Document:

LETTER AGREEMENT BETWEEN DEAN FOODS COMPANY AND STEVEN J. KEMPS

 Exhibit 10.2 

 
 

 
 November 7, 2012 
 Steven J. Kemps 
 717 Edward Court 
 Southlake, TX 76092 
 Dear Steve: 
 I am pleased to formalize our discussions regarding your continuing role with Dean Foods Company (the “Company”). 
 Pursuant to this Agreement, you will continue as a full-time employee (except as may otherwise be permitted, as described below) of the Company, reporting to the Chief Executive Officer of the Company,
during the period from the date of this Agreement through no later than June 30, 2013 (the “Resignation Date”). 
 The purpose of
this Agreement is to induce you to remain with the Company through the Resignation Date, despite any material reduction in your responsibilities that may have occurred or will occur in connection with the initial public offering of Class A
common stock of The WhiteWave Foods Company or otherwise, for an appropriate transition of your duties and responsibilities to the person that the Company shall identify as the successor to your current position (the “Successor”). Under
this Agreement, you shall continue to serve in your current position until March 1, 2013 (the “Transition Date”). Upon the Transition Date, you shall resign as an officer of the Company, but continue as a full-time consulting employee
until the Resignation Date. The Chief Executive Officer may allow the Resignation Date to occur earlier than June 30, 2013, but only if (i) you request such modification of the Resignation Date, in writing and (ii) the Chief Executive
Officer concurs with such request in writing. If the Chief Executive Officer agrees to your request for an earlier Resignation Date, you will receive the benefits provided under this Agreement, but assuming that such earlier date was the originally
agreed upon Resignation Date. 
 As is more fully described below, if you remain employed by the Company through the Resignation Date, you shall
resign your employment as of that date. The Company shall treat such resignation as a voluntary termination for Good Reason within the meaning of the Dean Foods Company Amended and Restated Executive Severance Pay Plan, dated September 4, 2006
and as amended and restated November 16, 2010 (the “ESP”) and you shall be entitled to receive all of the termination and other separation payments that are payable (and at the same time as such payments would be payable) in respect
of a such a termination for Good Reason under the ESP. 

 November 7, 2012 
 Steven J. Kemps Letter Agreement 
  
 Duties and Responsibilities 
 Until the Transition Date, your duties and responsibilities
under this Agreement shall be the same as apply with respect to your current position as an officer of the Company, except to the extent that such duties may be impacted by the IPO. Thereafter, until the Resignation Date, your duties and
responsibilities shall be to effect a smooth transition of your former duties and responsibilities to the Successor, including being available to advise the Successor and/or such other senior officers of the Company as appropriate. All of your
services hereunder shall be provided on a full-time basis. 
 Base Salary 
 For your service as an employee through the Resignation Date, you will continue to be paid an annual base salary at the same rate as is in effect on the date hereof. You shall not be eligible for any
increase in your base salary at any time after the date hereof. All payments of base salary will be paid semi-monthly, in accordance with the Company’s standard payroll procedures. 
 Annual Bonus Opportunity 
 For the 2012 calendar year, your target short term incentive
bonus will be the same target that has previously been communicated to you for such year. Your short term incentive bonus target for 2013 will not be modified from the 2012 target percentage. Payment of the short term incentive bonus is subject to
the achievement of the operating targets that have been previously approved by the Compensation Committee of the Board of Directors of the Company. Payment of any short term incentive amount will be made at the same time as, and subject to the same
terms and conditions as apply to, all other participants in the short term incentive plan. 
 Executive Retention Plan 

You shall continue to be eligible to receive payment under the Executive Retention Plan in respect of any awards granted prior to the date hereof. Any
awards payable based upon performance in respect of calendar year 2012 will be payable to you in the ordinary course, at the same time as, and subject to the same terms and conditions as apply to, all other Dean Foods participants in the Executive
Retention Plan. For the avoidance of doubt, if you remain employed, in any capacity, until the Resignation Date, whether the Resignation Date is June 30, 2013 or an earlier date as agreed to by the Chief Executive Officer pursuant to this
Agreement, you will be eligible to receive the retention payment payable to you for the 2012 performance year, payable at the same time as other similarly-situated executives receive the retention payment. 

  
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 November 7, 2012 
 Steven J. Kemps Letter Agreement 
  
 As your Resignation Date is expected to occur prior to the end of the 2013 plan year, you understand and agree that you forfeit without payment any right in respect of the 2013 portion of your Executive
Retention Plan interests. 
 Stock Options and Restricted Stock 
 For the purpose of vesting and exercising previously granted stock options, restricted stock and other equity awards (“Prior Equity Compensation Grants”), it is expected that your employment
will continue until the Resignation Date. You will be entitled to exercise any vested options or options that vest in the future according to the stock option agreement and plan governing the terms of the options. You understand and acknowledge that
the Company is under no obligation to provide you any additional equity grants after the date hereof. You acknowledge that, if WhiteWave is spun-off to the Company’s shareholders while your awards remain outstanding in accordance with their
terms, your then outstanding Prior Equity Compensation Grants will be adjusted in the same manner as applies to other employees of the Company who are remaining as employees of the Company following such spin-off. 

Paid Time Off 
 You shall continue to
accrue and be allowed to access PTO in accordance with the Company’s standard policies and practices. 
 Retirement Benefits

 In accordance with, and subject to, the terms of the applicable plan, you will continue to be allowed to contribute to both the Company
401(k) plan and the Company Supplemental Employee Retirement Plan (SERP) through the Resignation Date. As it is anticipated that you will remain an employee of the Company through your Resignation Date, that date will be your separation from service
for the purpose of triggering the receipt of payments of any vested benefits that you may have under the Company Executive Deferred Compensation Plan and SERP. 
 Other Benefits 
 So long as you continue to provide services to the Company on a full-time
basis (including your time as a full-time consulting employee), you will continue to be eligible to participate in all employee benefit plans, programs, and arrangements, including payment of individual life and disability insurance costs, to the
extent made available to the Company’s senior executives or employees, on the same terms and conditions as other senior executives. 

Through the Resignation Date, you will be entitled to reimbursement of business expenses in accordance with applicable Company policies and practices,
and will be provided with a Company-issued cell phone, Blackberry, Company email address, and office and secretarial assistance. 

  
 3 

 November 7, 2012 
 Steven J. Kemps Letter Agreement 
  
 Termination of Employment 
 If you remain employed by the Company through the Resignation
Date, you shall resign your employment on that date. The Company shall treat such resignation as a voluntary termination for Good Reason within the meaning of the ESP. Upon such resignation for Good Reason, you shall have the right to receive all of
the termination and other separation payments that are payable (and at the same time as such payments would be payable) in respect of such a termination under the ESP. 
 Notwithstanding the foregoing, the Company may terminate your employment hereunder at any time with or without Cause before the Resignation Date. If the Company shall terminate your employment without
Cause before the Resignation Date, while this Agreement is still in effect, you shall be entitled to receive (i) all of the benefits of employment, including but not limited to payments for salary, benefits, bonus payments (including retention
payment for the 2012 performance year), and vesting of equity (or payments in lieu of vesting should vesting not be allowable under the applicable Company long-term incentive plan) had you remained employed through the Resignation Date; and
(ii) all of the termination and other separation payments that are payable (and at the same time as such payments would be payable) in respect of a such a termination under the ESP. 
 If the Company shall terminate your employment with Cause, you will only be entitled to be paid any accrued and unpaid base salary in respect of your services through your date of termination and any
other amounts and benefits which have become accrued and vested under the terms of the applicable Company benefit plans and programs and that are not forfeitable under such plans and programs upon your termination for Cause. As used herein, the term
“Cause” shall have the same meaning and effect as the definition of “Cause” in the ESP, such definition is incorporated into this Agreement by reference. 
 Interpretation 
 The parties hereto intend that payments and benefits under this Agreement,
the ESP and all other plans and arrangements referenced herein (collectively, the “Arrangements”) comply with Section 409A of the Internal Revenue Code (“Section 409A”) to the extent subject thereto, and the
Arrangements shall be interpreted and administered to be in compliance therewith. In all events, payments under this Agreement and the ESP shall be made no later than March 15 of the year following the year in which the payment is
vested. Notwithstanding the foregoing, only to the extent required to avoid accelerated taxation and/or tax penalties under Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant
to the Arrangements during the six-month period immediately following your separation from service shall instead be paid on the first business day after the date that is six months following your separation from service. 

  
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 November 7, 2012 
 Steven J. Kemps Letter Agreement 
  
 Entire Agreement 
 This Agreement sets forth the entire understanding of the parties hereto
and supersedes all other agreements, written or oral, between the parties relating to the subject matter hereof except (i) the Indemnification Agreement dated March 4, 2006, which will continue to be valid and applicable concerning matters
that occurred or may occur prior to the Resignation Date; and (ii) the agreements and plans governing your rights in respect of any Prior Equity Compensation Grants. 
 If you agree that the foregoing agreement sets forth our understanding of the terms and conditions of your continuing employment with the Company in the event that the Offering should be consummated,
please sign both copies of this Agreement where indicated below and return one copy to me (keeping one for your records), and this Agreement shall be and become a binding agreement between you and the Company. 

 

	
	DEAN FOODS COMPANY
	
	 /s/ Gregg A. Tanner

	 By: Gregg A. Tanner

	 Chief Executive Officer

 Agreed and Accepted: 
  

	
	/s/ Steven J. Kemps
	 Steven J. Kemps

	
	Date: November 7, 2012

  
 5Form of the Registrant's Common Stock certificate

 Exhibit 4.1 

 

	
	

  

YAHOO! INC. 
 A statement of the rights,
preferences, privileges and restrictions granted to or imposed upon the respective classes or series of shares and upon the holders thereof as established, from time to time, by the Certificate of Incorporation of the Corporation and by any
certificate of determination or designations, and the number of shares constituting each class and series and the designations thereof, may be obtained by the holder hereof upon written request and without charge from the Secretary of the
Corporation at its corporate headquarters. 
  

	
	  
 The following abbreviations, when used in the
inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

  

																							
	 TEN COM
	 	-	 	 as tenants in common	  		 	  UNIF GIFT MIN ACT	 	  -	 	  
	 	Custodian	 	  
	 		 		 	
		 		 		  		 		 		 	(Cust)	 		 	(Minor)	 		 		 	

  

																	
	 TEN ENT
	 	-	 	 as tenants by the entireties	 		 		 	    under Uniform Gifts to Minors Act	 	  
	 		 	
		 		 		 		 		 		 	(State)	 		 	

  

																					
	 JT TEN
	 	 -	 	 as joint tenants with right of survivorship

and not as tenants in common
	  		 	UNIF TRF MIN ACT	 	  -	 	  
	 	Custodian (until age	 	  
	 	)	 	
		 		 	  		 		 		 	(Cust)	 		 		 		 	

																			
		 		 		 		 		 	  
	 	under Uniform Transfers to Minors Act	 	  
	 		 	
		 		 		 		 		 	(Minor)	 		 	(State)	 		 	
	 Additional abbreviations may also be used though not in the above list.
	 		 		 		 	

  

  

							
		 		 		 	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
	 For value received,
	 	  
	 	 hereby sell, assign and transfer unto  
	 	 
	 	 	 	 

  

	
	  

	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE)

  

	
	  

  

	
	  

  

			
	  
	 	shares
	of the capital stock represented by the within certificate, and do hereby irrevocably constitute and appoint	 	

  

			
	  
	 	attorney
	to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises.	 	

 

  

							
	Dated:	 	  
	 	20	 	  

  

					
	Signature:	 	  

  

					
	Signature:	 	  

		 	Notice:	 	The signature(s) to this assignment must correspond with the name(s) as written upon the face of the certificate, in every particular, without alteration or enlargement, or any
change whatever.

 

  

	
	 Signature(s) Guaranteed: Medallion Guarantee
Stamp
  
 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE
GUARANTOR INSTITUTION (Banks, Stockbrokers, Savings and Loan Associations and Credit Unions) WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15.

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