SEC Contract Filing

Filing Date: 2017-08-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>4
<FILENAME>exhibit10-12.htm
<DESCRIPTION>EXHIBIT 10.12
<TEXT>
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 <TITLE>SunOpta Inc.: Exhibit 10.12- Filed by newsfilecorp.com</TITLE>
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<P align=center><B>2017 PERFORMANCE SHARE UNIT </B><BR><B>AWARD AGREEMENT
</B><BR></P>
<P align=justify style="text-indent:5%">This 2017 Performance Share Unit
Award Agreement (the &#147;<B>Agreement</B>&#148;) is entered into as of ______________,
2017 between SunOpta Inc., a Canadian corporation (the &#147;<B>Company</B>&#148;), and
_______________(the &#147;<B>Recipient</B>&#148;). </P>
<P align=justify style="text-indent:5%">On _____________, 2017 (the
&#147;<B>Award Date</B>&#148;) the Company&#146;s Board of Directors or the Compensation
Committee of the Board of Directors (the &#147;<B>Board</B>&#148;) authorized the grant of
performance share units to Recipient pursuant to the terms of this Agreement.
Recipient desires to accept the award subject to the terms and conditions of
this Agreement. This award is granted under and subject to the terms of the
Company&#146;s Amended 2013 Stock Incentive Plan. </P>
<P align=justify style="text-indent:5%">NOW, THEREFORE, the parties agree
as follows: </P>
<P align=justify style="text-indent:5%">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Award</U>.
The Company grants to Recipient ________performance share units (&#147;<B>PSUs</B>&#148;)
with respect to the Company&#146;s common shares (&#147;<B>Common Shares</B>&#148;). Subject to
the terms and conditions of this Agreement, the Company shall issue to Recipient
the number of Common Shares of the Company corresponding to the number of PSUs
determined under this Agreement based on (a) the performance of the Company as
described in Section 2 and (b) Recipient&#146;s continued employment during the
entire Performance Period (as defined below) pursuant to Section 3.</P>
<P align=justify style="text-indent:5%">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Performance
Conditions</U>. The vesting of the PSUs, if vesting occurs at all, is dependent
on the Common Shares achieving a closing trading price of at least US$11.00,
US$14.00 and US$18.00<B> </B>in each case for 20 consecutive trading days (the
&#147;<B>Stock Price Hurdles</B>&#148;) during the three-year period commencing on the
Award Date (the &#147;<B>Performance Period</B>&#148;) as provided herein; provided,
however, that a Stock Price Hurdle shall also be met if the Company&#146;s Common
Shares cease trading as a result of a Change of Control (as defined in the Plan)
transaction in which holders of the Company&#146;s Common Shares receive per-share
consideration equal to or greater than such Stock Price Hurdle. </P>
<P align=justify>On the last day of the Performance Period, one-third of the
PSUs shall vest on the achievement of each of the three Stock Price Hurdles, as
follows, subject to Recipient&#146;s employment during the entire Performance Period:
</P>
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 <TR vAlign=top>
 <TD align=center nowrap><B>Stock Price Hurdle</B> <BR></TD>
 <TD align=center width="50%" nowrap><B>Portion of PSUs</B> <BR><B>That
 Will Vest</B> </TD></TR>
 <TR vAlign=top>
 <TD align=center>US$11.00 </TD>
 <TD align=center width="50%">One-third = Incremental/Total </TD></TR>
 <TR vAlign=top>
 <TD align=center>US$14.00 <BR></TD>
 <TD align=center width="50%">One-third = Incremental;
 <BR>Two-thirds = Total </TD></TR>
 <TR vAlign=top>
 <TD align=center>US$18.00 <BR></TD>
 <TD align=center width="50%">One-third = Incremental; <BR>100% =
 Total </TD></TR>
 </TABLE></DIV>
<P align=justify>If none of the Stock Price Hurdles are met, none of the PSUs
will vest. If only the US$11.00 Stock Price Hurdle is met, only one-third of the
PSUs will vest. If the US$11.00 and US$14.00 Stock Price Hurdles are met, only
two-thirds of the PSUs will vest. If all three Stock Price Hurdles are met, all
of the PSUs will vest. </P>
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<P align=justify>All vested PSUs shall be settled by the Company as soon as
reasonably practicable following the completion of the Performance Period,
subject to continued employment during the entire Performance Period pursuant to
Section 3, and all unvested PSUs shall be forfeited and cancelled. </P>
<P align=justify style="text-indent:5%">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment
Condition</U>. </P>
<P align=justify style="text-indent:10%">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payout</U>.
In order to receive a payout of shares under this Agreement, Recipient must be
employed by the Company continuous from the Award Date until the end of the
Performance Period, except as provided in Sections 3.2 or 3.3 below. For
purposes of this Agreement, Recipient is considered to be employed by the
Company if Recipient is employed by the Company or any parent or subsidiary of
the Company (an &#147;<B>Employer</B>&#148;). </P>
<P align=justify style="text-indent:10%">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Total
Disability</U>. If Recipient&#146;s employment with the Company is terminated at any
time prior to the end of the Performance Period because of Total Disability (as
defined in the Plan), any unvested PSUs as to which the applicable Stock Price
Hurdle vesting requirements have been satisfied as of the employment termination
date shall immediately vest as of the employment termination date and any such
PSUs that vest in accordance with this Section 3.2 shall be settled in
accordance with the terms of this Agreement. Recipient shall not be