Document:

exv10w1

 

EXHIBIT 10.1

BANCWEST CORPORATION

EXECUTIVE LIFE INSURANCE PLAN

PROLOGUE

     BancWest Corporation hereby adopts the BancWest Corporation
Executive Life Insurance Plan effective as of April 1, 2004.

ARTICLE I

DEFINITIONS

     As used herein the following terms shall have the following meanings
unless the context clearly requires otherwise.

	1.1.  	“Beneficiary” shall mean the person or persons designated by the Participant
in his Participation Agreement to receive life insurance benefits under the
applicable Policy upon the death of the Participant.
	 
	1.2.  	“Committee” means the Executive Compensation Committee of the
Company.
	 
	1.3.  	“Company” means BancWest Corporation.
	 
	1.4.  	“Compensation” means the annualized base salary that is paid by a
Participating Employer to a Participant, including any base salary deferred by
the Participant under the Company’s Deferred Compensation Plan. Such
items of Compensation shall include any amount that is contributed by a
Participating Employer pursuant to a salary reduction agreement and is not
includible in the Participant’s gross income under Section 125 or 402(e)(3) of
the Internal Revenue Code of 1986, as amended. “Compensation” shall not
include any items not specifically defined as Compensation in this section.
For example, “Compensation” shall not include any: lump sum vacation
cashouts; payments under the Incentive Plan for Key Executives or other
short-term or long-term bonuses; income received or recognized in

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	   	connection with option or discounted stock purchase programs; payments
under long-term incentive plans; amounts paid as automobile or other
allowances; insurance premiums paid on a Participant’s behalf; or amounts
paid to offset tax liabilities.
	 
	1.5.  	“Coverage Amount” means the death proceeds payable to the Participant’s
Beneficiary from the Policy pursuant to Section 3.1 below.
	 
	1.6.  	“Disability” means a disability of the Participant as defined in the BancWest
Corporation Long Term Disability Plan.
	 
	1.7.  	“Endorsement” means the written document, in a form acceptable to the
insurer and signed by the Participating Employer and the Participant, which
endorses a portion of Policy death benefits so as to provide the Participant’s
Beneficiaries with the death benefit contemplated by this Plan.
	 
	1.8.  	“ERISA” means the Employee Retirement Income Security Act of 1974, as
amended.
	 
	1.9.  	“Participant” means any employee of a Participating Employer who has
completed the steps required to commence participation under Section 2.1.
	 
	1.10.  	“Participating Employer” means the Company, Bank of the West, First
Hawaiian Bank, and any other affiliated employer which, with the Company’s
permission, elects to adopt the Plan for the benefit of certain of its
employees.
	 
	1.11.  	“Participation Agreement” means an agreement between a Participant and
the Participating Employer concerning participation in the Plan, similar in
form to the attached Exhibit A.
	 
	1.12.  	“Plan” means this BancWest Corporation Executive Life Insurance Plan as
set forth herein and any amendments hereto as may be made from time to
time.
	 
	1.13.  	“Policy” means the life insurance policy or policies insuring the life of a
Participant which is or are intended to provide the benefits due under this
Plan and which is or are the subject of the Participation Agreement.
	 
	1.14.  	“Policy Distribution Date” means the date on which the Policy is to be
transferred from the Participating Employer to the Participant under the terms
of this Plan, which shall be the latest of: (a) termination of Participant’s

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	   	employment with all Participating Employers; (b) the Participant’s attainment
of age 65; or, (c) the payment of seven (7) premiums on the Policy.
However, the Committee may, in its sole and absolute discretion, upon the
written request of any present or former Participant, authorize the distribution
to that Participant of his Policy following termination of service and
completion of seven (7) premium payments, but prior to his attainment of age
65 (in which case “Policy Distribution Date” means the date established by
the Committee). In considering any such request, the Committee shall
consider, among any other factors it deems appropriate, the cost to the
Company of permitting an early distribution of that Participant’s Policy.
	 
	1.15.  	“Qualified Termination” means the termination of service by a Participant
with all of the Participating Employers: (a) after the Participant attains age
65; (b) after the Participant attains age 55 with at least 10 Years of Credited
Service; (c) if regardless of the Participant’s age or years of service at the
time of termination, he is an individual listed on Exhibit B (which lists the
individuals entitled to receive special benefits pursuant to Section 5.5 of the
BancWest Corporation Supplemental Executive Retirement Plan, as
amended effective November 1, 2002); or (d) if the Committee gives written
approval, in its absolute and sole discretion, to treat a termination which does
not otherwise qualify, as a Qualified Termination.
	 
	1.16.  	“Years of Credited Service” means the Participant’s years of continuous
service with the Company and any combination of Participating Employers,
including any service with: First Interstate Bank of Hawaii; Pioneer Federal
Savings Bank; Bank of the West; Central Bank; SierraWest Bancorp; First
Security Bank of New Mexico, N.A.; Wells Fargo Bank New Mexico N.A.; and
First Security Bank of Nevada. “Years of Credited Service” shall also include
any employment service credit granted specifically for purposes of this Plan
to the Participant (a) under any contract between the Company (or a
Participating Employer) and the Participant (such as an employment
agreement)) or (b) by the Committee in its discretion in connection with its
determination that the Participant is eligible for participation in this Plan.

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ARTICLE II

PARTICIPATION

	2.1.  	Participation. The Committee shall determine in its sole discretion, from time
to time, those employees of any Participating Employer who shall be eligible
to be Participants under this Plan. A Participant’s participation shall
commence upon satisfactory completion (determined as provided in Section
3.1) of (a) any medical underwriting deemed necessary by the carrier issuing
the Policy, and (b) the Participant’s execution and delivery of such
Participant’s Participation Agreement. A Participant’s participation shall end
upon the earliest of (a) Participant’s death, (b) transfer of the Policy to
Participant pursuant to Section 4.2, or (c) Participant’s termination of
employment not meeting the definition of Qualified Termination (but
cessation of participation shall not deprive anyone of rights previously
accrued under this Plan, or preclude any person from pursuing remedies
provided to Participants by this Plan).

ARTICLE III

POLICY

	3.1.  	Coverage Amount.

	 	a)  	If a Participant dies while employed by a Participating Employer, the
Coverage Amount shall be an amount equal to three (3) times the
Participant’s Compensation at his date of death. If a Participant dies
after a Qualified Termination but prior to his Policy Distribution Date, the
Coverage Amount shall be an amount equal to three (3) times the
Participant’s Compensation at the date of his Qualified Termination.
Notwithstanding the prior two sentences, in the case of a Participant with

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	 	   	a Disability, his Coverage Amount shall be three (3) times his
Compensation at his date of Disability.
	 
	 	b)  	The actual Coverage Amount for any particular Participant, including
increases due to the increase in the Participant’s Compensation, may be
subject to the satisfactory completion of the carrier’s medical
underwriting requirements, and /or limits imposed by the carrier issuing
the Policy with respect to maximum issue limits. (For purposes of this
Plan, a Participant will be considered to have satisfactorily met the carrier’s
medical underwriting requirements if the cost of such coverage (including
periodic increases) does not exceed 200% of the cost of such coverage
had it been issued to an insured rated as a “standard” risk.) In addition, at
the Policy Distribution Date following a Qualified Termination, it is the
intent of the Company to distribute the Policy to the Participant with the
cash value described in Section 4.2.

	3.2.  	Purchase of Insurance. The Participating Employer shall purchase the Policy
from a life insurance carrier licensed to issue such coverage. The
Participating Employer and the Participant shall take all necessary action to
cause the carrier to issue the Policy, and shall take any further action which
may be necessary to cause the Policy to conform to the provisions of this
Plan.
	 
	3.3.  	Ownership of Policy. Prior to the Policy Distribution Date, the Participating
Employer shall be the sole and absolute owner of the Policy, and may
exercise all ownership rights granted to the owner thereof by the terms of the
Policy, including, but not limited to withdrawing or borrowing the cash value,
and surrendering the Policy, except as may otherwise be provided under the
Endorsement filed with the Insurer relating to the Policy or as may be
inconsistent with the provision of a Participant’s benefits under this Plan.
	 
	3.4.  	Payment of Premium. On or before the due date of each Policy premium
prior to the Policy Distribution Date (including any period of Disability), or
within the grace period provided therein, the Participating Employer shall pay

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the necessary premium to the Insurer, and shall, upon request, promptly
furnish the Executive evidence of timely payment of such premium. The
Participating Employer shall determine the amount of the premium deemed
necessary in its reasonable good faith discretion based on financial
assumptions deemed by it to be reasonable as of the time of such
determination.

ARTICLE IV

BENEFITS

	4.1.  	During Employment. In the event of a Participant’s death prior to the
Participant’s termination of service with all Participating Employers, the
Participant’s Beneficiary shall receive a death benefit equal to the Coverage
Amount, such amount being paid from the Policy proceeds directly by the
carrier issuing the Policy.
	 
	4.2.  	Upon a Qualified Termination. In the event of a Participant’s Qualified
Termination, the Participating Employer shall transfer ownership of the Policy
to the Participant, but such transfer shall occur only upon the Policy
Distribution Date. At the Policy Distribution Date, it is intended that the cash
value of the Policy distributed will be sufficient, based on actuarial
assumptions determined by the Participating Employer in its reasonable
good faith discretion, to provide a death benefit equal to the Coverage
Amount until the maturity date of such Policy without additional premium
payments. (A Participant must acknowledge in the Participation Agreement
that he understands that, following transfer of Policy ownership to that
Participant, the sufficiency of cash value in the Policy to provide expected
amounts of death benefit under this Plan may vary as a result of Policy
performance and this is in no event guaranteed by the Company, the
Participating Employer, or the Insurer.)

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	4.3.  	Termination Other than a Qualified Termination. If a Participant’s termination
of service with all Participating Employers does not meet the definition of
Qualified Termination, his participation in the Plan shall end immediately and
the Participating Employer shall retain all interests in the Policy. The
Participant shall promptly complete any necessary requirements to release the
Endorsement to the Policy and any of the interests in the Policy or benefits
provided under this Plan.
	 
	4.4.  	Policy Proceeds in Excess of Coverage Amount. Policy proceeds, if any,
that are paid due to death prior to a Participant’s Policy Distribution Date and
that exceed the amounts payable to the Participant’s Beneficiary pursuant to
Section 3.1 shall be payable directly to the Participating Employer.
	 
	4.5.  	Additional Tax Bonuses. The Participating Employer shall make the
following payments to the Participant, if applicable:

	 	a)  	Prior to the Policy Distribution Date, the Participating Employer shall
make an additional annual payment to the Participant in an amount equal
to the federal and state income tax due on (i) the amount of economic
benefit related to the Coverage Amount as determined by appropriate
Treasury regulations and Table 2001 (or the corresponding provisions of
any other regulation, pronouncement, or Notice), plus (ii) the amount of
such additional payments. In calculating the portion of such additional
payments each year attributable to the income taxes due, it shall be
assumed that the Participant is subject to the maximum marginal federal
and state income tax bracket; and
	 
	 	b)  	With respect to the calendar year during which the Policy Distribution
Date occurs, the Participating Employer shall make an additional
payment to the Participant in an amount equal to the federal and state
income tax due on, (i) the cash value of the Policy transferred as of the
Policy Distribution Date, plus (ii) the amount of such additional payments.
In calculating the portion of such additional payments attributable to the

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	 	   	income taxes due, it shall be assumed that the Participant is subject to
the maximum marginal federal and state income tax bracket.
	 
	 	c)  	The Participating Employer shall annually furnish the Executive with a
statement of the amount of income reportable by the Executive for
federal and state income tax purposes, if any, as a result of his
participation in the Plan.

	4.6.  	Effect of Payment or Transfer. The full payment of the applicable benefit
under this Article IV or the transfer of the Policy under section 4.2 above, shall
completely discharge all obligations on the part of the Company and the
Participating Employer to the Participant (and the Participant’s Beneficiary) with
respect to the operation of this Plan, and the Participant’s (and Participant’s
Beneficiary’s) rights under this Plan shall terminate.

ARTICLE V

ADMINISTRATION

	5.1.  	Committee. Except as otherwise provided in this Plan, and unless otherwise
determined by the Company’s Board of Directors, the Committee shall have
the power and duty to take all actions and make all decisions necessary or
proper to administer this Plan, in its sole discretion. In that connection, the
Committee shall have the power:

	a)  	To require as a condition of receiving any benefits under this Plan, that
any person furnish such information as the Committee may reasonably
request for the purpose of the proper administration of the Plan;
	 
	b)  	To make and enforce such rules and regulations and prescribe the use
of such forms as it shall deem necessary for the efficient administration
of this Plan;
	 
	c)  	To make factual determinations and to decide questions concerning the
interpretation of this Plan, including with respect to the eligibility of any
person for benefits under this Plan;

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	d)  	To determine the amount of benefits that shall be payable to any person
in accordance with the provisions of this Plan;
	 
	e)  	To appoint a “Plan Administrator” to administer the Plan on its behalf;
	 
	   	and
	 
	f)  	To employ the services of such other persons as the Committee may
deem necessary or desirable in connection with this Plan, including but
not limited to an actuary, legal counsel, an independent accountant,
agents, and such clerical, medical, and accounting services as it may
require in carrying out the provisions of this Plan or in complying with the
requirements of ERISA.

	5.2.  	Indemnification, Insurance. The Participating Employers shall indemnify and
save harmless and/or insure each employee or director of a Participating
Employer against any and all claims, loss, damages, expense, and liability
arising from his responsibilities in connection with this Plan, if the employee
or director acted in good faith and in a manner the employee or director
reasonably believed to be in or not opposed to the best interests of the Plan.
	 
	5.3.  	Claims Procedure. The procedure for claiming benefits under this Plan shall
be as follows:

	 	(a)  	All claims for benefits under the Plan and all questions relating to such
claims shall be submitted to the Plan Administrator.
	 
	 	b)  	If a claim is wholly or partially denied, the Plan Administrator shall furnish
the Participant within a reasonable period of time, but not later than
ninety (90) days after receipt of the claim by the Plan Administrator, a
written explanation of the denial. If the Plan Administrator determines
that special circumstances exist which require an extension of time for
processing the claim, the Plan Administrator shall have one hundred and
eighty (180) days after the receipt of the claim to furnish the Participant
with a written explanation of the denial, provided the Plan Administrator
gives the Participant written notice of the special circumstances (and the

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	 	   	date by which the Plan Administrator expects to render a decision) within
ninety (90) days of receipt of the claim.
	 
	 	c)  	The written explanation of a claim denial shall set forth, in a manner
calculated to be understood by the Participant, the following information:

	 	i)  	The specific reason or reasons for the denial of the claim;
	 
	 	ii)  	A specific reference to the pertinent Plan provisions, if any, on
which the denial is based;
	 
	 	iii)  	A description of any additional material or information necessary for
the Participant to perfect the claim and an explanation of why such
material or information is necessary;
	 
	 	iv)  	A description of the Plan’s review procedures and the time limits
applicable to such procedures, including (i) a statement that the
claim and the denial shall be reviewed upon submission of a written
request to the Committee, and (ii) a statement that the failure to
submit a written request for review within sixty (60) days after the
receipt of the written explanation of the claim denial shall make the
Plan Administrator’s decision final;
	 
	 	v)  	A statement that the Participant shall have, as part of the review
procedure, a reasonable opportunity:

	 	A)  	To receive, upon request and free of charge, reasonable
access to, and copies of, all documents, records and other
information relevant to the claim for benefits, and
	 
	 	B)  	To submit written comments, documents, records and other
information relating to the claim for benefits; and

	 	vi)  	A statement that the Participant has the right to bring a civil action
under ERISA Section 502(a) following an adverse benefit
determination on appeal.

	 	d)  	The denial of a Participant’s claim shall be reviewed by the Committee if
a written request for review is filed within sixty (60) days after receipt of
the written explanation of the claim denial by the Participant. Otherwise,
the initial decision of the Plan Administrator shall be the final decision of
the Plan.

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	 	e)  	The Committee shall review the information and comments submitted by
the Participant or the Participant’s duly authorized representative. The
Committee may hold a hearing of all parties involved, if the Committee
deems such hearing to be necessary. The Committee shall furnish the
Participant with a written explanation of the decision on review within
sixty (60) days after receipt of a written request for review. If the
Committee determines that special circumstances exist which require an
extension of time for reviewing the information, the Committee shall have
one hundred and twenty (120) days after receipt of the written request
for review to furnish the Participant with a written decision or review
denial, provided the Committee gives the Participant written notice of the
special circumstances (and the date by which the Committee expects to
render a decision) within sixty (60) days of receipt of the written request
for review.
	 
	 	f)  	The written explanation of the decision on review shall set forth, in a
manner calculated to be understood by the Participant, the following
information:

	 	i)  	The specific reason or reasons for the decision, including a response
to the information and comments, if any, submitted by the Participant;
	 
	 	ii)  	Specific reference to pertinent Plan provisions and records, if any, on
which the decision is based;
	 
	 	iii)  	A statement that the Participant is entitled to receive, upon request
and free of charge, access to and copies of all documents, records
and other information relevant to the benefit claim;
	 
	 	iv)  	A statement that the Participant has the right to bring a civil action
under ERISA Section 502(a) following an adverse benefit
determination on appeal; and
	 
	 	v)  	A statement, if applicable, that, in addition to the Plan’s claims
procedure set forth above, the Participant may, but is not required to,
submit a claim for benefits under a voluntary level of appeal.

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ARTICLE VI

AMENDMENT, TERMINATION

	6.1.  	Amendment. The Board of Directors of the Company may at any time
amend this Plan, in whole or in part. No such amendment shall deprive the
Participant or Beneficiary of any rights to which the Participant would have
been entitled had such Participant terminated employment on the date
immediately prior to the effective date of such amendment.
	 
	6.2.  	Termination or Partial Termination. This Plan may be terminated in full or in
part by the Board of Directors of the Company. The board of directors of a
Participating Employer may terminate this Plan, in whole or in part, as to
such Participating Employer. No termination of the Plan shall deprive the
Participant or Beneficiary of any rights to which the Participant would have
been entitled had such Participant terminated employment on the date
immediately prior to the effective date of such termination.

ARTICLE VII

MISCELLANEOUS

	7.1.  	Unfunded Plan. The Plan is intended to be an unfunded plan maintained
primarily to provide benefits for a select group of “management or
highly-compensated employees” within the meaning of Sections 201, 301,
and 401 of ERISA, and therefore exempt from the provisions of Parts 2, 3,
and 4 of Title I of ERISA. Accordingly, the Plan shall terminate and no
further benefits shall accrue hereunder if it is determined by a court of
competent jurisdiction or by an opinion of counsel that the Plan constitutes
an employee pension benefit plan within the meaning of Section 3(2) of
ERISA that is not so exempt. In that event, the Company shall use its
reasonable best efforts to provide to existing Participants, through other

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	   	programs or insurance vehicles, benefits reasonably comparable to those
that would have accrued but for Plan termination.
	 
	7.2.  	Insolvency. In the event of the Company’s or a Participating Employer’s
insolvency, Participants and their beneficiaries, heirs, successors, and
assigns shall have no legal or equitable rights, interest, or claims in any
property or assets of the Company or the Participating Employer. The
Company’s and the Participating Employers’ obligations under the Plan shall
be that of an unfunded and unsecured promise to pay money in the future.
	 
	7.3.  	Rights of Participants. No Participant shall, by reason of his participation in
this Plan, have any interest in (i) any specific asset or assets of a
Participating Employer or an Affiliate (as defined in the BancWest
Corporation 401(k) Savings Plan) or (ii) any stock rights of any kind. Neither
the adoption of this Plan nor any action of a board of directors or the
Committee in connection with the Plan shall be held or construed to confer
upon any person any legal right to be continued as an officer or employee of
a Participating Employer.
	 
	7.4.  	Not an Employment Agreement. This Plan does not in any way
constitute an
employment agreement, and each Participating Employer reserves the right to
terminate a Participant’s employment to the same extent as though this Plan did
not exist.
	 
	7.5.  	Binding Effect. This Plan shall be binding upon and inure to the benefit of each
Participating Employer and its successors and assigns, and to the Participant or
the Participant’s successors, assigns, heirs, executor or personal
representative, and beneficiaries.
	 
	7.6.  	Notices. Any notice, consent, or demand required or permitted under this Plan
shall be made in writing and shall be signed by the party making the notice,
consent, or demand. Such notice shall be sent by United States certified mail,

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	   	postage pre-paid and shall be sent to the other party’s last known address as
shown on the records of the Participating Employer. The date of such mailing
shall be deemed to be the date of such notice, consent or demand.
	 
	7.7.  	Governing Law. To the extent not preempted by ERISA, the Plan shall be
governed, construed, administered, and regulated according to the laws of
the State of Hawaii.
	 
	7.8.  	Miscellaneous Provisions.

	 	a)  	Wherever used herein the masculine gender shall include the feminine
and the singular number shall include the plural, unless the context
clearly indicates otherwise.
	 
	 	b)  	The headings of articles and sections are included herein solely for
convenience of reference, and if there is any conflict between such
headings and the text of the Plan, the text shall be controlling.
	 
	 	c)  	Wherever a Participating Employer, the Company, or a board of directors
is permitted or required to do or perform any act, matter, or thing under
the terms of the Plan, it may be done and performed by any officer of a
Participating Employer or the Company thereunto duly authorized.
	 
	 	d)  	All consents, elections, applications, designations, etc. required or
permitted under the Plan must be made on forms prescribed by the
Committee, and shall be recognized only if properly completed,
executed, and filed with the Committee.
	 
	 	e)  	A Participating Employer may assign a Policy (and any related
Endorsement of such policy) to another Participating Employer upon
such terms and conditions as the Participating Employers may agree,
provided that the assignee Participating Employer shall agree to be
bound by all of the terms and conditions of such Endorsement that affect
the Participant’s benefits thereunder.

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TO RECORD the adoption of this Plan, BancWest Corporation has executed this
document this 20th day of January, 2005.

	 	 	 	 	 
	 	BANCWEST CORPORATION

 	 
	 	By:  	     /s/ Sheila Sumida
 	 
	 	 	Its Vice President	 
	 	 	 	 
	 

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EXHIBIT A-1

BancWest Corporation

Executive Life Insurance Plan

Participation Agreement

	 	 	 	 	 	 	 	 	 
	Participant:

	 	«Name»
	 	 	 	SSN:
	 	«SSN»

ACKNOWLEDGMENT

I, the undersigned Participant, hereby acknowledge receiving notification of my eligibility to
participate in the BancWest Corporation Executive Life Insurance Plan, effective April 1, 2004. I
acknowledge that I have received a copy of the Plan document (the “Plan”), which includes a
description of the Plan’s claims procedures, and materials summarizing the Plan.

I understand that after the Policy Distribution Date the sufficiency of cash value in the
Policy to provide expected amounts of death benefit under this Plan may vary as a result of
Policy performance, and that the continuation of the death benefit is not guaranteed by the
Participating Employer, or the Insurer.

By signing this Participation Agreement, I agree to be bound by the terms of the Plan as set forth
in the Plan document. If there is a conflict between the Plan document and any other
communication, written or oral, including any Plan summary materials, then the terms of the Plan
document will control.

TERMINATION, ASSIGNMENT, AND RELEASE OF PRIOR AGREEMENT AND POLICY

As a condition for participation in the Plan, the undersigned hereby terminates as of this date
the Split Dollar Agreement dated «Agreement_date», as permitted by the terms of that agreement,
and hereby assigns and releases to the Participating Employer any and all rights, title and
interest in the life insurance policy number «Old_policy_», issued by «Carrier», which is the
subject of that agreement (the “Split Dollar Policy”). The Participant hereby grants to the
Participating Employer authority to take the steps deemed necessary, in its sole discretion, to
implement this termination, assignment and release, including but not limited to the submission of
any forms or paperwork to the insurance carrier issuing the Split Dollar Policy deemed necessary
by the Participating Employer. The Participant understands and agrees that by signing this
document and delivering it to the Participating Employer, Participant is terminating all rights
whatsoever Participant would or might otherwise have against BancWest Corporation or the
Participating Employer with respect to the Split Dollar Agreement or to the Split Dollar Policy.

The Participating Employer agrees that execution, delivery and performance of this termination,
assignment and release constitutes complete satisfaction of all rights whatsoever that the
Participating Employer would or might otherwise have against the Participant under the Split
Dollar Agreement concerning the Split Dollar Policy.

 

 

BENEFICIARY DESIGNATION

I hereby designate the following as beneficiary(ies) to receive the death benefits
payable under the Executive Life Insurance Plan as a result of my death.

Primary Beneficiary(ies):

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Name

	 	Date of Birth
	 	Relationship
	 	% Share
	 
	 	 	 	 	 	 
	 
	Address
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Name

	 	Date of Birth
	 	Relationship
	 	% Share
	 
	 	 	 	 	 	 
	 
	Address
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Name

	 	Date of Birth
	 	Relationship
	 	% Share
	 
	 	 	 	 	 	 
	 
	Address
	 	 	 	 	 	 

Contingent Beneficiary(ies):

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Name

	 	Date of Birth
	 	Relationship
	 	% Share
	 
	 	 	 	 	 	 
	 
	Address
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Name

	 	Date of Birth
	 	Relationship
	 	% Share
	 
	 	 	 	 	 	 
	 
	Address
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Name

	 	Date of Birth
	 	Relationship
	 	% Share
	 
	 	 	 	 	 	 
	 
	Address
	 	 	 	 	 	 
	 
	 	 	 	 	 	 

Unless otherwise indicated above, payment to two or more beneficiaries shall be paid in equal
shares. The share of any beneficiary who dies before the Participant shall be divided among the
surviving beneficiaries in proportion to their interests. If no beneficiary survives the
Participant, payment shall be made to the estate of the Participant.

In witness hereof, the Participant and the Participating Employer have executed this
Participation Agreement in duplicate as of the date noted below.

	 	 	 	 
	 	 	 
	Signature of Participant

	 	Date
	 
	 	 
	 	 	 
	Participating Employer

	 	Date
	 
	 	 
	 	 	 
	Signature of Spouse (If necessary)

	 	Date
	 
	 	 

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EXHIBIT A-2

BancWest Corporation

Executive Life Insurance Plan

Participation Agreement

	 	 	 
	Participant: «Name»

	 	SSN: «SSN»

ACKNOWLEDGMENT

I, the undersigned Participant, hereby acknowledge receiving notification of my eligibility
to participate in the BancWest Corporation Executive Life Insurance Plan, effective April 1, 2004.
I acknowledge that I have received a copy of the Plan document (the “Plan”), which includes a
description of the Plan’s claims procedures, and materials summarizing the Plan.

I understand that after the Policy Distribution Date the sufficiency of cash value in the
Policy to provide expected amounts of death benefit under this Plan may vary as a result of
Policy performance, and that the continuation of the death benefit is not guaranteed by the
Participating Employer, or the Insurer.

By signing this Participation Agreement, I agree to be bound by the terms of the Plan as set forth
in the Plan document. If there is a conflict between the Plan document and any other
communication, written or oral, including any Plan summary materials, then the terms of the Plan
document will control.

BENEFICIARY DESIGNATION

I hereby designate the following as beneficiary(ies) to receive the death benefits
payable under the Executive Life Insurance Plan as a result of my death.

Primary Beneficiary(ies):

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	Name

	 	Date of Birth
	 	Relationship
	 	% Share
	 
	 	 	 	 	 	 
	 
	Address
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	Name

	 	Date of Birth
	 	Relationship
	 	% Share
	 
	 	 	 	 	 	 
	 
	Address
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	Name

	 	Date of Birth
	 	Relationship
	 	% Share
	 
	 	 	 	 	 	 
	 
	Address
	 	 	 	 	 	 

      
 
 

 

 

Contingent Beneficiary(ies):

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	Name

	 	Date of Birth
	 	Relationship
	 	% Share
	 
	 	 	 	 	 	 
	 
	Address
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	Name

	 	Date of Birth
	 	Relationship
	 	% Share
	 
	 	 	 	 	 	 
	 
	Address
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	Name

	 	Date of Birth
	 	Relationship
	 	% Share
	 
	 	 	 	 	 	 
	 
	Address
	 	 	 	 	 	 

Unless otherwise indicated above, payment to two or more beneficiaries shall be paid in equal
shares. The share of any beneficiary who dies before the Participant shall be divided among the
surviving beneficiaries in proportion to their interests. If no beneficiary survives the
Participant, payment shall be made to the estate of the Participant.

In witness hereof, the Participant and the Participating Employer have executed this
Participation Agreement in duplicate as of the date noted below.

	 	 	 	 	 
	

	 	

	 	 
	Signature of Participant

	 	Date	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Participating Employer

	 	Date	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Signature of Spouse (If necessary)

	 	Date	 	 

2exv10w1

 

EXHIBIT 10.1

DEL MONTE FOODS COMPANY

PERFORMANCE SHARES

AGREEMENT

          This Performance Shares Agreement (the “Agreement”) contains the terms and conditions under
which the Compensation Committee of the Board (the “Committee”), on behalf of Del Monte Foods
Company (the “Company”), has granted to you, ______________ (the “Participant”), as of January 20,
2005 (the “Grant Date”), and pursuant to the Del Monte Foods Company 2002 Stock Incentive Plan (the
“Plan”), units representing the Common Stock of the Company known as “Performance Shares,” in order
to encourage you to continue to contribute to the Company’s growth and success.

          1.      Grant of Performance Shares. The Performance Shares award consists of [insert # of
units] units representing shares of the Common Stock of the Company, which the Company has granted
to the Participant as of the date hereof as a separate incentive in connection with his or her
service to the Company and not in lieu of any salary or other compensation for his or her services.
The Performance Shares also shall include any new, additional, or different securities or units
representing such securities the Participant may become entitled to receive with respect to such
Performance Shares by virtue of any increase or decrease in the number of issued shares of Common
Stock resulting from a subdivision or consolidation of shares of Common Stock, or the payment of a
stock dividend (but only on shares of Common Stock), or any other increase or decrease in the
number of such shares effected without receipt or payment of consideration by the Company, or any
change in the capitalization of the Company pursuant to Section 10(b) of the Plan, or by virtue of
any Change of Control or other transaction pursuant to Section 10(c) of the Plan. The Performance
Shares shall be subject to the Restrictions pursuant to Section 3 of this Agreement.

          2.      Participant’s Account; Certain Rights in Respect of Performance Shares.

                    (a)     The Performance Shares granted to the Participant shall be entered into an account in the
Participant’s name. 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 the Participant pursuant to this Agreement.

                    (b)     During the period before the release of the Restrictions on the Performance Shares as
provided in Section 4, the Participant shall have no voting rights in respect of the Performance
Shares.

                    (c)     Dividend equivalents will be credited in the form of additional Performance Shares to the
Participant’s account, based on the Fair Market Value of Common Stock on the date the dividend is
issued.

          3.     Restrictions. Prior to their release from the Restrictions as set forth in Section
4 below, all Performance Shares held for or in respect of the Participant, and the shares of Common
Stock that such Performance Shares represent, may not be assigned, transferred, or otherwise
encumbered or disposed of by the Participant.

 

 

          4.      Release of Performance Shares from Restrictions.

                    (a)     Subject to the provisions of paragraph (e) of this Section 4, the Restrictions shall cease
to apply to the Performance Shares granted under this Agreement, or the Performance Shares shall be
forfeit, on the Vesting / Forfeiture Date defined below, or shall vest in their entirety upon the
earlier occurrence of a Change of Control. Upon the release of the Performance Shares from the
Restrictions (except if receipt of the Performance Shares is deferred as provided in Section 5),
the Participant shall be paid the value of his or her account in the form of Common Stock. No
fractional shares of Common Stock will be issued. If the calculation of the number of shares of
Common Stock to be issued results in fractional shares, then the number of shares of Common Stock
will be rounded up to the nearest whole share of Common Stock.

                     (b)      The Committee, in its sole discretion, has established a target performance goal based on
the Company’s Return on Invested Capital (“ROIC Target”), which will be measured annually over a
three (3) year “performance period” commencing on May 1, 2006 through May 3, 2009. The ROIC Target
or the Performance Shares award may be adjusted by the Committee from time to time, in its sole
discretion, to the extent necessary in order to reflect a change in corporate capitalization, such
as a stock split or dividend, or a corporate transaction, such as any merger, consolidation,
separation (including a spinoff or other distribution of stock or property by the Company),
reorganization, or any partial or complete liquidation by the Company, as provided by Sections
10(b) or 10(c) of the Plan. Based on the Company’s level of achievement of the ROIC Target, the
Restrictions shall cease to apply to the Performance Shares or the Performance Shares shall
forfeit, according to the following matrix:

Vesting of Performance Shares based on Achievement of ROIC Targets

	 	 	 	 	 	 	 	 	 	 	 	 
	 	Performance Period
	 	 	ROIC Target
	 	 	Percent of

Performance

Shares Released

from Restrictions

or Forfeit Based

on Achievement

of ROIC Target
	 	 	Vesting / Forfeiture

Date	 
	 	May 1, 2006 -

April 29, 2007

(“Fiscal Year 2007”)
	 	 	Greater than or equal to

Fiscal Year 2007 ROIC Target = vest

Less than Fiscal Year 2007 ROIC Target = forfeiture
	 	 	25%
	 	 	First day after

Company files its

Form 10-K for

Fiscal Year 2007	 
	 	April 30, 2007 -

April 27, 2008

(“Fiscal Year 2008”)
	 	 	Greater than or equal to

Fiscal Year 2008 ROIC Target = vest

Less than  Fiscal Year 2008 ROIC Target = forfeiture
	 	 	25%
	 	 	First day after

Company files its

Form 10-K for 

Fiscal Year 2008	 
	 

2

 

	 	 	 	 	 	 	 	 	 	 	 	 
	 	Performance Period
	 	 	ROIC Target
	 	 	Percent of

Performance

Shares Released

from Restrictions

or Forfeit Based

on Achievement

of ROIC Target
	 	 	Vesting / Forfeiture

Date	 
	 	April 28, 2008 -

May 3, 2009

(“Fiscal Year 2009”)
	 	 	Greater than or equal to

Fiscal Year 2009 ROIC Target = vest

Less than Fiscal Year 2009 ROIC Target % = forfeiture
	 	 	50%
	 	 	First day after

Company files its

Form 10-K for 

Fiscal Year 2009	 
	 

The Committee shall have sole discretion to determine whether the ROIC Target has been achieved and
whether the Restrictions shall be released from any or all of the Performance Shares. The
Committee’s determinations pursuant to the exercise of discretion with respect to all matters
described in this paragraph shall be final and binding on the Participant.

                    (c)     The vesting of the Performance Shares, if any, shall be accelerated to include
cumulatively the next level(s) of vesting commensurate with the level of ROIC Target achieved. For
example, if the Company’s Fiscal Year 2007 ROIC is achieved or surpassed, then 100% vesting of all
Performance Shares would occur on the first day after the Company files its Form 10-K for Fiscal Year 2007, subject to the provisions of paragraph (e) of this Section 4.
Likewise, if the Company’s Fiscal Year 2007 ROIC is not achieved, then 25% of the Performance
Shares shall be permanently forfeited, even if the Company achieves or exceeds its ROIC Target in a
subsequent performance period.

                     (d)      Upon the termination of the Participant’s employment by reason of Disability or death, the
Performance Shares held by such Participant or his or her designated beneficiary (as applicable)
shall continue to vest at the time and in the amounts (if any) set forth pursuant to paragraph (a)
of this Section 4, and Common Stock that is distributed on account of Performance Shares that
become vested (if any) shall be distributed to the Participant or his or her designated beneficiary
(as applicable) subject to Section 6, below.

                     (e)      Upon the termination of the Participant’s employment for any reason other than Disability
or death, Performance Shares that remain subject to the Restrictions at such time shall be
forfeited by the Participant to the Company; provided that, for Participants covered under the
Executive Severance Policy or who are parties to an employment agreement with the Company or a
Subsidiary of the Company, in the case of termination of employment without Cause or resignation
for Good Reason (as defined in the Executive Severance Policy or employment agreement, as
applicable), (i) with respect to Participants who are covered under the Severance Policy, these
Performance Shares will be treated under such policy; and (ii) with respect to Participants who are
not covered under the Executive Severance Policy but who are parties to an employment agreement
with the Company or a Subsidiary of the Company, these Performance Shares will be treated under
such employment agreement.

3

 

          5.      Deferral. The Committee has the right to determine, in its sole discretion,
whether Participants shall be permitted to elect to defer the receipt of a distribution of Common
Stock in respect of the Performance Shares under a deferral plan of the Company, in which case,
after the Restrictions are released, the Performance Shares would remain as stock equivalent units
in the Participant’s account. Stock equivalent units held in the Participant’s account pursuant to
this Section 5 shall accrue dividend equivalents that will be credited in the form of additional
stock equivalent units to the Participant’s account, based on the Fair Market Value of Common Stock
on the date the dividend is issued. At the end of the deferral period, all stock equivalent units
will be converted and distributed to the Participant in the form of Common Stock. No fractional
shares of Common Stock will be issued. If the calculation of the number of shares of Common Stock
to be issued results in fractional shares, then the number of shares of Common Stock will be
rounded up to the nearest whole share of Common Stock.

          6.      Designation of Beneficiary. The Participant may designate a beneficiary or
beneficiaries to whom, along with all other grants or awards made to the Participant under the
Plan, unvested Performance Shares or Common Stock that is distributed on account of Performance
Shares that become vested following the Participant’s death shall be transferred. A Participant
shall designate his or her beneficiary by executing the “2002 Stock Incentive Plan Beneficiary
Designation and Spousal Consent Form” and returning it to the Corporate Secretary. Any form so
submitted shall replace, in respect of all grants or awards made to the Participant under the Plan,
any previous version of the same form the Participant may have submitted to the Corporate
Secretary. A Participant shall have the right to change his or her beneficiary from time to time
by executing a subsequent “2002 Stock Incentive Plan Beneficiary Designation and Spousal Consent
Form” and otherwise complying with the terms of such form and the Committee’s rules and procedures,
as in effect from time to time. The Committee shall be entitled to rely on the last “2002 Stock
Incentive Plan Beneficiary Designation and Spousal Consent Form” submitted by the Participant, and
accepted by the Corporate Secretary, prior to such Participant’s death. In the absence of such
designation of beneficiary, unvested Performance Shares or Common Stock that is distributed on
account of Performance Shares that become vested following the Participant’s death will be
transferred to the Participant’s surviving spouse, or if none, to the Participant’s estate. If the
Committee has any doubt as to the proper beneficiary, 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.

          7.      Taxes. The Company may, in its discretion, make such provisions and take such
steps as it may deem necessary or appropriate for the withholding of all federal, state, local and
other taxes required by law to be withheld with respect to the vesting of any Performance Shares or
the distribution of Common Stock on account of the vesting of any Performance Shares, including,
but not limited to, withholding shares of Common Stock granted under this Agreement equal in value
to such withholding taxes, deducting the amount of such withholding taxes from any other amount
then or thereafter payable to the Participant, or requiring the Participant or the beneficiary or
legal representative of the Participant to pay in cash to the Company the amount required to be
withheld or to execute such documents as the Company deems necessary or desirable to enable it to
satisfy its withholding obligations.

4

 

          8.      No Special Rights; No Right to Future Awards. Nothing contained in this Agreement
shall confer upon any Participant any right with respect to the continuation of his or her service
with the Company, or any right to receive any other grant, bonus, or other award.

          9.      Address for Notices. Any notice to be given to the Company under the terms of this
Agreement shall be addressed to the Company, in care of its Corporate Secretary, at One Market @
the Landmark, San Francisco, CA 94105, or at such other address as the Company may hereafter
designate in writing.

          10.      Other Benefits. The benefits provided to the Participant pursuant to this
Agreement are in addition to any other benefits available to such Participant under any other plan
or program of the Company. The Agreement shall supplement and shall not supersede, modify, or
amend any other such plan or program except as may otherwise be expressly provided.

          11.      Plan Governs. This Agreement is subject to all of the terms and provisions of the
Plan. In the event of a conflict between one or more provisions of this Agreement and one or more
provisions of the Plan, the provisions of the Plan shall govern. Capitalized terms and phrases
used and not defined in this Agreement shall have the meaning set forth in the Plan.

          12.      Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of California, without reference to its principles of conflicts of laws.

          13.      Committee Authority. The Committee shall have all discretion, power, and
authority to interpret the Plan and this Agreement and to adopt such rules for the administration,
interpretation, and application of the Plan as are consistent therewith. All actions taken and all
interpretations and determinations made by the Committee in good faith shall be final and binding
upon the Participant, the Company, and all other interested persons, and shall be given the maximum
deference permitted by law. No member of the Committee shall be personally liable for any action,
determination, or interpretation made in good faith with respect to the Plan or this Agreement.

          14.      Captions. The captions provided herein are for convenience only and are not to
serve as a basis for the interpretation or construction of this Agreement.

          15.      Agreement Severable. In the event that any provision in this Agreement shall be
held invalid or unenforceable, such provision shall be severable from, and such invalidity or
unenforceability shall not be construed to have any effect on, the remaining provisions of this
Agreement.

          16.      Definitions. For purposes of this Agreement, the following words and phrases
shall have the following meanings unless a different meaning is plainly required by the context:

	 	(a)  	“Board” shall mean the Board of Directors of the
Company.

	 	(b)  	“Change of Control” shall mean the occurrence of one or
more of the following events:

5

 

	 	(i)  	any sale, lease, exchange or other transfer (in
one transaction or a series of related transactions) of all or
substantially all of the assets of the Company to any individual,
partnership, corporation, limited liability company, unincorporated
organization, trust or joint venture, or a governmental agency or
political subdivision thereof (a “Person”) or group of related Persons
for purposes of Section 13(d) of the Securities Exchange Act of 1934,
as amended (a “Group”), together with any Affiliates (as defined below)
thereof;

	 	(ii)  	the approval by the holders of any and all
            shares, interests, participations or other equivalents (however
designated and whether or not voting) of corporate stock, including
each class of Common Stock and preferred stock, of the Company
(“Capital Stock”) of any plan or proposal for the liquidation or
dissolution of the Company;

	 	(iii)  	any Person or Group shall become the owner,
directly or indirectly, beneficially or of record, of shares
representing more than 40% of the aggregate ordinary voting power
represented by the issued and outstanding Capital Stock (the “Voting
Stock”) of the Company;

	 	(iv)  	the replacement of a majority of the Board of
Directors of the Company (the “Board of Directors”) over a two-year
period commencing after the Effective Date of the Plan, from the
directors who constituted the Board of Directors at the beginning of
such period, and such replacement shall not have been approved by a
vote of at least a majority of the Board of Directors then still in
office who either were members of such Board of Directors at the
beginning of such period (any such individual who was a director at the
beginning of such period or is so approved, nominated, or designated
being referred to herein as an “Incumbent Director”) or whose election
as a member of such Board of Directors was previously approved;
provided, however, that no individual shall be considered an Incumbent
Director if the individual initially assumed office as a result of
either an actual or threatened “Election Contest” (as described in Rule
14a-11 promulgated under the Exchange Act) or other actual or
threatened solicitation of proxies or consents by or on behalf of a
Person other than the Board of Directors (a “Proxy Contest”) including
by reason of any agreement intended to avoid or settle any Election
Contest or Proxy Contest; or

	 	(v)  	a merger or consolidation involving the Company
in which the Company is not the surviving corporation, or a merger or
consolidation involving the Company in which the Company is the
surviving corporation but the holders of shares of Common Stock

6

 

	 	   	receive securities of another corporation and/or other property,
including cash, or any other similar transaction.

	 	   	For purposes of this Paragraph 16(b), “Affiliate” shall mean, with respect
to any specified Person, any other Person who directly or indirectly through
one or more intermediaries controls, or is controlled by, or is under common
control with, such specified Person. The term “control” means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise; and the terms
“controlling” or “controlled” have meanings correlative of the foregoing.

	 	(c)  	“Disability” shall mean physical or mental disability
as a result of which the Participant is unable to perform the essential
functions of his or her position, even with reasonable accommodation, for six
(6) consecutive months. Any dispute as to whether or not the Participant is so
disabled shall be resolved by a physician reasonably acceptable to the
Participant and the Company whose determination shall be final and binding upon
both the Participant and the Company. Notwithstanding the foregoing provisions
of this Paragraph 16(c), “Disability,” when used in connection with the
termination of the employment with the Company of an Participant who at the
time of such termination is a party to a written employment or retention
agreement with the Company, shall have the meaning assigned to such term in
such agreement.

	 	(d)  	“Restrictions” means those restrictions on the
Performance Shares set forth in Section 3.

	 	(e)  	“Return on Invested Capital” means net operating profit
after tax (income from continuing operations (adjusted for integration costs
and expenses) before income taxes, plus interest expense, plus amortization,
less taxes calculated at the annual effective tax rate) divided by average invested
capital (total assets less assets of discontinued operations less deferred tax
assets less accounts payable and accrued expenses less other non-current
liabilities) measured at the end of the fiscal year.

	 	(f)  	Any capitalized terms not defined in this Agreement shall have
the meaning provided in the Plan.

	 	 	 	 	 	 	 
	DEL MONTE FOODS COMPANY	 	 	 	PARTICIPANT
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	

	 	 
	 	 	 	 
	Title:

	 	Vice President, Human Resources	 	 	 	 

7

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