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EXHIBIT 10.10  

 
 

Summary of Employment Arrangement with Addison L. Piper
  as of August 20, 2003    
    

        This document summarizes the terms of employment of Addison L. Piper ("Employee") by Piper Jaffray Companies, a Delaware corporation (the "Company"), following
completion of the spin-off of the Company from U.S. Bancorp. Following the spin-off, Employee will have the title of Vice Chairman and will be a member of the Company's
Management Committee. Employee will be a full-time employee subject to Company policies generally applicable to other executive officers. Employee will be paid an annual base salary of
$250,000 and a minimum annual bonus of $500,000 for serving in these capacities. The bonus amount will be paid in a combination of cash and the Company's equity. The percentage of Employee's bonus
that is paid in equity in any given year will be determined in the same manner used to determine the percentage of bonus to be paid in equity for the Company's other executive officers in accordance
with Company plans and programs. This arrangement will continue through December 31, 2006. 

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Summary of Employment Arrangement with Addison L. Piper as of August 20, 2003Exhibit
10.49

 

AMENDMENT NO. 14 TO

LOAN AGREEMENT

 

This Amendment No. 14 to Loan Agreement (this
“Amendment”), dated as of August 1, 2003, is entered into with reference to the
Loan Agreement (as amended, supplemented or otherwise modified from time to time,
the “Loan Agreement”) dated as of November 29, 1999 currently among Apio, Inc.,
a Delaware corporation (successor by merger and name change to Bush Acquisition
Corporation, a Delaware corporation) (“Borrower”), each lender from time to
time a party thereto (each a “Lender” and collectively, the “Lenders”), Bank of
America, N.A., as Issuing Lender, and Bank of America, N.A., as Administrative
Agent (in such capacity, the “Administrative Agent”).  Capitalized terms not otherwise defined herein shall have the
meanings set forth in the Loan Agreement. 
Section references herein relate to the Loan Agreement unless otherwise
stated.

 

The parties hereto hereby agree as follows:

 

1.                                       Section
1.1 – Definition of “Base Margin”. 
As of the Effective Date, notwithstanding the applicable Pricing Level
with respect to any Pricing Period, the Base Rate Margin with respect to all
Revolving Loans shall be 1.75%.

 

2.                                       Section
1.1 – Definition of “Revolver Termination Date”.  The definition of “Revolver Termination Date” contained in
Section 1.1 is hereby amended in full to read as follows:

 

“Revolver Termination
Date” means September 1,  2003, or
such later anniversary of such date as may be established pursuant to Section
2.6.

 

3.                                       Section
1.1 – Definition of “Revolving Commitment”.  The definition of “Revolving Credit Commitment” contained in
Section 1.1 is hereby amended in full to read as follows:

 

“Revolving Commitment”
means the commitment by Lenders to make Revolving Loans to Borrower in an
aggregate principal amount not to exceed $9,000,000.”

 

4.                                       Section
1.1 – Deleted Definitions.  The
defined terms “Overadvance” and “Overadvance Margin” are hereby deleted from
the Loan Agreement and each of the other Loan Documents.

 

5.                                       Section
2.8 – Optional Overadvance.  The new
Section 2.8 set forth in Amendment No. 12 to the Loan Agreement (which Section
was mistakenly labeled Section 2.8 rather than Section 2.12), is hereby deleted
in full with the intent that the “Optional Overadvance Facility” be terminated
and of no further force and effect.  For
purposes of clarification, Section 2.8 of the original Loan Agreement (which
Section has not been amended) shall remain unchanged and shall remain in full
force and effect.

 

6.                                       Release.  As a material inducement to the Lenders to
enter into this Consent, the Borrower hereby fully releases and discharges
forever the Administrative Agent and each of the Lenders, their respective
subsidiaries and affiliated companies, and their respective agents, employees,
officers, directors, representatives, attorneys, successors and assigns
(hereafter referred to collectively as the “Released Parties”), and each and
all of them, from any and all liabilities, claims, actions, causes of action,
charges, complaints, obligations, costs, losses, damages, injuries, attorneys’
fees, and other legal responsibilities, of any form whatsoever, whether known
or unknown, unforeseen, unanticipated, unsuspected or latent, which either of
them may have or hold, or have at any time heretofore have or held,

 

1

 

arising out of or relating to the Loan Agreement, the Loan Documents,
the transactions contemplated thereby or the relationship of the parties hereto
arising out of the Loan Agreement or the Loan Documents prior to the effective
date of this Consent.   The Borrower
hereby expressly waives all rights under Section 1542 of the California Civil
Code, which reads as follows:

 

“Section 1542. [Certain claims not affected by general
release.] A general release does not extend to claims which the creditor does
not know or suspect to exist in his favor at the time of executing the release,
which if known to him must have materially affected his settlement with the
debtor.”

 

Borrower hereby agrees to indemnify and hold harmless
each of the Released Parties for and against any and all costs, losses or
liability, whatsoever, including reasonable attorneys’ fees arising out of the
prosecution by Borrower, or its successors or assigns, of any action, claim or
cause of actions released pursuant to this Section.

 

7.                                       Effectiveness.  This Amendment shall become effective on
such date (the “Effective Date”) as the Administrative Agent shall have
received, in form and substance satisfactory to the Administrative Agent and
the Lenders, (a) duly executed counterparts of this Amendment , (b) a
duly executed counterparts of Annex I attached hereto, signed by each
Party thereto and (c) the Amendment Fee referred to in Section 10 hereto.

 

8.                                       Representations
and Warranties.  Except (i) for
representations and warranties which expressly relate to a particular date or
which are no longer true and correct as a result of a change permitted by the
Loan Agreement or the other Loan Documents or (ii) as disclosed by
Borrower and approved in writing by the Requisite Lenders, the Borrower hereby
represents and warrants that each representation and warranty made by Borrower
in Article 4 of the Loan Agreement (other than Sections 4.6 (first
sentence), 4.11, and 4.18) are true and correct as of the date hereof as though
such representations and warranties were made on and as of the date
hereof.  Without in any way limiting the
foregoing, Borrower represents and warrants to the Administrative Agent and the
Lenders that no Default or Event of Default has occurred and remains continuing
or will result from the consents, waivers, amendments or transactions set forth
herein or contemplated hereby.  The
Borrower further represents and warrants that, as of the Effective Date, the
outstanding principal balance of all Revolving Loans does not exceed
$9,000,000.

 

9.                                       Fees
and Expenses.  Borrower hereby
agrees to reimburse the Administrative Agent and the Lenders for the
Administrative Agents and Lenders’ reasonable costs and expenses (including
reasonable attorney’s fees and expenses) incurred in connection with the
negotiation and drafting of this Amendment and the transaction contemplated
hereby together with any and all other fees and expenses currently due and
owing to the Administrative Agent and/or the Lenders.  Borrower further agrees that, it shall satisfy its obligations
under Section 11.3 of the Loan Agreement not later than five (5) days
after receipt of an invoice with respect thereto from the Administrative
Agent.  Each of the parties hereto
hereby agrees that the failure to satisfy the requirements of this
Section 9 shall constitute an Event of Default under the Loan Agreement.

 

10.                                 Amendment
Fee.  On the Effective Date, the
Borrower shall pay to the Administrative Agent, for the ratable account of the
Lenders, an amendment fee of $7,500, which amendment fee shall be deemed fully
earned and nonrefundable as of the Effective Date.

 

11.                                 Confirmation.  In all respects, the terms of the Loan
Agreement and the other Loan Documents, in each case as amended hereby or by
the documents referenced herein, are hereby confirmed.

 

2

 

IN WITNESS WHEREOF, Borrower, the Administrative Agent
and the Lenders have executed this Agreement as of the date first set forth
above by their duly authorized representatives.

 

	
   

  	
  APIO, INC., a Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A., as Administrative Agent,
  Issuing Lender and sole Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Carol Clements, Senior Vice President

  

 

S-1

 

ANNEX I TO AMENDMENT NO.
14

 

CONSENT AND REAFFIRMATION
OF GUARANTOR AND PLEDGOR

 

Each of the undersigned guarantors and pledgors hereby
consents to the execution, delivery and performance by Borrower and the
Administrative Agent of the foregoing Amendment No. 14 to Loan Agreement
(“Amendment No. 14”).  In connection
therewith, each of the undersigned expressly and knowingly reaffirms its
liability under each of the Loan Documents to which it is a Party and expressly
agrees (a) to be and remain liable under the terms of each such Loan Document,
and (b) that it has no defense, offset or counterclaim whatsoever against the
Administrative Agent or the Lenders with respect to any such Loan Document.

 

Each of the undersigned further agrees that each Loan
Document to which it is a Party shall remain in full force and effect and is
hereby ratified and confirmed.

 

As a material inducement to the Lenders to enter into
Amendment No. 14, each of the undersigned hereby fully releases and discharges
forever the Administrative Agent and each of the Lenders, their respective
subsidiaries and affiliated companies, and their respective agents, employees,
officers, directors, representatives, attorneys, successors and assigns
(hereafter referred to collectively as the “Released Parties”), and each and
all of them, from any and all liabilities, claims, actions, causes of action,
charges, complaints, obligations, costs, losses, damages, injuries, attorneys’
fees, and other legal responsibilities, of any form whatsoever, whether known
or unknown, unforeseen, unanticipated, unsuspected or latent, which either of
them may have or hold, or have at any time heretofore have or held, arising out
of or relating to the Loan Agreement, the Loan Documents, the transactions
contemplated thereby or the relationship of the parties hereto arising out of
the Loan Agreement or the Loan Documents prior to the effective date of this
Consent.  Each of the undersigned hereby
expressly waives all rights under Section 1542 of the California Civil Code,
which reads as follows:

 

“Section 1542. [Certain claims not affected by general
release.] A general release does not extend to claims which the creditor does
not know or suspect to exist in his favor at the time of executing the release,
which if known to him must have materially affected his settlement with the
debtor.”

 

Each of the undersigned hereby agrees to indemnify and
hold harmless each of the Released Parties for and against any and all costs,
losses or liability, whatsoever, including reasonable attorneys’ fees arising
out of the prosecution by Borrower, any of the undersigned or their respective
successors or assigns, of any action, claim or cause of actions released
pursuant to this Section.

 

Each of the undersigned further agrees that the
execution of this Consent and Reaffirmation of Guarantor and Pledgor is not
necessary for the continued validity and enforceability of any Loan Document to
which it is a Party, but is executed to induce the Administrative Agent and the
Lenders to approve of and otherwise enter into Amendment No. 14.

 

[THIS SPACE INTENTIONALLY LEFT

 

BLANK SIGNATURE PAGES TO FOLLOW]

 

I-1

 

IN WITNESS WHEREOF, each of the undersigned, intending
to be legally bound hereby, has caused this Consent and Reaffirmation of
Guarantor and Pledgor to be executed as of August 1, 2003.

 

	
  LANDEC CORPORATION, a California

  corporation

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  
	
   

  
	
  CAL EX TRADING COMPANY,

  a California corporation

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  

 

II-2

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