Document:

Exhibit
10.16

 

EMPLOYMENT
AGREEMENT

 

THIS AGREEMENT, dated as
of the Effective Date, by and between B&G FOODS, INC.,  (hereinafter “Corporation”) and David Burke
(hereinafter “Burke”).

 

WHEREAS, subject to the
terms of this Agreement, Corporation desires to secure the services of Burke
for two (2) years as Executive Vice President of Sales (hereinafter “Executive
Vice President of Sales”), and Burke desires to accept such employment.

 

NOW THEREFORE, in
consideration of the material advantages accruing to the two parties and the
mutual covenants contained herein, Corporation and Burke agree with each other
as follows:

 

1.                                       EFFECTIVE
DATE.  For purposes of this
Agreement, the “Effective Date” shall mean the date of the closing of the
Corporation’s initial public offering of the “Enhanced Income Securities” as
described in the final prospectus to be filed with the Securities Exchange
Commission by the Corporation (the “Offering”).  In the event that the Offering shall not have closed on or prior
to June 30, 2004, then there shall be no Effective Date and this Agreement
shall terminate automatically on such date and be null and void and of no force
or effect.

 

2.                                       EMPLOYMENT.
Burke will render full-time professional services to Corporation and, as
directed by Corporation, to its subsidiaries or other Affiliates (as defined in
Paragraph 3 below), in the capacity of Executive Vice President of Sales under
the terms and conditions of this Agreement. 
He will at all times, faithfully, industriously and to the best of his
ability, perform all duties that may be required of him by virtue of his
position as Executive Vice President of Sales and in accordance with the
directions and mandates of the Board of Directors of the Corporation.  It is understood that these duties shall be
substantially the same as those of

 

 

an executive
vice president of sales of a similar business corporation engaged in a similar
enterprise. Burke is hereby vested with authority to act on  behalf of the Corporation in keeping with
policies adopted by the Board of Directors, as amended from time to time.  Burke shall report to the Chief Executive
Officer and the Board of Directors.

 

3.                                       SERVICES
TO SUBSIDIARIES OR OTHER AFFILIATES. The Corporation and Burke understand
and agree that if and when the Corporation so directs, the Executive Vice
President of Sales shall also provide services to any subsidiary or other
Affiliate (as defined below) by virtue of his employment under this
Agreement.  If so directed, Burke agrees
to serve as Executive Vice President of Sales of such subsidiary or other
Affiliate, including, but not limited to, the parent corporation of the
Corporation, as a condition of his employment under this Agreement, and upon
the termination of his employment under this Agreement, Burke shall no longer
provide such services to the subsidiary or other Affiliate. The parties
recognize and agree that Burke shall perform such services as part of his
overall professional services to the Corporation but that in certain
circumstances approved by the Corporation he may receive additional
compensation from such subsidiary or other Affiliate.  For purposes of this Agreement, an “Affiliate” is any corporation
or other entity that is controlled by, controlling or under common control with
the Corporation. “Control” means the direct or indirect beneficial ownership of
at least fifty (50%) percent interest in the income of such corporation or
entity, or the power to elect at least fifty (50%) percent of the directors of
such corporation or entity, or such other relationship which in fact
constitutes actual control.

 

4.                                       TERM
OF AGREEMENT. The term of Burke’s employment under this Agreement shall be
two (2) years from the Effective Date; provided that unless notice of

 

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termination
has been provided in accordance with Paragraph 7(a) at least sixty (60) days
prior to the expiration of the initial two (2) year term or any additional
twelve (12) month term (as provided below), or unless this Agreement is otherwise
terminated, this Agreement shall automatically be extended for additional
twelve (12) month periods (the “Term”).

 

5.                                       BASE
COMPENSATION. During the Term, in consideration for the services as
Executive Vice President of Sales required under this Agreement, the
Corporation agrees to pay Burke an annual base salary of Two Hundred and
Forty-Four Thousand Dollars ($244,000), or such higher figure as may be
determined at an annual review of his performance and compensation by the
Executive Compensation Subcommittee of the Board of Directors.  The annual review of Burke’s base salary
shall be conducted by the Executive Compensation Subcommittee of the
Corporation within a reasonable time after the end of each fiscal year of the
Corporation and any increase shall be retroactive to January 1st
of the current Agreement year. The amount of annual base salary shall be
payable in equal installments consistent with the Corporation’s payroll payment
schedule for other employees of the Corporation. Burke may choose to select
a portion of his compensation to be paid as deferred income through qualified
plans or other programs consistent with the policy of the Corporation and
subject to any and all applicable federal, state or local laws, rules or
regulations.

 

6.                                       OTHER
COMPENSATION AND BENEFITS. During the Term, in addition to his base salary,
the Corporation shall provide Burke the following:

 

(a)                                  INCENTIVE
COMPENSATION. Burke shall participate in an annual incentive compensation
plan (the “Incentive Compensation Plan”), as shall be adopted and/or modified
from time to time by the Board of Directors. Incentive compensation awards are
calculated as a

 

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percentage of
Burke’s base salary on the last day of the Incentive Compensation Plan
performance period. The percentages of base salary that Burke is eligible to
receive based on performance are 35 % at “Threshold” and 70 % at “Target”, as
such terms are defined in the Incentive Compensation Plan. Incentive
compensation awards are payable no later than ninety (90) days following the
end of each fiscal year of the Corporation. 
In addition, Burke shall be eligible to participate in the Corporation’s
2004 Long-Term Incentive Plan.

 

(b)                                 VACATION.
Burke shall be entitled to four (4) weeks of compensated vacation time during
each year, to be taken at times mutually agreed upon between him and the Chief
Executive Officer of the Corporation. 
Vacation accrual shall be limited to the amount stated in the
Corporation’s policies currently in effect, as amended from time to time.

 

(c)                                  SICK
LEAVE AND DISABILITY. Burke shall be entitled to participate in such
compensated sick leave and disability benefit programs as are offered to
Corporation’s other executive employees. The Corporation shall also pay for an
individual disability policy for Burke on the same terms as that provided to
Burke by the Corporation as of the date of this Agreement.

 

(d)                                 MEDICAL
AND DENTAL INSURANCE. Burke, and if appropriate, his dependents, shall be
entitled to participate in such medical and dental insurance programs as are
provided to the Corporation’s other executive employees.

 

(e)                                  EXECUTIVE
BENEFITS AND PERQUISITES. Burke shall be entitled to receive all other
executive benefits and perquisites to which all other executive employees of
the Corporation are entitled.

 

(f)                                    AUTOMOBILE
AND CELLULAR PHONE. The Corporation agrees to provide, either directly or
through a monetary allowance, for the use by Burke of an automobile and

 

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cellular
telephone.  The selection of said
automobile, or alternatively, the amount of the car allowance that will allow
Burke to purchase or lease an automobile, shall be subject to approval by the
Chief Executive Officer of the Corporation.

 

(g)                                 LIABILITY
INSURANCE. The Corporation agrees to insure Burke under the appropriate
liability insurance policies, in accordance with the Corporation’s policies and
procedures, for all acts done by him within the scope of his authority in good
faith as Executive Vice President of Sales throughout the Term.

 

(h)                                 PROFESSIONAL
MEETINGS AND CONFERENCES. In addition, Burke will be permitted to be absent
from the Corporation’s facilities during working days to attend professional
meetings and to attend to such outside professional duties in the food industry
as have been mutually agreed upon between him and the Chief Executive Officer
of the Corporation.  Attendance at such
approved meetings and accomplishment of approved professional duties shall be
fully compensated service time and shall not be considered vacation time. The
Corporation shall reimburse Burke for all reasonable expenses incurred by him
incident to attendance at approved professional meetings, and such reasonable
entertainment expenses incurred by Burke in furtherance of the Corporation’s
interests; provided, however, that such reimbursement is approved by the Chief
Executive Officer of the Corporation.

 

(i)                                     PROFESSIONAL
DUES. The Corporation agrees to pay dues and expenses to professional associations
and societies and to such community and service organizations of which Burke is
a member provided such dues and expenses are approved by the Chief Executive
Officer as being in the best interests of the Corporation.

 

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(j)                                     LIFE
INSURANCE. The Corporation shall provide Burke with life insurance coverage
on the same terms as that provided to Burke by the Corporation as of the date
of this Agreement and proceeds of such coverage in the event of his death shall
be payable to a beneficiary designated by Burke.

 

(k)                                  BUSINESS
EXPENSES. The Corporation shall reimburse for reasonable expenses incurred
by the Executive Vice President of Sales in connection with the conduct of
business of the Corporation and its subsidiaries or other Affiliates.

 

7.                                       TERMINATION
WITHOUT CAUSE.

 

(a)                                  BY
THE CORPORATION. The Corporation may, in its discretion, terminate Burke’s
employment hereunder without cause at any time upon sixty  (60) days prior written notice or at such
later time as may be specified in said notice. 
Except as otherwise provided in this Agreement, after such termination,
all rights, duties and obligations of both parties shall cease.

 

(i)                                     Upon
the termination of employment pursuant to subparagraph (a) above, subject to
the terms in subparagraph (ii) below and the requirements of Paragraph 10
below, in addition to all accrued and vested benefits payable under the
Corporation’s employment and benefit policies, including, but not limited to,
unpaid incentive compensation awards earned under the Incentive Compensation
Plan for any completed performance periods, Burke shall be provided with the
following Salary Continuation and Other Benefits for the duration of the
Severance Period (as defined below): 
(1) current annual base salary and incentive compensation awards
earned at the threshold amount shall be paid during the Severance Period
(“Salary Continuation”), which Salary Continuation shall be paid in the same
manner and pursuant to the

 

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same payroll
procedures that were in effect prior to the effective date of termination; (2)
continuation of medical, dental, life insurance and disability insurance for
him and, if appropriate, his dependents, during the Severance Period, as in
effect on the effective date of termination (“Other Benefits”), or if the
continuation of all or any of the Other Benefits is not available because of
his status as a terminated employee, a payment equal to the market value of
such excluded Other Benefits; (3) if allowable under the Corporation’s
qualified pension plan in effect on the date of termination, credit for
additional years of service during the Severance Period; and (4) outplacement
services of an independent third party, mutually satisfactory to both parties,
until the earlier of one year after the effective date of termination, or until
he obtains new employment; the cost for such service will be paid in full by
the Corporation.  For purposes of this
Agreement, the “Severance Period” shall mean (i) if termination occurs
within one (1) year of the Effective Date, then the period from the date of
such termination to the second (2nd) anniversary of the Effective Date and (ii)
if termination occurs after the first (1st) anniversary of the Effective Date,
then the period from the date of such termination to the first (1st)
anniversary of the date of such termination.

 

(ii)                                  Subject
to Paragraph 10 below, in the event Burke accepts other employment during the
Severance Period, the Corporation shall continue the Salary Continuation in
force until the end of the Severance Period. All Other Benefits described in
subparagraph (i)(2) and the benefit set forth in (i)(3), other than all accrued
and vested benefits payable under the Corporation’s employment and benefit
policies, shall cease.

 

(iii)                               Burke
shall not be required to seek or accept any other employment. Rather, the
election of whether to seek or accept other employment shall be solely within

 

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Burke’s
discretion. If during the Severance Period Burke is receiving all or any part
of the benefits set forth in subparagraph (i) above and he should die, then
Salary Continuation remaining during the Severance Period shall be paid fully
and completely to his spouse or such individual designated by him or if no such
person is designated to his estate.

 

(b)                                 RELEASE.
The obligation of the Corporation to provide the Salary Continuation and Other
Benefits described in subparagraph (a) above is contingent upon and subject to
the execution and delivery by Burke of a general release, in form and substance
satisfactory to Burke and the Corporation. 
Without limiting the foregoing, such general release shall provide that
for and in consideration of the above Salary Continuation and Other Benefits,
Burke releases and gives up any and all claims and rights ensuing from his
employment and termination with the Corporation, which he may have against the
Corporation, a subsidiary or other Affiliate, their respective trustees,
officers, managers, employees and agents, arising from or related to his
employment and/or termination.  This
releases all claims, whether based upon federal, state, local or common law,
rules or regulations.  Such release
shall survive the termination or expiration of this Agreement.

 

(c)                                  VOLUNTARY
TERMINATION.  Should Burke in his
discretion elect to terminate this Agreement, he shall give the Corporation at
least sixty (60) days prior written notice of his decision to terminate. Except
as otherwise provided in this Agreement, at the end of the sixty (60) day
notice period, all rights, duties and obligations of both parties to the
Agreement shall cease, except for any and all accrued and vested benefits under
the Corporation’s existing employment and benefit policies, including but not
limited to, unpaid incentive compensation awards earned under the Incentive
Compensation Plan for any

 

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completed
performance periods. At any time during the sixty (60) day notice period, the
Corporation may pay Burke for the compensation owed for said notice period and
in any such event Burke’s employment termination shall be effective as of the
date of the payment.

 

(d)                                 ALTERATION
OF DUTIES. If the Board of Directors of the Corporation or the Chief
Executive Officer, in either of their sole discretion, takes action which
substantially changes or alters Burke’s authority or duties so as to
effectively prevent him from performing the duties of the Executive Vice President
of Sales as defined in this Agreement, or requires that his office be located
at and/or principal duties be performed at a location more than forty-five (45)
miles from the present Corporation offices located in Parsippany, New Jersey,
then Burke may, at his option and upon written notice to the Board of Directors
and the Chief Executive Officer within thirty (30) days after the Board’s or
Chief Executive Officer’s action, consider himself terminated without cause and
entitled to the benefits set forth in subparagraph 7(a), unless within fifteen
(15) days after delivery of such notice, Burke’s duties have been restored.

 

(e)                                  DISABILITY.

 

(i)                                     The
Corporation, in its sole discretion, may terminate Burke’s employment upon his
Total Disability. In the event he is terminated pursuant to this subparagraph,
he shall be entitled to the benefits set forth in subparagraph 7(a), provided
however, that the annual base salary component of Salary Continuation shall be
reduced by any amounts paid to Burke under any disability benefits plan or
insurance policy. For purposes of this Agreement, the term “Total Disability”
shall mean death or any physical or mental condition which prevents Burke from
performing his duties under this contract for at least four (4) consecutive
months. The determination of whether or not a physical or mental condition
would

 

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prevent Burke
from the performance of his duties shall be made by the Board of Directors in
its discretion. If requested by the Board of Directors, Burke shall submit to a
mental or physical examination by an independent physician selected by the
Corporation and reasonably acceptable to him to assist the Board of Directors
in its determination, and his acceptance of such physician shall not be
unreasonably withheld or delayed. 
Failure to comply with this request shall prevent him from challenging
the Board’s determination.

 

(f)                                    RETIREMENT.
The Corporation, in its sole discretion, may establish a retirement policy for
its executive employees, including Burke, which includes the age for mandatory
retirement from employment with the Corporation. Upon the termination of
employment pursuant to such retirement policy, all rights and obligations under
this Agreement shall cease, except that Burke shall be entitled to any and all
accrued and vested benefits under the Corporation’s existing employment and
benefits policies, including but not limited to unpaid incentive compensation
awards earned under the Incentive Compensation Plan for any completed
performance periods.

 

(g)                                 OTHER
PAYMENTS.  If Burke is liable for
the payment of any excise tax (the “Excise Tax”) pursuant to section 4999
of the Internal Revenue Code of 1986, as amended (the “Code”), or any successor
or like provision, with respect to any payment or property transfers received
or to be received under this Agreement or otherwise, the Corporation shall pay
Burke an amount (the “Special Reimbursement”) which, after payment of any
federal, state and local taxes, including any further excise tax under Code
section 4999, with respect to or resulting from the Special Reimbursement,
would place Burke in the same economic position that he would have enjoyed if
the Excise Tax had not applied to such payments.

 

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8.                                       TERMINATION
FOR CAUSE. Burke’s employment under this Agreement may be terminated by the
Corporation, immediately upon written notice in the event and only in the event
of the following conduct:  illegal
conduct; habitual unexcused absence from the facilities of the Corporation;
habitual substance abuse; willful disclosure of material confidential
information of the Corporation and/or its subsidiaries or other Affiliates;
intentional violation of conflicts of interest policies established by the
Board of Directors; failure to comply with the lawful directions of the Board
or other superiors; and willful misconduct or gross negligence that results in
damage to the interests of the Corporation and its subsidiaries or other Affiliates.
Should any of these situations occur, the Board of Directors and/or the Chief
Executive Officer will provide Burke written notice specifying the effective
date of such termination. Upon the effective date of such termination, any and
all payments and benefits due Burke under this Agreement shall cease except for
any accrued and vested benefits payable under the Corporation’s employment and
benefit policies, including any unpaid amounts owed under the Incentive
Compensation Plan.

 

9.                                       MAJOR
TRANSACTION. If, during the Term, the Corporation consummates a Major
Transaction and Burke is not the Executive Vice President of Sales with duties
and responsibilities substantially equivalent to those described herein and/or
is not entitled to substantially the same benefits as set forth in this
Agreement, then Burke shall have the right to terminate his employment under
this Agreement and shall be entitled to the benefits set forth in subparagraph
7(a) as if the Effective Date were the date of the Major Transaction (such that
the Severance Period would be two (2) years). 
Burke shall provide the Corporation with written notice of his desire to
terminate his employment under this Agreement pursuant to this Paragraph

 

11

 

within one
hundred and twenty (120) days of the effective date of the Major Transaction
and the Severance Period shall commence as of the effective date of the
termination of this Agreement.  For
purposes of this Paragraph, “Major Transaction” shall mean the sale of all or
substantially all of the assets of the Corporation, or a merger, consolidation,
sale of stock or similar transaction whereby a third party (including a “group”
as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as
amended) acquires beneficial ownership, directly or indirectly, of securities
of the Corporation representing over fifty percent (50%) of the combined voting
power of the Corporation; provided, however, that a Major Transaction shall not
in any event include a direct or indirect public offering of securities of the
Corporation, its parent or other Affiliates.

 

10.                                 NON-COMPETITION.  Burke agrees that during (i) the Term; (ii)
the one (1) year period following the effective date of termination of this
Agreement by Burke pursuant to Paragraph 7(c) (Voluntary Termination); or (iii)
the one (1) year period following the effective date of termination by the
Corporation pursuant to Paragraph 8 (Termination For Cause), he shall not,
directly or indirectly, be employed or otherwise engaged to provide services to
any food manufacturer operating in the United States of America which is
directly competitive with any significant activities conducted by the
Corporation or its subsidiaries or other Affiliates whose principal business
operations are in the United States of America.  Burke agrees that his entitlement to the benefits set forth in
subparagraph 7(a) above is contingent upon his compliance with the requirements
of this Paragraph.

 

11.                                 CONFIDENTIALITY
OF INFORMATION. Burke recognizes and acknowledges that during his
employment by the Corporation, he will acquire certain proprietary and
confidential information relating to the business of the Corporation and its
subsidiaries or other

 

12

 

Affiliates
(the “Information”). Burke agrees that during the term of his employment under
this Agreement and thereafter, for any reason whatsoever, he shall not,
directly or indirectly, except in the proper course of exercising his duties
under this Agreement, use for his or another third party’s benefit, disclose,
furnish, or make available to any person, association or entity, the
Information. In the event of a breach or threatened breach by Burke of the
provisions of this Paragraph, the Corporation shall be entitled to an
injunction restraining him from violating the provisions of this Paragraph.
Notwithstanding the foregoing, nothing contained herein shall be construed as
prohibiting the Corporation from pursuing any other remedies available to it
for such breach or threatened breach. For purposes of this Paragraph,
“Information” includes any and all verbal or written materials, documents,
information, products, processes, technologies, programs, trade secrets,
customer lists or other data relating to the business, and operations of the
Corporation and/or its subsidiaries or other Affiliates.

 

12.                                 SUPERSEDING
AGREEMENT. This Agreement constitutes the entire agreement between the
parties and contains all the agreements between them with respect to the
subject matter hereof. It also supersedes any and all other agreements or
contracts, either oral or written, between the parties with respect to the
subject matter hereof.

 

13.                                 AGREEMENT
AMENDMENTS.  Except as otherwise
specifically provided, the terms and conditions of this Agreement may be
amended at any time by mutual agreement of the parties, provided that before
any amendment shall be valid or effective, it shall have been reduced to
writing, approved by the Board of Directors, and signed by the Chairperson of
the Board of Directors and Burke.

 

13

 

14.                                 INVALIDITY
OR UNENFORCEABILITY PROVISION.  The
invalidity or unenforceability of any particular provision of this Agreement
shall not affect its other provisions and this Agreement shall be construed in
all aspects as if such invalid or unenforceable provision had been omitted.

 

15.                                 BINDING
AGREEMENT; ASSIGNMENT.  This
Agreement shall be binding upon and inure to the benefit of the Corporation and
Burke, their respective successors and permitted assigns. The parties recognize
and acknowledge that this Agreement is a contract for the personal services of
Burke and that this Agreement may not be assigned by him nor may the services
required of him hereunder be performed by any other person without the prior
written consent of the Corporation.

 

16.                                 GOVERNING
LAW. This Agreement shall be construed and enforced under and in accordance
with the laws of the State of New Jersey, without regard to conflicts of law
principles.

 

17.                                 ENFORCING
COMPLIANCE. If Burke needs to retain legal counsel to enforce any of the
terms of this Agreement either as a result of noncompliance by the Corporation
or a legitimate dispute as to the provisions of the Agreement, then any fees
incurred in such expense by Burke shall be reimbursed wholly and completely by
the Corporation if Burke prevails in such legal proceedings.

 

18.                                 NOTICES.
All notices, requests, demands and other communications hereunder shall be in
writing and shall be deemed effective when delivered, if delivered in person,
or upon receipt if mailed by overnight courier or by certified or registered
mail, postage prepaid, return

 

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receipt
requested, to the parties at the addresses set forth below, or at such other
addresses as the parties may designate by like written notice:

 

	
  To Corporation at:

  	
   

  	
  B&G Foods, Inc

  
	
   

  	
   

  	
  Four Gatehall Drive

  
	
   

  	
   

  	
  Suite 110

  
	
   

  	
   

  	
  Parsippany, NJ 07054

  
	
   

  	
   

  	
   

  
	
  To Burke at:

  	
   

  	
  18 Hilltop Circle

  
	
   

  	
   

  	
  Morristown, NJ 07960

  

 

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

 

 

	
   

  	
  B&G FOODS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  David Burke

  

 

16Exhibit
10.17

 

EMPLOYMENT
AGREEMENT

 

THIS AGREEMENT, dated as
of the Effective Date, by and between B&G FOODS, INC.,  (hereinafter “Corporation”) and Albert
Soricelli (hereinafter “Soricelli”).

 

WHEREAS, subject to the
terms of this Agreement, Corporation desires to secure the services of
Soricelli for two (2) years as Executive Vice President of Marketing
(hereinafter “Executive Vice President of Marketing”), and Soricelli desires to
accept such employment.

 

NOW THEREFORE, in
consideration of the material advantages accruing to the two parties and the
mutual covenants contained herein, Corporation and Soricelli agree with each
other as follows:

 

1.                                       EFFECTIVE
DATE.  For purposes of this
Agreement, the “Effective Date” shall mean the date of the closing of the
Corporation’s initial public offering of the “Enhanced Income Securities” as
described in the final prospectus to be filed with the Securities Exchange
Commission by the Corporation (the “Offering”).  In the event that the Offering shall not have closed on or prior
to June 30, 2004, then there shall be no Effective Date and this Agreement
shall terminate automatically on such date and be null and void and of no force
or effect.

 

2.                                       EMPLOYMENT.
Soricelli will render full-time professional services to Corporation and, as
directed by Corporation, to its subsidiaries or other Affiliates (as defined in
Paragraph 3 below), in the capacity of Executive Vice President of Marketing
under the terms and conditions of this Agreement.  He will at all times, faithfully, industriously and to the best
of his ability, perform all duties that may be required of him by virtue of his
position as Executive Vice President of Marketing and in accordance with the
directions and mandates of the Board of Directors of the Corporation.  It is understood that these duties shall be
substantially the same as

 

 

those of an
executive vice president of marketing of a similar business corporation engaged
in a similar enterprise. Soricelli is hereby vested with authority to act
on  behalf of the Corporation in keeping
with policies adopted by the Board of Directors, as amended from time to
time.  Soricelli shall report to the
Chief Executive Officer and the Board of Directors.

 

3.                                       SERVICES
TO SUBSIDIARIES OR OTHER AFFILIATES. The Corporation and Soricelli
understand and agree that if and when the Corporation so directs, the Executive
Vice President of Marketing shall also provide services to any subsidiary or
other Affiliate (as defined below) by virtue of his employment under this
Agreement.  If so directed, Soricelli
agrees to serve as Executive Vice President of Marketing of such subsidiary or
other Affiliate, including, but not limited to, the parent corporation of the
Corporation, as a condition of his employment under this Agreement, and upon
the termination of his employment under this Agreement, Soricelli shall no
longer provide such services to the subsidiary or other Affiliate. The parties
recognize and agree that Soricelli shall perform such services as part of his
overall professional services to the Corporation but that in certain
circumstances approved by the Corporation he may receive additional
compensation from such subsidiary or other Affiliate.  For purposes of this Agreement, an “Affiliate” is any corporation
or other entity that is controlled by, controlling or under common control with
the Corporation. “Control” means the direct or indirect beneficial ownership of
at least fifty (50%) percent interest in the income of such corporation or
entity, or the power to elect at least fifty (50%) percent of the directors of
such corporation or entity, or such other relationship which in fact
constitutes actual control.

 

4.                                       TERM
OF AGREEMENT. The term of Soricelli’s employment under this Agreement shall
be two (2) years from the Effective Date; provided that unless notice of

 

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termination
has been provided in accordance with Paragraph 7(a) at least sixty (60) days
prior to the expiration of the initial two (2) year term or any additional
twelve (12) month term (as provided below), or unless this Agreement is
otherwise terminated, this Agreement shall automatically be extended for
additional twelve (12) month periods (the “Term”).

 

5.                                       BASE
COMPENSATION. During the Term, in consideration for the services as
Executive Vice President of Marketing required under this Agreement, the
Corporation agrees to pay Soricelli an annual base salary of Two Hundred and
Thirty-Seven Thousand Dollars ($237,000), or such higher figure as may be
determined at an annual review of his performance and compensation by the
Executive Compensation Subcommittee of the Board of Directors.  The annual review of Soricelli’s base salary
shall be conducted by the Executive Compensation Subcommittee of the
Corporation within a reasonable time after the end of each fiscal year of the
Corporation and any increase shall be retroactive to January 1st of the
current Agreement year. The amount of annual base salary shall be payable in
equal installments consistent with the Corporation’s payroll payment
schedule for other employees of the Corporation. Soricelli may choose to
select a portion of his compensation to be paid as deferred income through
qualified plans or other programs consistent with the policy of the Corporation
and subject to any and all applicable federal, state or local laws, rules or
regulations.

 

6.                                       OTHER
COMPENSATION AND BENEFITS. During the Term, in addition to his base salary,
the Corporation shall provide Soricelli the following:

 

(a)                                  INCENTIVE
COMPENSATION. Soricelli shall participate in an annual incentive
compensation plan (the “Incentive Compensation Plan”), as shall be adopted
and/or modified from time to time by the Board of Directors. Incentive
compensation awards are calculated as a

 

3

 

percentage of
Soricelli’s base salary on the last day of the Incentive Compensation Plan
performance period. The percentages of base salary that Soricelli is eligible
to receive based on performance are 35 % at “Threshold” and 70 % at “Target”,
as such terms are defined in the Incentive Compensation Plan. Incentive
compensation awards are payable no later than ninety (90) days following the
end of each fiscal year of the Corporation. 
In addition, Soricelli shall be eligible to participate in the
Corporation’s 2004 Long-Term Incentive Plan.

 

(b)                                 VACATION.
Soricelli shall be entitled to four (4) weeks of compensated vacation time
during each year, to be taken at times mutually agreed upon between him and the
Chief Executive Officer of the Corporation. 
Vacation accrual shall be limited to the amount stated in the
Corporation’s policies currently in effect, as amended from time to time.

 

(c)                                  SICK
LEAVE AND DISABILITY. Soricelli shall be entitled to participate in such
compensated sick leave and disability benefit programs as are offered to
Corporation’s other executive employees. The Corporation shall also pay for an
individual disability policy for Soricelli on the same terms as that provided
to Soricelli by the Corporation as of the date of this Agreement.

 

(d)                                 MEDICAL
AND DENTAL INSURANCE. Soricelli, and if appropriate, his dependents, shall
be entitled to participate in such medical and dental insurance programs as are
provided to the Corporation’s other executive employees.

 

(e)                                  EXECUTIVE
BENEFITS AND PERQUISITES. Soricelli shall be entitled to receive all other
executive benefits and perquisites to which all other executive employees of
the Corporation are entitled.

 

4

 

(f)                                    AUTOMOBILE
AND CELLULAR PHONE. The Corporation agrees to provide, either directly or
through a monetary allowance, for the use by Soricelli of an automobile and
cellular telephone.  The selection of
said automobile, or alternatively, the amount of the car allowance that will
allow Soricelli to purchase or lease an automobile, shall be subject to
approval by the Chief Executive Officer of the Corporation.

 

(g)                                 LIABILITY
INSURANCE. The Corporation agrees to insure Soricelli under the appropriate
liability insurance policies, in accordance with the Corporation’s policies and
procedures, for all acts done by him within the scope of his authority in good
faith as Executive Vice President of Marketing throughout the Term.

 

(h)                                 PROFESSIONAL
MEETINGS AND CONFERENCES. In addition, Soricelli will be permitted to be
absent from the Corporation’s facilities during working days to attend
professional meetings and to attend to such outside professional duties in the
food industry as have been mutually agreed upon between him and the Chief
Executive Officer of the Corporation. 
Attendance at such approved meetings and accomplishment of approved
professional duties shall be fully compensated service time and shall not be
considered vacation time. The Corporation shall reimburse Soricelli for all
reasonable expenses incurred by him incident to attendance at approved
professional meetings, and such reasonable entertainment expenses incurred by
Soricelli in furtherance of the Corporation’s interests; provided, however,
that such reimbursement is approved by the Chief Executive Officer of the
Corporation.

 

(i)                                     PROFESSIONAL
DUES. The Corporation agrees to pay dues and expenses to professional
associations and societies and to such community and service organizations of

 

5

 

which
Soricelli is a member provided such dues and expenses are approved by the Chief
Executive Officer as being in the best interests of the Corporation.

 

(j)                                     LIFE
INSURANCE. The Corporation shall provide Soricelli with life insurance
coverage on the same terms as that provided to Soricelli by the Corporation as
of the date of this Agreement and proceeds of such coverage in the event of his
death shall be payable to a beneficiary designated by Soricelli.

 

(k)                                  BUSINESS
EXPENSES. The Corporation shall reimburse for reasonable expenses incurred
by the Executive Vice President of Marketing in connection with the conduct of
business of the Corporation and its subsidiaries or other Affiliates.

 

7.                                       TERMINATION
WITHOUT CAUSE.

 

(a)                                  BY
THE CORPORATION. The Corporation may, in its discretion, terminate
Soricelli’s employment hereunder without cause at any time upon sixty  (60) days prior written notice or at such
later time as may be specified in said notice. 
Except as otherwise provided in this Agreement, after such termination,
all rights, duties and obligations of both parties shall cease.

 

(i)                                     Upon
the termination of employment pursuant to subparagraph (a) above, subject to
the terms in subparagraph (ii) below and the requirements of Paragraph 10
below, in addition to all accrued and vested benefits payable under the
Corporation’s employment and benefit policies, including, but not limited to,
unpaid incentive compensation awards earned under the Incentive Compensation
Plan for any completed performance periods, Soricelli shall be provided with
the following Salary Continuation and Other Benefits for the duration of the
Severance Period (as defined below): 
(1) current annual base salary and incentive compensation

 

6

 

awards earned
at the threshold amount shall be paid during the Severance Period (“Salary
Continuation”), which Salary Continuation shall be paid in the same manner and
pursuant to the same payroll procedures that were in effect prior to the
effective date of termination; (2) continuation of medical, dental, life
insurance and disability insurance for him and, if appropriate, his dependents,
during the Severance Period, as in effect on the effective date of termination (“Other
Benefits”), or if the continuation of all or any of the Other Benefits is not
available because of his status as a terminated employee, a payment equal to
the market value of such excluded Other Benefits; (3) if allowable under the
Corporation’s qualified pension plan in effect on the date of termination,
credit for additional years of service during the Severance Period; and (4)
outplacement services of an independent third party, mutually satisfactory to
both parties, until the earlier of one year after the effective date of
termination, or until he obtains new employment; the cost for such service will
be paid in full by the Corporation.  For
purposes of this Agreement, the “Severance Period” shall mean (i) if
termination occurs within one (1) year of the Effective Date, then the period
from the date of such termination to the second (2nd) anniversary of the
Effective Date and (ii) if termination occurs after the first (1st) anniversary
of the Effective Date, then the period from the date of such termination to the
first (1st) anniversary of the date of such termination.

 

(ii)                                  Subject
to Paragraph 10 below, in the event Soricelli accepts other employment during
the Severance Period, the Corporation shall continue the Salary Continuation in
force until the end of the Severance Period. All Other Benefits described in
subparagraph (i)(2) and the benefit set forth in (i)(3), other than all accrued
and vested benefits payable under the Corporation’s employment and benefit
policies, shall cease.

 

7

 

(iii)                               Soricelli
shall not be required to seek or accept any other employment. Rather, the
election of whether to seek or accept other employment shall be solely within
Soricelli’s discretion. If during the Severance Period Soricelli is receiving
all or any part of the benefits set forth in subparagraph (i) above and he
should die, then Salary Continuation remaining during the Severance Period
shall be paid fully and completely to his spouse or such individual designated
by him or if no such person is designated to his estate.

 

(b)                                 RELEASE.
The obligation of the Corporation to provide the Salary Continuation and Other
Benefits described in subparagraph (a) above is contingent upon and subject to
the execution and delivery by Soricelli of a general release, in form and
substance satisfactory to Soricelli and the Corporation.  Without limiting the foregoing, such general
release shall provide that for and in consideration of the above Salary
Continuation and Other Benefits, Soricelli releases and gives up any and all
claims and rights ensuing from his employment and termination with the
Corporation, which he may have against the Corporation, a subsidiary or other
Affiliate, their respective trustees, officers, managers, employees and agents,
arising from or related to his employment and/or termination.  This releases all claims, whether based upon
federal, state, local or common law, rules or regulations.  Such release shall survive the termination
or expiration of this Agreement.

 

(c)                                  VOLUNTARY
TERMINATION.  Should Soricelli in
his discretion elect to terminate this Agreement, he shall give the Corporation
at least sixty (60) days prior written notice of his decision to terminate.
Except as otherwise provided in this Agreement, at the end of the sixty (60)
day notice period, all rights, duties and obligations of both parties to the
Agreement shall cease, except for any and all accrued and vested benefits under
the

 

8

 

Corporation’s
existing employment and benefit policies, including but not limited to, unpaid
incentive compensation awards earned under the Incentive Compensation Plan for
any completed performance periods. At any time during the sixty (60) day notice
period, the Corporation may pay Soricelli for the compensation owed for said
notice period and in any such event Soricelli’s employment termination shall be
effective as of the date of the payment.

 

(d)                                 ALTERATION
OF DUTIES. If the Board of Directors of the Corporation or the Chief
Executive Officer, in either of their sole discretion, takes action which
substantially changes or alters Soricelli’s authority or duties so as to
effectively prevent him from performing the duties of the Executive Vice
President of Marketing as defined in this Agreement, or requires that his
office be located at and/or principal duties be performed at a location more
than forty-five (45) miles from the present Corporation offices located in
Parsippany, New Jersey, then Soricelli may, at his option and upon written
notice to the Board of Directors and the Chief Executive Officer within thirty
(30) days after the Board’s or Chief Executive Officer’s action, consider
himself terminated without cause and entitled to the benefits set forth in subparagraph
7(a), unless within fifteen (15) days after delivery of such notice,
Soricelli’s duties have been restored.

 

(e)                                  DISABILITY.

 

(i)                                     The
Corporation, in its sole discretion, may terminate Soricelli’s employment upon
his Total Disability. In the event he is terminated pursuant to this
subparagraph, he shall be entitled to the benefits set forth in subparagraph
7(a), provided however, that the annual base salary component of Salary
Continuation shall be reduced by any amounts paid to Soricelli under any
disability benefits plan or insurance policy. For purposes of

 

9

 

this
Agreement, the term “Total Disability” shall mean death or any physical or
mental condition which prevents Soricelli from performing his duties under this
contract for at least four (4) consecutive months. The determination of whether
or not a physical or mental condition would prevent Soricelli from the
performance of his duties shall be made by the Board of Directors in its
discretion. If requested by the Board of Directors, Soricelli shall submit to a
mental or physical examination by an independent physician selected by the
Corporation and reasonably acceptable to him to assist the Board of Directors
in its determination, and his acceptance of such physician shall not be
unreasonably withheld or delayed. 
Failure to comply with this request shall prevent him from challenging
the Board’s determination.

 

(f)                                    RETIREMENT.
The Corporation, in its sole discretion, may establish a retirement policy for
its executive employees, including Soricelli, which includes the age for
mandatory retirement from employment with the Corporation. Upon the termination
of employment pursuant to such retirement policy, all rights and obligations
under this Agreement shall cease, except that Soricelli shall be entitled to
any and all accrued and vested benefits under the Corporation’s existing
employment and benefits policies, including but not limited to unpaid incentive
compensation awards earned under the Incentive Compensation Plan for any
completed performance periods.

 

(g)                                 OTHER
PAYMENTS.  If Soricelli is liable
for the payment of any excise tax (the “Excise Tax”) pursuant to
section 4999 of the Internal Revenue Code of 1986, as amended (the
“Code”), or any successor or like provision, with respect to any payment or
property transfers received or to be received under this Agreement or
otherwise, the Corporation shall pay Soricelli an amount (the “Special
Reimbursement”) which, after payment of any federal, state and local

 

10

 

taxes,
including any further excise tax under Code section 4999, with respect to
or resulting from the Special Reimbursement, would place Soricelli in the same
economic position that he would have enjoyed if the Excise Tax had not applied
to such payments.

 

8.                                       TERMINATION
FOR CAUSE. Soricelli’s employment under this Agreement may be terminated by
the Corporation, immediately upon written notice in the event and only in the
event of the following conduct:  illegal
conduct; habitual unexcused absence from the facilities of the Corporation;
habitual substance abuse; willful disclosure of material confidential
information of the Corporation and/or its subsidiaries or other Affiliates;
intentional violation of conflicts of interest policies established by the
Board of Directors; failure to comply with the lawful directions of the Board
or other superiors; and willful misconduct or gross negligence that results in
damage to the interests of the Corporation and its subsidiaries or other
Affiliates. Should any of these situations occur, the Board of Directors and/or
the Chief Executive Officer will provide Soricelli written notice specifying
the effective date of such termination. Upon the effective date of such
termination, any and all payments and benefits due Soricelli under this
Agreement shall cease except for any accrued and vested benefits payable under
the Corporation’s employment and benefit policies, including any unpaid amounts
owed under the Incentive Compensation Plan.

 

9.                                       MAJOR
TRANSACTION. If, during the Term, the Corporation consummates a Major
Transaction and Soricelli is not the Executive Vice President of Marketing with
duties and responsibilities substantially equivalent to those described herein
and/or is not entitled to substantially the same benefits as set forth in this
Agreement, then Soricelli shall have the right to terminate his employment
under this Agreement and shall be entitled to the benefits set forth

 

11

 

in
subparagraph 7(a) as if the Effective Date were the date of the Major
Transaction (such that the Severance Period would be two (2) years).  Soricelli shall provide the Corporation with
written notice of his desire to terminate his employment under this Agreement
pursuant to this Paragraph within one hundred and twenty (120) days of the
effective date of the Major Transaction and the Severance Period shall commence
as of the effective date of the termination of this Agreement.  For purposes of this Paragraph, “Major
Transaction” shall mean the sale of all or substantially all of the assets of
the Corporation, or a merger, consolidation, sale of stock or similar
transaction whereby a third party (including a “group” as defined in
Section 13(d)(3) of the Securities Exchange Act of 1934, as amended)
acquires beneficial ownership, directly or indirectly, of securities of the
Corporation representing over fifty percent (50%) of the combined voting power
of the Corporation; provided, however, that a Major Transaction shall not in
any event include a direct or indirect public offering of securities of the
Corporation, its parent or other Affiliates.

 

10.                                 NON-COMPETITION.  Soricelli agrees that during (i) the Term;
(ii) the one (1) year period following the effective date of termination of
this Agreement by Soricelli pursuant to Paragraph 7(c) (Voluntary Termination);
or (iii) the one (1) year period following the effective date of termination by
the Corporation pursuant to Paragraph 8 (Termination For Cause), he shall not,
directly or indirectly, be employed or otherwise engaged to provide services to
any food manufacturer operating in the United States of America which is
directly competitive with any significant activities conducted by the
Corporation or its subsidiaries or other Affiliates whose principal business
operations are in the United States of America.  Soricelli agrees that his

 

12

 

entitlement to
the benefits set forth in subparagraph 7(a) above is contingent upon his
compliance with the requirements of this Paragraph.

 

11.                                 CONFIDENTIALITY
OF INFORMATION. Soricelli recognizes and acknowledges that during his
employment by the Corporation, he will acquire certain proprietary and
confidential information relating to the business of the Corporation and its
subsidiaries or other Affiliates (the “Information”). Soricelli agrees that
during the term of his employment under this Agreement and thereafter, for any
reason whatsoever, he shall not, directly or indirectly, except in the proper
course of exercising his duties under this Agreement, use for his or another
third party’s benefit, disclose, furnish, or make available to any person,
association or entity, the Information. In the event of a breach or threatened
breach by Soricelli of the provisions of this Paragraph, the Corporation shall
be entitled to an injunction restraining him from violating the provisions of
this Paragraph. Notwithstanding the foregoing, nothing contained herein shall
be construed as prohibiting the Corporation from pursuing any other remedies
available to it for such breach or threatened breach. For purposes of this
Paragraph, “Information” includes any and all verbal or written materials,
documents, information, products, processes, technologies, programs, trade
secrets, customer lists or other data relating to the business, and operations
of the Corporation and/or its subsidiaries or other Affiliates.

 

12.                                 SUPERSEDING
AGREEMENT. This Agreement constitutes the entire agreement between the
parties and contains all the agreements between them with respect to the
subject matter hereof. It also supersedes any and all other agreements or
contracts, either oral or written, between the parties with respect to the
subject matter hereof.

 

13

 

13.                                 AGREEMENT
AMENDMENTS.  Except as otherwise
specifically provided, the terms and conditions of this Agreement may be
amended at any time by mutual agreement of the parties, provided that before
any amendment shall be valid or effective, it shall have been reduced to
writing, approved by the Board of Directors, and signed by the Chairperson of
the Board of Directors and Soricelli.

 

14.                                 INVALIDITY
OR UNENFORCEABILITY PROVISION.  The
invalidity or unenforceability of any particular provision of this Agreement
shall not affect its other provisions and this Agreement shall be construed in
all aspects as if such invalid or unenforceable provision had been omitted.

 

15.                                 BINDING
AGREEMENT; ASSIGNMENT.  This
Agreement shall be binding upon and inure to the benefit of the Corporation and
Soricelli, their respective successors and permitted assigns. The parties
recognize and acknowledge that this Agreement is a contract for the personal
services of Soricelli and that this Agreement may not be assigned by him nor
may the services required of him hereunder be performed by any other person
without the prior written consent of the Corporation.

 

16.                                 GOVERNING
LAW. This Agreement shall be construed and enforced under and in accordance
with the laws of the State of New Jersey, without regard to conflicts of law
principles.

 

17.                                 ENFORCING
COMPLIANCE. If Soricelli needs to retain legal counsel to enforce any of
the terms of this Agreement either as a result of noncompliance by the
Corporation or a legitimate dispute as to the provisions of the Agreement, then
any fees incurred

 

14

 

in such
expense by Soricelli shall be reimbursed wholly and completely by the
Corporation if Soricelli prevails in such legal proceedings.

 

18.                                 NOTICES.
All notices, requests, demands and other communications hereunder shall be in
writing and shall be deemed effective when delivered, if delivered in person,
or upon receipt if mailed by overnight courier or by certified or registered
mail, postage prepaid, return receipt requested, to the parties at the
addresses set forth below, or at such other addresses as the parties may
designate by like written notice:

 

	
  To Corporation at:

  	
  B&G Foods, Inc

  
	
   

  	
  Four Gatehall Drive

  
	
   

  	
  Suite 110

  
	
   

  	
  Parsippany, NJ 07054

  
	
   

  	
   

  
	
  To Soricelli at:

  	
  41 Coventry Road

  
	
   

  	
  Mendham, NJ 07945

  

 

15

 

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

 

 

	
   

  	
  B&G FOODS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Albert Soricelli

  

 

16

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