Document:

exv10w8

 

Exhibit 10.8

DESCRIPTION OF COMPENSATION ARRANGEMENTS FOR EXECUTIVE OFFICERS

     Set forth below is a description of the compensation arrangements for each
of our executive officers. The compensation arrangements consist of salary,
annual incentive compensation, equity awards and certain perquisites.
We do not have
agreements with any of our executive officers except as set forth below.

     The
cash salary and bonus payable to each executive officer for 2006 is
set forth below.

	 	 	 	 	 	 	 	 	 
	NAME AND POSITION	 	2006 BASE SALARY	  	  	2006
TARGET BONUS %(1)	 
	Gregg L.
Engles, Chairman of the Board and Chief Executive Officer
	 	$	1,200,000	 	 	 	120	 
	Barry A.
Fromberg, Chief Financial Officer
	 	 	435,000	(2	)	 	65	 
	Alan Bernon,
President–Dairy Group(3)
	 	 	620,000	 	 	 	80	 
	Joe Scalzo,
President–WhiteWave Foods Company(4)
	 	 	620,000	 	 	 	80	 
	Michelle P.
Goolsby, Chief Administrative Officer and General Counsel
	 	 	515,000	 	 	 	70	 
	Pete
Schenkel, Vice Chairman(5)
	 	 	500,000	 	 	 	50	 
	Ronald H.
Klein, Senior Vice President–Corporate Development
	 	 	357,500	 	 	 	55	 

 

		
	(1) 	
    Target bonus percentages included in the table are expressed as
    a percentage of base salary. Pursuant to our Executive Incentive
    Compensation Plan, executive officers are eligible to receive 0%
    to 200% of their target bonuses, depending on the level of
    achievement of the performance criteria established by the
    Compensation Committee of our Board of Directors. The Executive
    Incentive Compensation Plan was filed as Exhibit 10.6 to our
    Annual Report on Form
    10-K for the year ended
    December 31, 2005.
	 
	(2) 	
    Mr. Fromberg has announced his intention to retire effective
    April 1, 2006. On November 7, 2005, we entered into an
    agreement with Mr. Fromberg pursuant to which he has agreed
    to continue in his position until April 1, 2006, in
    exchange for certain payments that we will make to him in 2006
    and beyond. The terms of our agreement with Mr. Fromberg
    are disclosed in our Quarterly Report on Form
    10-Q for the quarter
    ended September 30, 2005, and the agreement was filed as
    Exhibit 10.9 thereto.
	 
	(3) 	
    On October 7, 2005, we entered into an employment agreement
and certain related agreements with Mr. Scalzo pursuant to which he became
    President of WhiteWave Foods Company. The terms of our agreement are disclosed
    in our current report on
    Form 8-K dated
    August 30, 2005. Copies of the agreements we have entered
    into with Mr. Scalzo were filed as Exhibits to our Quarterly
    Report on Form 10-Q for
    the quarter ended September 30, 2005.
	 
	(4) 	
    On September 7, 2005, we entered into an employment
    agreement and certain related agreements with Mr. Bernon,
    pursuant to which he became President of the Dairy Group
    effective January 1, 2006. The terms of the agreement are
    disclosed in our Current Report on
    Form 8-K dated
    September 13, 2005. Copies of the agreements were filed as
    Exhibits to our Quarterly Report on
    Form 10-Q for the
    quarter ended September 30, 2005.
	 
	(5) 	
    Mr. Schenkel resigned as President of Dean Dairy Group effective
    December 31, 2005. Beginning January 1, 2006 Mr.
    Schenkel became Vice Chairman of our Board of Directors for a
    period of 2 years. On December 2, 2005, we entered
    into an agreement with Mr. Schenkel pursuant to which we agreed
    to the terms of his employment as Vice Chairman, including his
    compensation. The terms of the agreement are disclosed in our
    Current Report on
    Form 8-K filed
    December 7, 2005. A copy of the agreement was filed as
    Exhibit 10.21 to our Annual Report on
    Form 10-K for the
    year ended December 31, 2005.

     Awards of
equity compensation are made in accordance with our 1997 Seventh Amended and
Restated Stock Option and Restricted Stock Plan and our 1989 Third Amended and
Restated Stock Award Plan (or any successor plans), filed as Exhibits 10.1 and
10.2, respectively, to our Annual Report on Form 10-K for the year ended
December 31, 2004.

     All executive officers are eligible to participate in our Post-2004
Executive Deferred Compensation Plan, filed as Exhibit 10.3 to our Annual Report
on Form 10-K for the year ended December 31, 2004.

     Our executive officers are entitled to all benefits generally available to
all employees. In addition, our executive officers receive certain benefits
payable under our Supplemental Executive Retirement Plan, filed as Exhibit 10.8
to our Annual Report on Form 10-K for the year ended December 31, 2004, for the
benefit of employees who receive salary and cash bonus in excess of the amount
which IRS regulations allow to be taken into account under a 401K plan. Our
executives also receive an annual physical examination benefit. Certain
executive officers occasionally use our company planes for personal travel. Mr.
Schenkel receives an automobile allowance and certain club memberships. Also,
pursuant to certain agreements between Mr. Schenkel and our Southern Foods
subsidiary that pre-date our purchase of that business from Mr. Schenkel in
January 2000, Mr. Schenkel receives a lifetime supplemental health insurance
benefit for himself and his wife. Finally, we have entered into
certain Change in Control agreements with our executive officers in
substantially the Form Filed as Exhibit 10.24 to our Annual Report
on  Form 10-K for the year ended December 31, 2005.exv10w9

 

Exhibit 10.9

Description of Non-Employee Director Compensation Arrangements

     Set forth below is a description of the compensation arrangements
for our non-employee directors.

     All non-employee directors receive an annual retainer of $35,000,
payable quarterly in arrears. Members of the Audit and Compensation Committees
receive an additional $5,000 per year retainer for serving on those Committees,
while members of the other Committees of the Board receive an additional $2,000
per year retainer for each Committee on which he or she serves. The Chairperson
of each of the Audit and Compensation Committees receives an
additional $10,000 per year for his service as Chairperson, and the Chairperson of each of the Governance
and Strategic Planning Committees receives an additional $4,000 per year for his or her
service as Chairperson of those Committees. Beginning in 2006, the
Lead Director will receive an additional $25,000 per year
for his services as Lead Director.

     Each non-employee director also receives an additional $3,000 for
each meeting (including Board of Directors and Committee) attended in person and
$1,000 for each meeting (including Board of Directors and Committee) attended
telephonically. We reimburse our non-employee directors for, or pay directly,
all expenses related to attending Board and Committee meetings.

     Non-employee directors may elect to receive all of the foregoing
fees in shares of restricted common stock rather than in cash. If a director
makes this election, he or she will receive shares with a value equal to 150% of
the cash amount owed to him or her. One third of the restricted shares vest on
the date of grant; one-third vest on the first anniversary of the grant date;
and the final 1/3 vest on the second anniversary of the grant date.

     Finally,
our non-employee directors receive an annual grant of 7,500
immediately exercisable stock options, plus 2,550 stock units that vest over a
3-year term. All non-employee director equity awards are made under our 1997
Seventh Amended and Restated Stock Option and Restricted Stock Plan and our 1989
Third Amended and Restated Stock Award Plan (or any successor plans), filed as
Exhibits 10.1 and 10.2, respectively, to our Annual Report on Form 10-K for the
year ended December 31, 2004.exv10w21

 

Exhibit 10.21

December 2, 2005

Mr. Pete Schenkel

4231 Belclaire Avenue

Dallas TX 75205

Dear Pete:

I am pleased to formalize our discussions regarding your continuing role with Dean Foods Dairy
Group (the “Dairy Group”). Effective January 1, 2006, Alan Bernon will succeed you as President of
the Dairy Group, reporting directly to me. At that time, subject to the conditions stated herein,
you will assume the role of Vice Chairman of Dean Foods Company (the “Company”) (“Vice Chairman”)
for a two-year period, reporting to me.

During the period commencing January 1, 2006 through your Resignation Date (as defined below), as
Vice Chairman, your responsibilities will include the following:

	 	•	 	Actively and fully supporting the transition to the new Dairy Group President
	 
	 	•	 	Participating in the Dairy Group annual budgeting process
	 
	 	•	 	Assisting in the organizational design and development of the Dairy Group
	 
	 	•	 	Assisting in the development of strategic plans for increasing operating income in
the Dairy Group
	 
	 	•	 	Supporting the recruitment/development of leadership talent at the Dairy Group
headquarters and regional levels necessary to meet and exceed customer expectations
over the next decade
	 
	 	•	 	Transitioning of key customer/supplier relationships to the new President and other
Dairy Group personnel
	 
	 	•	 	Reporting, together with the Dairy Group President, on a regular basis to me, and on
a quarterly basis to the Board of Directors, regarding transition progress
	 
	 	•	 	Presiding over meetings of the Board of Directors, if the Chairman is unable to
preside or is unavailable; and
	 
	 	•	 	Carrying out such other duties consistent with the foregoing as may be requested by
the Chief Executive Officer or Chairman of the Board of the Company, and such other
duties generally expected of executive officers of the Company.

 

 

Mr. Pete Schenkel

December 2, 2005

Page 2 of 7

Except as otherwise provided below, you shall continue as Vice Chairman of Dean Foods through
December 31, 2007, at which date you shall resign as Vice Chairman and as an employee of Dean
Foods. You may elect to resign as Vice Chairman and as an employee at any earlier date that you
shall elect by providing Dean Foods at least 10 days’ prior written notice of your resignation and
retirement. For purposes of this agreement, the date on which you retire (whether December 31,
2007 or any earlier date that you shall elect pursuant to the immediately preceding sentence) shall
be called your “Resignation Date.”

During the period from your Resignation Date to December 31, 2009, you will serve as an independent
contractor providing services to the Company as a senior advisor, pursuant to the terms of the
Independent Contractor and Noncompetition Agreement (“Noncompetition Agreement”) to be executed
along with this agreement. In connection with your resignation, you shall execute such documents
to effect such resignation or provide other evidence of such action as the Company may reasonably
request from time to time. Your stock options and restricted or deferred stock or stock units or
other equity awards (collectively, “Prior Equity Compensation Grants”), granted or awarded before
January 2006, will fully vest on your Resignation Date, which shall be treated as a qualifying
retirement for the purposes of such awards and the applicable equity plans, in accordance with
their terms subject to any earlier vesting that may occur in accordance with the terms and
conditions of the Prior Equity Compensation Grants or under the Change in Control Agreement entered
into by and between you and Dean Foods, dated as of January 1, 2003 (the “Change in Control
Agreement”).

Base Salary

For your services as Vice Chairman during the period from January 1, 2006 through December 31, 2006
(or, if earlier, your Resignation Date), you will be paid an annual base salary at the rate of
$500,000. If your Resignation Date has not occurred prior to January 1, 2007, for the period from
January 1, 2007 through December 31, 2007 (or, if earlier, your Resignation Date), you will be paid
an annual base salary at the rate of $350,000.

Annual Bonus Opportunity

For each of 2006 and 2007, your target bonus will be equal to 50% of your annual salary. If you
elect a Resignation Date prior to December 31, 2007, your annual bonus for the year in which you
resign will be pro-rated to reflect your actual period of employment during such year. Payment of
any annual bonus will be subject to the achievement of certain operating and other individual
targets to be established by our Board of Directors and our Compensation Committee. In each year,
you will have the opportunity to earn up to 200% of your targeted bonus (for service for the full
calendar year) if operating and individual targets are exceeded by specified amounts or percentages
established by the Compensation Committee.

Stock Options and Restricted Stock

In January 2006, you will be granted stock options having a value of not less than $3,200,000 (the
“2006 Options”). The value of such 2006 Options shall be determined by the Compensation Committee
based on the Black Scholes value of the 2006 Options or such other practices and policies that it
shall utilize

 

 

Mr. Pete Schenkel

December 2, 2005

Page 3 of 7

with respect to the administration of the Company’s equity compensation plans for senior executive
officers of the Company. The agreements evidencing the 2006 Options will be in a form consistent
with the forms used for other senior executives of the Company generally and with the terms of this
agreement. Notwithstanding anything else contained herein to the contrary, the 2006 Options will
be the sole additional long-term incentive that will be granted or awarded to you in respect of
your continuing services hereunder.

The exercise price of the 2006 Options will be the Fair Market Value (as defined below) of Dean
Foods stock on the date preceding the date of grant. “Fair Market Value” shall mean the last
reported sale price (on the date immediately preceding the date of determination) of shares of Dean
Foods common stock on the New York Stock Exchange (or any national exchange or Nasdaq National
Market that the common stock may be primarily listed on at the relevant time of determination).

Subject to your compliance with the Noncompetition Agreement referenced below (except in such case
where your compliance with Sections 5 and 6 of the Noncompetition Agreement is not required under
the Noncompetition Agreement), the 2006 Options will vest in equal installments over a period of
five (5) years, beginning on the first anniversary date of the grant and fully vesting by the fifth
anniversary of the date of grant, subject to the terms of this agreement and to any earlier vesting
that may occur under the terms and conditions of such 2006 Options or the Change in Control
Agreement. Any portion of the 2006 Options which become vested on or prior to your termination of
employment or the expiration of this agreement, shall remain exercisable for a period of no less
than twelve (12) months (or more as provided in the applicable agreement or plan) following your
termination of employment or the expiration of this agreement, unless the termination is effected
by the Company for Cause (as defined below) (and, in such case, such vested 2006 Options shall
remain exercisable only for such period as is generally permitted under the applicable agreement or
plan). If your employment is terminated for Cause, any such unvested 2006 Options shall be
forfeited by you without any payment therefor on the effective date of such termination.

Your Prior Equity Compensation Grants will become vested and exercisable in accordance with their
terms and, except to the extent that this agreement confirms that your resignation at your
Resignation Date shall be a qualifying retirement in accordance with the terms of such Prior Equity
Compensation Grants, this agreement shall have no effect on your rights and obligations under such
Prior Equity Compensation Grants.

Management Deferred Compensation Plan

You will be eligible to participate in the Deferred Compensation Plan through your Resignation
Date, provided such plan remains in effect. The plan provides eligible executives with the
opportunity to save on a tax-deferred basis.

Other Benefits

Through your Resignation Date, you will also be eligible to participate in all employee benefit
plans, programs and arrangements, including continued payment of individual life and disability
insurance

 

 

Mr. Pete Schenkel

December 2, 2005

Page 4 of 7

costs, to the extent made available to our senior executives or our employees, on the same terms
and conditions as other senior executives.

You will also be entitled, consistent with that currently provided you, to the following:
vacation, a continued car allowance, reimbursement of expenses, club membership, office and
secretarial assistance, and other perquisites and benefits currently provided to you by the
Company, through your Resignation Date. Dean Foods will also pay for your attorneys’ fees related
to the negotiation of this agreement. Each of (i) your existing Executive Medical Agreement, as
amended, entered into with Southern Foods Group, L.P. (the “Executive Medical Agreement”) and (ii)
your Indemnification Agreement dated February 21, 2003 entered into with Dean Foods Company (the
“Indemnification Agreement”) will remain in full force and effect in accordance with their terms.
Without limiting the generality of the foregoing, the Company agrees that you shall be an agent of
the Company during the period following your Resignation Date during which you are available to
provide services as a senior advisor, and that, accordingly, such Indemnification Agreement will
continue to apply during such period in accordance with its terms. Nothing in this agreement is
intended to modify or amend either the Executive Medical Agreement or the Indemnification Agreement
in any respect.

Termination of Employment

Dean Foods may terminate your employment hereunder at any time for Cause or without Cause; provided
that in no event may the Company terminate your employment without Cause prior to March 31, 2006.
You may terminate your employment hereunder for Good Reason.

As used herein, the term “Cause” shall mean: (a) your failure to perform the duties contemplated
herein which failure shall continue for 30 days after written notice specifying the facts
supporting such failure is delivered to you; (b) your breach of your obligations set forth in the
Noncompetition Agreement; (c) your conviction of any crime deemed by Dean Foods to make your
continued employment untenable; (d) you commit an act of gross negligence or willful misconduct in
connection with your employment with Dean Foods or any of its affiliates that has caused or could
be reasonably expected to result in material injury to the business or reputation of Dean Foods;
(e) you commit any act of dishonesty relating to Dean Foods or any of its affiliates, its
employees, agents or other representatives; or (f) you fail to comply with the Dean Foods Code of
Ethics. In each case, any termination for Cause will not be effective unless the Board has
provided you, and you have received (i) at least 10 business days advance written notice of the
Board’s intention to terminate you for Cause with a detailed explanation of the facts supporting
the same, including any particular act or acts or failure to act that the Board considers “Cause,”
and, (ii) an opportunity to appear in person before the Board to discuss any such termination. No
act or omission shall constitute the basis of a termination for Cause if such act or omission is
taken or omitted at the request of the Board or another executive officer of Dean Foods, or is
based upon the advice of counsel to Dean Foods.

If at any time after you execute this agreement, and prior to your Resignation Date, your
employment is terminated for “Cause”: (1) you will be paid any accrued and any unpaid base salary
through the date of termination (but no other severance or other payment will be made under this
agreement), and any unvested portion of your 2006 Options will be automatically terminated; (2) any
portion of your 2006 Options which is or which becomes vested prior to your termination for “Cause”
shall remain

 

 

Mr. Pete Schenkel

December 2, 2005

Page 5 of 7

exercisable for the period specified above; (3) you shall have no obligation to provide the Company
with the Senior Advisory Services, as defined in the Noncompetition Agreement following your
termination of employment, and the Company shall have no obligation to pay you Senior Advisory
Services Fees, as defined in the Noncompetition Agreement, or to continue thereafter any of the
benefits pursuant to Section 2 of that Agreement that would have otherwise been made available to
you following your Resignation Date and through December 31, 2009, but both parties shall otherwise
be obligated to perform under the terms of the Noncompetition Agreement.

If, at any time after you execute this agreement, and prior to your Resignation Date, you terminate
your employment for Good Reason or the Company terminates your employment for any reason other than
for “Cause”: (1) you will receive a lump sum severance payment equal to the base salary and target
bonuses to which you would otherwise have been entitled through December 31, 2007 and the payments
that would have been payable to you through December 31, 2012 under the Noncompetition Agreement,
less lawful deductions, (2) any unvested portion of your 2006 Options will continue to vest in
equal installments after your termination of employment, and shall remain exercisable for a period
of no less than twelve (12) months from their vest date, and (3) you will be paid your accrued and
any unpaid base salary and target bonus through the date of termination.

You will be required to execute a release of all claims, in a form substantially similar to that
customarily required by the Company in connection with the involuntary termination of employment of
a senior executive of the Company, in order to receive the severance pay and continued vesting of
equity based awards outlined above in connection with a termination of your employment by the
Company without Cause or by you for Good Reason. Notwithstanding anything in the immediately
preceding sentence or the form of release to the contrary, nothing in such release shall modify,
limit, extend, impair or otherwise amend the rights, duties and obligations of the parties under
the Noncompetition Agreement.

You may terminate your employment under this agreement for Good Reason upon thirty (30) days
written notice, stating the reasons for the Good Reason and the facts supporting the same. As used
herein, the term “Good Reason” means: (a) transfer of your principal place of employment from
Dallas, Texas; (b) any reduction in your base salary or annual bonus opportunity (other than as
expressly contemplated by this agreement), or any other failure of the Company to pay you your base
salary or any earned bonuses, (c) the failure of Dean Foods to grant you the stock options to be
granted hereunder in January 2006, or to pay you, within 30 days following the due date thereof,
any amounts required to be paid to you under this agreement or the Noncompetition Agreement or (d)
the failure of any successor in interest to the Company, including, without limitation, any
purchaser of substantially all of the assets of the Company, expressly to agree to perform the
Company’s obligations hereunder.

This agreement will terminate automatically upon your death. Upon termination of this agreement
because of your death, your estate shall become fully vested in all of the 2006 Options, and all
such 2006 Options will become exercisable as of the date of your death, and your estate (or any
person or entity that acquires the right to exercise the 2006 Options by bequest or inheritance)
shall have a minimum of twelve (12) months to exercise the 2006 Options. Your estate will also be
paid any of your accrued and unpaid base salary and target bonuses.

 

 

Mr. Pete Schenkel

December 2, 2005

Page 6 of 7

Other Matters

Code of Ethics. As you know, you are required to comply with the Dean Foods Code of Ethics
as a condition of employment. You are required to sign the Compliance Certificate contained within
the Code of Ethics at the time your employment in your new position begins and periodically
thereafter.

Noncompetition. In order to induce the Company to enter into this agreement, to make the
commitments set forth herein with regard to your continued employment and the compensation payable
to you for your services pursuant to this agreement and to allow you to continue to vest after the
termination of your employment (subject to the terms and conditions set forth above) in any portion
of the 2006 Options that is not vested at the termination of your employment, you agree to execute,
simultaneously with the execution hereof, the attached Independent Contractor and Noncompetition
Agreement (previously identified as the “Noncompetition Agreement”).

Governance Matters. Your term as a member of the Board is scheduled to expire at the
Annual Meeting of Shareholders to be held in May 2006. In light of your tenure in the industry and
your experience as President of the Dairy Group, I believe it is appropriate for you to continue to
serve on the Board. Accordingly, I intend to recommend that the Governance Committee nominate you
for reelection by our shareholders to the Board when your current term expires, and that you assume
the position of Vice Chairman of Dean Foods. However, all decisions as to nominations to the Board
are and will continue to be made by the Governance Committee of the Board. In the event you are
not nominated or elected to the Board as Vice Chairman of Dean Foods for any reason other than
because of a termination for Cause described above or your termination of your employment other
than for Good Reason, this agreement will remain in full force and effect and, for purposes of your
compensation, benefits, perquisites, and the terms of this agreement, you will be considered an
employee of Dean Foods serving in a senior advisory capacity for the period from the date your term
as a director expires to your Resignation Date; provided that this sentence shall not operate to
cause any reduction in the compensation, benefits, perquisites, and benefits of the terms of this
agreement (other than as expressly otherwise contemplated hereby).

Arbitration. We both agree that any controversy or claim arising out of or relating to
this agreement, or the breach thereof, shall be resolved by arbitration administered by the
American Arbitration Association (“AAA”) under its Commercial Arbitration Rules, including the
Optional Rules for Emergency Measures of Protection. The arbitration will take place in Dallas,
Texas. The arbitrator will have the authority to award the same remedies, damages, and costs that
a court could award. The arbitrator shall issue a reasoned award explaining the decision, the
reasons for the decision, and any damages awarded. The arbitrator’s decision will be final and
binding. The judgment on the award rendered by the arbitrator may be entered in any court having
jurisdiction thereof. If the arbitrator finds that the Company is liable for any payments under
this agreement, any such payments shall be made promptly (but not more that 10 business days)
following the entering of such decision, with interest thereon from the date such payments should
have been made hereunder to the date of such payment, at the prime rate specified in The Wall
Street Journal for the date on which such payment was otherwise due, plus 1%. The arbitration
proceedings, any record of the same, and the award shall be confidential. This provision and any
decision and award hereunder is governed by and enforceable under the Federal Arbitration Act.

 

 

Mr. Pete Schenkel

December 2, 2005

Page 7 of 7

This agreement (i) shall be deemed to have been made in and shall be construed in accordance with
and governed in all respects by the laws of the State of Texas; (ii) shall not be assigned by any
party hereto without the consent of the other party hereto; (iii) may not be waived, amended or
modified except by a written agreement executed by both parties hereto; (iv) may be executed in
counterpart or by facsimile, each of which shall constitute an original, and all of which, when
taken together, shall constitute one agreement. If any portion of this agreement shall be held
invalid by a court of competent jurisdiction, the validity of the remainder of this agreement shall
not be affected. This agreement shall be binding on, and enforceable against, all successors and
assignees of Dean Foods.

This agreement sets forth the entire understanding of the parties hereto and supersedes all other
agreements, oral or written, between the parties relating to the subject matter hereof, except (i)
your existing Executive Medical Agreement, (ii) the Change in Control Agreement, (iii) the
Indemnification Agreement, (iv) all agreements and other documents which evidence the Prior Equity
Compensation Grants (“Prior Equity Grant Agreements”), and (v) the Noncompetition Agreement, and
all such agreements will remain in full force and effect in
accordance with their terms, provided,
however, that this agreement and the Change in Control Agreement shall not be construed to provide
you with duplicative severance and other termination benefits (that is, in the event of a Change in
Control, as defined in the Change of Control Agreement, you shall be provided the benefits as
stated in Section 2 of the Change in Control Agreement).

Conclusion

Pete, I cannot thank you enough for the lasting contributions you have made to our Company. I look
forward to working with you through this transition as we ensure that we are well positioned for
the future. If you agree that the foregoing sets forth our understanding of the terms and
conditions of your continuing employment with the Company for the periods set forth herein, please
sign both copies of this agreement where indicated below and return one copy to me (keeping one for
your records), and this agreement shall be and become a binding agreement between you and the
Company.

DEAN FOODS COMPANY

 

By: Gregg L. Engles

Chairman of the Board and Chief Executive Officer

Agreed and accepted:

 

Pete Schenkel

December 2, 2005

Enclosures

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