Document:

exv10w5

Exhibit 10.5

INNOVATION GROUP

2008 SHORT-TERM INCENTIVE COMPENSATION PLAN

	 	 	 
	Purpose:

	 	To (i) align employee compensation with the annual
objectives of the company, (ii) motivate employees to create
sustained shareholder value, and (iii) ensure retention of
key employees by ensuring that compensation remains
competitive.
	 
	 	 
	Participants:

	 	Key management employees, individual contributors, and
senior executive officers of the Dean Foods Innovation Group
who are in positions to influence and/or control results in
their specific areas of responsibility.
	 
	 	 
	Payout
Criteria:

	 	The criteria for payment to Participants under this Plan and
the weighting of such criteria is based on position level in
the organization, performance against financial targets and
performance against individual objectives as
set forth below.

	 	 	 
	Participant Group	 	Innovation Objectives
	SVP Innovation
	 	50% Dean Foods Financial(s)
	 
	 	50% Individual Objectives
	 
	 	 
	All Other
	 	40% Dean Foods Financial(s)
	 
	 	60% Individual Objectives

	 	 	 
	Payout Scales:

	 	The range of the financial component of the incentive
payout is 0% — 200% based on actual performance against
approved objectives. The range of the individual objective
component is 0% — 150% based on actual performance against
approved objectives.
	 
	 	 
	Objectives
Performance
Factor:

	 	Approved financial objectives and the range of performance
for each objective for the Plan Year along with the
corresponding payout scale based on actual performance will
be included in the Administrative Guidelines for the Plan.
	 
	 	 
	Individual
Objectives:

	 	Each plan participant will have a component of their
incentive based on the attainment of certain specified
individual performance objectives as determined by the
Participant’s supervisor. Actual earned awards are based
on the individual’s performance rating under the One Dean
Performance Management Program (PMP). The Company will
provide guidelines for the determination of these awards on
an annual basis.
	 
	 	 
	 

	 	If financial performance exceeds 100% of target, then the individual
payout factor is multiplied by the financial payout factor for purposes of
calculating the individual component of the incentive award. If a
participant has 2 or more financial measures in the financial component,
then the financial payout factors are averaged on a pro rata basis to
determine if overall Financial performance exceeds 100% of target. If the
prorata average of the financial payout factors exceeds 100% of target,
then the

1

 

INNOVATION GROUP

2008 SHORT-TERM INCENTIVE COMPENSATION PLAN

	 	 	 
	 

	 	prorata average of the financial factors is multiplied by the Individual
payout factor for purposes of calculating the individual component of the
incentive award.
	 
	 	 
	Adjustment of
Targets

	 	Upon the recommendation of the CEO, the Compensation
Committee may (but has no obligation to) adjust the
incentive criteria, targets or payout scale upon the
occurrence of extraordinary events or circumstances.
Significant acquisitions or dispositions of assets or
companies or issuances or repurchases of common stock or
other equity interests may, at the Compensation
Committee’s discretion, result in an adjustment to the
Dean Foods financial target or a region’s or business
unit’s financial target.
	 
	 	 
	Determination
of Individual
Target Incentive:

	 	Individual target incentives for specific positions are
included in the Dean Foods Integrated Compensation
Program. The Company may make adjustments to an
individual’s target incentive based on market conditions
or business requirements.
	 
	 	 
	Eligibility:

	 	Eligibility is determined by level in the company or as
approved by the Dean Foods Chairman and CEO, or
Executive Vice President Human Resources, or their
designate. Participants must be actively employed by
the Company on the date incentive awards are paid in
order to receive an incentive award, except as otherwise
provided by State law. If a participant dies, becomes
disabled, or retires prior to the payment of awards, the
participant may receive a payout, at the time other
incentive awards are paid, based on actual time in the
position and actual results of the company. Eligibility
and individual target amounts may be prorated. A
participant’s year-end base salary will be used to
calculate the incentive award. All proration of
incentive awards will be calculated based on whole month
participation. If an employee becomes eligible to
participate in the plan, transfers or becomes ineligible
between the first day of the month and the
15th of the month, the incentive award will
be calculated based on full month participation. If the
eligibility change occurs between the 16th of
the month and the end of the month, the incentive award
will be calculated beginning with the full calendar
month following the change. Eligible participants who
join the company on or after October 1st will
receive a prorated award, if earned, with the individual
portion of the award calculated at target performance.
	 
	 	 
	Special Awards:

	 	Upon recommendation of the Dean Foods Company CEO and
the President, White Wave, special awards may be made to
individual employees in the Company in recognition of
extraordinary achievement which has created or will
create value for Dean Foods and its shareholders.

2exv10w6

Exhibit 10.6

April 9, 2008

Ms. Kelly Duffin-Maxwell

323 Thackery Lane

Northfield, IL 60093

Dear Kelly:

I am pleased to offer you the position of Executive Vice President, Research and Development for
Dean Foods Company. This position will report jointly to me and Joe Scalzo. We 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 $15,208.33 on a semi-monthly basis, which equates to an annual salary of $365,000.
Your salary will be reviewed annually by our Compensation Committee.

Signing Bonus

You will receive a one-time signing bonus of $150,000, less payroll taxes, within 30 days of
employment. If you voluntarily leave Dean Foods without good reason during your first year of
employment, you will be responsible for reimbursing Dean Foods on a prorated basis (based on number
of months worked) for this one-time signing bonus.

You will also receive an additional one-time signing bonus of $150,000, less payroll taxes, within
30 days after one year of employment.

Annual Bonus Opportunity

As an Executive Vice President, you will be eligible to earn an annual bonus with a target amount
equal to 60% of your annualized base salary. For 2008, you will participate in the WhiteWave
Short-Term Incentive Plan. Your bonus payment will be based on actual financial and individual
performance. As long as your start date is no later than May 6, 2008, you will be eligible for a
full plan year (12 months) payout.

Annual Long Term Incentive Compensation

Following commencement of your employment, and subject to Compensation Committee approval, you will
be awarded $550,000 divided equally between Dean Foods restricted stock units and stock options.
The stock options will vest in equal installments over a period of three years, beginning on the
first anniversary of the date of the grant. The restricted stock units will vest in equal
installments over a five-year period, beginning on the first anniversary of the date of grant, or
earlier if certain financial performance targets are met. The number of stock options and
restricted stock units awarded to you will be determined based on the closing price of Dean Foods
stock on the date of the next Compensation Committee meeting following your start date. You will
be eligible for future equity grants under the Dean Foods Long Term Incentive Program in the
future, commencing in January 2009. The amount and nature of future long-term incentive awards
will be determined by the Board of Directors.

 

 

Additional Replacement Long Term Incentive Awards

Following commencement of your employment, and subject to Compensation Committee approval, you will
receive a one-time equity award of $550,000 divided equally between Dean Foods restricted stock
units and stock options. The number of stock options and restricted stock units awarded to you will
be determined based on the closing price of Dean Foods stock on the date of the next Compensation
Committee meeting following your start date. The stock options and restricted stock units will
have the same terms and conditions as your annual long-term incentive paragraph referenced above.

Executive Deferred Compensation Plan

You will be eligible to participate in the Executive 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.

Paid Time Off (PTO)

You will be granted five (5) weeks of PTO. Unused PTO 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 all other benefits. Additionally, you are eligible for executive benefits that include a
Supplemental Executive Retirement Plan (SERP), a supplemental executive long-term disability
program, and company paid annual physical. If you have questions regarding these programs or
eligibility, please call Fanny Sheumaker at 214-303-3657.

Relocation Benefits

Dean Foods wants your move to the Denver/Boulder area 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. As an
Executive Officer of Dean Foods, you will not be eligible for the equity advance benefits under
this policy. The policy describing these benefits will be sent to you as soon as possible. If you
have questions regarding these programs or eligibility, please call Tiffany Forrest at
214-721-1178.

Insider Trading

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

Severance

As a Corporate Officer, you will also be eligible for benefits under the Dean Foods Company
Executive Severance Plan (“Severance Plan”). In summary, according to the Severance Plan, if your
employment is terminated at any time as a result of a “qualifying termination,” meaning any
termination as a result your voluntary termination for good reason, or your involuntary termination
without cause, all as defined in the Severance Plan, you will receive payment of all base salary
accrued through the date of termination, prior year’s bonus to the extent earned but not paid,
target bonus through the date of termination and all unused vacation/PTO. In addition, you will be
eligible to receive a severance payment equivalent to two years of your base salary and target
bonuses, less lawful deductions. You will be required to execute a release of all claims and such
other agreements as the company may deem necessary or appropriate in order to receive such
severance pay. The actual terms of the Severance Plan will govern your rights to severance and not
this letter.

 

 

Change-In-Control Provisions

You will be provided a Change in Control agreement comparable to that currently provided to other
Dean Foods executives. In general, this agreement provides benefits of three 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. 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, or by you for any reason during the 13th month after a Change in
Control. The details of these provisions are set forth more fully in the enclosed Change of
Control Agreement.

New Hire Processes

This offer of employment is contingent upon your submission to and successful completion of a
background check and drug screen. You are also required to comply with the Dean Foods Code of
Ethics as a condition of employment. Your employment is on an at-will basis.

Conclusion

Kelly, 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/ Gregg L. Engles

Gregg L. Engles

Chairman and Chief Executive Officer

Agreed and accepted:

	 	 	 
	/s/ Kelly Duffin-Maxwell
	 	 
	 

Kelly Duffin-Maxwell

	 	 
	 
	 	 
	 

Date     April 20, 2008 

		 

DJ/ll

			
	cc:	 	Paul Moskowitz

Joe Scalzo

Doug Johnson

Fanny Sheumaker

Tommy Zanetich

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