Document:

Ex-10.45

 

Exhibit 10.45

FOURTEENTH AMENDMENT TO THE

PERFORMANCE FOOD GROUP COMPANY

EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN

     WHEREAS, Performance Food Group Company (the “Company”) maintains the Performance Food Group
Company Employee Savings and Stock Ownership Plan, as amended and restated effective as of January
1, 2002 (the “Plan”); and

     NOW, THEREFORE, the Plan is hereby amended, effective as of the dates set forth therein, as
follows:

     1. Section 1.42 (“Service”) is amended to redesignate subparagraphs (z) and (aa) as
subparagraphs (aa) and (bb), respectively, and to add a new subparagraph (z) to provide as follows:

     (z) Effective as of July 16, 2007, Service shall include credited service with
O’Charley’s, Inc. or any subsidiary or affiliate thereof (collectively, “O’Charley’s”), for
those employees of O’Charley’s hired by the Company or any subsidiary or affiliate thereof,
on or after July 16, 2007, in connection with the sale of certain assets of O’Charley’s to
the Company, subject to the service rules of Section 5.2.

     2. Section 2.1 is amended to redesignate subparagraphs (x) and (y) as subparagraphs (z) and
(aa), respectively, and to add a new subparagraph (y) to provide as follows:

     (y) Notwithstanding subparagraphs (a) and (b), employees of O’Charley’s, Inc. or any
subsidiary or affiliate thereof, who become employees of the Company or any subsidiary or
affiliate thereof on or after July 16, 2007, in connection with the sale of certain assets
of O’Charley’s to the Company, and who, as of their date of hire by the Company, had
satisfied the service eligibility requirements of subparagraph (b), and are Employees and
are not Ineligible Employees, shall become Participants in the Plan on their date of hire by
the Company or any subsidiary or an affiliate thereof, or as soon thereafter as is
administratively practicable.

     3. Plan section 3.2(b) is amended, effective January 1, 2008, to revise subparagraph (i)(A) to
read as follows:

     (A) As set forth in Plan section 2.1(c), a Participant who does not elect affirmatively
to participate in the Plan prior to the date on which he is first eligible shall be enrolled
automatically in the Plan as soon as administratively practicable following the date such
Participant first becomes eligible and on January 1, 2008, if he does not have an Elective
Deferral election in place on such date. Effective for Eligible Employees whose Employment
Commencement Date is on or after January 1, 2006, and prior to January 1, 2008, and who
first become eligible pursuant to the requirements set forth in Plan section 2.1 on or after
January 1, 2006, such Participant’s automatic Elective Deferral percentage shall equal one
percent (1%) until January 1, 2008, at which time such Participant’s

 

 

automatic Elective Deferral percentage shall become subject to the following sentences.
Effective January 1, 2008, a Participant’s automatic Elective Deferral percentage shall
equal two percent (2%). In addition, a Participant whose Elective Deferral percentage
currently effect on December 31, 2007, equals one percent (1%) shall automatically be
increased to two percent (2%) as of January 1, 2008. The Plan Administrator shall provide
reasonable notice and opportunity to each Eligible Employee to decline participation or to
elect a different deferral percentage. The Plan Administrator shall notify periodically
each Participant of his Elective Deferral percentage and such Participant’s right to change
the percentage to an amount not less than one percent (1%) as of January 1, 2006, including
the procedure for exercising that right and the timing for implementation of any such
election.

     4. Plan section 5.3(d) is amended to revise the first paragraph to read as follows:

     If a Participant described in subparagraph (b)(ii) is not reemployed before he has a
five-year Period of Severance, the non-vested portion of his Account shall be forfeited as
of the date on which the Participant has a five-year Period of Severance. Notwithstanding
the preceding, upon approval by the Internal Revenue Service, if a Participant described in
subparagraph (b)(ii) is not reemployed before he has a one-year Period of Severance, the
non-vested portion of his Account shall be forfeited as of the date on which the Participant
has a one-year Period of Severance. If such Participant is reemployed before he has a
five-year Period of Severance the Participant’s vested interest in his Accounts derived from
Employer contributions subject to the vesting requirements of Section 5.1 at any later point
in time (referred to below as the “date of the computation”) shall be the amount (“X”)
determined by the following formula

     5. Plan section 5.3 is amended to add the following subsection (e) and to rename subsection
(e) as subsection (f):

     (e) If (i) a Participant is re-employed before he has a five-year Period of Severance
(ii) he had received a distribution under Plan section 6.01 of the full value of his vested
benefit but such value was less than the then full value of the amount standing to his
credit at the time of his prior termination of his service (including any credit in respect
of the Plan Year in which his service terminated) and (iii) he repays in cash, within five
years after the date he is re-employed, the amount that was distributed to him with respect
to such prior termination, then an amount equal to the full amount that was standing to his
credit at the time of his prior termination shall be re-credited to his accounts in one or
more of the investment funds (other than Company Stock), as selected by the Participant. In
any such case, the Company shall pay into the Plan the excess of the amount to be so
re-credited over the amount repaid by the Participant. No reinstatement of amounts shall
occur upon a Participant’s reemployment except to the extent provided above.

 

 

     IN WITNESS WHEREOF, the Company has caused this Amendment to the Performance Food Group
Company Employee Savings and Stock Ownership Plan to be executed on this ___day of
                    , 2007.

	 	 	 	 	 
	 	PERFORMANCE FOOD GROUP COMPANY

 	 
	 	By:Ex-10.46

 

	 	 	 	 	 

Exhibit 10.46

FIFTEENTH AMENDMENT TO THE

PERFORMANCE FOOD GROUP COMPANY

EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN

     WHEREAS, Performance Food Group Company (the “Company”) maintains the Performance Food Group
Company Employee Savings and Stock Ownership Plan, as amended and restated effective as of January
1, 2002 (the “Plan”); and

     NOW, THEREFORE, the Plan is hereby amended, effective as of the dates set forth therein, as
follows:

     1. Plan section 1.2 (“Adjustment Date”) is amended to read as follows:

     Each business day of the Plan Year for amounts held in Basic Contributions Accounts,
Salary Reduction Contributions Accounts, Matching Contributions Accounts, Prior Plan
Employee Contributions Accounts, Prior Plan Employer Contributions Accounts and Rollover
Accounts.

     2. Plan section 1.22(b) (“Forfeiture”) is amended to read as follows:

     (b) the last day of the Plan Year in which the Participant incurs a five-year Period of
Severance or such earlier date as may be provided in Plan section 5.3(d).

     3. Plan sections 2.2(b) and (c) (“Reemployment”) are amended to read as follows:

     (b) If a Participant (i) terminates employment with the Employer before he has a vested
interest in any part of his Account, (ii) has a Period of Severance that equals or exceeds
five years and (iii) is then reemployed by the Employer, the Participant must again satisfy
the requirements of Section 2.1 in order to qualify as a Participant. However, if such
Participant’s Period of Severance is less than specified in (ii) above, the Participant will
requalify as a Participant as of his Reemployment Commencement Date.

     (c) If an Employee who is not an Ineligible Employee (i) terminates employment with the
Employer before such Employee has satisfied the requirements of Section 2.1, and (ii) is
then reemployed by the Employer, such Employee will qualify as a Participant effective
January 1, 2006, on the first day of the month coinciding with or next following the date on
which he has met such requirements, if he is then an Employee.

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     4. Plan section 3.2(b) (“Savings Plan Contributions”) is amended, effective January 1, 2007,
to revise subsection (ii) to read as follows:

     The Committee shall prescribe time periods within which salary reduction elections must
be made by a Participant and shall also prescribe the manner for entering into salary
reduction agreements pursuant to such Participant elections. Effective January 1, 2007, a
Participant may change his election to increase, decrease or stop Salary Reduction
Contributions effective as of the first day of the payroll period following the date such
election is received by the Committee or any third-party recordkeeper appointed by the
Committee. All elections made by a Participant shall continue in force until they are
changed or until the Participant ceases to be a Participant.

     5. Plan section 3.2(b)(ii) (“Savings Plans Contributions”) is amended to read as follows:

     (ii) The Committee shall prescribe time periods within which salary reduction elections
must be made by a Participant and shall also prescribe the manner for entering into salary
reduction agreements pursuant to such Participation elections. Effective January 1, 2007, a
Participant may change his election to increase, decrease or stop Salary Reduction
Contributions effective as of the first day of the payroll period following the date such
election is received by the Committee or any third-party recordkeeper appointed by the
Committee. All elections made by a Participant shall continue in force until they are
changed or until the Participant ceases to be a Participant.

     6. Plan sections 4.2(a)(i) and (ii) (“Allocation of Contributions and Forfeitures”) are
amended to read as follows:

     (i) Each payroll period, the Committee shall allocate to the Salary Reduction
Contributions Account of each Participant the Salary Reduction Contributions made for the
benefit of the Participant. The Committee may designate additional dates for the
allocation of Salary Reduction Contributions to Participants’ Accounts.

     (ii) Each payroll period, the Committee shall allocate to the Matching Contributions
Account of each Participant the Matching Contributions made on behalf of such Participant
for such payroll period.

     7. Plan sections 4.9(b) and (c) (“Distribution of Excess Contributions”) are amended effective
January 1, 2007, to read as follows:

     (a) If Salary Reduction Contributions of Highly Compensated Employees are required to
be reduced as a result of the anti-discrimination test described in Section 4.7, the excess
Salary Reduction Contribution and income or losses attributable to those contributions up to
the date of distribution shall be distributed to the Highly Compensated

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Employees within
2-1/2 months after the close of the Plan Year to which the Salary Reduction Contributions
relate.

     The distributions required to be made to Highly Compensated Employees to satisfy the
anti-discrimination test described in Section 4.7 shall be determined by allocating to the
Highly Compensated Employees with the largest amounts of Salary
Reduction Contributions for the Plan Year in which the excess arose, beginning with the
Highly Compensated Employee with the largest amount of such Salary Reduction Contributions
and continuing in descending order until all the excess Salary Reduction Contributions have
been allocated. For purposes of the preceding sentence, the “largest amount” is determined
before any such distribution.

     (c) If Matching Contributions of Highly Compensated Employees are required to be
reduced as a result of the anti-discrimination test described in Section 4.8, the excess
Matching Contributions and income or losses attributable to those contributions up to the
date of distribution shall be distributed to the Highly Compensated Employees within 2-1/2
months after the close of the Plan Year to which the Matching Contributions relate.

     The distributions required to be made to Highly Compensated Employees to satisfy the
anti-discrimination test described in Section 4.8 shall be determined by allocating to the
Highly Compensated Employees with the largest amounts of Matching Contributions for the Plan
Year in which the excess arose, beginning with the Highly Compensated Employee with the
largest amount of such Matching Contributions and continuing in descending order until all
the excess Matching Contributions have been allocated. For purposes of the preceding
sentence, the “largest amount” is determined before any such distribution.

     8. Plan section 5.2(a) (“Service Rules”) is amended to read as follows:

     (a) If an Employee who is not an Ineligible Employee terminates employment before he
has a vested interest in his Accounts, has a Period of Severance that equals or exceeds five
years, and then is reemployed by the Employer, his Service performed before his termination
of employment shall be disregarded in applying the applicable vesting schedule described in
Section 5.1 to his post-reemployment Accounts. In all other cases, if an Employee who is
not an Ineligible Employee terminates employment and then is reemployed by the Employer, all
of his Service shall be counted for purposes of applying the applicable vesting schedule to
his post-reemployment Accounts.

     9. Plan section 5.3(d) (“Vested Benefits and Forfeitures”) is amended to revise the first
paragraph to read as follows:

     If a Participant described in subparagraph (b)(ii) is not reemployed before he has a
five-year Period of Severance, the non-vested portion of his Account shall be forfeited

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as of the date on which the Participant has a five-year Period of Severance. Notwithstanding
the preceding, upon approval by the Internal Revenue Service, if a Participant described in
subparagraph (b)(ii) is not reemployed before he has a one-year Period of Severance, the
non-vested portion of his Account shall be forfeited as of the date on which the Participant
has a one-year Period of Severance. If such Participant is reemployed before he has a
five-year Period of Severance the Participant’s vested interest in his Accounts derived from
Employer contributions subject to the vesting requirements of Section 5.1 at any later point
in time (referred to below as the “date of the computation”) shall be the amount (“X”)
determined by the following formula

     10. Plan section 5.3 (“Vested Benefits and Forfeitures”) is amended further to add the
following subsection (e) and to rename subsection (e) as subsection (f):

     (e) If a Participant (i) is re-employed before he has a five-year Period of Severance (ii)
had received a distribution under Plan section 6.01 of the full value of his vested benefit
but such value was less than the then full value of the amount standing to his credit at the
time of his prior termination of his service (including any credit in respect of the Plan
Year in which his service terminated) and (iii) repays in cash, within five years after the
date he is re-employed, the amount that was distributed to him with respect to such prior
termination, then an amount equal to the full amount that was standing to his credit at the
time of his prior termination shall be re-credited to his accounts in one or more of the
investment funds (other than Company Stock), as selected by the Participant. In any such
case, the Company shall pay into the Plan the excess of the amount to be so re-credited over
the amount repaid by the Participant. No reinstatement of amounts shall occur upon a
Participant’s reemployment except to the extent provided above.

     IN WITNESS WHEREOF, the Company has caused this Amendment to the Performance Food Group
Company Employee Savings and Stock Ownership Plan to be executed on this ___day of
                    , 2007.

	 	 	 	 	 
	 	PERFORMANCE FOOD GROUP COMPANY

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

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