SEC Contract Filing

Filing Date: 2023-06-30

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d515679dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SEPARATION BENEFITS </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>&amp; GENERAL RELEASE AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Separation Benefits and General Release Agreement (this &#147;<U>Agreement</U>&#148;) is made and entered into effective June&nbsp;29,
2023 by and between John B. Sanfilippo&nbsp;&amp; Son, Inc. (hereinafter referred to as &#147;<U>JBSS</U>&#148; or the &#147;<U>Company</U>&#148;) and Shayn E. Wallace (hereinafter referred to as the &#147;<U>Executive</U>&#148;). The Company and
Executive are collectively referred to herein as the &#147;<U>Parties</U>&#148; and individually as a &#147;<U>Party</U>.&#148; </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the
Parties mutually agree and acknowledge that Employee&#146;s Illinois-based <FONT STYLE="white-space:nowrap">at-will</FONT> employment with the Company was involuntarily terminated for legitimate business reasons on June&nbsp;29, 2023 (the
&#147;<U>Separation Date</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Executive is resigning from the position of Executive Vice President of Sales and Marketing
and any other officer positions with the Company and its subsidiaries, and will separate as an employee of JBSS on the Separation Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Executive holds a number restricted stock unit awards under the Company&#146;s 2014 Omnibus Incentive Plan, as set forth on
<U>Exhibit A</U> attached hereto (as the case may be, the &#147;<U>Outstanding RSU Awards</U>&#148; or the &#147;<U>RSU Award Agreements</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Outstanding RSU Awards will not vest and will be forfeited upon the Separation Date, as set forth on <U>Exhibit A</U> attached
hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Executive is eligible for a bonus under the Sanfilippo Value Added Plan for fiscal year 2023 (the &#147;<U>SVA
Plan</U>&#148;) as contemplated thereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, JBSS has policies to help ensure that its operations, activities, marketing strategies,
product information, including products under research and development, pricing information, contract terms, business affairs and customer information are kept confidential. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Executive, through his employment, was granted extensive access to the aforementioned categories of confidential and proprietary
information, which Executive would not have had access to but for his employment with JBSS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Executive acknowledges that the
restrictions contained herein are necessary and reasonable in scope and duration, and that the Separation Benefits are a material inducement for the Executive to enter into and perform this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the foregoing recitals and the provisions hereafter set forth, and for other good and valuable
consideration, the receipt and sufficiency of which are mutually acknowledged, the parties hereto agree as follows: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>CONSIDERATION </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive acknowledges and agrees that in consideration for the Separation Benefits, Executive will be bound by, and comply in all respects with, the
provisions of this Agreement. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
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