Document:

Exhibit 10.29

 

EMPLOYMENT
AGREEMENT

 

THIS AGREEMENT is to be effective the 30th day of March, 2006,
between U.S. Gold Corporation, a Colorado Corporation (the “Employer”) and William
F. Pass (the “Employee”).

 

WHEREAS, Employer desires to secure the continued employment of
Employee; and

 

WHEREAS, Employee desires to continue in the employ of Employer;

 

NOW THEREFORE, in consideration of the mutual covenants contained in
this Agreement, the Employer and Employee agree as follows:

 

ARTICLE 1

TERM OF
EMPLOYMENT

 

1.1                                 Employment. Effective with this Agreement, the
Employer agrees to employ the Employee and the Employee agrees to be employed
by the Employer upon the terms and conditions hereinafter set forth.

 

1.2                                  Term.  The employment of the Employee by the Employer
as provided herein shall commence as of the date of this Agreement and shall terminate
three years from such date, unless extended
by the Employee and Employer.

 

1.3                                 Office
and Support.  Employee shall be
provided an office to be located in Lakewood, Colorado or other location
mutually acceptable to both Employee and Employer, and reasonable and necessary
support staff at that location and/or through other office location(s) of the
Employer.

 

1.4                                  Place
of Performance.  In connection with
Employee’s employment by Employer, Employee shall be based out of the Denver,
Colorado area, except for required travel on Employer’s business to an extent reasonable
and necessary for the performance of the duties of Employee.

 

ARTICLE 2

DUTIES OF THE
EMPLOYEE

 

2.1                                 DUTIES. The Employee shall be employed with the
title of Vice President, Chief Financial Officer and Secretary and shall be
subject to the general direction and control of the Chief Executive Officer and
the President and Chief Operating Officer of Employer. Employee shall have such
responsibilities and authorities as are customarily performed by the Vice President,
Chief Financial Officer and Secretary, including but not limited to those
duties as may from time to time be assigned to Employee by the Board of Directors,
the Chief Executive Officer, and the President and Chief Operating Officer.

 

 

2.2                                 Extent
of Duties.  Employee shall devote
substantially his full time, attention and energies to the business of the
Employer.

 

2.3                                 Disclosure
of Information.

 

2.3.1                        The
Employee recognizes and acknowledges that information, properties, prospects,
and business of the Employer and any other trade secrets or other secrets as
they may exist from time-to-time (collectively referred to as “Confidential
Information”, excluding information that is in the public domain) are valuable,
special and unique assets of Employer’s business. Therefore, Employee agrees
that:

 

(i)                                     Employee
will hold in strictest confidence and not disclose, reproduce, publish or use
in any manner during his employment, without the express authorization of the
Board of Directors and/or Chairman of the Board of the Employer, any
Confidential Information relating to any aspect of the Employer’s business,
except as such disclosure or use may be required in connection with
Employee’s work for the Employer.

 

(ii)                                  Upon
request or at the time of leaving the employ of the Employer, the Employee will
deliver to the Employer, and not keep or deliver to anyone else, any and all
Confidential Information and all notes, memoranda, documents and in general,
any and all materials, electronic or written, and any and all material relating
to the Employer’s business.

 

2.3.2                        In
the event of a breach or threatened breach by the Employee of the provisions of
this Section 2.3, the Employer shall be entitled to a restraining order or
an injunction (i) restraining the Employee from disclosing, in whole or in
part, any Confidential Information or from rendering any services to any
person, firm, corporation, association or other entity to whom such
Confidential Information, in whole or in part, has been disclosed or is
threatened to be disclosed; and/or (ii) requiring that Employee deliver to
Employer all Confidential Information, documents, notes, memoranda and any and
all discoveries or other material upon Employee’s leave of the employ of the
Employer. Nothing herein shall be construed as prohibiting the Employer from
pursuing other remedies available to the Employer for such breach or threatened
breach, including the recovery of damages from the Employee.

 

ARTICLE 3

COMPENSATION
OF THE EMPLOYEE

 

3.1                                Compensation.  (a)  As compensation for services
rendered under this Agreement, the Employee shall receive a salary of $115,266.84
per annum. (b)  The salary provided shall be paid in equal semi-monthly
installments in accordance with Employer’s normal practices. (c)  The
salary provided in this subsection shall in no way be deemed exclusive,
and shall not prevent the Employee from participating in any other compensation
or benefit plans for the benefit of the employees of the Employer.

 

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3.2                                Benefits.  Employee shall be entitled to four (4) weeks
paid vacation per year of employment (accrued on a monthly basis) and all paid
holidays as customarily extended to executive employees, provided that Employee
shall use his best efforts to schedule such vacation time so as not to
substantially interfere with the Employer’s business. Accrual of unused
vacation shall occur over a rolling 24 month period, at the end of which rolling
period any unused vacation accrued over 24 months old will be forfeited.
Employer shall provide for medical health and dental insurance for Employee and
his spouse with benefits generally consistent with that extended other
executive employees, or at the election of Employee, Employer shall directly pay
for such coverage or Employee shall be reimbursed by Employer for the actual
cost of generally comparably priced medical health and dental insurance as directly
maintained from time-to-time by the Employee. Employee shall be entitled to up
to 10 days of combined sick leave and personal leave per calendar year which
shall not accrue if not used. After exhaustion of this sick leave and personal
leave benefit, additional days taken off by Employee shall be considered and
charged under paid vacation benefit per above.

 

3.3                                 Expenses. Employee shall be entitled to prompt
reimbursement for all reasonable and allocable expenses incurred by Employee in
the performance of his duties hereunder. Employee shall provide Employer with
proper receipts and substantiation for such expenses. Employer shall advance
reasonable estimates of such expenses upon request of employee.

 

ARTICLE 4

TERMINATION OF
EMPLOYMENT

 

4.1                                 TERMINATION.       The Employee’s employment hereunder may be
terminated without any breach of this Agreement only under the following
circumstances:

 

4.1.1                       Death.  This Agreement shall terminate upon the death
of Employee. In such event Employer shall pay Employee’s estate an amount equal
to six (6) month’s salary, such amount being payable within three months
after his death.

 

4.1.2                        Disability. This Agreement shall not
terminate upon the temporary disability of the Employee, but the Employer may terminate
this Agreement upon the permanent disability of the Employee. “Disability” is
defined as a condition which prevents Employee’s ability to perform. In such
event, Employer shall pay the Employee an amount equal to six (6) month’s
salary, such amount being payable within three months after such termination.

 

4.1.3                        Cause.
The Employer may terminate the Employee’s employment hereunder for Cause. For
purposes of this Agreement, the Employer shall have “Cause” to terminate the
Employee’s employment hereunder upon the following:  (1) the willful and continued failure by
the Employee substantially to perform his duties hereunder (other than any
such failure resulting form the Employee’s incapacity due to physical or
mental illness, and/or Section 4.1.2), after demand for substantial
performance is delivered by the Employer that specifically identifies the
manner in which the Employer believes the

 

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Employee has not substantially performed his duties; or (2) the
willful engaging by the Employee in misconduct which is materially injurious to
the Employer, other than business decisions made in good faith; or (3) the
willful violation by the Employee of the provisions of this Agreement. In such
event, the Employer shall pay the Employee his salary through the date of
termination.

 

4.1.4                        Termination
by the Employee.  Upon the occurrence
of any of the following events this Agreement may be terminated by the
Employee:

 

	
  (i)

  	
   

  	
  the sale by Employer of substantially all
  of its assets to a single purchaser or to a group of affiliated purchasers;

  
	
  (ii)

  	
   

  	
  the sale, exchange or other disposition in
  one transaction or a series of related transactions, of at least 50% of
  the outstanding voting shares of Employer;

  
	
  (iii)

  	
   

  	
  a decision by Employer to terminate its business
  and liquidate its assets;

  
	
  (iv)

  	
   

  	
  the merger or consolidation of Employer
  with another entity or an agreement to such a merger or consolidation or any
  other type of reorganization where the Employer is not the surviving entity;

  
	
  (v)

  	
   

  	
  there is material change in Employee’s
  scope of authority, duties or responsibilities without his written consent,
  or Employee is required to report to any other person other than the
  President and Chief Operating Officer and/or the Chief Executive Officer.

  

 

If Employee elects to terminate this Agreement as provided under this
Subsection 4.1.4, the Employer shall pay Employee an amount equal to six (6) month’s
salary. Such payment shall be paid in full not later than 90 days following the
termination of this Agreement (notwithstanding any other employment Employee may obtain.)

 

4.1.5.                     Other
Termination by the Employee.  Employee
may terminate this Agreement for reasons other than as provided in 4.1.4 on
120 days’ prior written notice to Employer. In such event, the Employer shall
pay the Employee his salary through the date of termination.

 

4.1.6                        Other Termination by the
Employer.  Employer may terminate
this Agreement for reasons other than for Cause at any time by written notice
to the Employee stating the effective date of such termination, in which case
the Employer shall pay Employee an amount equal to six (6) month’s salary.
Such payment shall be paid in full not later than the effective date of such
termination of Employee.

 

4.2                                 Notice
of Termination.  Any termination of
the Employee’s employment by the Employer or by the Employee shall be
communicated by written Notice of Termination to the other party. For purposes
of this Agreement, a “Notice of Termination” shall mean a notice which shall
indicate the specific termination provision in this Agreement relied upon and
shall set forth in reasonable detail the facts and

 

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circumstances claimed to provide a basis for termination of employment
under the provisions so indicated.

 

4.3                                 Date
of Termination.  “Date of Termination” shall mean (i) if
the Employee’s employment is terminated by his death, the date of his death;
and (ii) if the Employee’s employment is terminated for any other reason,
the date indicated in the Notice of Termination.

 

4.4                                 Remedies. Any termination of this Agreement shall
not prejudice any other remedy to which the Employer or Employee may be
entitled, either at law, equity, or under this Agreement.

 

ARTILE 5

INDEMNIFICATION

 

5.1                                Indemnification. To the fullest extent permitted by
applicable law, Employer agrees to indemnify Employee, his executors,
administrators or assigns, for any expenses which the Employee is or becomes
legally obligated to pay in connection with any proceeding. The Employer is
obliged to defend Employee, hold him harmless, and to advance his defense costs
to the fullest extent permitted by applicable law. As used in this Section the
term “proceeding” includes any threatened, pending or completed claim, action,
suit or proceeding, whether brought by or in the right of the Employer or
otherwise and whether of a civil, criminal, administrative or investigative
nature, in which the Employee may be or may have been involved as a
party or otherwise, by reason of the fact that Employee is or was an officer of
the Employer, by reason of any actual or alleged error or misstatement or
misleading statement made or suffered by the Employee, by reason of any action
taken by him or of any inaction on his part while acting as such officer,
or by reason of the fact that he was serving at the request of the Employer;
provided, that in each such case Employee acted in good faith and in a manner
which he reasonably believed to be in or not opposed to the best interests of
the Employer, and, in the case of a criminal proceeding, had no reasonable
cause to believe that his conduct was unlawful. The Employer shall make a
diligent and reasonable commercial effort to obtain liability and errors and
omissions insurance policies for Directors and Officers, and the Employee will
be named as an insured in any such policies, renewals or replacement insurance policies.

 

ARTICLE 6

GENERAL
PROVISIONS

 

6.1                               Governing
Law.  This Agreement shall be
governed by and construed in accordance with the laws of the State of Colorado.

 

6.2                                 Entire
Agreement.  This Agreement supersedes
any and all other Agreements, whether oral or in writing, between the parties
with respect to the employment of the Employee by the Employer. Each party to
this Agreement acknowledges that no representations, inducements, promises, or agreements,
orally or otherwise, have been

 

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made by either party, or anyone acting on behalf of any party, that are
not embodied in this Agreement, and that no agreement, statement, or proxies
not contained in this Agreement shall be valid or binding.

 

6.3                                 Assignment. The rights and obligations of the
parties hereto may not be assigned or transferred by either party without
the prior written consent of the other party.

 

6.4                               Notices.  For purposes of this Agreement, notices,
demands and all other communications provided for in this agreement shall be in
writing and shall be deemed to have been duly given when delivered or mailed by
United States registered mail, return receipt requested, postage prepaid, or by
Fax with receipt confirmation followed by mail delivery, addressed as follows:

 

If to Employee:                William F. Pass

14820 W. 58th Place

Golden, CO 80403

Fax (303) 238-1724

 

If to Employer                     Chairman
of the Board of Directors

U.S. Gold Corporation

99 George Street, Third Floor

Toronto, Ontario, Canada M5A 2N4

Fax (647) 258-0408

 

Or 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.

 

6.5                                 Severability
and Reasonableness.  If any provision
of this Agreement is prohibited by or is unlawful or unenforceable under any
applicable law of any jurisdiction as to such jurisdiction, such provision
shall be ineffective to the extent of such prohibition without invalidating the
remaining provisions hereof. If any provision of this Agreement is found to be
unreasonable by a court of competent jurisdiction, then the provision shall be
modified by such court to make the provision reasonable.

 

6.6                                 Section Headings. The section headings used in this
Agreement are for convenience only and shall not affect the construction of any
terms of this Agreement.

 

6.7                                 Survival
of Obligations.  Termination of this
Agreement for any reason shall not relieve Employer or Employee of any
obligations accruing or arising prior to such termination.

 

6.8                                Amendments. This Agreement may be amended only
by written agreement of both Employer and Employee.

 

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6.9                                Counterparts. This Agreement may be executed in
one or more counterparts, each of which shall constitute an original by all of
which, when taken together, shall constitute only one legal instrument. This
Agreement shall become effective when copies hereof, when taken together, shall
bear the signatures of both parties hereto. It shall not be necessary in making
proof of this Agreement to produce or account for more than one such counterpart instrument.

 

6.10                         Fees
and Costs.  Any controversy or claim
arising out of or relating to this Agreement or the breach thereof shall be
settled by arbitration in the City and County of Denver, Colorado in accordance
with the rules then existing of the American Arbitration Association and
judgment upon the award may be entered in any court having jurisdiction
thereof with the prevailing party entitled to reasonable attorneys fees and
costs as determined by the arbitrator(s). Each party shall pay fifty percent
(50%) of all fees and costs of the arbitrator(s) as well as all the costs of
its own counsel and witnesses, and all other costs associated with the
preparation and presentation of its case, unless, subject to the preceding
sentence, the decision of the arbitrator(s) shall specify a different apportionment
of any or all of such costs and expenses.

 

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

 

“Employer”

U.S. Gold Corporation, a Colorado corporation

 

 

	
  By:

  	
  /s/ Ann S. Carpenter

  	
   

  	
   

  
	
  Ann S. Carpenter, President and Chief
  Operating Officer

  
	
   

  
	
   

  
	
  By:

  	
  /s/ William F. Pass

  	
   

  	
   

  
	
  William F. Pass, Employee

  

 

7EMPLOYMENT
AGREEMENT

 

THIS EMPLOYMENT AGREEMENT is made this 4th day of April, 2006, between
VITA FOOD PRODUCTS, INC., a Nevada corporation (the “Company”)
and STEPHEN D. RUBIN (the “Employee”).

 

RECITALS

 

A.            The Employee is currently employed by the
Company pursuant to an Employment Agreement dated January 16, 1997, as amended
in 1999 and 2004.

 

B.            The Company and the Employee desire to change
the terms of the Employee’s continued employment with the Company, and believe
that it is in their best interests to set forth such terms in this new
Agreement, which will supersede and replace the prior agreement.

 

NOW, THEREFORE, for and in consideration of the Employee’s employment
by the Company, the above premises and the mutual agreements hereinafter set
forth, the Employee and the Company agree as follows:

 

1.             DEFINITIONS.

 

(a)           “Board” means the Board of Directors of the Company.

 

(b)           “Cause” means the
Employee’s (i) commission of any act of fraud or dishonesty relating to and
adversely affecting the business affairs of the Company; (ii) conviction
of any felony in connection with employment by the Company; or
(iii) habitual material failure after written notice specifying such
failure and a reasonable opportunity to cure such failure to perform his material
duties hereunder responsibly.

 

(c)           “Total Disability” means the Employee’s inability, through
physical or mental illness or accident, to perform the majority of his usual
duties and responsibilities hereunder (as such duties are constituted on the
date of the commencement of such disability) in the manner and to the extent
required under this Agreement for a period of at least one hundred eighty (180)
consecutive days. Total Disability shall be deemed to have occurred on the
first day following the expiration of such one hundred eighty (180) day period.

 

2.             EMPLOYMENT; DUTIES.

 

(a)           The Company agrees to employ the Employee as its
Chairman and as a member of the Office of Chief Executive of the Company.  In addition, the Employee will act as
President of the Company until December 31, 2006.  However, the Employee acknowledges and agrees
that the Office of the Chief Executive shall have sole authority with respect
to all major decisions relating to the Company and its operations.  The

 

 

Employee’s duties and responsibilities will include seafood purchasing and
add-on acquisition strategies for the Company, and such other reasonable
additional responsibilities and positions as may be added to the Employee’s
duties with his agreement from time to time by the Board consistent with the
Employee’s position.

 

(b)           As the Company’s Chairman of the Board, the
Employee’s responsibility will be to preside over meetings of the Board, and
shall have such additional responsibilities as are assigned by the Board with
Employee’s agreement or as otherwise provided in the Company’s by-laws.

 

(c)           During the term of employment hereunder,
Employee shall (i) diligently follow and implement all management policies and
decisions communicated by the Board; and (ii) timely prepare and forward
to the Board all reports and accountings as may be requested.

 

(d)           Employee’s duties and responsibilities
hereunder shall be modified and/or excused during reasonable periods of absence
due to health or disability or vacation, as provided herein.

 

(e)           Employee will be expected to work on a full
time basis during the Term.  Employee’s
time commitment in subsequent years will be reduced commensurate with any reduction
in his Base Salary to which he may agree hereafter.

 

3.             TERM.  The
term hereof shall commence on the date of this Agreement and shall continue until
May 31, 2009 (the “Term”).

 

4.             COMPENSATION.

 

(a)           Employee shall be paid a base salary (the “Base Salary”) in the annual amount of Two Hundred Fifty
Thousand Dollars ($250,000).

 

The
Base Salary shall accrue and be due and payable in equal, or as nearly equal as
practicable, weekly installments and the Company may deduct from each such
installment all amounts required to be deducted and withheld in accordance with
applicable federal and state income, FICA and other withholding tax
requirements.

 

(b)           Employee shall be entitled to a car payment
allowance in the amount of approximately $17,000 per year to be paid in 12
equal monthly installments on the first day of each month.

 

(c)           While Employee is performing the services
described herein, the Company shall, upon request, reimburse Employee for all
reasonable and necessary expenses incurred by Employee in connection with the
performance of duties of employment hereunder.

 

(d)           During the Term the Company shall provide
health (including the executive health plan), medical, disability and term life
insurance to Employee in accordance with any group plan which it now maintains
or which may hereafter be established by the Company.

 

(e)           Employee shall receive not less than five (5)
weeks paid vacation during each twelve (12) month period of employment.

 

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5.             TERMINATION.

 

(a)           Employee’s employment may be terminated only
as follows:

 

(1)           The Company may terminate the employment of
the Employee for Cause, in which case the termination shall be effective
immediately upon notice to the Employee;

 

(2)           The Employee may terminate his employment if
the Company is in material breach of this Agreement and the Company fails to
cure such breach within ten (10) days after written notice specifying the
reasons for such breach is delivered to the Company;

 

(3)           The employment of the Employee will terminate
upon death of the Employee effective on the date of death;

 

(4)           The employment of the Employee will terminate
upon the Total Disability of the Employee, effective upon the expiration of the
180 days as provided in Section 1(c) of this Agreement;

 

(5)           The Employee may terminate his employment for
any reason, effective upon at least sixty (60) days’ notice; provided, however,
the Company shall have the right to accelerate the effective date to any
earlier date provided it pays Employee his Base Salary for the unexpired
duration of the sixty (60) days; or

 

(6)           The Company may terminate the employment of
the Employee for any reason, effective upon at least thirty (30) days’ notice.

 

(b)           In the event that the Employee’s employment
is terminated due to the Employee’s death or Total Disability or by the
Employee pursuant to Section 5(a)(2), the Company will be obligated to pay to
the Employee the full amount of Base Salary earned by Employee through the
effective date of termination, and any other amounts specifically payable to
the Employee or his estate pursuant to any plans or programs of the Company
upon such termination.

 

(c)           In the event that the Employee’s employment
is terminated by Employee pursuant to Section 5(a)(5) or by the Company for
Cause, the Company will have no obligations to pay any amount other than Base
Salary earned through the effective date of such termination, whether as Bonus
Payment or otherwise to provide any benefits arising hereunder or otherwise,
except as required by law.

 

(d)           In the event that the Employee’s employment
is terminated by the Company pursuant to Section 5(a)(6), Employee shall
continue to receive his Base Salary, benefits and perquisites as set forth in
Section 4 hereof for the unexpired portion of the Term, and shall receive
payment of all approved unreimbursed business expenses incurred through the
date of termination.

 

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6.             CONFIDENTIAL INFORMATION. 
Employee acknowledges that the nature of his engagement by the Company
is such that Employee shall have access to information of a confidential and/or
trade secret nature which has great value to the Company. Such information
includes financial, manufacturing and marketing data, business plans and
methods, processes, product formulas, developmental work, work in process,
methods, trade secrets (including, without limitation, customer lists, supplier
lists and lists of customer, supplier and food broker sources), and any other
information relating to the products, services, customers, sales or business
affairs of the Company, which has value and is treated as secret and/or
confidential by the Company (the “Confidential Information”).
The Company has and will also have access to Confidential Information of its
suppliers (“Suppliers” means any persons with
whom the Company has a co-packing or joint venture relationship with or who
supplies any products or materials to the Company). Confidential Information
includes not only information disclosed by the Company or its Suppliers to
Employee in the course of employment, but also information developed or learned
by Employee during the course of employment with the Company. Confidential
Information is to be broadly defined. Confidential Information includes all
information that has or could have commercial value or other utility in the
business in which the Company or Suppliers are engaged. Confidential
Information also includes all information of which the unauthorized disclosure
could be materially detrimental to the interests of the Company or Suppliers.
You agree to keep all Confidential Information that could be materially
detrimental to the interests of the Company or Suppliers in confidence during
the term of this Agreement and at any time thereafter and shall not use,
disclose, publish or otherwise disseminate any of such Confidential Information
to any other person, except to the extent such disclosure is (i) necessary
to the performance of this Agreement and in furtherance of the Company’s best
interests, (ii) required by applicable law, (iii) lawfully obtainable from
other sources, (iv) authorized in writing by the Company, (v) no longer
qualifies as a trade secret or confidential information under applicable law,
or (vi) necessary to enforce this Agreement. Upon termination of employment
with the Company, Employee shall deliver to the Company all documents, records,
notebooks, work papers, and all similar material under Employee’s direct
control containing Confidential Information, whether prepared by Employee, the
Company or anyone else.

 

7.             NON-COMPETITION.  In
order to protect the Confidential Information, Employee agrees that during the
term of employment, and for a period of one (1) year thereafter, Employee will
not, directly or indirectly, whether as an owner, partner, shareholder, agent,
employee, creditor, or otherwise, promote, participate or engage in any
activity or other business directly competitive with the Company’s then
existing business if such activity or other business involves any use of any of
the Confidential Information by Employee.

 

8.             NON-SOLICITATION OF CUSTOMERS OR
SUPPLIERS.  Employee agrees that for a period of one (1)
year after the termination of employment with the Company, Employee will not,
on his own behalf or on behalf of an other individual, association or entity,

 

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call
on any of the customers or Suppliers of the Company for the purpose of
soliciting or inducing any of such customers to acquire (or providing to any of
such customers) or any of the Suppliers to provide any product or service
provided by or to the Company, nor will Employee in any way, directly or
indirectly, as agent or otherwise, in any other manner solicit, influence or
encourage such customers or Suppliers to take away or to divert or direct their
business away from the Company to Employee or to any other person or entity
with which Employee is employed, associated, affiliated or otherwise related.

 

9.             NONINTERFERENCE WITH EMPLOYEES.  In
order to protect the Confidential Information, Employee agrees that during the
term hereof and for a period of one (1) year thereafter, Employee will not,
directly or indirectly, induce or entice any employee of the Company with
access to or possession of Confidential Information, to leave such employment
or cause anyone else to leave such employment.

 

10.          REMEDIES.  The parties hereto agree that the services to
be rendered by Employee pursuant to this Agreement, and the rights and
privileges granted to the Company pursuant to this Agreement, are of a special,
unique, extraordinary and intellectual character, which gives them a peculiar
value, the loss of which cannot be reasonably or adequately compensated in
damages in any action at law, and that a breach by Employee of any of the terms
of this Agreement will cause the Company great and irreparable injury and
damage. Employee hereby expressly agrees that the Company shall be entitled to
the remedies of injunction, specific performance and other equitable relief to
prevent a breach of this Agreement by Employee. This Section 10 shall not be
construed as a waiver of any other rights or remedies which the Company may
have for damages or otherwise.

 

11.          SEVERABILITY.  In case any one or more of the provisions of
this Agreement shall for any reason be held to be invalid, illegal or
unenforceable in any respect, the same shall not affect any other provision of
this Agreement, but this Agreement shall be construed as if such invalid or
illegal or unenforceable provision had never been contained herein.

 

12.          ASSIGNMENT.  This Agreement and the rights and obligations
of the parties hereunder may not be assigned by either party hereto without the
prior written consent of the other party hereto.

 

13.          NOTICES.  Except as otherwise specifically provided
herein, any notice required or permitted to be given to Employee pursuant to
this Agreement shall be given in writing, and personally delivered or mailed to
Employee by certified mail, return receipt requested, at the address set forth
below Employee’s signature on this Agreement or at such other address as
Employee shall designate by written notice to the Company given in accordance
with this Section 13, and any notice required or permitted to be given to the
Company shall be given in writing, and personally delivered or mailed to the
Company by certified mail, return receipt requested, addressed to the Company
at the address set forth under the signature of the President of the Company or
his designee on this Agreement or at such other address as the Company shall
designate by written notice to Employee given in accordance with this Section
13. Any notice complying with this Section 13 shall be deemed received upon
actual receipt by the addressee.

 

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14.          WAIVER.  The
waiver by either party hereto of any breach of this Agreement by the other
party hereto shall not be effective unless in writing, and no such waiver shall
operate or be construed as the waiver of the same or another breach on a
subsequent occasion.

 

15.          GOVERNING LAW.  This Agreement and the rights of the parties
hereunder shall be governed by and construed in accordance with the laws of the
State of Illinois.

 

16.          BENEFICIARY.  All of the terms and provisions of this
Agreement shall be binding upon and inure to the benefit of and be enforceable
by the parties hereto and their respective successors, heirs, executors,
administrators and permitted assigns.

 

17.          ENTIRE AGREEMENT.  This Agreement embodies the entire agreement
of the parties hereto relating to Employee’s employment by the Company in the
capacity herein stated and, except as specifically provided herein, no
provisions of any employee manual, personnel policies, Company directives or
other agreement or document shall be deemed to modify the terms of this
Agreement. No amendment or modification of this Agreement shall be valid or
binding upon Employee or the Company unless made in writing and signed by the
parties hereto. All prior understandings and agreements relating to Employee’s
employment by the Company, in whatever capacity, are hereby expressly
terminated.

 

18.          CONFIDENTIALITY.  The terms, conditions and existence of this
Agreement shall be confidential.

 

 

IN WITNESS WHEREOF, Employee and the Company have executed and
delivered this agreement as of the date first shown above.

 

	
  EMPLOYEE:

  	
  THE COMPANY:

  
	
   

  	
   

  
	
  STEPHEN D. RUBIN

  	
  VITA FOOD PRODUCTS, INC.

  
	
   

  	
   

  
	
  /s/ Stephen D. Rubin

  	
   

  	
  By:

  	
    /s/ Clifford Bolen

  	
   

  
	
   

  	
   

  
	
  Address:

  	
     2222 West Lake Street

  	
   

  	
  Printed Name:

  	
    Clifford Bolen

  	
   

  
	
   

  	
   

  
	
   

  	
      Chicago, IL 60612

  	
   

  	
  Title:

  	
    Chief Operating Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Address:

  	
  2222 West Lake Street

  
	
   

  	
   

  	
   

  	
  Chicago, IL 60612

  
														

 

6

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