Document:

Exhibit
10.14

 

EMPLOYMENT
AGREEMENT

 

THIS AGREEMENT, dated as
of the Effective Date, by and between B&G FOODS, INC.,  (hereinafter “Corporation”) and David L.
Wenner (hereinafter “Wenner”).

 

WHEREAS, subject to the
terms of this Agreement, Corporation desires to secure the services of Wenner
for two (2) years as President and Chief Executive Officer (hereinafter “Chief
Executive Officer”), and Wenner desires to accept such employment.

 

NOW THEREFORE, in
consideration of the material advantages accruing to the two parties and the
mutual covenants contained herein, Corporation and Wenner agree with each other
as follows:

 

1.                                       EFFECTIVE
DATE.  For purposes of this
Agreement, the “Effective Date” shall mean the date of the closing of the
Corporation’s initial public offering of the “Enhanced Income Securities” as
described in the final prospectus to be filed with the Securities Exchange
Commission by the Corporation (the “Offering”).  In the event that the Offering shall not have closed on or prior
to June 30, 2004, then there shall be no Effective Date and this Agreement
shall terminate automatically on such date and be null and void and of no force
or effect.

 

2.                                       EMPLOYMENT.
Wenner will render full-time professional services to Corporation and, as
directed by the Corporation, to its subsidiaries or other Affiliates (as
defined in Paragraph 3 below), in the capacity of Chief Executive Officer under
the terms and conditions of this Agreement. He will at all times, faithfully,
industriously and to the best of his ability, perform all duties that may be
required of him by virtue of his position as Chief Executive Officer and in
accordance with the directions and mandates of the Board of Directors of the
Corporation.  It is understood that
these duties shall be substantially the same as those of a chief executive
officer of a similar business corporation engaged in a similar enterprise.  Wenner is

 

 

hereby vested
with authority to act on behalf of the Corporation in keeping with policies
adopted by the Board of Directors, as amended from time to time.  Wenner shall report solely and directly to
the Board of Directors.

 

3.                                       SERVICES
TO SUBSIDIARIES OR OTHER AFFILIATES. The Corporation and Wenner understand
and agree that if and when the Corporation so directs, the Chief Executive
Officer shall also provide services to any subsidiary or other Affiliate (as
defined below) by virtue of his employment under this Agreement.  If so directed, Wenner agrees to serve as
Chief Executive Officer of such subsidiary or other Affiliate, including, but
not limited to, the parent corporation of the Corporation, as a condition of
his employment under this Agreement, and upon the termination of his employment
under this Agreement, Wenner shall no longer provide such services to the
subsidiary or other Affiliate. The parties recognize and agree that Wenner
shall perform such services as part of his overall professional services to the
Corporation but that in certain circumstances approved by the Corporation he
may receive additional compensation from such subsidiary or other
Affiliate.  For purposes of this
Agreement, an “Affiliate” is any corporation or other entity that is controlled
by, controlling or under common control with the Corporation. “Control” means
the direct or indirect beneficial ownership of at least fifty (50%) percent
interest in the income of such corporation or entity, or the power to elect at
least fifty (50%) percent of the directors of such corporation or entity, or
such other relationship which in fact constitutes actual control.

 

4.                                       TERM
OF AGREEMENT. The term of Wenner’s employment under this Agreement shall be
two (2) years from the Effective Date; provided that unless notice of
termination has been provided in accordance with Paragraph 7 (a) at least sixty
(60) days prior to the expiration of the initial two (2) year term or any
additional twelve (12) month term (as

 

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provided
below), or unless this Agreement is otherwise terminated, the term of
employment under this Agreement shall automatically be extended for additional
twelve (12) month periods (the “Term”).

 

5.                                       BASE
COMPENSATION. During the Term, in consideration for the services as Chief
Executive Officer required under this Agreement, the Corporation agrees to pay
Wenner an annual base salary of Three Hundred and Forty Thousand Dollars
($340,000), or such higher figure as may be determined at an annual review of
his performance and compensation by the Executive Compensation Subcommittee of
the Board of Directors.  The annual
review of Wenner’s base salary shall be conducted by the Subcommittee within a
reasonable time after the end of each fiscal year of the Corporation and any
increase shall be retroactive to January 1st of the current
Agreement year. The amount of annual base salary shall be payable in equal
installments consistent with the Corporation’s payroll payment
schedule for other employees of the Corporation. Wenner may choose to
select a portion of his compensation to be paid as deferred income through
qualified plans or other programs consistent with the policy of the Corporation
and subject to any and all applicable federal, state or local laws, rules or
regulations.

 

6.                                       OTHER
COMPENSATION AND BENEFITS. During the Term, in addition to his base salary,
the Corporation shall provide Wenner the following:

 

(a)                                  INCENTIVE
COMPENSATION. Wenner shall participate in an annual incentive compensation
plan (the “Incentive Compensation Plan”), as shall be adopted and/or modified
from time to time by the Board of Directors. Incentive compensation awards are
calculated as a percentage of Wenner’s base salary on the last day of the
Incentive Compensation Plan performance period. The percentages of base salary
that Wenner is eligible to receive based on performance are 50 % at “Threshold”
and 100 % at “Target”, as such
terms are defined in the

 

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Incentive
Compensation Plan. Incentive compensation awards are payable no later than
ninety (90) days following the end of each fiscal year of the Corporation.  In addition, Wenner shall be eligible to
participate in the Corporation’s 2004 Long-Term Incentive Plan.

 

(b)                                 VACATION.
Wenner shall be entitled to four (4) weeks of compensated vacation time during
each year, to be taken at times mutually agreed upon between him and the
Chairperson of the Board of Directors. Vacation accrual shall be limited to the
amount stated in the Corporation’s policies currently in effect, as amended
from time to time.

 

(c)                                  SICK
LEAVE AND DISABILITY. Wenner shall be entitled to participate in such
compensated sick leave and disability benefit programs as are offered to
Corporation’s other executive employees. The Corporation shall also pay for an
individual disability policy for Wenner on the same terms as that provided to
Wenner by the Corporation as of the date of this Agreement.

 

(d)                                 MEDICAL
AND DENTAL INSURANCE. Wenner, and if appropriate, his dependents, shall be
eligible to participate in such medical and dental insurance programs as
are  provided to the Corporation’s other
executive employees.

 

(e)                                  EXECUTIVE
BENEFITS AND PERQUISITES.  Wenner
shall be entitled to receive all other executive benefits and perquisites to
which all other executive employees of the

 

Corporation are entitled.

 

(f)                                    AUTOMOBILE
AND CELLULAR PHONE. The Corporation agrees to provide, either directly or
through a monetary allowance, for the use by Wenner, of an automobile and
cellular telephone. The selection of said automobile, or alternatively, the
amount of the car allowance that will allow Wenner to purchase or lease an
automobile shall be subject to approval by the Chairperson of the Board of
Directors.

 

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(g)                                 LIABILITY
INSURANCE. The Corporation agrees to insure Wenner under the appropriate
liability insurance policies, in accordance with the Corporation’s policies and
procedures, for all acts done by him within the scope of his authority in good
faith as Chief Executive Officer throughout the Term.

 

(h)                                 PROFESSIONAL
MEETINGS AND CONFERENCES. In addition, Wenner will be permitted to be
absent from the Corporation’s facilities during working days to attend
professional meetings and to attend to such outside professional duties in the
food industry as have been mutually agreed upon between him and the Chairperson
of the Board of Directors.  Attendance
at such approved meetings and accomplishment of approved professional duties
shall be fully compensated service time and shall not be considered vacation
time. The Corporation shall reimburse Wenner for all reasonable expenses
incurred by him incident to attendance at approved professional meetings, and
such reasonable entertainment expenses incurred by Wenner in furtherance of the
Corporation’s interests; provided, however, that such reimbursement is approved
by the Chairperson of the Board of Directors.

 

(i)                                     PROFESSIONAL
DUES. The Corporation agrees to pay dues and expenses to professional
associations and societies and to such community and service organizations of
which Wenner is a member provided such dues and expenses are approved by the
Chairperson of the Board of Directors as being in the best interests of the
Corporation.

 

(j)                                     LIFE
INSURANCE. The Corporation shall provide Wenner with life insurance
coverage on the same terms as that provided to Wenner by the Corporation as of
the date of this Agreement.

 

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(k)                                  BUSINESS
EXPENSES. The Corporation shall reimburse for reasonable expenses incurred
by the Chief Executive Officer in connection with the conduct of business of
the Corporation and its subsidiaries or other Affiliates.

 

7.                                       TERMINATION
WITHOUT CAUSE.

 

(a)                                  BY
THE CORPORATION. The Corporation 
may, in its discretion, terminate Wenner’s employment hereunder without
cause at any time upon sixty  (60)
days prior written notice or at such later time as may be specified in said
notice.  Except as otherwise provided in
this Agreement, after such termination, all rights, duties and obligations of
both parties shall cease.

 

(i)                                     Upon
the termination of employment pursuant to subparagraph (a) above, subject to
the terms in subparagraph (ii) below and the requirements of Paragraph 10
below, in addition to all accrued and vested benefits payable under the
Corporation’s employment and benefit policies, including, but not limited to,
unpaid incentive compensation awards earned under the Incentive Compensation
Plan for any completed performance periods, Wenner shall be provided with the
following Salary Continuation and Other Benefits for a period of two (2) years
(“the Severance Period”):  (1) current
annual base salary and incentive compensation awards at the threshold amount
shall be paid during the Severance Period (“Salary Continuation”), which Salary
Continuation shall be paid in the same manner and pursuant to the same payroll
procedures that were in effect prior to the effective date of termination; (2)
continuation of medical, dental, life insurance and disability insurance for
him and, if appropriate, his dependents, during the Severance Period, as in
effect on the effective date of termination (“Other Benefits”), or if the
continuation of all or any of the Other Benefits is not available because of
his status as a terminated employee, a payment equal to the market value of
such excluded Other

 

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Benefits; (3)
if allowable under the Corporation’s qualified pension plan in effect on the
date of termination, credit for additional years of service during the
Severance Period; and (4) outplacement services of an independent third party,
mutually satisfactory to both parties, until the earlier of one year after the
effective date of termination, or until he obtains new employment; the cost for
such service will be paid in full by the Corporation.

 

(ii)                                  Subject
to Paragraph 10 below, in the event that Wenner accepts other employment during
the Severance Period, the Corporation shall continue the Salary Continuation in
force until the end of the Severance Period. All Other Benefits described in
subparagraph (i) (2) and the benefit set forth in (i) (3), other than all
accrued and vested benefits payable under the Corporation’s employment and
benefit policies, shall cease.

 

(iii)                               Wenner
shall not be required to seek or accept any other employment. Rather, the
election of whether to seek or accept other employment shall be solely within
Wenner’s discretion. If during the Severance Period Wenner is receiving all or
any part of the benefits set forth in subparagraph (i) above and he should die,
then Salary Continuation remaining during the Severance Period shall be paid
fully and completely to his spouse or such individual designated by him or if
no such person is designated to his estate.

 

(b)                                 RELEASE.
The obligation of the Corporation to provide the Salary Continuation and Other
Benefits described in subparagraph (a) above is contingent upon and subject to
the execution and delivery by Wenner of a general release, in form and
substance satisfactory to Wenner and the Corporation.  Without limiting the foregoing, such general release shall
provide that for and in consideration of the above Salary Continuation and
Other Benefits, Wenner releases and gives up any and all claims and rights
ensuing from his employment and termination with the Corporation, which he may
have against the Corporation, a subsidiary or other Affiliate,

 

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their
respective trustees, officers, managers, employees and agents, arising from or
related to his employment and/or termination. 
This releases all claims, whether based upon federal, state, local or
common law, rules or regulations.  Such
release shall survive the termination or expiration of this Agreement.

 

(c)                                  VOLUNTARY
TERMINATION.   Should Wenner in his
discretion elect to terminate this Agreement, he shall give the Corporation at
least sixty (60) days prior written notice of his decision to terminate. Except
as otherwise provided in this Agreement, at the end of the sixty (60) day
notice period, all rights, duties and obligations of both parties to the
Agreement shall cease, except for any and all accrued and vested benefits under
the Corporation’s existing employment and benefit policies, including but not
limited to, unpaid incentive compensation awards earned under the Incentive
Compensation Plan for any completed performance periods. At any time during the
sixty (60) day notice period, the Corporation may pay Wenner for the
compensation owed for said notice period and in any such event Wenner’s
employment termination shall be effective as of the date of the payment.

 

(d)                                 ALTERATION
OF DUTIES. If the Board of Directors of the Corporation, in its sole
discretion, takes action which substantially changes or alters Wenner’s
authority or duties so as to effectively prevent him from performing the duties
of the Chief Executive Officer as defined in this Agreement, or requires that
his office be located at and/or principal duties be performed at a location
more than forty-five (45) miles from the present Corporation office located in
Parsippany, New Jersey, then Wenner may, at his option and upon written notice
to the Board of Directors within thirty (30) days after the Board’s action,
consider himself terminated without cause and entitled to the benefits set
forth in subparagraph 7(a), unless within fifteen (15) days after delivery of
such notice, Wenner’s duties have been restored.

 

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(e)                                  DISABILITY.

 

(i)                                     The
Corporation, in its sole discretion, may terminate Wenner’s employment upon his
Total Disability. In the event he is terminated pursuant to this subparagraph,
he shall be entitled to the benefits set forth in subparagraph 7(a), provided
however, that the annual base salary component of Salary Continuation shall be
reduced by any amounts paid to Wenner under any disability benefits plan or
insurance policy. For purposes of this Agreement , the term “Total Disability”
shall mean death or any physical or mental condition which prevents Wenner from
performing his duties under this contract for at least four (4) consecutive
months. The determination of whether or not a physical or mental condition
would prevent Wenner from the performance of his duties shall be made by the
Board of Directors in its discretion. If requested by the Board, Wenner shall
submit to a mental or physical examination by an independent physician selected
by the Corporation and reasonably acceptable to him to assist the Board of
Directors in its determination, and his acceptance of such physician shall not
be unreasonably withheld or delayed. 
Failure to comply with this request shall prevent him from challenging
the Board’s determination.

 

(f)                                    RETIREMENT.
The Corporation, in its sole discretion, may establish a retirement policy for
its executive employees, including Wenner, which includes the age for mandatory
retirement from employment with the Corporation. Upon the termination of
employment pursuant to such retirement policy, all rights and obligations under
this Agreement shall cease, except that Wenner shall be entitled to any and all
accrued and vested benefits under the Corporation’s existing employment and
benefits policies, including but not limited to unpaid incentive compensation
awards earned under the Incentive Compensation Plan for any completed performance
periods.

 

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(g)                                 OTHER
PAYMENTS.  If Wenner is liable for
the payment of any excise tax (the “Excise Tax”) pursuant to section 4999
of the Internal Revenue Code of 1986, as amended (the “Code”), or any successor
or like provision, with respect to any payment or property transfers received
or to be received under this Agreement or otherwise, the Corporation shall pay
Wenner an amount (the “Special Reimbursement”) which, after payment of any
federal, state and local taxes, including any further excise tax under Code
section 4999, with respect to or resulting from the Special Reimbursement,
would place Wenner in the same economic position that he would have enjoyed if
the Excise Tax had not applied to such payments.

 

8.                                       TERMINATION
FOR CAUSE. Wenner’s employment under this Agreement may be terminated by
the Corporation, immediately upon written notice in the event and only in the
event of the following conduct:  illegal
conduct; habitual unexcused absence from the facilities of the Corporation;
habitual substance abuse; willful disclosure of material confidential
information of the Corporation and/or its subsidiaries or other Affiliates;
intentional violation of conflicts of interest policies established by the
Board of Directors; failure to comply with the lawful directions of the Board
or other superiors; and willful misconduct or gross negligence that results in
damage to the interests of the Corporation and its subsidiaries or other
Affiliates. Should  any of these
situations occur, the Board of Directors will provide Wenner written notice
specifying the effective date of such termination. Upon the effective date of
such termination, any and all payments and benefits due Wenner under this
Agreement shall cease except for any accrued and vested benefits payable under
the Corporation’s employment and benefit policies, including any unpaid amounts
owed under the Incentive Compensation Plan.

 

9.                                       MAJOR
TRANSACTION. If, during the Term, the Corporation consummates a Major
Transaction and Wenner is not the Chief Executive Officer with duties and
responsibilities

 

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substantially
equivalent to those described herein and/or is not entitled to substantially
the same benefits as set forth in this Agreement, then Wenner shall have the
right to terminate his employment under this Agreement and shall be entitled to
the benefits set forth in subparagraph 7(a).  Wenner shall provide the Corporation with written notice of his desire
to terminate his employment under this Agreement pursuant to this Paragraph
within one hundred and twenty (120) days of the effective date of the Major
Transaction and the Severance Period shall commence as of the effective date of
the termination of this Agreement.  For
purposes of this Paragraph, “Major Transaction” shall mean the sale of all or
substantially all of the assets of the Corporation, or a merger, consolidation,
sale of stock or similar transaction whereby a third party (including a “group”
as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as
amended) acquires beneficial ownership, directly or indirectly, of securities
of the Corporation representing over fifty percent (50%) of the combined voting
power of the Corporation; provided, however, that a Major Transaction shall not
include in any event a direct or indirect public offering of securities of the
Corporation, its parent or other Affiliate.

 

10.                                 NON-COMPETITION.  Wenner agrees that during (i) the Term; (ii)
the one (1) year period following the effective date of termination of this
Agreement by Wenner pursuant to Paragraph 7(c) (Voluntary Termination); or
(iii) the one (1) year period following the effective date of termination by
the Corporation pursuant to Paragraph 8 (Termination For Cause), he shall not,
directly or indirectly, be employed or otherwise engaged to provide services to
any food manufacturer operating in the United States of America which is
directly competitive with any significant activities conducted by the
Corporation or its subsidiaries or other Affiliates whose principal business
operations are in the United States of America.  Wenner agrees that his

 

11

 

entitlement to
the benefits set forth in subparagraph 7(a) above is contingent upon his
compliance with the requirements of this Paragraph.

 

11.                                 CONFIDENTIALITY
OF INFORMATION. Wenner recognizes and acknowledges that during his
employment by the Corporation, he will acquire certain proprietary and
confidential information relating to the business of the Corporation and its
subsidiaries or other Affiliates (the “Information”). Wenner agrees that during
the term of his employment under this Agreement and thereafter, for any reason
whatsoever, he shall not, directly or indirectly, except in the proper course
of exercising his duties under this Agreement, use for his or another third
party’s benefit, disclose, furnish, or make available to any person,
association or entity, the Information. In the event of a breach or threatened
breach by Wenner of the provisions of this Paragraph, the Corporation shall be
entitled to an injunction restraining him from violating the provisions of this
Paragraph. Notwithstanding the foregoing, nothing contained herein shall be
construed as prohibiting the Corporation from pursuing any other remedies
available to it for such breach or threatened breach. For purposes of this
Paragraph, “Information” includes any and all verbal or written materials,
documents, information, products, processes, technologies, programs, trade
secrets, customer lists or other data relating to the business, and operations
of the Corporation and/or its subsidiaries or other Affiliates.

 

12.                                 SUPERSEDING
AGREEMENT. This Agreement constitutes the entire agreement between the
parties and contains all the agreements between them with respect to the
subject matter hereof. It also supersedes any and all other agreements or
contracts, either oral or written, between the parties with respect to the
subject matter hereof.

 

13.                                 AGREEMENT
AMENDMENTS.  Except as otherwise
specifically provided, the terms and conditions of this Agreement may be
amended at any time by mutual agreement of the

 

12

 

parties,
provided that before any amendment shall be valid or effective, it shall have
been reduced to writing, approved by the Board of Directors, and signed by the
Chairperson of the Board of Directors and Wenner.

 

14.                                 INVALIDITY
OR UNENFORCEABILITY PROVISION. The invalidity or unenforceability of any
particular provision of this Agreement shall not affect its other provisions
and this Agreement shall be construed in all aspects as if such invalid or
unenforceable provision had been omitted.

 

15.                                 BINDING
AGREEMENT; ASSIGNMENT.  This
Agreement shall be binding upon and inure to the benefit of the Corporation and
Wenner, their respective successors and permitted assigns. The parties
recognize and acknowledge that this Agreement is a contract  for the personal services of Wenner and that
this Agreement may not be assigned by him nor may the services required of him
hereunder be performed by any other person without the prior written consent of
the Corporation.

 

16.                                 GOVERNING
LAW. This Agreement shall be construed and enforced under and in accordance
with the laws of the State of New Jersey, without regard to conflicts of law
principles.

 

17.                                 ENFORCING
COMPLIANCE. If Wenner needs to retain legal counsel to enforce any of the
terms of this Agreement either as a result of noncompliance by the Corporation
or a legitimate dispute as to the provisions of the Agreement, then any fees
incurred in such expense by Wenner shall be reimbursed wholly and completely by
the Corporation if Wenner prevails in such legal proceedings.

 

18.                                 NOTICES.
All notices, requests, demands and other communications hereunder shall be in
writing and shall be deemed effective when delivered, if delivered in person,
or upon

 

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receipt if
mailed by overnight courier or by certified or registered mail, postage
prepaid, return receipt requested, to the parties at the addresses set forth
below, or at such other addresses as the parties may designate by like written
notice:

 

	
  To Corporation at:

  	
   

  	
  B&G Foods, Inc

  
	
   

  	
   

  	
  Four Gatehall Drive

  
	
   

  	
   

  	
  Suite 110

  
	
   

  	
   

  	
  Parsippany, NJ 07054

  
	
   

  	
   

  	
   

  
	
  To Wenner at:

  	
   

  	
  144 Berkeley Circle

  
	
   

  	
   

  	
  Basking Ridge, NJ 07920

  

 

IN  WITNESS WHEREOF, the
Corporation and Wenner have executed this Agreement as of the day and year
first above written.

 

 

	
   

  	
  B&G FOODS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  David L. Wenner

  

 

14Exhibit
10.15

 

EMPLOYMENT
AGREEMENT

 

THIS AGREEMENT, dated as
of the Effective Date, by and between B&G FOODS, INC.,  (hereinafter “Corporation”) and Robert C.
Cantwell (hereinafter “Cantwell”).

 

WHEREAS, subject to the
terms of this Agreement, Corporation desires to secure the services of Cantwell
for two (2) years as Chief Financial Officer (hereinafter “Chief Financial
Officer”), and Cantwell desires to accept such employment.

 

NOW THEREFORE, in
consideration of the material advantages accruing to the two parties and the
mutual covenants contained herein, Corporation and Cantwell agree with each
other as follows:

 

1.                                       EFFECTIVE
DATE.  For purposes of this
Agreement, the “Effective Date” shall mean the date of the closing of the
Corporation’s initial public offering of the “Enhanced Income Securities” as
described in the final prospectus to be filed with the Securities Exchange
Commission by the Corporation (the “Offering”).  In the event that the Offering shall not have closed on or prior
to June 30, 2004, then there shall be no Effective Date and this Agreement
shall terminate automatically on such date and be null and void and of no force
or effect.

 

2.                                       EMPLOYMENT.
Cantwell will render full-time professional services to Corporation and, as
directed by Corporation, to its subsidiaries or other Affiliates (as defined in
Paragraph 3 below), in the capacity of Chief Financial Officer under the terms
and conditions of this Agreement.  He
will at all times, faithfully, industriously and to the best of his ability,
perform all duties that may be required of him by virtue of his position as
Chief Financial Officer and in accordance with the directions and mandates of
the Board of Directors of the Corporation. 
It is understood that these duties shall be substantially the same as
those of a chief financial

 

 

officer of a
similar business corporation engaged in a similar enterprise. Cantwell is
hereby vested with authority to act on 
behalf of the Corporation in keeping with policies adopted by the Board
of Directors, as amended from time to time. 
Cantwell shall report to the Chief Executive Officer and the Board of
Directors.

 

3.                                       SERVICES
TO SUBSIDIARIES OR OTHER AFFILIATES. The Corporation and Cantwell
understand and agree that if and when the Corporation so directs, the Chief
Financial Officer shall also provide services to any subsidiary or other
Affiliate (as defined below) by virtue of his employment under this
Agreement.  If so directed, Cantwell
agrees to serve as Chief Financial Officer of such subsidiary or other
Affiliate, including, but not limited to, the parent corporation of the
Corporation, as a condition of his employment under this Agreement, and upon
the termination of his employment under this Agreement, Cantwell shall no
longer provide such services to the subsidiary or other Affiliate. The parties
recognize and agree that Cantwell shall perform such services as part of his
overall professional services to the Corporation but that in certain
circumstances approved by the Corporation he may receive additional
compensation from such subsidiary or other Affiliate.  For purposes of this Agreement, an “Affiliate” is any corporation
or other entity that is controlled by, controlling or under common control with
the Corporation. “Control” means the direct or indirect beneficial ownership of
at least fifty (50%) percent interest in the income of such corporation or
entity, or the power to elect at least fifty (50%) percent of the directors of
such corporation or entity, or such other relationship which in fact
constitutes actual control.

 

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4.                                       TERM
OF AGREEMENT. The term of Cantwell’s employment under this Agreement shall
be two (2) years from the Effective Date; provided that unless notice of
termination has been provided in accordance with Paragraph 7(a) at least sixty
(60) days prior to the expiration of the initial two (2) year term or any
additional twelve (12) month term (as provided below), or unless this Agreement
is otherwise terminated, this Agreement shall automatically be extended for
additional twelve (12) month periods (the “Term”).

 

5.                                       BASE
COMPENSATION. During the Term, in consideration for the services as Chief
Financial Officer required under this Agreement, the Corporation agrees to pay
Cantwell an annual base salary of Two Hundred and Fifty Thousand Dollars
($250,000), or such higher figure as may be determined at an annual review of
his performance and compensation by the Executive Compensation Subcommittee of
the Board of Directors.  The annual
review of Cantwell’s base salary shall be conducted by the Executive
Compensation Subcommittee of the Corporation within a reasonable time after the
end of each fiscal year of the Corporation and any increase shall be
retroactive to January 1st of the current Agreement year. The
amount of annual base salary shall be payable in equal installments consistent
with the Corporation’s payroll payment schedule for other employees of the
Corporation. Cantwell may choose to select a portion of his compensation to be
paid as deferred income through qualified plans or other programs consistent
with the policy of the Corporation and subject to any and all applicable
federal, state or local laws, rules or regulations.

 

6.                                       OTHER
COMPENSATION AND BENEFITS. During the Term, in addition to his base salary,
the Corporation shall provide Cantwell the following:

 

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(a)                                  INCENTIVE
COMPENSATION. Cantwell shall participate in an annual incentive
compensation plan (the “Incentive Compensation Plan”), as shall be adopted
and/or modified from time to time by the Board of Directors. Incentive
compensation awards are calculated as a percentage of Cantwell’s base salary on
the last day of the Incentive Compensation Plan performance period. The
percentages of base salary that Cantwell is eligible to receive based on
performance are 35 % at “Threshold” and 70 % at “Target”, as such terms are
defined in the Incentive Compensation Plan. Incentive compensation awards are
payable no later than ninety (90) days following the end of each fiscal year of
the Corporation.  In addition, Cantwell
shall be eligible to participate in the Corporation’s 2004 Long-Term Incentive
Plan.

 

(b)                                 VACATION.
Cantwell shall be entitled to four (4) weeks of compensated vacation time
during each year, to be taken at times mutually agreed upon between him and the
Chief Executive Officer of the Corporation. 
Vacation accrual shall be limited to the amount stated in the Corporation’s
policies currently in effect, as amended from time to time.

 

(c)                                  SICK
LEAVE AND DISABILITY. Cantwell shall be entitled to participate in such
compensated sick leave and disability benefit programs as are offered to
Corporation’s other executive employees. The Corporation shall also pay for an
individual disability policy for Cantwell on the same terms as that provided to
Cantwell by the Corporation as of the date of this Agreement.

 

(d)                                 MEDICAL
AND DENTAL INSURANCE. Cantwell, and if appropriate, his dependents, shall
be entitled to participate in such medical and dental insurance programs as are
provided to the Corporation’s other executive employees.

 

4

 

(e)                                  EXECUTIVE
BENEFITS AND PERQUISITES. Cantwell shall be entitled to receive all other
executive benefits and perquisites to which all other executive employees of
the Corporation are entitled.

 

(f)                                    AUTOMOBILE
AND CELLULAR PHONE. The Corporation agrees to provide, either directly or
through a monetary allowance, for the use by Cantwell of an automobile and
cellular telephone.  The selection of
said automobile, or alternatively, the amount of the car allowance that will
allow Cantwell to purchase or lease an automobile, shall be subject to approval
by the Chief Executive Officer of the Corporation.

 

(g)                                 LIABILITY
INSURANCE. The Corporation agrees to insure Cantwell under the appropriate
liability insurance policies, in accordance with the Corporation’s policies and
procedures, for all acts done by him within the scope of his authority in good
faith as Chief Financial Officer throughout the Term.

 

(h)                                 PROFESSIONAL
MEETINGS AND CONFERENCES. In addition, Cantwell will be permitted to be
absent from the Corporation’s facilities during working days to attend
professional meetings and to attend to such outside professional duties in the
food industry as have been mutually agreed upon between him and the Chief
Executive Officer of the Corporation. 
Attendance at such approved meetings and accomplishment of approved
professional duties shall be fully compensated service time and shall not be
considered vacation time. The Corporation shall reimburse Cantwell for all
reasonable expenses incurred by him incident to attendance at approved
professional meetings, and such reasonable entertainment expenses incurred by
Cantwell in furtherance of the Corporation’s interests; provided, however, that
such reimbursement is approved by the Chief Executive Officer of the
Corporation.

 

5

 

(i)                                     PROFESSIONAL
DUES. The Corporation agrees to pay dues and expenses to professional
associations and societies and to such community and service organizations of
which Cantwell is a member provided such dues and expenses are approved by the
Chief Executive Officer as being in the best interests of the Corporation.

 

(j)                                     LIFE
INSURANCE. The Corporation shall provide Cantwell with life insurance
coverage on the same terms as that provided to Cantwell by the Corporation as
of the date of this Agreement and proceeds of such coverage in the event of his
death shall be payable to a beneficiary designated by Cantwell.

 

(k)                                  BUSINESS
EXPENSES. The Corporation shall reimburse for reasonable expenses incurred
by the Chief Financial Officer in connection with the conduct of business of
the Corporation and its subsidiaries or other Affiliates.

 

7.                                       TERMINATION
WITHOUT CAUSE.

 

(a)                                  BY
THE CORPORATION. The Corporation may, in its discretion, terminate
Cantwell’s employment hereunder without cause at any time upon sixty  (60) days prior written notice or at such
later time as may be specified in said notice. 
Except as otherwise provided in this Agreement, after such termination,
all rights, duties and obligations of both parties shall cease.

 

(i)                                     Upon
the termination of employment pursuant to subparagraph (a) above, subject to
the terms in subparagraph (ii) below and the requirements of Paragraph 10
below, in addition to all accrued and vested benefits payable under the
Corporation’s employment and benefit policies, including, but not limited to,
unpaid incentive compensation awards earned under the Incentive Compensation
Plan for any completed performance periods, Cantwell shall

 

6

 

be provided
with the following Salary Continuation and Other Benefits for the duration of
the Severance Period (as defined below): 
(1) current annual base salary and incentive compensation awards
earned at the threshold amount shall be paid during the Severance Period
(“Salary Continuation”), which Salary Continuation shall be paid in the same
manner and pursuant to the same payroll procedures that were in effect prior to
the effective date of termination; (2) continuation of medical, dental, life
insurance and disability insurance for him and, if appropriate, his dependents,
during the Severance Period, as in effect on the effective date of termination
(“Other Benefits”), or if the continuation of all or any of the Other Benefits
is not available because of his status as a terminated employee, a payment
equal to the market value of such excluded Other Benefits; (3) if allowable
under the Corporation’s qualified pension plan in effect on the date of
termination, credit for additional years of service during the Severance
Period; and (4) outplacement services of an independent third party, mutually
satisfactory to both parties, until the earlier of one year after the effective
date of termination, or until he obtains new employment; the cost for such
service will be paid in full by the Corporation.  For purposes of this Agreement, the “Severance Period” shall mean
(i) if termination occurs within one (1) year of the Effective Date, then
the period from the date of such termination to the second (2nd) anniversary of
the Effective Date and (ii) if termination occurs after the first (1st) anniversary
of the Effective Date, then the period from the date of such termination to the
first (1st) anniversary of the date of such termination.

 

(ii)                                  Subject
to Paragraph 10 below, in the event Cantwell accepts other employment during
the Severance Period, the Corporation shall continue the Salary Continuation in
force until the end of the Severance Period. All Other Benefits described in
subparagraph

 

7

 

(i)(2) and the
benefit set forth in (i)(3), other than all accrued and vested benefits payable
under the Corporation’s employment and benefit policies, shall cease.

 

(iii)                               Cantwell
shall not be required to seek or accept any other employment. Rather, the
election of whether to seek or accept other employment shall be solely within
Cantwell’s discretion. If during the Severance Period  Cantwell is receiving all or any part of the benefits set forth
in subparagraph (i) above and he should die, then Salary Continuation remaining
during the Severance Period shall be paid fully and completely to his spouse or
such individual designated by him or if no such person is designated to his
estate.

 

(b)                                 RELEASE.
The obligation of the Corporation to provide the Salary Continuation and Other
Benefits described in subparagraph (a) above is contingent upon and subject to
the execution and delivery by Cantwell of a general release, in form and
substance satisfactory to Cantwell and the Corporation.  Without limiting the foregoing, such general
release shall provide that for and in consideration of the above Salary
Continuation and Other Benefits, Cantwell releases and gives up any and all
claims and rights ensuing from his employment and termination with the
Corporation, which he may have against the Corporation, a subsidiary or other
Affiliate, their respective trustees, officers, managers, employees and agents,
arising from or related to his employment and/or termination.  This releases all claims, whether based upon
federal, state, local or common law, rules or regulations.  Such release shall survive the termination
or expiration of this Agreement.

 

(c)                                  VOLUNTARY
TERMINATION.  Should Cantwell in his
discretion elect to terminate this Agreement, he shall give the Corporation at
least sixty (60) days prior written notice of his decision to terminate. Except
as otherwise provided in this Agreement, at the end of

 

8

 

the sixty (60)
day notice period, all rights, duties and obligations of both parties to the
Agreement shall cease, except for any and all accrued and vested benefits under
the Corporation’s existing employment and benefit policies, including but not
limited to, unpaid incentive compensation awards earned under the Incentive
Compensation Plan for any completed performance periods. At any time during the
sixty (60) day notice period, the Corporation may pay Cantwell for the
compensation owed for said notice period and in any such event Cantwell’s
employment termination shall be effective as of the date of the payment.

 

(d)                                 ALTERATION
OF DUTIES. If the Board of Directors of the Corporation or the Chief
Executive Officer, in either of their sole discretion, takes action which
substantially changes or alters Cantwell’s authority or duties so as to
effectively prevent him from performing the duties of the Chief Financial
Officer as defined in this Agreement, or requires that his office be located at
and/or principal duties be performed at a location more than forty-five (45)
miles from the present Corporation offices located in Parsippany, New Jersey,
then Cantwell may, at his option and upon written notice to the Board of
Directors and the Chief Executive Officer within thirty (30) days after the
Board’s or Chief Executive Officer’s action, consider himself terminated
without cause and entitled to the benefits set forth in subparagraph 7(a),
unless within fifteen (15) days after delivery of such notice, Cantwell’s
duties have been restored.

 

(e)                                  DISABILITY.

 

(i)                                     The
Corporation, in its sole discretion, may terminate Cantwell’s employment upon
his Total Disability. In the event he is terminated pursuant to this
subparagraph, he shall be entitled to the benefits set forth in subparagraph
7(a), provided however, that the annual base salary component of Salary
Continuation shall be reduced by any

 

9

 

amounts paid
to Cantwell under any disability benefits plan or insurance policy. For
purposes of this Agreement, the term “Total Disability” shall mean death or any
physical or mental condition which prevents Cantwell from performing his duties
under this contract for at least four (4) consecutive months. The determination
of whether or not a physical or mental condition would prevent Cantwell from
the performance of his duties shall be made by the Board of Directors in its
discretion. If requested by the Board of Directors, Cantwell shall submit to a
mental or physical examination by an independent physician selected by the
Corporation and reasonably acceptable to him to assist the Board of Directors
in its determination, and his acceptance of such physician shall not be
unreasonably withheld or delayed. 
Failure to comply with this request shall prevent him from challenging
the Board’s determination.

 

(f)                                    RETIREMENT.
The Corporation, in its sole discretion, may establish a retirement policy for
its executive employees, including Cantwell, which includes the age for
mandatory retirement from employment with the Corporation. Upon the termination
of employment pursuant to such retirement policy, all rights and obligations
under this Agreement shall cease, except that Cantwell shall be entitled to any
and all accrued and vested benefits under the Corporation’s existing employment
and benefits policies, including but not limited to unpaid incentive compensation
awards earned under the Incentive Compensation Plan for any completed
performance periods.

 

(g)                                 OTHER
PAYMENTS.  If Cantwell is liable for
the payment of any excise tax (the “Excise Tax”) pursuant to section 4999
of the Internal Revenue Code of 1986, as amended (the “Code”), or any successor
or like provision, with respect to any payment or property transfers received
or to be received under this Agreement or otherwise, the Corporation shall pay

 

10

 

Cantwell an
amount (the “Special Reimbursement”) which, after payment of any federal, state
and local taxes, including any further excise tax under Code section 4999,
with respect to or resulting from the Special Reimbursement, would place
Cantwell in the same economic position that he would have enjoyed if the Excise
Tax had not applied to such payments.

 

8.                                       TERMINATION
FOR CAUSE. Cantwell’s employment under this Agreement may be terminated by
the Corporation, immediately upon written notice in the event and only in the
event of the following conduct:  illegal
conduct; habitual unexcused absence from the facilities of the Corporation;
habitual substance abuse; willful disclosure of material confidential
information of the Corporation and/or its subsidiaries or other Affiliates;
intentional violation of conflicts of interest policies established by the
Board of Directors; failure to comply with the lawful directions of the Board
or other superiors; and willful misconduct or gross negligence that results in damage
to the interests of the Corporation and its subsidiaries or other Affiliates.
Should any of these situations occur, the Board of Directors and/or the Chief
Executive Officer will provide Cantwell written notice specifying the effective
date of such termination. Upon the effective date of such termination, any and
all payments and benefits due Cantwell under this Agreement shall cease except
for any accrued and vested benefits payable under the Corporation’s employment
and benefit policies, including any unpaid amounts owed under the Incentive
Compensation Plan.

 

9.                                       MAJOR
TRANSACTION. If, during the Term, the Corporation consummates a Major
Transaction and Cantwell is not the Chief Financial Officer with duties and
responsibilities substantially equivalent to those described herein and/or is
not entitled to substantially the same benefits as set forth in this Agreement,
then Cantwell shall have the right

 

11

 

to terminate
his employment under this Agreement and shall be entitled to the benefits set
forth in subparagraph 7(a) as if the Effective Date were the date of the Major
Transaction (such that the Severance Period would be two (2) years).  Cantwell shall provide the Corporation with
written notice of his desire to terminate his employment under this Agreement
pursuant to this Paragraph within one hundred and twenty (120) days of the
effective date of the Major Transaction and the Severance Period shall commence
as of the effective date of the termination of this Agreement.  For purposes of this Paragraph, “Major
Transaction” shall mean the sale of all or substantially all of the assets of
the Corporation, or a merger, consolidation, sale of stock or similar transaction
whereby a third party (including a “group” as defined in Section 13(d)(3)
of the Securities Exchange Act of 1934, as amended) acquires beneficial
ownership, directly or indirectly, of securities of the Corporation
representing over fifty percent (50%) of the combined voting power of the Corporation;
provided, however, that a Major Transaction shall not in any event include a
direct or indirect public offering of securities of the Corporation, its parent
or other Affiliates.

 

10.                                 NON-COMPETITION.  Cantwell agrees that during (i) the Term; (ii)
the one (1) year period following the effective date of termination of this
Agreement by Cantwell pursuant to Paragraph 7(c) (Voluntary Termination); or
(iii) the one (1) year period following the effective date of termination by
the Corporation pursuant to Paragraph 8 (Termination For Cause), he shall not,
directly or indirectly, be employed or otherwise engaged to provide services to
any food manufacturer operating in the United States of America which is
directly competitive with any significant activities conducted by the
Corporation or its subsidiaries or other Affiliates whose principal business
operations are in the United States of America.  Cantwell agrees that his

 

12

 

entitlement to
the benefits set forth in subparagraph 7(a) above is contingent upon his
compliance with the requirements of this Paragraph.

 

11.                                 CONFIDENTIALITY
OF INFORMATION. Cantwell recognizes and acknowledges that during his
employment by the Corporation, he will acquire certain proprietary and
confidential information relating to the business of the Corporation and its
subsidiaries or other Affiliates (the “Information”). Cantwell agrees that
during the term of his employment under this Agreement and thereafter, for any
reason whatsoever, he shall not, directly or indirectly, except in the proper
course of exercising his duties under this Agreement, use for his or another
third party’s benefit, disclose, furnish, or make available to any person,
association or entity, the Information. In the event of a breach or threatened
breach by Cantwell of the provisions of this Paragraph, the Corporation shall
be entitled to an injunction restraining him from violating the provisions of
this Paragraph. Notwithstanding the foregoing, nothing contained herein shall
be construed as prohibiting the Corporation from pursuing any other remedies
available to it for such breach or threatened breach. For purposes of this
Paragraph, “Information” includes any and all verbal or written materials, documents,
information, products, processes, technologies, programs, trade secrets,
customer lists or other data relating to the business, and operations of the
Corporation and/or its subsidiaries or other Affiliates.

 

12.                                 SUPERSEDING
AGREEMENT. This Agreement constitutes the entire agreement between the
parties and contains all the agreements between them with respect to the
subject matter hereof. It also supersedes any and all other agreements or
contracts, either oral or written, between the parties with respect to the
subject matter hereof.

 

13

 

13.                                 AGREEMENT
AMENDMENTS.  Except as otherwise
specifically provided, the terms and conditions of this Agreement may be
amended at any time by mutual agreement of the parties, provided that before
any amendment shall be valid or effective, it shall have been reduced to
writing, approved by the Board of Directors, and signed by the Chairperson of
the Board of Directors and Cantwell.

 

14.                                 INVALIDITY
OR UNENFORCEABILITY PROVISION.  The
invalidity or unenforceability of any particular provision of this Agreement
shall not affect its other provisions and this Agreement shall be construed in
all aspects as if such invalid or unenforceable provision had been omitted.

 

15.                                 BINDING
AGREEMENT; ASSIGNMENT.  This
Agreement shall be binding upon and inure to the benefit of the Corporation and
Cantwell, their respective successors and permitted assigns. The parties
recognize and acknowledge that this Agreement is a contract for the personal
services of Cantwell and that this Agreement may not be assigned by him nor may
the services required of him hereunder be performed by any other person without
the prior written consent of the Corporation.

 

16.                                 GOVERNING
LAW. This Agreement shall be construed and enforced under and in accordance
with the laws of the State of New Jersey, without regard to conflicts of law
principles.

 

17.                                 ENFORCING
COMPLIANCE. If Cantwell needs to retain legal counsel to enforce any of the
terms of this Agreement either as a result of noncompliance by the Corporation
or a legitimate dispute as to the provisions of the Agreement, then any fees
incurred

 

14

 

in such
expense by Cantwell shall be reimbursed wholly and completely by the
Corporation if Cantwell prevails in such legal proceedings.

 

18.                                 NOTICES.
All notices, requests, demands and other communications hereunder shall be in
writing and shall be deemed effective when delivered, if delivered in person,
or upon receipt if mailed by overnight courier or by certified or registered
mail, postage prepaid, return receipt requested, to the parties at the
addresses set forth below, or at such other addresses as the parties may
designate by like written notice:

 

	
  To Corporation at:

  	
   

  	
  B&G Foods, Inc

  
	
   

  	
   

  	
  Four Gatehall Drive

  
	
   

  	
   

  	
  Suite 110

  
	
   

  	
   

  	
  Parsippany, NJ 07054

  
	
   

  	
   

  	
   

  
	
  To Cantwell at:

  	
   

  	
  6 Mill Stone Road

  
	
   

  	
   

  	
  Mendham, NJ 07945

  

 

IN  WITNESS WHEREOF, the
Corporation and Cantwell have executed this Agreement as of the day and year
first above written.

 

 

	
   

  	
  B&G FOODS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

15

 

	
   

  	
   

  	
   

  
	
   

  	
  Robert C. Cantwell

  

 

16

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