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EXHIBIT 10.28

December 14, 2018
Chris H. Finck

Dear Chris:

I am pleased to offer you the position of Senior Vice President - Chief Sales Officer (Grade 99) for Dean Foods Company. This position will report to Ralph Scozzafava, Chief Executive Officer, and will be based initially out of our Franklin Park, Illinois location. We expect your position to relocate to our Dallas, Texas Headquarters location during the third quarter of 2020. We look forward to having you join our team on January 21, 2019.

Here are the specifics of your assignment:

Base Salary
You will be paid $20,833.34 on a semi-monthly basis, less payroll taxes. Your salary will be reviewed annually (next in March 2020).

Signing Bonus
You will receive one-time signing bonuses totaling $500,000.00. These payments are subject to all regulatory and Dean Foods' required payroll taxes and deductions, including 401(k) withholdings. You will receive the one-time signing bonuses per the following payment schedule:

	
		
	Payment Within 45 Days After Date Listed Below
	Amount

	March 16, 2019
	$350,000.00

	November 16, 2019
	$150,000.00

If you voluntarily leave Dean Foods within the 24 months following the payment of the March 16, 2019 signing bonus, you will be responsible for reimbursing Dean Foods for the full gross amount of the signing bonus (prorated based on the number of full months worked during the 24 months following the payment of the signing bonus), and you will not be eligible to receive any unpaid signing bonuses.

If you voluntarily leave Dean Foods within the 12 months following the payment of the November 16, 2019 signing bonus, you will be responsible for reimbursing Dean Foods for the full gross amount of the signing bonus (prorated based on the number of full months worked during the 12 months following the payment of the signing bonus).

Additional Contingent Signing Bonus
You have represented to us that, pursuant to the terms of your current employer's 2018 Short Term Incentive ("STI) plan ("2018 STI Plan"), in order to earn and receive payment of incentives under the plan, you must be employed by your current employer as of the payment date. You have also indicated that the anticipated 2018 STI payment date is on or about March 15, 2019. If, as a result of your resignation, you receive a reduced 2018 STI payout, you will be eligible to receive a one-time bonus from the Company in an amount equal to the difference between the payout to which you would have been entitled under the 2018 STI Plan and the actual payout received, subject to the following contingencies and requirements:

		
	•
	Not later than June 30, 2019, you must notify the Company in writing of your efforts to obtain payout of your incentives under the 2018 STI Plan, including a calculation of the payout to which you would have been entitled under the 2018 STI Plan.

		
	•
	The amount of the bonus will be determined based on the difference between the actual payout you received under the 2018 STI Plan and the payout to which you would have been entitled under the 2018 STI Plan, up to a maximum of $200,000.00 (gross).

		
	•
	In order to be eligible to receive this one-time contingent bonus, you will need to be actively employed by Dean Foods on the payment date of the contingent bonus.

		
	•
	The one-time contingent bonus would be paid within 45 days of receipt of your notification, net of payroll taxes, deductions and applicable withholdings.

		
	•
	If you voluntarily leave Dean Foods without good reason during the 24 months following the payment of the signing bonus, you will be responsible for reimbursing Dean Foods for the full gross amount of the signing bonus, on a prorated basis (according to the number of full months worked).

Additional Note Regarding Forfeiture of Your Current Employer Compensation
As your Dean Foods start date is after January 15, 2019, your cash retention bonus at your current employer for the period ending January 15, 2019 will not be affected. Therefore, no financial consideration is being made for that item as part of this offer.

Transition Allowance
To assist you with your transition from Illinois to Texas, you will be provided with a monthly allowance in the amount of $5,000.00. This amount is subject to all regulatory and Dean Foods' required payroll taxes and deductions, including 401(k) withholdings. This monthly allowance will begin in February 2019 and will terminate in 18 months (July 2020), or at the time you complete your relocation from Illinois to Texas, whichever occurs first.

Annual Incentive Opportunity
As a Grade 99 executive, you will be eligible to earn an annual incentive as a participant in the Dean Foods Corporate Short-Term Incentive (STI) Plan with a 2019 target amount equal to 70% of your annualized base salary, subject to the achievement of certain financial targets as well as your performance against certain individual objectives. For the 2019 plan year, your STI payment will not be prorated and will be guaranteed at target ($350,000) or based on actual results, if better. The STI payment will be calculated with your annual base salary as of 12/31.

Annual Long-Term Incentive Compensation
You will be eligible for consideration for future Long-Term Incentive (LTI) grants under the Dean Foods Long Term Incentive Program.  The exact amount and nature of any future long-term incentive awards

will be determined by the Dean Foods Compensation Committee. For the 2019 annual grant cycle (February/ March 2019), you will be recommended for an LTI grant with a target value of $600,000.00.

One-Time New Hire LTI
You will be eligible for a one-time new hire grant under the Dean Foods Long-Term Incentive Program. The target value of your one-time grant will be $600,000.00 and will be delivered 25% in Performance Share Units (PSUs) and 75% in Restricted Stock Units (RSUs). We anticipate this grant will be effective on or around 2/1/2019; however, pursuant to our Long-Term Incentive Plan Guidelines, the stock price used for purposes of converting your award to shares (or target shares) will be the closing price on the date that the Compensation Committee approves the award. You will receive additional details regarding your grant within 90 days of your hire date.

Paid Time Off (PTO)
You will be granted twenty-five (25) days of PTO per year. For 2019, your PTO will be prorated based on your actual start date. Unused PTO is not carried forward from year to year unless required by state law.

Benefits Plan
You will soon be receiving an overview of the health and welfare benefits program. Your eligibility begins on the first day of the month following 60 calendar days of employment; please note that you must complete the health and welfare benefits enrollment process within 45 days of your hire date. Once hired, if you have questions regarding the health and welfare benefits programs or eligibility, please call the Dean Foods Benefits Service Center at 877-224-4909 or go online to www.deanfoods.mercerhrs.com.

Your eligibility for 401(k) benefits will begin on the first day of the month following 60 calendar days of employment. You will receive information regarding these benefits approximately two weeks prior to your eligibility. For questions regarding 401(k) programs or eligibility, please call Fidelity Investments at 800-835-5095.

COBRA Support
Should you elect COBRA (health insurance) coverage from your previous employer, Dean Foods will reimburse you, grossed up for taxes, for your COBRA premiums (less your comparable Dean Foods contribution) until you become eligible for Dean Foods benefits (first of the month following 60 days of employment).

Executive Deferred Compensation Plan
You will be eligible to participate in the Dean Foods Executive Deferred Compensation Plan. The plan provides eligible executives with the opportunity to defer compensation on a pre-tax basis. You will receive general information and enrollment materials during the next enrollment cycle.

Supplemental Executive Retirement Plan
You will be covered by the Dean Foods Supplemental Executive Retirement Plan (SERP) under the plan rules. The SERP is a non-qualified retirement plan that provides an annual Company contribution (currently 4% of eligible excess compensation) to executives whose eligible compensation exceeds the annual IRS-mandated limit for qualified retirement plans. Company contributions are made in June/July for the prior year period. You will receive additional information upon receiving your first plan contribution.

Executive Physical
You will be eligible for a Company-paid Executive Physical every calendar year with the Cooper Institute in Dallas, Texas. To schedule your physical, call 972.560.3227 and reference Dean Foods.

Insider Trading
As a Senior Vice President, you will have access to sensitive business and financial information. Accordingly, from time to time and in accordance with the company's Insider Trading Policy, you will be prohibited from trading Dean Foods' securities (or, in some circumstances, the securities of companies doing business with Dean Foods).

Letter Agreement Regarding Severance Benefits
You will be provided a letter agreement detailing certain terms and conditions of your employment and Severance Benefit entitlements should you experience a Qualifying Termination.

Change-In-Control Provisions
You will be provided a Change in Control agreement comparable to that currently provided to other Dean Foods Senior Vice Presidents.

New Hire Process
This offer of employment is contingent upon your submission to and successful completion of a background check and drug screen. By signing this offer letter, you represent that there is no agreement or promise in place between you and any other company (for example, a non-competition agreement) that would prohibit you from working for Dean Foods. You are also required to comply with the Dean Foods Code of Ethics as a condition of employment, and you understand and agree that you are not to use or disclose the confidential or proprietary information of any prior employer while performing your job with Dean Foods. You also agree that to the extent you have any prohibitions on solicitation of customers or employees from your prior employer, you agree that you will honor those provisions for the allotted time in any relevant agreements.

Relocation Assistance
By accepting this position, you acknowledge that Dean Foods anticipates that the location of your role will transition to Dallas, Texas during the third quarter of 2020. At that time, Dean Foods will provide relocation assistance under the current Level One policy (enclosed), or if the policy has changed and it is mutually agreeable, Dean Foods will provide relocation assistance under the policy in place at that time.

If you have questions regarding these programs or eligibility, please contact our relocation department by phone at 214-721-1290 or via email at Cassandra_ brown-english@deanfoods.com.

Conclusion
Chris, I am very excited about the opportunities at Dean Foods and very excited to have you be a part of our team. I am confident that with your experience, skills, vision and standards, you will make significant contributions to our company in the years to come.

Best regards, 

/s/ Ralph Scozzafava        

Ralph Scozzafava 
Chief Executive Officer and Director 
Dean Foods 

Agreed and accepted: 

/s/ Chris H. Finck         
Chris H. Finck 

12-19-18            
Date

		
	cc.
	David Bruns 

Jose Motta 
Harvey MitchellDocument

EXHIBIT 10.29

 
 
 
February 22, 2019 
Chris H. Finck 
 
 

RE:     Letter Agreement regarding Severance Benefits (“Letter Agreement”) 
 
Dear Chris, 
 
This letter sets forth the agreement between you and Dean Foods Company (the “Company”) regarding certain terms and conditions of your employment. 
 
1. Certain Definitions. In addition to definitions set forth elsewhere herein, for purposes of this Letter Agreement, the following terms shall be defined as set forth below: 
”Cause” means (i) your conviction of any crime deemed by the Company to make your continued employment untenable; (ii) your willful and intentional misconduct or negligence that has caused or could reasonably be expected to result in material injury to the business or reputation of the Company; (iii) your 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 the Company or (v) your failure to comply with or breach of the Company's “code of conduct” in effect from time to time. 
“Code” means the Internal Revenue Code of 1986, as amended. 
“Good Reason” means a termination of your employment by you following the occurrence of one or more of the following events: (i) a material reduction in your annual base salary or target annual bonus opportunity (unless a similar reduction is applied broadly to similarly situated employees), (ii) a material reduction in the scope of your duties and responsibilities, or (iii) the relocation of your principal place of employment to a location that is more than 50 miles from either Chicago, IL or Dallas, TX.  
In order for a termination by you to constitute a termination for Good Reason, (i) you must notify the Company of the circumstances claimed to constitute Good Reason in writing not later than the 90th day after it has arisen or occurred, (ii) the Company must not have cured such circumstances within 30 days of receipt of such notice and (iii) you terminate employment within six months of such occurrence. 

 
“Qualifying Termination” means (i) the involuntary termination of your employment by the Company (other than for Cause) or (ii) the voluntary termination of your employment with the Company for Good Reason. For all purposes under this Letter Agreement, you shall not have a “termination of employment” (and corollary terms) from the Company unless and until you have a “separation from service” from the Company (as determined under Treas. Reg. Section 1 409A-1(h), as uniformly applied in accordance with such rules as shall be established by the Company from time to time). 
2. Severance Benefits. In the event you experience a Qualifying Termination, subject to the conditions imposed pursuant to Section 4 hereof, you will be entitled to receive the following “Severance Benefits”: 
		
	(a)
	Cash Severance Payment. The Company shall pay you a cash severance payment equal to 12 months of your then current annual base salary (the “Cash Severance Payment”). 

		
	(b)
	Short-Term Incentive (STI) Compensation. You will be eligible to receive a pro-rata portion of your annual cash bonus under the applicable Company STI plan for the calendar year in which the Qualifying Termination occurred (“Pro-Rata Bonus”).  For purposes of calculating the Pro-Rata Bonus, the amount earned shall be based upon the degree to which the applicable performance criteria are ultimately achieved, as determined by the Compensation Committee on a basis applied uniformly to you as to other senior executives of the Company, and pro-rated based on the number of full months you worked during such year through (and including) the date of the Qualifying Termination. 

		
	(c)
	Long-Term Incentive (LTI) Compensation.  

		
	(i)
	Restricted Stock Units (“RSUs”). Your unvested RSUs will continue to vest up to the date of the Qualifying Termination, and any unvested RSUs as of the date of the Qualifying Termination will cancel. You will receive a lump sum cash severance payment equal to the value of a pro-rata portion of your cancelled unvested RSUs that would have vested in the calendar year in which the Qualifying Termination occurred (the “RSU Severance Payment”). For purposes of calculating the RSU Severance Payment, RSUs will be valued based on the average closing price for Dean common stock for the 30 calendar days immediately following the date of the Qualifying Termination and the pro-ration shall be based the number of full months you worked during the calendar year in which the Qualifying Termination occurred through (and including) the date of the Qualifying Termination.  

		
	(ii)
	Performance Stock Units (“PSUs”). Your unvested PSUs will continue to vest up to the date of the Qualifying Termination, and any unvested PSUs as of the date of the Qualifying Termination will cancel. You will receive a lump sum cash severance payment equal to the value of shares earned and accrued with respect to completed annual performance periods (as set forth in the applicable PSU award agreement). Additionally, you will be eligible to receive a lump sum cash severance payment equal to the value of a pro-rated portion of your cancelled PSU awards related to the annual performance period that ends in the year in which the Qualifying Termination occurred, subject to actual performance results through the end of the applicable performance period as certified by the Compensation Committee. For purposes of calculating the PSU severance payments described above, PSUs will be valued based on the average closing price for Dean common stock for the 30 calendar days immediately following (a) the date of the Qualifying Termination or (b) the last day of the annual performance period that ends in the year in which the Qualifying Termination occurred, whichever is less, and the pro-ration 

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shall be based the number of full months you worked during the applicable annual performance period.   
All other outstanding and unvested LTl awards not specifically addressed in this Letter Agreement shall terminate effective as of the date of the Qualifying Termination. 
The provisions of this Letter Agreement are in lieu of any severance benefits otherwise provided under the Dean Foods Company Amended and Restated Executive Severance Pay Plan (as amended November 8, 2017), and you acknowledge that you shall not participate in such plan. 
Severance Benefits shall be reduced by such amounts as may be required under all applicable federal, state, local or other laws or regulations to be withheld or paid over with respect to such payment. 
You shall not (i) receive any Severance Benefits upon a termination of employment other than a Qualifying Termination or (ii) be entitled to duplicate benefits pursuant to this Letter Agreement and any other plan or agreement. 
		
	3.
	Timing of Payments. 

		
	(a)
	Except as otherwise provided in Section 3(b), subject to the satisfaction of the conditions set forth in Section 4 hereof: 

		
	(i)
	The Cash Severance Payment and the RSU Severance Payment will be paid in two approximately equal annual installments. The first such installment shall be made on the later of (i) six months and one day after the date of the Qualifying Termination and (ii) the January 1 following the date of such Qualifying Termination, and the remaining annual installment shall be made on January 1 of the next calendar year immediately following the date of the payment of the first installment. 

		
	(ii)
	The Pro-Rata Bonus will be paid at the same time as generally applicable under the Company's annual STI plan, after certification of performance results by the Compensation Committee, but in no event later than March 15 in the calendar year following the date of the Qualifying Termination. 

		
	(iii)
	All Severance Benefits that are contingent on the achievement of performance criteria other than (or in addition to) the value of the Company's common stock shall be paid not later than 75 days after the end of the applicable performance measurement period. 

		
	(b)
	In no event shall any such portion of the Severance Benefits be paid prior to the last date by which you would be required to deliver the release required under, or to agree to comply with any additional conditions imposed pursuant to, Section 4 hereof. 

		
	4.
	Conditions to Payment of Severance Benefits. Notwithstanding any provision herein to the contrary, payment of the Severance Benefits provided above are conditioned upon (i) your execution and non-revocation of a separation and release agreement in a form and in substance reasonably satisfactory to the Company within 60 days after your termination of employment, which may include such additional conditions as the Company may deem necessary or appropriate to protect and/or promote the interests of the Company, including your agreement not to compete with, not to solicit employees or customers from, and/or not to use or disclose confidential information of, the Company and its Subsidiaries for an agreed period of time. Any additional conditions imposed by the Company under the immediately preceding sentence shall be communicated to you not later than five business days 

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after your termination date, and must be agreed to by you within 60 days following your termination of employment in order for you to be eligible to receive the Severance Benefits subject to such condition. 
		
	5.
	Section 409A. This letter is intended to comply with Section 409A of the Code or an exemption thereto, and, to the extent necessary in order to avoid the imposition of an additional tax on you under Section 409A of the Code, payments may only be made under this letter upon an event and in a manner permitted by Section 409A of the Code. Any payments or benefits that are provided upon a termination of employment shall, to the extent necessary in order to avoid the imposition of any additional tax on you under Section 409A of the Code, not be provided unless such termination constitutes a “separation from service” within the meaning of Section 409A of the Code. The Company makes no representations that the payments and benefits provided under this letter comply with Section 409A of the Code and in no event shall the Company or any of its directors, officers or employees have any liability to you in the event such Section 409A applies to any benefit provided pursuant to this letter in a manner that results in adverse tax consequences for you or any of your beneficiaries or transferees. 

		
	6.
	General. 

		
	(a)
	This Letter Agreement represents the entire agreement and understanding of the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings of the parties in connection therewith. 

		
	(b)
	This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, personal representatives, successors, and assigns whether such succession is, in the case of the Company, direct or indirect by purchase, merger, consolidation, change in control or otherwise. 

		
	(c)
	This Agreement is made pursuant to and shall be governed, construed, and enforced in all respects and for all purposes in accordance with the laws of the state of Texas without regard to the law of conflicts. Should any provision of this Agreement be declared or determined by any court to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby, and said illegal or invalid part, term, or provision shall be deemed not to be a part of this Letter Agreement. 

		
	7.
	Signatures and Counterparts. This Letter Agreement may be executed in counterparts. A facsimile of this Agreement and signatures shall be as effective as an original. 

Dean Foods Company 
 
By:     /s/ Jose A. Motta                 
Name: Jose A. Motta 
Title:      Senior Vice president, Human Resources  
 
Acknowledged and Agreed: 
 
/s/ Chris H. Finck      
Chris H. Finck 

4 
 

 
Date:  February 22, 2019 

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