Document:

Exhibit

Exhibit 10.24

Brian J. Driscoll Offer Letter Amendment

Dear Brian:
This letter (the “Agreement”) amends the employment offer letter from Diamond Foods, Inc. (the “Company”) to you dated May 4, 2012 (the “Offer Letter”), by amending Section 9(b) of your Offer Letter provisions under the heading of “Other Benefits.”
Section 9(b) of your Offer Letter is deleted and replaced with the following provision in its entirety.
(b)    Termination During Employment Term without Cause or Constructive Termination, or Nonrenewal by the Company, Not In Connection With a Change in Control; Death or Disability.  In the event of your Termination without Cause or Constructive Termination during the Employment Term, or your termination of employment by reason of a notice of nonrenewal given by the Company pursuant to Section 2, not in connection with a Change in Control (as defined in Section 9(c) below), or solely with respect to Section 9(b)(iv) and Section 9(b)(v) in the case of death or Disability, provided that (except with respect to the Accrued Compensation) you deliver to the Company a signed settlement agreement and general release of claims in favor of the Company in the form attached hereto as Exhibit A (the “Release”) and satisfy all conditions to make the Release effective within sixty (60) days following your termination of employment, then, you shall be entitled to the following:  
		
	i.
	Accrued Compensation;

		
	ii.
	Lump sum payment equal to twenty-four (24) months of your then current Base Salary;

		
	iii.
	Provided you were employed on the First Anniversary Date, then the vested portion of your Restricted Award will be calculated as if the Restricted Stock Award had been subject to quarterly vesting following the Employment Date;  

		
	iv.
	An amount equal to your annual bonus for the fiscal year in which the termination occurs, based upon the extent to which the performance objectives are achieved for such fiscal year, without any exercise of negative discretion (but not less than the amount guaranteed under Section 3 if the termination occurs in fiscal year 2012 or 2013), in any case prorated based upon the number of days that you were employed during such fiscal year, and paid when annual bonuses are otherwise paid to active employees; and

		
	v.
	Provided you validly elect to continue coverage under COBRA, a lump-sum payment equal to eighteen (18) months of your portion of premiums for you and your eligible dependents paid for continued health benefits.

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Except in respect of Section 9(b) of your Offer Letter, we agree no other changes are made to your Offer Letter.
Please acknowledge your agreement with the amendment by signing below and returning the original to me for filing with the Company’s records. Should you have any questions or comments, please do not hesitate to contact me.
Sincerely,
DIAMOND FOODS, INC.
By: /s/ Linda B. Segre     
Linda B. Segre 
Executive Vice President and Chief Strategy and People Officer

Acknowledged and Agreed:
/s/ Brian J. Driscoll     
Brian J. Driscoll 
Date: September 24, 2015

2Exhibit

Exhibit 10.26

Lloyd Johnson Offer Letter Amendment

Dear Lloyd:

This letter (the “Agreement”) amends the employment offer letter from Diamond Foods, Inc. (the “Company”) to you dated August 17, 2008 (the “Offer Letter”), by replacing the severance provisions under the heading of “Other Benefits,” in light of the requirements of the final regulations promulgated under Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended. We must receive a copy of this Agreement, executed by you, not later than December 31, 2008. 
The severance provisions under the heading of “Other Benefits”in your Offer Letter are deleted and replaced with the following provision.  The changes from the original provision in your Offer Letter are underlined:
Severance upon Termination without Cause:  In the event the Company terminates your employment without Cause, as defined below, and such termination is a “separation from service” (as defined in Treas. Reg. 1.409A-1(h)) then you will be entitled to receive the termination benefits listed below.  With respect to Section 409A, each payment is a separate payment and with respect to payments subject to Section 409A (as not qualifying for the exclusion under Treas. Reg. 1.409A-1(b)(4)) they are intended to constitute separate payments for purposes of Treas. Reg. 1.409A-2(b)(2) made upon an involuntary termination from service and payable pursuant to Treas. Reg. 1.409A-1(b)(9)(iii), to the maximum extent permitted by said provision, with any excess amount being regarded as subject to the distribution requirements of Section 409A, including, without limitation, the requirement that payment to you be delayed until six months after “separation from service” if you are then a “specified employee” within the meaning of Section 409A.

		
	•
	Payment of 12 months of base salary, based on your base salary on the date of termination;

		
	•
	Payment of your target bonus amount for the year in which the termination occurs;

		
	•
	Acceleration of any stock options, restricted stock or other equity grant that would have otherwise vested in the 12 months following the date of termination; and

		
	•
	The Company will offer to you the ability to elect coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) under the Company’s medical or dental plans as in effect immediately prior to the date of termination.  If you elect timely continuation of coverage under COBRA, provided that you pay the amount required to continue coverage, the Company will maintain coverage for you and your dependants for up to the maximum period of time allowed under COBRA.

Except in respect of any severance benefits provided you under the Offer Letter, we agree no other changes are made to your Offer Letter.

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Please acknowledge your agreement with the amendment by signing below and returning the original to me for filing with the Company’s records.  Should you have any questions or comments, please do not hesitate to contact me.
Sincerely,

DIAMOND FOODS, INC.

By: /s/ Stephen Kim____________        
Stephen Kim                
Vice President, General Counsel                

Acknolwedged and Agreed: 

/s/ Lloyd Johnson_______________
Lloyd Johnson
Date:  December __, 2008
                  

2Exhibit

Exhibit 10.27

Lloyd Johnson Offer Letter Second Amendment

Dear Lloyd:
This letter (the “Agreement”) amends the employment offer letter from Diamond Foods, Inc. (the “Company”) to you dated August 17, 2008 as amended December 2008 (the “Offer Letter”), by replacing the severance provisions under the heading of “Other Benefits.”
The “Severance upon Termination without Cause” provisions under the heading of “Other Benefits” in your Offer Letter are deleted and replaced with the following provision. 
Severance upon Termination without Cause: In the event the Company terminates your employment without Cause, as defined below, and such termination is a “separation from service” (as defined in Treas. Reg. 1.409A-1(h)) then you will be entitled to receive the termination benefits listed below. With respect to Section 409A, each payment is a separate payment and with respect to payments subject to Section 409A (as not qualifying for the exclusion under Treas. Reg. 1.409A-1(b)(4)) they are intended to constitute separate payments for purposes of Treas. Reg. 1.409A-2(b)(2) made upon an involuntary termination from service and payable pursuant to Treas. Reg. 1.409A- 1(b)(9)(iii), to the maximum extent permitted by said provision, with any excess amount being regarded as subject to the distribution requirements of Section 409A, including, without limitation, the requirement that payment to you be delayed until six months after “separation from service” if you are then a “specified employee” within the meaning of Section 409A.
		
	•
	Payment of 170% of your annual base salary, based on your annual base salary on the date of termination;

		
	•
	Acceleration of any stock options, restricted stock or other equity grant that would have otherwise vested in the 12 months following the date of termination; and

		
	•
	The Company will offer to you the ability to elect coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) under the Company’s medical or dental plans as in effect immediately prior to the date of termination. If you elect timely continuation of coverage under COBRA, provided that you pay the amount required to continue coverage, the Company will maintain coverage for you and your dependents for up to the maximum period of time allowed under COBRA.

Except in respect of any severance benefits provided you under the Offer Letter, we agree no other changes are made to your Offer Letter.

1
        

Please acknowledge your agreement with the amendment by signing below and returning the original to me for filing with the Company’s records. Should you have any questions or comments, please do not hesitate to contact me.
Sincerely,
DIAMOND FOODS, INC.
By: /s/ Linda B. Segre     
Linda B. Segre 
Executive Vice President and Chief Strategy and People Officer

Acknowledged and Agreed:
/s/ Lloyd Johnson     
Lloyd Johnson 
Date: September 24, 2015

2Exhibit

Exhibit 10.30

Dave Colo Offer Letter Amendment

Dear Dave:
This letter (the “Agreement”) amends the employment offer letter from Diamond Foods, Inc. (the “Company”) to you dated November 21, 2012 (the “Offer Letter”), by replacing the severance provisions under the heading of “Other Benefits.”
The “Severance upon Termination without Cause” provisions under the heading of “Other Benefits” in your Offer Letter are deleted and replaced with the following provision.
Severance upon Termination without Cause: In the event the Company terminates your employment during your first three years of service, without Cause as defined below, you will be entitled to receive the following termination benefits:
		
	a.
	Payment of 170% of your annual base salary, based on your annual base salary on the date of termination;

		
	b.
	Provided you were employed on the first anniversary of your start date, then the vested portion of your Restricted Award will be calculated as if the Restricted Award had been subject to quarterly vesting following the Employment Date;

		
	c.
	Provided you validly elect to continue coverage under COBRA, a lump-sum payment equal to twelve (12) months of your portion of premiums for you and your eligible dependents paid for continued health benefits.

		
	d.
	“Cause” means a good faith determination, that any of the following has occurred: (a) your commission of a felony or an act constituting common law fraud, which has a material adverse effect on the business or affairs of the Company or its affiliates or stockholders; (b) your intentional or willful misconduct or refusal to follow the lawful instructions of your supervisor the Board; or (c) your intentional breach of the Company confidential information obligations, which has an adverse effect on the Company or its affiliates or stockholders or (d) your  material breach of this Agreement. For purposes of this definition, no act or failure to act shall be considered “intentional or willful” unless it is done, or omitted to be done, in bad faith without a reasonable belief that the action or omission is in the best interests of the Company.

Compensation payable to you in this letter is subject to recoupment pursuant to the Company’s compensation recoupment policy, if any, adopted by the Board or required by law during the term of your employment with the Company that is applicable generally to executive officers of the Company. Compensation is also subject to withholdings and all applicable taxes.

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Except in respect of any severance benefits provided you under the Offer Letter, we agree no other changes are made to your Offer Letter.
Please acknowledge your agreement with the amendment by signing below and returning the original to me for filing with the Company’s records. Should you have any questions or comments, please do not hesitate to contact me.
Sincerely,
DIAMOND FOODS, INC.
By: /s/ Linda B. Segre     
Linda B. Segre 
Executive Vice President and Chief Strategy and People Officer

Acknowledged and Agreed:
/s/ Dave Colo     
Dave Colo 
Date: September 25, 2015

2

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