Document:

exv10w1

 

Exhibit 10.1

INDEMNIFICATION AGREEMENT

(NON-EMPLOYEE DIRECTOR)

     THIS AGREEMENT is made and entered into as of this ___day of November, 2007, by and between
Lifecore Biomedical, Inc., a Minnesota corporation (the “Company”), and                      (“Indemnitee”).

W I T N E S S E T H :

     WHEREAS, the Company desires to retain the current and future services of Indemnitee and to
reimburse Indemnitee and his Affiliates (as defined below) for personal economic losses of
Indemnitee and his Affiliates resulting from the good faith performance of Indemnitee’s duties; and

     WHEREAS, the indemnification provisions of the Bylaws of the Company are subject to reduction
or elimination at any time without the consent of Indemnitee, and the Company desires to provide
indemnification to Indemnitee and his Affiliates to the fullest extent permitted by law despite any
such change in the Bylaws.

     NOW, THEREFORE, in consideration of the continued services of Indemnitee to the Company, the
Company and Indemnitee agree as follows:

     1. Indemnification. The Company agrees to indemnify (a) Indemnitee according to the
terms, conditions and procedures of Exhibit A attached hereto from the date hereof in perpetuity,
and (b) any employer, partner or other affiliate of Indemnitee (collectively, “Affiliates”) to the
extent that such Affiliate incurs or is found liable for any judgments, penalties, fines or other
expenses with respect to which Indemnitee would be entitled to indemnification from the Company
hereunder.

     2. Amendments to Bylaws. Any amendments to the Bylaws of the Company which reduce or
eliminate indemnification rights of persons thereunder shall have no effect with respect to this
Agreement, and thereafter Indemnitee and his Affiliates shall continue to have all of the rights
and benefits of this Agreement despite any such amendments to the Bylaws. However, if the Bylaws
of the Company or the Minnesota Statutes are amended to provide for greater indemnification rights
or privileges, this Agreement shall not be construed so as to limit Indemnitee’s or his Affiliates’
rights and privileges to the terms hereof and Indemnitee and his Affiliates shall be entitled to
the full benefit of any such additional rights and privileges. Furthermore, to the extent that the
Minnesota Statutes or other applicable law now or hereafter establishes that indemnification cannot
be made by the Company according to this Agreement in any respect, this Agreement shall be
interpreted as being simultaneously amended to provide indemnification hereunder to the fullest
extent permitted by law.

     3. Successors and Assigns. This Agreement shall be binding upon and shall inure to
the benefit of and be enforceable by any and all successors (including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or substantially all of the

 

 

business or assets of the Company), assigns, heirs, estates, representatives and administrators of the
parties hereto.

     4. No Amendments. This Agreement may not be amended, modified or terminated, except
by the express written consent thereto by both parties hereto.

     5. Other Agreements. This Agreement is supplementary to and not exclusive of other
agreements between the Company and Indemnitee which may exist now or in the future to the extent
such agreements are not inconsistent herewith.

     6. Survival. The rights of Indemnitee and his Affiliates under this Agreement shall
survive and continue in effect after the termination of services to the Company by Indemnitee,
whether by death, retirement or otherwise.

     7. Savings. If any provision or application of this Agreement is held unlawful or
unenforceable in any respect, such illegality or unenforceability shall not affect other provisions
or applications which can be given effect, and this Agreement shall be construed as if the unlawful
or unenforceable provision or application had never been contained herein or prescribed hereby.

     8. Governing Law. This Agreement shall be interpreted and governed by the laws of the
State of Minnesota.

     9. Intended Beneficiaries. Indemnitee’s Affiliates are intended to be third-party
beneficiaries of this Agreement, and they shall have the right to enforce this Agreement against
the Company to the same extent as if they were parties hereto.

     10. Non-Exclusivity. The rights provided by the Agreement shall not be deemed
exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law,
the Articles of Incorporation, the Bylaws, or otherwise.

     IN WITNESS WHEREOF, the undersigned parties have executed this Agreement as of the date set
forth above.

	 	 	 	 	 	 	 	 	 
	 	 	LIFECORE BIOMEDICAL, INC.
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Print Name:	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	INDEMNITEE	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 

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EXHIBIT A

Indemnification

     Section 1. Definitions.

     (a) For purposes of this Exhibit the terms defined in this Section have the meanings given
them.

     (b) “Corporation” includes Lifecore Biomedical, Inc. and a domestic or foreign corporation
that was the predecessor of Lifecore Biomedical, Inc. in a merger or other transaction in which the
predecessor’s existence ceased upon consummation of the transaction.

     (c) “Official Capacity” means the position of director in the Corporation.

     (d) “Proceeding” means a threatened, pending or completed civil, criminal, administrative,
arbitration or investigative proceeding, including a proceeding by or in the right of the
Corporation.

     (e) “Special Legal Counsel” means counsel who has not represented the Corporation or related
corporation, or a director, officer, member of a committee of the Board or employee whose
indemnification is in issue.

     Section 2. Indemnification Mandatory; Standard.

     (a) Subject to the provisions of Section 5, the Corporation shall indemnify a person made or
threatened to be made a party to a Proceeding by reason of the former or present Official Capacity
of the person against judgments, penalties, fines, settlements and reasonable expenses, including
attorneys’ fees and disbursements, incurred by the person in connection with the Proceeding, if,
with respect to the acts or omissions of the person complained of in the Proceeding, the person:

     (1) acted in good faith;

     (2) received no improper personal benefit and Minnesota Statutes, Section 302A.255, if
applicable, has been satisfied;

     (3) in the case of a criminal Proceeding, had no reasonable cause to believe the
conduct was unlawful; and

     (4) reasonably believed that the conduct was in the best interests of the Corporation.

     (b) The termination of a Proceeding by judgment, order, settlement, conviction or upon a plea
of nolo contendere or its equivalent does not, of itself, establish that the person did not meet
the criteria set forth in this Section 2.

 

 

     Section 3. Advances. Subject to the provisions of Section 5, if a person is made or
threatened to be made a party to a Proceeding, the person is entitled, upon written request to the
Corporation, to payment or reimbursement by the Corporation of reasonable expenses, including
attorneys’ fees and disbursements, incurred by the person in advance of the final disposition of
the Proceeding, (a) upon receipt by the Corporation of a written affirmation by the person of a
good faith belief that the criteria for indemnification set forth in Section 2 have been satisfied
and a written undertaking by the person to repay all amounts so paid or reimbursed by the
Corporation, if it is ultimately determined that the criteria for indemnification have not been
satisfied, and (b) after a determination that the facts then known to those making the
determination would not preclude indemnification under this Exhibit. The written undertaking
required by clause (a) is an unlimited general obligation of the person making it, but need not be
secured and shall be accepted without reference to financial ability to make the repayment.

     Section 4. Reimbursement to Witness. The Corporation shall reimburse expenses,
including attorneys’ fees and disbursements, incurred by a person in connection with an appearance
as a witness in a Proceeding at a time when the person has not been made or threatened to be made a
party to a Proceeding.

     Section 5. Determination of eligibility.

     (a) All determinations of whether indemnification of a person is required because the criteria
set forth in Section 2 have been satisfied and whether a person is entitled to payment or
reimbursement of expenses in advance of the final disposition of a Proceeding as provided in
Section 3 shall be made:

     (1) by the Board by a majority of a quorum, provided that directors who are at the time
parties to the Proceeding shall not be counted for determining either a majority or the
presence of a quorum;

     (2) if a quorum under clause (1) cannot be obtained, by a majority of a committee of
the Board, consisting solely of two or more directors not at the time parties to the
Proceeding, duly designated to act in the matter by a majority of the full Board including
directors who are parties;

     (3) if a determination is not made under clause (1) or (2), by Special Legal Counsel,
selected either by a majority of the Board or a committee by vote pursuant to clause (1) or
(2) or, if the requisite quorum of the full Board cannot be obtained and the committee
cannot be established, by a majority of the full Board including directors who are parties;

     (4) if a determination is not made under clauses (1) to (3), by the affirmative vote of
the shareholders, as required by Minnesota Statutes, Section 302A.437, provided that shares
held by parties to the Proceeding shall not be counted in determining the
presence of a quorum and shall not be considered present and entitled to vote on the
determination; or

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     (5) if an adverse determination is made under clauses (1) to (4), or if no
determination is made under clauses (1) to (4) within 60 days after the termination of a
Proceeding or after a request for an advance of expenses, as the case may be, by a court in
this state, which may be the same court in which the Proceeding involving the person’s
liability took place, upon application of the person and any notice the court requires.

3exv10w2

 

Exhibit 10.2

INDEMNIFICATION AGREEMENT

(OFFICER)

     THIS AGREEMENT is made and entered into as of this ___day of November, 2007, by and between
Lifecore Biomedical, Inc., a Minnesota corporation (the “Company”), and                                         
(“Indemnitee”).

W I T N E S S E T H :

     WHEREAS, the Company desires to retain the current and future services of Indemnitee and to
reimburse Indemnitee for personal economic losses of Indemnitee resulting from the good faith
performance of Indemnitee’s duties; and

     WHEREAS, the indemnification provisions of the Bylaws of the Company are subject to reduction
or elimination at any time without the consent of Indemnitee, and the Company desires to provide
indemnification to Indemnitee to the fullest extent permitted by law despite any such change in the
Bylaws.

     NOW, THEREFORE, in consideration of the continued services of Indemnitee to the Company, the
Company and Indemnitee agree as follows:

     1. Indemnification. The Company agrees to indemnify Indemnitee according to the
terms, conditions and procedures of Exhibit A attached hereto from the date hereof in perpetuity.

     2. Amendments to Bylaws. Any amendments to the Bylaws of the Company which reduce or
eliminate indemnification rights of persons thereunder shall have no effect with respect to this
Agreement, and thereafter Indemnitee shall continue to have all of the rights and benefits of this
Agreement despite any such amendments to the Bylaws. However, if the Bylaws of the Company or the
Minnesota Statutes are amended to provide for greater indemnification rights or privileges, this
Agreement shall not be construed so as to limit Indemnitee’s rights and privileges to the terms
hereof and Indemnitee shall be entitled to the full benefit of any such additional rights and
privileges. Furthermore, to the extent that the Minnesota Statutes or other applicable law now or
hereafter establishes that indemnification cannot be made by the Company according to this
Agreement in any respect, this Agreement shall be interpreted as being simultaneously amended to
provide indemnification hereunder to the fullest extent permitted by law.

     3. Successors and Assigns. This Agreement shall be binding upon and shall inure to
the benefit of and be enforceable by any and all successors (including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or substantially all of the
business or assets of the Company), assigns, heirs, estates, representatives and administrators of
the parties hereto.

     4. No Amendments. This Agreement may not be amended, modified or terminated, except
by the express written consent thereto by both parties hereto.

 

 

     5. Other Agreements. This Agreement is supplementary to and not exclusive of other
agreements between the Company and Indemnitee which may exist now or in the future to the extent
such agreements are not inconsistent herewith.

     6. Survival. The rights of Indemnitee under this Agreement shall survive and continue
in effect after the termination of services to the Company by Indemnitee, whether by death,
retirement or otherwise.

     7. Savings. If any provision or application of this Agreement is held unlawful or
unenforceable in any respect, such illegality or unenforceability shall not affect other provisions
or applications which can be given effect, and this Agreement shall be construed as if the unlawful
or unenforceable provision or application had never been contained herein or prescribed hereby.

     8. Governing Law. This Agreement shall be interpreted and governed by the laws of the
State of Minnesota.

     9. Non-Exclusivity. The rights provided by the Agreement shall not be deemed exclusive
of any other rights to which Indemnitee may at any time be entitled under applicable law, the
Articles of Incorporation, the Bylaws, or otherwise.

     IN WITNESS WHEREOF, the undersigned parties have executed this Agreement as of the date set
forth above.

	 	 	 	 	 	 	 	 	 
	 	 	LIFECORE BIOMEDICAL, INC.
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Print Name:	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	INDEMNITEE	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 

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EXHIBIT A

Indemnification

     Section 1. Definitions.

     (a) For purposes of this Exhibit the terms defined in this Section have the meanings given
them.

     (b) “Corporation” includes Lifecore Biomedical, Inc. and a domestic or foreign corporation
that was the predecessor of Lifecore Biomedical, Inc. in a merger or other transaction in which the
predecessor’s existence ceased upon consummation of the transaction.

     (c) “Official Capacity” means (1) with respect to a director, the position of director in the
Corporation, (2) with respect to a person other than a director, the elective or appointive office
or position held by an officer or member of a committee of the Board, or the employment or agency
relationship undertaken by an employee or agent of the Corporation, and (3) with respect to a
director, officer or employee of the Corporation who, while a director, officer or employee of the
Corporation, is or was serving at the request of the Corporation or whose duties in that position
involve or involved service as a director, officer, partner, trustee, governor, manager, employee
or agent of another organization or employee benefit plan, the position of that person as a
director, officer, partner, trustee, governor, manager, employee or agent, as the case may be, of
the other organization or employee benefit plan.

     (d) “Proceeding” means a threatened, pending or completed civil, criminal, administrative,
arbitration or investigative proceeding, including a proceeding by or in the right of the
Corporation.

     (e) “Special Legal Counsel” means counsel who has not represented the Corporation or related
corporation, or a director, officer, member of a committee of the Board or employee whose
indemnification is in issue.

     Section 2. Indemnification Mandatory; Standard.

     (a) Subject to the provisions of Section 5, the Corporation shall indemnify a person made or
threatened to be made a party to a Proceeding by reason of the former or present Official Capacity
of the person against judgments, penalties, fines, including, without limitation, excise taxes
assessed against the person with respect to an employee benefit plan, settlements and reasonable
expenses, including attorneys’ fees and disbursements, incurred by the person in connection with
the Proceeding, if, with respect to the acts or omissions of the person complained of in the
Proceeding, the person:

     (1) has not been indemnified by another organization or employee benefit plan for the
same judgments, penalties, fines, including, without limitation, excise taxes
assessed against the person with respect to an employee benefit plan, settlements, and

 

 

reasonable expenses, including attorneys’ fees and disbursements, incurred by the person in
connection with the Proceeding with respect to the same acts or omissions;

     (2) acted in good faith;

     (3) received no improper personal benefit and Minnesota Statutes, Section 302A.255, if
applicable, has been satisfied;

     (4) in the case of a criminal Proceeding, had no reasonable cause to believe the
conduct was unlawful; and

     (5) in the case of acts or omissions occurring in the Official Capacity described in
Section 1, paragraph (c), clause (1) or (2), reasonably believed that the conduct was in the
best interests of the Corporation, or in the case of acts or omissions occurring in the
Official Capacity described in Section 1, paragraph (c), clause (3), reasonably believed
that the conduct was not opposed to the best interests of the Corporation. If the person’s
acts or omissions complained of in the Proceeding relate to conduct as a director, officer,
trustee, employee or agent of an employee benefit plan, the conduct is not considered to be
opposed to the best interests of the Corporation if the person reasonably believed that the
conduct was in the best interests of the participants or beneficiaries of the employee
benefit plan.

     (b) The termination of a Proceeding by judgment, order, settlement, conviction or upon a plea
of nolo contendere or its equivalent does not, of itself, establish that the person did not meet
the criteria set forth in this Section 2.

     Section 3. Advances. Subject to the provisions of Section 5, if a person is made or
threatened to be made a party to a Proceeding, the person is entitled, upon written request to the
Corporation, to payment or reimbursement by the Corporation of reasonable expenses, including
attorneys’ fees and disbursements, incurred by the person in advance of the final disposition of
the Proceeding, (a) upon receipt by the Corporation of a written affirmation by the person of a
good faith belief that the criteria for indemnification set forth in Section 2 have been satisfied
and a written undertaking by the person to repay all amounts so paid or reimbursed by the
Corporation, if it is ultimately determined that the criteria for indemnification have not been
satisfied, and (b) after a determination that the facts then known to those making the
determination would not preclude indemnification under this Exhibit. The written undertaking
required by clause (a) is an unlimited general obligation of the person making it, but need not be
secured and shall be accepted without reference to financial ability to make the repayment.

     Section 4. Reimbursement to Witness. The Corporation shall reimburse expenses,
including attorneys’ fees and disbursements, incurred by a person in connection with an appearance
as a witness in a Proceeding at a time when the person has not been made or threatened to be made a
party to a Proceeding.

     Section 5. Determination of eligibility.

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     (a) All determinations of whether indemnification of a person is required because the criteria
set forth in Section 2 have been satisfied and whether a person is entitled to payment or
reimbursement of expenses in advance of the final disposition of a Proceeding as provided in
Section 3 shall be made:

     (1) by the Board by a majority of a quorum, provided that directors who are at the time
parties to the Proceeding shall not be counted for determining either a majority or the
presence of a quorum;

     (2) if a quorum under clause (1) cannot be obtained, by a majority of a committee of
the Board, consisting solely of two or more directors not at the time parties to the
Proceeding, duly designated to act in the matter by a majority of the full Board including
directors who are parties;

     (3) if a determination is not made under clause (1) or (2), by Special Legal Counsel,
selected either by a majority of the Board or a committee by vote pursuant to clause (1) or
(2) or, if the requisite quorum of the full Board cannot be obtained and the committee
cannot be established, by a majority of the full Board including directors who are parties;

     (4) if a determination is not made under clauses (1) to (3), by the affirmative vote of
the shareholders, as required by Minnesota Statutes, Section 302A.437, provided that shares
held by parties to the Proceeding shall not be counted in determining the presence of a
quorum and shall not be considered present and entitled to vote on the determination; or

     (5) if an adverse determination is made under clauses (1) to (4) or under paragraph
(b), or if no determination is made under clauses (1) to (4) or under paragraph (b) within
60 days after the termination of a Proceeding or after a request for an advance of expenses,
as the case may be, by a court in this state, which may be the same court in which the
Proceeding involving the person’s liability took place, upon application of the person and
any notice the court requires.

     (b) With respect to a person who is not, and was not at the time of the acts or omissions
complained of in the Proceeding, a director, officer or person possessing, directly or indirectly,
the power to direct or cause the direction of the management or policies of the Corporation, the
determination whether indemnification of this person is required because the criteria set forth in
Section 2 have been satisfied and whether this person is entitled to payment or reimbursement of
expenses in advance of the final disposition of a Proceeding as provided in Section 3 may be made
by an annually appointed committee of the Board, having at least one member who is a director. The
committee shall report at least annually to the Board concerning its actions.

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