Document:

Exhibit 10.39

 

June 7, 2005

 

[NAME]

[ADDRESS]

Dear [NAME]:

On [DATE], you loaned Corgenix Medical Corporation
(the “Company”) $[                   ]
as evidenced by that certain promissory notes dated [DATE] (the “Promissory
Notes”), a copy of which is attached to this letter agreement.  You and the Company have agreed in principal
to a transaction whereby the Company would issue shares of the Company’s common
stock (“Shares”) and warrants to acquire additional shares of common
stock (“Warrants”) in exchange for your agreement to accept the Shares
and Warrants in full satisfaction of all amounts owed by the Company to you
pursuant to the terms of the Promissory Note. 
This letter memorializes the agreement between you and the Company and
sets forth the specific terms and conditions thereof:

1.             The aggregate
amount of unpaid principal and accrued and unpaid interest on the Promissory
Notes as of the date of this letter agreement is $[                   ]
(the “Outstanding Amount”).

2.             The price per Share
at which the Outstanding Amount will be converted is $0.25.  Consequently, the Company will issue [                   ]
Shares to you.

3.             The Company will
issue Warrants to acquire up to an additional [                   ]
Shares.  The exercise price for the Warrants
will be $0.23 per Share.  The Warrants
expire June 6, 2012.

4.             You hereby agree
and acknowledge that the Shares and Warrants constitute full repayment of all
amounts owing under the Promissory Note and that such Promissory Note shall
therefor be deemed to be paid in full. 
You further agree that you will immediately forfeit the Promissory Note
to the Company.

5.             You hereby make the
following representations and warranties upon which the Company will rely in
connection with the issuance of the Shares and Warrants:

(a)           You
have had the opportunity to make an independent evaluation of the Company and
an investment in the Company and to consult with such of your own advisers as
you deem appropriate;

(b)           You
confirm that you have been afforded an opportunity to request information from
and pose questions to the Company with respect to the terms and conditions of
the Shares and Warrants, to obtain any additional information necessary to
verify the accuracy of any information provided by the Company, and the Company
has responded to all questions or inquiries to your satisfaction;

(c)           You
recognize that your investment in the Company is speculative and you may lose
some or all of the total amount of the investment;

 

 

(d)           You
understand that the transferability of the Shares and Warrants is restricted by
applicable federal and state securities laws, and that you cannot readily
liquidate your investment in the Company;

(e)           You
are receiving the Shares and Warrants for investment purposes and your own
account, and have no present intention of distributing or reselling the
same.  You acknowledge that your State of
residence may impose restrictions on the right to transfer the Shares or
Warrants and that there are restrictions on transfer under the federal securities
laws;

(f)            You
are an “accredited investor” pursuant to Section 501(a) of Regulation D
promulgated under the Securities Act of 1933; and

(g)           You
have sufficient knowledge and experience in financial and business matters so
as to enable you to evaluate the merits and risks of the proposed
investment.  You are able to bear the
economic risk of this investment, with the full understanding that you may lose
the entire investment, and lose the entire investment in the Shares and
Warrants without producing a material adverse change in your standard of living
as of the date hereof.

Please confirm the foregoing terms of this letter
agreement by signing where provided below.

	
   

  	
   

  	
  Sincerely yours,

  
	
   

  	
   

  	
  Corgenix Medical
  Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  William H. Critchfield,

  Chief Financial Officer

  
	
  AGREED AND ACKNOWLEDGED THIS

  	
   

  	
   

  	
   

  
	
  7th DAY OF JUNE, 2005<Page>

                                                                   EXHIBIT 10.28

              CONFIDENTIAL SEPARATION AGREEMENT AND GENERAL RELEASE

          This Confidential Separation Agreement and General Release
("Agreement") is entered into by and among Merisant Company, Inc., a Delaware
corporation ("Merisant"), Merisant US, Inc., a Delaware corporation and
wholly-owned subsidiary of Merisant ("Merisant US"), Merisant Worldwide, Inc., a
Delaware corporation and the parent of Merisant ("Worldwide") (Merisant,
Merisant US and Worldwide collectively referred to herein as the "Company") and
Warren Grayson ("Grayson").

          WHEREAS, Grayson and the Company desire to enter into this Agreement
to set forth the terms of Grayson's resignation of employment (if any) from
Merisant, Merisant US and Worldwide and a release of claims and certain other
matters related thereto; and

          WHEREAS, Grayson and Merisant currently are parties to that certain
Agreement dated January 30, 2004 (hereinafter referred to as the
"Confidentiality Agreement"), a true and correct copy of which is attached as
Exhibit A hereto, and Grayson and Worldwide are parties to an Indemnification
Agreement dated June 21, 2004 (hereinafter referred to as the "Indemnification
Agreement"), a true and correct copy of which is attached as Exhibit B hereto.

          NOW, THEREFORE, in consideration of the mutual promises and agreements
contained herein and for other good and valuable consideration, the sufficiency
and receipt of which are hereby acknowledged, the parties agree as follows:

          1.     RESIGNATION. Grayson hereby voluntarily resigns from his
employment (if any) with Merisant, Merisant US and Worldwide and from any and
all subsidiaries and other affiliates thereof (if any), which resignation shall
be effective at the close of business on May 31, 2005 (such date referred to
herein as the "Separation Date", unless the Separation Date is accelerated
pursuant to Section 3 below), and hereby voluntarily resigns from any and all
officer positions with Merisant, Merisant US and Worldwide and from any and all
subsidiaries and other affiliates thereof (if any) effective upon the date that
he signs this Agreement. The Company hereby accepts all such resignations by
Grayson.

          2.     TRANSITION PERIOD. Subject to the terms of this Agreement, and
provided that Grayson signs and returns this Agreement to the Company within 21
days of his receipt thereof, complies with this Agreement's terms and does not
revoke it in accordance with Section 18 below, and provided further that Grayson
also shall have met the performance and cooperation standards described in
Section 2(a) below during the period from his receipt of this Agreement to his
execution thereof:

                 (a)     Grayson shall perform such duties and responsibilities
as in-house legal counsel on a full-time basis as the Company directs from time
to time from the date that Grayson signs this Agreement through the Separation
Date (such period referred to as the "Transition Period"), and also will assist
and cooperate with the Company during the Transition Period in transitioning his
duties and responsibilities to such person or persons as are designated by the
Company. Grayson shall perform all such duties and responsibilities diligently
and faithfully in the best interests of the Company. Notwithstanding the
foregoing, during the Transition Period, Grayson may spend reasonable time to
conduct a search for other employment

<Page>

and, upon mutual agreement between Grayson and the Company, may use the
outplacement services described in Section 5(c) below once he becomes eligible
for such services pursuant to this Agreement, provided that such search and use
shall not unreasonably interfere with Grayson's duties and obligations to the
Company during the Transition Period. Grayson acknowledges and agrees that he
shall not earn or accrue any vacation time for any period after he signs this
Agreement.

                 (b)     During the Transition Period: (i) the Company shall
continue to pay Grayson his pro-rated base salary at his current annualized rate
(without increase) of $220,000.00, less required and authorized withholdings and
deductions, in gross installments of $9,166.66 in accordance with the Company's
normal payroll schedule; and (ii) Grayson will continue to participate in any
available Company employee health benefit plans and policies (but not any bonus,
incentive, severance or equity-based compensation plans or policies) in which he
currently participates, subject to the terms and conditions of such plans and
policies, which plans, policies, terms and conditions the Company may amend,
modify, suspend or terminate at any time for any or no reason in its discretion.

          3.     ACCELERATED TERMINATION FOR CAUSE.  Notwithstanding Sections 1
and 2 above:

                 (a)     in the event that Grayson at any time commits any
act(s) or omission(s) that constitute(s) "Cause" (as defined below), the Company
may in its discretion accelerate Grayson's Separation Date to a date prior to
May 31, 2005, as chosen by the Company in its discretion. In the event of any
such accelerated termination, Grayson shall not be entitled to or receive any
amounts pursuant to Sections 2 or 5 of this Agreement or otherwise, other than:
(y) any earned and unpaid pro-rated base salary (if any) at his current
annualized rate (less required and authorized withholdings and deductions) for
services rendered as an employee through the Separation Date (as accelerated, if
at all); and (z) any amounts payable pursuant to Section 4 below.

                 (b)     "Cause," as used herein, means any of the following
act(s) or omission(s) by Grayson, directly or indirectly, as determined by the
Company in good faith: (a) embezzlement, misappropriation of corporate funds, or
commission of any other material act of dishonesty; (b) commission of any
felony, or any misdemeanor involving moral turpitude, or entry of a plea of
guilty or nolo contendere to any such felony or misdemeanor; (c) engaging in any
activity that Grayson knows or reasonably should know will or could harm the
business or reputation of the Company or any of its affiliates; (d) refusal to
perform or disregard of any of his duties and responsibilities, or failure to
adhere to the Company's material corporate codes, policies or procedures (as in
effect or amended from time to time in the Company's discretion), including
without limitation, the Company's Code of Business Conduct and Ethics; or (e)
material breach or threatened breach of this Agreement, or breach or threatened
breach of any provision of the Confidentiality Agreement.

          4.     EARNED VACATION; EMPLOYEE BENEFITS. Grayson shall be paid no
later than the next regular Company payroll date after the Separation Date (as
accelerated, if at all) for any earned and unused vacation as of the Separation
Date in accordance with applicable Company policies and practices and applicable
law. As of the date of this Agreement, the gross vacation

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pay amount to be paid is $11,076.39. Subject to Sections 5 and 6 of this
Agreement, Grayson's participation, if any, in any employee benefit plans and
policies of the Company after the Separation Date will be determined in
accordance with the terms and conditions of such plans and policies, which
plans, policies, terms and conditions the Company may amend, modify, suspend or
terminate in accordance with the amendment provision(s) of such plans and
policies or applicable law.

          5.     SEVERANCE BENEFITS. Subject to the terms of this Agreement, and
provided that Grayson signs and returns this Agreement within 21 days of his
receipt thereof, does not revoke this Agreement pursuant to Section 18 below,
and complies with the terms of this Agreement (including without limitation,
Sections 2(a) and 11), and provided that he also has met the performance and
cooperation standards described in Section 2(a) during the period from his
receipt of this Agreement until his execution thereof, the Company shall:

                 (a)     pay Grayson a special severance benefit in a gross
aggregate amount of $183,333.33, less required and authorized withholdings and
deductions, in twenty (20) equal gross installments of $9,166.66 in accordance
with the Company's normal payroll schedule;

                 (b)     continue to pay the employer portion of Grayson's
premiums to continue his then-current coverage as of the Separation Date under
the Company's health and dental plans for three (3) months following the
Separation Date (Grayson to continue to pay the employee portion at regular
employee rates) under the Consolidated Omnibus Budget Reconciliation Act of
1985, as amended ("COBRA") (provided that Grayson timely elects such COBRA
coverage in accordance with Company policy and applicable law), after which time
Grayson's participation in the Company's health and dental plans shall be
governed solely by COBRA and at Grayson's sole expense; and

                 (c)     make executive level outplacement services available to
Grayson, at the Company's expense, through Scherer Schneider Paulick, for a
period of six (6) months following the Separation Date, or such earlier date (if
any) as Grayson shall secure other employment, provided, however, that upon
mutual agreement of the Company and Grayson and after Grayson becomes eligible
for such services under this Agreement, Grayson may use such services prior to
the Separation Date, in which case the six-month period shall run from the date
on which Grayson first uses such services.

Subject to the terms of this Agreement, the payments and other benefits set
forth in this Section 5 shall commence following the eighth day after the
Company has received a fully executed copy of this Agreement (provided that
Grayson has not revoked it). Where applicable, any and all such payments shall
be sent to Grayson's last known address on the Company's records or to such
other address as Grayson shall indicate to the Company in writing. Grayson
acknowledges and agrees that he would not be entitled to or receive any of the
payments or other benefits set forth in this Section 5 but for his undertakings
in this Agreement. This Agreement is intended to comply with Section 409A of the
Internal Revenue Code of 1986, as amended, and shall be interpreted and
construed accordingly.

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<Page>

          6.     CERTAIN ADDITIONAL ACKNOWLEDGMENTS. Grayson acknowledges and
agrees: (a) that Grayson had, and has, no stock appreciation right(s), option(s)
or other equity-based interest of any kind with respect to the Company or any of
its affiliates under the Tabletop Holdings, Inc. Stock Appreciation Rights Plan,
dated March 17, 2000, or otherwise; (b) that he has read and is familiar with,
and is not entitled to receive, and shall not receive, any incentive or other
compensation or benefits of any kind under any past or present Company annual
incentive plan, long term incentive plan, supplemental long term incentive plan,
or the Merisant US, Inc. Severance Pay Plan; and (c) that the Confidentiality
Agreement shall remain in full force and effect in accordance with its terms and
he shall comply therewith. The parties reconfirm their obligations under the
Indemnification Agreement. The parties acknowledge and agree that this Agreement
does not create, expand, reduce, limit or otherwise modify any indemnification
right or obligation under the Indemnification Agreement. Grayson acknowledges
and agrees that competitive entities with respect to which the provisions of the
Confidentiality Agreement apply (including but not limited to the "Competitive
Activity" section of the Confidentiality Agreement) include, but are not limited
to, Johnson & Johnson, McNeil Consumer Products and affiliates, Cumberland
Packaging, Inc., Ajinomoto Co., Inc., Hermesetas, Alberto Culver Company, and
Sara Lee Corporation, provided that nothing herein shall prevent Grayson from
complying with any applicable attorney professional responsibility rules and
this provision shall be interpreted and construed accordingly.

          7.     COMPREHENSIVE RELEASE AND WAIVER OF CLAIMS.

                 (a)     Grayson, and anyone claiming through him or on his
behalf, agree not to sue and further agree to release the Company and the other
Released Parties (as defined in Section 9 below) with respect to any and all
claims, whether currently known or unknown, that Grayson now has, has ever had,
or may ever have against any of the Released Parties arising from or related to
any agreement, act, omission, or thing occurring or existing at any time prior
to or on the date on which Grayson signs this Agreement. Without limiting the
generality of the foregoing, the claims released by Grayson hereunder include,
but are not limited to: (i) all claims for or related in any way to Grayson's
employment, compensation, other terms and conditions of employment, or
termination from employment with the Company, including without limitation,
claims for payment under any and all Company incentive plans and claims for
severance pay and any other severance benefits under the Merisant US, Inc.
Severance Pay Plan; (ii) all claims that were or could have been asserted by
Grayson or on his behalf (x) in any federal, state, or local court, commission,
or agency, (y) under any common law theory, or (z) under any employment,
contract, tort, federal, state, or local law, regulation, ordinance,
constitution, or executive order; and (iii) all claims that were or could have
been asserted by Grayson or on his behalf arising under any of the following
laws, as amended from time to time: the Age Discrimination in Employment Act,
Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act,
the Employee Retirement Income Security Act, the Family and Medical Leave Act of
1993, the Illinois Human Rights Act, and the Chicago and Cook County Human
Rights Ordinances. Notwithstanding the foregoing, this release does not include
or otherwise affect any claims by Grayson for vested benefits (if any) under any
Company health, dental, vision or 401(k) plan.

                 (b)     Merisant, Merisant US and Worldwide, on behalf of
themselves, their past and present parents, divisions, subsidiaries,
partnerships, affiliates, joint ventures, joint

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venturers, and other related entities, any anyone claiming through any of them
or on their behalves (collectively, "Company Releasing Parties"), agree not to
sue and further agree to release Grayson and his successors, assigns, spouses,
descendants, heirs, executors and attorneys (collectively, "Grayson Released
Parties") with respect to any and all claims arising out of Grayson's employment
or the termination thereof, whether currently known or unknown, that the Company
Releasing Parties now have, have ever had, or may ever have against any of the
Grayson Released Parties at any time prior to or on the date on which the last
of Merisant, Merisant US and Worldwide signs this Agreement, except that the
Company Releasing Parties shall not release or agree not to sue Grayson from or
with respect to any claims arising out of any criminal, intentional or reckless
conduct or other gross misconduct by Grayson.

          8.     CERTAIN REPRESENTATIONS AND WARRANTIES. Grayson represents and
warrants that: (a) he has not filed or initiated any legal, equitable,
administrative, or other proceeding(s) of any kind against any of the Released
Parties; (b) no such proceeding(s) have been initiated against any of the
Released Parties on his behalf; (c) he is the sole owner of the actual or
alleged claims, demands, rights, causes of action, and other matters that are
released in Section 7(a) above; (d) the same have not been transferred or
assigned or caused to be transferred or assigned to any other person, firm,
corporation or other legal entity; and (e) he has the full right and power to
grant, execute, and deliver the releases, undertakings, and agreements contained
in this Agreement. The Company represents and warrants that: (a) the Company
Releasing Parties have not filed or initiated any legal, equitable,
administrative, or other proceeding(s) of any kind against any of the Grayson
Released Parties; (b) no such proceeding(s) have been initiated against any of
the Grayson Released Parties on their behalf; (c) the Company Releasing Parties
are the sole owner of the actual or alleged claims, demands, rights, causes of
action, and other matters that are released in Section 7(b) above; (d) the same
have not been transferred or assigned or caused to be transferred or assigned to
any other person, firm, corporation or other legal entity; and (e) the Company
Releasing Parties have the full right and power to grant, execute, and deliver
the releases, undertakings, and agreements contained in this Agreement.

          9.     RELEASED PARTIES. The term "Released Parties" as used in this
Agreement includes: (a) the Company and each of its past, present, and future
parents, divisions, subsidiaries, partnerships, affiliates, joint ventures,
joint venturers and other related entities (whether or not such entities are
wholly owned), including without limitation Merisant Foreign Holdings; (b) the
past, present, and future owners, trustees, fiduciaries, administrators,
shareholders, members, directors, officers, partners, associates, agents,
representatives, employees, and attorneys of each entity listed in subpart (a)
of this paragraph; and (c) the predecessors, successors, and assigns of each
entity and person listed in subparts (a) and (b) of this paragraph.

          10.    COMPLETE SETTLEMENT; NO FURTHER PAYMENTS OR RECOVERY. The
consideration offered herein is accepted by Grayson as being in full accord,
satisfaction, compromise and settlement of any and all claims and potential
claims, and Grayson expressly agrees that he is not entitled to and shall not
receive any further payments, benefits, or other compensation or recovery of any
kind from the Company or any of the other Released Parties, provided that
nothing in this Section shall affect any claims by Grayson for vested benefits
(if any) under any Company health, dental, vision or 401(k) plan. Grayson
further agrees that in the event of any further proceedings whatsoever based
upon any matter released herein, the

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Company and each of the other Released Parties shall have no further monetary or
other obligation of any kind to Grayson, including without limitation any
obligation for any costs, expenses or attorneys' fees incurred by or on behalf
of Grayson.

          11.    COOPERATION. Grayson agrees that he shall cooperate fully with
the Company and any of the other Released Parties: (a) in investigating,
defending, prosecuting, litigating, filing, initiating or asserting any actual
or potential claims or investigations (including without limitation in
connection with any legal, equitable, administrative, or other proceedings) that
may be made by or against the Company or any of the other Released Parties, to
the extent that such claims or investigations may relate to or arise out of
Grayson's employment with the Company or his activities relating to or on behalf
of any of the Released Parties, including without limitation in MERISANT COMPANY
V. MCNEIL NUTRITIONALS LLC AND MCNEIL-PPC, INC., Civil Action No. 04-CV-5504 in
the United States District Court for the Eastern District of Pennsylvania; and
(b) in consulting with and providing assistance to the Company and the other
Released Parties on issues and matters that may relate to or arise out of
Grayson's acts, duties and responsibilities during his employment with the
Company. Grayson's obligation to cooperate hereunder shall include, without
limitation, meeting with such persons at such times and in such places as the
Company and the other Released Parties may reasonably require, and giving
truthful evidence and truthful testimony and executing and delivering to the
Company and any of the other Released Parties any papers requested by any of
them (including without limitation joint defense agreements and truthful
affidavits). Grayson shall be reimbursed for reasonable out-of-pocket expenses
incurred by Grayson in rendering cooperation pursuant to this Section.

          12.    RETURN OF PROPERTY. Without limiting, modifying or otherwise
affecting the Confidentiality Agreement, on or before the Separation Date,
Grayson shall promptly return to the Company all property of the Company and the
other Released Parties that is within his possession, custody or control.

          13.    NO FUTURE EMPLOYMENT OR ENGAGEMENT. Grayson has no present or
future right to employment with the Company or any of the other Released Parties
and shall not apply or seek consideration for any employment, engagement, or
contract with any of them.

          14.    ETHICAL OBLIGATIONS AND CONFIDENTIALITY. Grayson acknowledges
and agrees that at all times, he shall be bound by, and shall comply with, any
and all applicable codes, rules and canons of professional conduct and/or
responsibility (as may be amended from time to time) that are applicable to his
prior professional relationship with the Company and any and all of its
affiliates as a lawyer for the Company and any and all of its affiliates. Except
as required by law or to enforce the obligations established by this Agreement,
Grayson agrees that he will not disclose the terms of this Agreement to any
third parties with the exception of his accountants, attorneys, and spouse, and
shall ensure that each such person maintains any such disclosed information in
the strictest confidence and does not disclose any such information to any other
person. Grayson shall, to the extent practicable, provide the Company and the
other Released Parties with as much advanced notice of any such legally required
disclosure as practicable prior to making any such disclosure. Grayson shall
direct all third-parties with inquiries concerning his employment to Anne
Linsdau or her successor. In response to such inquiries received by Linsdau or
her successor, the Company will communicate only Grayson's

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dates of employment, the positions he held and that the Company would reemploy
Grayson. The Company agrees that from the date of the execution of this
Agreement forward, it will not disclose the terms of this Agreement to anyone
except as may be required to comply with legal process or to enforce the
obligations established by this Agreement, provided that the Company may
disclose the terms of this Agreement to Company representatives and may disclose
the terms of this Agreement to third parties as is reasonably necessary in the
course of Company business, including without limitation such disclosures as are
permitted pursuant to Section 15 below.

          15.    NONDISPARAGEMENT. Grayson shall refrain from all conduct,
verbal or otherwise, that disparages or damages or could disparage or damage the
reputation, goodwill, or standing in the community of the Company or any of the
other Released Parties. The Company's executives and officers shall refrain from
all conduct, verbal or otherwise, that disparages or damages or could disparage
or damage the reputation, goodwill, or standing in the community of Grayson.
Notwithstanding the foregoing, nothing herein shall prohibit the Company from
making disclosure reasonably required under the federal securities laws and the
rules of the Securities and Exchange Commission ("SEC") promulgated thereunder
and the rules of any stock exchange or national securities market on which
Merisant's, Merisant US's or Worldwide's (or any of their affiliates')
securities are traded, or prohibit Grayson or authorized representatives of the
Company from giving truthful and non-malicious testimony if properly subpoenaed
or otherwise required to testify under oath. Grayson acknowledges and agrees
that the Company may file a copy of this Agreement with the SEC and, therefore,
that the terms hereof will be publicly disclosed. Grayson further acknowledges
and agrees that, to the extent he at any time alleges that a Company executive
or officer has acted in breach of this Section, Grayson shall have the burden of
proving that any such action was undertaken on behalf of, and is attributable
to, the Company (without in any way limiting any other burden that he may have
under applicable law).

          16.    INJUNCTIVE RELIEF AND CERTAIN OTHER RELIEF. (a) Without in any
way limiting the Company's or any of the other Released Parties' rights to
pursue any other legal or equitable remedies available to any of them, Grayson
recognizes and agrees that a breach of any or all of the provisions of Sections
11, 14 and 15 of this Agreement will cause immediate and irreparable harm to the
Company and the other Released Parties for which damages cannot be readily
calculated and for which they are an inadequate remedy. Accordingly, Grayson
acknowledges and agrees that the Company and the other Released Parties shall be
entitled (without the need to post any bond or other security) to injunctive
relief restraining and enjoining any further actual or threatened breaches by
Grayson in addition to any other relief that may be available. Grayson shall
reimburse the Company and the other Released Parties for any and all costs and
expenses (including without limitation attorneys' fees) incurred by any of them
in connection with the enforcement of any of their rights under this Agreement.

                 (b)     Without in any way limiting Grayson's right to pursue
any other legal or equitable remedies available to him, the Company recognizes
and agrees that a breach of any or all of the provisions of Sections 14 and 15
of this Agreement will cause immediate and irreparable harm to Grayson for which
damages cannot be readily calculated and for which they are an inadequate
remedy. Accordingly, the Company acknowledges and agrees that Grayson shall be
entitled (without the need to post any bond or other security) to injunctive
relief

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restraining and enjoining any further actual or threatened breaches by the
Company in addition to any other relief that may be available.

          17.    NO ADMISSION. Nothing in this Agreement is intended to be or
shall be construed as an admission by the Company or any of the other Released
Parties that any of them violated any law, interfered with any right, breached
any obligation or otherwise engaged in any improper or illegal conduct with
respect to Grayson, any of the other Grayson Released Parties or otherwise.
Nothing in this Agreement is intended to be or shall be construed as an
admission by Grayson that he violated any law, interfered with any right,
breached any obligation or otherwise engaged in any improper or illegal conduct
with respect to the Company, any of the other Released Parties or otherwise.
Each of the Grayson Released Parties and each of the Released Parties expressly
deny any such illegal or wrongful conduct.

          18.    CERTAIN ACKNOWLEDGEMENTS AND RIGHTS OF GRAYSON. GRAYSON
ACKNOWLEDGES, UNDERSTANDS, AND AGREES THAT: (a) HE HAS READ AND UNDERSTANDS THE
TERMS AND EFFECT OF THIS AGREEMENT; (b) HE RELEASES AND WAIVES CLAIMS UNDER THIS
AGREEMENT KNOWINGLY AND VOLUNTARILY, IN EXCHANGE FOR CONSIDERATION IN ADDITION
TO ANYTHING OF VALUE TO WHICH HE ALREADY IS ENTITLED; (c) HE HEREBY IS AND HAS
BEEN ADVISED OF HIS RIGHT TO HAVE HIS ATTORNEY REVIEW THIS AGREEMENT BEFORE
SIGNING IT; (d) HE HAS TWENTY-ONE (21) DAYS IN WHICH TO CONSIDER WHETHER TO
EXECUTE THIS AGREEMENT; (e) WITHIN SEVEN (7) DAYS FROM THE DATE ON WHICH HE
SIGNS THIS AGREEMENT, HE MAY, AT HIS SOLE OPTION, REVOKE THIS AGREEMENT UPON
WRITTEN NOTICE TO ANNE LINSDAU, MERISANT COMPANY, INC., 10 SOUTH RIVERSIDE,
SUITE 850, CHICAGO, ILLINOIS 60606, AND (f) THE AGREEMENT WILL NOT BECOME
EFFECTIVE UNTIL THIS SEVEN-DAY REVOCATION PERIOD HAS EXPIRED WITHOUT ANY
REVOCATION. IF GRAYSON REVOKES THIS AGREEMENT WITHIN THIS SEVEN-DAY PERIOD, IT
SHALL BE NULL AND VOID.

          19.    ASSIGNMENT. This Agreement may be assigned or transferred to,
and shall be binding upon and shall inure to the benefit of: (a) the Company,
(b) any of the other Released Parties, and (c) any person or entity that at any
time (whether by merger, purchase or otherwise) acquires all or substantially
all of the assets, ownership interests or business of the Company or any of the
other Released Parties. Grayson may not assign any of his rights or obligations
under this Agreement.

          20.    ENTIRE AGREEMENT. This Agreement embodies the entire agreement
and understanding of the parties hereto with regard to the matters described
herein and supersedes any and all prior and/or contemporaneous agreements and
understandings, oral or written, between said parties regarding such matters,
except that nothing herein shall limit, modify or otherwise affect the
Confidentiality Agreement or the Indemnification Agreement.

          21.    GOVERNING LAW; AMENDMENT; WAIVER; HEADINGS. This Agreement
shall be construed and interpreted in accordance with the internal laws of the
State of Illinois. The parties agree that this Agreement may be modified only in
writing signed by all parties, and that any party's failure to enforce this
Agreement in the event of one or more events which violate

                                        8
<Page>

this Agreement shall not constitute a waiver of any right to enforce this
Agreement against any subsequent violations. The headings used in this Agreement
are for convenience only and are not to be used in interpreting or construing
this Agreement.

          22.    SEVERABILITY. Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be prohibited
by or invalid under applicable law, such provision will be ineffective only to
the extent of such prohibition or invalidity, without invalidating the remainder
of such provision or the remaining provisions of this Agreement.

          23.    COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which taken together shall constitute one and the same
instrument.

          THE PARTIES STATE THAT THEY HAVE READ AND UNDERSTAND THE FOREGOING AND
THAT THEY INTEND TO BE BOUND THERETO.

WARREN GRAYSON                             MERISANT COMPANY, INC.

 /s/ WARREN B. GRAYSON                     BY:  ANNE C. LINSDAU
--------------------------------------         ---------------------------------

DATE:    MAY 4, 2005                       TITLE:  EXECUTIVE VP HUMAN RESOURCES
      --------------------------------            ------------------------------

                                           DATE:  MAY 4, 2005
                                                 -------------------------------

MERISANT US, INC.                          MERISANT WORLDWIDE, INC.

BY:  ANNE C. LINSDAU                       BY:  ANNE C. LINSDAU
    ----------------------------------         ---------------------------------

TITLE:  EXECUTIVE VP HUMAN RESOURCES       TITLE:  EXECUTIVE VP HUMAN RESOURCES
       -------------------------------            ------------------------------

DATE:  MAY 4, 2005                         DATE:  MAY 4, 2005
      -------------------------------            -------------------------------

                                        9

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