Document:

Second Amendment to Employment Agreement - Cole

 Exhibit 10.5 
 SECOND AMENDMENT TO EMPLOYMENT AGREEMENT 
 This Second Amendment to
Employment Agreement (“Second Amendment”) is entered into as of November 24, 2010, by and between DEL MONTE CORPORATION, a Delaware corporation, with its principal place of business in San Francisco, California
(“Company”) and TIMOTHY A. COLE, an individual residing in the State of California (“Executive”), to amend the Employment Agreement dated September 6, 2004 between the Company and Executive (“Employment
Agreement”), as amended by the First Amendment to the Employment Agreement entered into as of August 8, 2007 (“First Amendment”), as follows: 
 1. Gross-Up Payment. Section 4(g)(ii) of the Employment Agreement is amended to read as follows: 
 “(ii) Gross-Up Payment. If it is determined that any payments or benefits of any kind, whether under this Employment Agreement or any other plan, agreement or arrangement of the Corporation or
of Del Monte Foods Company paid or payable to or for the benefit of Executive, or any other compensation from whatever source paid or payable to or for the benefit of Executive that is deemed contingent on a Change of Control (or that is otherwise
deemed a parachute payment under Treas Reg Section 1.280G-1, Q&A-2) (collectively, 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 Company shall pay Executive an additional cash payment (the “Gross-Up Payment”) in an amount such that after payment by the Executive of all taxes, including, without
limitation, any income taxes and Excise Tax imposed on the Gross-Up Payment, Executive shall retain an amount of the Gross-Up Payment equal to the Excise Tax imposed on the Payment; provided, however, that such Gross-Up Payment shall
only be paid if the original Payment exceeds the 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 Company after consultation with its legal and tax advisors.” 

Notwithstanding the foregoing, any Gross-Up Payment will be paid to Executive within thirty (30) days after the date the amount
thereof has been determined, but in no event later than the end of the calendar year following the calendar year in which the income taxes and Excise Tax are remitted to the applicable taxing authority. 

 If no Gross-Up Payment is payable to Executive pursuant to the above because the payment did
not exceed the above-referenced 5% threshold, but it is determined that the Payment nonetheless would be subject to the Excise Tax, then the Payment will be either (i) reduced to an amount that would result in no portion of the Payment being
subject to the Excise Tax, or (ii) paid in full, whichever of (i) or (ii), after taking into account all applicable taxes, including without limitation, any income taxes, employment taxes and the Excise Tax (all computed at the highest
applicable marginal rate), results in the Executive’s receipt, on an after-tax basis, of the greater amount. 
 Except as
expressly provided in this Second Amendment, all other provisions of the Employment Agreement and the First Amendment shall remain in full force and effect. 
 IN WITNESS WHEREOF, the parties have executed this Second Amendment as of the date set forth below. 
  

			
	EXECUTIVE
	
	 /s/ Timothy A. Cole

	Timothy A. Cole
	
	CORPORATION
	
	DEL MONTE CORPORATION
		
	By:	 	 /s/ Richard W. Muto

		 	  Richard W. Muto
		 	  Executive Vice President,
		 	  Chief Human Resources Officer

  
 2Resolutions of the Board of Directors regarding Code Section 280G

 Exhibit 10.6 
 DEL MONTE FOODS COMPANY 
 ASSISTANT SECRETARY’S CERTIFICATE

 I, Maryann Bodayle, Assistant Secretary of Del Monte Foods Company, a Delaware corporation (the “Company”),
hereby certify that: 
 1. Attached as Exhibit A hereto is a true and correct copy of the resolutions duly adopted on November
24, 2010, at a meeting of the Company’s Board of Directors at which a quorum was present and acting throughout, and that such resolutions have not been amended, modified, rescinded or superseded and remain in full force and effect. 

IN WITNESS WHEREOF, I have caused this Assistant Secretary’s Certificate to be duly executed on this 28th day of February, 2011. 

 

	
	
	/s/ Maryann Bodayle
	Name:  Maryann Bodayle
	Title:  Assistant Secretary

EXHIBIT A 

Resolutions of the Board of Directors of Del Monte Foods Company Approved on November 24, 2010 

The following resolution was approved by the Board of Directors of Del Monte Foods Company (the “Company”) on November 24, 2010:

 WHEREAS, the Company maintains or is a party to certain plans, arrangements or agreements, pursuant to which the Company has obligations to
make payments to Company employees if such employees become subject to an excise tax imposed by Internal Revenue Code (the “Code”) Section 4999 (the “Gross-Up Arrangements”); and 

WHEREAS, the Company desires to clarify that the Gross-Up Arrangements shall apply to the full excise tax imposed by Code Section 4999 with respect
to all payments subject to such excise tax, whether in the form of equity, cash or otherwise, and to clarify the provisions of certain limitations on the Company’s obligations under the Gross-Up Arrangements. 

NOW, THEREFORE, BE IT RESOLVED, that the Company hereby clarifies and approves any amendments to any Gross-Up Arrangements to the extent necessary to
clarify, that (1) the Gross- Up Arrangements shall apply to the full excise tax imposed by Code Section 4999 with respect to all “parachute payments” (as defined in Code Section 280G) (“Payments”) that become
subject to such excise tax for any reason, whether in the form of equity, cash or otherwise, and (2) to the extent that an existing Gross-Up Arrangement contains a provision limiting the gross-up payment in the event that an affected payment
does not equal or exceed 105% of the Capped Amount (or similar provision), then in the event the total amount of Payments does not equal or exceed 105% of the Capped Amount, no gross-up payment shall be made, and instead the total amount of Payments
shall be either (i) limited to the Capped Amount or (ii) provided in full, whichever of (i) or (ii) place the employee in the better after-tax position. The “Capped Amount” means three (3) times the employee’s
“base amount” (as defined in Code Section 280G), minus one dollar ($1).Amendment Number One to Executive Severance Plan

 Exhibit 10.7 
 AMENDMENT NUMBER ONE TO THE DEL MONTE CORPORATION 
 EXECUTIVE SEVERANCE
PLAN 
 Effective November 24, 2010 
 WHEREAS, Del Monte Corporation (“Corporation”) maintains the Del Monte Corporation Executive Severance Plan, effective January 1, 2006 and previously amended July 24, 2008 and
July 23, 2009 (“Plan”); 
 WHEREAS, on November 24, 2010, the Compensation Committee of the Board of
Directors (“Compensation Committee”) of Del Monte Foods Company (the “Company”) approved amendments to the Code Section 280G gross-up provisions of the various employment agreements and employee benefit plans maintained by
the Company and the Corporation, including the Plan, to clarify that such gross-up provisions are to provide for a full excise tax gross-up and apply to all parachute payments made under all plans and arrangements of the Company and the Corporation.

 NOW THEREFORE, the Plan is hereby amended as follows, effective as of November 24, 2010. 

1. The first paragraph of Section 3.5(a) is hereby amended and restated to read as follows: 

“(a) Gross-Up Payment. If the Committee determines that any payments or benefits of any kind, whether under this Plan or any
other Company plan, agreement or arrangement paid or payable to or for the benefit of a Participant, or any other compensation from whatever source paid or payable to or for the benefit of any Participant that is deemed contingent on a Change in
Control (or that is otherwise deemed a parachute payment under Treas Reg Section 1.280G-1, Q&A-2) (collectively, 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 the Executive of
all taxes, including, without limitation, any income taxes and Excise Tax imposed on the Gross-Up Payment, Executive shall retain an amount equal to the Excise Tax imposed on the 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. 
 If no Gross-Up Payment is payable to a Participant pursuant to the above because the Payment did not exceed the above-referenced 5% threshold, but the Committee determines that the Payment nonetheless
would be subject to the Excise Tax, then the Payment will be either (i) reduced to an amount that would result in no portion of the Payment being subject to the Excise Tax, or (ii) paid in full, whichever of (i) or (ii), after taking
into account all applicable taxes, including, without limitation, any income taxes, employment taxes and the Excise Tax (all 

 
computed at the highest applicable marginal rate), results in the Participant’s receipt, on an after-tax basis, of the greater amount. The application of this paragraph shall be reasonably
determined by the Corporation in its sole discretion, after consultation with its legal and tax advisors.” 
 IN WITNESS
WHEREOF, and implementing the approval of the Compensation Committee made November 24, 2010, the Corporation has executed this Amendment Number One to the Del Monte Corporation Executive Severance Plan, as amended, effective as of
November 24, 2010. 
  

			
	DEL MONTE CORPORATION
		
	By:	 	 /s/ Richard W. Muto

		 	Richard W. Muto
		 	Executive Vice President,
		 	Chief Human Resources Officer

  
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