Document:

EX-10.42

 

EXHIBIT 10.42

DIRECTOR COMPENSATION SUMMARY

Annual Retainer

     Each non-employee director receives $35,000 as an annual retainer.

Meeting Fees

     For each meeting of the board of directors of Performance Food Group
Company, a Tennessee corporation, (the “Company”), attended in person a
non-employee director receives $1,500. A non-employee director also receives
$1,000 for each committee meeting attended in person. A non-employee director
receives $750 and $500, respectively, for each board and committee meeting
attended by telephone. In lieu of the foregoing committee meeting fees, the
chairman of the Audit Committee receives $1,500 for attending audit committee
meetings, whether in person or by telephone.

     Directors are also reimbursed for expenses reasonably incurred in
connection with their services as directors.

Committee Chairmen and Presiding Director

     The chairman of the Audit Committee receives an annual retainer of $10,000
and the chairmen of the Compensation and Nominating and Corporate Governance
Committees receive an annual retainer of $5,000 each. The Presiding Director
also receives an annual retainer of $25,000.

Equity Incentives

     The Board of Directors awards each
non-employee director 2,500 shares of restricted stock under the terms of the
Company’s 2003 Equity Incentive Plan on the date of his or her initial election
or appointment to the Board of Directors and awards each non-employee director
2,500 shares of restricted stock under the terms of the Company’s 2003 Equity
Incentive Plan annually on the date of the Company’s annual meeting of
shareholders. These restricted shares will vest, in each case, on the first
anniversary of the date of grant.

Stock Ownership Guidelines

     By the later of (i) August 23, 2008; or (ii) three years from a
non-employee director’s initial appointment or election to the Board of
Directors, each non-employee director must beneficially own shares of the
Company’s common stock having a value equal to at least three times the then
annual retainer paid to the Company’s non-employee directors. Shares of
restricted stock awarded to a non-employee director shall be included when
calculating whether a non-employee director owns the requisite amount of the
Company’s common stock under these guidelines, but shares subject to unexercised
options will not.

 

 

NAMED EXECUTIVE OFFICER COMPENSATION SUMMARY

     Fiscal
2006 discretionary cash incentive payments for the Company’s named executive
officers for the one and two-year periods ended December 30, 2006 were as follows:

	 	 	 	 	 	 	 
	 	 	 	 	CASH INCENTIVE
	NAME	 	TITLE	 	PLAN AMOUNT
	Robert C. Sledd

	 	Chairman
	 	$	156,420	 
	 
	 	 	 	 	 	 
	Steven L. Spinner

	 	President and Chief Executive
Officer	 	$	88,170	 
	 
	 	 	 	 	 	 
	Tom Hoffman

	 	Senior Vice President, President
and Chief Executive Officer - Customized Division
	 	$	270,300	 
	 
	 	 	 	 	 	 
	John D. Austin

	 	Senior Vice President and Chief Financial Officer
	 	$	173,230	 
	 
	 	 	 	 	 	 
	Joseph J. Paterak Jr.

	 	Senior Vice President of Strategy and Support
Services
	 	$	52,866	 
	 
	 	 	 	 	 	 
	Charlotte L. Perkins

	 	Chief Human Resources Officer
	 	$	118,500	 

In addition to their base salaries, these named executive officers are also
eligible to:

	 	—	 	Receive cash bonuses under the Company’s 2007 Cash Incentive Plan;
	 
	 	—	 	Participate in the Company’s equity incentive programs, which
may involve the award of stock options, stock settled stock
appreciation rights and/or restricted
stock pursuant to the Company’s 2003 Equity Incentive Plan; and
	 
	 	—	 	Participate in the Company’s broad-based benefit programs generally
available to the Company’s employees, including health, disability
and life insurance programs and the Company’s 401k plan as well as
the Company’s Supplemental Executive Retirement Plan, Executive
Deferred Compensation Plan and Senior
Management Severance Plan.

     For
2006, the Company made the following contributions to the named
executive officers’ accounts under the Company’s Supplemental Executive
Retirement Plan:

	 	 	 	 	 	 	 
	NAME	 	TITLE	 	SERP
 CONTRIBUTION
	Robert C. Sledd

	 	Chairman	 	$	—	(1)
	 
	 	 	 	 	 	 
	Steven L. Spinner

	 	President and Chief Executive
Officer
	 	$	29,250	 
	 
	 	 	 	 	 	 
	Tom Hoffman

	 	Senior Vice President, President and
Chief Executive Officer — Customized Division
	 	$	30,349	 
	 
	 	 	 	 	 	 
	John D. Austin

	 	Senior Vice President and Chief Financial Officer
	 	$	25,526	 
	 
	 	 	 	 	 	 
	Joseph J. Paterak, Jr.

	 	Senior Vice President of Strategy and
Support
	 	$	17,311	 
	 
	 	 	 	 	 	 
	Charlotte L. Perkins

	 	Chief Human Resources Officer
	 	$	17,805	 

     The foregoing information is summary in nature. Additional information
regarding the named executive officer compensation will be provided in the
Company’s proxy statement to be filed in connection with the 2007 annual meeting
of the Company’s shareholders.

(1) Mr.
Sledd voluntarily elected not to participate.EX-10.43

 

Exhibit 10.43

PERFORMANCE FOOD GROUP

EMPLOYEE STOCK PURCHASE PLAN

AMENDMENT

     The Performance Food Group Employee Stock Purchase Plan (the “Plan”) was hereby established by
Performance Food Group Company (the “Company”) effective January 1, 1994.

     WHEREAS, the Company has determined that it is advisable to lower the maximum purchase amount
to $10,000 in fair market value of Company stock from the current limit of $25,000 in fair market
value of Company stock; and

     WHEREAS, the Company has determined that it is advisable to eliminate the look-back feature
for purchase price determination so that the price would be determined using a 15% discount from
the closing price on the last day of the option period.

     NOW THEREFORE, the Plan is amended effective as set forth below.

     1. Article VI is amended, beginning with the current purchase period that ends January 14,
2007, to revise section 6.3 to read as follows:

     Effective for the purchase period that ends January 14, 2007, the Exercise
Price of the options granted under this Plan for any Option Period shall be
eighty-five percent (85%) of the Closing Market Price of the Stock on the Exercise
Date.

     2. Article VI is amended further, beginning with the current period that ends January 14,
2007, to revise subsection (b) of Section 6.6 to read as follows:

     (b) Effective for the purchase period that ends January 14, 2007, no
Participant shall be permitted to purchase during any calendar year Stock under
this Plan (and any other plan of the Employer or Subsidiary which is qualified
under Section 423 of the Code) having a market value in excess of $10,000 (as
determined on the Grant Date for the Option Period during which each such share of
Stock is purchased).

1Ex-10.22

 

Exhibit 10.22

Non-Employee Director Compensation

     Each non-employee director receives an annual retainer of $10,000 for his or her services as a
director. The Chairman of the Board of Directors receives an additional $25,000 for his services
as Chairman. Each non-employee director receives $3,500 for each Board meeting that he or she
attends in person and $1,500 for each Board meeting that he or she attends via telephone. Each
non-employee director also receives $1,000 for each meeting of the Compensation Committee or the
Nominating and Corporate Governance Committee that he or she attends and $2,500 for each meeting of
the Audit Committee that he or she attends, whether in person or via telephone, except that the
Chair of the Audit Committee receives $3,500 for each Audit Committee meeting that he attends, the
Chair of the Compensation Committee receives $2,000 for each Compensation Committee meeting that he
attends and the Chair of the Nominating and Corporate Governance Committee receives $2,000 for each
Nominating and Corporate Governance Committee meeting that he attends.

     From time to time, the Board of Directors of the Company may form ad hoc committees. Each
non-employee director who serves on an ad hoc committee receives $1,000 for each meeting of the ad
hoc committee that he or she attends, whether in person or via telephone, except that the Chair of
any ad hoc committee receives $2,000 for each such meeting that he or she attends. In addition,
the Company pays each non-employee director $2,500 for each director education session conducted by
the Company that the director attends in person and $1,000 for each director education session
attended via telephone. Non-employee directors are compensated for attending meetings of the
Board of Directors and committees of the Board only if the duration of those meetings exceeds one
hour. The Company also reimburses each non-employee director for his or her out-of-pocket expenses
incurred in attending Board of Directors’ meetings and committee meetings.

     On the date of each annual meeting of shareholders, each non-employee director who is elected
or reelected to the Board of Directors, or who otherwise continues as a director, automatically
receives on the date of the annual meeting of shareholders a grant of that number of shares of
restricted common stock having an aggregate fair market value on such date equal to an amount that
is adjusted annually for changes in the Consumer Price Index, or CPI. In 2006, each non-employee
director received shares of common stock having an aggregate value of $12,350.

     Each grant of restricted stock vests in equal one-third increments on the date of grant and,
if the grantee is still a director, the first and second anniversaries of the date of grant. Until
the earlier of (i) five years from the date of grant and (ii) the date on which the non-employee
director ceases to serve as a director, no restricted stock may be sold, transferred, pledged,
assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and
distribution. Upon termination of a non-employee director’s service as a director for any reason
other than death, disability or retirement, all shares of his or her unvested restricted stock will
be forfeited. Upon termination of a non-employee director’s service as a director due to death,
disability or retirement, all shares of his or her restricted stock will vest immediately.

 

 

Named Executive Officer Compensation

The 2007 base salary of each of the Company’s named executive officers, as determined by the
Compensation Committee of the Company’s Board of Directors in accordance with the terms and
conditions of their respective employment agreements, the forms of which have previously been filed
by the Company, are set forth below. The 2007 base salaries were effective as of January 1, 2007.

	 	 	 	 	 
	 	 	2007 Salary	 
	Ken P. McDonald.
	 	$	510,000	 
	Claire M. Gulmi.
	 	 	350,000	 
	David L. Manning
	 	 	350,000	 
	Frank J. Coll
	 	 	295,000	 
	Royce D. Harrell
	 	 	230,000	 

In addition, the named executive officers participate in cash bonus plans as approved from
time to time by the Compensation Committee, are eligible to receive awards pursuant to the
Company’s equity incentive plans and participate in the Company’s non-qualified deferred
compensation plan.

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