SEC Contract Filing

Filing Date: 2023-08-07

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d498780dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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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="right"><B>Execution Version </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMPLOYMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Employment Agreement (&#147;<B>Agreement</B>&#148;) is made effective as of August&nbsp;7, 2023 by and between Mission Produce, Inc., a
Delaware corporation (the &#147;<B>Corporation</B>&#148;), and Stephen J. Barnard (the &#147;<B>Executive</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,</B> the
Corporation desires to continue to employ the Executive on the terms and conditions set forth in this Agreement; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,</B> the
Executive is willing to continue to render services to the Corporation on the terms and conditions set forth in this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW,
THEREFORE,</B> in consideration of the premises and the mutual terms and conditions hereof, the Corporation and the Executive hereby agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <B><U>Employment</U></B>. The Corporation hereby continues to employ the Executive and the Executive hereby accepts continued employment
with the Corporation on the terms and conditions set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <B><U>Exclusive Services</U></B>. The Executive shall devote all
necessary working time, ability and attention to the business of the Corporation during the term of this Agreement and shall not, directly or indirectly, render any material services to any business, corporation, or organization whether for
compensation or otherwise, without the prior knowledge and written consent of the Board of Directors of the Corporation (the &#147;<B>Board</B>&#148;), which consent will not be unreasonably conditioned or withheld; provided, however, that the
Executive may&nbsp;(A)&nbsp;serve on corporate, civic or charitable boards or committees, (B)&nbsp;deliver lectures, fulfill speaking engagements or teach at educational institutions and (C)&nbsp;manage personal investments, so long as such
activities do not significantly interfere with the performance of the Executive&#146;s responsibilities as an employee of the Corporation in accordance with this Agreement and any service on public company boards of directors is approved in advance
by the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <B><U>Duties</U></B>. The Executive shall continue to be employed as the Chief Executive Officer of the Corporation and
shall continue to have such duties, authorities and responsibilities commensurate with such title and office. The Executive shall continue to report directly to the Board. Subject to necessary travel, the Executive shall render his services at the
headquarters of the Corporation, currently located in Oxnard, California. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <B><U>Term</U></B>. This Agreement shall have an initial
term of five years commencing as of August&nbsp;7, 2023 (the &#147;<B>Effective Date</B>&#148;) and ending on August&nbsp;7, 2028 (the &#147;<B>Term</B>&#148;). This Agreement will automatically renew at the end of the initial Term and at the end of
each subsequent Term, for a subsequent Term of one year unless either party gives written notice of <FONT STYLE="white-space:nowrap">non-renewal</FONT> to the other at least 180 days prior to the expiration of the then current term. Such notice may
be given for any or no reason.&nbsp;This Agreement is subject to earlier termination as hereinafter provided. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <B><U>Compensation</U></B>.<B> </B>As compensation for services rendered under this
Agreement, the Executive shall be entitled to receive the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">a. <U>Base Salary</U>. The Executive shall be paid a
base salary of at least $775,000 per year, payable in accordance with the Corporation&#146;s normal payroll practices. Such base salary as in effect from time to time (&#147;<B>Base Salary</B>&#148;) may be increased by the Compensation Committee of
the Board (the &#147;<B>Compensation Committee</B>&#148;) in its discretion, based on, among other things, a review of base salaries payable to chief executive officers of comparable companies. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">b. <U>Annual Incentives</U>.<B> </B>The Executive shall be paid such additional compensation and bonuses as may be determined
and authorized in the discretion of t