Document:

exv10w21

Exhibit 10.21

DOLE FOOD COMPANY, INC.

SUSTAINED PROFIT GROWTH PLAN

(Operating Document Effective January 1, 2008)

Section 1. ESTABLISHMENT AND PURPOSES.

	 	1.01	 	DOLE FOOD COMPANY, INC. (DOLE) hereby establishes the Sustained
Profit Growth Plan.
	 
	 	1.02	 	The purpose of this Plan is to advance the interests of DOLE by
(i) motivating special achievements by Eligible Employees upon whose judgment,
initiative and efforts DOLE is largely dependent for the successful conduct of
its business through a compensation program emphasizing long-term performance
incentives; (ii) supplementing other compensation plans; and (iii) assisting
DOLE in retaining and attracting such employees.
	 
	 	1.03	 	This Plan shall be effective as of January 1, 2008 and shall
operate on the basis of the current and succeeding Incentive Periods until such
time the Plan is amended or terminated under Section 11.

Section 2. DEFINITIONS.

As used herein, the following terms shall have the following meanings unless a
different meaning is plainly required in the context:

	 	2.01	 	“Base Year” shall mean the fiscal year immediately prior to the
Incentive Period.
	 
	 	2.02	 	“Board” shall mean the Board of Directors of DOLE.
	 
	 	2.03	 	“Committee” shall mean the Corporate Compensation and Benefits
Committee of DOLE.
	 
	 	2.04	 	“Contingent Award Amount” shall mean a contingent award to an
Eligible Employee expressed as a monetary value of the award.
	 
	 	2.05	 	“Contingent Award Percentage” shall mean a contingent award to
an Eligible Employee expressed as a percentage of such Eligible Employee’s
annual Salary at the beginning of the Incentive Period.
	 
	 	2.06	 	Consolidated Operating Profit Before Depreciation “OPBD” shall
mean consolidated earnings before interest expense and income taxes plus
depreciation and amortization, adjusted for unusual, non-recurring cash or
non-cash items and for the pro-forma effects of merger, acquisition or
divestiture transactions.
	 
	 	2.07	 	“Eligible Employee(s)” shall mean a Participant(s) who meets
eligibility requirements hereunder in order to receive an award under this Plan.
	 
	 	2.08	 	“Ending Value Multiplier”, with respect to any Contingent Award
Amounts, shall mean an amount determined by the Financial Performance Factor.
	 
	 	2.09	 	“Final Award” shall mean the amount awarded pursuant to this
Plan to be paid to an Eligible Employee for the Incentive Period.

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	 	2.10	 	“Financial Performance Factor” shall mean an amount ranging
from 0% to 300% as determined by applying the Performance Matrix attached as
Exhibit A (as adjusted pursuant to Section 9 or Section 12) of the Plan.
	 
	 	2.11	 	“Incentive Periods”, with respect to any Contingent Award
Amounts or Final Award, shall mean DOLE’s fiscal years 2008 through 2010
inclusive, and each annually immediately succeeding three fiscal year period
inclusive.
	 
	 	2.12	 	“Leverage Ratio” shall mean OPBD for 2010, divided by the Net
Debt at the end of 2010.
	 
	 	2.13	 	“Net Debt” shall mean the total net debt (total debt less cash)
as of the end of the Incentive Period adjusted to eliminate dividends paid to
and capital contributions received from DHM Holding and affiliates, and may be
adjusted for debt incurred to finance acquisitions during the Incentive
Periods.
	 
	 	2.14	 	“Participant” shall mean an employee of DOLE or a Subsidiary
who the Committee, in its sole discretion, has designated as a Participant for
the applicable Incentive Period based on criteria that he or she is or give
promise of becoming of exceptional importance to DOLE or any Subsidiary, and of
making substantial contributions to the success, growth and profit of DOLE and
its Subsidiaries.
	 
	 	2.15	 	“Performance Matrix” shall mean the matrix attached as Exhibit
A, which is used in calculating Ending Value Multipliers under this Plan.
	 
	 	2.16	 	“Plan” shall mean this Sustained Profit Growth Plan, as it may
be amended from time to time. The Plan constitutes the current operating
document for the administration of the Plan adopted effective January 1, 2008.
	 
	 	2.17	 	“Retirement” shall mean the termination of a Participant’s
employment with DOLE or a Subsidiary under circumstances where the Participant
terminates when either reaching at least (a) age 55 with 5 years of regular,
full-time service or (b) age 65, with no minimum service requirement.
	 
	 	2.19	 	“Salary” shall mean annual base salary of the Participant on
January 1, 2008.
	 
	 	2.20	 	“Involuntary Termination without Cause” shall mean a
termination which results from a workforce reduction, elimination of operations
or job elimination, or a termination without cause. “Cause” shall mean, with
respect to any Eligible Employee, a good faith determination by DOLE that the
Eligible Employee is guilty of dishonesty, a violation of any state or federal
law or the law of any sovereignty in which DOLE or its subsidiaries have
operations, a violation DOLE’S Code of Conduct, or failure to perform his or
her duties to establish standards after notice and failure to improve.

Section 3. ELIGIBILITY.

	 	3.01	 	Contingent Awards Amounts and Final Awards may be made only to
Eligible Employees.
	 
	 	3.02	 	No member of the Committee or the Board who is not an employee
of DOLE or of a Subsidiary shall be an Eligible Employee.

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	 	3.03	 	In order for a Participant to become an Eligible Employee, the
Participant must also:

	 	3.03.1	 	Be hired for or promoted to a regular, full-time eligible
position, as defined by DOLE, by the start of DOLE’s fourth
fiscal quarter of the first year of the Incentive Period;
	 
	 	3.03.2	 	Be on the payroll and actively employed, or paid flexible time
off, or on an approved leave which has been designated as
“family leave” under federal or California law, as of the
expiration of the Incentive Period under the Plan.

	 	3.04	 	If an Eligible Employee is on an approved leave of absence that
extends beyond a leave which has been designated as “family leave” under
federal or California law, the Contingent Award Percentage for that Eligible
Employee will be pro-rated to exclude the time on approved leave that exceeds
the leave period provided for under “family leave”.

Section 4. ADMINISTRATION.

	 	4.01	 	The Plan shall be administered by the Committee.
	 
	 	4.02	 	The Committee shall be vested with full authority to make such
rules and regulations as it deems necessary to administer the Plan and to
interpret the provisions of the Plan. The Committee has the authority to
consider unusual, non-recurring cash and non-cash items and the pro forma
effects of merger, acquisition and divestiture transactions that occurred
during the Incentive Period and is provided with discretion to include or
exclude such items and effects in deriving the calculation of awards under the
Plan. Any determination, decision or action of the Committee in connection
with the construction, interpretation, administration or application of the
Plan shall be final, conclusive and binding upon all Eligible Employees,
Participants and any and all persons claiming under or through any Eligible
Employee or Participant, unless otherwise determined by the Board.
	 
	 	4.03	 	Any determination, decision or action of the Committee provided
for in this Plan may be made or taken by action of the Board if the Board so
determines, with the same force and effect as if such determination, decision
or action had been made or taken by the Committee. No member of the Committee
or Board shall be liable for any determination, decision or action made in good
faith with respect to the Plan or any Contingent Award Amounts. The fact that
a member of the Committee or Board shall at the time be, or shall theretofore
have been or thereafter may be, an Eligible Employee or a Participant shall not
disqualify him or her from taking part in and voting at any time as a member of
the Committee or Board in favor of or against any amendment of the Plan.
	 
	 	4.04	 	With respect to any Incentive Period, the attached Performance
Matrix may be modified by the Committee in its sole discretion. Specifically,
to measure performance of DOLE and to determine the Performance Matrix for any
Incentive Period, the Committee may, no later than 90 days after the
commencement of any Incentive Period, select from among any number of business
criteria or measures including business growth and return of investment
criteria in the computation of awards and establish specific objective numeric
goals relating to those measures. If no Performance Matrix has been

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	 	 	 	approved within the first 90 days of the Incentive Period, the Performance
Matrix that had been approved for the immediately preceding Incentive Period
shall be deemed adopted for the current Incentive Period. Following this
90-day period, the Performance Matrix may be modified by the Committee only
if such action increases the payment opportunity under the Plan.

Section 5. CONTINGENT AWARD AMOUNTS.

	 	5.01	 	The Committee may, from time to time, in its sole discretion,
award to each Eligible Employee a Contingent Award Amount, determined based on
such Eligible Employee’s Contingent Award Percentage multiplied by the Eligible
Employee’s annual Salary at the beginning of the Incentive Period. The
Committee shall cause notice to be given to each Participant of his or her
selection as soon as practicable following the making of a Contingent Award
Amount as an Eligible Employee.
	 
	 	5.02	 	The Contingent Award Percentage for the Eligible Employees
shall be the percentages set out with respect to each such Participant
identified in the Plan list of Participants approved by the Committee.

Section 6. FINAL AWARDS.

	 	6.01	 	The Final Award for an Eligible Employee shall be determined by
multiplying such Eligible Employee’s Contingent Award Amount by the Ending
Value Multiplier that applies in the Incentive Period (which is the Financial
Performance Factor determined from the Performance Matrix attached as Exhibit
A). For example, if the Ending Value Multiplier were 300%, the Eligible
Employee with a Contingent Award Amount of $20,000 (assume an annual Salary at
the beginning of the Incentive Period of $80,000 and a Contingent Award
Percentage of 25%) would have a Final Award of $60,000.

Section 7. CONDITIONS.

	 	7.01	 	The Committee shall make the final determination of the Ending
Value Multiplier and any Final Awards.

Section 8. DETERMINATION AND PAYMENT OF FINAL AWARDS.

	 	8.01	 	If the Ending Value Multiplier as computed and adjusted in
accordance with Sections 6 and 7 is zero, no payment shall be made, any
Contingent Award Amount shall terminate and all rights hereunder shall cease.
	 
	 	8.02	 	Subject to Sections 7, 9 and 12 hereof, any Final Award for an
Eligible Employee shall be paid in cash in a lump sum (subject to withholding
requirements, as applicable) as soon as practicable after determination thereof
but no later than 90 days following the end of the Incentive Period.

Section 9. TERMINATION OF EMPLOYMENT.

	 	9.01	 	Except as otherwise provided in Section 9.02 below, if an
Eligible Employee does not remain continuously in the employ of DOLE or a
Subsidiary until the expiration of the Incentive Period with respect to any
Contingent Award Amount, such Contingent Award Amount shall terminate and all
rights hereunder shall cease.

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	 	9.02	 	If the employment of an Eligible Employee with DOLE or a
Subsidiary terminates during the Incentive Period due to his or her death,
disability, Retirement or Involuntary Termination without Cause, the Committee
shall determine the Final Award, if any, to be made with respect to such
Eligible Employee under the following method:

	 	 	 	The amount of award that would have resulted from the calculations under
Sections 6, 7 and 8 shall be multiplied by a fraction, the numerator of
which shall be the number of months (or fraction thereof) of the Incentive
Period during which the Eligible Employee was an employee of DOLE or
Subsidiary, and the denominator of which shall be 36. This calculation and
the payment of any resulting Final Award necessarily must be paid after the
termination of the Incentive Period in accordance with Section 8.02.

Section 10. NON-TRANSFERABILITY OF CONTINGENT AWARD.

	 	10.01	 	No Contingent Award Amount shall be sold, assigned,
transferred, encumbered, hypothecated or otherwise anticipated by an Eligible
Employee. During the lifetime of an Eligible Employee, any payment shall be
payable only to the Eligible Employee; or in the case of death of an Eligible
Employee, any payment shall be payable to the designated beneficiary.

Section 11. LIMITATIONS.

	 	11.01	 	The Board or the Committee may, at any time, terminate or at
any time and from time to time amend, modify or suspend this Plan; provided
that no such amendment, modification, suspension or termination of this Plan
shall in any manner adversely affect any Contingent Award Amount or Final Award
theretofore made or accrued under the Plan without the consent of the Eligible
Employee.
	 
	 	 	 	Participation in this Plan shall not be construed as constituting a
commitment, guarantee, agreement or understanding of any kind that DOLE or
any Subsidiary shall continue to employ any individual.

Section 12. CHANGES IN CAPITALIZATION.

	 	12.01	 	In the event of a dissolution or liquidation of DOLE, or a
merger or consolidation in which DOLE is not the surviving corporation, the
calculation of any Final Awards for the then current Incentive Period that will
end after such event shall be determined as if the Incentive Period ended on
the date of such event and the greater of (1) the Ending Value Multiplier of
100% or (2) the actual Ending Value Multiplier (determined in an equitable
manner by the Committee making appropriate adjustments to the Financial
Performance Factors in the Performance Matrix in order to take account of the
shortened Incentive Period) shall be used in calculating the Final Awards under
this Plan, notwithstanding any other provisions of this Plan. To determine the
Final Awards calculated pursuant to this Section 12, Contingent Award Amounts
multiplied by the applicable Ending Value Multiplier shall be multiplied by a
fraction, the numerator of which shall be the number of months (or fractions
thereof) of the Incentive Period through the date of such event, and the
denominator of which shall be 36. The Final Award for each Eligible Employee
determined pursuant to this Section 12 shall

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	 	 	 	be paid to each such Eligible Employee as soon as administratively feasible
but no later than 30 days of the end of the shortened Incentive Period.

Section 13. GOVERNING LAW.

	 	13.01	 	This Plan, and any Contingent Award Amounts hereunder, and all
other related matters shall be governed by, and construed in accordance with
the laws of the State of California, except as to matters of federal law.

Section 14. CODE SECTION 409A.

	 	14.01	 	It is intended that any Final Awards payable pursuant to this
Plan shall avoid any “plan failures” within the meaning of Internal Revenue
Code (“Code”) section 409A (a)(1). The Plan is to be interpreted and
administered in a manner consistent with this intention. However, no guarantee
or commitment is made that the Plan shall be administered in accordance with
the requirements of Code section 409A.

Section 15. REQUIRED DELAY IN PAYMENT ON ACCOUNT OF A SEPARATION FROM SERVICE.

	 	15.01	 	Notwithstanding any other provision in this Plan, if any
Eligible Employee is a “specified employee,” as defined in Treasury Regulations
section 1.409A-1(i), as of the date of his or her “Separation from Service” (as
defined in authoritative IRS guidance under Code section 409A), then, to the
extent required by Treasury Regulations section 1.409A-3(i)(2), any payment
made to the Eligible Employee on account of his or her Separation from Service
shall not be made before a date that is six months after the date of his or her
Separation from Service. The Committee may elect any of the methods of applying
this rule that are permitted under Treasury Regulations section
1.409A-3(i)(2)(ii).

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2008-2010 LTIP

Exhibit A 

Financial Performance Factors (Ending Value Multiplier)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3.93
	 	 	125	%	 	 	150	%	 	 	175	%	 	 	200	%	 	 	225	%	 	 	250	%	 	 	300	%
	4.04
	 	 	100	%	 	 	125	%	 	 	150	%	 	 	175	%	 	 	200	%	 	 	225	%	 	 	250	%
	4.16
	 	 	85	%	 	 	100	%	 	 	125	%	 	 	150	%	 	 	175	%	 	 	200	%	 	 	225	%
	4.27
	 	 	60	%	 	 	85	%	 	 	100	%	 	 	125	%	 	 	150	%	 	 	175	%	 	 	200	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	Target	 	 	 	 	 	 	 	 	 	 	 	 
	4.39
	 	 	35	%	 	 	60	%	 	 	85	%	 	100	%	 	 	125	%	 	 	150	%	 	 	175	%
	4.50
	 	 	0	%	 	 	35	%	 	 	60	%	 	 	85	%	 	 	100	%	 	 	125	%	 	 	150	%
	4.62
	 	 	0	%	 	 	0	%	 	 	35	%	 	 	60	%	 	 	85	%	 	 	100	%	 	 	125	%
	 
	 	 	320.0	 	 	 	344.0	 	 	 	372.0	 	 	 	400.0	 	 	 	428.0	 	 	 	456.0	 	 	 	480.0	 

OPBD (three-year average)

Interpolation shall be made on a straight-line basis as approved by the Committee.

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Exhibit 10.2

 

 

AMENDMENT TO THE DHT MARITIME, INC.

2005 INCENTIVE COMPENSATION PLAN

This Amendment (“Amendment”) to the DHT Maritime, Inc. (formerly Double Hull Tankers, Inc.) 2005 Incentive Compensation Plan (the “Plan”)
is effective as of June 19, 2009.

WHEREAS, in accordance with Section 7(a) of the Plan, the Board of Directors (the “Board”) of DHT Maritime, Inc. (the “Company”) may, subject
to the approval of the stockholders of the Company, amend the Plan to increase the maximum number of Shares for which Awards may be granted under the Plan and to increase the maximum number of Shares with respect to which Awards may be granted to any Participant in any fiscal year of the Company;

WHEREAS, the Board adopted a resolution on May 14, 2009 approving, subject to the approval of the stockholders of the Company, a proposal to increase the number of Shares available for Awards under the Plan from 300,000 to 700,000 and to increase the maximum number of Shares with respect to
which Awards may be granted to any Participant in the Plan in any fiscal year of the Company from 75,000 to 100,000 (the “Proposal”);

WHEREAS, on June 18 and June 19, 2009, in accordance with § 71(3) of the Business Corporations Act of the Republic of the Marshall Islands and Section 2.08 of the Bylaws of the Company, the stockholders of the Company approved the Proposal by the affirmative vote of a majority of the shares
of the Company’s common stock represented at the annual meeting of stockholders of the Company;

NOW, THEREFORE, the Plan is hereby amended as follows:

1.           Amendments.  (a) The first sentence of Section 4(a) of the Plan is hereby amended and restated in its entirety as follows:

 

“Subject to adjustment as provided in Section 4(b), (i) the aggregate number of Shares that may be delivered pursuant to Awards granted under the Plan shall be 700,000, of which the maximum number of Shares that may be delivered pursuant to Incentive Stock Options granted under the Plan shall be 150,000 and (ii) the maximum number
of Shares with respect to which Awards may be granted to any Participant in any fiscal year of the Company shall be 100,000.”

 

(b)  Upon execution of this Amendment, the Plan shall be deemed to be amended and modified accordingly, and all references to the Plan in such document shall be read to include the Plan as amended and modified by this Amendment.

 

2.           The Plan.  Except as specifically amended hereby, all of the terms and other provisions of the Plan are hereby ratified and confirmed and shall continue
to be in full force and effect in accordance with their respective terms on the date hereof.  Capitalized terms used but not defined in this Amendment shall have the meanings assigned to them in the Plan.

 

 

 

 

 

 

 

3.           Headings.  The headings contained in this Amendment are for reference purposes only and shall not affect in any way the meaning or interpretation of
this Amendment.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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IN WITNESS WHEREOF, the undersigned, a duly authorized officer of the Company, has executed this amendment as of the date first written above.

 

	 	by	 
	 	 	 	 
	
 
	
 
	 /s/ Eirik Ubøe	 
	 	 	Name:  Eirik Ubøe 	 
	 	 	Title:  Chief Financial Officer 	 
	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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