Document:

Exhibit 10.1

 

 

 

May 8,
2019

 

Gary
Rahlfs

 

Dear
Gary:

 

I
am pleased to offer you the position of Senior Vice President – Finance & Strategy (Grade
99) for Dean Foods Company. This position will report to Jody Macedonio, Executive Vice President – Chief Financial Officer,
and will be based out of our Corporate Headquarters in Dallas, Texas. We look forward to having you join our team on May 28, 2019.

 

Here
are the specifics of your assignment:

 

Base Salary

You will be paid $14,583.33
on a semi-monthly basis, less payroll taxes and applicable withholdings. Your salary will be
reviewed annually (next in March 2020). 

 

Annual Incentive Opportunity

As
a Grade 99 executive, you will be eligible to earn an annual incentive as a participant in the Dean Foods Corporate Short-Term
Incentive (STI) Plan with a 2019 target amount equal to 50% of your annualized base salary, subject to the achievement of certain
financial targets as well as your performance against certain individual objectives. For the 2019 plan year, your STI payment
will not be prorated and will be guaranteed at target ($175,000). The STI payment will be calculated
with your annual base salary as of 12/31. 

 

Annual Long-Term Incentive Compensation

You will
be eligible for consideration for future Long-Term Incentive (LTI) grants under the Dean Foods Long Term Incentive Program. The
exact amount and nature of any future long-term incentive awards will be determined by the Dean Foods Compensation Committee. 

 

One-Time New Hire Long-Term Incentive
Award

You
will be eligible for a one-time prorated new hire grant under the Dean Foods Long-Term Incentive Program. The target value of your
one-time grant will be $166,667.00, and will be delivered 100% in Restricted Stock Units
(RSUs). We anticipate this grant will be effective on or around 6/1/2019; however, pursuant to our Long-Term Incentive Plan Guidelines,
the stock price used for purposes of converting your award to shares (or target shares) will be the closing price on the date that
the Compensation Committee approved the award (5/8/2019). You will receive additional details regarding your grant within 90 days
of your hire date.

 

Paid Time Off (PTO)

You will
be granted twenty (20) days of PTO per year. For 2019, your PTO will be prorated based on your actual start date. Unused PTO is
not carried forward from year to year unless required by state law.

 

Benefits Plan

You will
soon be receiving an overview of the health and welfare benefits program. Your eligibility begins on the first day of the month
following 60 calendar days of employment; please note that you must complete the health and welfare benefits enrollment process
within 45 days of your hire date. Once hired, if you have questions regarding the health and welfare benefits programs or eligibility,
please call the Dean Foods Benefits Service Center at 877-224-4909 or go online to www.deanfoods.mercerhrs.com.  

 

     

     

    

 

Your
eligibility for 401(k) benefits will begin on the first day of the month following 60 calendar days of employment.  You will
receive information regarding these benefits approximately two weeks prior to your eligibility. For questions regarding 401(k)
programs or eligibility, please call Fidelity Investments at 800-835-5095.

 

COBRA Support

Should
you elect COBRA (health insurance) coverage from your previous employer, Dean Foods will reimburse you, grossed up for taxes, for
your COBRA premiums (less your comparable Dean Foods contribution) until you become eligible for Dean Foods benefits (first of
the month following 60 days of employment).

 

Supplemental Executive Retirement
Plan

You will
be covered by the Dean Foods Supplemental Executive Retirement Plan (SERP) under the plan rules. The SERP is a non-qualified retirement
plan that provides an annual Company contribution (currently 4% of eligible excess compensation) to executives whose eligible compensation
exceeds the annual IRS-mandated limit for qualified retirement plans. Company contributions are made in June/July for the prior
year period. You will receive additional information upon receiving your first plan contribution.

 

Executive Physical

You will
be eligible for a Company-paid Executive Physical every calendar year with the Cooper Institute in Dallas, Texas. To schedule your
physical, call 972.560.3227 and reference Dean Foods.

 

Insider Trading

As a
Senior Vice President, you will have access to sensitive business and financial information. Accordingly, from time to time and
in accordance with the company's Insider Trading Policy, you will be prohibited from trading Dean Foods’ securities (or,
in some circumstances, the securities of companies doing business with Dean Foods).

 

Change-In-Control Provisions

You will be provided a Change
in Control agreement comparable to that currently provided to other Dean Foods Senior Vice Presidents. 

 

New Hire Process

This
offer of employment is contingent upon your submission to and successful completion of a background check and drug screen. By signing
this offer letter, you represent that there is no agreement or promise in place between you and any other company (for example,
a non-competition agreement) that would prohibit you from working for Dean Foods. You are also required to comply with the Dean
Foods Code of Ethics as a condition of employment, and you understand and agree that you are not to use or disclose the confidential
or proprietary information of any prior employer while performing your job with Dean Foods.  You also agree that to the extent
you have any prohibitions on solicitation of customers or employees from your prior employer, you agree that you will honor those
provisions for the allotted time in any relevant agreements.

 

Conclusion

Gary,
I am very excited about the opportunities at Dean Foods and very excited to have you be a part of our team. I am confident that
with your experience, skills, vision and standards, you will make significant contributions to our company in the years to come.

 

Best
regards,

 

	/s/ Jose Motta	 
	Jose Motta	 
	SVP, Human Resources	 
	Dean Foods	 

 

    2

     

    

 

	Agreed and accepted:	 
	 	 
	/s/ Gary Rahlfs	 
	Gary Rahlfs	 
	 	 
	March 8, 2019	 
	Date	 

 

cc.   David Bruns

Jody Macedonio 

Jose
Motta

 

    3Exhibit 10.2 

 

AMENDMENT
TO OFFER LETTER 

 

This Amendment to Offer
Letter, dated to be effective as of September 24, 2019 (the “Amendment”), amends the Offer Letter dated July
23, 2019 (the “Offer Letter”) between Eric Beringause (“Beringause”) and Dean Foods Company,
a Delaware corporation (the “Company”).

 

WHEREAS, Beringause
was retained under the Offer Letter by the Company to serve as its President and Chief Executive Officer; and

 

WHEREAS, the
Parties desire to amend the Offer Letter to clarify certain terms relating to an inducement grant to be made to Beringause.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements contained herein and in the Offer Letter, the receipt and sufficiency
of which are hereby acknowledged, Beringause and the Company hereby agree as follows:

 

1.       The
section of the Offer Letter entitled “Inducement Grant” is hereby deleted in its entirety and replaced with the following
revised section:

 

“Inducement Grant

 

You will receive an Inducement
Grant consisting of Performance Vesting Stock Options (the “Performance Options”).  The total number of Performance
Options will be equal to $3,000,000.00 divided by the Company’s closing stock price one business day before your Start
Date. The exercise price for the Performance Options shall be equal to the Company’s closing stock price one business day
before your Start Date.

 

The Performance Options shall
vest as follows:

 

		·	50% of the Performance Options will vest based on the Company’s attainment of an EBITDA target
for the 2020 calendar year, such EBITDA target to be established and approved by the Compensation Committee not later than March
15, 2020; and
	 	 	 
		·	50% of the Performance Options will vest based on the Company’s attainment of an EBITDA target
for the 2021 calendar year, such EBITDA target to be established and approved by the Compensation Committee not later than March
15, 2020.

 

The total number of Performance
Options that will vest at the end of each annual measurement period will be calculated using a 2:1 leverage factor on EBITDA actually
delivered versus the corresponding EBITDA target, starting with a minimum amount of Performance Options equivalent to 50% of the
total stock options originally granted.  The maximum number of shares that could potentially be delivered under the Inducement
Grant is equivalent to the total Performance Options originally granted.  You will receive additional details regarding your
grant not later than March 30, 2020.”

 

2.       Any
capitalized terms not defined herein shall be given the meanings assigned to them in the Offer Letter.

 

3.       This
Amendment may be executed in one or more counterparts, each of which shall be deemed an original but both of which together shall
constitute one and the same instrument. The facsimile or e-mail transmission of any signed original counterpart of this Amendment,
and transmission or re-transmission of any signed facsimile or e-mail transmission, shall be the same as delivery of an original.
At the request of either party, the parties hereto will confirm facsimile and e-mail transmitted signatures by signing an original
document for delivery between them.

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Amendment to be effective as of the date specified above, regardless of the date of execution.

 

	DEAN FOODS COMPANY	 
	 	 
	 	 
	By:    	/s/ Kristy N. Waterman	 
	 	Kristy N. Waterman

Senior Vice President, General Counsel & Corporate Secretary 	 
	 	 
	 	 
	/s/ Eric Beringause	 
	ERIC BERINGAUSE

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