Document:

exv10w32

 

Exhibit 10.32

September 25, 2007

Mr. Rick Fehr

3502 Cragmont Avenue

Dallas TX 75205

Dear Rick:

This letter will memorialize our agreement regarding your position, effective as of January 1,
2007, as Senior Vice President — Productivity and Optimization for the Dean Dairy Group. This
position will report directly to me or any subsequent President of the Dean Dairy Group.

Base Salary

Commencing January 1, 2007, you will be paid $19,791.66 on a semi-monthly basis, which equates to
an annual salary of $475,000. Your salary will be reviewed annually.

Annual Bonus Opportunity

As Senior Vice President of Dean Dairy Group, you will be eligible to earn an annual bonus with a
target amount equal to 60% of your annualized base salary, subject to the achievement of certain
operating targets for the group and certain individual goals. You can earn up to 200% of your
targeted bonus if such individual goals are met and such operating targets are exceeded. You will
also continue to be eligible to receive long-term incentive grants consistent with those granted to
others at your level.

Severance Payments

You shall be entitled to receive a severance payment if your employment is terminated as a result
of a “Qualifying Termination.” A Qualifying Termination shall mean (i) the voluntary termination
by you of your employment with the Company for Good Reason (as defined below), (ii) the involuntary
termination of your employment with the Company by the Company without Cause (as defined below), or
(iii) the voluntary termination by you of your employment with the Company for any reason at any
time after January 31, 2009. In the event of a Qualifying Termination, you will receive payment of
all base salary accrued through the date of termination, prior year’s bonus to the extent earned
but not paid, target bonus through the date of termination and all unused vacation, less lawful
deductions. In addition, you will receive severance payments equal, in the aggregate, to two years
of your base salary and target bonus, less lawful deductions. Such payments will be made
semi-monthly on normal payroll dates for the two-year period following a Qualifying Termination.

 

 

In addition to the foregoing, in the event of a Qualifying Termination described in the preceding
paragraph, you shall be entitled to receive, in a lump sum payment, an amount equal to (i) the
difference between the “strike” or exercise price of all unvested options held by you which would
have vested (had your employment continued) during the 24-month period immediately following the
date of the Qualifying Termination and the fair market value of the stock of Dean Foods (determined
based on the average closing price during the 30-day period preceding the date of the Qualifying
Termination) and (ii) the fair market value (determined as set forth above) of any restricted stock
units or other equity awards which would have vested in accordance with the normal vesting schedule
(had your employment continued) during the 24-month period immediately following the date of the
Qualifying Termination.

Notwithstanding anything to the contrary, to the extent Section 409A of the Internal Revenue Code
is applicable to any benefits hereunder, the Company may delay payments to the extent necessary to
avoid application of Section 409A.

In order to receive the benefits provided herein, you will be required to execute (i) a release of
all claims and such other agreements as the company deems necessary or appropriate and (ii) unless
your termination is an involuntary termination by the Company without Cause, an agreement not to
compete with, solicit employees or customers from, or use or disclose confidential information of,
the Company and its subsidiaries until the final severance payment under this Agreement.

As used herein, the term “Cause” shall mean: (a) your conviction of any crime deemed by the company
to make your continued employment untenable; (b) any act of gross negligence or willful misconduct
in the conduct of your employment; (c) your committing any act of dishonesty whether relating to
the company or any of its affiliates, its employees, agents or otherwise; or (d) your failure to
comply with the Company’s Code of Ethics, or any conduct which brings the company or any of its
affiliates into disrepute.

The term “Good Reason” shall mean: (i) any reduction in your base pay or target bonus or a
significant reduction in benefits, other than a general change in compensation and benefits
applicable to all similarly situated employees, (ii) the removal from the position of Senor Vice
President for the Dairy Group, or a significant diminution in the scope of your responsibilities
from those contemplated herein, or (iii) the transfer of your employment to a metropolitan area
other than the Dallas/Ft. Worth metropolitan area.

Non-Qualifying Termination

In the event that your employment with Dean Foods is terminated either for Cause or by you
voluntarily and without Good Reason prior to January 31, 2009, no severance payment will be made.
If your employment is terminated either for Cause or by you voluntarily and without Good Reason
prior to January 31, 2009, all unvested stock option, restricted stock awards and other equity
grants made to you and your rights thereunder will be automatically terminated in accordance with
their terms.

 

 

No Duplication of Benefits

You have previously entered into a Change in Control Agreement which shall remain in full force and
effect. In general, this agreement provides benefits of two times your annual salary and target
bonus, plus vesting of all equity awards and continued health coverage for a two-year period in
certain circumstances following a Change in Control. The Company has also implemented an Executive
Severance Pay Plan. Notwithstanding the foregoing, there will be no duplication of severance pay
under this Agreement and the Change in Control Agreement, the Executive Severance Pay Plan or any
other plan or arrangement to which you may be entitled. If you are entitled to severance or
termination payments under any other agreement or plan, the severance compensation to which you are
entitled hereunder will be reduced by the amount of payment under the Change in Control Agreement,
Executive Severance Pay Plan or such other agreement or plan.

Code of Ethics

As you know, you are required to comply with the Dean Foods Code of Ethics as an ongoing condition
of your employment. You are required to sign the Compliance Certificate contained within the Code
of Ethics periodically during the course of your employment.

Conclusion

Rick, we appreciate your continued commitment to Dean Foods. We greatly value your past
contributions and look forward to your ongoing efforts toward our future success.

	 	 	 	 	 
	 	Best regards,

 	 
	 	/s/ Gregg L. Engles
 	 
	 	Gregg L. Engles 	 
	 	 	 
	 

	 	 	 	 	 
	Agreed and accepted:

 	 
	/s/ Rick Fehr
 	 	 	 
	Rick Fehr 	 
	 	 	 	 
	 
	Date

 	 	 

	cc: 	 	Paul Moskowitz

Robby Dunnexv10w33

 

Exhibit 10.33

January 14, 2008

Harrald Kroeker

3525 Marquette

Dallas, TX 75225

Dear Harrald:

Congratulations on your promotion to President, DSD Group for Dean Foods Company. This position will
report to me and be based in Dallas, Texas.

Here are the specifics of your offer:

Effective Date

The effective date of your new position is January 1, 2008.

Base Salary

You will be paid $20,625 on a semi-monthly basis, which equates to an annual salary of $495,000
(+10%). This includes your normal merit increase scheduled for January 2008. Your salary will be
reviewed annually.

Annual Bonus Opportunity

As President, DSD, you will be eligible to earn an annual bonus with a target amount equal to 70%
of your annualized base salary, subject to the achievement of certain operating targets for the
company and certain individual targets. You can earn up to 200% of your targeted bonus if
operating targets are exceeded.

Long Term Incentive Compensation

You will be granted options to purchase 70,000 shares of Dean Foods common stock. The options will
vest in equal installments over a period of three years, beginning on the first anniversary of the
date of the grant. You will also be awarded 20,500 restricted shares. These restricted shares
will vest in equal installments over a five-year period, beginning on the first anniversary of the
date of grant, or earlier if certain financial performance targets are met. You will be eligible
for future equity grants under the Dean Foods Long Term Incentive Program in the future, commencing
in January 2009. The amount and nature of future long-term incentive awards will be determined by
the Board of Directors.

Benefits

You will continue to be eligible for the same benefits package (medical, dental, vision, 401k,
SERP, annual company paid physical and executive long-term disability insurance, and more) that you
have today.

 

 

Conclusion

Harrald, I am very excited about your new opportunity, and I look forward to your future
contributions to Dean Foods.

Best regards,

/s/ Gregg Engles

Gregg Engles

President and Chief Executive Officer

Agreed and accepted:

	 	 	 
	/s/ Harrald Kroker
 

Harrald Kroeker

	 	 
	 	 
	Jan 14/08
 

Date

	 	 

			
	cc:	 	Paul Moskowitz

Doug Johnson

Fanny Sheumaker

Melinda Conleyexv10w34

 

EXHIBIT
10.34

	 	 	 
	DEAN
TM

FOODS

	 	Gregg L. Engles

Chairman & Chief Executive Officer

January 15,
 2008

Greg McKelvey
 1519
Redwing Lane

Broomfield, CO 80020

Dear Greg:

Congratulations on your promotion to Senior Vice President, Strategy and Marketing Services for
Dean Foods Company. This position will report to me and be based in Dallas, Texas.

Here are the specifics of your offer:

Effective Date

The effective date of your new position is February 1, 2008.

Base Salary

You will be paid $11,250 on a semi-monthly basis, which equates to an annual salary of $280,000
(+21.7%). This includes your normal merit increase scheduled for April 2008. Your salary will be
reviewed annually (beginning in January 2009).

Annual Bonus Opportunity

As Senior Vice President, you will be eligible to earn an annual bonus with a target amount equal
to 50% of your annualized base salary, subject to the achievement of certain operating targets for
the company and certain individual targets. You can earn up to 200% of your targeted bonus if
operating targets are exceeded.

Long Term Incentive Compensation

On January 15, 2008, you will be granted options to purchase 21,000 shares of Dean Foods common
stock. The options will vest in equal installments over a period of three years, beginning on the
first anniversary of the date of the grant. You will also be awarded 6,000 restricted shares.
These restricted shares will vest in equal installments over a five-year period, beginning on the
first anniversary of the date of grant, or earlier if certain financial performance targets are
met. You will be eligible for future equity grants under the Dean Foods Long Term Incentive
Program in the future, commencing in January 2009. The amount and nature of future long-term
incentive awards will be determined by the Board of Directors.

Additional One-Time Promotional Long Term Incentive Awards

On January 15, 2008, you will also be granted options to purchase 3,000 shares of Dean Foods
common stock. The options will vest in equal installments over a period of three years, beginning
on the first anniversary of the date of the grant. You will also be awarded 1,000 restricted
shares. These restricted shares will vest in equal installments over a five-year period, beginning
on the first anniversary of the date of grant, or earlier if certain financial performance targets
are met.

	 	 	 	 	 
	Dean Foods Company

	 	2515 McKinney Avenue, Suite 1200
	 	telephone 214 303 3424
	 

	 	Dallas, Texas 75201
	 	facsimile 214 303 3853

 

 

Benefits

You will continue to be eligible for the same benefits package (medical, dental, vision, 401k,
SERP, and more) that you have today. You are now eligible for an annual company paid physical and
executive long-term disability insurance.

Relocation

We want your move to Dallas to be a positive one. The relocation benefits provided to you include:
household goods move; temporary housing; home visits; in-transit expenses; home sale assistance;
duplicate housing costs; and, new home closing assistance.

The Executive Relocation Policy includes a provision for the potential “loss on sale” (section G)
of your current home. This section states that you “may qualify for compensation up to $25,000”
should you experience a financial loss on the sale of your home. Per this offer letter, Dean Foods
will cover up to $60,000 should you experience a financial loss on the sale of your home.

The policy describing these benefits will be sent to you directly. If you have questions regarding
these programs or eligibility, please call Tiffany Forrest at 214-721-1178.

Conclusion

Greg, I am very excited about your new opportunity, and I look forward to your future
contributions to Dean Foods.

	 	 	 	 	 
	 	Best regards,

 	 
	 	/s/ Gregg L. Engles
 	 
	 	Gregg L. Engles 	 
	 	Chairman and Chief Executive Officer 	 
	 

	 	 	 	 	 
	Agreed and accepted:

 	 	 
	/s/ Greg McKelvey
 	 	 
	Greg McKelvey
 	 	 
	1/18/08

Date 	 	 
	 

	cc:  	 	Paul
Moskowitz
 Doug
Johnson
 Fanny
Sheumaker

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