Document:

Exhibit 10.3

    
      Exhibit
        10.3

       

      EMPLOYMENT
        AGREEMENT

       

      THIS
        EMPLOYMENT AGREEMENT
        (the
“Agreement”) is made and entered into to be effective as of March 23, 2007 by
        and between ANTs
        software inc.,
        a
        Delaware corporation (the “Company”), and the Executive set forth on the
        signature page hereof (the “Executive”).

       

      NOW,
        THEREFORE,
        in
        consideration of the agreements of the parties contained herein, and for
        other
        good and valuable consideration, the receipt and sufficiency of which are
        hereby
        acknowledged, the parties agree as follows: 

       

      1.  Employment.
        The
        Company hereby employs Executive to serve in such capacity and with such
        title
        as are set forth on the signature page hereto (the “Position”), and Executive
        agrees to serve in the Position with the Company,
        or to
        serve in suchother position or positions as the Company may determine in
        its
        sole discretion.
        The
        Executive hereby accepts such employment and agrees to devote his or her
        best
        efforts and his or her full time and attention exclusively to the business
        and
        affairs of the Company,as such business and affairs now exist and as they
        may be
        hereafter changed or augmented, under and pursuant to the general direction
        of
        the Board of Directors of the Company (the “Board”) and the Chief Executive
        Officer of the Company. The Company shall retain full direction and control
        of
        the manner, means and methods by which the Executive performs the services
        for
        which he or she is employed hereunder and of the place or places at which
        such
        services shall be rendered.

       

      2.  Term
        of
        Employment.
        The term
        of the Executive’s employment shall continue until terminated by either party
        pursuant to the terms of this Agreement. Executive is employed by the Company
        “at will” and Executive’s employment may be terminated at any time, by Executive
        or the Company, for any reason and for no reason.

       

      3.  Compensation
        and Expenses.
        

       

      (a)  Salary.
        As
        compensation for the Executive’s services during the term of the Executive’s
        employment hereunder, the Company shall pay the Executive an annual salary
        (the
“Salary”) as is set forth on the signature page hereto, payable in 24 equal
        semi-monthly installments, subject to required tax and other fiduciary
        withholding requirements. Both Executive and Company agree and acknowledge
        that
        Executive’s Salary may change following the date hereof, and the provisions
        hereof apply to the then outstanding Salary.

       

      (b)  Expenses.
        The
        Company shall reimburse the Executive for all reasonable and necessary business
        expenses incurred by him or her in connection with the performance by him
        or her
        of his or her duties hereunder and in accordance with the Company’s policies and
        procedures with respect thereto, as they may be changed from time to
        time.

       

      (c)  Stock
        Options.
        As of
        the date of this Agreement Executive has been granted the Stock Options set
        forth on Attachment 1 hereto, and the aggregate number of shares subject
        to such
        Stock Options is set forth on the signature page hereof. Both Executive and
        Company agree and acknowledge that the Stock Option grants and the number
        of
        shares of common stock subject to such Stock Options may change following
        the
        date hereof, and the provisions hereof apply to all such then outstanding
        Stock
        Options.

       

      (d)  Vacation.
        The
        Executive shall be entitled to that number of annual paid personal days as
        are
        set forth on the signature page hereto. Personal days taken for vacations
        shall
        be taken at such times as the Executive and the Company may mutually
        agree.

       

      
        
          
          

        

        
          -1-

          
            

          

        

        
          
          

        

      

       

      (e)  Other
        Employee Benefits.
        The
        Executive shall be entitled to participate in the Company’s health insurance
        plans or programs and such other benefit plans as may be adopted, from time
        to
        time, by the Company, to the extent that they, by their terms, cover the
        Executive. Nothing in this Agreement shall preclude the Company or any affiliate
        of the Company from terminating or amending any employee benefit plan or
        program
        at any time or from time to time.

       

      (f)  Insurance.
        The
        Company may, at its discretion, secure at its own expense certain insurance
        policies, including without limitation, a “key-man” life insurance policy upon
        the life of the Executive, payable to the Company in the event of the
        Executive’s death. The Executive agrees that any such insurance policy shall be
        for the Company’s benefit only and acknowledges that no person claiming by or
        through the Executive shall have any right to the proceeds of such insurance
        policies. The Executive agrees to execute all documents and take all acts
        reasonably requested by the Company to secure and enjoy the benefits of such
        insurance policies. 

       

      4.  Restrictive
        Covenants.
        

       

      (a)  Other
        Business Ventures.
        During
        the term of the Executive’s employment hereunder, the Executive shall not,
        without the prior approval of the Board, directly or indirectly, either as
        an
        officer, director, employee, agent, advisor, consultant, principal, stockholder,
        partner, owner or in any other capacity, on his own behalf or otherwise,
        in any
        way engage in, represent, be connected with or have a financial interest
        in, any
        business which is or, to the best of his or her knowledge, is about to become
        competitive with the business of the Company; provided, however, that nothing
        herein contained shall be deemed to prohibit the Executive from being a passive
        investor owning up to 1% of any class of outstanding securities of any company
        whose stock is publicly traded.

       

      (b)  Proprietary
        Information and Inventions Agreement.
        The
        Executive agrees that the Executive’s employment by the Company is conditioned
        upon the Executive promptly signing an agreement in substantially the form
        of
        the Company’s standard form of Proprietary Information and Inventions Agreement.

       

      5.  Termination
        of Employment by Executive For Good Cause.
        In the
        event the employment of the Executive with the Company is terminated by the
        Executive for “Good Cause,” the Executive shall immediately and fully vest in
        all of the Severance Benefits set forth in Section 7 below. For purposes
        of this
        Section 5, “Good Cause” shall be defined as: (i) a decrease in Executive’s
        compensation of greater than twenty-five percent (25%) of his or her
        compensation (x) immediately prior to such decrease or (y) in the aggregate
        over
        a period not exceeding two years (not including any decrease in compensation
        that is applied to each of the Company’s executive officers equally), (ii) a
        material change in Executive’s corporate position, title or responsibilities, or
        (iii) the relocation of the principal offices of the Company more than 80
        miles
        from their present location without the Executive’s consent. In the event of the
        existence of Good Cause, the Executive may terminate his employment at any
        time.

       

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

       

      6.  Termination
        of Employment Without Cause.
        In the
        event the employment of the Executive with the Company is terminated without
        “Cause” after six months of employment, the Executive shall immediately and
        fully vest in all of the Severance Benefits set forth in Section 7 below.
        For
        purposes of this Section 6, “Cause” shall be defined as the Executive’s: (i)
        violation of any material provisions of any written agreement between the
        Company and Executive, (ii) being convicted of a felony and lapse of all
        rights
        of appeal, or (iii) commitment of any act of willful misconduct, gross
        negligence, or dereliction of his or her duties. 

       

      7.  Severance
        Benefits and Election.
        In the
        event that the employment of the Executive is terminated (i) by the Executive
        for Good Cause pursuant to Section 5 or (ii) by the Company without Cause
        pursuant to Section 6, Executive shall have thirty days to elect the Release
        Severance or the No-Release Severance as set forth below:

       

      (a)  No-Release
        Severance.
        Executive may elect to receive the following severance benefits without agreeing
        to a general release of all claims known and unknown: The Company shall pay
        Executive: (i) a lump sum equal to six month’s base salary of the Executive;
        (ii) any and all accrued but unpaid bonuses and (iii) any and all target
        bonuses
        for the six month period following such termination of employment, in all
        such
        cases within 30 days from the effective date of the termination (the “No-Release
        Severance”). 

       

      (b)  Partial
        Option Acceleration.
        Additionally, upon election of the No-Release Severance, the Executive shall
        (A)
        immediately and fully vest in and have the right to exercise 75% of any and
        all
        unvested stock options granted to Executive, whether or not otherwise vested,
        subject to the provisions concerning exercisability and restrictions on transfer
        of such options, set forth below.

       

      (c)  Release
        Severance.
        Executive may elect to receive the following severance benefits upon agreeing
        to
        a general release of all claims known and unknown: The Company shall pay
        Executive: (i) a lump sum equal to twelve month’s base salary of the Executive;
        (ii) any and all accrued but unpaid bonuses and (iii) any and all target
        bonuses
        for the twelve month period following such termination of employment, in
        all
        such cases within 30 days from the effective date of the termination (the
        “Release Severance”). . 

       

      (d)  Full
        Option Acceleration.
        Additionally, upon election of the Release Severance, the Executive shall
        immediately and fully vest in and have the right to exercise any and all
        unvested stock options granted to Executive, whether or not otherwise vested,
        subject to the provisions concerning exercisability and restrictions on transfer
        of such options, set forth below.

       

      (e)  Election
        Period.
        The
        thirty day period during which Executive may elect the Release Severance
        or the
        No-Release Severance shall commence the day following Executive’s last day of
        employment and shall expire on the 31st
        day
        following Executive’s last day of employment. In the event that Executive does
        not timely elect the Release Severance or the No-Release Severance, it shall
        conclusively be deemed election of the No-Release Severance and the right
        to
        elect the Release Severance shall be forever waived. Nothing herein shall
        create
        any obligation on the Company to notify Executive of his or her right to
        elect
        the Release Severance or the No-Release Severance.

       

      (f)  Restrictions
        on Option Exercise and Stock Sale.
        Executive and Company agree that, in the event that the employment of the
        Executive is terminated (i) by the Executive for Good Cause pursuant to Section
        5 or (ii) by the Company without Cause pursuant to Section 6, then the following
        shall apply: 

       

      
        
          
          

        

        
          -3-

          
            

          

        

        
          
          

        

      

       

      (i)  The
        exercise period of all of Executive’s Stock Options shall be extended to and
        exercisable until, that date which is the fifth year anniversary of the date
        of
        termination of Executive’s employment; and

       

      (ii)  Executive
        covenants and agrees that, unless (x) there is a Corporate Transaction, as
        defined in the Stock Option Agreements by and between Executive and Company,
        or
        (y) the Company conducts a secondary stock offering in which the Company
        sells
        not less than 50% of its shares of common stock outstanding immediately
        preceding such offering, then (a) he or she will not sell any shares purchased
        under Executive’s Stock Options prior to the first six months following the date
        of termination of Executive’s employment, and (b) he or she will not sell more
        than 20% of the common stock purchased in exercise of any of Executive’s Stock
        Options during any three month period thereafter. Executive acknowledges
        and
        agrees that the Company can place stop transfer instructions to assist in
        enforcing these covenants.

       

      (g)  Release. In
        the
        event that Executive elects the Release Severance, then Executive agrees
        as
        follows: Executive, on behalf of himself or herself and his or her heirs,
        successors and assigns, hereby fully releases and forever discharges the
        Company, and its officers, directors, agents, employees, attorneys, parents,
        affiliates, and subsidiaries (the “Released Parties”), from any and all claims,
        actions and liabilities of any kind or character whatsoever, arising in law
        or
        in equity, known or unknown, suspected or unsuspected, that Executive has
        ever
        had, now has or may now have against the Released Parties, including, without
        limitation, all claims directly or indirectly related to or arising out of
        Executive’s employment by the Company, the performance of his duties during that
        employment, and/or the termination of or his resignation from that employment.
        This waiver and release specifically includes, but is not limited to, all
        claims, if any, whether arising in tort or in contract, related to Executive’s
        employment, including any and all claims for wrongful discharge or wrongful
        termination; claims for alleged violation of public policy or breach of implied
        covenant of good faith and fair dealing; claims for breach of fiduciary duty;
        claims for negligent or intentional infliction of emotional distress; claims
        arising in connection with Executive’s compensation, benefits, warrants and/or
        stock options; claims for breach of express or implied contract or for further
        monetary compensation by way of additional salary or bonus allegedly due
        Executive by reason of his employment with the Company; and all other claims,
        based on common law or federal or state statute, including claims for
        discrimination based on age arising under state statute or the federal Age
        Discrimination in Employment Act, the Older Workers’ Benefits Protection Act, or
        any similar federal or state law prohibiting age discrimination. 

      Executive
        further understands and expressly agrees that this Release specifically extends
        to all claims, whether those claims are presently known to the party or not,
        or
        suspected by the party or not. Executive agrees that he or she has not assigned
        or transferred, in whole or in part, any of the claims, actions or liabilities
        released by him or her herein. By signing below, Executive expressly waives
        the
        benefits of Section 1542 of the California Civil Code, which
        provides:

      “A
        general release does not extend to claims which the creditor does not know
        or
        suspect to exist in his favor at the time of executing the release which
        if
        known by him must have materially affected his settlement with the
        debtor.”

       

      8.  Confidentiality.
        Executive agrees that the terms and conditions of this Agreement are and
        shall
        remain strictly confidential, and that he or she will not disclose those
        terms
        and conditions to any third party (i) except for Executive’s tax or legal
        advisors or his spouse, or (ii) unless compelled by law to do so.

       

      
        
          
          

        

        
          -4-

          
            

          

        

        
          
          

        

      

       

      9.  Noninterference.
        Executive agrees that, during the term of his or her employment and for a
        period
        of 12 months thereafter, he or she shall not, on his or her own behalf or
        on
        behalf of any other person, solicit or in any manner influence or encourage
        any
        current or prospective customer, employee or other person who has a business
        relationship with the Company or any affiliate, to terminate or limit in
        any way
        their relationship with the Company, or interfere in any way with such
        relationship. For purposes hereof, (i) the term person is to be construed
        in the
        broadest sense and means and includes any natural person, company, limited
        liability company, partnership, joint venture, corporation, business trust,
        unincorporated organization or any governmental authority, and (ii) a person
        shall be considered a “prospective” customer or employee if the Company or any
        affiliate has entered into discussions or otherwise made contact with the
        person
        for the purpose of any such engagement within the six-month period prior
        to any
        solicitation by the Executive, and such fact is known or made known to the
        Executive.

       

      10.  Non-Competition.
        The
        Executive agrees not to, during his or her employment and for a period of
        12
        months thereafter, voluntarily or involuntarily, directly or indirectly,
        individually or on behalf of any entity or person, as a partner, stockholder,
        director, officer, principal, agent, employee, or in any other capacity or
        relationship, engage in, aid, or assist, in any competition with the Company
        within the United States of America or any foreign country where the Company
        conducts business. The Company and the Executive acknowledge the reasonableness
        of this covenant not to compete and the reasonableness of the geographic
        area
        and duration of time which is part of this covenant. The provisions of this
        paragraph 10 shall survive the termination of this Agreement by either
        party.

       

      11.  Voluntary
        Agreement.
        Executive expressly acknowledges and warrants that he or she has read and
        fully
        understands this Agreement; that he or she have had the opportunity to consult
        with legal counsel of his or her own choosing in order to have the terms
        and
        conditions of this Agreement fully explained to him or her; that he or she
        is
        not executing this Agreement in reliance on any promises, representations
        or
        inducements other than those set forth herein; that he or she understands
        he or
        she is giving up legal rights by signing this Agreement; and that he or she
        is
        executing it voluntarily, free of any duress or coercion, after due
        deliberation, with a full understanding of what it means to do so.

       

      12.  Mediation,
        Venue and Arbitration.
        If a
        dispute arises in connection with this Employment Agreement, Executive and
        Company agree that any legal action, mediation or arbitration will be conducted
        in the court, arbitration or other body having subject matter jurisdiction,
        in
        the city of Burlingame, California, and venue shall be proper only therein.
        Any
        dispute, controversy or claim arising out of or relating to provisions of
        this
        Employment Agreement shall be finally settled by arbitration in accordance
        with
        the Commercial Arbitration Rules of the American Arbitration Association
        (AAA)
        or the Judicial Arbitration and Mediation Service (JAMS), or other mutually
        acceptable arbitral body, in effect on the date of this Agreement. The
        arbitration tribunal shall adopt rules of procedure supplementary to the
        rules
        of the AAA or JAMS as it deems equitable under the circumstances. An award
        rendered by the arbitrator shall be final and binding, and judgment may be
        entered upon it in any court having jurisdiction. In no event shall this
        subsection be construed as conferring upon any court authority or jurisdiction
        to inquire into or review such award on its merits.

       

      13.  Miscellaneous.

       

      (a)  Governing
        Law.
        This
        Agreement shall be governed by, and construed, interpreted and enforced in
        accordance with, the internal laws of the State of California without reference
        to principles of conflict of laws.

       

      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

       

      (b)  Captions.
        The
        section headings contained herein are for reference purposes only and shall
        not
        in any way affect the meaning or interpretation of this Agreement.

       

      (c)  Entire
        Agreement.
        This
        Agreement sets forth the entire agreement and understanding of the parties
        hereto with respect to the subject matter hereof, and supersedes all prior
        agreements, arrangements and understandings, written or oral, between the
        parties hereto with respect to the subject matter hereof.

       

      (d)  Further
        Assurances.
        Each
        party hereto shall furnish to the other party hereto such instruments and
        other
        documents as the other party may reasonably request for the purpose of carrying
        out or evidencing the transactions contemplated by this Agreement.

       

      (e)  Attorneys’
        Fees.
        If any
        lawsuit or other action or proceeding relating to this Agreement is brought
        by
        either party hereto against the other party hereto, the prevailing party
        shall
        be entitled to recover reasonable attorneys’ fees, costs and disbursements (in
        addition to any other relief to which the prevailing party may be
        entitled).

       

      (f)  Notices.
        Any
        notice, request, consent or approval required or permitted to be given under
        this Agreement or pursuant to law shall be deemed effective upon the actual
        receipt by the Executive or the agent for service of process for the Acquirer
        or
        Company, as applicable.

       

      (g)  Amendments;
        Waivers.
        This
        Agreement may be amended, modified, superseded, canceled, renewed or extended
        and the terms or covenants hereof may be waived, but only by a written
        instrument executed by the Executive and the Company or the Acquirer as the
        case
        may be. The failure of either party at any time or times to require performance
        of any provision hereof shall in no manner affect such party’s right at a later
        time to enforce the same. No waiver by either party of the breach of any
        term or
        covenant contained in this Agreement, whether by conduct or otherwise, in
        any
        one or more instances, shall be deemed to be, or construed as, a further
        or
        continuing waiver of any such breach, or a waiver of the breach of any other
        term or covenant contained in this Agreement.

       

      (h)  Severability.
        Any term
        or provision of this Agreement which is prohibited, invalid or unenforceable
        in
        any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
        (but only to the extent) of such prohibition, invalidity or unenforceability
        without invalidating or affecting any other term or provision hereof, any
        such
        prohibition, invalidity or unenforceability in any jurisdiction shall not
        invalidate or render unenforceable such term or provision in any other
        jurisdiction.

       

      (i)  Counterparts.
        This
        Agreement may be executed in two or more counterparts, each of which shall
        be
        deemed to be an original, but all of which together shall constitute one
        and the
        same instrument.

       

      (j)  Successors
        and Assigns.
        The
        terms and provisions of this Agreement shall inure to the benefit of, and
        shall
        be binding upon, the successors and assigns of the Company and/or Acquirer.
        In
        view of the personal nature of the provisions of this Agreement to be performed
        by the Executive, the Executive shall not have the right to assign or transfer
        any of the obligations or rights and benefits hereunder, nor shall said rights
        and benefits be otherwise subject to voluntary or involuntary alienation
        except
        as provided herein.

       

      
        
          
          

        

        
          -6-

          
            

          

        

        
          
          

        

      

       

      (k)  No
        Rules of Construction.No
        rules
        of construction are intended by the parties hereto and none shall be employed
        or
        used in the interpretation of this Agreement. For all purposes, both parties
        hereto shall be deemed joint authors hereof. 

       

       

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

       

      
        	 	 	 	 	 	 	 ANTS
                SOFTWARE INC.,	 
	 	 	 	 	 	 	a Delaware
                Corporation	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                By:

              	 	
              	 
	 	 	 	 	
                Name
                  and Title:

              	 	Joseph Kozak
                - President
                and CEO	 
	 	 	 	 	
                Address:

              	 	700 Airport Blvd.,
                Suite
                300	 
	 	 	 	 	 	 	
                Burlingame,
                  CA 94010

              	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	EXECUTIVE	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                By:

              	 	 	 
	 	 	 	 	
                Name:

              	 	Kenneth
                Ruotolo	 
	 	 	 	 	
                Address:

              	 	C/O ANTs software
                inc.	 
	 	 	 	 	 	 	700 Airport Blvd.
                Suite
                300	 
	 	 	 	 	 	 	Burlingame, CA
                94010	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
                Position:

              	 	Sr. VP Finance
&
                Operations and 	 
	 	 	 	 	 	 	Chief Financial
                Officer	 
	 	 	 	 	
                Annual
                  Salary: 

              	 	$200,000	 	 	 
	 	 	 	
                 Annual
                  Eligible Bonus:

              	None	 	 	 
	 	 	 	
                Total
                  Stock Options Granted:

              	 	554,000	 	 	 

      

       

      
        
          
             

          

          
          

        

        
          -7-

          
            

          

        

        
          
          

          
          

        

      

      Attachment
        1

      

      Outstanding
        Stock Options - Kenneth Ruotolo

      

      
        	
                No.
                  of Shares

              	
                Grant
                  Number

              	
                Expiration
                  Date

              	
                Exercise
                  Price

              
	
                60,680

              	
                104

              	
                04/09/12

              	
                $1.90

              
	
                20,000

              	
                134

              	
                08/06/12

              	
                $0.52

              
	
                20,000

              	
                166

              	
                01/29/14

              	
                $0.81

              
	
                110,000

              	
                197

              	
                12/08/14

              	
                $1.22

              
	
                9,340

              	
                24

              	
                01/08/11

              	
                $2.75

              
	
                125,000

              	
                277

              	
                06/19/16

              	
                $2.28

              
	
                19,980

              	
                29

              	
                02/21/11

              	
                $2.91

              
	
                154,000

              	
                44

              	
                06/21/11

              	
                $3.18

              
	
                17,500

              	
                72

              	
                10/03/11

              	
                $2.00

              
	
                17,500

              	
                91

              	
                11/28/11

              	
                $2.00

              
	
                 

              	
                 

              	
                 

              	
                 

              

      

      
 

       

       

      -8-Exhibit 10(d)

    Exhibit
      10(d)

     

     

    

     

     

    

     

    TASTY
      BAKING COMPANY

     

    SEVERANCE
      PAY PLAN

     

    AND

     

    SUMMARY
      PLAN DESCRIPTION

     

    

     

     

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Plan
      effective date: February 26, 2007

    

     

    TASTY
      BAKING COMPANY

    SEVERANCE
      PAY PLAN

    AND
      SUMMARY PLAN DESCRIPTION

     

     

    	1.  	
            INTRODUCTION

          

     

    The
      Tasty
      Baking Company Severance Pay Plan (“the Plan”) has been adopted to provide
      severance pay to certain employees of Tasty Baking Company and Tasty Baking
      Oxford, Inc. (collectively, the “Company”) whose employment is involuntarily
      terminated without cause. This document is both the Plan and the Summary Plan
      Description and it sets forth the official terms of the Plan.

     

     

    	2.  	
            ELIGIBILITY

          

     

    	(a)  	
            In
              General

          

     

    In
      general, full-time employees are eligible for benefits under the Plan if: (i)
      they have been employed continuously by the Company for more than ninety (90)
      days; (ii) they are contemporaneously designated in the Company’s records as
      full-time, regular, employees; and (iii) they suffer an involuntary termination
      of employment on or after February 26, 2007, as a result of a reduction in
      force, the closure or reorganization of a facility or operation, or a job
      elimination. As provided in Section 2(c) below, employees who are terminated
      for
      Cause (as defined in Section 2(c)(iv) below) are among those persons who are
      not
      eligible for benefits under the Plan.

     

    
      	(b)  	
              
                Persons
                  Not
                  Covered

              

            

    

     

    The
      Plan
      does not cover: (i) individuals
      who are
      not employees of the Company, whether or not such persons are employees of
      any
      Related Organization (as defined below);
      (ii)
      temporary or seasonal employees of the Company; (iii) individuals who work
      for
      the Company as leased employees, independent contractors or agents (or are
      classified as such by the Company, whether or not such classification is upheld
      upon governmental or judicial review); (iv) individuals
      who are
      paid by any third party employer, such as an employment agency or temporary
      staffing firm; (v) employees
      who are covered by any other written severance plan or employment agreement
      with
      the Company that provides for severance benefits; or (vi) employees who are
      informed at the start of their employment that they will not be eligible for
      benefits under the Plan. 

    

    As
      used in
      the Plan, the term “Related Organization” means the Company’s parent, any
      subsidiary of the Company’s parent other than the Company and related
      corporations and their predecessors and successors. 

     

    
      	(c)  	
              
                
                  
                    Other
                      Conditions For
                      Eligibility

                  

                

              

            

    

     

    	(i)  	
            An
              employee shall not be eligible for benefits under the Plan if, before
              the
              employee’s date or scheduled date of termination from
              employment:

          

    

    
      	 	
              (A)
                

            	
              the
                employee accepts an offer of continued employment with the Company
                or any
                Related Organization;

            

    

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    
      	 	
              (B)
                

            	
              the
                employee is transferred to, or rejects an offer of, continued full-time
                with the Company or any Related Organization;
                or

            

    

    

    
      	 	
              (C)
                

            	
              the
                employee accepts or rejects an offer of continued full-time employment
                with the new ownership of the Company, the new ownership of any or
                all of
                the Company’s assets, or with any company controlled by such new
                ownership. 

            

    

    

    	(ii)  	
            An
              employee shall not be eligible for benefits under the Plan unless the
              employee remains employed by the Company until the final day of employment
              specified by the Company. An employee who leaves employment before
              such
              date, regardless of the reason, shall be deemed to have voluntarily
              resigned and shall be ineligible for benefits under the Plan.
              

          

    .

    	(iii)  	
            An
              employee shall not be eligible for benefits under the Plan unless the
              employee
              maintains fully satisfactory work performance until the final
              day of employment specified by the Company,
              including the employee’s faithful performance of any remaining obligations
              to the Company such as conscientious transitioning of the employee’s
              duties, reimbursement to the Company for any cash advances or debit
              balances, and the return of all Company property, including,
              but not limited to, any computers, PDAs, cell phones,
              tools, keys or manuals.
              

          

    

    	(iv)  	
            An
              employee shall not be eligible for benefits under the Plan if the employee
              is discharged for Cause. For
              purposes of this Plan, the term “Cause” means: (A) any willful neglect of,
              or refusal to perform, the employee’s duties or responsibilities with
              respect to the Company, insubordination, dishonesty, misconduct, gross
              negligence or willful malfeasance by the employee
              in the performance of the employee’s duties and responsibilities,
              or the
              willful taking of actions which materially impair the employee’s ability
              to
              perform his/her duties and responsibilities, or any serious violation
              of
              Company rules or regulations; (B) the violation of any local, state
              or
              federal criminal statute, including, without limitation, an act of
              dishonesty such as embezzlement, theft or larceny, if the violation
              either relates to the Company or could have an adverse effect on
              the
              Company or its reputation; (C) intentional provision of services in
              competition with the Company, or intentional
              disclosure to a competitor of the Company of any confidential
              or
              proprietary information of the Company or any Related Organization
              or
              client; (D) any
              violation of the Company’s code of conduct, code of ethics or any similar
              code; or (E) any conduct by the employee similar to that referenced
              in
              Section 2(a)(iv)(A)-(D) above with respect to which the Company determines
              in its sole discretion that the employee’s employment has ended under
              circumstances such that the payment of benefits under the Plan
              would
              not be in the Company’s
              best interest. This definition of Cause shall be used only for the
              purposes of administering and determining eligibility under this Plan.
              This Plan provision shall not be construed as implying that employees
              may
              only be terminated for Cause. Rather, employees are generally employed
“at
              will” and may be terminated at any time for any reason, with or without
              cause or notice. The Company, in its sole discretion, shall determine
              whether an employee has been terminated for
              Cause.

          

    

    	(d)  	
            Changed
              Decisions

          

     

    The
      Company reserves the right to rescind or reschedule any scheduled termination
      from employment on or before the actual date of termination. In such cases,
      the
      affected employee will not be eligible for severance benefits under the Plan
      based on the termination date that has been rescinded or rescheduled.

     

    
      	(e)  	
              Eligibility
                Determination

            

    

     

    The
      Plan
      Administrator, in the Plan Administrator’s sole discretion, shall determine
      whether an employee is eligible  for
      severance benefits under the Plan.

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    	3.  	
            SEVERANCE
              BENEFITS 

          

     

    As
      used in
      the Plan, “Eligible Employee” means a person meeting the eligibility
      requirements set forth in Section 2 above.

     

    	(a)  	
            General
              Release

          

     

    Eligible
      Employees who wish to receive a severance pay benefit (“Severance Pay”) will be
      required to sign a Confidential Separation Agreement and General Release
      (“Release”) which covers, among other things, all claims against the Company and
      any Related Organization. A Copy of the Release in use at the time that this
      Plan document was printed is attached as Exhibit “A” to the Plan. However, the
      Release may be revised at any time. An Eligible Employee will be given the
      applicable Release before, or within a reasonable period of time after, the
      date
      of the termination from employment. The Eligible Employee will then need to
      sign
      and return the Release within the applicable time period set forth in the
      Release, and the Release will need to become effective in accordance with its
      terms.

     

    	(b)  	
            Amount
              of Severance Pay

          

     

    Severance
      Pay calculations are based on a five (5) day work week. As indicated in the
      chart below, Severance Pay includes two (2) separate components. The first
      component consists of two (2) days of pay for each Year of Service to the
      Company. The second component consists of one (1) week of pay for each $12,500
      of annual Base Compensation. As
      used in
      the Plan, the term “Base
      Compensation” does not include such things as: bonuses of any sort, overtime
      compensation, variable compensation or other incentive pay, shift premiums
      or
      differentials, compensation associated with employee stock options,
      reimbursements, sales commissions, expense allowances or any deferred
      compensation arrangement.

     

    Notwithstanding
      anything in the Plan to the contrary, the minimum amount of Severance Pay for
      an
      Eligible Employee under the Plan will be one (1) week and the maximum amount
      of
      Severance Pay for an Eligible Employee under the Plan will be fifty-two (52)
      weeks. For salaried employees, the weekly Severance Pay amount will generally
      be
      calculated by dividing the Eligible Employee’s annual Base Compensation on the
      actual date of termination by fifty-two (52). For hourly employees, the
      weekly Severance Pay amount will generally be calculated by multiplying the
      Eligible Employee’s regular hourly rate, not including any shift premiums or
      differentials, by forty (40). 

     

    As
      used in
      the Plan, a “Year of Service” means a period of twelve (12) consecutive months
      of active, full-time employment with the Company or any Related Organization.
      This measurement will generally be based on the period from the Eligible
      Employee’s most recent start date of active, full-time employment to the date of
      termination from employment. Eligible Employees will be given credit, on a
      prorata basis, for a partial Year of Service in full-time employment. An
      Eligible Employee who has received a severance payment in connection with any
      prior service to the Company or any Related Organization will not have such
      service counted for severance purposes under this Plan. 

     

    
      	(c)  	
              Examples
                of Severance
                Benefits

            

    

     

    Example
      A:
      

     

    Eligible
      Employee A’s full-time employment with the Company began on January 1, 1999 and
      continued until it was terminated on December 31, 2004. On the date of
      termination, Eligible Employee A’s annual Base Compensation was $30,000.

     

    Years
      of
      Service component - Eligible Employee A will be offered 10 days (i.e., 2 weeks)
      of severance pay for having completed five (5) Years of Service. Base
      Compensation component - Eligible Employee A will also be offered an additional
      2.4 weeks of severance pay because Eligible Employee A had annual Base
      Compensation of $30,000. Thus, Eligible Employee A would be offered 4.4 weeks
      of
      severance pay. 

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    Example
      B:
      

     

    Eligible
      Employee B’s full-time employment with the Company began on July 1, 1980 and
      continued until it was terminated on June 30, 2005. On the date of termination,
      Eligible Employee B’s annual Base Compensation was $40,000. 

     

    Years
      of
      Service component - Eligible Employee B will be offered 50 days (i.e., 10 weeks)
      of severance pay for having completed twenty-five (25) Years of Service. Base
      Compensation component - Eligible Employee B will also be offered an additional
      3.2 weeks of severance pay because Eligible Employee B had annual Base
      Compensation of $40,000. Thus, Eligible Employee B would be offered 13.2 weeks
      of severance pay. 

     

     

    	4.  	
            PROVISION
              OF
              BENEFITS

          

     

    	(a)  	
            Method
              and Timing of Payment

          

     

    Severance
      Pay will be paid as salary continuation (without interest) generally on what
      would have been the Company’s regularly scheduled paydays for the applicable
      period. Provided,
      however, that an Eligible Employee will not be entitled to Severance Pay unless
      and until: (1) the Release has become effective and irrevocable and: (2) the
      Eligible Employee has satisfied all other conditions for eligibility including,
      without limitation, those in Section 2(c) above. Payments will commence as
      soon
      as practical after the Release is effective and irrevocable. Any unpaid
      severance pay as of the date of death of an Eligible Employee will be paid
      to
      the Eligible Employee’s estate in a single lump sum. The Company shall withhold
      and make such other deductions from the Severance Pay as it determines is
      necessary or appropriate to satisfy any federal, state or other withholding
      requirements.

     

    	(b)  	
            Source
              of Payment

          

     

    All
      severance benefits under the Plan will be paid from the general assets of the
      Company, and no trust fund, escrow arrangement, or other segregated account
      will
      be established. Accordingly, employees entitled to receive severance benefits
      under the Plan will have no priorities over the claims of the Company’s general
      creditors. 

     

     

    	5.  	
            REHIRE

          

     

    No
      provision of the Plan provides, or is intended to provide, any Eligible Employee
      or employee with any right to be rehired by the Company or to be hired by any
      Related Organization. However, if during the severance period, an Eligible
      Employee is rehired by the Company, or is hired by any Related Organization,
      no
      further benefits will be payable under this Plan after the date of hire or
      rehire.

     

     

    	6.  	
            DURATION,
              AMENDMENT AND MODIFICATION OF
              PLAN

          

     

    The
      Plan
      is effective only for Eligible Employees who are notified of termination from
      employment after
      the
      Plan’s effective date. Except as provided in Section 7(b), the
      Company
      reserves the right, in its sole and absolute discretion, to amend, modify or
      terminate the Plan at any time, with or without notice, prospectively or, to
      the
      extent permitted by law, retroactively, by written document approved by an
      officer of the Company. All benefits are subject to this reserved right of
      Plan
      amendment, modification, or termination; therefore, benefits being paid, or
      which may be paid, under this Plan may be reduced or terminated. 

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    	7.  	
            PLAN
              ADMINISTRATION

          

     

    	(a)  	
            Discretion
              and Finality

          

     

    The
      Company hereby delegates the duties of the Plan Administrator to the Vice
      President of Human Resources. The Plan Administrator has full discretionary
      authority to administer and interpret the Plan, including discretionary
      authority to determine all questions relating to eligibility for participation
      in, and for benefits under, the Plan, to determine the amount of benefits (if
      any) payable to an Eligible Employee, and to interpret ambiguous terms. The
      Plan
      Administrator may delegate any or all of its administrative duties to other
      Company personnel. Any such delegation will carry with it the full discretionary
      authority of the Plan Administrator to carry out the delegated duties. All
      determinations by the Plan Administrator will be final and conclusive upon
      all
      persons. The validity of any interpretation, construction, decision or finding
      of fact by the Plan Administrator shall not be given de novo review if
      challenged in court, by arbitration, or in any other forum, and shall be upheld
      unless clearly arbitrary and capricious. Only the Plan Administrator, or the
      delegate of the Plan Administrator, is authorized to make administrative
      interpretations of the provisions of the Plan and will do so only in a writing
      that expressly references this Section of the Plan. No person is entitled to
      rely on any representation, whether oral or in writing, which anyone other
      than
      the Plan Administrator may make concerning the Plan and/or entitlement to
      benefits under the Plan. 

     

    
      	(b)  	
              Drafting
                Errors

            

    

     

    
      	 	 	
              If,
                due to errors in drafting, any Plan provision does not accurately
                reflect
                its intended meaning, as demonstrated by consistent interpretations
                or
                other evidence of intent, or as determined by the Plan Administrator
                in
                its sole and exclusive judgment, the provision shall be considered
                ambiguous and shall be interpreted by the Plan Administrator and
                all Plan
                fiduciaries in a fashion consistent with its intent, as determined
                in the
                sole and exclusive judgment of the Plan Administrator. The Plan
                Administrator shall amend the Plan retroactively to cure any such
                ambiguity.

            

    

     

    
      	(c)  	
              Fiduciary
                Disclosure
                Authority

            

    

     

    No
      Plan
      fiduciary shall have the authority to answer questions about any pending or
      final business decision of the Company or Related Organization that has not
      been
      officially announced, to make disclosures about such matter, or even to discuss
      them, and no person shall rely on any unauthorized, unofficial disclosure.
      Thus,
      before a decision is officially announced, no fiduciary is authorized to tell
      any person, for example, that his or her employment will or will not be
      terminated or that the Company will or will not offer exit incentives in the
      future. Nothing in this subsection shall preclude any fiduciary from fully
      participating in the consideration, making, or official announcement of any
      business decision. 

     

    
      	(d)  	
              Scope

            

     

    This
      Section may not be invoked by any person to require the Plan to be interpreted
      in a manner inconsistent with its interpretation by the Plan Administrator
      or
      other Plan fiduciaries.

     

     

    	8.  	
            COSTS
              AND
              INDEMNIFICATION

          

     

    All
      costs
      of administering the Plan and providing Plan benefits will be paid by the
      Company. To the extent permitted by applicable law and in addition to any other
      indemnities or insurance provided by the Company, the Company shall indemnify
      and hold harmless its current and former officers, directors, and employees
      against all expenses, liabilities, and claims (including legal fees incurred
      to
      defend against such liabilities and claims) arising out of their discharge
      in
      good faith of their administrative and fiduciary responsibilities with respect
      to the Plan. Expenses and liabilities arising out of gross negligence or willful
      misconduct will not be covered under this indemnity.

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    	9.  	
            CLAIMS
              PROCEDURE

          

     

    	(a)  	
            Claim
              Normally Not Required

          

     

    Normally,
      an employee does not need to present a formal claim to receive benefits payable
      under the Plan. 

     

    	(b)  	
            Claim
              for Benefits

          

     

    If
      you
      believe you are incorrectly denied a benefit or are entitled to a greater
      benefit than the benefit you are offered under the Plan, you must submit a
      signed, written claim to the Plan Administrator.
      

     

    	(c)  	
            Denial
              of Claims

          

     

    In
      the
      event that you submit a written claim for benefits that is denied, in whole
      or
      in part, the Plan Administrator must notify you, in writing, of the denial
      of
      the claim, and of your right to a review of the denial. The written notice
      of
      denial will be set forth in a manner designed to be understood by you, and
      will
      include specific reasons for the denial, specific references to the Plan
      provision upon which the denial is based, a description of any information
      or
      material that the Plan Administrator needs to complete the review, why it is
      needed, and a description of the Plan’s review procedures and the time limits
      applicable to such procedures, including a statement of you and your
      beneficiary’s rights to file a suit under Section 502(a) of ERISA following an
      adverse benefit determination on review. This written notice will be given
      to
      you within 90 days after the Plan Administrator receives the claim, unless
      special circumstances require an extension of time, in which case, the Plan
      Administrator has up to an additional 90 days for processing the claim. If
      an
      extension of time for processing is required, written notice of the extension
      will be furnished to you before the end of the initial 90-day period. This
      notice of extension will describe the special circumstances necessitating the
      additional time and the date by which the Plan Administrator is to render its
      decision on the claim. You will be permitted to appeal the denial in accordance
      with the review procedure described below.

     

    	(d)  	
            Request
              for Review

          

     

    If
      your
      claim for benefits is denied, in whole or in part, you (or your authorized
      representative) may appeal such denial (or deemed denial) by submitting a
      request for a review to the Plan Administrator within 60 days after the claim
      is
      denied. The Plan Administrator will give you (or your authorized representative)
      an opportunity to review pertinent documents in preparing a request for a
      review. You will be provided, upon request and free of charge, reasonable access
      to, and copies of, all documents, records and other information relevant to
      your
      claim for benefits. A document, record or other information will be considered
      “relevant” to making a claim if such document, record or other information (i)
      was relied upon in making the benefit determination; (ii) was submitted,
      considered or generated in the course of making the benefit determination,
      without regard to whether such document, record or other information was relied
      upon in making the benefit determination; or (iii) demonstrates compliance
      with
      administrative processes and safeguards. A request for a review shall be in
      writing. A request for review must set forth all of the grounds on which it
      is
      based, all facts in support of the request and any other matters that you feel
      are pertinent. The Plan Administrator may require you to submit additional
      facts, documents or other material as it may find necessary or appropriate
      in
      making its review.

     

    	(e)  	
            Decision
              on Review

          

     

    The
      Plan
      Administrator will act on each request for review within 60 days after receipt
      of the request, unless special circumstances require an extension of time (not
      to exceed an additional 60 days), for processing the request for a review.
      If an
      extension for review is required, written notice of the extension will be
      furnished to you within the initial 60-day period that describes the special
      circumstance that necessitates the extension and by what date the decision
      will
      be rendered. The Plan Administrator will give prompt, written notice of its
      decision to you. In the event that the Plan Administrator confirms the denial
      of
      the claim for benefits in whole or in part, the notice will outline, in an
      understandable manner, the specific reasons for the decision, the Plan
      provisions upon which the decision is based, a statement that you are entitled
      to receive, upon request and free of charge, reasonable access to, and copies
      of, all documents, records and other information relevant to your benefits
      and a
      statement describing your right to file a suit under Section 502(a) of ERISA..
      If written notice of the Plan Administrator's decision is not given to you
      within the time prescribed in this section, the claim will be deemed denied
      on
      review.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    	(f)  	
            Exhaustion
              of Remedies

          

     

    No
      legal
      action for benefits under the Plan may be brought until you have completed
      all
      of the following steps: (i) have submitted a written claim for benefits in
      accordance with the procedures described above, (ii) have been notified by
      the
      Plan Administrator that the claim is denied, (iii) have filed a written request
      for a review of the claim in accordance with the appeal procedure described
      above, and (iv) have been notified in writing that the Plan Administrator has
      denied the appeal.
      If your
      claim for benefits is ignored, in whole or in part, you may file suit in a
      state
      or Federal court.

     

     

    	10.  	
            PLAN
              TERMS

          

     

    The
      Plan
      supersedes any and all prior separation and severance arrangements, programs
      and
      plans which were previously offered by the Company to any groups or classes
      of
      employees covered by this Plan.

     

     

    	11.  	
            TAXES

          

     

    The
      Company will withhold taxes and all other applicable payroll deductions from
      any
      severance payments.

     

     

    	12.  	
            NO
              RIGHT TO CONTINUED
              EMPLOYMENT

          

     

    No
      provision of the Plan provides, or is intended to provide, any employee with
      any
      right to continued employment with the Company or any Related Organization,
      or
      otherwise affects the right of the Company or any Related Organization to
      terminate the employment of any individual at any time for any reason, with
      or
      without cause or notice.

     

     

    	13.  	
            GOVERNING
              LAW

          

     

    The
      Plan
      is a welfare plan subject to the Employee Retirement Income Security Act of
      1974
      (“ERISA”) and it shall be interpreted, administered, and enforced in accordance
      with that law. To the extent that state law is applicable, the statutes and
      common law of the Commonwealth of Pennsylvania (excluding its choice of law
      rules or provisions) shall apply.

     

     

    	14.  	
            MISCELLANEOUS

          

     

    Where
      the
      context so indicates, the singular will include the plural and vice versa.
      Titles are provided herein for convenience only and are not to serve as a basis
      for interpretation or construction of the Plan. Unless the context clearly
      indicates to the contrary, a reference to a statute or document shall be
      construed as referring to any subsequently enacted, adopted, or executed
      counterpart.

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    	15.  	
            ADDITIONAL
              PLAN
              INFORMATION

          

     

    	·  	
            Name
              of Plan:
              Tasty Baking Company Severance Pay Plan

          

     

    	·
             	
            Plan
              Administrator and Plan Sponsor:

          

     

    Tasty
      Baking Company

    2801
      Hunting Park Avenue

    Philadelphia,
      PA 19129-1392

    (215)
      221-8500

    

    	·  	
            Employer
              ID No.: 23-1145880

          

     

    	·  	
            Plan
              No.: 507.

          

     

    	·  	
            Plan
              Year:
              For
              purposes of maintaining the Plan’s records, the Plan year commences on
              January 1 and ends the following December 31. However, the first Plan
              year
              shall commence on February 26, 2007 and end on December 31,
              2007.

          

     

    	·  	
            Type
              of Plan: The
              Plan is a severance pay plan/employee welfare benefit plan. The Plan
              is
              not a pension benefit plan.

          

     

    	·  	
            Direct
              Inquiries to:  Vice
              President of Human Resources and Severance
              Plan Administrator 

          

    	 
             	Tasty
            Baking Company

    	 
             	2801
            Hunting Park Avenue

    	 
             	Philadelphia,
            PA 19129-1392

    

    

    

    	·  	
            Agent
              for Service of Legal Process:
              Vice President of Human Resources and Severance
              Plan Administrator
              at
              the above address.

          

     

    	·  	
            Plan
              Costs:
              The
              cost of the Plan is paid by Tasty Baking
              Company.

          

     

    	·  	
            This
              Plan and Summary Plan Description became effective on February 26,
              2007. 

          

     

     

    
      	16.  	
              YOUR
                ERISA
                RIGHTS

            

    

     

    As
      a
      participant in the Tasty Baking Company Severance Pay Plan, you are entitled
      to
      certain rights and protections under the Employee Retirement Income Security
      Act
      of 1974 (“ERISA”).
      

     

    Receive
      Information About the Plan and Benefits

     

    ERISA
      provides that as a Plan participant, you shall be entitled to:

     

    Examine,
      without charge, at the Plan Administrator’s office, and at other specified
      locations, all documents governing the Plan, including a copy of the latest
      annual report (Form 5500 series) filed by the Plan with the U.S. Department
      of
      Labor and available at the Public Disclosure Room of the Employee Benefits
      Security Administration.

     

    Obtain,
      on
      written request to the Plan Administrator, copies of documents governing the
      operation of the plan, copies of the latest annual report (Form 5500 series),
      and an updated summary plan description.  The
      Plan
      Administrator may make a reasonable charge for the copies.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    Prudent
      Actions by Plan Fiduciaries

     

    In
      addition to creating rights for Plan participants, ERISA imposes duties on
      the
      people who are responsible for the operation of the Plan.  The
      people
      who operate the Plan, called “fiduciaries” of the Plan, have a duty to do so
      prudently and in the interest of you and other Plan participants and
      beneficiaries. No one may fire you or otherwise discriminate against you in
      any
      way to prevent you from obtaining a benefit under the Plan or exercising your
      rights under ERISA.

     

    Enforce
      Your Rights

     

    If
      your
      claim for a benefit is denied or ignored, in whole or in part, you have a right
      to know why this was done, to obtain copies of documents relating to the
      decision
      without
      charge and to appeal any denial, all within certain time schedules.

     

    Under
      ERISA, there are steps you can take to enforce the above rights. For instance,
      if you request a copy of Plan documents or the latest annual report from the
      Plan and do not receive them within 30 days, you may file suit in a federal
      court. In such a case, the court may require the Plan Administrator to provide
      the materials and pay you up to $110 a day until you receive the materials,
      unless the materials were not sent because of reasons beyond the control of
      the
      Plan Administrator. If you have a claim for benefits that is denied or ignored,
      in whole or in part, you may file suit in a state or federal court. If it should
      happen that Plan fiduciaries misuse the Plan’s money, or if you are
      discriminated against for asserting your rights, you may seek assistance from
      the U.S. Department of Labor or you may file suit in a federal court. The court
      will decide who should pay court costs and legal fees. If you are successful,
      the court may order the person you have sued to pay these costs and fees. If
      you
      lose, the court may order you to pay these costs and fees, for example, if
      it
      finds your claim is frivolous.

     

    If
      you
      have any questions about the Plan, please do not hesitate to contact the Plan
      Administrator. If you have any questions about this statement or about your
      rights under ERISA, you should contact the nearest office of the Employee
      Benefits Security Administration, U.S. Department of Labor, listed in your
      telephone directory or the Division of Technical Assistance and Inquiries,
      Employee Benefits Security Administration, U.S. Department of Labor, 200
      Constitution Avenue N.W., Washington, D.C. 20210.

     

     

    
      	17.  	
              EXECUTION

            

    

     

    To
      record
      the adoption of the Plan as set forth herein, effective as of February 26,
      2007,
      Tasty Baking Company has caused its duly authorized officer to execute the
      same
      this 14 day
      of
      March, 2007.

     

    

     

    
      	  
              	
              TASTY
                BAKING COMPANY

            
	 	 
	 	 
	 	By:
	 	
              Printed
                Name: Charles P. Pizzi

            
	 	Title:
              President and CEO

    

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    TABLE
      OF CONTENTS

     

    
      	1.	 	INTRODUCTION	
              1

            
	2.	 	ELIGIBILITY	
              1

            
	 	 	
              (a)

            	
              In
                General

            	
              1

            
	 	 	(b) 	Persons
              Not Covered	
              1

            
	 	 	(c) 	Other
              Conditions For
              Eligibility	
              1

            
	 	 	(d) 	Changed
              Decisions	
              2

            
	 	 	(e) 
	Eligibility
              Determination	
              2

            
	3.	 	SEVERANCE
              BENEFITS 	
              3

            
	 	 	(a) 	General
              Release	
              3

            
	 	 	(b) 	Amount
              of Severance
              Pay	
              3

            
	 	 	(c) 	Examples
              of Severance
              Benefits	
              3

            
	4.	 	PROVISION
              OF
              BENEFITS 	
              4

            
	 	 	(a) 	Method
              and Timing of
              Payment	
              4

            
	 	 	(b) 	Source
              of Payment	
              4

            
	5. 	 	REHIRE  	
              4

            
	6. 	 	DURATION,
              AMENDMENT AND
              MODIFICATION OF PLAN  	
              4

            
	7. 	 	PLAN
              ADMINISTRATION 	
              5

            
	 	 	(a) 	Discretion
              and
              Finality 	
              5

            
	 	 	(b) 	Drafting
              Errors 	
              5

            
	 	 	(c) 	Fiduciary
              Disclosure
              Authority	
              5

            
	 	 	(d) 	Scope	
              5

            
	8. 	 	COSTS
              AND
              INDEMNIFICATION  	
              5

            
	9. 	 	CLAIMS
              PROCEDURE  	
              6

            
	 	 	(a) 	Claim
              Normally Not
              Required	
              6

            
	 	 	(b) 	Claim
              for
              Benefits 	
              6

            
	 	 	(c) 	Denial
              of
              Claims 	
              6

            
	 	 	(d) 	Request
              for
              Review 	
              6

            
	 	 	(e) 	Decision
              on
              Review 	
              6

            
	 	 	(f) 	Exhaustion
              of
              Remedies 	
              7

            
	10. 	 	PLAN
              TERMS  	
              7

            
	11. 	 	TAXES  	
              7

            
	12. 	 	NO
              RIGHT TO CONTINUED
              EMPLOYMENT 	
              7

            
	13. 	 	GOVERNING
              LAW 	
              7

            
	14. 	 	MISCELLANEOUS 	
              7

            
	15. 	 	ADDITIONAL
              PLAN
              INFORMATION 	
              8

            
	16. 	 	YOUR
              ERISA
              RIGHTS 	
              8

            
	17. 	 	EXECUTION 	
              9

            
	 	 	TABLE
              OF
              CONTENTS 	
              10

            

    

     

     

    10

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