Document:

Exhibit

EXHIBIT 10.33
                                    

February 8, 2016

Kurt Laufer

Revised Offer

Dear Kurt:

I am pleased to offer you the position of Senior Vice President of National Sales and Chief Customer Officer (Grade 99) for Dean Foods Company. This position will report to Ralph Scozzafava, EVP, Chief Operating Officer, and will be based out of Dallas, Texas.  We look forward to having you join our team on or before April 11, 2016.

Here are the specifics of your assignment:

Base Salary
You will be paid $16,666.67 on a semi-monthly basis, less payroll taxes, which equates to an annual salary of $400,000.00, less payroll taxes.  Your salary will be reviewed annually (next in March 2017).   

Signing Bonus
You will receive a one-time signing bonus in the amount of $350,000.00, less payroll taxes.  This one-time signing bonus will be payable within the first 30 days after you join Dean Foods.  In order to be eligible to receive this one-time signing bonus, you will need to be actively employed by Dean Foods on the payment date of said bonus.  If you voluntarily leave Dean Foods without good reason during the 24 months following the payment of the signing bonus, you will be responsible for reimbursing Dean Foods for the full gross amount of the signing bonus, on a prorated basis (according to the number of full months worked).

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 2016 target amount equal to 60% of your annualized base salary, subject to the achievement of certain financial targets as well as your performance against certain individual objectives.  Your 2016 incentive payment will not be prorated based on your actual hire date.

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 Compensation Committee of the Dean Foods Board of Directors.

One-Time New Hire Long-Term Incentive Award
You will be eligible for a one-time new hire grant under the Dean Foods Long Term Incentive Program.  The target value of the grant will be $400,000.00.  You will receive additional details regarding your new hire grant within 90 days of your new hire effective date.

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One-Time Special Bonuses
You will receive two one-time special bonuses in the total amount of $425,000.00, less payroll taxes.  These two one-time special bonuses will be payable within the first 30 days after the dates listed below.  In order to be eligible to receive both of these one-time special bonuses, you will need to be actively employed by Dean Foods on the payment date of said bonuses.  If you voluntarily leave Dean Foods without good reason during the 12 months following the payment of each of the special bonuses indicated below, you will be responsible for reimbursing Dean Foods for the full gross amount of the special bonus, on a prorated basis (according to the number of full months worked).

	
		
	Payment Within 30 Days After Date Listed Below
	One-Time Special Bonus Payment Amount

	March 1, 2017
	$225,000.00

	March 1, 2018
	$200,000.00

Executive Deferred Compensation Plan
You will be eligible to participate in the Dean Foods Executive Deferred Compensation Plan.  The plan provides eligible executives with the opportunity to defer compensation on a pre-tax basis.  You will receive general information and enrollment materials during the next enrollment cycle.

Supplemental Executive Retirement Plan
You will be covered by the Dean Foods Supplemental Executive Retirement Plan (SERP) under the plan rules. 

Paid Time Off (PTO)
You will be granted twenty five (25) days of PTO per year.  For 2016, 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.

Executive Physical
You will be eligible for a company paid Executive Physical every calendar year with The Cooper Clinic Institute in Dallas.

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).

Insider Trading

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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).

Severance 
Dean Foods maintains an Executive Severance Plan.  As a Grade 99 Senior Vice President, you will be an eligible participant.  A copy of the plan will be provided to you.

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.  

Relocation Assistance
Dean Foods wants your transfer to Dallas to be a positive one, and is offering relocation assistance pursuant to the Company’s current Relocation Policy. The Level One policy describing these benefits is enclosed. Your acceptance of this offer includes the acceptance and agreement of this relocation policy. If you have questions regarding this program or eligibility, please contact our relocation department by phone at 817-684-3687 or via email at relocation@deanfoods.com. 

Conclusion
Kurt, 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/ Kim Warmbier

Kim Warmbier
EVP, Chief Human Resources Officer

Agreed and accepted:

/s/ Kurt Laufer                         
Kurt Laufer

2/14/16    
Date

3Exhibit

EXHIBIT 10.34
    

November 10, 2016

Kurt Laufer

Dear Kurt:

As of January 1, 2017, we are pleased to add the Marketing and Research & Development functions to your current position of Senior Vice President, Chief Customer Officer (Grade 99). You will continue to report to Ralph Scozzafava, Chief Operating Officer.  On January 1, 2017, you will continue to report to Ralph in his new role as Dean Foods’ CEO, and you will become a member of the Executive Leadership Team. 

Here are the specifics of your assignment:

Base Salary
You will be paid $17,500.00 on a semi-monthly basis, less payroll taxes, which equates to an annual salary of $420,000.00, less payroll taxes.  Your new salary includes your 2017 merit adjustment, and will be reviewed annually (next in March 2018).   

Annual Incentive Opportunity
As a Grade 99 executive, you will continue to be eligible to earn an annual incentive as a participant in the Dean Foods Corporate Short-Term Incentive (STI) Plan with a 2017 target amount equal to 65% of your annualized base salary, subject to the achievement of certain financial targets as well as your performance against certain individual objectives.

Annual Long Term Incentive Compensation
You will continue to 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 Compensation Committee of the Dean Foods Board of Directors.

Executive Deferred Compensation Plan
You will continue to be eligible to participate in the Dean Foods Executive Deferred Compensation Plan.  The plan provides eligible executives with the opportunity to defer compensation on a pre-tax basis.

Supplemental Executive Retirement Plan
You will continue to be covered by the Dean Foods Supplemental Executive Retirement Plan (SERP) under the plan rules. 

Paid Time Off (PTO)
You will continue to receive twenty five (25) days of PTO per year.  Unused PTO is not carried forward from year to year unless required by state law.

1

Executive Physical
You will continue to 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.

Benefits Plan
You will continue to be eligible to participate in the Dean Foods SmartChoice Benefits program and the Dean Foods 401(k) Plan.

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).

Severance 
Dean Foods maintains an Executive Severance Plan.  As a Grade 99 Senior Vice President, you will continue to be an eligible participant.

Change-In-Control Provisions 
You will continue to be covered by your current Change in Control agreement. 

Conclusion
Kurt, we are very excited about having you on our team and the impact that you’ve already had since joining us earlier this year.  We are confident that you will continue to make significant contributions in this expanded role.

Best regards,

/s/ Kim Warmbier

Kim Warmbier
EVP, Chief Human Resources Officer

Agreed and accepted:

/s/ Kurt Laufer                         
Kurt Laufer

11/10/2016    
Date

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