Document:

exhibit10-4.htm

Exhibit 10.4

 

HYPERDYNAMICS CORPORATION

2010 EQUITY INCENTIVE PLAN

INCENTIVE STOCK OPTION AGREEMENT

This Incentive Stock Option Agreement (“Option Agreement”), is dated as of _____ __, 20__ (the “Grant Date”), between Hyperdynamics Corporation, a Delaware corporation (the “Corporation”) and ______ (the “Participant”).  This Option Agreement is pursuant to the terms of the Hyperdynamics Corporation 2010 Equity Incentive Plan (the “Plan”), a copy of which has been furnished to the Participant and the terms of which are incorporated herein by reference. Unless otherwise indicated, whenever capitalized terms are used in this Option Agreement, they shall have the meanings set forth in the Plan.

 

Section 1. Grant of Options.  The Participant is hereby granted an option representing ________ shares (“Shares”) of the Corporation’s common stock, $.001 par value (“Common Stock”) under the terms and conditions specified herein (the “Option”).  Such Option is intended to constitute an Incentive Stock Option pursuant to Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”).  If the Option granted hereunder fails to qualify as an Incentive Stock Option for any reason, then the Option, or portion thereof that does not so qualify, shall be treated as a Nonqualified Stock Option.

 

Section 2. Option Price.  The exercise price of the Option shall be $_____ per share (the “Option Price”), which is at least equal to the Fair Market Value on the Grant Date (or 110% of the Fair Market Value if the Participant is a 10% Beneficial Owner (as defined in Section 4 below)).

 

Section 3. Vesting of Option.

 

3.1           Vesting Schedule.                                The Option shall vest and become exercisable based on the passage of time according to the following vesting schedule:

 

[Insert vesting schedule]

 

3.2           Accelerated Vesting.  Notwithstanding Section 3.1 hereof, the Option shall become fully and immediately vested and exercisable upon: [(i)] the death or Disability of the Participant as set forth in Section 8.01(b) of the Plan[; and (ii) a Sale Event (as defined below) [provided that the Participant has been employed by the Corporation for a period of at least six (6) months as of the date of the Sale Event], except as determined in the sole discretion of the Committee and as set forth herein].

 

[For purposes of this Section 3.2, “Sale Event” means the consummation of (i) a voluntary dissolution or liquidation of the Corporation, (ii) the sale of all or substantially all of the assets of the Corporation to an unrelated person or entity, (iii) a merger, reorganization or consolidation in which the holders of the Corporation’s outstanding voting power immediately prior to such transaction do not own a majority of the outstanding voting power of the surviving or resulting entity immediately upon completion of such transaction, or (iv) any other transaction in which the owners of the Corporation’s outstanding voting power prior to such transaction do not own at least a majority of the outstanding voting power of the relevant entity after the transaction, in each case, regardless of the form thereof.]

 

Section 4.  Option Term. The Option may be exercised, to the extent that it is vested pursuant to Section 3, during the Option Term, unless earlier terminated in accordance with the terms of the Plan.  For purposes hereof, the “Option Term” shall commence on the Grant Date and shall expire on the earlier of (i) the tenth anniversary of the Grant Date unless the Participant is a 10% Beneficial Owner (as defined below) in which case the fifth anniversary of the Grant Date, and (ii) 90 days from the date that the Participant ceases to be employed by (or act as a consultant to) the Corporation or any of its subsidiaries.  Upon the expiration of the Option Term, to the extent unexercised, the Option shall terminate and be of no further force or effect.  For purposes of this Agreement, “10% Beneficial Owner” means a Participant who owns directly or indirectly more than 10% of the total combined voting power of all classes of stock issued to stockholders of the Corporation.

 

Section 5. Exercise of Option. An Option may be exercised by the Participant (or such other person as may be specified in the Plan) with respect to whole shares only, by completing the Exercise Notice attached hereto as Exhibit A and giving such completed Exercise Notice to the Corporation along with payment of the Option Price as described below.

 

The Option Price for the Shares acquired pursuant to the exercise of the Option shall be paid: [(i)] in cash or by check; [(ii) in whole shares of Common Stock already owned by the Participant; or (iii) a combination of (i) and (ii) above.  The value of any share of Common Stock delivered in payment of the Option Price shall be its Fair Market Value of a share of Common Stock on the date the Option is exercised].  To the extent that the Common Stock is publicly traded, the Participant also may elect to make payment of the Option Price by arranging with a third party broker to sell a number of Shares otherwise deliverable to the Participant and attributable to the exercise of the Option in order to pay the aggregate exercise price of the Option and any applicable withholding and employment taxes due.

 

Section 6.  Withholding of Taxes.  The Corporation shall withhold from any amounts due and payable by the Corporation to the Participant (or secure payment from the Participant in lieu of withholding) the amount of any federal or state withholding or other taxes, if any, due from the Corporation with respect to the exercise of the Option, and the Corporation may defer such issuance until such withholding or payment is made unless otherwise indemnified to its satisfaction with respect thereto. The Corporation shall have the right to: (i) make deductions from any settlement of this Option, including the delivery of Shares, or require Shares or cash, or both, be withheld from any settlement of this Option, in each case in an amount sufficient to satisfy the withholding obligation but such amount shall not exceed the minimum required by Federal, state and local tax withholding due upon exercise; or (ii) take such other action as may be necessary or appropriate to satisfy the withholding obligation.

 

Section 7.  Adjustments.  If at any time while the Option is outstanding, the number of outstanding shares of Common Stock is changed by reason of a reorganization, recapitalization, stock split or any other event described in Article V of the Plan, the number and/or kind of Shares subject to the Option and/or the Option Price of such Shares shall be adjusted in accordance with the provisions of the Plan.

 

Section 8. Option Not Transferable. This Option may not be transferred, pledged, assigned, hypothecated or otherwise disposed of in any way by the Participant, except by will or laws of descent and distribution, and during the Participant’s life, may only be exercised by the Participant.  Any attempt to effect a transfer of this Option that is not otherwise permitted by the Board of Directors, the Plan, or this Option Agreement shall be null and void.

 

Section 9.  No Rights as Shareholder or Continued Employment.

 

9.1           No Right as Shareholder. The Participant shall not have any privileges of a shareholder of the Corporation with respect to any Shares subject to (but not acquired upon valid exercise of) the Option, nor shall the Corporation have any obligation to pay any dividends or otherwise afford any rights to which Shares are entitled with respect to such Shares, until the date of the issuance to the Participant of a stock certificate evidencing such Shares.

 

9.2           No Right to Continued Employment. Nothing in this Option Agreement shall confer upon a Participant who is an employee of the Corporation or any of its subsidiaries any right to continue in the employ of the Corporation or any of its subsidiaries or to interfere in any way with the right of the Corporation or any of its subsidiaries to terminate the Participant’s employment at any time.

 

Section 10.  Incentive Stock Option Limitation. Pursuant to section 422(d) of the Code, to the extent the aggregate Fair Market Value of shares of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by the Participant during any calendar year under all plans of the Bank and its subsidiaries exceeds $100,000, such Options shall be treated as Nonqualified Stock Options and (the Bank shall designate which Options will be treated as Nonqualified Stock Options).

 

Section 11.  Disqualifying Disposition. If Shares acquired by exercise of the Option are disposed of within two years following the Grant Date or one year following the transfer of such Shares to the Participant upon exercise, the Participant shall, promptly following such disposition, notify the Bank in writing of the date and terms of such disposition and provide such other information regarding the disposition as the Board of Directors may reasonably require.

 

Section 12.  Miscellaneous Provisions.

 

12.1           Notices.  All notices, requests and demands to or upon a party hereto shall be in writing and shall be deemed to have been duly given when delivered by hand or three days after being deposited in the mail, postage prepaid or, in the case of facsimile notice, when received, addressed as follows or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

 

If to the Corporation, to the following address:

 

Hyperdynamics Corporation

12012 Wickchester Lane, Suite 475

Houston, Texas 77079

Attn: Chief Financial Officer

Facsimile: (713) 353-9421

If to the Participant, to the address or facsimile number as shown on the signature page hereto.

12.2           Amendment.  This Option Agreement may be amended only by a writing executed by the parties hereto that specifically states that it is amending this Option Agreement.

 

12.3           Governing Law.  This Option Agreement shall be construed and interpreted in accordance with and governed by the laws of the State of Texas, other than the conflict of laws provisions of such laws.

 

12.4           Titles.  Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Option Agreement.

 

12.5           Construction.  The construction of this Option Agreement is vested in the Corporation’s Board of Directors and the Board of Directors’ construction shall be final and conclusive on all persons.

 

[Signature Page Follows]

 

  

  

  

IN WITNESS WHEREOF, this Option Agreement has been executed and delivered by the parties hereto.

 

PARTICIPANT                                                                      HYPERDYNAMICS CORPORATION

	
Name:

	  	
Name:

	  	  	
Title:

	
Address:

	  	  
	
Telephone number:

	  	  
	
Facsimile:

	  	  

 

  

  

  

EXHIBIT A

 

HYPERDYNAMICS CORPORATION

 

2010 EQUITY INCENTIVE PLAN

 

EXERCISE NOTICE

 

Hyperdynamics Corporation.

Attention: Stock Administration

 

1.           Exercise of Option.  Effective as of today, ___________, _____, the undersigned (“Participant”) hereby elects to exercise Participant’s option to purchase _________ shares of the Common Stock (the “Option Shares”) of Hyperdynamics Corporation (the “Corporation”) under and pursuant to the Corporation’s 2010 Equity Incentive Plan (the “Plan”) and the Incentive Stock Option Agreement dated _____________________ (the “Option Agreement”).  Capitalized terms used herein without definition shall have the meanings given in the Option Agreement.

 

	
Date of Grant:

	  	
______________________________

	
Number of Option Shares as to which Option is Exercised:

	  	  
	
Exercise Price per Share:

	  	
$____________

	
Total Exercise Price:

	  	
$____________

	
Certificate to be Issued in Name of:

	  	  
	
Cash Payment Delivered Herewith:

	
 ̈

	
$____________

2.           Representations of Participant.  Participant acknowledges that Participant has received, read, and understood the Plan and the Option Agreement.  Participant agrees to abide by and be bound by their terms and conditions.

 

3.           Rights as Shareholder.  Until the stock certificate evidencing such Option Shares is issued (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to Option Shares subject to the Option, notwithstanding the exercise of the Option.  The Corporation shall issue (or cause to be issued) such stock certificate promptly after the Option is exercised.  No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued.  Participant shall enjoy rights as a shareholder until such time as Participant disposes of the Option Shares or the Corporation.  Upon such exercise, Participant shall have no further rights as a holder of the Option Shares.

 

4.           Tax Consultation.  Participant understands that Participant may suffer adverse tax consequences as a result of Participant’s purchase of the Option Shares.  Participant represents that Participant has consulted with any tax consultants Participant deems advisable in connection with the purchase of the Option Shares and that Participant is not relying on the Corporation for any tax advice.

 

5.           Restrictive Legends and Stop-Transfer Orders.

 

5.1           Legends.  Unless the Option Shares have been registered pursuant to an effective registration statement filed with the Securities and Exchange Commission, Participant understands and agrees that the Corporation shall cause the legends set forth below or legends substantially equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Option Shares together with any other legends that may be required by state or federal securities laws:

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED, OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE, TRANSFER, PLEDGE, OR HYPOTHECATION IS IN COMPLIANCE THEREWITH.

 

5.2           Stop Transfer Notices.  Participant agrees that, in order to ensure compliance with the restrictions referred to herein, the Corporation may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Corporation transfers its own securities, it may make appropriate notations to the same effect in its own records.

 

5.3           Refusal to Transfer.  The Corporation shall not be required (i) to transfer on its books any Option Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Option Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Option Shares shall have been so transferred.

 

6.           Successors and Assigns.  The Corporation may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Corporation.  Subject to the restrictions on transfer herein set forth, this Agreement shall be binding upon Participant and his or her heirs, executors, representatives, administrators, successors, and assigns.

 

7.           Interpretation.  Any dispute regarding the interpretation of this Exercise Notice shall be submitted by Participant or by the Corporation forthwith to the Corporation’s Board of Directors or committee thereof that is responsible for the administration of the Plan (the “Committee”), which shall review such dispute at its next regular meeting.  The resolution of such a dispute by the Committee shall be final and binding on the Corporation and on Participant.

 

8.           Governing Law; Severability.  This Agreement shall be governed by and construed in accordance with the laws of the State of Texas excluding that body of law pertaining to conflicts of law.  Should any provision of this Agreement be determined by a court of law to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable.

 

9.           Notices.  Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the United States mail by certified mail, with postage and fees prepaid, addressed to the other party at its address as shown below beneath its signature, or to such other address as such party may designate in writing from time to time to the other party.

 

10.           Further Instruments.  The parties agree to execute such further instruments and to take such further action as may be reasonably necessary to carry out the purposes and intent of this Agreement.

 

11.           Delivery of Payment.  Participant herewith delivers to the Corporation the full Exercise Price for the Option Shares as set forth above in Section 1, as well as any applicable withholding tax.

 

12.           Entire Agreement.  The Plan and Option Agreement are incorporated herein by reference.  This Agreement, the Plan, and the Option Agreement constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Corporation and Participant with respect to the subject matter hereof.

 

	
Accepted by:

	
Submitted by:

	  	  
	
HYPERDYNAMICS CORPORATION

	
PARTICIPANT

	  	  
	  	  
	
By:                                                                    

	  
	
Name:                                                                    

	
Name:                                                                    

	
Its:                                                                    

	
Address:exv10w1

Exhibit 10.1

EXECUTION VERSION

VOTING AGREEMENT

     This VOTING AGREEMENT dated as of July 21, 2010 (this “Agreement”) is by and among LANCE,
INC., a North Carolina corporation (“Lance”) and Michael A. Warehime, individually (“MAW”),
Patricia A. Warehime, individually (“PAW”) and Charles E. Good (“CEG”) in his
capacity as: Trustee for the Elizabeth Ann Warehime Trust dated 12/21/92; Trustee for the Elizabeth
Ann Warehime Trust dated 12/31/90; Trustee for the Michael A. Warehime 2010 Trust FBO Harrison
Michael Rupp; Trustee for the Michael A. Warehime 2010 trust FBO Margaret Ann Mininger; Trustee for
the Michael A. Warehime 2010 GRAT; Trustee for the Michael A. Warehime SOH GRAT; Vice President
with the authority to vote the shares held by Warehime Enterprises, Inc. and Vice President with
the authority to vote the shares held by MAW Associates, LP (the “CEG Entities”).

RECITALS

     A. Lance and Lima Merger Corp., a Pennsylvania corporation (“Merger Sub”) have entered
into an Agreement and Plan of Merger dated July 21, 2010 (the “Merger Agreement”) with
Snyder’s of Hanover, Inc., a Pennsylvania corporation (“Snyder’s”), pursuant to which
Merger Sub will merge with and into Snyder’s.

     B. As a condition to Lance’s willingness to enter into the Merger Agreement, Lance has
required that MAW, PAW and CEG (the “Voters”) enter into this Agreement.

     C. MAW owns and has the right to vote in his individual capacity, 84,965 shares of Class A
Common Stock of Snyder’s. PAW owns and has the right to vote in her individual capacity, 7,350
shares of Class A Common Stock of Snyder’s. CEG has the right to vote 53,175 shares of Class A
Common Stock of Snyder’s owned by the CEG Entities. A total of 145,490 shares are voted by MAW,
PAW and CEG (collectively, the “Subject Shares”).

     NOW, THEREFORE, intending to be legally bound, the parties hereto agree as follows:

     1. Agreement to Vote Shares; Additional Purchases.

          1.1. Agreement to Vote Shares. At every meeting of the shareholders of Snyder’s, and
every adjournment or postponement thereof, at which the approval of the Merger Agreement and/or the
transactions contemplated thereby are considered, and on every action or approval by written
consent of the shareholders of Snyder’s with respect to such matters, the Voters shall appear at
such meeting and vote (or cause to be voted), solely as a shareholder of Snyder’s, all the Subject
Shares (a) in favor of the adoption and approval of the Merger Agreement and/or the transactions
contemplated thereby and (b) against any action or agreement that would reasonably be expected to
prevent, prohibit, or materially delay the consummation of, or materially change the terms and
conditions of, the Merger. Notwithstanding the foregoing, the Voters’ obligation under this
Section 1.1 shall be stayed if the Merger Agreement is amended or breached in a material respect by
Lance.

 

 

          1.2. Agreement to Retain Shares. The Voters shall not, directly or indirectly, sell,
transfer, contract to sell, assign, exchange, hypothecate, pledge, encumber, grant a security
interest in, hedge or otherwise dispose of any or all of the Subject Shares or any interest in the
Subject Shares, unless he or she retains the right to vote such shares in accordance with Section
1.1.

     2. Representations and Warranties of the Voters. The Voters (i) have the exclusive
right to vote all the Subject Shares at any and all meetings of the shareholders of Snyder’s for
whatever purpose called or held, and in any and all proceedings whether at meetings of the
shareholders of Snyder’s or otherwise, and to give written consents in lieu of voting the Subject
Shares at a meeting, on any and all matters for which the vote or written consent of the Class A
Shareholders is required or authorized by law, and is entitled to exercise all rights of every kind
granted to the Class A Shareholders; and (ii) have full power and authority to execute, deliver and
perform the terms of this Agreement. This Agreement has been duly executed and delivered by the
Voters and constitutes the legal, valid and binding obligation of the Voters, enforceable against
the Voters in accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, liquidation, dissolution, moratorium or other similar laws relating to or affecting
the rights of creditors generally and to general principles of equity (regardless of whether
considered in proceedings at law or in equity). The execution, delivery and performance of this
Agreement does not violate or conflict with the articles of incorporation or bylaws of Snyder’s.

     3. Termination. This Agreement shall terminate and shall have no further force or
effect upon the earlier to occur of (i) the Effective Date under the Merger Agreement, or (ii) the
termination of the Merger Agreement pursuant to the terms thereof (the “Expiration Date”).

     4. Miscellaneous.

          4.1. Binding Effect; Third Party Beneficiaries. This Agreement and all of the
provisions hereof shall be binding upon, and shall inure to the benefit of, the parties hereto and
their respective successors, heirs, executors, administrators and permitted assigns, as the case
may be. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be
assigned by any party hereto without the prior written consent of the other party, except for an
assignment to any lender to Lance as security for obligations to such lender. Any attempted
assignment in violation of this Section 4.1 shall be null and void. This Agreement shall not
confer any rights on any person who is not a party to this Agreement other than the other parties
constituting “Sellers” under the Purchase Agreement.

          4.2. Notices. Any notice, statement, demand or other communication required to be
given under this Agreement shall be in writing, sent by certified mail, postage prepaid, return
receipt requested, or by facsimile transmission, receipt electronically confirmed, or by
nationally-recognized overnight courier, receipt confirmed. Notices to Lance and the Voters shall
be addressed to the below addresses, or to such other addresses and to the attention of such other
person as Lance or the Voters, as applicable, may designate by written notice to the other party in
the manner provided in this Section.

	 	 	 	 	 

	 

	 	To Lance:
	 	Lance, Inc.
	 

	 	 	 	13024 Ballantyne Corporate Place

2

 

	 	 	 	 	 

	 

	 	 	 	Suite 900
	 

	 	 	 	Charlotte, NC 28277
	 

	 	 	 	Facsimile No.: (704) 554-5586 and (704) 557-8197
	 
	 	 	 	 
	 

	 	With a copy to:
	 	K&L Gates LLP
	 

	 	 	 	Hearst Tower, 47th Floor
	 

	 	 	 	214 North Tryon Street
	 

	 	 	 	Charlotte, NC 28202
	 

	 	 	 	Attn.: Alec Watson
	 

	 	 	 	Facsimile No.: (704) 353-3182
	 
	 	 	 	 
	 

	 	To MAW or PAW:
	 	Michael A. Warehime
	 

	 	 	 	c/o Snyder’s of Hanover, Inc.
	 

	 	 	 	1250 York Street
	 

	 	 	 	Hanover, PA 17331
	 

	 	 	 	Facsimile No.: (717) 632-7207
	 
	 	 	 	 
	 

	 	To CEG:
	 	Charles E. Good
	 

	 	 	 	c/o Snyder’s of Hanover, Inc.
	 

	 	 	 	1250 York Street
	 

	 	 	 	Hanover, PA 17331
	 

	 	 	 	Facsimile No.: (717) 632-7207
	 
	 	 	 	 
	 

	 	With a copy to:
	 	Eckert Seamans Cherin & Mellott, LLC
	 

	 	 	 	600 Grant Street, 44th Floor
	 

	 	 	 	Pittsburgh, PA 15219
	 

	 	 	 	Attn: John J. Kearns, III, Esquire
	 

	 	 	 	Facsimile No.: (412) 566-6099

     Any notice, statement, demand or other communication shall be deemed given (i) on the date
three business days after it shall have been mailed, if sent by certified mail, (ii) on the
business day it shall have been sent by facsimile transmission (unless sent on a non-business day
or after business hours in which event it shall be deemed given on the following business day), or
(iii) on the next business day if it shall have been sent by a nationally-recognized overnight
courier service.

          4.3. Entire Agreement; Amendment. This Agreement (and the Merger Agreement) represent
the entire understanding of the parties with respect to the subject matter hereof and supersede all
prior agreements and undertakings, both written and oral, between the parties hereto with respect
to the subject matter hereof. No termination, waiver, modification, amendment or supplement to
this Agreement shall be binding unless in writing and signed by Lance and all of the Voters.

          4.4. Governing Law. This Agreement shall be governed by and construed in accordance
with the internal laws of the Commonwealth of Pennsylvania without giving effect to its principles
of conflicts of law. Each of the parties hereto hereby irrevocably submits to the exclusive
jurisdiction of any Pennsylvania state or federal court of appropriate jurisdiction in any

3

 

action arising out of or relating to this Agreement and hereby irrevocably agrees that all
claims in respect of such action may be heard and determined in such Pennsylvania state or federal
court. Each of the parties hereto hereby irrevocably waives, to the fullest extent it may
effectively do so, the defense of an inconvenient forum to the maintenance of such action. The
parties further agree, to the extent permitted by applicable law, that any final and nonappealable
judgment against any of them in any action referred to above shall be conclusive and may be
enforced in any other jurisdiction within or outside the United States by suit on the judgment, a
certified copy of which shall be conclusive evidence of the fact and amount of such judgment. Each
party waives, to the fullest extent permitted by applicable law, any right it may have to a trial
by jury in respect of any action arising out of or relating to this Agreement.

          4.5. Interpretation. The section headings contained in this Agreement are inserted
for convenience of reference only and will not affect the meaning or interpretation of this
Agreement. All references to Sections contained herein mean Sections of this Agreement unless
otherwise stated and the neuter gender shall include the feminine or masculine gender. All
capitalized terms defined herein are equally applicable to both the singular and plural forms of
such terms. The terms “hereof”, “herein”, and “herewith” and words of similar import shall, unless
otherwise stated, be construed to refer to this Agreement as a whole and not to any particular
provision of this Agreement. The word “including” and words of similar import when used in this
Agreement shall mean “including without limitation” unless the context otherwise requires or unless
otherwise specified. All references in this Agreement to any period of days shall be deemed to be
to the relevant number of calendar days unless otherwise specified.

          4.6. Severability. If any term or other provision of this Agreement is invalid,
illegal or incapable of being enforced by any rule of law or public policy, all other conditions
and provisions of this Agreement shall nevertheless remain in full force and effect. Upon such
determination that any term or other provision is invalid, illegal or incapable of being enforced,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible to the fullest extent permitted by applicable
law.

          4.7. Further Assurances. The Voters hereby covenant and agree that at any time and
from time to time after the execution of this Agreement through the Expiration Date, they shall,
upon the request of Lance, do, execute, acknowledge and deliver, or cause to be done, executed,
acknowledged and delivered, all such further acts or documents as may be reasonably required to
carry out the transactions contemplated by this Agreement.

          4.8. Counterparts; Facsimile. This Agreement may be executed in any number of
counterparts and by different parties to this Agreement in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement. Delivery of an executed counterpart of a signature page to this
Agreement by facsimile or pdf transmission shall be effective as delivery of a manually executed
counterpart. Any party executing this Agreement by facsimile or pdf transmission shall promptly
deliver a manually executed counterpart, provided that any failure to do so shall not
affect the validity of the counterpart executed by facsimile or pdf transmission.

4

 

          4.9. Specific Performance. The Voters recognize and acknowledge that a breach of
covenants or agreements contained in this Agreement will cause Lance to sustain irreparable damage
for which Lance would not have an adequate remedy at law for money damages. Therefore, the Voters
agree that, in the event of any such breach or threatened breach, Lance shall be entitled to seek
and obtain (a) a decree or order of specific performance to enforce the observance and performance
of such covenant or obligation and (b) an injunction restraining such breach or threatened breach.
The Voters further agree to waive any requirement for the securing or posting of any bond in
connection with the obtaining of any such injunctive or other equitable relief. Lance shall be
entitled to recover its attorneys’ fees and all of its costs and expenses in enforcing this
Agreement.

          4.10. No Waiver. No failure or delay on the part of any of the parties in exercising
any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right or power preclude any other right or power.

[Signatures appear on next page]

5

 

     IN WITNESS WHEREOF, the parties have caused this Voting Agreement to be duly executed on the
date and year first above written.

	 	 	 	 	 	 	 

	 	 	Lance, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David V. Singer	 	 
	 

	 	Name:
	 	 

David V. Singer
	 	 
	 

	 	Title:
	 	 President and Chief Executive
Officer	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Michael A. Warehime	 	 
	 	 	 	 	 
	 	 	Michael A. Warehime, individually	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Patricia A. Warehime	 	 
	 	 	 	 	 
	 	 	Patricia A. Warehime, individually	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Charles E. Good	 	 
	 	 	 	 	 
	 	 	Charles E. Good, in his capacity as Trustee or Vice
President of the CEG Entities	 	 

6

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