Document:

Exhibit 10.2

 

LOAN
AGREEMENT

 

THIS
LOAN AGREEMENT (the “Agreement”) is made and entered into as of the 9th day of March, 2017, by and between EZTD Inc.
(formerly known as Win. Global Markets Inc.) a Delaware corporation (the “Company” Or the “Borrower”),
and Finandrea S.P.A. (the “Lender”), (each of Borrower and Lender shall also be referred to herein as a “Party”,
and collectively, the “Parties”).

 

W I T N E S S E T H :

 

WHEREAS,
at the request of the Borrower, the Lender has agreed to make available to the Borrower, and the Borrower desires to receive from
the Lender, a loan in the aggregate principal amount of an equivalent of $700,000 payable in Euros, subject to and in accordance
with the terms and conditions set forth in this Agreement;

 

WHEREAS,
at the request of the Lender, the Borrower has agreed that at any time the Loan (as hereinafter defined) remains outstanding,
no assets of the Borrower or any of its subsidiaries will be disposed of if not agreed to by the Lender;

 

WHEREAS,
at the request of the Lender, the. Borrower has agreed that at any time the Loan remains outstanding the Borrower and its subsidiaries
shall not incur any new indebtedness other than as specified in Section 2.6 of this Agreement hereof unless otherwise agreed by
the. Lender and Compagnie Financiere St. Exupery SICAV-SIF;

 

WHEREAS,
the Parties wish to set forth and memorialize their mutual, rights and obligations with respect to the. Loan, as set forth herein,

 

NOW
THEREFORE, in consideration of the mutual promises and covenants contained herein, the Parties hereby agree as follows:

 

1.           Definitions
and Interpretation 

 

1.1.
The preamble to this Agreement forms an integral and a binding part of this Agreement,

 

1.2.
The titles and subtitles used in this Agyeement are used for convenience only and are not to be considered in construing or interpreting
this Agreement. All references in this Agreement to sections, paragraphs and exhibits shall, unless otherwise provided, refer
to sections and paragraphs hereof arid exhibits attached hereto.

 

1.3.
In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement the following terms shall have
the meanings given to them in this Section 1,3:

 

1.3.1.       “Agreement”
means this Agreement, including all annexes, exhibits, appendices and schedules hereto as the same may hereafter be amended, modified
or supplemented from time to time.

 

     

     

    

 

1.3.2.       “Business
Day” means the day on which commercial banks in: New York, NY are open to the public.

 

1.3.3.       “Default” means
an Event of Default or an event or circumstance which would be, with the expiration of the applicable grace period, the
giving of notice or the making of any determination under the Transaction Documents . or any combination of them, an Event of
Default. A Default is “continuing” if it has not been remedied or waived. An Event of Default is
“remedied” only if: (i) the Borrower has notified the Lender of the existence of the relevant Default; (ii) the
Default is of a type that is reasonably capable of remedy; and (iii) prior to the. Lender notifying the Borrower that it has
exercised or will exercise any of its rights or remedies under the Transaction Documents (including but not limited to its
right to accelerate the Loan Amount), the Lender confirms to the Borrower that the Event of Default has been cured to the
Lender’s reasonable satisfaction.

 

1.3.4.       “Event
of Default” means an event or circumstance specified as such in Section 6 (Default) herein provided that in each
case an Event of Default shall occur only after the expiration of any applicable cure period as set forth in Section 6 (DeAult)
(if any) and the Default is continuing.

 

1.3.5.       “Governmental
Authority” means any governmental, legislative, regulatory or administrative body, agency or authority, any court of
judicial authority, any arbitrator or any public, regulatory authority, whether international, national, State, municipal or local.

 

1.3.6.       “Law”
means any statute, law, regulation, treaty, rule, official directive or guideline of any Governmental Authority, or any interpretation
of any of the foregoing by any Governmental Authority.

 

1.3.7.       “Transaction
Documents” means: (a) this Agreement; (b) and any other agreement or document executed pursuant to any of the above or
in connection with any of the foregoing which is designated in writing by the Lender and the Borrower as a “Transaction Document”,

 

2.          
Loan Terms

 

2.1.
Grant of Loan

 

2.1.1.       Subject
to the terms and conditions hereof and within one (1) Business Day following the date hereof (the “Closing”),
the Lender shall grant the Company a loan in the principal amount of an equivalent of $700,000 (seven hundred thousand) payable
in Euros, (the “Loan” or “Loan Amount”).

 

2.1.2.       The.
Loan Amount shall be wired to the Borrower by bank wire transfer to a bank account the details of which shall be provided to the
Lender at the Closing.

 

2.2.
Interest, The Loan Amount shall bear interest (“Interest”) at an annual rate of 3% (three percent) (calculated on the
basis of the actual number of days elapsed and a 360 (three hundred and sixty) day year).

 

    	 	2	 

     

    

 

2.3.
Repayment. Subject to Section 2.4, the Company shall repay the Loan Amount including any accrued and unpaid Interest, in
one lump sum, 120 days from the Closing (the “Repayment Date”).

 

2.4.
Alternate Payment Timing. As long as the Loan remains outstanding and unpaid and prior to the Repayment Date, in the event
the Company conducts an offering of a sale of the Company’s equity securities in which the Lender participates, the Lender may
request that the Company offset, prior to the Repayment Date, a portion of the Loan Amount equal to the dollar amount of which
the Lender has subscribed to such offering.

 

2.5. Payments.
All payments to be made by the Company to the Lender in connection with the Loan, including any repayment, prepayment,
payment of Interest, fees and all other amounts required to be paid to the Lender under the Transaction Documents, together
with VAT (to the extent applicable), shall be made in. Euros by bank transfer to an account designated in writing by the.
Lender.

 

2.6.
Company Covenants. Except for the loan in the amount of $2,800,000 received from Coinpagnie Financiere St, Exupery SICAV-SIP
in conjunction herewith, for so long as the Loan remains unpaid, the Company and its subsidiaries shall not, without the prior
consent of the Lender and Compagnie Financiere St. Exupery SICAV-SIF: (1) dispose of any material assets of the Company or any
of its subsidiaries; or (ii) incur any new indebtedness.

 

3.           Representations
and Warranties of the Company 

 

3.1.
The Company is duly organized and validly existing under the laws of its jurisdiction of incorporation, and has the full power
and authority to consummate the transactions contemplated hereunder.

 

3.2.
The consummation of the transactions contemplated hereunder and the performance of this Agreement by the Company do not violate
the provisions of its corporate documents, or any applicable law, and will not result in any breath of, or constitute a default
under, any agreement or instrument to which it is a party or under which it is bound.

 

3.3.
The execution and performance of this Agreement by the Company have been duly authorized by all necessary actions, and this Agreement
has been duly executed and delivered by the Company, This Agreement is valid and binding upon the Company and enforceable in accordance
with its terms.

 

3.4.
This Agreement, when executed and delivered by or on behalf of the Company, will constitute the valid and legally binding obligations
of the Company, legally enforceable against the Company in accordance with their respective terms.

 

3.5.
Other than as explicitly set forth under this Section 3, the Company makes no other representations and warranties with respect
to any transaction contemplated herein.

 

3.6.
Other than as set forth on Schedule 3.6 annexed hereto, (i) the Company has not disposed of any material assets and (ii) has
no outstanding financial debt, which, for the avoidance of doubt, is intended to include any and all liabilities for borrowed
money ‘or amounts owed by the Company, other than in the ordinary course of business, except as described in the
Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2016 Bled with the Securities and Exchange
Commission on November 17, 2017.

 

    	 	3	 

     

    

 

4.           Representations
and Warranties of the Lender 

 

4.1.
The Lender is duly organized and validly existing under the laws of its jurisdiction of incorporation, and has the full power
and authority to consummate the transactions contemplated hereunder.

 

4.2.
The consummation of the transactions contemplated hereunder and the performance of this Agreement by the Lender do not violate
the provisions of its corporate documents, or any applicable law, and will not result in any breach of, or constitute a default
under, any agreement or instrument. to which it is a party or under which it is bound.

 

4.3.
The execution, delivery and performance of this Agreement by the Lender have been duly authorized by all necessary actions,
and this Agreement has been duly executed and delivered by the Lender. This Agreement is valid and binding upon such Lender
and enforceable in accordance with its terms.

 

4.4.
Such Lender, either alone or together with its representatives, has such knowledge, sophistication and experience in business
and financial matters so as to be capable of evaluating the merits and risks of extending the prospective Loan to the Borrower,
and has so evaluated the merits and risks. Such Lender is able to bear the economic risk of the Loan, at the present time, is
able to afford a complete loss of the Loan. Amount. Such Lender acknowledges that as of the date hereof, the Company has very
limited financial resources, and thus extension of the Loan to the Company is subject to significant risk.

 

4.5.
Such Lender acknowledges that it has had the opportunity to review the Transaction Documents and has been afforded (i) the opportunity
to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the. Company concerning the
terms and conditions of the transaction contemplated hereunder; (ii) access to information about the company and its financial
condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment;
and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable
effort or expense that is necessary to make an informed investment decision with respect to the investment. Such Lender acknowledges
and agrees that neither the Company nor any affiliate of the Company has provided such Lender with any information or advice With
:respect to the Securities nor is such information or advice necessary or desired.

 

5.           
Default

 

Each
of the events or circumstances set out in the following paragraphs under this Section 5 is an Event of Default (whether or not
caused by any reason outside the control of the Borrower or of any other person):

 

5.1.
Non-Payment. The Company fails to pay on the. Repayment Date any amount due and payable pursuant to the Transaction Document,
unless payment is made as soon as practicable and in any event within fourteen (14) Business Days of the applicable due date;

 

    	 	4	 

     

    

 

5.2.
Invalidity. Any of the Transaction Documents shall cease to be in full force and effect in any respect or shall not, or
shall cease to, constitute the legal, valid, binding and enforceable obligations of the Company, as applicable, or might become
unlawful or the exercise or enforcement of any rights and remedies of the Lender under the Transaction Documents becomes subject
to material legal impediments. Any default under this Section 6.2 may be cured within seven (7) Business Days (without prejudice
to any other Event of Default pursuant hereto).

 

5.3.
Bankruptcy. The Borrower shall make an assignment for the benefit of creditors, or file with a court of competent jurisdiction
an application for appointment of a receiver, or similar official with respect to it or any substantial part of its assets, or
there shall be filed against the Borrower- by any third party any such application or petition, which application or
petition is not dismissed or withdrawn within thirty (30) Business Days from the date of filing thereof.

 

5.4.
Merger without assumption. The Borrower consolidates or merges with or into, or transfers all or substantially all its
assets to, or reorganizes, reincorporates or -reconstitutes into or as, another .entity and, at the time of such consolidation,
amalgamation, merger, transfer, reorganization, reincorporation or reconstitution the resulting, surviving or transferee entity
fails to assume all the obligations and undertakings of such party under this Agreement.

 

Upon
the occurrence of an Event of Default and at any time, the Lender may, by written notice to the Borrower, declare that an Event
of Default has occurred and/or that all or part of the outstanding Loan Amount is immediately due and payable, whereupon it shall
become immediately due and payable, together with all interest accrued thereon and all other amounts payable under the Transaction
Documents (including Interest and fees, to the extent applicable). For avoidance of doubt, nothing in this Section shall operate
or be construed so as to prejudice or derogate from any other rights, remedies and relief available to the Lender under this Agreement,
the other Transaction Documents or by law.

 

6.           General
and Miscellaneous. 

 

6.1.
Confidentiality. The terms and conditions of this Agreement and the other Transaction Documents shall be treated by the
Parties as confidential information and shall not be disclosed to any person or entity except as required by applicable law, including
the United States securities law, to its auditors and other advisors (subject to confidentiality in accordance with the principles
set out herein), or in connection with any assignment or transfer permitted hereunder.

 

6.2.
Assignment. Neither Party may assign their rights and/or obligation hereunder, or any of them, without the prior written
approval of the other Party.

 

6.3.
Successors and Assigns. Without prejudice to the provisions of Section 6.2 (Assignment), this Agreement shall inure
to the benefit of, and be binding upon, the heirs, executors, administrators, successors and assigns of the parties hereto.

 

    	 	5	 

     

    

 

6.4.
Notices. Any notice or other communication required to be given by one party hereto to another under this Agreement shall
be in writing and shall be deemed to have been served: (i) if personally delivered, when actually delivered; or (ii) if sent by
facsimile or e-mail, the next Business Day after receipt of confirmation of transmission; or (iii) three (3) Business Days after
being mailed by certified or registered mail, postage prepaid (for the purposes of proving such service, it being sufficient to
prove that such notice was properly addressed and posted) to the respective addresses of the parties set out herein:

 

If
to the Company:

 

Address:
1013 Centre Road, Suite 403-B in the City of Wilmington, County of New Castle, State of Delaware, 19805

 

Attention:
Gustavo Perrotta Chairman of EZTD Inc. c/o VCorp Services, LLC

 

if to the Lender:

 

Address:
Via della Rocca no. 24/bis, 10123 Torino, Italy

 

Attention: Pierluigi Bourlot

 

or
at such other address, fax or email as any party shall have furnished to the other in writing in accordance with this Section.

 

6.5.
Entire Agreement. This Agreement constitutes the entire agreement and understanding between the Parties with respect to
the subject matter hereof, and supersedes any and all prior agreements, understandings, promises and representation, whether written
or oral, between the Parties with respect to the subject matter hereof.

 

6.6.
Costs. Each Party shall bear its own costs incurred in connection with the execution and consummation of this Agreement
and the transaction contemplated hereunder.

 

6.7.
Amendments. This Agreement may not be amended, modified, released, or discharged in any manner except by an instrument
in writing, referring to this Agreement, and signed by all Parties.

 

6.5.
Severability. If, and solely to the extent that, any provision of this Agreement shall for any reason be held to be excessively
broad, the term shall be construed in a manner to enable it to be enforced to the extent compatible with applicable law. If, and
solely to the extent that, any provision of this Agreement shall be invalid or unenforceable, or shall render this entire Agreement
to be unenforceable or invalid, such offending provision shall be of no effect and shall not affect the validity of the remainder
of this Agreement; provided, however, the Parties shall use their respective reasonable efforts to renegotiate the offending provisions
to best accomplish the original intentions of the Parties.

 

    	 	6	 

     

    

 

6.6. Choice
of Law and Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the Italy. Each
party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Agreement and any other transaction documents (whether brought against a party hereto or its respective
affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the competent courts in
the city of Torino, Italy, Each party hereby irrevocably submits to the exclusive jurisdiction of the courts of the city of
Torino, Italy for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein (including with respect to the enforcement of any of the transaction documents), and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject
to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such
proceeding.

 

6.7.
Waiver. No waiver of any right under this Agreement shall be deemed effective unless contained in writing and signed by
the Party charged with such waiver, and no waiver of any right shall be deemed to be a waiver of any future right or any other
right arising under this Agreement.

 

6.8.
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original but
all of which together shall constitute one and the same instrument.

 

[signature
page follows]

 

    	 	7	 

     

    

 

IN
WITNESS WHEREOF the parties hereto have signed this Loan Agreement as of the date first hereinabove set forth.

 

Borrower:

 

	EZTD,
    INC.	 
	 	 	 
	By:	/s/ Shimon Citron 	 
	Name:	Shimon
Citron	 
	Title:	CEO 	 

 

Lender:

 

Finandrea
S.P.A.

 

	By:	/s/
    Pierluigi Bourlot	 
	Name: 	Pierluigi
    Bourlot	 
	Title:	Director	 

 

    	 	8	 

     

    

 

Schedule
3.6

Indebtedness

 

	Lender	 	Loan Principal	 
	 	 	 	 
	YAII PN, Ltd. an affiliate of Yorkville Advisors Global, LLC	 	$	500,000	 
	Compagnie Financiere St. Exupery SICAV-SIF	 	$	1,000,000	 
	Compagnie Financiere St. Exupery SICAV-SIF	 	$	2,800,000Exhibit 10.1

 

EMPLOYMENT AGREEMENT

This Employment Agreement (“Agreement”) is entered into by and between RiceBran Technologies, a California corporation (“RBT”), and Brent R. Rystrom, an individual (“Employee”), effective as of March 8, 2017 (“Effective Date”).  The parties agree as follows:

1.            Employment.  RBT hereby employs Employee and Employee hereby accepts employment with RBT on the terms and conditions set forth herein.

2.            Employment; Scope of Employment.  Employee shall be employed as Chief Financial Officer of RBT, reporting to RBT’s Chief Executive Officer and the Chairman of the Audit Committee (“Audit Committee”) of RBT’s Board of Directors (“Board”).  RBT reserves the exclusive right to designate and modify Employee’s specific duties from time to time in any manner consistent with Employee’s status as Chief Financial Officer.  No modification or change of Employee’s responsibilities and/or duties shall modify, change or revoke any provision of this Agreement.

2.1           Best Efforts; Full Working Time.  Employee shall devote substantially all of Employee’s business time, attention, skill and experience and shall apply Employee’s best efforts to the performance of Employee’s duties and the business and affairs of RBT.  Employee may engage in charitable activities and community affairs, and manage Employee’s personal investments and affairs, so long as such activities do not, either individually or in the aggregate, materially interfere with the proper performance of Employee’s duties and responsibilities hereunder.

2.2           Supervision and Direction of Services.  All of Employee’s services shall be under the supervision and direction of the Chief Executive Officer of RBT and the Chairman of the Audit Committee.

2.3           Rules.  Employee shall be bound by all the policies, rules, regulations, plans, programs, agreements and arrangements of RBT now in force, and by all such other policies, rules, regulations, plans, programs, agreements and arrangements as may be hereafter implemented (collectively, “Company Arrangements”) and shall faithfully observe and abide by the same.   No such policy, rule or regulation shall alter, modify or revoke the provisions of this Agreement, including RBT’s right to terminate Employee’s employment at any time, with or without cause.

2.4           Exclusive Services.  During the Term, Employee shall not, directly or indirectly, whether as a partner, employee, creditor, shareholder, independent contractor or otherwise, promote, participate or engage in any activity or other business that is competitive with RBT’s business operations; provided, however, that this provision shall not preclude or prohibit Employee from holding or obtaining an indirect and passive beneficial ownership, through a mutual fund or similar arrangement, of up to one percent of any publicly-held company which is competitive with RBT as long as he does not otherwise promote, participate or engage in the business operations of such company.  Employee agrees that Employee shall not enter into an agreement to establish, form, contract with or become employed by a competing business of RBT while Employee is employed by RBT.

1

2.5           Non-Solicitation.    To the fullest extent permissible under applicable law, Employee agrees that both during the Term and for a period of two (2) years following termination of this Agreement, Employee shall not take any action to induce employees or independent contractors, or customers, suppliers or vendors of RBT to sever their relationship with RBT and accept an employment or an independent contractor relationship, or any other applicable relationship with any other business.

2.6           Principal Office; Relocation by RBT and Employee. RBT is in the process of relocating its principal offices to Sacramento, California. Employee shall primarily perform Employee’s duties under this Agreement at RBT’s principal offices, but shall provide services at such other locations as the Chief Executive Officer or the Board may designate from time-to-time. Employee agrees, as a material term of this Agreement, to relocate his principal residence to the Sacramento metropolitan area within the period of August to September 2017.

3.           Term and Termination; Payments upon Termination.

3.1           Term and Termination. Unless earlier terminated as described below, RBT hereby employs the Employee under this Agreement for a period commencing on the Effective Date and ending on December 31, 2017 (the “Term”).  The period commencing on the Effective Date and ending on December 31, 2017, and each succeeding twelve (12) month period during the Term, are each referred to herein as a “Contract Year.”  The Term shall be extended automatically for successive one-year terms unless either party notifies the other party in writing at least ninety (90) days prior to the expiration of the then-effective Term of such party’s intention not to renew this Agreement.

3.1.1        Termination for Cause.  No termination of Employee’s employment hereunder for Cause shall be effective unless RBT shall first have given written notice to Employee (the “Cause Notice”) of its intention to terminate Employee for Cause, such Cause Notice shall state the circumstances that constitute the grounds on which the termination for Cause is based.  “Cause” for termination of Employee’s employment shall mean the occurrence of any of the following:

(a)           Employee breaches a material term of this Agreement, which breach remains uncured for thirty (30) days after delivery of the Cause Notice (which Cause Notice shall describe the breach in sufficient detail to allow Employee the reasonable opportunity to cure the breach, if susceptible of being cured within such thirty (30) day period);

(b)           Employee has been grossly negligent or engaged in material willful or gross misconduct in the performance of Employee’s duties;

(c)           Employee has committed, as reasonably determined by the Board, or has been convicted by a court of law of fraud, moral turpitude, embezzlement, theft, or similar criminal conduct, or any felony;

(d)           Employee’s habitual misuse of alcohol, drugs, or any controlled substance; or

2

(e)           Employee’s (i) breach of the Proprietary Information Agreement (as defined below) or (ii) failure to comply with reasonable written standards established by RBT for the performance of Employee’s duties hereunder.

3.1.2        Termination for Good Reason.

(a)           Employee may terminate this Agreement for Good Reason, as defined herein, subject to and provided that Employee complies with the requirements of Section 3.1.2(b).  As used herein, “Good Reason” means (i) any material breach by RBT of any provision of this Agreement; (ii) a material reduction of Employee’s duties or responsibilities (or the assignment of duties or responsibilities to Employee that are) not consistent or commensurate with Employee’s position as Chief Executive Officer, but not including any reduction in Employee’s duties during any investigation or proceedings initiated by RBT pursuant to Section 3.1.1 with regard to a possible termination of Employee for Cause; or (iii) any reduction of Employee’s Base Salary other than as part of a general reduction of the salaries of all of RBT’s executive officer employees.

(b)           In order to terminate this Agreement for Good Reason, Employee shall provide RBT with (i) written notice of the Good Reason (which notice must be delivered within ninety (90) days following the date Employee first learns of the occurrence of the event constituting Good Reason and which notice shall describe the particulars of RBT’s breach in sufficient detail to allow RBT reasonable opportunity to remedy or eliminate the Good Reason(s), if susceptible of being remedied or eliminated); and (ii) thirty (30) days within which to remedy or eliminate the Good Reason(s).  In the event that Employee provides such notice and RBT fails to remedy or eliminate the Good Reason(s) within such 30-day period, Employee shall be entitled to provide RBT with written notice (of not less than fifteen (15) days) that Employee is terminating this Agreement as a result of such Good Reason(s) (such notice, a “Good Reason Resignation Notice”).  In order for Employee’s termination of this Agreement to be for Good Reason, (i) the Good Reason Resignation Notice must be delivered to RBT within twenty (20) days after the end of such 30-day period in which RBT was unable to remedy or eliminate the Good Reason(s) and (ii) the Good Reason Resignation Notice must set forth the effective date of Employee’s termination, which termination date must not be less than fifteen (15) days after the date that Employee delivered the Good Reason Resignation Notice to the Company.

3.1.3        Voluntary Termination of Employment.  Employee agrees (a) to provide at least ninety (90) days prior written notice (a “Voluntary Termination Notice”) of Employee’s intention to voluntarily terminate Employee’s employment with  RBT for any reason other than Good Reason, death or Disability (as defined below) (a “Voluntary Termination”) and (b) to specify in such notice a fixed date for the Voluntary Termination.  A termination of this Agreement by reason of Employee’s non-renewal shall be deemed to be a Voluntary Termination.

3.2           Payments Upon Termination.

3.2.1        For Cause, Voluntary Termination, or Disability.  If RBT terminates Employee’s employment for Cause, or if Employee terminates by Voluntary Termination, or if either party terminates this Agreement due to Employee’s Disability, Employee shall be entitled to receive in a cash lump sum payment (less normal and customary deductions and withholdings) an amount equal to all accrued but unpaid compensation (including accrued but unused vacation leave) as of the date of such termination (such payment shall be made within the time period required by applicable law, but in no event later than thirty (30) days following the date of termination).

3

3.2.2       Without Cause, for Good Reason, or Death.

(a)           In the event Employee’s employment is terminated (i) by RBT other than for Cause, (ii) by Employee for Good Reason, or (iii) due to Employee’s death, Employee (or Employee’s estate or legal representative) shall be entitled to a cash lump sum payment an amount equal to (1) all previously accrued but unpaid  compensation (including accrued but unused vacation leave) as of the date of such termination and (2) the Base Salary that Employee would have been paid had he remained employed with RBT for the ninety (90) day period beginning immediately after RBT gives notice to Employee of Employee’s termination (or beginning immediately after Employee provides RBT with the Good Reason Resignation Notice); and the payments due under Section 3.2.2(a)(2) to be made no later than ten (10) days following the effective date of a mutual general release in a reasonable form prepared by RBT, and signed, by both Employee and RBT.

(b)           For purposes of this Agreement, “Disability” shall mean that Employee, due to a physical or mental disability, has been substantially unable to perform Employee’s duties under this Agreement for a continuous period of ninety (90) days or longer, or for one hundred and twenty (120) days or more in any twelve (12) month period.

3.2.3         Section 409A.  Notwithstanding any provision of this Agreement to the contrary, if Employee is a “specified employee” as defined in Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), he shall not be entitled to any payments upon a termination of Employee’s employment under any arrangement that constitutes “nonqualified deferred compensation” under Section 409A until the earlier of (i) the date which is six (6) months after Employee’s separation from service (as such term is defined in Section 409A of the Code and the regulations and other published guidance hereunder) for any reason other than death, or (ii) the date of Employee’s death.  After the date of termination, Employee shall have no duties or responsibilities that are inconsistent with having a separation from service as of such date.  Any amounts otherwise payable to Employee following a termination of employment that are not so paid by reason of this Section 3.2.3 shall be paid promptly following, and in any event within fifteen (15) days following, the date that is six (6) months after Employee’s separation from service (or, if earlier, the date of Employee’s death).

3.2.4         Termination upon a Change of Control. Within sixty (60) days prior to or ninety (90) days after the effective date of a Change of Control (as defined below), either RBT or Employee may, upon thirty (30) days' prior written notice to the other, terminate Employee's employment. In the event of any such termination of Employee's employment (and regardless of whether such termination occurs with or without such thirty (30) day notice), RBT shall pay to Employee (a) the severance and other benefits set forth in Section 3.2.1 and Section 3.2.2, as applicable, and (b) an additional severance payment of an amount equal to the Base Salary that Employee would have been paid had he remained employed with RBT for the one hundred and eighty (180) day period beginning immediately after such termination, but Employee shall be entitled to such additional severance payment under this part (b) only if Employee executes a general release in a reasonable form prepared by RBT.  Such payment shall be payable in accordance with applicable law, but in no event later than thirty (30) days following the date of termination (and Employee’s execution and delivery of a general release, in the case of payments to be made under Section 3.2.2(a)(2), if applicable, or part (b) of this Section 3.2.4). For the purposes of this Agreement, the term “Change of Control” shall mean any of the following events: (x) the consummation of a merger or consolidation of RBT with any other entity which results in the voting securities of RBT outstanding immediately prior thereto failing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the total voting power represented by the voting securities of RBT or such surviving entity outstanding immediately after such merger or consolidation, or (y) the sale or other transfer in one or more transactions not in the ordinary course of RBT's business or personal property assets constituting more than fifty percent (50%) of the personal property assets of RBT and its subsidiaries (taken as a whole) to any such person or group of persons; provided, however, that the sale of the assets or equity interests of Healthy Natural Inc., NUTRA SA, LLC or any of their subsidiaries shall not constitute a Change of Control.

4

4.             Compensation; Benefits.

4.1           Base Salary.  Employee shall be paid at a rate which, on an annualized basis, equals two hundred thousand dollars ($200,000) per year, as adjusted pursuant to this Section 4.1 (“Base Salary”).  The Base Salary shall be subject to normal payroll withholding amounts and RBT’s standard payroll practices. For each Contract Year after the initial Contract Year, Employee’s Base Salary shall be subject to increase as determined by the Board in its discretion.

4.2           Signing Fee.  Upon the execution of this Agreement by both parties, Employee shall be entitled to receive a fee in the amount of twenty-five thousand dollars ($25,000), subject to normal payroll withholding amounts (“Signing Fee”). RBT shall pay Employee the Signing Fee on or about the date RBT makes payment to Employee of the first installment of Base Salary.

4.3           Annual Bonus Program.  Employee shall participate in any RBT annual bonus program that is adopted by RBT and that is applicable to senior officers of RBT (subject to the terms and conditions of any such program).  Any such annual bonus program must be approved by the RBT Compensation Committee and shall set forth objective criteria for bonus payments based on the financial performance of RBT.  Such annual bonus program also shall set forth a target bonus objective for Employee, which shall be set by the Board in its sole discretion.  The actual annual bonus amount, if any, shall be paid in accordance with the terms of such program and may be paid in cash or stock incentives or a combination of cash and stock incentives.

4.4           Stock; Options.  Employee shall be entitled to receive equity incentive awards at the sole discretion of the Board or its Compensation Committee.  Any grant of an equity incentive award shall require the approval of the Board or its Compensation Committee and be subject to the terms and conditions of the corresponding grant agreements, incentive programs and equity incentive plans. Subject to the foregoing, Employee shall be eligible to obtain up to three hundred and sixty thousand (360,000) shares of RBT Common Stock or options to purchase RBT Common Stock pursuant to the terms of the RBT Management Incentive Program and options to acquire forty thousand (40,000) shares of RBT Common Stock pursuant to the RBT 2014 Omnibus Incentive Plan, in both cases subject to the terms and conditions of such program and plan.

5

4.5           Vacation and other Standard Benefits. Employee shall be entitled to four (4) weeks of paid vacation time per year.  Employee may not accrue vacation time in excess of such four (4) weeks maximum.  Accrual of vacation time shall be subject to the terms and conditions of RBT’s vacation policy.  Employee shall be entitled to health benefits in accordance with RBT’s standard policies.  In addition, Employee is entitled to paid holidays, sick leave and other benefits in accordance with RBT’s standard policies.

4.6           Relocation Expenses. Within thirty (30) days following the relocation of Employee's family and family residence to the Sacramento, California metropolitan area, Employer shall reimburse Employee for up to forty thousand dollars ($40,000) of the documented and reasonable expenses incurred by Employee in the relocation of his primary residence to Sacramento, California, including expenses to move household goods, pets, automobiles, closing costs for selling Employee’s current residence, and travel and related expenses to locate a new home in Sacramento, California.  Employee agrees to submit to RBT estimates for all such costs as soon as reasonably available and to submit receipts and invoices to evidence such relocation expenses.

 

4.7           Business Expenses.  Employee shall be reimbursed for reasonable business expenses which he incurs in the performance of Employee’s duties hereunder, in accordance with RBT’s standard reimbursement policies.

4.8           Inconsistencies.  In the event of any inconsistency between any provision of this Agreement and any provision of any Company Arrangement, the provisions of this Agreement shall control.

5.            Employee’s Representations.   Employee represents and warrants to RBT that information provided by Employee about Employee to RBT in connection with Employee’s employment and any supplemental information provided to RBT is, to the best of Employee’s knowledge and information after good faith diligence and investigation, complete, true and correct.   Employee has not omitted any information that is necessary to evaluate the information provided by Employee to RBT.  Employee shall promptly notify RBT of any change in the accuracy or completeness of all such information.

6.            Trade Secrets.   Employee acknowledges that RBT has expended substantial time and expense to develop customers and to develop procedures and processes for development of products and services and the sales of products and services.  Such procedures and processes in addition to various other types of proprietary information are included as part of the “confidential information” described in the “Proprietary Information Agreement”, dated March 8, 2017, between RBT and Employee and attached hereto as Exhibit A.  RBT and Employee agree that the Proprietary Information Agreement attached hereto as Exhibit A continues to be in full force and effect.  Nothing in this Agreement alters the obligations of Employee under the Proprietary Information Agreement.

7.            Remedies for Breach of Covenant Regarding Confidentiality.   The parties agree that the breach by Employee of any covenants contained in Sections 2.4, 2.5, and 6 will result in immediate and irreparable injury to RBT. In the event of any breach by Employee of the covenants contained in Sections 2.4, 2.5, or 6, RBT shall be entitled to seek recourse through all available legal and equitable remedies necessary or useful to prevent any likelihood of immediate or irreparable injury to RBT.  The parties agree that, in the case of such a breach or threat of breach by Employee of any of the provisions of such Sections, RBT may take any appropriate legal action, including without limitation action for injunctive relief, consisting of orders temporarily restraining and preliminarily and permanently enjoining such actual or threatened breach.

6

8.            Miscellaneous.

8.1           Choice of Law.  The rights and obligations of the parties and the interpretation and performance of this Agreement shall be governed by the laws of California, excluding its conflict of laws rules, except as such laws may be interpreted, enforced, or preempted by federal law.

8.2.           Entire Agreement.   This Agreement and the Proprietary Information Agreement contain the entire agreement among the parties hereto with respect to the subject matter hereof, and supersede all prior and contemporaneous oral and written agreements, understandings and representations among the parties.  There are no representations, agreements, arrangements, or understandings, whether oral or written, between or among the parties relating to the subject matter of this Agreement that are not fully expressed herein and therein.  This Agreement amends and restates the Prior Employment Agreement in its entirety as of the Effective Date.

 

8.3           Notices.  Any notice under this Agreement shall be in writing, and any written notice or other document shall be deemed to have been duly given (i) on the date of personal service on the parties, (ii) on the third business day after mailing, if the document is mailed by registered or certified mail, (iii) one day after being sent by professional or overnight courier or messenger service guaranteeing one-day delivery, with receipt confirmed by the courier, or (iv) on the date of transmission if sent by telegram, telex, telecopy or other means of electronic transmission resulting in written copies, with receipt confirmed.   Any such notice shall be delivered or addressed to the parties at the addresses set forth on the signature page below or at the most recent address specified by the addressee through written notice under this provision.   Failure to conform to the requirement that mailings be done by registered or certified mail shall not defeat the effectiveness of notice actually received by the addressee.

8.4           Severability.  RBT and Employee agree that should any provision of this Agreement be declared or be determined by any court or other tribunal (including an arbitrator) of competent jurisdiction to be illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining parts, terms and provisions shall not be affected thereby, and said illegal, unenforceable or invalid part, term or provision shall be deemed not to be part of this Agreement.

8.5           Amendment.  The provisions of this Agreement may be modified at any time by agreement of the parties; provided that such modification shall be ineffective unless in writing and signed by the parties hereto.

8.6           No Transfer or Assignment; No Third-Party Beneficiaries.  The rights of Employee hereunder have been granted by RBT with the understanding that this Agreement is personal to, and shall be performed by Employee individually. This Agreement is not transferable or assignable by Employee in any manner. No person or entity other than RBT and Employee shall have any rights whatsoever under this Agreement.   No person or entity other than RBT or Employee shall have any right to enforce any provision of this Agreement, or to recover damages on account of the breach of this Agreement.  No heir, successor or assign of Employee, whether voluntarily or by operation of law, shall have or succeed to any rights of RBT or Employee hereunder.

7

8.7           Waiver.  Any of the terms or conditions of this Agreement may be waived at any time by the party entitled to the benefit thereof, but no such waiver shall affect or impair the right of the waiving party to require observance, performance or satisfaction of that term or condition as it applies on a subsequent occasion or of any other term or condition.

8.8           Resolution of Disputes.

8.8.1        Resolution of Disputes.  RBT and Employee agree that, except as otherwise provided herein, any claim or controversy arising out of or pertaining to this Agreement or the termination of Employee’s employment, including but not limited to, claims of wrongful treatment or termination allegedly resulting from discrimination, harassment or retaliation on the basis of race, sex, age, national origin, ancestry, color, religion, marital status, status as a veteran of the Vietnam era, physical or mental disability, medical condition, or any other basis prohibited by law (“Dispute”)  shall be resolved by binding arbitration as provided in this Section 8.8.

 

8.8.2        Binding Arbitration.   The provisions of this Section 8.8 shall not preclude any party from seeking injunctive or other provisional or equitable relief in order to preserve the status quo of the parties pending resolution of a Dispute, and the filing of an action seeking injunctive or other provisional relief shall not be construed as a waiver of that party’s arbitration rights.  Except as provided herein, the arbitration of any Dispute between the parties to this Agreement shall be governed by the American Arbitration Association (“AAA”) Commercial Arbitration Rules (the “AAA Rules”).

8.8.3        Appointment of Arbitrator.  Within thirty (30) days of service of a demand for arbitration by either party to this Agreement, the parties shall endeavor in good faith to select from the AAA list of labor and employment arbitrators a single arbitrator, who must be a licensed attorney; if the parties fail to do so within such thirty (30) day period, an arbitrator shall be selected in accordance with the AAA Rules.

8.8.4        Initiation of Arbitration.  In the case of any Dispute between the parties to this Agreement, either party shall have the right to initiate the binding arbitration process provided for in this paragraph by serving upon the other party a demand for arbitration within the statutory time period from the date the Dispute first arose.

8.8.5        Location of Arbitration.  Any arbitration hearing shall be conducted in Sacramento, California.

8.8.6        Applicable Law.  The law applicable to the arbitration of any Dispute shall be, as provided in Section 8.1 and the Federal Arbitrator Act (Title 9, U.S. Code, Section 1 et Seq.).

8

8.8.7        Arbitration Procedures.  In addition to any of the procedures or processes available under the AAA Rules, the parties shall be entitled to conduct discovery sufficient to adequately arbitrate their claims and/or defenses, including access to relevant documents and witnesses, as determined by the arbitrator(s).  In addition, either party may choose, at that party’s discretion, to request that the arbitrator(s) resolve any dispositive motions prior to the taking of evidence on the merits of the Dispute.  In the event a party to the arbitration requests that the arbitrator(s) resolve a dispositive motion, the arbitrator(s) shall receive and consider any written or oral arguments regarding the dispositive motion, and shall receive and consider any evidence specifically relating thereto, and shall render a decision thereon, before hearing any evidence on the merits of the Dispute.

8.8.8        Scope of Arbitrators’ Award or Decision.  RBT and Employee agree that if the arbitrator(s) find any Disputed claim to be meritorious, the arbitrator(s) shall have the authority to order all forms of legal and/or equitable relief that would otherwise be available in court and that is appropriate to the claim.  Any decision or award by the arbitrator(s) shall be a reasoned opinion in writing citing facts and law and shall be specific enough to permit limited judicial review if necessary.

8.8.9        Costs of Arbitration; Attorneys’ Fees.  RBT and Employee agree that  the arbitrator(s), in their discretion and consistent with applicable law, may award to the prevailing party the costs incurred by that party in participating in the arbitration process as long as they do not exceed those that would be incurred by Employee in a court action.

 

8.8.         Acknowledgment of Consent to Arbitration.  NOTICE:  BY EXECUTING THIS AGREEMENT THE PARTIES AGREE TO HAVE ANY DISPUTE ARISING OUT OF THE MATTERS INCLUDED IN THE “RESOLUTION OF DISPUTES” PROVISION DECIDED BY NEUTRAL ARBITRATION AS PROVIDED HEREIN AND WAIVE ANY RIGHTS THEY MAY HAVE TO HAVE THE DISPUTE DECIDED BY A JUDGE OR A JURY.  BY EXECUTING THIS AGREEMENT, THE PARTIES WAIVE THEIR JUDICIAL RIGHTS TO APPEAL.  IF EITHER PARTY REFUSES TO SUBMIT TO ARBITRATION AFTER AGREEING TO THIS PROVISION, SUCH PARTY MAY BE COMPELLED TO ARBITRATE.  THE PARTIES’ AGREEMENT TO THIS ARBITRATION PROVISION IS VOLUNTARY.  THE PARTIES REPRESENT THAT THEY HAVE READ AND UNDERSTAND THE FOREGOING AND AGREE TO SUBMIT DISPUTES ARISING OUT OF THE MATTERS INCLUDED IN THIS PROVISION TO NEUTRAL ARBITRATION.

8.10         Exhibits. All exhibits to which reference is made are deemed incorporated in this Agreement whether or not actually attached.

[Signature Page Follows]

9

RBT and Brent Rystrom have executed and delivered this Amended and Restated Employment Agreement as of the Effective Date set forth above.

	 	
RICEBRAN TECHNOLOGIES

	 
	 	 	 
	 	
/s/ Robert Smith

	 
	 	
By: Robert Smith

	 
	 	
Title:  Chief Executive Officer

	 

 

	 	
EMPLOYEE

	 
	 	 	 
	 	
/s/ Brent Rystrom

	 
	 	
Brent Rystrom

	 

 

 

10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00268-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00268-of-00352.parquet"}]]