Document:

Executive Severance Plan

 Exhibit 10.2 
 DEL MONTE CORPORATION 
 EXECUTIVE SEVERANCE PLAN 
 Effective January 1, 2006; Amended July 24, 2008 

 DEL MONTE CORPORATION 
 EXECUTIVE SEVERANCE PLAN 
 Effective January 1, 2006; Amended July 24, 2008 
 TABLE OF CONTENTS 
  

					
	 	  	Page
	 ARTICLE 1
	 		  	
	 Definitions
	  	1
			
	 ARTICLE 2
	 		  	
	 Selection/Enrollment/Eligibility
	  	4
			
	 2.1
	 	General Eligibility	  	4
	 2.2
	 	Qualification Requirements	  	4
	 2.3
	 	Ineligibility	  	5
	 2.4
	 	Change of Participating Employer	  	5
			
	 ARTICLE 3
	 		  	
	 Termination Benefits
	  	6
			
	 3.1
	 	Salary-Based Severance	  	6
	 3.2
	 	Benefit Continuation	  	7
	 3.3
	 	Bonus and Equity Compensation Amounts	  	7
	 3.4
	 	Outplacement Services	  	8
	 3.5
	 	Change of Control Payments	  	8
	 3.6
	 	Timing of Payments	  	8
			
	 ARTICLE 4
	 		  	
	 Termination, Amendment or Modification
	  	10
			
	 4.1
	 	Termination	  	10
	 4.2
	 	Amendment	  	10
			
	 ARTICLE 5
	 		  	
	 Administration
	  	11
			
	 5.1
	 	Committee Duties	  	11
	 5.2
	 	Agents	  	11
	 5.3
	 	Binding Effect of Decisions	  	11
	 5.4
	 	Indemnity of Committee	  	11
	 5.5
	 	Corporation Information	  	11

  

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 EXECUTIVE SEVERANCE PLAN 
  

					
	 ARTICLE 6
	  	
	 Claims Procedures
	  	12
			
	 6.1
	 	Resolution of Claim Generally	  	12
	 6.2
	 	Disposition of Claim	  	12
	 6.3
	 	Appeals	  	12
	 6.4
	 	Decision Final	  	12
			
	 ARTICLE 7
	 		  	
	 Miscellaneous
	  	13
			
	 7.1
	 	Unsecured General Creditor	  	13
	 7.2
	 	FICA and Other Taxes	  	13
	 7.3
	 	Nonassignability	  	13
	 7.4
	 	Not a Contract of Employment	  	13
	 7.5
	 	Furnishing Information	  	13
	 7.6
	 	Governing Law	  	13
	 7.7
	 	Notice	  	14
	 7.8
	 	Successors	  	14
	 7.9
	 	Validity	  	14
	 ERISA Information
	  	15

  

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 DEL MONTE CORPORATION 
 EXECUTIVE SEVERANCE PLAN 
  

 Del Monte Corporation 
 Executive Severance Plan 
 Effective January 1, 2006; Amended
July 24, 2008 
 Purpose 
 The purpose of this Plan is to provide fair treatment for terminated executives consistent with the values and culture of Del Monte Corporation, provide financial support for executives seeking new employment, recognize executive’s
years of service and contributions to the Corporation, and to avoid or mitigate the Corporation’s potential exposure to litigation. This Plan fully supersedes any and all prior policies, agreements, letters or understandings with respect to
severance pay for executives, other than any executive employment agreement between an executive and the Corporation in effect as of the effective date of this Plan and recognized by the Corporation as such. 
 ARTICLE 1 
 Definitions 

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

	1.1	“AIP Bonus” shall mean any cash award in respect of a Plan Year under the Company’s Annual Incentive Plan (known as the “AIP”). 

  

	1.2	“Base Salary” shall mean, with respect to an Executive, an amount equal to the Executive’s rate of pay for the pay period in effect on the Severance Date, excluding
amounts for overtime, bonuses, or allowances. 

  

	1.3	“Cause” shall mean an Executive’s Termination of Employment upon the occurrence of any of the following: (A) a material breach by Executive of the terms of the
Corporation’s policies and/or the Standards of Business Conduct; (B) any act of theft, misappropriation, embezzlement, intentional fraud or similar conduct by Executive involving the Corporation or any affiliate; (C) the conviction or
the plea of nolo contendere or the equivalent in respect of a felony involving an act of dishonesty, moral turpitude, deceit or fraud by Executive; (D) any damage of a material nature to the business or property of the Corporation or any
affiliate caused by Executive’s willful or grossly negligent conduct; or (E) Executive’s failure to act in accordance with any specific lawful instructions given to Executive in connection with the performance of Executive’s
duties for the Corporation or any affiliate. 

  

	1.4	“Committee” shall mean the Compensation Committee of the Board of Directors of Del Monte Foods Company. 

  

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 EXECUTIVE SEVERANCE PLAN 
  

	1.5	“Change in Control” shall mean an event determined to be a Change in Control as defined in the Del Monte Foods Company 2002 Stock Incentive Plan, or any successor stock
incentive plan, as amended from time to time. 

  

	1.6	“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated thereunder. 

  

	1.7	“Company” shall mean Del Monte Foods Company, a Delaware corporation, and any successor thereto. 

  

	1.8	“Corporation” shall mean the Del Monte Corporation, a Delaware corporation, and any successor thereto. Unless otherwise specified or required by the context of the Plan,
references to the Corporation shall include the Company and any affiliate. 

  

	1.9	“Executive” shall mean any employee of the Corporation who is an officer of the Company and/or the Corporation with a job title of Vice President or above.

  

	1.10	“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder. 

 

	1.11	“Participant” shall mean any individual (a) who is an Executive, (b) whose employment is terminated involuntarily by the Corporation, (c) who is eligible
under Article 2; and (d) who signs and does not revoke the General Release and Severance Agreement in accordance with the terms of the Plan. 

  

	1.12	“Plan” shall mean the “Del Monte Corporation Executive Severance Plan”, as amended from time to time. 

  

	1.13	“Plan Year” shall mean the period of each calendar year commencing January 1 and ending the following December 31. 

  

	1.14	“Retirement,” “Retire,” “Retires, or “Retired” shall mean a Termination of Employment with the Executive having attained age 55 and at least 10
years of service, where years of service means each completed 12-month period of uninterrupted service with the Corporation, but including periods of approved leave of absence, up to the Executive’s Termination of Employment.

  

	1.15	“Stock Plan” shall mean the Del Monte Foods Company 2002 Stock Incentive Plan, or any successor thereto, as amended from time to time. 

  

	1.16	“Termination Benefit” shall mean the benefits set forth in Article 3. 

  

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	1.17	“Termination of Employment” shall mean the severing of full-time employment with the Corporation and all affiliates, voluntarily or involuntarily. Notwithstanding the
foregoing: 

 (a) An Executive shall not be treated as having incurred a Termination of Employment while the
Executive is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six months, or if longer, so long as the Executive’s right to reemployment with the Corporation is provided either by
statute or by contract. If the period of leave exceeds six months and the right to reemployment is not provided either by statute or by contract, the employment relationship is deemed to terminate on the first date immediately following such
six-month period. 
 (b) Whether an Executive has incurred a Termination of Employment shall be determined based on all
relevant facts and circumstances. In situations in which the individual continues to be carried on the payroll but perform only nominal services, or ceases to be an employee but continues to provide substantial services in another capacity, such as
pursuant to a consulting agreement, the determination of whether a Termination of Employment has occurred shall be determined in accordance with Proposed IRS Regulations Section 1.409A-1(h)(1)(ii), or any successor thereto. 
  

	1.18	“Severance Date” shall mean the last day of an Executive’s active employment with the Corporation. 

  

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 EXECUTIVE SEVERANCE PLAN 
  

 ARTICLE 2 
 Selection/Enrollment/Eligibility 
  

	2.1	General Eligibility. Each employee who is an Executive who does not have an executive employment agreement with the Corporation or any of its affiliates that
provides for severance compensation upon a Termination of Employment and who has a Termination of Employment on or after January 1, 2006 that is not: 

 (a) a resignation, quit or voluntary Retirement; 
 (b) a Termination of Employment for Cause; 
 (c) on account of the Executive’s death; 
 (d) on account of the Executive’s
Disability or after the Executive qualifies under a plan of group long term disability benefits of the Corporation or any of its affiliates; 
 (e) on account of the Executive’s refusal or non-acceptance of an offer by the Corporation for a transfer, assignment or change in job position that requires a relocation of 50 miles or less from the
Executive’s current work location; provided that the Executive must provide written notice to the Corporation of his or her refusal or non-acceptance to such job change within 90 days after the notice has been made by the Corporation or the
Executive will be deemed to have accepted such relocation and not be eligible for benefits under this Plan; 
 (f) a direct
result of the sale or other divestiture of the work unit, division or segment of the Corporation’s business that Executive works in or is responsible for if Executive is offered continued employment with the purchaser or acquirer, including
their affiliates, except as may otherwise specifically be provided in any written sale, divestiture or other agreement; or 
 (g) the triggering event for any other written severance pay agreement, plan or policy, unless the provisions of this Plan are explicitly waived by Executive. 
  

	2.2	Qualification Requirements. As a condition to receiving severance benefits under this Plan, each eligible Executive shall: 

 (a) complete, execute and return to the Corporation a general release and severance agreement which shall include certain restrictive
covenants regarding the use of proprietary or confidential information, solicitation of employees and customers and interference with business relationships, in a form furnished by the Corporation and within the deadlines provided. 
  

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 (b) return to the Corporation all property of the Corporation in the Executive’s
possession, custody or control, including keys, credit cards, identification cards, laptop computers, Personal Digital Assistants (PDAs), car and mobile telephones, pagers, parking stickers, correspondence, notes, memoranda, reports, manuals,
notebooks, drawings, sketches, blueprints, formulae, prototypes, models, computer disks, computer printouts, information stored electronically on computers, and the trade secrets and other Confidential Information of the Company. Executive
shall not make any copies, nor retain any originals or copies of such property. 
  

	2.3	Ineligibility. The following individuals are not eligible for benefits under the Plan: 

 (a) consultants and independent contractors, including executive level consultants and non-employee directors of the Corporation and/or
the Company; 
 (b) leased employees, temporary employees or other individuals; 
 (c) individuals who might otherwise be eligible but are designated in writing by the Committee as ineligible. 
  

	2.4	Change of Participating Employer. If an eligible Executive moves from one affiliate of the Corporation to another during a Plan Year, no termination of employment will
occur for purposes of this Plan. 

  

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 EXECUTIVE SEVERANCE PLAN 
  

 ARTICLE 3 
 Termination Benefits 
  

	3.1	Salary-Based Severance. 

 (a) Before Change of Control. If a Participant’s Termination of
Employment occurs before a Change of Control, a Participant shall receive a lump sum amount equal to a multiple of the Executive’s Base Salary and target Annual Incentive Plan (AIP) bonus for the year in which the Termination of Employment
occurs, based on job level1, in accordance with the following table: 
  

					
	 Tier
	  	Position	  	Multiple of Base Salary
and Target Bonus – Basic
	 I
	  	CEO	  	2.0 Times
	 II
	  	EVP; SVP;
COO; CFO	  	1.5 Times
	 III
	  	Other VP	  	1 Time

 (b) Change of Control Severance. If a Participant’s Termination of
Employment occurs within two (2) years of the date that a Change on Control occurs, a Participant shall receive a lump sum amount equal to a multiple of the Executive’s Base Salary and target Annual Incentive Plan (AIP) bonus for the year
in which the Termination of Employment occurs, based on job level, in accordance with the following table: 
  

					
	 Tier
	  	Position	  	Multiple of Base Salary
and Target Bonus –
Change of Control
	 I
	  	CEO	  	2.99 Times
	 II
	  	EVP; SVP;
COO; CFO	  	2.0 Times
	 III
	  	Other VP	  	1.5 Times

  
  

	 1
	 CEO = Chief Executive Officer; EVP = Executive Vice President; SVP = Senior Vice President; CFO = Chief Financial
Officer; COO = Chief Operating Officer; VP = Vice President. 

  

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	3.2	Benefit Continuation. 

 (a)
Continuation Period. If a Participant’s Termination of Employment occurs before a Change of Control, a Participant shall continue in the Corporation’s health and welfare benefits (other than disability) until the earlier of
(i) the termination of the Period of Severance, as set forth in the table below, or (ii) such time as Executive is covered by comparable programs of a subsequent employer. If a Participant’s Termination of Employment occurs within two
(2) years of the date of a Change of Control, the Period of Severance is extended to 18 months for all Participants. 
  

					
	 Tier
	  	Position	  	Period of Severance
	 I
	  	CEO	  	18 Months
	 II
	  	EVP; SVP;
COO; CFO	  	18 Months
	 III
	  	Other VP	  	12 Months

 (b) Payroll Practices. Upon a Participant’s Severance Date, the
Participant will be paid for any earned, but unpaid salary, accrued but unused vacation and floating holiday time, and unreimbursed expenses under Corporation policies. After a Severance Date, a Participant is no longer eligible for any vacation or
other paid time off, leaves of absence or any other payroll practice or policy. 
  

	3.3	Bonus and Equity Compensation Amounts. 

 (a) AIP Bonus. Following the end of the Corporation’s fiscal year in which a Participant’s Termination of Employment occurs, the Participant will be paid an AIP bonus, prorated for the
Participant’s actual employment period during the fiscal year and subject to adjustment for performance, including reduction to zero, on the same basis as similarly situated participants in the AIP. In no event shall the payment exceed 100% of
the Participant’s target pro-rata AIP Bonus award. Payment will be made in a lump sum which will be paid within two and one-half (2-1/2) months of the end of such fiscal year, except as may be delayed in accordance with Code Section 409A
and the AIP. 
 (b) Equity Compensation. For any outstanding awards of stock options, SARs or restricted stock under
the Stock Plan, a Participant shall be vested pro-rata in each award based on the period of active employment during the vesting period established at 

  

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 EXECUTIVE SEVERANCE PLAN 
  

 
the grant or otherwise in accordance with the Company’s pro-rata policy at the date of termination of employment. The Participant shall have the lesser
of (i) ninety (90) days from the date of termination of employment or (ii) the expiration date of the option or SAR, or other time specified in the stock option or SAR agreement, to exercise the option or SAR. For Performance Share,
Stock Bonus and other Performance Awards under the Stock Plan, a Participant shall be entitled to receive such Award at the time it would otherwise be payable, with the amount pro-rated in accordance with the Company’s pro-rata policy at the
Severance Date. If a Participant’s Termination of Employment occurs within two (2) years after a Change of Control, 100% vesting will replace pro-rata vesting. 
  

	3.4	Outplacement Services. Upon Termination of Employment without Cause, if elected, the Company shall provide Participant with executive-level outplacement
services at the Company’s expense, provided by an organization solely of the Company’s choosing. Participant shall not be eligible for pay in lieu of outplacement services. 

  

	3.5	Change of Control Payments. 

 (a) Gross-Up Payment. If upon a Participant’s Termination of Employment within two (2) years after a Change of Control, the Committee determines that the Salary-Based Severance paid to a Participant under
Section 3.1(b) (the “Payment”) is an “excess parachute payment” within the meaning of Code Section 280G and would be subject to the excise tax imposed by Code Section 4999 (the “Excise Tax”), then the
Corporation shall pay Executive an additional cash payment (the “Gross-up Payment) in an amount such that after payment by Executive of all taxes, including, without limitation, any income taxes and Excise Tax imposed upon the Gross-Up Payment,
Executive shall retain an amount equal to the Excise Tax imposed upon the Payment and the Gross-Up Payment; provided that, such Gross-Up Payment shall only be paid if the original Payment exceeds the Code Section 280G excess
parachute payment criterion by five percent (5%) or more. The Gross-Up Payment shall be subject to and paid net of any applicable withholding. The amount of any Gross-Up Payment or Excise Tax shall be reasonably determined by the Corporation in
its sole discretion, after consultation with its legal and tax advisors. 
 (b) Attorneys’ Fees. Executive shall
be entitled to reimbursement by the Corporation of all reasonable legal fees incurred by Executive in connection with any enforcement of the Change Of Control severance provisions of this Plan, subject to the Corporation’s standard
substantiation requirements for expense reimbursements. 
  

	 3.6
	 Timing of Payments. Except as otherwise provided in this Plan, any payment to be made under this Plan
shall be made by a date that is no later than the later of (a) the 15th day of the third month following the Executive’s first taxable
year in which the amount is no longer subject to a substantial risk of forfeiture, or (b) the 15th day of the third month 

  

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 EXECUTIVE SEVERANCE PLAN 
  

	 	 
following the end of the Corporation’s first taxable fiscal year in which the amount is no longer subject to a substantial risk of forfeiture, and
otherwise complying with the “short term deferral” exception from deferred compensation under Code Reg. §1.409A-1(b)(4). 

  

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 ARTICLE 4 
 Termination, Amendment or Modification 
  

	4.1	Termination. The Committee reserves the right to terminate the Plan at any time. Upon the termination of the Plan, a Participant’s Benefits shall be paid out if
the Participant had experienced a qualifying Termination of Employment prior to the date of Plan termination pursuant to the terms hereof without regard to the termination. 

  

	4.2	Amendment. The Committee may, at any time, amend or modify the Plan in whole or in part. The Committee may reduce any Benefit unilaterally or eliminate any benefit of
all eligible Executive or Participant after the services creating the right to severance have been performed by the Executive; provided, however, that no amendment or modification shall be effective to decrease a Participant’s
Salary-Based Severance once the Executive has signed (and not revoked) the severance agreement and general release under Section 2.2(a). 

  

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 ARTICLE 5 
 Administration 
  

	5.1	Committee Duties. This Plan shall be administered by the Committee. The Committee shall also have the discretion and authority to make, amend, interpret, and enforce
all appropriate rules and regulations for the administration of this Plan and decide or resolve any and all questions including interpretations of this Plan, as may arise in connection with the Plan.  

  

	5.2	Agents. In the administration of this Plan, the Committee may, from time to time, employ agents and delegate to them such administrative duties as it sees fit and may
from time to time consult with counsel who may be counsel to the Corporation. 

  

	5.3	Binding Effect of Decisions. The decision or action of the Committee with respect to any question arising out of or in connection with the administration,
interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Plan. 

  

	5.4	Indemnity of Committee. The Company and Corporation shall jointly and severally indemnify and hold harmless the members of the Committee against any and all claims,
losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Plan, except in the case of willful misconduct by the Committee or any of its members. 

  

	5.5	Corporation Information. To enable the Committee to perform its functions, the Corporation shall supply full and timely information to the Committee on all matters
relating to the compensation of Participants, the date and circumstances of the Termination of Employment of Participants, and such other pertinent information as the Committee may reasonably require. The Corporation shall make any involuntary
Termination of Employment and shall determine the character of any Termination of Employment, which shall be binding on the Committee in the administration of this Plan. 

  

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 EXECUTIVE SEVERANCE PLAN 
  

 ARTICLE 6 
 Claims Procedures 
  

	6.1	Resolution of Claim Generally. All decisions by the Corporation regarding an Executive’s selection for separation from employment and all decisions by the
Plan Administrator regarding eligibility for coverage and benefits hereunder shall be final and conclusive. Benefits under the Plan shall be paid only if the Plan Administrator determines in its sole discretion that an Executive is entitled to
benefits. Prior to an Executive executing the general release and severance agreement referred to in Section 2.2(a), all disputes concerning the calculation of the amount of benefits provided under the Plan shall have been resolved in
accordance with this Article. Generally, eligible Executives do not need to make a claim for benefits under the Plan to receive Plan benefits (other than completing the general release and severance agreement). However, if an Executive believes he
or she is entitled to Plan benefits, or to greater benefits than are paid under the Plan, the Executive may file a written claim for benefits with the Plan Administrator. If an Executive signs and does not revoke the general release and severance
agreement, the Executive cannot file a claim with respect to an additional severance benefit. If an Executive files a claim with respect to a severance benefit and if, upon resolution of that claim, the Executive is entitled to any severance
benefit, the Executive will be given a reasonable time in which to sign a general release and severance agreement. 

  

	6.2	Disposition of Claim. The Committee shall furnish written notice of disposition of a claim to the claimant within sixty (60) days after the claimant has filed
application therefore. In the event that the Committee denies such claim, it shall specifically set forth in writing the reasons for the denial, cite the pertinent provisions of the Plan, and, where appropriate, a description of any additional
material or information necessary for the claimant to perfect the claim, and an explanation of why such material or information is necessary and an explanation of the claim review procedure. 

  

	6.3	Appeals. Any claimant who has been denied a benefit shall be entitled, upon request to the Committee, to appeal the denial of his claim. The claimant must provide a
written statement of his position to the Committee not later than sixty (60) days after receipt of the notification of denial of claim as set forth in Section 6.2. The Committee, within sixty (60) days after receipt of an appeal
notice, shall communicate to the claimant its decision in writing, citing the reasons for its decision, with specific references to pertinent Plan provisions on which the decision is based. Any claims for benefits under this Plan brought in a court
of law must be filed in such court before the earlier of ninety (90) days after any appeal pursuant to this Section 6.3 or one (1) year from the date the claim arose. 

  

	6.4	Decision Final. The Committee’s determination of benefits due under the Plan shall be accorded deference and its decision shall be final and binding upon all
parties. 

  

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 ARTICLE 7 
 Miscellaneous 
  

	7.1	Unsecured General Creditor. Participants and their heirs, successors and assigns shall have no legal or equitable right, interest or claim in any property or assets of
the Corporation. Any and all of the Corporation’s assets shall be, and remain, the general, unpledged and unrestricted assets of the Corporation. The Corporation’s obligation under the Plan shall be merely that of an unfunded and unsecured
promise to pay money in the future with respect to the Participants. 

  

	7.2	FICA and Other Taxes. The Corporation shall withhold an amount equal to the federal, state and local income taxes and other amounts required by law to be withheld with
respect to any amounts paid or benefits received under this Plan. 

  

	7.3	Nonassignability. Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage, or otherwise
encumber, transfer, hypothecate or convey in advance of actual receipt, the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are expressly declared to be unassignable and non-transferable. No part of the
amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, nor be transferable by operation of law in the
event of a Participant’s or any other person’s bankruptcy or insolvency. 

  

	7.4	Not a Contract of Employment. The terms and conditions of this Plan shall not be deemed to constitute a contract of employment between the Corporation and the
Executive. Such employment is hereby acknowledged to be an “at will” employment relationship that can be terminated at any time for any reason, with or without cause, unless expressly provided in a written employment agreement. Nothing in
this Plan shall be deemed to give an Executive the right to be retained in the service of the Corporation either as an employee or a director, or to interfere with the right of the Corporation to discipline or discharge the Participant at any time.

  

	7.5	Furnishing Information. A Participant will cooperate with the Committee by furnishing any and all information requested by the Committee and take such other actions as
may be requested in order to facilitate the administration of the Plan and the payments of benefits hereunder. 

  

	7.6	Governing Law. Subject to ERISA, the provisions of this Plan shall be construed and interpreted according to the laws of the State of California.

  

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	7.7	Notice. Any notice or filing required or permitted to be given to the Committee under this Plan shall be sufficient if in writing and hand-delivered, or sent by
registered or certified mail, to: 

 Chair, Compensation Committee of the Board of Directors of 
 c/o Del Monte Foods Company 
 Office of
General Counsel 
 One Market @ The Landmark 
 P.O. Box 193575 
 San Francisco, CA 94119-3575 
 Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for
registration or certification. 
 Any notice or filing required or permitted to be given to a Participant under this Plan shall be sufficient
if in writing and hand-delivered, or sent by mail, to the last known address of the Participant. 
  

	7.8	Successors. The provisions of this Plan shall bind and inure to the benefit of the Corporation and its successors and assigns and the Participant, and his or her
permitted successors and assigns. 

  

	7.9	Validity. In case any provision of this Plan shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but
this Plan shall be construed and enforced as if such illegal or invalid provision had never been inserted herein. 

  

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 ERISA Information. 
 All benefits hereunder are unfunded and paid out of the general assets of the Company. 
 Plan Information 
  

			
	 Name of Plan:
	  	Del Monte Corporation Executive Severance Plan
		
	 Plan Number:
	  	511
		
	 Plan Sponsor:
	  	 Del Monte Corporation
 One Market @ The
Landmark
 P.O. Box 193575
 San Francisco, California 94119-3575

 (415) 247-3000
 EIN: 75-3064217

		
	 Plan Administrator:
	  	 Compensation Committee of the Board of
 Directors of
Del Monte Foods Company
 c/o Del Monte Foods Company
 One Market
@ The Landmark
 P.O. Box 193575
 San Francisco, California
94119-3575
 (415) 247-3000

		
	 Agent for Service of
 Legal Process
	  	 Corporate Secretary
 Del Monte Corporation

One Market @ The Landmark
 P.O. Box 193575
 San Francisco, California 94119-3575

 Statement of ERISA Rights. 
 As a participant in the Plan, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA
provides that all Plan participants shall be entitled to: 
 Receive Information About Your Plan and Benefits. 
 Examine, without charge, at the Plan Administrator’s office and at other locations, such as worksites and union halls, all Plan documents, including
insurance contracts, collective bargaining agreements, and a copy of the latest annual report (Form 5500 Series) filed by the plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Pension and Welfare Benefit
Administration. 
  

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 EXECUTIVE SEVERANCE PLAN 
  

 Obtain, upon written request to the Plan Administrator, copies of documents governing the operation
of the plan, including, as applicable, insurance contracts and collective bargaining agreements, and copies of the latest annual report (Form 5500 Series) and updated summary plan description. The Plan Administrator may make a reasonable charge for
the copies. 
 Prudent Actions by Plan Fiduciaries. 
 In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of your benefit Plan. The people who operate your Plan, called “fiduciaries”
of the Plan, have a duty to do so prudently and in the interest of you and other Plan participants and beneficiaries. 
 No one, including
your employer, your union, or any other person may fire you or otherwise discriminate against you in any way to prevent you from obtaining a welfare benefit or exercising your rights under ERISA. 
 Enforce Your Rights. 
 If your claim
for a welfare benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge and to appeal a denial, all within certain time schedules. 

Under ERISA there are steps you can take to enforce the above rights. For instance if you request a copy of plan documents or the latest annual report
from the plan and do not receive them within 30 days, you may file suit in federal court. In such case, the court may require the Plan Administrator to provide the materials requested and to pay you up to $110 a day until you receive the materials,
unless the materials are not sent because of reasons a beyond the control of the Administrator. 
 If you have a claim for benefits which is
denied or ignored, in whole or in part, you may file suit in state or federal court, after you have used and exhausted the Plan’s claims procedures. In addition, if you disagree with the Plan’s decision or lack thereof concerning the
qualified status of a domestic relations order or a medical child support order, you may file suit in Federal Court. 
 If it should happen
that Plan fiduciaries misuse the Plan’s money, or you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor or you may file suit in a federal court. The court will decide who should pay
court costs and legal fees. If you are unsuccessful, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous. 
  

 16 

 DEL MONTE CORPORATION 
 EXECUTIVE SEVERANCE PLAN 
  

 Assistance with Your Questions. 
 If you have a question about your Plan, you should contact the Plan Administrator. If you have an questions about this statement or your rights under
ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division
of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210. You may obtain certain publications about your rights and responsibilities under ERISA
by calling the publications hotline of the Employee Benefits Security Administration. 
  

 17 

 DEL MONTE CORPORATION 
 EXECUTIVE SEVERANCE PLAN 
  

 IN WITNESS WHEREOF, and implementing the approval of the Compensation Committee of the Company
made December 14, 2005, effective January 1, 2006, the Corporation has executed this Plan and Summary Plan Description document, as amended, as of July 24, 2008. 
  

			
	DEL MONTE CORPORATION, a Delaware corporation
		
	By: 	 	/s/ Richard W. Muto
	Its:	 	     Senior Vice President & Chief Human
     Resources Officer

  

 18f8k082908ex10i_adex.htm

     

    EXHIBIT
10.1

     

    LOCK-UP AND SHARE RELEASE
AGREEMENT

    

    

    This Lock-Up and Share Release
Agreement (“Agreement”) is
entered into on this 29th day of
August, 2008 (the “Effective Date”), by
and between AdEx Media Inc., a Delaware corporation (the “Company”) and Bay
Harbor Marketing, LLC, a California limited liability company (“Bay
Harbor”).

    

    RECITALS

    

    WHEREAS, the Company and Bay Harbor
have entered into that certain Asset Purchase Agreement dated August 29, 2008
(the “Purchase
Agreement”) by and between the Company, Bay Harbor and Kevin Dufficy as
representative member of Bay Harbor (“Dufficy”) pursuant to
which the Company has purchased substantially all of the assets of Bay Harbor in
consideration of the payment of certain sums in cash to Bay Harbor and in
consideration of the issuance of certain restricted shares of the Company’s
common stock (the “Shares”) to Bay Harbor as set forth in the Purchase
Agreement; and

    

    WHEREAS, as an inducement for the
Company to issue the Shares and Bay Harbor to accept the Shares, Bay Harbor and
the Company desire to enter into this Agreement on the terms and conditions set
forth herein;

    

    NOW, THEREFORE, in consideration of the
representations and warranties herein contained, the Company and Bay Harbor
agree as follows:

    

    Shares.  For
purposes of this Agreement, the Shares shall include:  (a) fifty
thousand (50,000) restricted shares of the Company’s common stock to be issued
to Bay Harbor at the Closing of the asset purchase transaction contemplated by
the Purchase Agreement (the “Closing Shares”) as more fully set forth in Section
2.3.1(b) of the Purchase Agreement; and (b) one hundred fifty
thousand  (150,000) restricted shares of the Company’s common stock to
be issued to the Escrow Agent identified in the Purchase Agreement and held in
the name of Bay Harbor at the Closing and subject to the Earn Out provisions of
the Purchase Agreement, (the “Earn Out Shares”) as more fully set forth in
Section 2.3.1(e) of the Purchase Agreement.

     

    Lock-Up.

     

    Bay
Harbor agrees that, except as provided below, without the prior written consent
of the Company, Bay Harbor will not, directly or indirectly, offer, sell,
pledge, contract to sell (including any short sale), grant any option to
purchase or otherwise dispose of (each, a “Disposition”) any of the Shares for a
period of one (1) year from the date of issuance and thereafter according to the
Schedule below (the “Lock-Up Period”).  The foregoing restriction,
which is expressly intended to preclude Bay Harbor from engaging in any
transaction which is designed to or reasonably expected to lead to or result in
a Disposition during the Lock-Up Period, shall terminate on the earlier of a
Change in Control event or the expiration of the Lock-Up Period.

     

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

     

    For
purposes of this Agreement, “Change in Control” means (a) a sale or other
disposition of all or substantially all of the assets of the Company; (b) a
merger or consolidation in which the Company is not the surviving entity and in
which the shareholders of the Company immediately prior to such consolidation or
merger own less than fifty percent (50%) of the surviving entity’s voting power
immediately after the transaction; (c) a reverse merger in which the Company is
the surviving entity but the shares of the Company’s Common Stock outstanding
immediately preceding the merger are converted by virtue of the merger into
other property, whether in the form of securities, cash or otherwise, and in
which the shareholders of the Company immediately prior to such merger own less
than fifty percent (50%) of the Company’s voting power immediately after the
transaction; (d) any other capital reorganization in which more than fifty
percent (50%) of the shares of the Company entitled to vote are
exchanged.

     

     Share
Release.  Bay Harbor and the Company agree that the Shares will
be subject to the following lock-up and release schedule (the
“Schedule”):

    
 

    
      	
              DATE

            	
              PERCENT
      OF SHARES 

              RELEASED

            
	
              12
      month anniversary of Share issuance date

            	
              20%

            
	
              13
      month anniversary of Share issuance date

            	
              15%

            
	
              14
      month anniversary of Share issuance date

            	
              15%

            
	
              15
      month anniversary of Share issuance date

            	
              15%

            
	
              16
      month anniversary of Share issuance date

            	
              15%

            
	
              17
      month anniversary of Share issuance date

            	
              10%

            
	
              18
      month anniversary of Share issuance date

            	
              10%

            

    

    

    Representations and
Warranties.  Bay Harbor represents and warrants to the Company
that:

     

    Purchase for Own Account for
Investment.  Bay Harbor is investing in the Shares for its own
account for investment purposes only and not with a view to, or for sale in
connection with, a distribution of the Shares within the meaning of the
Securities Act of 1933, as amended (the “1933 Act”).  Bay Harbor has
no present intention of selling or otherwise disposing of all or any portion of
the Shares and no one other than Bay Harbor has any beneficial ownership of any
of the Shares.

     

    Accredited Investor/Net
Worth.  Bay Harbor represents that Bay Harbor is an “accredited
investor” as that term is defined in SEC Rule 501(a) of Regulation D, 17 C.F.R.
230.501(a)  and that Bay Harbor (a) has adequate net worth and means
of providing for its current financial needs and possible contingencies, (b) has
no need for liquidity in this investment, (c) is able to bear the economic risks
of an investment in the Shares for an indefinite period of time, and (d) is able
to bear the risk of losing its entire investment in the Shares.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

     

    Not An
Underwriter.  Bay Harbor is not an underwriter or dealer in the
Shares, and Bay Harbor is not participating, pursuant to a contractual
agreement, arrangement or understanding, in a distribution of the
Shares.

     

    Compliance with Securities
Laws.  Bay Harbor understands and acknowledges that, in
reliance upon the representations and warranties made by Bay Harbor herein, the
Shares are not being registered with the Securities and Exchange Commission
(“SEC”) under the 1933 Act or applicable United States state securities laws,
but instead are being issued under an exemption or exemptions from the
registration and qualification requirements of the 1933 Act or other applicable
state securities laws which impose certain restrictions on Bay Harbor’s ability
to transfer the Shares.

     

    Restrictions on
Transfer.  Bay Harbor understands that Bay Harbor may not
transfer any Shares unless such Shares are registered under the 1933 Act and
qualified under applicable state securities laws or unless exemptions from such
registration and qualification requirements are available.  Bay Harbor
understands that only the Company may file a registration statement with the SEC
or applicable state securities commissioners and that the Company is under no
obligation to do so with respect to the Shares.  Bay Harbor has also
been advised that exemptions from registration and qualification may not be
available or may not permit Bay Harbor to transfer all or any of the Shares in
the amounts or at the times proposed by Bay Harbor.  Bay Harbor is
aware that the Shares may not be resold pursuant to Rule 144, as promulgated by
the SEC under the 1933 Act, unless all of the conditions of that rule are
met.

     

    Legends.  Bay
Harbor understands and agrees that the Company will place the legends set forth
below or similar legends on any stock certificate(s) evidencing the Shares,
together with any other legends that may be required by state or federal
securities laws, the Company's Articles of Incorporation or Bylaws, any other
agreement between Bay Harbor and the Company or any agreement between Bay Harbor
and any third party:

     

    THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”) OR UNDER APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD,
TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE ACT AND ANY
APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO REGISTRATION OR AVAILABLE
EXEMPTIONS FROM SUCH REGISTRATION.  THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON RESALE AND TRANSFER,
INCLUDING A LOCK-UP AND SHARE RELEASE SCHEDULE AS SET FORTH IN A LOCK-UP
AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY
OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH SALE AND
TRANSFER RESTRICTIONS ARE BINDING ON TRANSFEREES OF THESE
SECURITIES.

     

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    Stop-Transfer
Instructions.  Bay Harbor agrees that, to ensure compliance
with the restrictions imposed by this Agreement, the Company may issue
appropriate “stop-transfer” instructions to its transfer agent, if any, and if
the Company transfers its own securities, it may make appropriate notations to
the same effect in its own records.

     

    Refusal to
Transfer.  The Company will not be required (i) to transfer on
its books any Shares that have been sold or otherwise transferred in violation
of any of the provisions of this Agreement or (ii) to treat as owner of such
Shares, or to accord the right to vote or pay dividends, to transferee to whom
such Shares have been so transferred.

     

    Authority, Power,
Enforceability.  Bay Harbor has all the requisite power,
authority and capacity to acquire and hold the Shares and to execute, deliver
and comply with the terms of each of the instruments required to be executed and
delivered by Bay Harbor in connection with the investment in the Shares as
contemplated by this Agreement and such execution, delivery and compliance does
not conflict with, or constitute a default under, any instruments governing Bay
Harbor, any law, regulation or order, or any agreement to which Bay Harbor is a
party or by which Bay Harbor may be bound.  Bay Harbor hereby adopts,
accepts and agrees to be bound by all the terms and provisions of this Agreement
and to perform any obligations therein imposed.

     

    Miscellaneous.

     

    Assignments; Successors and
Assigns.  The Company may assign any of its rights under this
Agreement. This Agreement will be binding upon and inure to the benefit of the
successors and assigns of the Company. Subject to the restrictions on transfer
herein, this Agreement will be binding upon Bay Harbor and its successors and
assigns.

     

    Governing
Law.  This Agreement and the rights and obligations of the
parties hereto shall be governed, construed, and interpreted in accordance with
the laws of the State of California, without giving effect to principles of
conflicts of law.

     

    Notices.  Any
notice required or permitted by this Agreement shall be in writing and shall be
deemed sufficient upon delivery, when delivered personally or by overnight
courier or sent by telegram or fax, or forty-eight (48) hours after being
deposited in the U.S. Mail, as certified or registered mail, with postage
prepaid, addressed to the party to be notified, and if to the Company, at the
Company’s principal executive office, with a copy to Eric K. Ferraro, Bullivant
Houser Bailey PC, 601 California Street, Suite 1800, San Francisco, CA 94108,
facsimile to (415) 352-2701.

     

    Further
Assurances.  The parties agree to execute such further
documents and instruments and to take such further actions as may be reasonably
necessary to carry out the purposes and intent of this Agreement.

     

    Titles and
Headings.  The titles, captions and headings of this Agreement
are included for ease of reference only and will be disregarded in interpreting
or construing this Agreement.

     

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    Counterparts;
Facsimiles.  This Agreement may be executed and delivered by
facsimile signature and in two (2) or more counterparts, each of which shall be
deemed an original and all of which together shall constitute one
instrument.

     

    Severability.  If
any provision of this Agreement is determined by any court or arbitrator of
competent jurisdiction to be invalid, illegal or unenforceable in any respect,
such provision will be enforced to the maximum extent possible given the intent
of the parties hereto. If such clause or provision cannot be so enforced, such
provision shall be stricken from this Agreement and the remainder of this
Agreement shall be enforced as if such invalid, illegal or unenforceable clause
or provision had (to the extent not enforceable) never been contained in this
Agreement.

     

    Amendment and
Waivers.  This Agreement may be amended only by a written
agreement executed by each of the parties hereto.  No amendment of or
waiver of, or modification of any obligation under this Agreement will be
enforceable unless set forth in a writing signed by the party against which
enforcement is sought.  Any amendment effected in accordance with this
section will be binding upon all parties hereto and each of their respective
successors and assigns.  Any waiver, permit, consent or approval of
any kind or character regarding the conditions of this Agreement or the breach
thereof must be in writing and shall be effective only to the extent
specifically set forth in such writing.  All remedies, either under
this Agreement or by law or otherwise afforded, shall be cumulative and not
alternative.

     

    Entire
Agreement.  This Agreement, the documents referred to herein,
and any other agreements executed as of the date hereof together constitute the
entire agreement between the parties hereto pertaining to the subject matter
hereof, and any and all other written or oral agreements existing between the
parties hereto are expressly canceled.  Bay Harbor hereby agrees that,
to the extent that the terms of this Agreement conflict with or are in any way
inconsistent with any agreement to which Bay Harbor and the Company may be a
party, this Agreement supersedes such agreement.

     

    WAIVER OF JURY
TRIAL.  THE PARTIES TO THIS AGREEMENT HEREBY WAIVE ANY RIGHT
THAT THEY MAY OTHERWISE HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION, OR
PROCEEDING THAT ARISES OUT OF OR RELATES TO THIS AGREEMENT, ANY AMENDMENTS TO OR
ANY REPLACEMENTS OF THIS AGREEMENT, AND ANY TRANSACTIONS OR AGREEMENTS RELATING
TO THIS AGREEMENT.  THE PARTIES UNDERSTAND THAT, AS A RESULT OF THIS
WAIVER, THE FACTS RELATING TO ANY DISPUTE THAT IS COVERED BY THIS WAIVER WILL BE
TRIED, IF NECESSARY, TO A JUDGE RATHER THAN TO A JURY.

     

    

    IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed on their respective behalf, by
their respective officers thereunto duly authorized, all as of the day and year
first above written.

     

     

    
 

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    AdEx
Media, Inc.

    

    

    By:         _____________________

    

    Name:    _____________________

    

    Title:      _____________________

    

    

    

    Bay
Harbor Marketing, LLC

    

    By:          _____________________

    

    Name:     _____________________

    

    Title:       _____________________

     

     

     

    6

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