Document:

EX-10.21 SUMMARY OF BOARD OF DIRECTORS COMPENSATIO

 

Exhibit 10.21

TOTAL SYSTEM SERVICES, INC.

Board of Directors Compensation

Approved January 24, 2007

     Upon the recommendation of the Corporate Governance and Nominating Committee, the Board of
Directors of Total System Services, Inc. approved modifications to the compensation to be paid to
directors effective February 1, 2007, as set forth below:

	 	 	 	 	 
	Cash Compensation	 	 	 	 
	 
	 	 	 	 
	Annual Board Retainer
	 	$	40,000	 
	 
	 	 	 	 
	Annual Committee Member Retainers
	 	 	 	 
	Audit Committee
	 	$	15,000	 
	Compensation Committee
	 	$	10,000	 
	Corporate Governance and Nominating Committee
	 	$	7,500	 
	Executive Committee
	 	$	10,000	 
	 
	 	 	 	 
	Annual Committee Chair Retainers*
	 	 	 	 
	Audit Committee
	 	$	15,000	 
	Compensation Committee
	 	$	10,000	 
	Corporate Governance and Nominating Committee
	 	$	7,500	 
	 
	 	 	 	 
	Annual Lead Director Retainer
	 	$	5,000	 

 

			
	*	 	Note: The committee chair will receive both an annual committee member retainer and an
annual committee chair retainer.

	 	 	 	 	 
	Equity Compensation	 	 	 	 
	Annual restricted stock award (in the form of a grant from the
TSYS 2002 Long-Term Incentive Plan, 3 year cliff vesting)
	 	500 shares

No equity awards to employee directors

	 	 	 	 	 
	Director Stock Purchase Plan	 	 	 	 
	 
	 	 	 	 
	Annual maximum company cash contribution per director
participant to company-sponsored open market stock purchase plan,
with company’s contribution equal to 50% of director participant’s
cash contribution, subject to annual maximum contribution limit by
director of $20,000
	 	$	10,000EX-10.29 ANNUAL BASE SALARIES/ EXECUTIVE OFFICERS

 

Exhibit 10.29

TOTAL SYSTEM SERVICES, INC.

Annual Base Salaries for Named Executive Officers

Approved January 24, 2007

     Upon the recommendation of the Compensation Committee, on January 24, 2007 the Board of
Directors of Total System Services, Inc. approved the following base salaries for its named
executive officers, effective January 1, 2007.

	 	 	 	 	 	 	 
	Name	 	Position	 	Base Salary
	 
	 	 	 	 	 	 
	Philip W. Tomlinson
	 	Chairman of the Board and Chief Executive Officer	 	$	691,000	 
	M. Troy Woods
	 	President and Chief Operating Officer	 	$	500,000	 
	William A. Pruett
	 	Senior Executive Vice President and Chief Client Officer	 	$	416,000	 
	Kenneth L. Tye
	 	Senior Executive Vice President and Chief Information Officer	 	$	400,000	 
	James B. Lipham
	 	Senior Executive Vice President and Chief Financial Officer	 	$	347,500EX-10.19 FIRST AMENDMENT TO INCENTIVE PLAN

 

EXHIBIT 10.19

FIRST AMENDMENT TO THE

FLOWERS FOODS, INC.

2001 EQUITY AND PERFORMANCE INCENTIVE PLAN

(as Previously Amended and Restated Effective February 11, 2005)

     THIS AMENDMENT is made this 25th day of August, 2006, by FLOWERS FOODS, INC., a
Georgia corporation (the “Company”), to the FLOWERS FOODS, INC. 2001 EQUITY AND PERFORMANCE
INCENTIVE PLAN, which has been previously amended and restated (the “Plan”).

     WHEREAS, the Company has previously adopted and restated the Plan, and pursuant to Section 18
thereof, Company’s Board of Directors (the “Board”) has the authority to amend the Plan, subject in
certain cases to the approval of the Company’s shareholders; and,

     WHEREAS, the Board deems it desirable to amend the Plan as reflected below;

NOW, THEREFORE, the Plan is hereby amended as follows, effective as of August 25, 2006:

1.

     Section 11 of the Plan is hereby amended by deleting said section in its entirety and
replacing it with the following Section 11:

     11. Adjustments. The Board shall make or provide for such adjustments in the
numbers of shares of Common Stock covered by outstanding Option
Rights, Deferred Stock, and Performance Stock granted hereunder, in
the Option Price, and in the kind of shares covered thereby, as is
equitably required to prevent dilution or enlargement of the rights
of Participants or Optionees that otherwise would result from (a)
combination of shares, recapitalization or other change in the
capital structure of the Company, or (b) any merger, consolidation,
spin-off, split-off, spin-out, split-up, reorganization, partial or
complete liquidation or other distribution of assets, issuance of
rights or warrants to purchase securities, or (c) any other
corporate transaction, equity restructuring, or other event
having an effect similar to any of the foregoing. Similar
adjustments shall be made automatically,

 

 

without Board action, on a
purely mathematical basis in the event of a stock dividend or stock
split. In the event of any such transaction or event, the Board, in
its discretion, may provide in substitution for any or all
outstanding awards under this Plan such alternative consideration as
it, in good faith, may determine to be equitable in the
circumstances and may require in connection therewith the surrender
of all awards so replaced. The Board shall also make or provide for
such adjustments in the numbers of shares specified in Section 3 of
this Plan as is appropriate to reflect any transaction or event
described in this Section 11.

2.

     Section 15 of the Plan is hereby amended by deleting the last sentence of said section.

3.

     The remaining provisions of the Plan are hereby ratified and confirmed.

     IN WITNESS WHEREOF, the Company has executed this Second Amendment as directed by the
Committee.

FLOWERS FOODS, INC.

By: /s/ Jimmy M. Woodward

Title: Senior Vice-President and Chief Financial Officer

2EX-10.20 SECOND AMENDMENT TO INCENTIVE PLAN

 

EXHIBIT 10.20

SECOND AMENDMENT TO THE

FLOWERS FOODS, INC.

2001 EQUITY AND PERFORMANCE INCENTIVE PLAN

(as Previously Amended and Restated Effective February 11, 2005)

     THIS AMENDMENT is made this 2nd day of January, 2007, by FLOWERS FOODS, INC., a
Georgia corporation (the “Company”), to the FLOWERS FOODS, INC. 2001 EQUITY AND PERFORMANCE
INCENTIVE PLAN, which has been previously amended and restated (the “Plan”).

     WHEREAS, the Company has previously adopted and restated the Plan, and pursuant to Section 18
thereof, the Company’s Board of Directors (the “Board”) has the authority to amend the Plan,
subject in certain cases to the approval of the Company’s shareholders; and,

     WHEREAS, the Board has authorized, by resolution dated November 17, 2006, this amendment of
the Plan;

     NOW THEREFORE, the Plan is hereby amended as follows, effective as of November 17, 2006:

1.

     Section 1 of the Plan is hereby amended by adding the phrase “or Deferred Stock” to the end of
the definition of “Participant” contained in said section.

2.

     Section 7 of the Plan is hereby amended by adding the phrase “, if any,” after the phrase
“Deferral Period” in subsection (a) of said section, so that the subparagraph as amended reads as
follows:

(a) Each such grant or sale shall constitute the agreement by the
Company to deliver shares of the Common Stock to the Participant in
the future in consideration of the performance of services, but
subject to the fulfillment of such conditions during the Deferral
Period, if any, as the Board may specify.

3.

     Section 7 of the Plan is further amended by adding the phrase “subject to the provisions of
Section 24 below, if . . . ” to the beginning of the second sentence of subsection (c) of said
section.

 

 

4.

     Section 7 of the Plan is further amended by adding the phrase “which may take the form on an
election agreement executed by the Participant and the Company (with respect to grants made as a
consequence of the Participant’s election)” following the word “agreement” in subsection (e) of
said section, so that subsection (e), as amended reads as follows:

(e) Each grant or sale of Deferred Stock shall be evidenced by an
agreement, which may take the form of an election agreement (with
respect to grants made as a consequence of the Participant’s
election), executed on behalf of the Company by any officer and by
the Participant, and shall contain such terms and provisions,
consistent with this Plan, as the Board may approve.

5.

     Section 7 of the Plan is further amended by adding the following subsection (f) thereto:

(f ) Any grant or sale of Deferred Stock may permit the Participant
to elect that the distribution of said stock shall occur upon a date
or event specified by the Participant prior to the grant at such
time and manner as specified by the Board, and may further be made
as a consequence of an election provided to the Participant to
convert an anticipated economic benefit of another type into
Deferred Stock.

6.

     Section 9 of the Plan is hereby amended by adding the phrase “or Deferred Stock” after the
phrase “Restricted Stock” in the first sentence of said section, so that said sentence, as amended,
reads as follows:

     The Board may, from time to time and upon such terms and conditions
as it may determine, authorize the granting to Nonemployee Directors
of Option Rights and may also authorize the grant or sale of
Restricted Stock or Deferred Stock to Nonemployee Directors.

7.

     Section 9 of the Plan is hereby further amended by adding the following subsection (c) to said
section:

(c) Each grant or sale of Deferred Stock pursuant to this Section 9
shall be upon terms and conditions consistent with Section 7 of this
Plan.

- 2 -

 

8.

     The remaining provisions of the Plan are hereby ratified and confirmed.

     IN WITNESS WHEREOF, the Company has executed this Second Amendment pursuant to authorization
by the Board.

FLOWERS FOODS, INC.

By: /s/ Jimmy M. Woodward

Title: Senior Vice-President and Chief Financial Officer

- 3 -EX-10.21 THIRD AMENDMENT TO INCENTIVE PLAN

 

EXHIBIT 10.21

THIRD AMENDMENT TO THE

FLOWERS FOODS, INC.

2001 EQUITY AND PERFORMANCE INCENTIVE PLAN

(as Previously Amended and Restated Effective February 11, 2005)

     THIS AMENDMENT is made this 23rd day of January, 2007, by FLOWERS FOODS, INC., a
Georgia corporation (the “Company”), to the FLOWERS FOODS, INC. 2001 EQUITY AND PERFORMANCE
INCENTIVE PLAN, which has been previously amended and restated (the “Plan”).

     WHEREAS, the Company has previously adopted and restated the Plan, and pursuant to Section 18
thereof, the Company’s Board of Directors (the “Board”) has the authority to amend the Plan,
subject in certain cases to the approval of the Company’s shareholders; and,

     WHEREAS, the Compensation Committee of the Board on January 2, 2007 authorized this amendment
of the Plan;

     NOW THEREFORE, the Plan is hereby amended as follows, effective as of January 2, 2007:

1.

     Section 2 of the Plan is amended by deleting the existing definition of “Fair Market Value”
and by inserting in its place the following:

“Fair Market Value” means (i) the closing price of a share of Common
Stock as reported on the composite tape for securities listed on the
New York Stock Exchange, or such other national securities exchange
as may be designated by the Committee, or, in the event that the
Common Stock is not listed for trading on a national securities
exchange but is quoted on an automated system, on such automated
system, in any such case on the valuation date (or, if there were no
sales on the valuation date, the closing price as reported on said
composite tape or automated system for the most recent day during
which a sale occurred), or (ii) if clause (i) does not apply, the
fair market value of the Common Stock as determined by the Board.

2.

     The remaining provisions of the Plan are hereby ratified and confirmed.

 

 

     IN WITNESS WHEREOF, the Company has executed this Third Amendment pursuant to authorization by
the Board.

FLOWERS FOODS, INC.

By: /s/ Stephen R. Avera

Title: Senior Vice-President, Secretary and General Counsel

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