	B.	 	Consequence of Change in Control

1. The following rules shall apply to the determination of a Change in Control:
(a) any event listed in the definition of “Change in Control” that the Committee
elects not to treat as a Change in Control of the Company prior to the occurrence of
a Change in Control shall not constitute a Change in Control; and (b) upon a
determination by the Committee in its discretion, any other event substantially
similar to an event described in the definition of “Change in Control” shall be a
Change in Control.

2. The Committee shall determine the treatment of the Bonus Declared to Participants
prior to a Change in Control, except that to the extent that the Committee takes no
action (and except as otherwise expressly provided for in the Guidelines), in the
event of a Change in Control, then the Bonus Declared for that Plan Year shall be
determined and paid as set forth in Sections V and VI of the Plan, but assuming that
Target SVA Improvement for that Plan Year had been achieved, and pro-rating it for
the actual number of days in the Plan Year before the Change in Control and such
Bonus Declared shall be paid within the sixty (60) day period following the
effective time of the Change in Control.

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Amended and Restated John B. Sanfilippo & Son, Inc. Sanfilippo Value Added Plan

3. Except as expressly provided for in the Guidelines, the Committee may elect prior
to a Change in Control, that, in the event of a Change in Control, the Plan shall
continue on in full force and effect or be assumed or an equivalent Plan be
implemented by the successor corporation in any Change in Control transaction, or
parent or subsidiary of such successor corporation.

	 	C.	 	Section 409A

This Plan is intended to be exempt from Section 409A. However, to the extent
Section 409A applies to any payment hereunder, notwithstanding anything to the
contrary in this Plan the following shall apply:

1. To the extent required in order to avoid accelerated taxation and/or tax
penalties under Section 409A, amounts that would otherwise be payable pursuant to
this Plan during the six-month period immediately following the Participant’s
termination of employment shall instead be paid on the first business day after the
date that is six months following the Participant’s “separation from service” within
the meaning of Section 409A;

2. A Participant shall not be entitled to any payments resulting from or arising due
to a “termination of employment”, “termination” or “retirement” (or other similar
term having a similar import) unless (and until) such Participant has “separated
from service” within the meaning of Section 409A; and

3. To the extent any provision of the Plan or action by the Committee would subject
any Participant to liability for interest or additional taxes under Section 409A, it
will be deemed null and void, to the extent permitted by law and deemed advisable by
the Committee. It is intended that the Plan will be exempt from Section 409A (or if
subject to Section 409A, compliant with Section 409A), and the Plan shall be
interpreted and construed on a basis consistent with such intent. The Plan may be
amended in any respect deemed necessary (including retroactively) by the Board in
order to preserve exemption from (or compliance with) Section 409A. The preceding
shall not be construed as a guarantee of any particular tax effect for Plan
payments. A Participant is solely responsible and liable for the satisfaction of
all taxes and penalties that may be imposed on such person in connection with any
payments to such person under the Plan (including any taxes and penalties under
Section 409A), and the Company (or any affiliate or subsidiary) shall have no
obligation to indemnify or otherwise hold a Participant harmless from any or all of
such taxes or penalties.

12Exhibit 10.1

Exhibit 10.1

FOURTH AMENDMENT TO CREDIT FACILITY AGREEMENT

Reference is made to that certain Credit Facility Agreement dated as of August 30, 2006 by and
between TechTarget, Inc. (the “Borrower”), and RBS Citizens, National Association,
successor by merger to Citizens Bank of Massachusetts (the “Bank”), which Credit Facility
Agreement, as amended by the First Amendment to Credit Facility Agreement dated August 30, 2007,
further amended by the Second Amendment to Credit Facility Agreement dated December 18, 2008, and
further amended by the Third Amendment to Credit Facility Agreement dated December 1, 2009 is
referred to herein as the “Credit Agreement.” Capitalized terms not defined herein shall
have the same definitions as set forth in the Credit Agreement.

WHEREAS, the parties desire to extend the Credit Line Maturity Date to August 31, 2016 and
adjust certain other financial terms and covenants.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
acknowledged, the parties agree to amend the Credit Agreement as follows:

1. The principal place of business of the Borrower as set forth in the Preamble paragraph is
hereby amended by deleting “117 Kendrick Street, Needham, MA 02494” and substituting therefor
“275 Grove Street, Newton, MA 02466”.

2. The definition of “Debt Service Coverage Ratio” as set forth in Section 1 is hereby
deleted in its entirety.

3. Section 1, entitled “Definitions” is hereby amended by adding the following definition to be
inserted into proper alphabetical order:

“Fixed Charge Coverage Ratio” A ratio, the numerator of which shall be EBITDA plus
lease and rental expenses during the twelve months immediately preceding the test date,
minus (a) Capital Expenditures, (b) capitalized software expenses, (c) cash taxes, (d)
dividends and stockholder distributions; and the denominator of which shall be, for the same
measurement period, the sum of Borrower’s (w) lease and rental expenses, (x) interest
expense, (y) letter of credit fees, and (z) principal payments to Bank or any other lender
in respect of borrowed money and capitalized leases scheduled to be paid during the twelve
months immediately preceding the test date.

4. The definition of “Maturity Date” as set forth in Section 1 is hereby amended by
deleting the existing definition thereof in its entirety and substituting therefor the
following:

“Maturity Date” means, in respect to the Term Note, December 30, 2009, and in
respect to the Credit Line, August 31, 2016.

5. The definition of “Qualified Acquisition” as set forth in Section 1 is hereby amended
by deleting the amount “$50,000,000” in clause (a) of the second sentence thereof and
substituting therefor the amount “$25,000,000”.

 

 

 

6. Section 2.1.2 is hereby amended by deleting the date “August 30, 2011” and substituting
therefor the date “August 31, 2016”.

7. Section 2.2 entitled “Letters of Credit” is hereby amended by deleting the amount
“$45,000,000” in the fourth sentence thereof and substituting therefor the amount “$25,000,000”.

8. Section 2.4 entitled “Interest Generally” is hereby amended by deleting the existing
Applicable LIBOR Margin Level table, and substituting therefor the following table:

	 	 	 	 	 	 	 
	Level	 	Total Funded Debt to EBITDA Ratio	 	Applicable LIBOR Margin	 
	 	 	 
	 	 	 	 
	I	 	Equal to or greater than 1.50:1
	 	 	1.50	%
	II	 	Less than 1.50:1 but greater than or equal to 1.0:1
	 	 	1.375	%
	III	 	Less than 1.0:1
	 	 	1.25	%

9. Section 2.10 entitled “Unused Line Fee” is hereby amended by deleting the existing provisions
thereof in their entirety and substituting therefor the following:

“2.10 Unused Line Fee. The Borrower hereby agrees to pay the Bank a fully earned
and non-refundable unused line fee at the applicable per annum rate as set forth in the
following tables as applied to the difference between (i) $5,000,000 and (ii) the
outstanding principal amount of the sum of the Advances and Letters of Credit outstanding,
which fee shall accrue and be charged to and paid by Borrower on a quarterly basis in
arrears. Such rate shall be measured by the ratio of Total Funded Debt to EBITDA for the
preceding four fiscal quarters of the Borrower:

“If Assets Under Management and Deposits for the immediately preceding calendar quarter are
more than $25,000,000, then Unused Line Pricing Grid A shall apply; in all other cases
Unused Line Pricing Grid B shall apply.

Unused Line Pricing Grid A (> $25MM Under Management)

	 	 	 	 	 	 	 
	Level	 	Total Funded Debt to EBITDA Ratio	 	Per Annum Unused Line Fee Rate	 
	 	 	 
	 	 	 	 
	I	 	Equal to or greater than 1.50:1
	 	 	0.30	%
	II	 	Less than 1.50:1 but greater than or equal to 1.0:1
	 	 	0.25	%
	III	 	Less than 1.0:1
	 	 	0.20	%

 

2

 

Unused
Line Pricing Grid B (≤ $25MM Under Management)

	 	 	 	 	 	 	 
	Level	 	Ratio	 	Per Annum Unused Line Fee Rate	 
	 	 	 
	 	 	 	 
	I	 	Equal to or greater than 1.50:1
	 	 	0.35	%
	II	 	Less than 1.50:1 but greater than or equal to 1.0:1
	 	 	0.30	%
	III	 	Less than 1.0:1
	 	 	0.25	%

10. Sections 12A.9.1 is amended by deleting the existing provision thereof and substituting
therefor the following:

“The Borrower shall maintain a Fixed Charge Coverage Ratio of not less than 2.50 to 1.0,
tested as of the end of each fiscal quarter on a trailing twelve months basis.”

11. Section 12A.9.2 is hereby amended by deleting the ratio “3.0 to 1.0” and substituting
therefor the ratio “2.0 to 1.0”

12. Section 14.4 describing the names and address at which to send notices is hereby amended by
deleting the existing names and addresses therein and substituting therefor the following:

“If to Borrower:

TechTarget, Inc.

275 Grove Street

Newton, MA 02466

Attn: Jeffrey Wakely, Chief Financial Officer

If to the Bank:

Citizens Bank of Massachusetts

28 State Street

Boston, MA 02109

Attn: William M. Clossey, Vice President

with a copy to:

Burns & Levinson LLP

125 Summer Street

Boston, MA 02110

Attn: Norman C. Spector, Esq.”

13. The Borrower shall pay the Lender all costs and expenses of the Lender (including reasonable
attorney’s fees) in connection with this Amendment to the Credit Agreement and any related
documents. The Borrower agrees to deliver to the Lender such other documents relating to this
Amendment as the Lender may reasonably require, all in form and substance reasonably
satisfactory to the Lender.

 

3

 

14. This Amendment may be executed in one or more counterparts, each of which when so executed
and delivered shall be deemed to be an original and all of which taken together shall constitute
but one and the same agreement.

15. The Borrower represents and warrants to the Bank that (i) to the best of its knowledge no
Events of Default have occurred and no event which with the passage of time of the giving of
notice (or both) would constitute an Event of Default has occurred; (ii) to the best of its
knowledge the Borrower has complied with all the covenants and agreements contained in the Loan
Documents; (iii) to the best of its knowledge the representations and warranties of the Borrower
contained in the Loan Documents are true and correct in all material respects as of the date
hereof; and (iv) this Amendment and all other documents relating to this Amendment delivered
this date to the Bank have been authorized by all necessary actions on the part of the Borrower.

16. Upon and after the date of this Amendment, all references to the Credit Agreement in any
Loan Document shall mean the Credit Agreement as affected by this Amendment. Except as
expressly provided in this Amendment, the execution and delivery of this Amendment does not and
will not amend, modify or supplement any provision of, or constitute a consent to or a waiver of
any noncompliance with the provisions of the Credit Agreement, except as specifically set forth
herein, and except as specifically provided in this Amendment, the Credit Agreement and the
other Loan Documents shall remain in full force and effect in accordance with the respective
terms thereof.

[Signature page follows]

 

4

 

As amended by this Fourth Amendment, the Credit Agreement is hereby affirmed and shall
continue in full force and effect in accordance with its terms.

Executed this 30th day of August, 2011.

	 	 	 	 	 
	 	TECHTARGET, INC.	 
	 
	 	By:  	                                       /s/ Jeffrey Wakely
 	 
	 	 	Jeffrey Wakely, Chief Financial Officer 	 
	 
	 	 	RBS CITIZENS, NATIONAL ASSOCIATION,

successor by merger to Citizens Bank of Massachusetts 	 
	 
	 	By:  	                                       /s/ William M. Clossey
 	 
	 	 	William M. Clossey, Vice President 	 

 

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