Document:

EXHIBIT

10.1

 

SALE BONUS AGREEMENT

 

This SALE BONUS AGREEMENT (is entered into as of

January 1, 2003 between Gardenburger, Inc., an Oregon corporation (the

“Company”), and Lorraine Crawford (“Executive”), and is an addition to any

existing Employment Agreement.

 

In consideration of the mutual covenants set forth in

this Agreement and in any Original Employment Agreement, the parties agree as

follows:

 

1.             Sale Bonus

 

(a)           After

the completion of a “Sale Transaction,” as defined below, the Company will pay

Executive a “Sale Bonus,” as described below, provided Executive remains as

Vice President of Finance of the Company during the negotiation of and

through the closing of the Sale Transaction. 

The Sale Bonus will be payable to Executive after all post–closing

adjustments in connection with the Sale Transaction have been determined.

 

(b)           For purposes of this paragraph 1:

 

(i)                                     A

“Sale Transaction” means a single transaction or a series of related

transactions approved by the Board of Directors of the Company resulting in:

 

•                                          A

sale or other disposition by the Company of all or substantially all its

assets;

 

•                                          A

sale, share exchange, or other disposition of all or substantially all the

capital stock of the Company;

 

•                                          A

merger, consolidation, or other corporate transaction with a third party in

which the Company’s shareholders receive cash, stock, securities, or any other

consideration (or any combination of the foregoing) in exchange for their stock

in the Company.

 

(ii)                                  The

“Sale Bonus” is an amount equal to the sum of (i) .15 percent of the

portion of the “Total Consideration”. (as defined below)

 

(iii)                               The

“Total Consideration” in connection with a Sale Transaction means:

 

•                                          The

amount of cash and the aggregate market value of all other consideration

received by the Company in connection with a sale or other disposition of its

assets (exclusive of any indebtedness or liabilities of the Company to which

the assets taken are subject or which are assumed by the purchaser or other

acquirer of the Company’s assets); or

 

1

 

•                                          The

aggregate amount of cash and the aggregate market value of all other

consideration received by the Company’s shareholders in any sale, share

exchange, or other disposition of the Company’s stock or any merger,

consolidation, or similar transaction.

 

2.             Cashless Sales Transaction.  The board at its sole discretion, reserves

the right to provide consideration other than cash in an amount equivalent to

this Sale Bonus in the event of cashless Sales Transaction.

 

3.             Stock Options.  The executive has previously been granted stock options for

Gardenburger common stock that may have value in a Sale Transaction.  The amount of the total Sale Bonus will be reduced

by any gain experienced through the exercise of the executive’s stock options

in a Sale Transaction.

 

4.             Withholding and Payroll Taxes.  All amounts payable by the Company to

Executive pursuant to this Agreement are subject to and will be reduced by

amounts the Company is required to withhold for all applicable federal, state,

and local income and payroll taxes.

 

The parties have executed this Agreement as of the

date first set forth above.

 

	

   

  	

  GARDENBURGER,

  INC.

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ Scott C. Wallace

  	

   

  
	

   

  	

   

  	

  Scott C. Wallace

  
	

   

  	

   

  	

  President and Chief Executive Officer

  
	

   

  	

   

  
	

   

  	

  EXECUTIVE

  
	

   

  	

   

  
	

   

  	

   

  	

  /s/ Lorraine Crawford

  	

   

  
	

   

  	

   

  	

  Lorraine Crawford

  

 

2EXHIBIT 10.2

	
		

 

 

AMERICAN

PROPERTY MANAGEMENT

2154

N.E. Broadway Portland, Oregon 97232

Mailing

Address: P.O. Box 12127, Portland, Oregon 97212

Phone

503-281-7779 Fax 503-460-2616

 

 

FIFTH AMENDMENT TO LEASE 
LEASE EXTENSION

 

January

10, 2003

 

AMERICAN PROPERTY MANAGEMENT Account

#C-02/296/8923-02

 

It is mutually agreed that the Lease

Agreement dated October 29, 1996, the First Amendment to Lease dated December

9, 1997, the Lease Extension dated September 11, 1998, the Third Amendment to

Lease dated August 1, 2000, and the Fourth Amendment to Lease dated August 27,

2002 (collectively the “LEASE”), between AMERICAN PROPERTY MANAGEMENT CORP. as

agent for and on behalf of WESTON HOLDING CO., L.L.C. (“LESSOR”), and

GARDENBURGER, INC., an Oregon corporation (“LESSEE”), for Suite #400 consisting

of approximately 18,850 square feet (this measurement includes a load factor

for the building of 0%) (“Premises”) in the Morrison Plaza Office Building

located at 1411 SW Morrison St. in Portland, Oregon (“Building”) is hereby

modified as follows:

 

 

Article 1                 FOURTH AMENDMENT TO LEASE

 

Upon the full execution of this Fifth

Amendment to Lease, the Fourth Amendment to Lease shall become null and void

and of no further cause or effect.

 

Article 2                 EXTENSION

TERM

 

Page One of the LEASE shall be amended with

the addition of the following:

 

Commencing January 10, 2003 the Lease term

shall be extended for a period of one (1) year and terminate December 31, 2003

(“Extension Term”).

 

Article 3                 INITIAL BASE

RENTAL

 

Page One of the LEASE shall be amended with

the addition of the following:

 

Commencing January 10, 2003 the initial base

rental for the Extension Term shall be $16,310.84 per month.

 

1

 

Article 4                 SURRENDER

 

Section 18.1 of the LEASE, “Surrender,” shall

be amended with the addition of the following:

 

Commencing July 1, 2003, LESSOR shall have

the right to market the Premises.

 

Article

5                 LESSOR AGREED TENANT IMPROVEMENTS

 

Section 42.1 of the LEASE, “Interior Design

& Modification”, and Section 43.1 of the LEASE, “Lessor Agreed Tenant

Improvements”, shall be amended with the following:

 

See Exhibit “B-4” Space Plan and Exhibit

“C-4”  Interior Space Work

Agreement, incorporated herein by reference.

 

If any provisions contained in this Exhibit

“C-4”  Interior Space Work

Agreement are inconsistent with any other provisions contained in this LEASE

(ie: Exhibit “B-4” Space Plan), the provisions contained in this Exhibit “C-4”

Interior Space Work Agreement shall control.

 

Article 6                 OPTION

TO RENEW

 

Section  49.1

of the LEASE, “Option to Renew,” is hereby deleted in its entirety.

 

Article 7                 SPECIAL

PROVISION

 

Section 51.1 of the LEASE, “Confidentiality,”

shall be added to the LEASE as follows:

 

LESSEE agrees to keep the terms and

conditions of this Fifth Amendment to Lease confidential, and LESSEE further

agrees to advise LESSEE’S employees and agents not to disclose the terms and

conditions of this Fifth Amendment to Lease to other Landlords, Tenants or

Brokers with the exception and understanding that the LESSEE is a publicly held

company and that this confidentiality arrangement will not apply to any

financial reporting that needs to be done to meet the financial reporting

requirements of a publicly held company.

 

2

 

Article

8                 EXPIRATION OF OFFER

 

This offer to extend LESSEE’S LEASE shall

expire at the sole option of the LESSOR if this Fifth Amendment to Lease

is not signed and delivered to the LESSOR with no changes and accompanied by

appropriate pre-paid monies by January 10, 2003 at 5:00 p.m.

 

The signing of this Fifth Amendment to Lease

by the parties hereto constitutes a Lease between them incorporating all of the

terms and conditions contained in the original LEASE heretofore made between LESSEE

and LESSOR, or LESSOR’S predecessor in interest, except as modified by the

terms of this Fifth Amendment to Lease. If any provisions contained in this

Fifth Amendment to Lease are inconsistent with any other provisions of the

original LEASE, the provisions in this Fifth Amendment to Lease shall control.

This Fifth Amendment to Lease is to be attached to the original LEASE, which is

to be deemed a part of it. This Fifth Amendment to Lease shall not be binding

at the sole option of the LESSOR if, as of the commencement date of the

Extension Term herein, the LESSEE is in default under any of the provisions of

the original LEASE above described.

 

 

IN WITNESS WHEREOF, the respective parties

have executed this  instrument in

duplicate on this, the day, the month, and the year hereinbelow written, any

corporation signature being by authority of its Board of Directors.

 

	

  LESSOR:

  AMERICAN PROPERTY MANAGEMENT CORP.

  	

  LESSEE: 

  GARDENBURGER, INC., 

  
	

  as agent for and on behalf

  of

  	

  an Oregon corporation

  
	

  WESTON HOLDING CO., L.L.C.

  	

   

  
	

   

  	

   

  
	

  X

  	

  /s/ Douglas D.Lindholm

  	

   

  	

  X

  	

  /s/ Lorraine Crawford

  	

   

  
	

   

  	

  Douglas D.Lindholm

  	

   

  	

  Lorraine Crawford

  
	

   

  	

  Vice President of

  Commercial Property

  	

   

  	

  Vice President of Finance

  
	

   

  	

   

  
	

   

  	

   

  
	

  DATE:

  1-10-03

  	

   

  	

  DATE: 1-10-03

  	

   

  
								

 

3

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