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DEL MONTE FOODS COMPANY

2005 NON-EMPLOYEE DIRECTOR DEFERRED

COMPENSATION PLAN

Effective January 1, 2005

(Adopted December 16, 2004)

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page

	ARTICLE 1 Definitions
	 	 	1	 
	ARTICLE 2 Eligibility/Enrollment
	 	 	3	 
	2.1 Eligibility
	 	 	3	 
	2.2 Enrollment Requirements; Commencement of Participation
	 	 	3	 
	ARTICLE 3 Deferral Commitments/Vesting/Earnings Crediting
	 	 	4	 
	3.1 Election to Defer
	 	 	4	 
	3.2 Effect of Deferral Election Form
	 	 	4	 
	3.3 Withholding of Annual Deferral Amounts;
Conversion into Deferred Stock Units
	 	 	4	 
	3.4 Crediting of Dividends and Distributions
	 	 	4	 
	3.5 Payment of Account Balances
	 	 	4	 
	3.6 Vesting
	 	 	4	 
	ARTICLE 4 Withdrawal Payouts
	 	 	5	 
	4.1 Withdrawal Payout; Suspensions for
Unforeseeable Financial Emergencies
	 	 	5	 
	ARTICLE 5 Termination Benefit
	 	 	5	 
	5.1 Termination Benefit
	 	 	5	 
	5.2 Payment of Termination Benefit
	 	 	5	 
	5.3 Death Prior to Completion of Termination Benefits
	 	 	5	 
	ARTICLE 6 Survivor Benefit
	 	 	6	 
	6.1 Survivor Benefit
	 	 	6	 
	6.2 Payment of Survivor Benefit
	 	 	6	 
	ARTICLE 7 Beneficiary Designation
	 	 	6	 
	7.1 Beneficiary
	 	 	6	 
	7.2 Beneficiary Designation; Spousal Consent; Change
	 	 	6	 
	7.3 Acknowledgment
	 	 	6	 
	7.4 No Beneficiary Designation
	 	 	6	 
	7.5 Doubt as to Beneficiary
	 	 	7	 

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TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page

	ARTICLE 8 Termination, Amendment, or Modification of Plan
	 	 	7	 
	8.1 Termination
	 	 	7	 
	8.2 Amendment
	 	 	7	 
	8.3 Effect of Payment
	 	 	7	 
	ARTICLE 9 Administration
	 	 	7	 
	9.1 Committee Duties
	 	 	7	 
	9.2 Agents
	 	 	7	 
	9.3 Binding Effect of Decisions
	 	 	7	 
	9.4 Indemnity of Committee
	 	 	7	 
	ARTICLE 10 Claims Procedures
	 	 	8	 
	10.1 Presentation of Claim
	 	 	8	 
	10.2 Notification of Decision
	 	 	8	 
	10.3 Review of a Denied Claim
	 	 	8	 
	10.4 Decision on Review
	 	 	8	 
	10.5 Legal Action
	 	 	9	 
	ARTICLE 11 Miscellaneous
	 	 	9	 
	11.1 Unsecured General Creditor
	 	 	9	 
	11.2 Company’s Liability
	 	 	9	 
	11.3 Taxes
	 	 	9	 
	11.4 Nonassignability
	 	 	9	 
	11.5 Coordination with Other Benefits
	 	 	9	 
	11.6 No Special Rights
	 	 	9	 
	11.7 Furnishing Information
	 	 	9	 
	11.8 Captions
	 	 	10	 
	11.9 Governing Law
	 	 	10	 
	11.10 Notice
	 	 	10	 
	11.11 Successors
	 	 	10	 
	11.12 Spouse’s Interest
	 	 	10	 
	11.13 Validity
	 	 	10	 
	11.14 Incompetent
	 	 	10	 
	11.15 Counterparts
	 	 	10	 

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Del Monte Foods Company

2005 Non-Employee Director Deferred Compensation Plan

Effective January 1, 2005

(Adopted December 16, 2004)

PURPOSE

     The purpose of this Plan is to provide deferred compensation to
non-employee directors who contribute materially to the continued growth,
development and future business success of Del Monte Foods Company, a Delaware
corporation, and its affiliates. The Plan is not intended to constitute a plan
subject to the Employee Retirement Income Security Act of 1974, as amended from
time to time, and the regulations promulgated thereunder.

COMPLIANCE

     This Plan is intended to comply with the American Jobs Creation Act of
2004 and new Internal Revenue Code Section 409A and the regulations thereunder
(“New Law”). This Plan is adopted prior to the issuance of all guidance and
interpretation of the New Law and is expected to be amended to conform to such
guidance as issued within the applicable transition period(s) to be provided
for the New Law.

ARTICLE 1

Definitions

     For purposes hereof, unless otherwise clearly apparent from the context,
the following phrases or terms shall have the following meanings:

	1.1	 	“Account Balance” shall mean the aggregate number of Deferred Stock Units
purchased by a Participant’s Annual Deferral Amounts and adjusted in
accordance with Section 3.4 of the Plan. This account shall be a
bookkeeping entry only and shall be utilized solely as a device for the
measurement and determination of the number of shares of Common Stock to
be paid to or in respect of a Participant pursuant to the Plan.
	 
	1.2	 	“Annual Deferral Amount” shall mean that portion of a Participant’s
Compensation that a Participant elects to have and is deferred, in
accordance with Article 3, for any one Plan Year.
	 
	1.3	 	“Beneficiary” shall mean one or more persons, trusts, estates or other
entities, designated in accordance with Article 7, that are entitled to
receive benefits under the Plan upon the death of a Participant.
	 
	1.4	 	“Beneficiary Designation and Spousal Consent Form” shall mean the form
established from time to time by the Committee that a Participant executes
and returns to the Corporate Secretary to designate one or more
Beneficiaries.
	 
	1.5	 	“Board” shall mean the Board of Directors of Del Monte.
	 
	1.6	 	“Claimant” shall mean a Participant or Beneficiary who presents a claim
to Del Monte in accordance with Article 10.

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	1.7	 	“Code” shall mean the Internal Revenue Code of 1986, as amended from time
to time, and the regulations promulgated thereunder.
	 
	1.8	 	“Committee” shall mean the Compensation Committee of the Board, or such
other committee as the Board shall appoint from time to time to administer
the Plan.
	 
	1.9	 	“Common Stock” shall mean the common stock of Del Monte, par value $0.01
per share.
	 
	1.10	 	“Compensation” shall mean any cash or any grant of Common Stock to be
made pursuant to the “Del Monte Foods Company 2002 Stock Incentive Plan”
that is to be paid in respect of a Plan Year to a Participant.
Compensation shall not include options, or any gain resulting from the
exercise of options, to purchase the stock of Del Monte.
	 
	1.11	 	“Corporate Secretary” shall mean the Corporate Secretary of Del Monte.
	 
	1.12	 	“Deferral Election Form” shall mean the form established from time to
time by the Committee that a Participant executes and returns to the
Corporate Secretary to make an election to defer Compensation under the
Plan.
	 
	1.13	 	“Deferred Stock Units” shall mean the phantom stock units comprising a
Participant’s Account Balance, each of which represents one (1) share of
Common Stock.
	 
	1.14	 	“Del Monte” shall mean the Del Monte Foods Company, a Delaware
corporation, and its successors.
	 
	1.15	 	“Director” shall mean a member of the Board who is not an employee of Del
Monte.
	 
	1.16	 	“Effective Date” shall mean the Effective Date of the Plan, which is
January 1, 2005.
	 
	1.17	 	“Fair Market Value” of a share of Common Stock with respect to any day
shall mean (a) the average of the high and low sales prices on such day of
a share of Common Stock as reported on the principal securities exchange
on which shares of Common Stock then are listed or admitted to trading, or
(b) if not so reported, the average of the closing bid and ask prices on
such day as reported on the National Association of Securities Dealers
Automated Quotation System, or (c) if not so reported, as furnished by any
member of the National Association of Securities Dealers, Inc., selected
by the Committee. In the event that the price of a share of Common Stock
shall not be so reported, the Fair Market Value of a share of Common Stock
shall be determined by the Committee in its absolute discretion.
	 
	1.18	 	“Participant” shall mean any Director (a) who elects to participate in
the Plan; (b) who complies with the enrollment requirements pursuant to
Section 2.2; (c) who commences participation in the Plan pursuant to
Section 2.2; and (d) whose Plan Agreement has not terminated.
	 
	1.19	 	“Plan” shall mean the “Del Monte Foods Company 2005 Non-Employee Director
Deferred Compensation Plan,” which shall be evidenced by this instrument
and, with respect to each Participant, by his or her Plan Agreement, as
each may be amended from time to time.
	 
	1.20	 	“Plan Agreement” shall mean a written agreement, as may be amended from
time to time, which is entered into by and between Del Monte and the
Participant. Each Plan Agreement executed by a Participant shall provide
for the entire benefit to which such Participant is entitled under the
Plan. The Plan Agreement bearing the latest date of acceptance by the
Corporate Secretary shall

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	 	 	govern such entitlement and Del Monte’s liability. Upon the complete
payment of a Participant’s Account Balance, each individual’s Plan
Agreement and his or her status as a Participant shall terminate. The
Plan Agreement may be amended by the written consent of both parties from
time to time.
	 
	1.21	 	“Plan Year” shall mean the calendar year period to which elections to
defer Compensation apply. All Plan Years (commencing on January 1, 2005)
shall be the calendar year.
	 
	1.22	 	“Survivor Benefit” shall mean the benefit set forth in Article 6.
	 
	1.23	 	“Termination” shall mean the termination of service as a Director for any reason.
	 
	1.24	 	“Termination Benefit” shall mean the benefit set forth in Article 5.
	 
	1.25	 	“Termination Benefit Payout Form” shall mean the form established from
time to time by the Committee that a Participant executes and returns to
the Corporate Secretary to make an election as to the form and timing of
the payout of his or her Termination Benefit under the Plan.
	 
	1.26	 	“Unforeseeable Financial Emergency” shall mean an unforeseeable
emergency, consistent with Code Section 409A and regulations thereunder,
that is caused by an event beyond the control of the Participant that
would result in severe financial hardship to the Participant resulting
from (a) a sudden and unexpected illness or accident of the Participant or
a dependent of the Participant, (b) a loss of the Participant’s property
due to casualty, or (c) such other extraordinary and unforeseeable
circumstances arising as a result of events beyond the control of the
Participant, all as determined in the sole and absolute discretion of the
Committee.

ARTICLE 2

Eligibility/Enrollment

	2.1	 	Eligibility. Eligibility to participate in the Plan shall be limited to
non-employee Directors of Del Monte.
	 
	2.2	 	Enrollment Requirements; Commencement of Participation. As a condition
to enrolling in the Plan, starting as of the date of adoption of the Plan,
each Director shall execute and return to the Corporate Secretary a Plan
Agreement, a Deferral Election Form, a Termination Benefit Payout Form,
and a Beneficiary Designation and Spousal Consent Form all no later than
thirty (30) days after the Effective Date. In such case, participation in
the Plan commences as soon as the enrollment requirements are met and the
Corporate Secretary accepts the foregoing documents; provided that in no
case shall Compensation for services performed before the Effective Date
be deferred under the Plan. As a condition to enrolling in the Plan at
any other time, each Director shall execute and return to the Corporate
Secretary a Plan Agreement, a Deferral Election Form, a Termination
Benefit Payout Form, and a Beneficiary Designation and Spousal Consent
Form all no later than the end of the calendar year preceding the calendar
year for which Compensation shall be deferred. Notwithstanding the
foregoing, an individual who may enroll for the balance of the Plan Year
in which he or she first becomes a non-employee Director by executing and
returning to the Corporate Secretary a Plan Agreement, a Deferral Election
Form, a Termination Benefit Payout Form, and a Beneficiary Designation and
Spousal Consent Form all no later than thirty (30) days after the
individual’s election as a non-employee Director. In addition, the
Committee shall establish from time to time such other enrollment
requirements as it determines in its sole and absolute discretion are
necessary.

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ARTICLE 3

Deferral Commitments/Vesting/Earnings Crediting

	3.1	 	Election to Defer. On any day of the month in each December preceding
the beginning of each Plan Year (or in the case of the first Plan Year,
from the date of adoption of the Plan to no later than thirty (30) days
after the Effective Date), a Participant may elect to defer a certain
amount of Compensation (the “Annual Deferral Amount”). A Participant may
make separate elections to defer either zero percent (0%), fifty percent
(50%), or one hundred percent (100%) of each of such Participant’s stock
Compensation and cash Compensation earned during the applicable Plan Year
after the Participant’s election is effective. Notwithstanding the
foregoing, new Directors commencing service in the middle of a Plan Year
shall be permitted to make a deferral election as to Compensation earned
during the remainder of that Plan Year provided that the enrollment
requirements of Section 2.2 are met.
	 
	3.2	 	Effect of Deferral Election Form. Deferral elections shall be made by
delivering to the Corporate Secretary an executed Deferral Election Form,
which must be accepted by the Corporate Secretary for a valid election to
exist. For each succeeding Plan Year, a new Deferral Election Form must
be delivered to the Corporate Secretary, in accordance with Section 3.1.
If no Deferral Election Form is timely delivered for a Plan Year, no
Annual Deferral Amount shall be withheld for that Plan Year.
	 
	3.3	 	Withholding of Annual Deferral Amounts; Conversion into Deferred Stock
Units. For each Plan Year, Compensation shall be withheld to the extent
of the Annual Deferral Amount at the time the Compensation is or otherwise
would be paid to the Participant, even if that occurs after the end of the
Plan Year. The dollar value of the Annual Deferral Amount will be
converted into Deferred Stock Units (including fractions thereof) by
dividing the Annual Deferral Amount by the Fair Market Value of a share of
Common Stock as of the time Compensation is withheld; such Deferred Stock
Units will be credited to the Participant’s Account Balance at such time.
Hence, each Deferred Stock Unit represents one (1) share of Common Stock
to which the Participant is entitled upon the eventual payment of his
Account Balance. Under no circumstances shall a Participant’s Deferred
Stock Units be “reconverted” into cash or be deemed to represent any fixed
dollar amount under any provision of this Plan.
	 
	3.4	 	Crediting of Dividends and Distributions. Each Deferred Stock Unit will
be credited with dividends and special distributions at the time such
dividend or special distribution is paid to shareholders, which will be
converted into additional Deferred Stock Units. With respect to the
crediting of dividends and special distributions, Deferred Stock Units
will not be entitled to voting rights. Each Deferred Stock Unit (or
fraction thereof) will be converted into one (1) whole share of Common
Stock upon the payment of any benefit under this Plan.
	 
	3.5	 	Payment of Account Balances. The payment of Account Balances under
Articles 4, 5, and 6 of this Plan shall be effected by issuing shares of
Common Stock to the Participant (or Beneficiary) in a number that is equal
to the number of Deferred Stock Units in such Participant’s Account
Balance as of the date of Termination (or date of withdrawal, if
applicable). No fractional shares of Common Stock will be issued under
the Plan. If the calculation of the number of shares of Common Stock to
be issued under this Plan results in fractional shares, then the number of
shares of Common Stock will be rounded up to the nearest whole share of
Common Stock.
	 
	3.6	 	Vesting. A Participant shall at all times be one hundred percent (100%)
vested in his or her Account Balance.

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ARTICLE 4

Withdrawal Payouts

	4.1	 	Withdrawal Payout; Suspensions for Unforeseeable Financial Emergencies.
If the Participant experiences an Unforeseeable Financial Emergency, the
Participant may petition the Committee to receive a partial or full payout
from the Plan. If the Committee determines that the Participant has an
Unforeseeable Financial Emergency, any payout shall be made within thirty
(30) days of the date of approval, payable in Common Stock in a lump sum.
The payout shall not exceed the lesser of the Participant’s Account
Balance, calculated as of the date the petition is approved, or the amount
reasonably needed to satisfy the Unforeseeable Financial Emergency
(including any amounts necessary to pay any federal, state or local income
taxes or penalties reasonably anticipated to result from the payout).

ARTICLE 5

Termination Benefit

	5.1	 	Termination Benefit. In the case of Termination, the Participant shall
receive a benefit equal to his or her Account Balance.
	 
	5.2	 	Payment of Termination Benefit. When electing to defer Compensation for
a Plan Year, a Participant shall make an election on the Termination
Benefit Payout Form to receive his or her Account Balance attributable to
that Plan Year as a Termination Benefit payable either as: (a) a lump sum
of Common Stock; or (b) annual installments of an equal number of shares
of Common Stock spread over a period of not more than fifteen (15) years.
Lump sum payments shall be made, and installment payments shall commence,
no later than thirty (30) days from the date of Termination, or any
applicable delayed distribution date. A Participant may change his or her
election as to form (lump sum or equal annual installments) by submitting
a new Termination Benefit Payout Form to the Corporate Secretary;
provided, however, that no Termination Benefit Payout Form will be valid
unless it is received, accepted, and acknowledged in writing by the
Corporate Secretary at least one (1) year prior to Termination and (2) the
payout date is delayed by five (5) years from the date the Termination
Benefit would otherwise have been paid or first commenced payment (the
“delayed distribution date”). A Termination Benefit Payout Form does not
revoke a prior Termination Benefit Payout Form until it is effective and
accepted by the Corporate Secretary.
	 
	5.3	 	Death Prior to Completion of Termination Benefits. If a Participant dies
after Termination but before the Termination Benefit is paid in full, the
Beneficiary shall be paid in a lump sum or shall continue to receive
installments over the remaining number of years and amounts as would have
been paid to the Participant, all in the manner designated by the
Participant on the Termination Benefit Payout Form. In the absence of
such designation by the Participant prior to death, the Participant’s
unpaid Termination Benefit payments shall continue and shall be paid to
the Participant’s Beneficiary for the remaining number of years in the
installment period selected by the Participant; provided, however, if the
Beneficiary dies prior to complete distribution of the Termination
Benefits, payments will be made to the Beneficiary’s estate over the
remaining number of years and in the same amounts as that benefit would
have been paid to the Beneficiary had the Beneficiary survived.

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ARTICLE 6

Survivor Benefit

	6.1	 	Survivor Benefit. If a Participant has a Termination on account of death
while serving as a Director, the Participant’s Beneficiary shall receive a
Survivor Benefit equal to the Participant’s Account Balance.
	 
	6.2	 	Payment of Survivor Benefit. The Survivor Benefit shall be payable in
Common Stock in the manner designated by the Participant or, in the
absence of a designation, in a lump sum. The Participant may designate
payment to be made (1) in a lump sum or (2) in annual installments of an
equal number of shares of Common Stock spread over a period of not more
than fifteen (15) years. Notwithstanding the foregoing, the Committee
may, in its sole discretion, elect to pay some or all of the Survivor
Benefit in a lump sum. The Survivor Benefit shall be paid or commence
payment within thirty (30) days of the Committee’s receipt of proof of the
Participant’s death.

ARTICLE 7

Beneficiary Designation

	7.1	 	Beneficiary. Each Participant shall have the right, at any time, to
designate his or her Beneficiary (both primary as well as contingent) to
receive any benefits payable under the Plan to a Beneficiary upon the
death of a Participant. A Beneficiary designation shall apply to the sum
of all Account Balances of the Participant for all Plan Years. The
Beneficiary designated under this Plan may be the same as or different
from the beneficiary designation under any other plan of Del Monte in
which the Participant participates.
	 
	7.2	 	Beneficiary Designation; Spousal Consent; Change. A Participant shall
designate his or her Beneficiary by executing the Beneficiary Designation
and Spousal Consent Form, and returning it to the Corporate Secretary or
its designated agent. Where required by law or by the Committee, in its
sole discretion, if the Participant names someone other than his or her
spouse as a sole and primary Beneficiary, the Beneficiary Designation and
Spousal Consent Form must be signed by that Participant’s spouse and
returned to the Corporate Secretary. A Participant shall have the right
to change a Beneficiary by executing a subsequent Beneficiary Designation
and Spousal Consent Form and otherwise complying with the terms of the
such form and the Committee’s rules and procedures, as in effect from time
to time. Upon the acceptance by the Corporate Secretary of a new
Beneficiary Designation and Spousal Consent Form, all Beneficiary
Designation and Spousal Consent Forms previously submitted shall be
cancelled. The Committee shall be entitled to rely on the last
Beneficiary Designation and Spousal Consent Form submitted by the
Participant, and accepted by the Corporate Secretary, prior to such
Participant’s death.
	 
	7.3	 	Acknowledgment. No designation or change in designation of a Beneficiary
shall be effective until accepted and acknowledged in writing by the
Corporate Secretary.
	 
	7.4	 	No Beneficiary Designation. If a Participant fails to designate a
Beneficiary as provided in Sections 7.1 through 7.3 above, or, if all
designated Beneficiaries predecease the Participant, then the
Participant’s designated Beneficiary shall be his or her surviving spouse.
If the Participant has no surviving spouse, the benefits remaining under
the Plan shall be paid to the Participant’s estate.

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	7.5	 	Doubt as to Beneficiary. If the Committee has any doubt as to the proper
Beneficiary to receive payments pursuant to this Plan, the Committee shall
have the right, exercisable in its sole discretion, to withhold such
payments until this matter is resolved to the Committee’s satisfaction.

ARTICLE 8

Termination, Amendment, or Modification of Plan

	8.1	 	Termination. The Board reserves the right to terminate the Plan at any
time. Upon termination of the Plan, a Participant’s Account Balance,
calculated as of the date of Plan termination, shall be paid on the date
of Plan termination, to the extent permitted under Code Section 409A and
the regulations thereunder, payable in Common Stock in a lump sum;
provided, however, that termination of the Plan shall not affect the right
of any Participant who experienced a Termination on or before the date of
such Plan termination, or a Beneficiary of such Participant, to receive
benefits in the manner such Participant elected.
	 
	8.2	 	Amendment. The Board may, at any time, amend or modify the Plan in whole
or in part; provided, however, that no amendment or modification shall be
effective to decrease a Participant’s Account Balance, calculated as of
the effective date of the amendment or modification. In addition, no
amendment or modification of the Plan shall affect the right of any
Participant who experienced a Termination on or before the effective date
of such amendment or modification, or a Beneficiary of such Participant,
to receive benefits in the manner such Participant elected.
	 
	8.3	 	Effect of Payment. The full payment of the applicable benefit under
Articles 4, 5, or 6 of the Plan shall discharge completely Del Monte and
the Committee from all further obligations under this Plan with respect to
the Participant or his or her Beneficiary, and that Participant’s Plan
Agreement shall terminate upon such full payment of benefits.

ARTICLE 9

Administration

	9.1	 	Committee Duties. This Plan shall be administered by the Committee. The
Committee also shall have the discretion and authority to make, amend,
interpret, and enforce all appropriate rules and regulations for the
administration of this Plan and decide or resolve any and all questions
including interpretations of this Plan, as may arise in connection with
the Plan. Any Committee member must recuse himself or herself on any
matter of personal interest to such member that comes before the
Committee.
	 
	9.2	 	Agents. In the administration of this Plan, the Committee may, from time
to time, employ agents and delegate to them such administrative duties as
it sees fit and may from time to time consult with counsel, including
counsel to Del Monte.
	 
	9.3	 	Binding Effect of Decisions. The decision or action of the Committee
with respect to any question arising out of or in connection with the
administration, interpretation, and application of the Plan and the rules
and regulations promulgated hereunder shall be final and conclusive and
binding upon all persons having any interest in the Plan.
	 
	9.4	 	Indemnity of Committee. Del Monte shall indemnify and hold harmless the
members of the Committee against any and all claims, losses, damages,
expenses or liabilities arising from any action or failure to act with
respect to this Plan, except in the case of willful misconduct by the
Committee or any of its members.

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ARTICLE 10

Claims Procedures

	10.1	 	Presentation of Claim. Any Participant or Beneficiary of a deceased
Participant may deliver to the Committee a written claim for a
determination with respect to the amounts distributable to such Claimant
from the Plan. If such a claim relates to the contents of a notice
received by the Claimant, the claim must be made within sixty (60) days
after such notice was received by the Claimant. All other claims must be
made within one hundred eighty (180) days of the date on which the event
that caused the claim to arise occurred. The claim must state with
particularity the determination desired by the Claimant.
	 
	10.2	 	Notification of Decision. The Committee shall consider a Claimant’s
claim within sixty (60) days of the making of the claim, and shall notify
the Claimant in writing:

(a) that the Claimant’s requested determination has been made, and that
the claim has been allowed in full; or

(b) that the Committee has reached a conclusion contrary, in whole or in
part, to the Claimant’s requested determination, and such notice must set
forth in a manner calculated to be understood by the Claimant:

	(i)	 	the specific reason(s) for the denial of the
claim, or any part of it;
	 
	(ii)	 	specific reference(s) to pertinent provisions of
the Plan upon which such denial was based;
	 
	(iii)	 	a description of any additional material or
information necessary for the Claimant to perfect the claim,
and an explanation of why such material or information is
necessary; and
	 
	(iv)	 	an explanation of the claim review procedure set
forth in Section 10.3 below.

	10.3	 	Review of a Denied Claim. Within sixty (60) days after receiving a
notice from the Committee that a claim has been denied, in whole or in
part, a Claimant (or the Claimant’s duly authorized representative) may
file with the Committee a written request for a review of the denial of
the claim. Thereafter, but not later than thirty (30) days after the
review procedure begins, the Claimant (or the Claimant’s duly authorized
representative):

(a) may review pertinent documents;

(b) may submit written comments or other documents; and/or

(c) may request a hearing, which the Committee, in its sole discretion,
may grant.

	10.4	 	Decision on Review. The Committee shall render its decision on review
promptly, and not later than sixty (60) days after the filing of a written
request for review of the denial pursuant to Section 10.3, unless a
hearing is held or other special circumstances require additional time, in
which case the Committee’s decision must be rendered within one hundred
twenty (120) days after such date. Such decision must be written in a
manner calculated to be understood by the Claimant, and it must contain:

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(a) specific reasons for the decision;

(b) specific reference(s) to the pertinent Plan provisions upon which the
decision was based; and

(c) such other matters as the Committee deems relevant.

	10.5	 	Legal Action. A Claimant’s compliance with the foregoing provisions of
this Article 10 is a mandatory prerequisite to a Claimant’s right to
commence any legal action with respect to any claim for benefits under
this Plan.

ARTICLE 11

Miscellaneous

	11.1	 	Unsecured General Creditor. Participants and their Beneficiaries, heirs,
successors and assigns shall have no legal or equitable right, interest or
claim in any property or assets of Del Monte. Del Monte’s assets shall
be, and remain, the general, unpledged and unrestricted assets of Del
Monte. Del Monte’s obligation under the Plan shall be merely that of an
unfunded and unsecured promise to pay money in the future with respect to
its Participants.
	 
	11.2	 	Company’s Liability. Del Monte’s liability for the payment of benefits
shall be defined only by the Plan. Del Monte shall have no obligation to
a Participant under the Plan except as expressly provided in the Plan.
	 
	11.3	 	Taxes. It shall be the sole responsibility of the Participant to
properly account for and to pay any income and self-employment tax payable
on amounts deferred or benefits paid under this Plan.
	 
	11.4	 	Nonassignability. Neither a Participant nor any other person shall have
any right to commute, sell, assign, transfer, pledge, anticipate,
mortgage, or otherwise encumber, transfer, hypothecate or convey in
advance of actual receipt, the amounts, if any, payable hereunder, or any
part thereof, which are, and all rights to which are, expressly declared
to be unassignable and non-transferable. No part of the amounts payable
shall, prior to actual payment, be subject to seizure or sequestration for
the payment of any debts, judgments, alimony or separate maintenance owed
by a Participant or any other person, nor be transferable by operation of
law in the event of a Participant’s or any other person’s bankruptcy or
insolvency.
	 
	11.5	 	Coordination with Other Benefits. The benefits provided for a
Participant and Participant’s Beneficiary under the Plan are in addition
to any other benefits available to such Participant under any other plan
or program of Del Monte. The Plan shall supplement and shall not
supersede, modify or amend any other such plan or program except as
expressly may be provided otherwise.
	 
	11.6	 	No Special Rights. Nothing contained in this Agreement shall confer upon
any Participant any right with respect to the continuation of his or her
service with Del Monte.
	 
	11.7	 	Furnishing Information. A Participant or his or her Beneficiary will
cooperate with the Committee by furnishing any and all information
requested by the Committee and take such other actions as may be requested
in order to facilitate the administration of the Plan and the payments of
benefits hereunder, including but not limited to taking such physical
examinations as the Committee may deem necessary.

9

 

	11.8	 	Captions. The captions of the articles, sections and paragraphs of this
Plan are for convenience only and shall not control or affect the meaning
or construction of any of its provisions.
	 
	11.9	 	Governing Law. The Plan will be administered in accordance with the laws
of the State of California, without reference to its principles of
conflicts of laws.
	 
	11.10	 	Notice. Any notice or filing required or permitted to be given to the
Committee under this Plan shall be sufficient if in writing and
hand-delivered, or sent by registered or certified mail, to:

	 	 	 
	

	 	Chair, Compensation Committee of the Board of
Directors
	

	 	c/o Del Monte Foods Company
	

	 	One Market at the Landmark
	

	 	San Francisco, CA 94105
	 
	 	 
	

	 	With a copy to the Corporate Secretary

	 	 	Such notice shall be deemed given as of the date of delivery or,
if delivery is made by mail, as of the date shown on the postmark
on the receipt for registration or certification.
	 
	 	 	Any notice or filing required or permitted to be given to a
Participant under this Plan shall be sufficient if in writing and
hand-delivered, or sent by mail, to the last known address of the
Participant.
	 
	11.11	 	Successors. The provisions of this Plan shall bind and inure to the
benefit of Del Monte and its successors and assigns, and the Participant,
the Participant’s Beneficiaries, and their permitted successors and
assigns.
	 
	11.12	 	Spouse’s Interest. The interest in the benefits hereunder of a spouse
of a Participant who has predeceased the Participant automatically shall
pass to the Participant and shall not be transferable by such spouse in
any manner, including but not limited to such spouse’s will, nor shall
pass such interest under the laws of intestate succession.
	 
	11.13	 	Validity. In case any provision of this Plan shall be illegal or
invalid for any reason, said illegality or invalidity shall not affect the
remaining parts hereof, but this Plan shall be construed and enforced as
if such illegal or invalid provision never had been inserted herein.
	 
	11.14	 	Incompetent. If the Committee determines in its discretion that a
benefit under this Plan is to be paid to a minor, a person declared
incompetent, or a person incapable of handling the disposition of that
person’s property, the Committee may direct payment of such benefit to the
guardian, legal representative or person having the care and custody of
such minor, incompetent or incapable person. The Committee may require
proof of minority, incompetency, incapacity or guardianship, as it may
deem appropriate prior to distribution of the benefit. Any payment of a
benefit shall be a payment for the account of the Participant and the
Participant’s Beneficiary, as the case may be, and shall be a complete
discharge of any liability under the Plan for such payment amount.
	 
	11.15	 	Counterparts. This instrument may be executed in one or more
counterparts each of which shall be legally binding and enforceable.

10

 

IN WITNESS WHEREOF, Del Monte has executed this Plan document as of
December 16, 2004.

	 	 	 
	

	 	DEL MONTE FOODS COMPANY, a Delaware
corporation
	 
	 	 
	

	 	By:                                                         
	 
	 	 
	

	 	Title:                                                         

11exv10w3

 

Del Monte Foods Company

2005 Non-Employee Director Deferred Compensation Plan

Plan Agreement - 2005

     THIS PLAN AGREEMENT (this “Agreement”) is entered into as of December    ,
2004, between Del Monte Foods Company, (“Del Monte”), and
         (the “Participant”).

Recital

     A. The Participant is a non-employee director who contributes materially
to the continued growth, development and future business success of Del Monte.
By this Plan, Del Monte intends to provide deferred compensation to the
Participant.

     B. Del Monte has adopted, effective January 1, 2005, the “Del Monte Foods
Company 2005 Non-Employee Director Deferred Compensation Plan” (the “Plan”), as
amended from time to time, and the Participant has been selected to participate
in the Plan.

     C. The Participant desires to participate in the Plan.

Agreement

     NOW THEREFORE, it is mutually agreed that:

     1. Definitions. Unless otherwise provided in this Agreement, the
capitalized terms in this Agreement shall have the respective meanings assigned
in the Plan document (the “Plan Document”).

     2. Integrated Agreement; Parties Bound. The Plan Document, a copy of
which has been delivered to the Participant, is hereby incorporated into and
made a part of this Agreement as though set forth in full in this Agreement.
The parties to this Agreement agree to, shall be bound by, and have the benefit
of, each and every provision of the Plan as set forth in the Plan Document.
This Agreement and the Plan Document, collectively, shall be considered one
complete contract between the parties. Notwithstanding the foregoing
provisions, the Participant acknowledges and agrees that the Plan and this
Agreement may be modified by Del Monte for compliance with the American Jobs
Creation Act of 2004 with respect to any election to defer compensation made
for compensation earned after December 31, 2004.

     3. Acknowledgment. The Participant hereby acknowledges that he or she has
read and understands this Agreement and the Plan Document.

     4. Separate Account. The Participant and Del Monte hereby agree that all
deferrals by Participant under the Plan will be recorded in a separate Account
for deferrals made for each

1

 

calendar year and will be subject to the terms of
the Plan in effect as of January 1, 2005 and as
amended thereafter for compliance with the American Jobs Creation Act of
2004 and Internal Revenue Code section 409A and the regulations thereunder.

     5. Conditions to Participation. As a condition to participation in the
Plan from and after January 1, 2005, the Participant must execute and return to
the Corporate Secretary of Del Monte an original copy of this Agreement, a
Deferral Election Form for 2005, a Termination Benefit Payout Form for 2005,
and a Beneficiary Designation and Spousal Consent Form. Notwithstanding the
foregoing, the Participant expects that the guidance to be issued by the IRS
for Code section 409A will permit revocation of this election for 2005 by
participants and the Plan will offer the Participant whatever revocation may be
permitted under the IRS guidance.

     6. Successors and Assigns. This Agreement shall inure to the benefit of,
and be binding upon, Del Monte, its successors and assigns, and the
Participant.

     7. Governing Law. This Agreement shall be governed by and construed under
the laws of the State of California, as in effect at the time of the execution
of this Agreement.

     IN WITNESS WHEREOF, the Participant has signed and Del Monte has accepted
this Plan Agreement as of the date first written above.

	 	 	 
	

	 	PARTICIPANT
	 
	 	 
	

	 	

	Date

	 	[Signature of Participant]
	 
	 	 
	

	 	

	

	 	[Type or Print Name]
	 
	 	 
	AGREED AND ACCEPTED BY DEL MONTE
	 	 
	 
	 	 
	

	 	DEL MONTE FOODS COMPANY
	 
	 	 
	

	 	

	Date

	 	[Signature]
	 
	 	 
	

	 	

	

	 	[Type or Print Name]; Corporate
	

	 	Secretary of Del Monte Foods Company

2

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