Document:

EX-10.1

 Exhibit 10.1 
  

 
 December 14, 2017 

Thomas G. Ondrof 
 Dear Tom: 

In light of your notifying Performance Food Group Company (the “Company”) of your intention to retire as Chief Financial Officer of the
Company, this letter agreement (the “Letter Agreement”) confirms our understanding of your role going forward with the Company. The terms of your continued service with the Company, effective as of March 1, 2018 (the
“Effective Date”) are summarized below: 
  

			
	 Title:
	 	You will serve as Strategic Growth Leader to the Company.
		
	 Annual Base Salary:
	 	Your base salary will be $160,000 per year, and shall be paid in accordance with the Company’s customary payroll practices.
		
	 Annual Cash Bonus:
	 	Subject to the terms and conditions of PFG’s Management Incentive Plan, your annual cash bonus for FY 2018 will be pro-rated to reflect your annual base salary prior to the Effective
Date and your revised annual base salary on and following the Effective Date. Any FY 2018 cash bonus will be paid to you at the same time annual bonuses are generally paid to other senior executives of the Company. You must be employed with the
Company at the end of FY 2018 to be eligible for the PFG Management Incentive Plan for such fiscal year; provided however, that you will be eligible to receive any bonus due under the terms of the PFG Management Incentive Plan on a pro-rated basis as described above in the event you are terminated by the Company without cause prior to the end of FY 2018. PFG’s Management Incentive Plan is reviewed periodically and may be subject to change
at any time without notice. You will not be eligible for an annual cash bonus for fiscal years after FY 2018.
		
	 Treatment of Equity:
	 	Your outstanding equity awards that you have been granted pursuant to the Performance Food Group Company 2015 Omnibus Incentive Plan (the “2015 Plan”) will remain subject to the terms of the 2015 Plan and the
applicable award agreements granted thereunder. As a result, you will continue to vest in such awards so long as you remain employed with the Company. The Company is under no obligation to make future equity-based grants to you under the PFG Long
Term Incentive Program, including under the 2015 Plan.
		
	 Employee Benefits:
	 	You will remain eligible to participate in the Company’s health and welfare plans and other employee benefit plans and programs, in effect from time to time, as determined by the Company so long as you continue to be
employed with the Company. However, except as required by law, you will not be eligible for any paid time off or to participate in any of the Company’s severance plans, including the Senior Management Severance Pay Plan. In addition, as of the
Effective Date, you will cease to be eligible for a car allowance. The benefits package is subject to change, amendment or elimination, at any time, at the discretion of the Company.

			
		
	At-Will:	  	You understand that your employment is not for any specific period of time and is “at-will,” which means the Company may terminate your employment or you may resign at any time
with or without cause, and with or without notice. Should such a separation occur, all income, benefits and grants not vested but identified in this letter agreement or any other applicable documents will immediately cease as of the day of
separation, except as otherwise provided by applicable law or plan document. The at-will status of your employment cannot be changed except in a written agreement signed by the President and Chief Executive
Officer of PFG and you.
		
	Restrictive Covenants:	  	You acknowledge and agree that you will continue to be subject to the restrictive covenants set forth in your offer letter with the Company, dated August 19, 2016 (the “Offer Letter”), which are incorporated
herein by reference.
		
	Company Policies:	  	You will continue to be subject to all company policies, to the extent relevant to your activities.

 If you agree with the terms and conditions set forth in this letter agreement, please indicate your acceptance by
signing the enclosed Acknowledgment and Acceptance of Letter Agreement and returning the original to me. If any provision of this letter agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the
remaining terms and provisions of this letter agreement shall not in any way be affected or impaired thereby and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing,
shall incorporate such substitute provision in this letter agreement. This letter agreement contains the entire agreement and understanding between the Company and you with respect to the subject matter and covenants contained herein (other than the
Restrictive Covenants Section set forth in the Offer Letter), and no other representations, promises, agreements or understandings, written or oral, shall be of any force and effect, including the Offer Letter (other than the Restrictive Covenants
Section set forth in the Offer Letter). This letter agreement may be executed in multiple original counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same document. 

Should you have any questions concerning this letter agreement, please do not hesitate to contact me. 

Best regards, 
  

	
	/s/ George Holm
	George Holm
	President & Chief Executive Officer
	Performance Food Group Company

 Enclosure:         Acknowledgment and Acceptance of Letter Agreement 

 

 ACKNOWLEDGMENT AND ACCEPTANCE 

OF 
 LETTER AGREEMENT

 I, Thomas G. Ondrof, hereby acknowledge acceptance of the terms of the attached letter agreement dated December 14, 2017 for the
position of Strategic Growth Leader of the Company under the terms and conditions set forth therein. 
  

							
		 		 	
	 /s/ Thomas G. Ondrof

Thomas G. Ondrof
	 		 		 	 December 14, 2017

Date SignedEX-10.2

 Exhibit 10.2 

DEFERRED STOCK UNIT GRANT NOTICE 

UNDER THE 
 PERFORMANCE
FOOD GROUP COMPANY 
 2015 OMNIBUS INCENTIVE PLAN 

(Non-Employee Directors) 

Performance Food Group Company (the “Company”), pursuant to its 2015 Omnibus Incentive Plan (the “Plan”),
hereby grants to the Participant set forth below, the number of Deferred Stock Units set forth below. The Deferred Stock Units are subject to all of the terms and conditions as set forth herein, in the Deferred Stock Unit Agreement (attached hereto
or previously provided to the Participant in connection with a prior grant), and in the Plan, all of which are incorporated herein in their entirety. Capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan. 

 

			
	 Participant:
	  	[Insert Participant Name]
		
	 Date of Grant:
	  	[Insert Grant Date]
		
	 Vesting Commencement Date:
	  	November 10, 2017
		
	Number of Deferred Stock Units:	  	[Insert No. of Deferred Stock Units Granted]
		
	 Vesting Schedule:
	  	 Provided the Participant has not undergone a Termination at the time of the applicable vesting date (or event), 100% of the Deferred Stock
Units will vest on the earlier of (i) the first anniversary of the Vesting Commencement Date or (ii) the next regularly scheduled annual meeting of the stockholders of the Company following the Vesting Commencement Date; provided,
however, that in the event that the Participant undergoes a Termination as a result of such Participant’s death or Disability prior to the applicable vesting date (or event), such Participant shall fully vest in such Participant’s
Deferred Stock Units.
  
 In addition, in the event of a Change in Control prior to the
applicable vesting date (or event), such Participant shall fully vest in such Participant’s Deferred Stock Units to the extent not then vested or previously forfeited or cancelled.

  

*        *         * 

 THE UNDERSIGNED PARTICIPANT ACKNOWLEDGES RECEIPT OF THIS DEFERRED STOCK UNIT GRANT NOTICE, THE DEFERRED STOCK
UNIT AGREEMENT AND THE PLAN, AND, AS AN EXPRESS CONDITION TO THE GRANT OF DEFERRED STOCK UNITS HEREUNDER, AGREES TO BE BOUND BY THE TERMS OF THIS DEFERRED STOCK UNIT GRANT NOTICE, THE DEFERRED STOCK UNIT AGREEMENT AND THE PLAN. 

 

					
	PERFORMANCE FOOD GROUP COMPANY	 		 	PARTICIPANT
			
	  
	 		 	  

	 By: Brent King
	 		 	
	 Title:  Senior Vice President, General Counsel
	 		 	

 [Signature Page to Deferred Stock Unit Award (Non-Employee Director)] 

 DEFERRED STOCK UNIT AGREEMENT 

UNDER THE 
 PERFORMANCE
FOOD GROUP COMPANY 
 2015 OMNIBUS INCENTIVE PLAN 

Pursuant to the Deferred Stock Unit Grant Notice (the “Grant Notice”) delivered to the Participant (as defined in the Grant
Notice), and subject to the terms of this Deferred Stock Unit Agreement (this “Deferred Stock Unit Agreement”) and the Performance Food Group Company 2015 Omnibus Incentive Plan (the “Plan”), Performance Food Group
Company (the “Company”) and the Participant agree as follows. Capitalized terms not otherwise defined herein shall have the same meaning as set forth in the Plan. 

1. Grant of Deferred Stock Units; DSU Account. 

(a) Subject to the terms and conditions set forth herein and in the Plan, the Company hereby grants to the Participant the number of Deferred
Stock Units provided in the Grant Notice (with each Deferred Stock Unit representing an unfunded, unsecured right to receive one share of Common Stock). The Company may make one or more additional grants of Deferred Stock Units to the Participant
under this Deferred Stock Unit Agreement by providing the Participant with a new Grant Notice, which may also include any terms and conditions differing from this Deferred Stock Unit Agreement to the extent provided therein. The Company reserves all
rights with respect to the granting of additional Deferred Stock Units hereunder and makes no implied promise to grant additional Deferred Stock Units. 

(b) The Company shall cause an account (the “Unit Account”) to be established and maintained on the books of the Company to
record the number of Deferred Stock Units credited to the Participant under the terms of the Grant Notice and this Deferred Stock Unit Agreement. 

2. Vesting. Subject to the conditions contained herein and in the Plan, the Deferred Stock Units shall vest as provided in the
Grant Notice. 
 3. Settlement of Deferred Stock Units. The Company will deliver to the Participant, without charge, as soon
as reasonably practicable (and, in any event, within 30 days) following the earliest to occur of (a) the date the Participant undergoes a “separation from service” from the Company and its Subsidiaries (as defined in Section 409A
of the Code) for any reason and (b) a Change in Control; provided, that such Change in Control also constitutes a “change in ownership or effective control” for purposes of Section 409A of the Code, one share of Common
Stock for each Deferred Stock Unit (as adjusted under the Plan, as applicable) which becomes vested hereunder and such vested Deferred Stock Unit shall be cancelled upon such delivery. Upon the issuance of the shares of Common Stock to the
Participant, such Participant’s Unit Account shall be eliminated. Notwithstanding anything in this Deferred Stock Unit Agreement to the contrary, the Company shall have no obligation to issue or transfer any shares of Common Stock as
contemplated by this Deferred Stock Unit Agreement unless and until such issuance or transfer complies with all relevant provisions of law and the requirements of any stock exchange on which the Company’s shares of Common Stock are listed for
trading. 
 4. Company; Participant. 

(a) The term “Company” as used in this Deferred Stock Unit Agreement with reference to service shall include the Company and its
Subsidiaries. 
 (b) Whenever the word “Participant” is used in any provision of this Deferred Stock Unit Agreement under
circumstances where the provision should logically be construed to apply to the 

 
executors, the administrators, or the person or persons to whom the Deferred Stock Units may be transferred by will or by the laws of descent and distribution, the word “Participant”
shall be deemed to include such person or persons. 
 5. Non-Transferability. The
Deferred Stock Units may not be assigned, alienated, pledged, attached, sold, or otherwise transferred or encumbered by the Participant, unless such transfer is by will, by the laws of descent and distribution or other applicable law, or
specifically required pursuant to a domestic relations order, and any such purported assignment, alienation, pledge, attachment, sale, transfer, or encumbrance shall be void and unenforceable against the Company or any other member of the Company
Group; provided, that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer, or encumbrance. 

6. No Rights as Stockholder; Dividend Equivalents. The Participant or a permitted transferee of the Deferred Stock Units shall
have no rights as a stockholder with respect to any share of Common Stock underlying a Deferred Stock Unit unless and until the Participant shall have become the holder of record or the beneficial owner of such Common Stock, and no adjustment shall
be made for dividends or distributions or other rights in respect of such share of Common Stock for which the record date is prior to the date upon which the Participant shall become the holder of record or the beneficial owner thereof. The Deferred
Stock Units shall be entitled to be credited with dividend equivalent payments upon the payment by the Company of dividends on shares of Common Stock. Such dividend equivalents will be provided in additional Deferred Stock Units having a Fair Market
Value on the date that the underlying Deferred Stock Units are settled in accordance with Section 3 above equal to the amount of such applicable dividends, and shall be payable at the same time as the underlying Deferred Stock Units to which
such dividends relate are settled in accordance with Section 3 above. In the event that any Deferred Stock Unit is forfeited by its terms, the Participant shall have no right to dividend equivalent payments in respect of such forfeited Deferred
Stock Units. 
 7. Tax Withholding. The provisions of Section 14(d)(i) of the Plan are incorporated herein by reference
and made a part hereof. The Participant shall satisfy such Participant’s withholding liability, if any, referred to in Section 14(d)(i) of the Plan by having the Company withhold from the number of shares of Common Stock otherwise issuable
or deliverable pursuant to the settlement of the Award a number of shares with a Fair Market Value, on the date that the Deferred Stock Units are settled, equal to such withholding liability; provided, that the number of such shares may not
have a Fair Market Value greater than the minimum required statutory withholding liability unless determined by the Committee not to result in adverse accounting consequences. Notwithstanding the foregoing, the Participant acknowledges and agrees
that to the extent consistent with applicable law and the Participant’s status as an independent consultant for U.S. federal income tax purposes, the Company does not intend to withhold any amounts as federal income tax withholdings under any
other state or federal laws, and the Participant hereby agrees to make adequate provision for any sums required to satisfy all applicable federal, state, local and foreign tax withholding obligations of the Company which may arise in connection with
the grant of Deferred Stock Units. 
 8. Notice. Every notice or other communication relating to this Deferred Stock Unit
Agreement between the Company and the Participant shall be in writing, and shall be mailed to or delivered to the party for whom it is intended at such address as may from time to time be designated by such party in a notice mailed or delivered to
the other party as herein provided; provided, that unless and until some other address be so designated, all notices or communications by the Participant to the Company shall be mailed or delivered to the Company at its principal executive
office, to the attention of the Company’s General Counsel, and all notices or communications by the Company to the Participant may be given to the Participant personally or may be mailed to the Participant at the Participant’s last known
address, as reflected in the Company’s records. Notwithstanding the above, all notices and 

 
communications between the Participant and any third-party plan administrator shall be mailed, delivered, transmitted or sent in accordance with the procedures established by such third-party
plan administrator and communicated to the Participant from time to time. 
 9. No Right to Continued Service. This Deferred
Stock Unit Agreement does not confer upon the Participant any right to continue as an employee or service provider to the Company. 
 10.
Binding Effect. This Deferred Stock Unit Agreement shall be binding upon the heirs, executors, administrators and successors of the parties hereto. 

11. Waiver and Amendments. Except as otherwise set forth in Section 13 of the Plan, any waiver, alteration, amendment or
modification of any of the terms of this Deferred Stock Unit Agreement shall be valid only if made in writing and signed by the parties hereto; provided, however, that any such waiver, alteration, amendment or modification is consented to on
the Company’s behalf by the Committee. No waiver by either of the parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver
specifically states that it is to be construed as a continuing waiver. 
 12. Governing Law. This Deferred Stock Unit
Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware, without regard to the principles of conflicts of law thereof. Notwithstanding anything contained in this Deferred Stock Unit Agreement, the Grant
Notice or the Plan to the contrary, if any suit or claim is instituted by the Participant or the Company relating to this Deferred Stock Unit Agreement, the Grant Notice or the Plan, the Participant hereby submits to the exclusive jurisdiction of
and venue in the courts of Delaware. 
 13. Plan. The terms and provisions of the Plan are incorporated herein by reference.
In the event of a conflict or inconsistency between the terms and provisions of the Plan and the provisions of this Deferred Stock Unit Agreement (including the Grant Notice), the Plan shall govern and control. 

14. Section 409A. 

(a) It is intended that the Deferred Stock Units granted hereunder shall be compliant with Section 409A of the Code and the regulations
promulgated thereunder and shall be interpreted as such, including, without limitation, by delaying the issuance of shares of Common Stock contemplated hereunder. 

(b) Notwithstanding anything in this Deferred Stock Unit Agreement to the contrary, if a Participant is a “specified employee”
within the meaning of Section 409A(a)(2)(B)(i) of the Code, no payments in respect of any Deferred Stock Unit that is “deferred compensation” subject to Section 409A of the Code and which would otherwise be payable upon the
Participant’s “separation from service” (as defined in Section 409A of the Code) shall be made to such Participant prior to the date that is six months after the date of such Participant’s “separation from service”
or, if earlier, the date of the Participant’s death. Following any applicable six month delay, all such delayed payments will be paid in a single lump sum on the earliest date permitted under Section 409A of the Code that is also a
business day.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}]]