Document:

Ex-10.43

 

Exhibit
10.43

AGREEMENT

(for Key Executives)

     This Agreement is entered into as of the                      day of                            
           
, 20                    , by and between
Performance Food Group Company (“Employer”), a Tennessee corporation with its principal place of
business at 12500 West Creek Parkway, Richmond, Virginia 23238 and [Executive] Name (“Executive”).

W I T N E S S E T H:

     WHEREAS, the Executive is currently employed by Employer or one of its affiliates and Employer
and Executive desire to set forth certain rights
and obligations of Employer and Executive in the event of a change in control of Employer.

     NOW, THEREFORE, in consideration of the premises hereof and of the mutual promises and
agreements contained herein, the parties hereto, intending to be legally bound, hereby agree as
follows:

     1. Benefits Upon Termination of Employment Following a Change in Control. If at any
time within two years following the occurrence of a Change in Control (as defined in Section 14
below) (i) the employment of Executive with Employer is terminated by Employer for any reason other
than Good Cause (as defined in Section 14 below), or (ii) Executive terminates his employment with
Employer for Good Reason (as defined in Section 14 below), the following provisions will apply:

          (a) Employer shall pay Executive an amount equal to:

	 	(i)	 	299.9% of Executive’s Base Salary (as defined
in Section 14 below);
	 
	 	(ii)	 	299.9% of Executive’s Bonus (as defined in
Section 14 below); and
	 
	 	(iii)	 	The amount required to reimburse Executive on
an after-tax basis as described in Section 15 hereof for any excise tax
payable by Executive under Section 4999 of the Internal Revenue Code of
1986, as amended (the “Code”), or any successor provision thereto, on
account of any payment, distribution or other compensation to Executive
hereunder or under any employee stock plan or other compensatory
arrangement constituting (individually or when aggregated with all
other such payments, distributions and compensation) an “excess
parachute payment” as defined in Section 280G of the Code, or any
successor provision thereto.

Either (A) the amounts described in clauses (i) and (ii) above will be paid to Executive as
follows: (1) one-third of the total amount due shall be paid in substantially equal semi-monthly
installments, over the twelve months immediately following termination of employment, (2) the

 

 

remaining two-thirds shall be paid in a lump sum within five business days after the expiration of
such twelve month period, and (3) the amount described in clause (iii) above will be paid within
thirty (30) days following termination of Executive’s employment; or (B) at the election of
Executive by written notice to Employer given within fifteen (15) days following termination of
Executive’s employment, all amounts or benefits payable pursuant to this Section 1 will be paid
within thirty (30) days following termination of Executive’s employment.

          (b) Executive shall receive any and all benefits accrued under any Incentive Plans (as
defined in Section 14 below) to the date of termination of employment, the amount, form and time of
payment of such accrued benefits to be determined by the terms of such Incentive Plans.

          (c) For purposes of any Incentive Plans, Executive shall be given service credit for all
purposes for, and shall be deemed to be an employee of Employer during the Coverage Period (as
defined in Section 14 below), notwithstanding the fact that he is not an employee of Employer or
any Affiliate (as defined in Section 14 below) thereof during the Coverage Period; provided that,
if the terms of any of such Incentive Plans do not permit such credit or deemed employee treatment,
Employer will make payments and distributions to Executive outside of the Incentive Plans in
amounts substantially equivalent to the payments and distributions Executive would have received
pursuant to the terms of the Incentive Plans and attributable to such credit or deemed employee
treatment, had such credit or deemed employee treatment been permitted pursuant to the terms of the
Incentive Plans.

          (d) During the Coverage Period Executive and his spouse and family will continue to be covered
by all Welfare Plans (as defined in Section 14 below), maintained by Employer in which he or his
spouse or family were participating immediately prior to the date of his termination as if he
continued to be an employee of Employer; provided that, if participation in any one or more of such
Welfare Plans is not possible under the terms thereof, Employer will provide substantially
identical benefits. If, however, Executive obtains employment with another employer during the
Coverage Period, such coverage shall be provided until the earlier of: (i) the end of the Coverage
Period or (ii) the date on which the Executive and his spouse and family can be covered under the
plans of a new employer without being excluded from full coverage because of any actual
pre-existing condition.

     Compensation under Section 1(a), (b), (c) and (d) hereof is contingent upon Executive’s
compliance with Section 4 hereof for periods prior to any required payment date.

     2. Setoff.

          (a) With respect to Section 1, no payments or benefits payable to or with respect to Executive
or his spouse pursuant to this Agreement shall be reduced by the amount of any claim of Employer
against Executive or his spouse or any debt or obligation of Executive or his spouse owing to
Employer.

          (b) With respect to Section 1, no payments or benefits payable to or with respect to Executive
pursuant to this Agreement shall be reduced by any amount Executive or his

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spouse may earn or receive from employment with another employer or from any other source,
except as expressly provided in Section 1(d).

          (c) With respect to Section 1, the amounts payable under Sections 1(a)(i) and (ii) shall be
reduced, on a dollar for dollar basis, by amounts actually paid to Executive (to the extent such
amounts paid represent future salary or cash bonuses) on account of any termination of employment
of Executive if such amounts are paid pursuant to the provisions of any written agreement for
ongoing employment with Employer in existence prior to the Change in Control.

     3. Death. If Executive dies during the Coverage Period:

          (a) All amounts not theretofore paid described in Section 1(a) shall be paid to his estate.

          (b) The spouse and family of Executive shall, during the remainder of the Coverage Period, be
covered under all Welfare Plans made available by Employer to Executive or his spouse immediately
prior to the date of his death; provided that, if participation in any one or more of such plans
and arrangements is not possible under the terms thereof, Employer will provide substantially
identical benefits.

     Any benefits payable under this Section 4 are in addition to any other benefit due to
Executive or his spouse or beneficiaries from Employer, including, but not limited to, payments
under any Incentive Plans.

     4. Restrictive Covenants.

          (a) Confidential Information. Executive agrees not (i) to disclose, following termination of
his employment, to any person (other than to any person specifically authorized by the Board of
Directors of Employer) any material confidential information concerning the Employer or any of its
Affiliates, including, but not limited to, strategic plans, customer lists, contract terms,
financial costs, pricing terms, sales data or business opportunities whether for existing, new or
developing businesses or (ii) to use such information in any way detrimental to the Employer.

          (b) Non-Competition. For a period of one year following termination of employment under the
circumstances described in Section 1 hereof, Executive will not directly or indirectly own, manage,
operate, control or participate in the ownership, management, operation or control of, or be
connected as an officer, employee, partner, director or otherwise with, or have any financial
interest in, or aid or assist anyone else in the conduct of, any business which is in competition
with any business conducted by the Employer or any Affiliate of Employer in any state in which the
Employer or any Affiliate of Employer is conducting business on the date of the Change in Control,
provided that ownership of 5% or less of the voting stock of any public corporation shall not
constitute a violation hereof.

          (c) Enforcement. Executive and the Employer acknowledge and agree that any of the covenants
contained in this Section 4 may be specifically enforced through injunctive relief but such right
to injunctive relief shall not preclude the Employer from other remedies which may be available to
it.

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     5. Executive Assignment. No interest of Executive or his spouse or any other
beneficiary under this Agreement, or any right to receive any payment or distribution hereunder,
shall be subject in any manner to sale, transfer, assignment, pledge, attachment, garnishment, or
other alienation or encumbrance of any kind, nor may such interest or right to receive a payment or
distribution be taken, voluntarily or involuntarily, for the satisfaction of the obligations or
debts of, or other claims against, Executive or his spouse or other beneficiary, including claims
for alimony, support, separate maintenance, and claims in bankruptcy proceedings.

     6. Benefits Unfunded. All rights of Executive and his spouse or other beneficiary
under this Agreement shall at all times be entirely unfunded and no provision shall at any time be
made with respect to segregating any assets of Employer for payment of any amounts due hereunder.
Neither Executive nor his spouse or other beneficiary shall have any interest in or rights against
any specific assets of Employer, and Executive and his spouse or other beneficiary shall have only
the rights of a general unsecured creditor of Employer.

     7. Cost of Enforcement; Interest. In the event that Executive collects any part or
all of the payments or benefits due hereunder or otherwise enforces the terms of this Agreement
following a dispute with Employer regarding the terms of this Agreement by or through a lawyer or
lawyers, Employer will pay all costs of such collection or enforcement, including reasonable
attorneys’ and accountants’ fees and other out-of-pocket expenses incurred by the Executive, up to
that point when Employer offers to settle the dispute for an amount equal to the amount which the
Executive actually recovers; provided, however, that if the Executive violates any provision of
Section 4, this Section 7 shall be void and of no further force and effect.

     8. Notices. Any notice required or permitted to be given under this Agreement shall
be sufficient if in writing and sent by registered or certified mail to his residence in the case
of Executive, or to its principal office in the case of the Employer and the date of mailing shall
be deemed the date which such notice has been provided.

     9. Waiver of Breach. The waiver by either party of any provision of this Agreement
shall not operate or be construed as a waiver of any subsequent breach by the other party.

     10. Assignment; Successors. The rights and obligations of the Employer under this
Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of the
Employer, including the surviving entity in any merger, consolidation, share exchange or other
transaction described in Section 14(d)(ii) hereof or any person, entity or group that has acquired
a majority of the outstanding shares of Common Stock (or securities convertible into Common Stock)
of Employer or all, or substantially all, of the assets of Employer. The Executive acknowledges
that the services to be rendered by him are unique and personal, and Executive may not assign any
of his rights or delegate any of his duties or obligations under this Agreement.

     11. Entire Agreement. This instrument contains the entire agreement of the parties
and supersedes all other prior agreements, employment contracts and understandings, both written
and oral, express or implied with respect to the subject matter of this Agreement and may

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not be changed orally but only by an agreement in writing signed by the party against whom
enforcement of any waiver, change, modification, extension or discharge is sought.

     12. Applicable Law. This Agreement shall be governed by the laws of the State of
Tennessee, without giving effect to the principles of conflicts of law thereof.

     13. Headings. The sections, subjects and headings of this Agreement are inserted for
convenience only and shall not affect in any way the meaning or interpretation of this Agreement.

     14. Definitions. For purposes of this Agreement:

          (a) “Affiliate” shall have the meaning set forth in the Securities Exchange Act of 1934, as
amended (the “Exchange Act”).

          (b) “Base Salary” means the higher of (i) Executive’s annual base salary in effect immediately
prior to the occurrence of the Change in Control giving rise to an obligation on the part of
Employer to make any payments under this Agreement or (ii) Executive’s highest annual base salary
in effect after the occurrence of the Change in Control giving rise to an obligation on the part of
Employer to make any payment under this Agreement but prior to the termination of Executive’s
employment under the circumstances described in Section 1 above.

          (c) “Bonus” shall mean the higher of: (i) an amount determined by multiplying (A) Executive’s
annual base salary in effect immediately prior to the Change in Control giving rise to the
obligation of Employer to make any payment under this Agreement by (B) a percentage that is the
average percentage of such base salary represented by the annual bonus paid to Executive in the
three full calendar years of employment immediately preceding the date of such Change in Control
(or if Executive was employed by Employer for less than three full calendar years prior to such
Change in Control, such shorter period as Executive was employed by Employer prior to such Change
in Control) or (ii) an amount determined by multiplying (A) the Executive’s highest annual base
salary in effect after the occurrence of the Change in Control giving rise to an obligation on the
part of Employer to make any payment under this Agreement but prior to termination of employment
under the circumstances described in Section 1 by (B) the highest percentage of Executive’s annual
base salary represented by any annual bonus received by Executive following the occurrence of such
Change in Control giving rise to an obligation on the part of Employer to make any payment under
this Agreement. Bonus amounts received in respect of less than a full year of service shall be
recomputed on an annualized basis for purposes of any determination of annual bonus hereunder.

          (d) “Change in Control” shall mean the occurrence of any of the following:

	 	(i)	 	any person or entity, including a “group” as
defined in Section 13(d)(3) of the Exchange Act, other than Employer or
a wholly-owned subsidiary thereof or any employee benefit plan of
Employer or any of its subsidiaries, becomes the beneficial owner of
Employer’s securities having 50% or more of the combined voting power
of the then outstanding securities of Employer that may be cast for the
election of directors of Employer (other than as

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	 	 	 	a result of an issuance of securities initiated by Employer in the
ordinary course of business); or
	 
	 	(ii)	 	as the result of, or in connection with, any
cash tender or exchange offer, merger or other business combination,
sales of assets or contested election, or any combination of the
foregoing transactions, less than a majority of the combined voting
power of the then outstanding securities of Employer or any successor
corporation or entity entitled to vote generally in the election of the
directors of Employer or such other corporation or entity after such
transaction are held in the aggregate by the holders of Employer’s
securities entitled to vote generally in the election of directors of
Employer immediately prior to such transaction; or
	 
	 	(iii)	 	during any period of two consecutive years,
individuals who at the beginning of any such period constitute the
Board of Directors of Employer cease for any reason to constitute at
least a majority thereof, unless the election, or the nomination for
election by Employer’s shareholders, of each director of Employer first
elected during such period was approved by a vote of at least
two-thirds of the directors of Employer then still in office who were
directors of Employer at the beginning of any such period.

          (e) “Coverage Period” shall mean the period beginning on the date the Executive’s employment
with Employer terminates under circumstances described in Section 1 and ending on the date that is
twelve (12) months thereafter.

          (f) “Good Cause” shall be deemed to exist if, and only if after the occurrence of a Change in
Control:

	 	(i)	 	Executive engages in material acts or omissions
constituting dishonesty, breach of fiduciary obligation or intentional
wrongdoing or malfeasance which are demonstrably injurious to the
Employer; or
	 
	 	(ii)	 	Executive is convicted of a violation involving
fraud or dishonesty.

     Without limiting the generality of the foregoing, if Executive acted in good faith and in a
manner he reasonably believed to be in, and not opposed to, the best interest of Employer and had
no reasonable cause to believe his conduct was unlawful in connection with any action taken by
Executive in connection with his duties, it shall not constitute Good Cause.

     Notwithstanding anything herein to the contrary, in the event Employer shall terminate the
employment of Executive for Good Cause hereunder, Employer shall give at least 30 days prior
written notice to Executive specifying in detail the reason or reasons for Executive’s termination.

          (g) “Good Reason” shall exist if after the occurrence of a Change of Control:

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	 	(i)	 	there is a significant change in the nature or
the scope of Executive’s authority;
	 
	 	(ii)	 	there is a reduction in Executive’s rate of
base salary;
	 
	 	(iii)	 	Employer changes the principal location in
which Executive is required to perform services outside a thirty-five
mile radius of such location without Executive’s consent;
	 
	 	(iv)	 	there is a reasonable determination by
Executive that, as a result of a change in circumstances significantly
affecting his position, he is unable to exercise the authority, powers,
function or duties attached to his position; or
	 
	 	(v)	 	Employer terminates or amends any Incentive
Plan so that, when considered in the aggregate with any substitute plan
or other substitute compensation, the Incentive Plan in which he is
participating fails to provide him with a level of benefits equivalent
to at least 75% of the value of the level of benefits provided in the
aggregate by the terminated or amended Incentive Plan at the date of
such termination or amendment; provided, however, that Good Reason
shall not be deemed to exist under this clause (v) if the decline in
Incentive Plan compensation is related to a decline in performance.

          (h) “Incentive Plans” shall mean any incentive, bonus, deferred compensation or similar plan
or arrangement currently or hereafter made available by Employer in which Executive is eligible to
participate.

          (i) “Welfare Plans” shall mean any health and dental plan, disability plan, survivor income
plan and life insurance plan or arrangement currently or hereafter made available by Employer in
which Executive is eligible to participate.

     15. Reimbursement for Excise Taxes. For purposes of determining the amount of any
payment described in clause (iii) of Section 1(a) hereof, Executive shall be deemed to have been
reimbursed on an after-tax basis for any excise tax described therein if Executive has received (a)
the amount of such excise tax and (b) the amount of any taxes (including federal, state and local
income taxes as well as any excise tax under Section 4999 of the Code, or any successor provision
thereto) payable on account of the reimbursement for such excise tax and any such income and excise
taxes payable on account of such reimbursement for income and excise taxes. In the event that
Executive and Employer fail to agree as to the amount described in clause (iii) of Section 1(a)
hereof within ten (10) days following the date of termination of employment, such amount will be
determined by a firm of independent accountants mutually agreed upon by Executive and Employer
within thirty (30) days following the date of termination of employment. Employer shall reimburse
Executive for any additional income and/or excise taxes (and any penalties and interest thereon) as
may be determined to be payable by any taxing authority in respect of any excise tax imposed under
Section 4999 of the Code, or any successor

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provision thereto, and any reimbursement described in clause (iii) of Section 1(a) or in this
Section 15.

     16. Employment Rights. Nothing expressed or implied in this Agreement shall create
any right or duty on the part of Employer or the Executive to have the Executive remain in the
employment of Employer prior to any Change in Control, provided, however, that any termination of
employment of the Executive or the removal of the Executive from the office or position in Employer
following the commencement of any discussion with a third person that ultimately results in a
Change in Control shall be deemed to be a termination or removal of the Executive after a Change in
Control for purposes of this Agreement.

     17. Counterparts. This Agreement may be executed in counterparts, each of which shall
be deemed an original.

     18. Severability; Construction. In the event any provision of this Agreement is held
illegal or invalid, the remaining provisions of this Agreement shall not be affected thereby. In
the event that Section 4(b) is deemed by any court of competent jurisdiction to be invalid due to
over breadth, such Section 4(b) shall be construed as narrowly as necessary to be enforceable.

     IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first written
above.

	 	 	 	 	 	 	 
	 
	 	 	 	 	 
	 	 	[Executive]	 	 
	 
	 	 	 	 	 	 
	 	 	PERFORMANCE FOOD GROUP COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

8Ex-10.44

 

	 	 	 
	To:

	 	Performance Food Group Company Bank Group
	From:

	 	Wachovia Capital Markets, LLC
	Date:

	 	September 28, 2007
	Re:

	 	Second Amended and Restated Credit Agreement dated as of October
7, 2005 (as amended, the “Credit Agreement”) by and among
Performance Food Group Company (the “Company”), as Borrower, the
lenders party thereto and Wachovia Bank, National Association, as
Administrative Agent.

 

Capitalized terms used herein but not defined herein shall have the meanings assigned thereto in
the Credit Agreement.

The Company has informed us of its desire to make a technical amendment to Section 10.4(b) of the
Credit Agreement (permitted investments) as set forth below to clarify the scope of permitted
investments and to eliminate any inconsistencies in the list of permitted investments.

     “(b) investments in (i) marketable direct obligations issued or unconditionally
guaranteed by the United States of America or any agency thereof, including overnight repos fully
collateralized by United States treasuries or agencies maturing within one hundred twenty (120)
days from the date of acquisition thereof, (ii) commercial paper maturing no more than one hundred
twenty (120) days from the date of creation thereof and currently having the highest rating
obtainable from either Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
Inc. or Moody’s Investors Service, Inc., (iii) certificates of deposit maturing no more than one
hundred twenty (120) days from the date of creation thereof issued by commercial banks incorporated
under the laws of the United States of America, each having combined capital, surplus and undivided
profits of not less than $500,000,000 and having a rating of “A” or better by a nationally
recognized rating agency; provided, that the aggregate amount invested in such certificates
of deposit shall not at any time exceed $10,000,000 for any one such certificate of deposit and
$50,000,000 for any one such bank, (iv) time deposits maturing no more than thirty (30) days from
the date of creation thereof with commercial banks or savings banks or savings and loan
associations each having membership either in the FDIC or the deposits of which are insured by the
FDIC and in amounts not exceeding the maximum amounts of insurance thereunder, or (v) AAA/Aaa
rated, registered SEC 2a-7 compliant money market mutual funds.

Wachovia is pleased to support this request.

If you are in support of the requested consent, no further action is required on your part. If you
do not object to this request by 3:00 p.m. (Eastern time) on Wednesday, October 3, 2007 you will be
deemed to have consented to this request.

On behalf of the Company, we thank you for your continued support of this facility.

Thank you.

Wachovia Capital Markets, LLC

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