Document:

Exhibit 4.04

    
      

      

    

    

      Exhibit
        4.04

      Specimen
        Stock Certificate

      

      Utah
        Medical Products, Inc.

      Incorporated
        Under the Laws of the State of Utah

      This
        Certificate is Transferable in Cranford, NJ or New York, NY

      

      
        	
                Number:
                  __________

              	
                Shares:
                  _________       

              
	
                See
                  Rights Legend of Reverse Side

              	
                See
                  Reverse for Certain Definitions

              
	 	
                CUSIP
                  917488 10
                  8      

              

      

      

      THIS
        CERTIFIES THAT _______________________________

      

      is
        the
        owner of ____________________________________

      Fully
        Paid and Non-Assessable Common Shares of the Par Value of $.01 Each of

      Utah
        Medical Products, Inc.

      transferable
        on the books of the Corporation by the holder thereof in person or by duly
        authorized Attorney upon surrender of this Certificate properly endorsed.
        This
        Certificate is not valid until countersigned and registered by the Transfer
        Agent and Registrar.

      Witness
        the signature of its duly authorized officers.

      Dated:
        ________________

      

      /s/
        Kevin
        L. Cornwell

      Chairman

      

      /s/
        Paul
        O. Richins

      Treasurer

      

      Countersigned
        and Registered:

      Registrar
        and Transfer Company

      Transfer
        Agent and Registrar

      

      By:__________________________________

      Authorized
        Signature

      

      Utah
        Medical Products, Inc

      Corporate
        Seal

      Utah

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Until
        the
        Separation Date (as defined in the Rights Agreement referred to below), this
        certificate also evidences and entitles the holder thereof to certain Rights
        as
        set forth in a Rights Agreement, dated as of the 28th
        day of
        October, 1994 (the “Rights Agreement”), between Utah Medical Products, Inc. (the
“Company”), and Registrar and Transfer Company, as Rights Agent, the terms of
        which are hereby incorporated herein by reference and a copy of which is
        on file
        at the principal executive office of the Company. Under certain circumstances,
        as set forth in the Rights Agreement, such Rights may be redeemed by the
        Company, may expire, may become void (if, in certain cases, they are
“Beneficially Owned” by an “Acquiring Person”, as such terms are defined in the
        Rights Agreement, or a transferee thereof) or may be evidenced by separate
        certificates and may no longer be evidenced by this certificate. The Company
        will mail or arrange for the mailing of a copy of the Rights Agreement to
        the
        holder of this certificate without charge within five days after the receipt
        of
        a written request therefor.

      The
        Corporation is authorized to issue different classes of shares and different
        series within classes and to fix the designations, preferences, limitations,
        and
        relative rights for any existing or future classes of series. The Corporation
        will furnish any shareholder, without charge, a statement of the designations,
        preferences, limitations, and relative rights of each different class or
        series
        on written request by the shareholder.

      

      The
        following abbreviations, when used in the inscription on the face of this
        certificate, shall be construed as though they were written out in full
        according to applicable laws or regulations:

      
        	
                TEN
                  COM

              	
                -

              	
                as
                  tenants in common

              
	
                TEN
                  ENT

              	
                -

              	
                as
                  tenants by the entireties

              
	
                JT
                  TEN

              	
                -

              	
                as
                  joint tenants with right of survivorship and not as tenants in
                  common

              

      

      Additional
        abbreviations may also be used though not in the above list.

      

      UNIF
        GIFT
        MIN ACT - ______________________ Custodian ___________________ under Uniform
        Gifts to Minors Act ___________________

                        
         
        (Cust)                                             
        (Minor)                                                                                
         (State)

      

      UNIF
        TRF
        MIN ACT - ______________________ Custodian (until age __ ) ________________
        under Uniform Tranfers to Minors Act _____________

                     
         
        (Cust)                          
                                          
             (Minor)                      
                                                              
        (State)

      

      FOR
        VALUE
        RECEIVED, ____________________________ hereby sell, assign and transfer
        unto

      Please
        insert Social Security or other identifying number of assignee
        ________________

      

      ___________________________________________________________________________

      (Please
        print or typewrite name and address, including ZIP code, of
        assignee)

      ___________________________________________________________________________

      ___________________________________________________________________________

      _____________________________________
        Shares of the common stock represented by the within Certificate, and do
        herby
        irrevocably constitute and appoint ___________________________________________
        Attorney to transfer the said stock on the books of the within named Corporation
        with full power of substitution in the premises.

      Dated
        ____________________

      

      _____________________________________________________________________________

      Notice:
        The signature to this assignment must correspond with the name as written
        upon
        the face

      of
        the
        certificate in every particular, without alteration or enlargement or any
        change
        whatever.

      

      

      Signature(s)
        Guaranteed:

      

      ___________________________________________________________________________

      The
        signature(s) should be guaranteed by an eligible guarantor institution (Banks,
        Stockbrokers, 

      Savings
        and Loan Associations and Credit Unions with membership in an approved Medallion
        

      Signature
        Guarantee program), pursuant to S.E.C. Rule 17Ad-15.

      

      Rights
        Agreement Amended Date 30th
        day of July, 2004EXHIBIT 10.1

 

SEPARATION
AGREEMENT

 

THIS
Separation Agreement and Release (this “Agreement”) is made and entered into
this 26th  day of August and
between GARDENBURGER, INC., an Oregon corporation (the “Company”), and Robert
T. Trebing (“Executive”) in order to provide for an orderly separation of
employment and establish the terms and conditions of Executive’s separation
from employment.  This Agreement also
fully and completely resolves any and all issues that Executive might have in
connection with his/her employment with the Company or the termination of that
employment.  This is a negotiated
agreement establishing the terms and conditions of Executive’s separation from
employment with the Company and it terminates, extinguishes and supersedes the
benefits, terms and conditions of employment between Executive and the Company
except to the extent prohibited by law.

 

NOW,
THEREFORE, in consideration of the mutual promises and conditions contained
herein, the parties agree as follows:

 

1.                                       Separation.

 

Executive’s
employment will end effective August 26, 2005 (the “Termination Date”).  Executive shall simultaneously resign from
employment and tender a resignation from his/her position as an officer of the
Company.  Executive acknowledges that
he/she has been and is subject to certain laws governing trading by corporate
insiders, and will engage in no trading activities in violation of those
laws.  Nothing herein shall affect any
right Executive may have to indemnification for acts as an officer of the
Company available to him/her under applicable law, the Company’s bylaws, and/or
Company acquired liability coverage for directors and officers to the extent
that coverage was or is in place at the time this Agreement is signed.

 

2.                                       Acknowledgement
that Wages Received.

 

Executive
acknowledges that the payments made to the date of this Agreement, and payments
identified in this Agreement, represent timely and full payment of all wages
and compensation owing to him/her as a result of his/her employment including
but not limited to accrued vacation pay, bonuses, and other forms of accrued
compensation excepting amounts owing under a deferred compensation plan, and
include sums in addition to that amount.

 

3.                                       Severance
Pay.

 

In
consideration for Executive’s execution and non-revocation of this Separation
Agreement, the Company will provide Executive the sum of $204,000.00 (gross) as
severance pay, to be paid in full upon expiration of the right to revoke this
Agreement provided that Executive has not exercised the right to revoke.  This amount shall be subject to required
withholding for federal,

 

 

state and
local taxes, and usual and customary payroll deductions. Executive agrees and
acknowledges that but for this Separation Agreement he/she is not entitled to
these sums.

 

4.                                       Stock
Options.

 

To the extent Executive is a participant in the Company’s Stock Option
Plan, his/her rights under that Plan shall be determined by the terms of the
Plan and not otherwise.  Nothing in this
Agreement is intended to affect any vested rights he/she may have, or in any
way alter the rights and obligations specified in the Option Agreements and
Plan.

 

5.                                       Benefit
Plans.

 

Executive’s participation in all employee benefit plans and programs of
the Company shall end effective the Termination Date.  Executive’s entitlement to any benefits
afforded by any Company benefit plans are governed solely by the applicable
plans and policies, which are incorporated herein by this reference.

 

6.                                       Group
Health Care.

 

Executive
shall be entitled to continue his/her current group health care coverage in
accordance with the provisions of the Consolidated Omnibus Reconciliation Act (“COBRA”).  As consideration for this Agreement, the
Company shall reimburse Executive the cost of continuing these benefits for a
period of twelve (12) months following termination at the same or comparable
levels of coverage, provided however, that if such health and welfare benefits
are not available from the Company for any reason, then on the date that such
benefits are no longer available, the Company shall pay Executive a lump sum
sufficient to enable Executive to obtain equivalent health and welfare benefits
from another source.

 

7.                                       Outplacement.

 

As
consideration for this Agreement and upon Executive’s request, Executive will
be afforded outplacement assistance through a provider mutually acceptable to
Executive and the Company at a cost to the Company not to exceed $25,000,
provided that Executive commences outplacement assistance no later than thirty
(30) days following the Termination Date.

 

8.                                       Confidential
Information.

 

Executive is a
party to an Employment Agreement dated February 26, 2004 and an Amendment
to Employment Agreement dated March 24, 2005 which imposes certain
obligations to preserve the confidentiality of Company information; Executive
acknowledges that he/she remains bound by the obligation notwithstanding
his/her separation from employment.

 

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9.                                       Release
of Claims Required for Certain Benefits.

 

Executive understands that he/she will not be entitled to receive any
payments until he/she executes and delivers the Separation Agreement, and the
revocation period set forth in the Separation Agreement has run.

 

Executive hereby releases and forever discharges the Company, its
predecessors, successors and assigns, and its past, present, and future
representatives, officers, trustees, shareholders, directors, agents,
attorneys, and employees, and their respective successors, assigns, executors,
and administrators (collectively, the “Releases”), of and from any and all
claims, charges, complaints, actions, causes of action, liability, damages,
costs, attorney fees, expenses of whatever nature, and demands of any kind
(including without limitation those based in tort, contract, or statue,
including without limitation, applicable state civil rights laws, Title VII of
the Civil Rights Act of 1964, the Post-Civil War Rights Act, the Age
Discrimination in Employment Act, 29, USC 621 et seq, the Americans with
Disabilities Act, the Rehabilitation Act of 1973, the Equal Pay Act of 1963,
and any regulations under such laws) up to and including the date set forth
below, whether known or unknown, foreseen or unforeseen, asserted or
unasserted.

 

Without limitation on the foregoing, Executive hereby accepts the
payments set forth herein in full settlement and satisfaction of all claims,
charges, complaints, actions, causes of action, and demands against the Company
or any of the Releases of every nature and kind whatsoever, known or unknown,
suspected or unsuspected, past, present, or future on account of or in any way
related to or arising from the employment relationship existing between them or
the termination of that relationship. 
Executive agrees that he/she is lawfully entitled to no payments, wages,
compensation, or benefits from the Company except as set forth in this
Agreement, and except for any amounts to which he/she is entitled under the
terms of the Company 401(k) plan and the Second Amended and Restated Retention
Agreement dated July 14, 2005.

 

Executive expressly waives all rights under Section 1542 of the
Civil Code of the State of California, which provides as follows:  “A general release does not extend to claims
which the creditor does not know or suspect to exist in his favor at the time
of executing the release, which if known by him must have materially affected
his settlement with the debtor.” 
Notwithstanding the provisions of Section 1542, and for the
purposes of implementing a full and complete release and discharge of the
Releases, Executive expressly acknowledges that this Agreement is intended to
include and does include in its effect all claims which Executive does not know
or suspect to exist in Executive’s favor at the time Employee signed this
Agreement.  Executive intends this
Agreement to extinguish such claims.

 

Executive represents that he/she has no claims against or relating to
the Company pending or filed with any local, state, or federal agency as of the
date this Agreement is signed; and that if any such claims are pending or
filed, they will be immediately withdrawn or dismissed.  Except where prohibited by law, Executive
agrees that he/she will not assert any court action, lawsuit, or any amendment
to his/her claims against the Company or any other Releases arising out of or
in connection with any of the foregoing released claims, including without
limitation any action, lawsuit, or claim arising out of or in connection with
the employment relationship existing between the Company and Executive or the
termination of that relationship other than one based upon an alleged violation
of this Agreement.  Where permitted by
operation of law, Executive

 

3

 

agrees that his/her sole monetary relief for any claim permitted to be
made following execution of this Agreement shall be the monetary relief already
provided.

 

The Company hereby releases and forever discharges Executive and
his/her heirs, successors, beneficiaries, agents and attorneys, and their
respective successors, assigns, executors, and administrators, of and from any
and all charges, complaints, actions, causes of action, liability, damages,
costs, attorney fees, expenses of whatever nature and demands of any kind
(including without limitation those based in tort, contract, or statue) arising
from or based on claims of which any current member of the Company’s Board of
Directors has actual knowledge as of the date of this Agreement.

 

10.  Right to enforce agreement
according to terms.

 

Notwithstanding anything herein, the parties retain all rights to
enforce this Agreement according to its terms.

 

11.  Older Worker Benefit
Protection Act.

 

This Agreement is subject to the terms of the Older Workers Benefit
Protection Act of 1990 (“OWBPA”).  The
OWBPA provides that an individual cannot waive a right or claim under the Age
Discrimination in Employment Act (“ADEA”) unless the waiver is knowing and
voluntary.  Pursuant to the terms of the
OWBPA, Executive acknowledges and agrees that he/she has executed this
Agreement voluntarily, and with full knowledge of its consequences.  In addition, Executive hereby acknowledges
and agrees as follows:

 

a.                                       This
Agreement has been written in a manner that is calculated to be understood, and
is understood, by Executive;

 

b.                                      The
release provisions of this Agreement apply to any rights Executive may have
under the ADEA;

 

c.                                       The
release provisions of this Agreement do not apply to any rights or claims
Executive may have under the ADEA that arise after the date he/she executes this
Agreement;

 

d.                                      The
Company hereby advises Executive to consult with an attorney prior to executing
this Agreement;

 

e.                                       The
Company is giving Executive a period of up to twenty-one (21) days to consider
this Agreement.  Executive may accept and
sign this Agreement before the expiration of the twenty-one (21) day
time-period, but he is not required to do so by the Company; and

 

f.                                         For
a period of seven (7) days following the signing of this Agreement,
Executive may revoke this Agreement. 
Executive will provide written notice of any such

 

4

 

revocation to the Company.  This Agreement shall become effective on the
eighth day after Executive signs it, if it has not been revoked during the
revocation period.

 

12.                                 Assistance
with Litigation and other Business.

 

The parties recognize that Executive may have specialized information
and knowledge that is or may be important to the Company in the event it is
involved in disputes, claims or litigation, or may have been involved in
incidents or events which relate to disputes, claims or litigation.  For the twelve months following the execution
of this Agreement, Executive agrees that he/she will make himself/herself
reasonably available to consult or assist the Company in any such matters.  The Company will reimburse any reasonable
expenses Executive incurs.  Thereafter,
the Company will reimburse Executive for any reasonable expenses and compensate
him/her for any time reasonably spent at his/her usual and customary fee for
consulting work, and shall provide such indemnification for that work as is
available under applicable law, the Company’s bylaws, and the Company’s
liability coverage.

 

13.                                 Nondisparagement.

 

The parties agree not to make any derogatory remarks of any nature
whatsoever at any time about each other, about past or present employees or the
Company’s products, publicly or privately, unless required by law.  Nothing here shall limit any party in the
giving of truthful testimony or information, where the party is under legal
compulsion to do so.

 

14.                                 Confidentiality
of Agreement.

 

Executive agrees that he/she will not disclose, disseminate, or
publicize, or cause or permit to be disclosed, disseminated, or publicized any
of the terms of this Agreement, subject to the following exceptions only: (i) to
the extent necessary to represent the Company’s interests in claims or
litigation where the Company authorizes disclosure; (ii) to the extent
necessary to report income to appropriate taxing authorities, provided any
person to whom the information is disclosed shall also be bound by this
confidentiality provision; (iii) in response to an order or subpoena of a
court or governmental agency of competent jurisdiction, provided, however, that
notice of receipt of such order or subpoena shall be immediately communicated
to the Company telephonically and in writing, so that  the Company shall have an opportunity to
intervene and assert what rights it has to nondisclosure prior to Executive’s
response to such order or subpoena; (iv) to the extent necessary to
enforce this Agreement.  Executive may
also disclose the terms of this Agreement to his/her lawyers, accountants and
financial advisers, and as required to lenders or lending institutions for
consideration in applications for loans or credit.

 

The Company agrees that, except on a business need-to-know basis, it
will not disclose, disseminate or publicize, or cause or permit to be
disclosed, disseminated or publicized, any of the terms of this Agreement.  These obligations are subject to the
following exceptions only (i) to the extent necessary to represent its
interests in claims or litigation, (ii) to the extent necessary to

 

5

 

comply with government reporting obligations, including but not limited
to the Company’s proxy statements where required, (iii) in response to an
order or subpoena of a court or governmental agency of competent jurisdiction,
provided, however, that notice of receipt of such order or subpoena shall be
immediately communicated to Executive telephonically and in writing so that
Executive shall have an opportunity to intervene and assert what rights he/she
has to nondisclosure prior to the Company’s response to such order or subpoena;
(iv) to the extent necessary to enforce this Agreement.

 

15.                                 Return
of Property.

 

Executive is a party to an Employment Agreement which requires him/her
immediately upon termination to return Confidential Information to the
Company.  Executive acknowledges his/her
continuing obligations under that Agreement and represents that as of the
Termination Date he/she has complied fully with the obligation to return
Company’s Confidential Information.

 

16.                                 Non-Competition.

 

Executive will not, throughout North America, Europe or Asia either
individually or as a director, officer, partner, employee, agent,
representative, or consultant with any business, directly or indirectly for
three years following the Termination Date:

 

(a)                                  Engage or prepare to
engage in the business of frozen or refrigerated products which contain
Imitation Meat products exclusively or as a primary ingredient.  Notwithstanding anything herein, Executive
shall not be restricted from engaging or preparing to engage in activities for
a business that has a separate product line or division that manufactures or
markets products that contain Imitation Meat products as described above, so
long as Executive does not personally work in that division or with that
product line;

 

(b)                                 Induce or attempt to
induce any person who is an employee of the Company to leave the employ of the
Company; or

 

(c)                                  Solicit, divert, or
accept orders for products or services that are substantially competitive with
the products or services sold by the Company from any customer of the Company,
or suggest, request, or encourage any suppliers or customers of the Company to
curtail, reduce, or cancel their business done with the Company, or otherwise
solicit for himself/herself or any other person or entity any business of the
Company.

 

While Executive acknowledges that the restrictions contained herein are
reasonable, if any term or condition of this Non-competition provision is
determined to be unenforceable because of its scope, duration, geographical
area or similar factor, the court or arbitrator making such determination will
have the power to reduce or limit such scope, duration, area, or other factor,
and such covenant will then be enforceable in its reduced or limited form.

 

6

 

17.                                 No
Admission.

 

The Parties agree that, by entering into this Agreement, neither party
admits, and each Party specifically denies, any violation of any local, state,
or federal law, common or statutory.  The
Parties recognize that this Agreement has been entered into in order to achieve
an orderly separation and nothing contained herein shall be construed to be an
admission of liability or a concession of any kind.

 

17.                                 Consequences
of Breach.

 

If Executive materially breaches this Agreement, the Company shall be
relieved of any obligation to make any payment not yet made provided that an
arbitrator in a proceeding duly commenced by the Company pursuant to this
Agreement shall have determined that Executive has materially breached the
Agreement.  The Company may suspend any
payments due under the Agreement during the pendency of the Arbitration
proceeding but if the Arbitrator concludes there was no material breach, the
Company shall forthwith discharge all arrears together with interest accrued
from the date the payment was suspended payable at prime.

 

18.                                 Integration.

 

The Parties agree that this Agreement (together with the documents
incorporated by reference) states the entire agreement of the Parties and
except as expressly provided, referenced or incorporated herein, supersedes all
prior and contemporaneous negotiations and agreements, oral or written.  Each Party expressly acknowledges that the
other Party did not, directly or indirectly, make any promises,
representations, or warranties whatsoever, express or implied, other than those
contained in this Agreement.  The Parties
further agree that this Agreement may be amended only by a subsequent writing
signed by both of the Parties.

 

19.                                 Waiver.

 

No waiver of any provision of this Agreement shall be deemed, or shall
constitute, a waiver of any other provisions, whether or not similar, nor shall
any waiver constitute a continuing waiver. 
No waiver shall be binding unless executed in writing by the party
making the waiver.

 

20.                                 Binding
Effect.

 

All rights, remedies and liabilities herein given to or imposed upon
the parties shall extend to, inure to the benefit of and bind, as the
circumstances may require, the parties and their respective heirs, personal
representatives, administrators, successors and permitted assigns; provided,
however, that the obligations of Executive are personal and shall not be
assigned by him/her.

 

21.                                 Severability.

 

The Parties agree that any provision of this Agreement that is held to
be illegal, invalid, or unenforceable under present or future laws shall be
fully severable.  The Parties further
agree that this Agreement shall be construed and enforced as if the illegal,
invalid, or unenforceable provision had never been a part of this Agreement and
the remaining provisions of this Agreement shall remain in full force and
effect and shall not be affected by the illegal, invalid, or

 

7

 

unenforceable provision or by its severance from this Agreement.  Furthermore, a provision as similar to the
illegal, invalid, or unenforceable provision as is possible and legal, valid,
and enforceable shall be automatically added to this Agreement in lieu of the
illegal, invalid, or unenforceable provision.

 

22.                                 Arbitration.

 

The parties agree that any dispute relating to this Separation
Agreement shall be resolved in accordance with the provisions governing
arbitration set forth in the Employment Agreement.

 

23.                                 Knowing
and Voluntary Agreement; No Pressure or Coercion.

 

Executive acknowledges
and agrees that the only consideration for this Agreement is the consideration
expressly described herein, that he/she has carefully read the entire
Agreement, that he/she has had the opportunity to review this Agreement and to
have it reviewed and explained to him/her by an attorney and financial counsel
of her choosing, that he/she fully understands its final and binding effect,
and that he/she is signing this Agreement voluntarily, with the full intent of
releasing the Company from all claims, without any undue pressure or coercion
from the Company.

 

	
   

  	
  GARDENBURGER, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
     /s/ Robert T. Trebing

  	
   

  	
    /s/ Scott Wallace

  	
   

  
	
  Robert T. Trebing

  	
  Scott Wallace

  
	
   

  	
  President & Chief Executive
  Officer

  
				

 

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