Document:

Exhibit 10.40

 

 

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT
AGREEMENT (this “Employment Agreement”), dated as of July 1, 2020, is entered into between Bonne Santé Group,
Inc. a Delaware corporation (the “Company” or “BSG”), and Darren C. Minton, an individual (“Executive”).

 

BACKGROUND

 

WHEREAS, the
Company wishes to secure the services of Executive as President of the Company (with such duties and/or other offices in the Company or
its affiliates as may be assigned by the Company or its Board of Directors and agreed to by Executive) upon the terms and conditions hereinafter
set forth, and Executive wishes to render such services to the Company upon the terms and conditions hereinafter set forth.

 

WHEREAS, Executive
is highly experienced in the capital markets with deep M&A, securities law, corporate governance and public company experience. In
addition, Executive has extensive operational experience.

 

WHEREAS, the
Company is being positioned for a prospective public offering pursuant to an S-1 registration with a concurrent listing on Nasdaq or NYSE
following multiple acquisitions and Executive has a unique background and experience to support the Company’s business initiatives
as well as provide operational expertise to the Company’s prospective acquisitions.

 

AGREEMENT

 

NOW, THEREFORE,
in consideration of the foregoing and the mutual covenants herein contained and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

 

1.
Employment by the Company. The Company agrees to employ Executive in the position of President of the Company, having
such duties and responsibilities as are reasonably and customarily assigned to individuals serving in such position and such other duties
as are consistent with Executive ’s title (with such other duties and/or offices in the Company and its affiliates as may be assigned
from time to time by the Company, its Board of Directors, and as agreed to by Executive ). Executive accepts such employment and agrees
to perform such duties. Executive agrees to devote the necessary customary business time and energies to the business of the Company and/or
its affiliates to perform his duties hereunder on a full time, non-exclusive basis. Full time is defined as a minimum of 35 hours per
week. Executive is free to pursue other activities during his non-business time as long as they do not conflict or compete with the business
of the Company.

 

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2.
Term of Employment. The term of this Employment Agreement (the “Term”) shall be for a period of
three years, commencing on July 1, 2020 and terminating on June 30, 2023, unless sooner terminated as provided in Section 6.

 

3.
Compensation. As full compensation for all services to be rendered by Executive to the Company and/or its affiliates
in all capacities during the Term, Executive shall receive the following compensation and benefits:

 

(a)
Base Salary. An annual base salary of $200,000 (the “Base Salary”) payable in accordance with the customary
payroll practices for senior management of the Company currently on a bi-weekly basis.

 

(b)
Increase of Base Salary. Commencing on the first day of the first calendar month after the completion of: (i) the first bonafide
acquisition by the Company during the Term, the Base Salary will be increased to $250,000 per year.

 

(c)
Option Pool. Participation in any option pool created by the Company on a pro rata basis, allocated by Base Salary, with other
senior executives.

 

(d)
Participation in Executive Benefit Plans; Other Benefits. Executive shall be permitted during the Term, if and to the extent eligible,
to participate in all benefit plans, policies and practices now or hereafter maintained by or on behalf of the Company available to Company
executives. Nothing in this Employment Agreement shall preclude the Company from terminating or amending any such plans or coverage so
as to eliminate, reduce or otherwise change any benefit payable thereunder, as long as any such change similarly affects all Company executives.
In the event that the Company maintains a life insurance policy on Executive, Executive can take over and retain that policy following
termination or resignation. In the event Executive chooses to retain his own medical insurance in lieu of participating in any Company
plan, Company will reimburse 100% of those costs. The Company will reimburse any Medicare costs.

 

(e)
Expenses. The Company shall pay or reimburse Executive for all reasonable and necessary expenses actually incurred or paid by Executive
during the Term in the performance of Executive’s duties under this Employment Agreement upon submission and approval of expense statements,
vouchers or other supporting information in accordance with the then customary practices of the Company.

 

(f)
Automobile. The Company shall provide Executive with the use of a late model luxury automobile of Executive’s choice at Company
expense, including insurance, fuel and maintenance.

 

(g)
Vacation. Executive shall be entitled to three weeks of paid vacation per year in accordance with Company policy.

 

(h)
Withholding of Taxes. The Company may withhold from any benefits payable under this Employment Agreement all federal, state, city
and other taxes as shall be required pursuant to any law or governmental regulation or ruling.

 

(i)
Bonus. In addition to the Base Salary, Executive shall be entitled to an annual incentive bonus of up to 20% of Executive ’s
base salary to the extent the Company achieves certain milestones which shall be established by the Board of Directors of the Company.

 

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(j)
Deferred and Accrued Compensation. Executive shall be entitled to payment of deferred and accrued compensation when the Company
has the liquid funds to do so.

 

(k)
Acquisitions Bonus. Executive shall be entitled to a $25,000 bonus on the successful completion of the Company’s next two
bonafide acquisitions following the Commencement date of this Agreement.

 

(l)
Public Listing Bonus. Executive shall be entitled to a $50,000 bonus on the successful completion of the Company’s Initial
Public Offering in an amount of no less than $10 million.

 

4.
Member of the Board of Directors. As a condition of Executive’s employment as the President, Executive will
be entitled to a position of director on the Company’s Board of Directors.

 

5.
Place of Employment.The Company cannot change Executive’s place of employment by more than twenty miles
without Executive’s written consent.

 

 6. Termination.

 

(a)
Termination upon Death. If Executive dies during the Term, this Employment Agreement shall terminate as of the date of his death.

 

(b)
Termination upon Disability. If during the Term Executive becomes physically or mentally disabled, whether totally or partially,
so that Executive is unable to perform his essential job functions hereunder for a period aggregating 90 days during any twelve-month
period, and it is determined by a physician acceptable to both the Company and Executive that, by reason of such physical or mental disability,
Executive shall be unable to perform the essential job functions required of him hereunder for such period or periods, the Company may,
by written notice to Executive, terminate this Employment Agreement, in which event the Term shall terminate 30 days after the date upon
which the Company shall have given notice to Executive of its intention to terminate this Employment Agreement because of disability.

 

(c)
Termination for Cause. The Company may at any time by written notice to Executive terminate this Employment Agreement immediately
and, except as provided in Section 7 hereof, Executive shall have no right to receive any compensation or benefit hereunder on and after
the date of such notice, in the event that an event of “Cause” occurs. For purposes of this Employment Agreement “Cause”
shall mean:

 

(i)
any willful breach by Executive of any material term of this Employment Agreement, if Executive fails to reasonably cure such breach
within 30 days after the receipt of written notice from the Board of such breach, which notice shall state in reasonable detail the facts
and circumstances claimed to be a failure or willful breach and of the intent of the Company to terminate Executive’s employment upon
in the event of failure of Executive to reasonably cure such failure or breach; or

 

(ii)
Executive has been convicted of an intentional felonious act of fraud, misappropriation, embezzlement, or theft or an intentional
breach of fiduciary duty involving personal profit; or

 

(iii)
Executive is indicted for any criminal offense constituting a felony or a crime involving moral turpitude (except that Executive
shall continue to be entitled to all compensation until a conviction of such offense); or

 

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(iv)
Executive intentionally breaches the provisions of Section 8 of this Agreement.

 

For purposes of this Employment Agreement,
an act, or a failure to act, shall not be deemed willful or intentional, as those terms are used herein, unless it is done, or admitted
to be done, by Executive in bad faith or without a reasonable belief that Executive’s action or omission was in the interest of
the Company.

 

Termination
without Cause. The Company may terminate this Employment Agreement at any time, without cause, upon 30 days’ written notice by the Company
to Executive and, except as provided in Section 7 hereof, Executive shall have no right to receive any compensation or benefit hereunder
not already accrued after such date of termination.

 

7.
Payments Upon Termination. If during the Term the Company terminates this Employment Agreement pursuant to Sections 6(b)
(Termination for Disability) or 8 (Termination without Cause) hereof, all compensation payable to Executive shall cease as of the date
of termination specified in the Company’s notice (the “Termination Date”), and the Company shall pay to Executive the
following sums: (i) Executive’s then-current Base Salary through the Termination Date for all periods not yet paid; (ii) benefits
under group health and life insurance plans in which Executive participated through the Termination Date; (iii) all previously earned,
accrued, and unpaid benefits from the Company and its executive benefit plans, including any such benefits under the Company’s pension,
disability, and life insurance plans, policies, and programs; (iv) any bonuses accrued or agreed between the Company and Executive but
not yet paid; and (v) six (6) months of severance pay equal to the Base Salary of the current year paid on a bi-weekly schedule.

 

8.
Certain Covenants of Executive.

 

(a)
Covenants Against Competition. Executive acknowledges that: (i) Executive is one of the limited number of persons who will assist
with developing the Company’s business and the business of its portfolio companies (the “Company’s Business”);
(ii) the Company conducts its business out of offices in the state of Florida and may conduct its business nationwide; (iii) Executive’s
work for the Company will bring Executive into close contact with confidential information not readily available to the public; and (iv)
the covenants contained in this Section 8 will not involve a substantial hardship upon Executive ’s future livelihood. In order
to induce the Company to enter into this Employment Agreement, Executive covenants and agrees that:

 

(i)
Non-Compete. During the Term (the “Restricted Period”), Executive shall not, in those states in the United States
of America in which either the Company or any of its subsidiaries or affiliates then operates, directly or indirectly, (i) in any manner
whatsoever engage in any capacity with any business competitive with the Company’s business for Executive ’s own benefit or for the benefit
of any person or entity other than the Company or affiliate of the Company; or (ii) have any interest as owner, sole proprietor, shareholder,
partner, lender, director, officer, manager, Executive, consultant, agent or otherwise in any business competitive with the Company’s
business; provided, however, that Executive may hold, directly or indirectly, solely as an investment, not more than two percent (2%)
of the outstanding securities of any person or entity which are listed on any national securities exchange or regularly traded in the
over-the- counter market notwithstanding the fact that such person or entity is engaged in a business competitive with the Company’s business.
It is expressly understood, however, that Executive may invest in or be an employee, officer and/or director of any company not competitive
of the Company’s business.

 

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(ii)
Confidential Information. During his employment with the Company as well as the Restricted Period, Executive shall not, directly
or indirectly, disclose to any person or entity who is not authorized by the Company or any subsidiary or affiliate to receive such information,
or use or appropriate for his own benefit or for the benefit of any person or entity other than the Company or any subsidiary or affiliate,
any documents or other papers relating to the Company’s business or the customers of the Company or any subsidiary or affiliate, including,
without limitation, files, business relationships and accounts, pricing policies, customer lists, computer software and hardware, or any
other materials relating to the Company’s business or the customers of the Company or any affiliate of the Company or any trade secrets
or confidential information, including, without limitation, any business or operational methods, drawings, sketches, designs or product
concepts, know-how, marketing plans or strategies, product development techniques or plans, business acquisition plans, financial or other
performance data, personnel and other policies of the Company or any affiliate of the Company, whether generated by Executive or by any
other person, except as required in the course of performing Executive ’s duties hereunder or with the express written consent of
the Company; provided, however, that the confidential information shall not include any information readily ascertainable from public
or published information, or trade sources or independent third parties (other than as a direct or indirect result of unauthorized disclosure
by Executive ).

 

(iii)
Executives of and Consultants to the Company. During the Restricted Period, Executive shall not, directly or indirectly (other
than in furtherance of the business of the Company), initiate communications with, solicit, persuade, entice, induce or encourage any
individual who is then an executive of or consultant to the Company or any of its affiliates to terminate employment with, or a consulting
relationship with, the Company or such affiliate, as the case may be, or to become employed by or enter into a contract or other agreement
with any other person, and Executive shall not approach any such executive or consultant for any such purpose or authorize or knowingly
approve the taking of any such actions by any other person.

 

(iv)
Solicitation of Customers. During the Restricted Period, Executive shall not, directly or indirectly, initiate communications with,
solicit, persuade, entice, induce, encourage (or assist in connection with any of the foregoing) any person who is then or has been within
the preceding 12-month period a customer or account of the Company or its affiliates, or any actual customer leads whose identity Executive
learned during the course of his employment with the Company, to terminate or to adversely alter its contractual or other relationship
with the Company or its affiliates.

 

(b)
Rights and Remedies Upon Breach. If Executive breaches any of the provisions of Section 8(a) hereof (collectively, the “Restrictive
Covenants”), the Company and its affiliates shall, in addition to the rights set forth in Section 8(a) hereof, have the right
and remedy to seek from any court of competent jurisdiction specific performance of the Restrictive Covenants or injunctive relief against
any act which would violate any of the Restrictive Covenants, it being acknowledged and agreed that any such breach may cause irreparable
injury to the Company and its affiliates and that money damages will not provide an adequate remedy to the Company and its affiliates.

 

(c)
Severability of Covenants. If any of the Restrictive Covenants, or any part thereof, is held by a court of competent jurisdiction or
any foreign, federal, state, county or local government or other governmental, regulatory or administrative agency or authority to
be invalid, void, unenforceable or against public policy for any reason, the remainder of the Restrictive Covenants shall remain in
full force and effect and shall in no way be affected, impaired or invalidated, and such court, government, agency or authority
shall be empowered to substitute, to the extent enforceable, provisions similar thereto or other provisions so as to provide to the
Company and its affiliates, to the fullest extent permitted by applicable law, the benefits intended by such provisions.

 

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(d)
Enforceability in Jurisdictions. The parties intend to and hereby confer jurisdiction to enforce the Restrictive Covenants under
the laws of the State of Florida.

 

 9. Other Provisions.

 

(a)
Notices. Any notice or other communication required or which may be given hereunder shall be in writing and shall be delivered
personally, or sent by overnight delivery service with proof of delivery, to the parties at the addresses specified on the signature page
hereto, or at such other addresses as shall be specified by the parties by like notice, and shall be deemed given as long as such provides
a receipt of delivery, when so delivered. A copy of all notices shall be sent by email.

 

(b)
Entire Agreement. This Employment Agreement contains the entire agreement between the parties with respect to the subject matter
hereof and supersedes all prior contracts and other agreements, written or oral, with respect thereto.

 

(c)
Waivers and Amendments. This Employment Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the
terms and conditions hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party
waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver
thereof, nor shall any waiver on the part of any party of any right, power or privilege hereunder, nor any single or partial exercise
of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or
privilege hereunder.

 

(d)
Governing Law. This Employment Agreement shall be governed by, and construed in accordance with and subject to, the laws of the
State of Delaware applicable to agreements made and to be performed entirely within such state.

 

(e)
Binding Effect; Benefit. This Employment Agreement shall inure to the benefit of and be binding upon the parties hereto and any
successors and assigns permitted or required by Section 9(f) hereof. Nothing in this Employment Agreement, expressed or implied, is intended
to confer on any person other than the parties hereto or such successors and assigns, any rights, remedies, obligations or liabilities
under or by reason of this Employment Agreement.

 

(f)
Assignment. This Employment Agreement, and Executive ’s rights and obligations hereunder, may not be assigned by Executive. The
Company may assign this Employment Agreement and its rights, together with its obligations, hereunder in connection with any sale, transfer
or other disposition of all or substantially all of its assets or business, whether by merger, consolidation or otherwise.

 

(g)
Counterparts. This Employment Agreement may be executed in two or more counterparts, each of which shall be deemed an original
but all of which together shall constitute one and the same instrument. Facsimiles and electronic signatures may be used.

 

(h)
Headings. The headings in this Employment Agreement are for reference purposes only and shall not in any way affect the meaning
or interpretation of this Employment Agreement.

 

(i) Attorneys’ Fees In the
event of the bringing of any action, suit or proceeding by any party hereto against any other party hereto by reason of a breach of
this Agreement or any portion thereof, then the prevailing party in such action or suit shall be entitled to have and recover all
costs and expenses of suit, including reasonable attorneys’ fees, as well as all costs and expenses, including reasonable attorneys’
fees.

 

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IN WITNESS WHEREOF, the parties
have executed this Employment Agreement as of the date first above written.

 

	 	COMPANY:	 
	 	 	 	 
	 	Bonne Santé Group, Inc.
	 	 	 	 
	 	By:	 /s/ Alfonso J. Cervantes
	 	 	Name:	Alfonso J. Cervantes
	 	 	Title:	Executive Chairman
	 	 	Address: 	10575 NW 37th Terrace

        Miami, FL 33178

	 	 	 	 
	 	 	Email:	 
	 	 	 	 
	 	EXECUTIVE:	 
	 	 	 	 
	 	Name: 	Darren Minton
	 	 	 	 
	 	 	/s/ Darren Minton
	 	 	 	 
	 	 	Address:	 
	 	 	 	 
	 	 	Email:	 

 

 

7Exhibit 10.43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bonne
Santé Group, Inc.

2020 Stock Incentive Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

BONNE SANTÉ GROUP, INC.

2020 STOCK INCENTIVE PLAN

 

SECTION
1. PURPOSE.

 

The Plan was adopted by the
Board of Directors and Stockholders effective September 14, 2020. The purpose of the Plan is to offer selected Employees, Consultants
and Outside Directors the opportunity to acquire equity in the Company through awards of Options (which may constitute incentive stock
options or nonstatutory stock options) and the award or sale of Shares.

 

SECTION
2. DEFINITIONS.

 

“Board” shall mean the Board of Directors
of the Company, as constituted from time to time.

 

“Change in Control”
shall mean the occurrence of any of the following events:

 

(a) The
consummation of a merger or consolidation of the Company with or into another entity or any other corporate reorganization, if persons
who were not stockholders of the Company immediately prior to such merger, consolidation or other reorganization own immediately after
such merger, consolidation or other reorganization fifty percent (50%) or more of the voting power of the outstanding securities of each
of (A) the continuing or surviving entity and (B) any direct or indirect parent corporation of such continuing or surviving entity;

 

(b) The
consummation of the sale, transfer or other disposition of all or substantially all of the Company’s assets or the stockholder of
the Company approve a plan of complete liquidation of the Company; or

 

(c) Any
“person” (as defined below) who, by the acquisition or aggregation of securities, is or becomes the “beneficial owner”
(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%)
or more of the combined voting power of the Company’s then outstanding securities ordinarily (and apart from rights accruing under
special circumstances) having the right to vote at elections of directors (the “Base Capital Stock”); except that any
change in the relative beneficial ownership of the Company’s securities by any person resulting solely from a reduction in the aggregate
number of outstanding shares of Base Capital Stock, and any decrease thereafter in such person’s ownership of securities, shall
be disregarded until such person increases in any manner, directly or indirectly, such person’s beneficial ownership of any securities
of the Company.

 

The term “person”
shall have the same meaning as when used in sections 13(d) and 14(d) of the Exchange Act but shall exclude (1) a trustee or other fiduciary
holding securities under an employee benefit plan maintained by the Company or a Parent or Subsidiary and (2) a corporation owned directly
or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of the Stock.

 

Notwithstanding the foregoing,
the term “Change in Control” shall not include (a) a transaction the sole purpose of which is to change the state of the Company’s
incorporation, (b) a transaction the sole purpose of which is to form a holding company that will be owned in substantially the same proportions
by the persons who held the Company’s securities immediately before such transaction, (c) a transaction the sole purpose of which
is to make an initial public offering of the Company’s Stock or (d) any change in the beneficial ownership of the securities of
the Company as a result of a private financing of the Company that is approved by the Board.

 

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

 

     

     

    

 

“Committee”
shall mean the committee designated by the Board, which is authorized to administer the Plan, as described in Section 3 hereof.

 

“Company”
shall mean Bonne Santé Group, Inc., a Delaware corporation.

 

“Consultant”
shall mean a consultant or advisor who is not an Employee or Outside Director and who performs bona fide services for the Company, a Parent
or Subsidiary.

 

“Disability”
shall mean a condition that renders an individual unable to engage in substantial gainful activity by reason of any medically determinable
physical or mental impairment.

 

“Employee”
shall mean any individual who is a common-law employee of the Company, a Parent or a Subsidiary and who is an “employee” within
the meaning of section 3401(c) of the Code and regulations issued thereunder.

 

“Exchange Act”
shall mean the U.S. Securities and Exchange Act of 1934, as amended.

 

“Exercise Price”
shall mean the amount for which one Share may be purchased upon the exercise of an Option, as specified in a Stock Option Agreement.

 

“Fair Market Value”
means, with respect to a Share, the market price of one Share of Stock, determined by the Board in good faith. Such determination shall
be conclusive and binding on all persons.

 

“ISO” shall
mean an incentive stock option described in section 422(b) of the Code.

 

“NSO” shall
mean a stock option that is not an ISO.

 

“Option”
shall mean an ISO or NSO granted under the Plan and entitling the holder to purchase Shares.

 

“Optionee”
shall mean a person that holds an Option.

 

“Outside Director”
shall mean a member of the Board of the Company, a Parent or a Subsidiary who is not an Employee.

 

“Parent”
shall mean any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of the corporations
other than the Company owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in
one of the other corporations in such chain. A corporation that attains the status of a Parent on a date after the adoption of the Plan
shall be considered a Parent commencing as of such date.

 

“Plan”
shall mean the Bonne Santé Group, Inc. 2020 Stock Incentive Plan.

 

“Purchase Price”
shall mean the consideration for which one Share may be acquired under the Plan (other than upon exercise of an Option).

 

“Purchaser”
shall mean a person to whom the Board has offered the right to acquire Shares under the Plan (other than upon exercise of an Option).

 

“Restricted Stock
Award Agreement” shall mean the agreement between the Company and a Purchaser who acquires Shares under the Plan that contains
the terms, conditions and restrictions pertaining to the acquisition of such Shares.

 

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“Securities Act”
shall mean the U.S. Securities Act of 1933, as amended.

 

“Service”
shall mean service as an Employee, a Consultant or an Outside Director, subject to such further limitations as may be set forth in the
applicable Stock Option Agreement or Restricted Stock Award Agreement. Service shall be deemed to continue during a bona fide leave of
absence approved by the Company in writing if and to the extent that continued crediting of Service for purposes of the Plan is expressly
required by the terms of such leave or by applicable law, as determined by the Company. However, for purposes of determining whether an
Option is entitled to ISO status, and to the extent required under the Code, an Employee’s employment will be treated as terminating
three (3) months after such Employee went on leave, unless such Employee’s right to return to active work is guaranteed by law or
by a contract or such Employee immediately returns to active work. The Company determines which leaves count toward Service, and when
Service terminates for all purposes under the Plan.

 

“Share”
shall mean one share of Stock, as adjusted in accordance with Section 9 (if applicable).

 

“Stock”
shall mean the common stock of the Company.

 

“Stock Option Agreement”
shall mean the agreement between the Company and an Optionee which contains the terms, conditions and restrictions pertaining to the Optionee’s
Option.

 

“Subsidiary”
means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of the corporations
other than the last corporation in the unbroken chain owns stock possessing fifty percent (50%) or more of the total combined voting power
of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Subsidiary on a date
after the adoption of the Plan shall be considered a Subsidiary commencing as of such date.

 

“Ten-Percent Stockholder”
means an individual who owns more than ten percent (10%) of the total combined voting power of all classes of outstanding stock of the
Company, its Parent or any of its Subsidiaries. In determining stock ownership for purposes herein, the attribution rules of section 424(d)
of the Code shall be applied.

 

SECTION
3. ADMINISTRATION.

 

3.1 General Rule.
The Plan shall be administered by the Board. However, the Board may delegate any or all administrative functions under the Plan
otherwise exercisable by the Board to one or more Committees. Each Committee shall consist of at least two directors of the Board
who have been appointed by the Board. Each Committee shall have the authority and be responsible for such functions as the Board has
assigned to it. If a Committee has been appointed, any reference to the Board in the Plan shall be construed as a reference to the
Committee to whom the Board has assigned a particular function.

 

3.2 Board Authority and
Responsibility. Subject to the provisions of the Plan, the Board shall have full authority and discretion to take any actions it
deems necessary or advisable for the administration of the Plan. All decisions, interpretations and any other actions of the Board with
respect to the Plan shall be final and binding on all persons deriving rights under the Plan.

 

SECTION
4. ELIGIBILITY.

 

4.1 General Rule. Only
Employees shall be eligible for the grant of ISOs. Only Employees, Consultants and Outside Directors shall be eligible for the grant
of NSOs or the award or sale of Shares.

 

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SECTION
5. STOCK SUBJECT TO PLAN.

 

5.1 Share Limit. Subject
to Sections 5.2 and 9, the aggregate number of Shares which may be issued under the Plan shall not exceed 2,000,000 Shares. The number
of Shares which are subject to Options or other rights outstanding at any time shall not exceed the number of Shares which then remain
available for issuance under the Plan. The Company, during the term of the Plan, shall at all times reserve and keep available sufficient
Shares to satisfy the requirements of the Plan. Shares offered under the Plan may be authorized but unissued Shares.

 

5.2 Additional Shares.
In the event that any outstanding Option or other right expires or is canceled for any reason, the Shares allocable to the unexercised
portion of such Option or other right shall remain available for issuance pursuant to the Plan. If a Share previously issued under the
Plan is reacquired by the Company pursuant to a forfeiture provision, then such Share shall again become available for issuance under
the Plan.

 

SECTION
6. RESTRICTED STOCK.

 

6.1 Restricted Stock Award
Agreement. Each award or sale of Shares under the Plan (other than upon exercise of an Option) shall be evidenced by a Restricted
Stock Award Agreement between the Purchaser and the Company. Such award or sale shall be subject to all applicable terms and conditions
of the Plan and may be subject to any other terms and conditions imposed by the Board, as set forth in the Restricted Stock Award Agreement,
that are not inconsistent with the Plan. The provisions of the various Restricted Stock Award Agreements entered into under the Plan
need not be identical.

 

6.2 Duration of Offers
and Nontransferability of Purchase Rights. Any right to acquire Shares (other than an Option) shall automatically expire if not exercised
by the Purchaser within thirty (30) days after the Company communicates the grant of such right to the Purchaser. Such right shall be
nontransferable and shall be exercisable only by the Purchaser to whom the right was granted.

 

6.3 Purchase Price. The
Board shall determine the amount of the Purchase Price in its sole discretion. The Purchase Price shall be payable in a form described
in Section 8.

 

6.4 Repurchase Rights
and Transfer Restrictions. Each award or sale of Shares shall be subject to such forfeiture conditions, rights of repurchase, rights
of first refusal and other transfer restrictions as the Board may determine, subject to the requirements of Section 10. Such restrictions
shall be set forth in the applicable Restricted Stock Award Agreement and shall apply in addition to any restrictions otherwise applicable
to holders of Shares generally.

 

SECTION
7. STOCK OPTIONS.

 

7.1 Stock Option Agreement.
Each grant of an Option under the Plan shall be evidenced by a Stock Option Agreement between the Optionee and the Company. The Option
shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions imposed by the
Board, as set forth in the Stock Option Agreement, which are not inconsistent with the Plan. The provisions of the various Stock Option
Agreements entered into under the Plan need not be identical.

 

7.2 Number of Shares;
Kind of Option. Each Stock Option Agreement shall specify the number of Shares that are subject to the Option and shall provide for
the adjustment of such number in accordance with Section 9. The Stock Option Agreement shall also specify whether the Option is intended
to be an ISO or an NSO.

 

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7.3 Exercise Price. Each
Stock Option Agreement shall set forth the Exercise Price, which shall be payable in a form described in Section 8. Subject to the following
requirements, the Exercise Price under any Option shall be determined by the Board in its sole discretion:

 

(a) Minimum
Exercise Price for ISOs. The Exercise Price per Share of an ISO shall not be less than one hundred percent (100%) of the Fair
Market Value of a Share on the date of grant; provided, however, that the Exercise Price per Share of an ISO granted to a Ten-Percent
Stockholder shall not be less than one hundred ten percent (110%) of the Fair Market Value of a Share on the date of grant.

 

(b) Minimum
Exercise Price for NSOs. The Exercise Price per Share of an NSO shall not be less than one-hundred percent (100%) of the Fair
Market Value of a Share on the date of grant.

 

7.4 Term. Each Stock
Option Agreement shall specify the term of the Option. The term of an Option shall in no event exceed ten (10) years from the date of
grant. The term of an ISO granted to a Ten-Percent Stockholder shall not exceed five (5) years from the date of grant. Subject to the
foregoing, the Board in its sole discretion shall determine when an Option shall expire.

 

7.5 Exercisability. Each
Stock Option Agreement shall specify the date when all or any installment of the Option is to become exercisable; provided, however,
that no Option shall be exercisable unless the Optionee has delivered to the Company an executed copy of the Stock Option Agreement.
Subject to the following restrictions, the Board in its sole discretion shall determine when all or any installment of an Option is to
become exercisable and may, in its discretion, provide for accelerated exercisability in the event of a Change in Control or other events:

 

(a) Options
Granted to Outside Directors. The exercisability of an Option granted to an Optionee for service as an Outside Director shall
be automatically accelerated in full in the event of a Change in Control.

 

(b) Early
Exercise. A Stock Option Agreement may permit the Optionee to exercise the Option as to Shares that are subject to a right of
repurchase by the Company in accordance with the requirements of Section 10.

 

7.6 Repurchase Rights
and Transfer Restrictions. Shares purchased on exercise of Options shall be subject to such forfeiture conditions, rights of repurchase,
rights of first refusal and other transfer restrictions as the Board may determine, subject to the requirements of Section 10. Such restrictions
shall be set forth in the applicable Stock Option Agreement and shall apply in addition to any restrictions otherwise applicable to holders
of Shares generally.

 

7.7 Transferability of
Options. During an Optionee’s lifetime, his or her Options shall be exercisable only by the Optionee or by the Optionee’s
guardian or legal representatives, and shall not be transferable other than by beneficiary designation, will or the laws of descent and
distribution. Notwithstanding the foregoing, however, to the extent permitted by the Board in its sole discretion, an NSO may be transferred
by the Optionee to a revocable trust or to one or more family members or a trust established for the benefit of the Optionee and/or one
or more family members to the extent permitted Rule 701 of the Securities Act and applicable state securities laws.

 

7.8 Exercise of Options
on Termination of Service. Each Option shall set forth the extent to which the Optionee shall have the right to exercise the Option
following termination of the Optionee’s Service. Each Stock Option Agreement shall provide the Optionee with the right to exercise
the Option following the Optionee’s termination of Service during the Option term, to the extent the Option was exercisable for
vested Shares upon termination of Service, for at least thirty (30) days if termination of Service is due to any reason other than cause,
death or Disability, and for at least six (6) months after termination of Service if due to death or Disability (but in no event later
than the expiration of the Option term). If the Optionee’s Service is terminated for cause, the Stock Option Agreement may provide
that the Optionee’s right to exercise the Option terminates immediately on the effective date of the Optionee’s termination.
To the extent the Option was not exercisable for vested Shares upon termination of Service, the Option shall terminate when the Optionee’s
Service terminates. Subject to the foregoing, such provisions shall be determined in the sole discretion of the Board, need not be uniform
among all Options issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination of Service.

 

    5

     

    

 

7.9 No Rights as a Stockholder.
An Optionee, or a transferee of an Optionee, shall have no rights as a stockholder with respect to any Shares covered by the Option
until such person becomes entitled to receive such Shares by filing a notice of exercise and paying the Exercise Price pursuant to the
terms of the Option. No adjustments shall be made, except as provided in Section 9.

 

7.10 Modification, Extension
and Renewal of Options. Within the limitations of the Plan, the Board may modify, extend or renew outstanding Options or may accept
the cancellation of outstanding Options (to the extent not previously exercised), whether or not granted hereunder, in return for the
grant of new Options for the same or a different number of Shares and at the same or a different Exercise Price. The foregoing notwithstanding,
no modification of an Option shall, without the consent of the Optionee, materially impair his or her rights or increase the Optionee’s
obligations under such Option.

 

SECTION
8. PAYMENT FOR SHARES.

 

8.1 General. The entire
Purchase Price or Exercise Price of Shares issued under the Plan shall be payable in cash, cash equivalents or one of the other forms
provided in this Section.

 

8.2 Surrender of Stock.
To the extent permitted by the Board in its sole discretion, payment may be made in whole or in part by surrendering (in good form
for transfer), or attesting to ownership of, Shares which have already been owned by the Optionee; provided, however, that payment may
not be made in such form if such action would cause the Company to recognize any (or additional) compensation expense with respect to
the Option for financial reporting purposes. Such Shares shall be valued at their Fair Market Value on the date of Option exercise.

 

8.3 Services Rendered.
As determined by the Board in its discretion, Shares may be awarded under the Plan in consideration of past services rendered to
the Company, a Parent or Subsidiary.

 

8.4 Promissory Notes.
To the extent permitted by the Board in its sole discretion, payment may be made in whole or in part with a full-recourse promissory
note executed by the Optionee or Purchaser. The interest rate payable under the promissory note shall not be less than the minimum rate
required to avoid the imputation of income for U.S. federal income tax purposes. Shares shall be pledged as security for payment of the
principal amount of the promissory note, and interest thereon; provided that if the Optionee or Purchaser is a Consultant, such note
must be collateralized with such additional security to the extent required by applicable laws. In no event shall the stock certificate(s)
representing such Shares be released to the Optionee or Purchaser until such note is paid in full. Subject to the foregoing, the Board
shall determine the term, interest rate and other provisions of the note.

 

8.5 Exercise/Sale. To
the extent permitted by the Board in its sole discretion, and if a public market for the Shares exists, payment may be made in whole
or in part by delivery (on a form prescribed by the Company) of an irrevocable direction to a securities broker approved by the Company
to sell Shares and to deliver all or part of the sale proceeds to the Company in payment of all or part of the Exercise Price and any
withholding taxes.

 

    6

     

    

 

8.6 Exercise/Pledge. To
the extent permitted by the Board in its sole discretion, and if a public market for the Shares exists, payment may be made in whole
or in part by delivery (on a form prescribed by the Company) of an irrevocable direction to a securities broker or lender approved by
the Company to pledge Shares, as security for a loan, and to deliver all or part of the loan proceeds to the Company in payment of all
or part of the Exercise Price and any withholding taxes.

 

8.7 Other Forms of Payment.
To the extent permitted by the Board in its sole discretion, payment may be made in any other form that is consistent with applicable
laws, regulations and rules.

 

SECTION
9. ADJUSTMENT OF SHARES.

 

9.1 General. In the
event of a subdivision of the outstanding Stock, a declaration of a dividend payable in Shares, a declaration of an extraordinary dividend
payable in a form other than Shares in an amount that has a material effect on the Fair Market Value of the Stock, a combination or consolidation
of the outstanding Stock into a lesser number of Shares, a recapitalization, a spin-off, a reclassification, or a similar occurrence,
the Board shall make equitable adjustments to the following: (a) the number of Shares available for future awards under Section
5; (b) the number of Shares covered by each outstanding Option; (c) the Exercise Price under each outstanding Option; and (d) the
price of Shares subject to the Company’s right of repurchase.

 

9.2 Dissolution or Liquidation.
To the extent not previously exercised or settled, Options shall terminate immediately prior to the dissolution or liquidation of
the Company.

 

9.3 Mergers and Consolidations.
In the event that the Company is a party to a merger or other consolidation, or in the event of a transaction providing for the sale
of all or substantially all of the Company’s stock or assets, outstanding Options shall be subject to the agreement of merger,
consolidation or sale. Such agreement may provide for one or more of the following: (a) the continuation of the outstanding Options
by the Company, if the Company is a surviving corporation; (b) the assumption of the Plan and outstanding Options by the surviving
corporation or its parent; (c) the substitution by the surviving corporation or its parent of options with substantially the same
terms for such outstanding Options; (d) immediate exercisability of such outstanding Options followed by the cancellation of such
Options; or (e) settlement of the intrinsic value of the outstanding Options (whether or not then exercisable) in cash or cash equivalents
or equity (including cash or equity subject to deferred vesting and delivery consistent with the vesting restrictions applicable to such
Options or the underlying Shares) followed by the cancellation of such Options; in each case without the Optionee’s consent.

 

9.4 Reservation of Rights.
Except as provided in this Section 9, an Optionee or offeree shall have no rights by reason of any subdivision or consolidation of
shares of stock of any class, the payment of any dividend or any other increase or decrease in the number of shares of stock of any class.
Any issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall not affect,
and no adjustment by reason thereof shall be made with respect to, the number or Exercise Price of Shares subject to an Option. The grant
of an Option pursuant to the Plan shall not affect in any way the right or power of the Company to make adjustments, reclassifications,
reorganizations or changes of its capital or business structure, to merge or consolidate or to dissolve, liquidate, sell or transfer
all or any part of its business or assets.

 

SECTION
10. REPURCHASE RIGHTS.

 

The Company shall have the
right to repurchase Shares that have been acquired through an award or sale of Shares or exercise of an Option upon termination of the
Purchaser’s or Optionee’s Service if provided in the applicable Restricted Stock Award Agreement or Stock Option Agreement.
The Board in its sole discretion shall determine when the right to repurchase shall lapse as to all or any portion of the Shares, and
may, in its discretion, provide for accelerated vesting in the event of a Change in Control or other events; provided, however, that the
right to repurchase shall lapse as to all of the Shares issued to an Outside Director for service as an Outside Director in the event
of a Change in Control.

 

    7

     

    

 

SECTION
11. WITHHOLDING AND OTHER TAXES.

 

11.1 General. An Optionee
or Purchaser or his or her successor shall pay, or make arrangements satisfactory to the Board for the satisfaction of, any federal,
state, local or foreign withholding tax obligations that may arise in connection with the Plan. The Company shall not be required to
issue any Shares or make any cash payment under the Plan until such obligations are satisfied.

 

11.2 Share Withholding.
The Board may permit an Optionee or Purchaser to satisfy all or part of his or her withholding or income tax obligations by having
the Company withhold all or a portion of any Shares that would otherwise would be issued to him or her upon exercise of an Option, or
by surrendering all or a portion of any Shares that he or she previously acquired; provided, however, that in no event may an Optionee
or Purchaser surrender Shares in excess of the legally required withholding amount based on the minimum statutory withholding rates for
federal and state tax purposes that apply to supplemental taxable income. Such Shares shall be valued at their Fair Market Value on the
date when taxes otherwise would be withheld in cash. Any payment of taxes by assigning Shares to the Company may be subject to restrictions,
including any restrictions required by rules of any federal or state regulatory body or other authority. All elections by Optionees or
Purchasers to have Shares withheld for this purpose shall be made in such form and under such conditions as the Board may deem necessary
or advisable.

 

11.3 Cashless Exercise/Pledge.
The Board may provide that if Company Shares are publicly traded at the time of exercise, arrangements may be made to meet the Optionee’s
or Purchaser’s withholding obligation by cashless exercise or pledge.

 

11.4 Other Forms of Payment.
The Board may permit such other means of tax withholding as it deems appropriate.

 

11.5 Employer Fringe Benefit
Taxes. To the extent permitted by applicable federal, state, local and foreign law, an Optionee or Purchaser shall be liable for
any fringe benefit tax that may be payable by the Company and/or the Optionee’s or Purchaser’s employer in connection with
any award granted to the Optionee or Purchaser under the Plan, which the Company and/or employer may collect by any reasonable method
established by the Company and/or employer.

 

SECTION
12. SECURITIES LAW REQUIREMENTS.

 

12.1 General. Shares
shall not be issued under the Plan unless the issuance and delivery of such Shares complies with (or is exempt from) all applicable requirements
of law, including (without limitation) the Securities Act, the rules and regulations promulgated thereunder, state securities laws and
regulations, and the regulations of any stock exchange or other securities market on which the Company’s securities may then be
listed.

 

12.2 Dividend Rights.
A Restricted Stock Award Agreement may require that the holders of Shares invest any cash dividends received in additional Shares.
Such additional Shares shall be subject to the same conditions and restrictions as the award with respect to which the dividends were
paid.

 

    8

     

    

 

SECTION
13. NO RETENTION RIGHTS.

 

No provision of the Plan,
or any right or Option granted under the Plan, shall be construed to give any Optionee or Purchaser any right to become an Employee, to
be treated as an Employee, or to continue in Service for any period of time, or restrict in any way the rights of the Company (or Parent
or subsidiary to whom the Optionee or Purchaser provides Service), which rights are expressly reserved, to terminate the Service of such
person at any time and for any reason, with or without cause, without thereby incurring any liability to him or her.

 

SECTION
14. DURATION AND AMENDMENTS.

 

14.1 Term of the Plan.
The Plan, as set forth herein, shall become effective on the date of its adoption by the Board, subject to the approval of the Company’s
stockholders. In the event that the stockholders fail to approve the Plan within twelve (12) months after its adoption by the Board,
any grants, exercises or sales that have already occurred under the Plan shall be rescinded, and no additional grants, exercises or sales
shall be made under the Plan after such date. The Plan shall terminate automatically ten (10) years after its adoption by the Board.
The Plan may be terminated on any earlier date pursuant to Section 14.2 below.

 

14.2 Right to Amend or
Terminate the Plan. The Board may amend, suspend, or terminate the Plan at any time and for any reason. An amendment of the Plan
shall not be subject to the approval of the Company’s stockholders unless it (a) increases the number of Shares available
for issuance under the Plan (except as provided in Section 9) or (b) materially changes the class of persons who are eligible for
the grant of Options or the award or sale of Shares.

 

14.3 Effect of Amendment
or Termination. No Shares shall be issued or sold under the Plan after the termination thereof, except upon exercise of an Option
granted prior to such termination. The termination of the Plan, or any amendment thereof, shall not adversely affect any Shares previously
issued or any Option previously granted under the Plan without the holder’s consent.

 

To record the adoption of
the Plan by the Board on September 14, 2020, effective on such date, the Company has caused its authorized officer to execute the same.

 

	 	Bonne Santé Group, Inc.
	 	 	 
	 	By:	/s/ Darren Minton
	 	Name: 	Darren Minton
	 	Title:	President

 

 

9

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