Document:

exv10w35

 

Exhibit 10.35

March 14, 2007

Debbie Carosella

725 N. 161st Street

Omaha, NE 68118

Dear Debbie:

I am
pleased to offer you the position of Senior Vice President
Innovation, reporting directly to
Joe Scalzo, CEO and President of WhiteWave Foods Company. I look forward to having you join our
team as soon as possible.

Here are the specifics of your offer:

Base Salary

You will be paid (on a bi-weekly basis), an annual salary of $300,000. Your salary will be reviewed
annually.

Signing Bonus

You will receive a signing bonus of $130,000.00, less payroll taxes. This payment is intended to
assist you with the incremental cost of living in the Denver/Boulder area. Please note, should you
voluntarily leave Dean Foods without Good Reason during your first year of employment, you will be
responsible for reimbursing Dean Foods on a pro-rata gross share (n/l2 based on number of months
worked) of the signing bonus you receive.

Annual Bonus Opportunity

As Senior Vice President Innovation, you will be eligible to earn an annual bonus with a target
amount equal to 50% of your annualized salary. This bonus will be subject to achievement of certain
operating targets for 2007 and satisfaction of to-be-determined personal objectives. You can earn
up to 200% of your targeted bonus if such targets are exceeded.

Long-Term Incentive Awards

At hire, you will be granted options to purchase 20,000 shares of Dean Foods common stock. The
exercise price of the options will be the closing price of a share of Dean Foods stock on the date
of grant. The options will vest in equal installments over a period of three (3) years, beginning
on the date of the grant. You will also be awarded 6,000 restricted shares that will vest in equal
installments over a five-year period, or earlier if certain stock price performance targets are
met. You will be eligible for future equity grants under the Dean Foods Long-Term

WhiteWave Foods • 12002 Airport Way • Broomfield, Colorado 80021

 

 

Debbie Carosella

March 14, 2007

Page 2 of 3

Incentive Program in the future, commencing in February 2008. The amount and nature of future
long-term incentive awards will be determined by the Board of Directors.

Additional “Sign On” Long-Term Incentive Awards

On commencement of employment, you will also be awarded options to purchase 10,000 of Dean Foods
stock with an exercise price per share equal to the closing price of Dean Foods stock on the date
of grant. Such options will vest over a three-year period commencing on the date of grant.

Management Deferred Compensation Plan

You will be eligible to participate in the Deferred Compensation Plan. The plan provides eligible
executives with the opportunity to save on a tax-deferred basis. You will receive general
information and enrollment materials at your home address approximately 30 - 45 days after your
start date.

Vacation Benefits

You will be granted four (4) weeks vacation. Unused vacation is not carried forward from year to
year.

COBRA Support

Should you elect COBRA (health insurance) coverage from your previous employer, Dean
Foods will pay your COBRA premiums (minus your normal Dean Foods contribution) until you
become eligible for Dean Foods benefits (approximately 60 days following hire).

Benefits Plan Reference

Attached to this letter is an overview of Dean Foods’ Health Benefits, savings and 401k programs,
and other benefits. If you have questions regarding these programs or eligibility, please call
Tommy Zanetich at 303-635-4109.

Relocation Benefits

Dean Foods wants your move to Colorado to be a positive one. The relocation benefits provided to
you include: household goods move; temporary housing; home visits; in-transit expenses; home sale
assistance; duplicate housing costs; and, new home closing assistance. The policy describing these
benefits is enclosed.

Severance

You will be eligible for severance benefits pursuant to the Dean Foods Executive Pay Plan in the
event of a “qualifying termination” meaning you voluntary terminate for Good Reason, or your
involuntary termination without Cause (as defined in the Executive Severance Pay Plan). In general,
this plan currently provides for a lump sum severance payment equivalent to 1.5 times your annual
base salary and target bonus, less lawful deductions in accordance with the Company’s Executive Severance Pay Plan.
You will also receive a lump sum cash payment for the “in the money” value of all equity awards
that would vest over the 18 months following the date of termination in accordance with the terms
of the Executive Severance Pay Plan.

 

 

Debbie Carosella

March 14, 2007

Page 3 of 3

Non Qualifying Termination

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

Change In Control Provisions

You will be provided a Change in Control agreement comparable to that currently provided to other
Dean Foods senior officers. In general, this agreement provides benefits of two times your annual
salary and target bonus, plus vesting of all equity awards and continued health coverage for a
two-year period in certain circumstances following a Change in Control of Dean Foods. As stated in
the Change in Control Agreement, in order to receive these benefits, your employment must be
terminated, either by the Company within two years after a Change in Control, or by you for good
reason within such two-year period. The details of these provisions will be set forth more fully in
the Change in Control Agreement.

New Hire Processes

You are required to comply with the Dean Foods Code of Ethics as a condition of employment. You are
required to sign the Compliance Certificate contained within the Code of Ethics at the time your
employment begins and periodically thereafter. Your position also requires that you sign a
Non-Competition Agreement.

Conclusion

Debbie, our entire team is excited about the prospect of you joining Dean Foods. I am confident
that you will make many significant and lasting contributions to our organization.

	 	 	 
	 

	 	Best regards,
	 	 	 
	 
	 	/s/ Tommy Zanetich

	 
	 	Tommy Zanetich
	 
	 	Senior Vice President, Human Resources
	Agreed and accepted:
	 	 
	 
	 	 
	/s/ Debbie Carosella

Debbie Carosella
	 	 
	 
	 	 
	 
	 	 
	Date
	 	 

			
	cc:	 	Joe Scalzoexv10w36

 

Exhibit 10.36

DEAN FOODS COMPANY

2008 INCENTIVE STOCK OPTION AGREEMENT

     THIS AGREEMENT (the “Agreement”), effective as of the date indicated on the Notice of
Grant delivered herewith (the “Notice of Grant”), is made and entered into by and between
Dean Foods Company, a Delaware corporation (the “Company”), and the individual named on the
Notice of Grant (“you”).

WITNESSETH:

     WHEREAS, the Board of Directors of the Company has adopted and approved the Dean Foods Company
2007 Stock Incentive Plan (the “Plan”), which was approved as required by the Company’s
stockholders and provides for the grant of incentive stock options (“Options”) and other
forms of stock-based compensation to certain Employees and non-employee Directors of the Company
and its Subsidiaries (Capitalized terms used and not otherwise defined in this Agreement shall have
the meanings set forth in the Plan); and

     WHEREAS, the Options and other Awards provided for under the Plan are intended to comply with
the requirements of Rule 16b-3 under the Securities Exchange Act of 1934, as amended; and

     WHEREAS, the Committee has selected you to participate in the Plan and has awarded the Option
described in this Agreement to you; and

     WHEREAS, the parties hereto desire to evidence in writing the terms and conditions of the
Option.

     NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements
herein contained, and as an inducement to you to continue as an employee of the Company (or its
Subsidiaries) and to promote the success of the business of the Company and its Subsidiaries, the
parties hereby agree as follows:

     1. Grant of Option. The Company hereby grants to you and you hereby accept, effective
as of the date shown on the Notice of Grant (the “Date of Grant”) and on the terms and
subject to the conditions, limitations and restrictions set forth in the Plan and in this
Agreement, an Option to purchase all or any portion of the number of shares shown on the Notice of
Grant for the per share price shown on the Notice of Grant (the “Exercise Price”).

     2. Vesting. The Option shall vest ratably with respect to the underlying shares of
Stock in three equal annual increments commencing on the first anniversary of the Date of Grant.
In addition to the vesting provisions contained in the foregoing sentence, the Option shall also be
subject to the following vesting provisions:

					
	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	2008 Grant

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          (a) Each unvested Option shall immediately vest in full upon your death ;

          (b) Each unvested Option shall immediately vest in full upon a Change in Control, as such term
is defined in the Plan.

          (c) Each unvested Option shall immediately vest in full upon your Disability; and

          (d) In the event of your Retirement, each unvested Option shall automatically vest in full as
of the effective date of such Retirement.

               For purposes of this Agreement, “Retirement” shall be defined as your retirement from
employment or other service to the Company or any Subsidiary after you reach the age of 65.
“Disability” shall be defined as your permanent and total disability (within the meaning of
Section 22(e)(3) of the Code).

     3. Exercise. In order to exercise the Option with respect to any vested portion, you
must notify the Company in writing, either sent to the Corporate Secretary’s attention at the
Company’s principal office, or via the internet through E*Trade (the Company’s plan broker) at
www.etrade.com. No Stock shall be delivered pursuant to any exercise of an Option until payment in
full of the exercise price therefor is received by the Company. At the time of exercise, you must
pay to the Company the exercise price (as set forth on the Notice of Grant) times the number of
vested shares for which the Option is being exercised. Such payment may be made in cash or its
equivalent or, if permitted by the Committee, (i) by exchanging shares of Stock you have owned for
at least six months (or for such greater or lesser period as the Committee may determine from time
to time) and which are not the subject of any pledge or other security interest, (ii) through an
arrangement with a broker approved by the Company whereby payment of the exercise price is
accomplished with the proceeds of the sale of Stock or (iii) by a combination of the foregoing,
provided that the combined value of all cash and cash equivalents and the fair market value of any
Stock tendered to the Company, valued as of the date of such tender, is at least equal to such
exercise price of the portion of the Option being exercised.

     4. Expiration of Option. The Option shall expire, and shall not be exercisable with
respect to any vested portion as to which the Option has not been exercised, on the first to occur
of:

               (a) the tenth anniversary of the Date of Grant;

               (b) 90 days after the effective date of any termination of your employment with the Company or
any Subsidiary, or at any such later date as may be determined by the Committee, for any reason
other than death, Retirement or Disability, or termination for Cause (as defined below);

               (c) 12 months following the date you cease to be an employee of the Company or a Subsidiary,
if such cessation of service is due to your death or Disability; or

					
	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	2008 Grant

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               (d) the earlier of (i) the tenth anniversary of the Date of Grant, and (ii) the first
anniversary of the your death, for any Options you hold upon your Retirement.

     Upon your death, any vested Option exercisable on the date of death may be exercised by your
estate or by a person who acquires the right to exercise such Option by bequest or inheritance or
by reason of your death, provided that such exercise occurs within the shorter of the remaining
option term of the Option and twelve months after the date of your death

     Notwithstanding anything to the contrary in the Plan or this Agreement, if your service is
terminated for Cause, then all Options shall terminate and be canceled immediately upon such
termination, regardless of whether such Options are vested or exercisable. Cause is defined as your
(i) willful failure to perform substantially your duties; (ii) willful or serious misconduct that
has caused, or could reasonably be expected to result in, material injury to the business or
reputation of an Employer; (iii) conviction of, or entering a plea of guilty or nolo contendere to,
a crime constituting a felony; (iv) your breach of any written covenant or agreement with an
Employer, any material written policy of your Employer or any Employer’s “code of conduct,” or (v)
your failure to cooperate with an Employer in any internal investigation or administrative,
regulatory or judicial proceeding. In addition, your Service shall be deemed to have terminated for
Cause if, after your Service has terminated (for a reason other than Cause), facts and
circumstances are discovered that would have justified a termination for Cause.

     5. Tax Withholding. The Employer shall have the right to deduct from all amounts paid
to you in cash (whether under the Plan or otherwise) any amount required by law to be withheld in
respect of any awards under the Plan as may be necessary in the opinion of the Employer to satisfy
any applicable tax withholding requirements under the laws of any country, state, province, city or
other jurisdiction, including but not limited to income taxes, capital gains taxes, transfer taxes,
and social security contributions that are required by law to be withheld. In the case of payments
of awards in the form of Stock, at the Committee’s discretion, you will be required to either pay
to the Employer the amount of any taxes required to be withheld with respect to such Stock or, in
lieu thereof, the Employer shall have the right to retain (or you may be offered the opportunity to
elect to tender) the number of shares of Stock whose fair market value equals such amount required
to be withheld.

     6. Transfer of Option. The Option is not transferable except in accordance with the
provisions of the Plan.

     7. Certain Legal Restrictions. The Plan, the granting and exercising of this Option,
and any obligations of the Company under the Plan, shall be subject to all applicable federal,
state and foreign country laws, rules and regulations, and to such approvals by any regulatory or
governmental agency as may be required, and to any rules or regulations of any exchange on which
the Stock is listed. The Company, in its discretion, may postpone the granting and exercising of
this Option, the issuance or delivery of Stock under this Option or any other action permitted
under the Plan to permit the Company, with reasonable diligence, to complete such stock exchange
listing or registration or qualification of such Stock or other required action under any federal,
state or foreign country law, rule or regulation and may require you to make such representations
and furnish such information as it may consider appropriate in connection

					
	 	 	 	 	 
	 	 	 	 	 
	 
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with the issuance or delivery of Stock in compliance with applicable laws, rules and
regulations. The Company shall not be obligated by virtue of any provision of the Plan to recognize
the exercise of this Option or to otherwise sell or issue Stock in violation of any such laws,
rules or regulations, and any postponement of the exercise or settlement of this Option under this
provision shall not extend the term of the Option. Neither the Company nor its directors or
officers shall have any obligation or liability to you with respect to any Option (or Stock
issuable thereunder) that shall lapse because of such postponement.

     8. Plan Incorporated. You accept this Option subject to all the provisions of the
Plan, which are incorporated into this Agreement, including the provisions that authorize the
Committee to administer and interpret the Plan and which provide that the Committee’s decisions,
determinations and interpretations with respect to the Plan are final and conclusive on all persons
affected thereby. Except as otherwise set forth in this Agreement, terms defined in the Plan have
the same meanings herein.

     9. Assignment of Intellectual Property Rights. In consideration of the granting of
the Option, you hereby agree that all right, title and interest to any and all products,
improvements or processes (“Intellectual Property”) whatsoever, discovered, invented or
conceived during the course of your employment with the Company or any of its Subsidiaries,
relating to the subject matter of the business of the Company or any of its Subsidiaries or which
may be directly or indirectly utilized in connection therewith, are vested in the Company, and you
hereby forever waive any and all interest you may have in such Intellectual Property and agree to
assign such Intellectual Property to the Company. In addition, all writings produced in the course
of work or employment for the Company or any Subsidiary are works produced for hire and the
property of the Company and its Subsidiaries, including any copyrights for those writings.

     10. Miscellaneous.

               (a) ISO Treatment. The Option is intended to qualify as an Incentive Stock Option
pursuant to Section 422 of the Internal Revenue Code of 1986, as amended. Provided, however, that
if the aggregate fair market value (determined on the Date of Grant) of the Incentive Stock Options
(under this and any other plan of the Company and its Subsidiaries or parent) which become
exercisable by you for the first time during any calendar year exceeds $100,000, such Options shall
be treated as Non-statutory Stock Options.

               (b) No Guaranteed Employment. The granting of the Option shall impose no obligation
upon you to exercise the Option or any part thereof. Nothing contained in this Agreement shall
affect the right of the Company or Employer to terminate you at any time, with or without cause, or
shall be deemed to create any rights to your employment. The rights and obligations arising under
this Agreement are not intended to and do not affect your employment relationship that otherwise
exists between you and the Company or Employer, whether such employment relationship is at will or
defined by an employment contract. Moreover, this Agreement is not intended to and does not amend
any existing employment contract between you and the Company or Employer; to the extent there is a
conflict between this Agreement and such an employment contract, the employment contract shall
govern and take priority.

					
	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	2008 Grant

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               (c) No Stockholder Rights. Neither you nor any person claiming under or through you
shall be or shall have any of the rights or privileges of a stockholder of the Company in respect
of any of the shares issuable upon the exercise of the Option herein unless and until certificates
representing such shares shall have been issued and delivered to you or your agent.

               (d) Notices. Any notice to be given to the Company under the terms of this Agreement
or any delivery of the Option to the Company shall be addressed to the Company at its principal
executive offices, and any notice to be given to you shall be addressed to you at the address set
forth on the attached Notice of Grant, or at such other address for a party as such party may
hereafter designate in writing to the other. Any such notice shall be deemed to have been duly
given if mailed, postage prepaid, addressed as aforesaid.

               (e) Binding Agreement. Subject to the limitations in this Agreement and the Plan on
the transferability by you of the Option and any shares of Stock, this Agreement shall be binding
upon and inure to the benefit of your representatives, executors, successors or beneficiaries.

               (f) Governing Law. The interpretation, performance and enforcement of this Agreement
shall be governed by the laws of the State of Delaware and the United States, as applicable,
without reference to the conflict of laws provisions thereof.

               (g) Severability. If any provision of this Agreement is declared or found to be
illegal, unenforceable or void, in whole or in part, then the parties shall be relieved of all
obligations arising under such provision, but only to the extent that it is illegal, unenforceable
or void, it being the intent and agreement of the parties that this Agreement shall be deemed
amended by modifying such provision to the extent necessary to make it legal and enforceable while
preserving its intent or, if that is not possible, by substituting therefor another provision that
is legal and enforceable and achieves the same objectives.

               (h) Interpretation. All section titles and captions in this Agreement are for
convenience only, shall not be deemed part of this Agreement, and in no way shall define, limit,
extend or describe the scope or intent of any provisions of this Agreement.

               (i) Entire Agreement. This Agreement constitutes the entire agreement among the
parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and
understandings pertaining thereto.

               (j) No Waiver. No failure by any party to insist upon the strict performance of any
covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy
consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant,
duty, agreement or condition.

               (k) Counterparts. This Agreement may be executed in counterparts, all of which
together shall constitute one agreement binding on all the parties hereto, notwithstanding that all
such parties are not signatories to the original or the same counterpart.

					
	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	2008 Grant

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               (l) Relief. In addition to all other rights or remedies available at law or in
equity, the Company shall be entitled to injunctive and other equitable relief to prevent or enjoin
any violation of the provisions of this Agreement.

					
	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	2008 Grant

ISO

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