AGREEMENT OF CANCELLATION OF INCENTIVE STOCK OPTIONSCancellation Agreement • July 22nd, 2016 • Golden Enterprises Inc • Miscellaneous food preparations & kindred products • Alabama
This Agreement of Cancellation of Incentive Stock Options (“Cancellation Agreement”) is entered into by and between Golden Enterprises, Inc., a Delaware corporation (the “Company”), and Paul R. Bates (the “Employee”) effective this 18th day of July, 2016.
Re: Retention Bonus Agreement and ReleaseGeneral Release • July 22nd, 2016 • Golden Enterprises Inc • Miscellaneous food preparations & kindred products • Alabama
As you may know, the board of directors of Golden Enterprises, Inc. (“Golden Enterprises”) is in the process of evaluating strategic alternatives for Golden Enterprises, with the objective of enhancing growth opportunities and unlocking shareholder value (the “Process”). In recognition that your continued service and dedication to Golden Enterprises and Golden Flake Snack Foods, Inc. (together with Golden Enterprises, the “Company”) is essential to the successful completion of the Process, and as an inducement for you to remain employed with Company throughout the Process, we are pleased to offer you the opportunity to earn a retention bonus, as described in this letter agreement.
