Document:

exv10w1

 

Exhibit 10.1

June 28, 2006

Doug King

5437 Oaklawn Avenue

Edina, MN 55424

Doug:

I would like to offer you the position of Vice President, General Manager of Waters Medical
Systems. The details of the position are confirmed below:

	 	 	 
	Title:

	 	Vice President, General Manager
	First Day of Employment:

	 	July 5, 2006
	Location:

	 	Based in Plymouth, travel as needed
	Report to:

	 	Jerry Grabowski, Chief Executive Officer
	Salary:

	 	$5,384.62 paid bi-weekly
	Bonus:

	 	30% bonus potential
	Stock Options:

	 	To be evaluated by BOD at next meeting.
	Vacation:

	 	160 hours accrued first year of employment
	Benefits:

	 	Insurance eligibility begins August 1, 2006. Health,
Dental, life insurance, and disability premiums will be
reimbursed as taxable income.
401(k) eligibility begins after 6 months of employment.
	Signing Bonus:

	 	$10,000 payable after 1 year employment and achieving subjective objectives.

I hope to welcome you to Zareba Systems, Inc. Enclosed are two copies of the offer letter. Please
return one copy with your acceptance signature.

Sincerely,

/s/ Jerry Grabowski

Jerry Grabowski

President and Chief Executive Officer

Zareba Systems, Inc.

 

 

I accept the above offer of employment with Zareba Systems, Inc. I understand that Zareba Systems
is an at-will employer and this offer is not a contract of employment.

	 	 	 	 	 
	/s/ Doug King

	 	 
	 	June 29, 2006
	 

	 	 	 	 
	Acceptance Signature

	 	 	 	Dateexv10w1

 

Exhibit 10.1

DEL MONTE CORPORATION

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

(Third Restatement)

As amended and restated effective June 29, 2006

 

 

DEL MONTE CORPORATION

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE 1 Definitions
	 	 	1	 
	Section 1.1. Actively Employed
	 	 	1	 
	Section 1.2. Actuarial Equivalent Value
	 	 	1	 
	Section 1.3. Additional Benefits Plan
	 	 	1	 
	Section 1.4. Affiliate
	 	 	1	 
	Section 1.5. Beneficiary
	 	 	1	 
	Section 1.6. Board
	 	 	1	 
	Section 1.7. Cause
	 	 	1	 
	Section 1.8. Change of Control
	 	 	2	 
	Section 1.9. Claimant
	 	 	2	 
	Section 1.10. Code
	 	 	2	 
	Section 1.11. Committee
	 	 	2	 
	Section 1.12. Compensation
	 	 	2	 
	Section 1.13. Corporation
	 	 	2	 
	Section 1.14. Del Monte Foods Company
	 	 	3	 
	Section 1.15. Effective Date
	 	 	3	 
	Section 1.16. Employer
	 	 	3	 
	Section 1.17. Excess Plan
	 	 	3	 
	Section 1.18. Final Average Compensation
	 	 	3	 
	Section 1.19. Gross Benefit
	 	 	3	 
	Section 1.20. Heinz Participant Preservation Arrangement
	 	 	3	 
	Section 1.21. Net Benefit
	 	 	3	 
	Section 1.22. Participant
	 	 	3	 
	Section 1.23. Plan
	 	 	3	 
	Section 1.24. Plan A
	 	 	3	 
	Section 1.25. Plan Administrator
	 	 	3	 
	Section 1.26. Plan Year
	 	 	3	 
	Section 1.27. PRA
	 	 	4	 
	Section 1.28. Retirement Contribution Account
	 	 	4	 
	Section 1.29. Service
	 	 	4	 
	Section 1.30. Supplemental Benefits Plan
	 	 	4	 
	ARTICLE 2 Participation and Eligibility for Benefits
	 	 	4	 
	Section 2.1. Participation
	 	 	4	 
	Section 2.2. Eligibility for Benefits.
	 	 	4	 
	Section 2.3. Death
	 	 	5	 
	ARTICLE 3 Benefits
	 	 	5	 
	Section 3.1. Amount of Benefits
	 	 	5	 
	Section 3.2. Payment of Benefits
	 	 	6	 
	Section 3.3. Benefits in Cases of Reemployment
	 	 	6	 
	ARTICLE 4 Administration and Authority
	 	 	7	 
	Section 4.1. Plan Administrator
	 	 	7	 
	Section 4.2. Powers
	 	 	7	 

i

 

	 	 	 	 	 
	 	 	Page
	Section 4.3. Expenses
	 	 	8	 
	ARTICLE 5 Amendment and Termination
	 	 	8	 
	Section 5.1. Right to Amend or Terminate
	 	 	8	 
	ARTICLE 6 Miscellaneous
	 	 	8	 
	Section 6.1. Headings
	 	 	8	 
	Section 6.2. Unfunded Plan
	 	 	8	 
	Section 6.3. Authorization for Trust
	 	 	8	 
	Section 6.4. No Employment Rights
	 	 	8	 
	Section 6.5. Benefits Not Assignable or Transferable
	 	 	8	 
	Section 6.6. Laws Applicable
	 	 	8	 
	ARTICLE 7 Claims Procedure
	 	 	9	 
	Section 7.1. Filing of a claim for benefits
	 	 	9	 
	Section 7.2. Notification to claimant of decision
	 	 	9	 
	Section 7.3. Appeal Process
	 	 	9	 
	Section 7.4. Decision on Appeal
	 	 	9	 
	Section 7.5. Effect of Extensions
	 	 	10	 
	Schedule A Gross Benefit Based on Service and Final Average Compensation (FAC)
	 	A-1	 

ii

 

DEL MONTE CORPORATION

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

     DEL MONTE CORPORATION, a Delaware corporation, adopted the “Supplemental Executive Retirement
Plan for Former Employees of the Heinz Group” (the “Heinz Plan”), effective as of December 20,
2002, in order to compensate eligible executive employees for retirement benefits which cannot be
paid under the Corporation’s qualified plans because of statutory limitations and to aid in the
retention of such employees and to comply with the terms of the Agreement and Plan of Merger dated
as of June 12, 2002, among H. J. Heinz Company, Del Monte Foods Company, SKF Foods Inc. and the
Corporation. Effective as of January 1, 2005, Del Monte Corporation has amended and restated the
Heinz Plan, re-named the Heinz Plan as the “Del Monte Corporation Supplemental Executive Retirement
Plan” (the “Plan”), expanded the group of eligible employees and adjusted for offsets for other benefits
paid. Effective as of June 29, 2006, Del Monte Corporation has amended and restated the Plan to
allow participation by otherwise eligible individuals who are employed by subsidiaries of the
Corporation, clarify the definition of “service,” and eliminate the December 20, 2007 vesting
requirement for employees who are terminated without cause in connection with the Transformation
Plan announced by Del Monte Foods Company on June 22, 2006.

     The Plan is intended to be “unfunded” and maintained “primarily for the purpose of providing
deferred compensation for a select group of management or highly compensated employees” for
purposes of ERISA. Accordingly, the Plan is not intended to be covered by Parts 2 through 4 of
Subtitle B of Title I of ERISA. The existence of any trust fund as may be established from time to
time is not intended to change this characterization of the Plan.

 

 

ARTICLE 1

Definitions

     Unless otherwise required by the context, capitalized terms used herein shall have the
meanings set forth in this Article 1. Any capitalized term not specifically defined herein shall
have the meaning set forth in the PRA.

     Section 1.1. Actively Employed shall mean an Employee on the Corporation’s active
payroll, including Employees on approved leaves of absence.

     Section 1.2. Actuarial Equivalent Value shall mean the lump sum value of any annuity
benefit or the amount of an account balance of any account balanced based plan. The lump sum value
for a benefit under Plan A, the PRA, the Additional Benefits Plan or the Supplemental Benefit Plan
is determined using the applicable plan’s factors to determine a lump sum, and with respect to any
other annuity benefit for any other plan, using the factors to determine a lump sum under PRA.

     Section 1.3. Additional Benefits Plan shall mean the Del Monte Corporation Additional
Benefits Plan, as amended from time to time, or any successor plan thereto with respect to any
benefit under that plan based on a defined benefit plan formula.

     Section 1.4. Affiliate Affiliate shall mean as of any date, (i) the Corporation, and
(ii) any company, person or organization which, on such date, (A) is a member of the same
controlled group of corporations (within the meaning of Code §414(b)) as is the Corporation; (B) is
a trade or business (whether or not incorporated) which controls, is controlled by or is under
common control with (within the meaning of Code §414(c)) the Corporation; (C) is a member of an
affiliated service group (as defined in Code §414(m)) which includes the Corporation; or (D) is
required to be aggregated with the Corporation pursuant to regulations promulgated under Code §414
(0).

     Section 1.5. Beneficiary shall mean the person or persons designated by the
Participant to receive any death benefit paid under Section 3.1(c) of the Plan as set forth on a
form filed with the Plan Administrator or, in the absence of such form, the Participant’s
Beneficiary designated under PRA or, in the absence of a PRA Beneficiary, the Beneficiary
designated under the Participant’s Del Monte life insurance beneficiary form or, in the absence of
a life insurance Beneficiary, pursuant to the descent and distribution laws of the Participant’s
state of residence.

     Section 1.6. Board shall mean the Board of Directors of the Corporation or its duly
appointed delegate or delegates.

     Section 1.7. Cause shall mean

     (a) (i) the same definition for “Cause” set forth in any employment agreement between
the Participant and the Corporation in effect when the event(s) occur, or, in the absence of
such an employment agreement, any of the following: (ii) any act of theft, misappropriation, embezzlement,
intentional fraud or similar conduct by the Participant involving the Corporation or any
Affiliate; (iii) the conviction or the plea of nolo contendere or the

1

 

equivalent in respect of a felony involving an act of dishonesty, moral turpitude,
deceit or fraud by the Participant; (iv) any damage of a material nature to the business or
property of the Corporation or any Affiliate caused by the Participant’s willful or grossly
negligent conduct; or (v) the Participant’s failure to act in accordance with any specific
lawful instructions given to Participant in connection with the performance of his duties
for the Corporation or any Affiliate.

     (b) Participant shall be deemed to have been terminated for Cause (i) on the date and
as determined by the Board, if Participant is employed by the Corporation pursuant to a
written employment agreement, or (ii) on the date and as determined by the Plan
Administrator for all other Participants. The designation of termination for Cause by the
Plan Administrator under this Plan shall not be used for any other purpose and shall not be
used against either the Corporation or any Participant.

     Section 1.8. Change of Control  shall mean a “Change of Control” as defined in the Del
Monte Foods Company 2002 Stock Incentive Plan.

     Section 1.9. Claimant  shall have the definition set forth in Article 7.

     Section 1.10. Code  shall mean the Internal Revenue Code of 1986 and the regulations
promulgated thereunder, as amended from time to time.

     Section 1.11. Committee  shall mean the Corporation’s “Del Monte Corporation Employee
Benefits Committee.”

     Section 1.12. Compensation  shall mean:

     (a) “Compensation” as defined in the PRA and adjusted as described in subsections (b),
(c) and (d) below or, as applicable, the compensation set forth in the Heinz Participant
Preservation Arrangement for the applicable Participant.

     (b) Compensation shall include any amounts excluded under the PRA by reason of Code
sections 401(a)(17) and 415.

     (c) Unless already included, Compensation shall include the amount of any annual
incentive award or bonus awarded to a Participant and included in the year of payment of
such award or bonus, notwithstanding any deferral of such amount by the Participant.

     (d) Compensation shall not include any amount of compensation, paid or
deferred, attributable to fringe benefits (including, without limitation, car allowances and
the value of any insurance benefit), perquisites, sign-on bonuses, or other special type of
bonus.

     Section 1.13. Corporation  shall mean Del Monte Corporation, a Delaware corporation,
or any successor thereto.

2

 

     Section 1.14. Del Monte Foods Company  shall mean Del Monte Foods Company, a Delaware
corporation.

     Section 1.15. Effective Date  shall mean the effective date of this amendment and
restatement, June 29, 2006.

     Section 1.16. Employer  shall mean the Corporation and any Affiliate of the
Corporation.

     Section 1.17. Excess Plan  shall mean the Corporation’s “Del Monte Corporation
Employees Retirement and Savings Excess Plan,” as amended from time to time, or any successor
thereto.

     Section 1.18. Final Average Compensation  shall mean the average annual Compensation
of a Participant during the five (5) highest compensated years of the Participant’s last ten (10)
years of Service, or of the Participant’s entire Service if Service is less than five (5) years.
If a Participant has five (5) or more, but fewer than ten (10) years of Service, the five (5)
highest compensated years of the Participant’s entire period of Service shall be used. If a
Participant has fewer than ten (10) years of Service, the five (5) highest compensated years of the
Participant’s entire period of Service shall be used. To the extent needed to determine the five
(5) highest compensated years, Compensation determined in the Heinz Participant Preservation
Arrangement may be used. Annual Compensation shall be determined on the basis of a calendar year.

     Section 1.19. Gross Benefit  shall have the definition set forth in Article 3, Section
3.1.

     Section 1.20. Heinz Participant Preservation Arrangement  shall mean the data
maintained by the Plan Administrator with respect to eligible employees who were participants in
the Plan immediately prior to the Effective Date and their compensation with respect to this Plan
for periods prior to the Effective Date.

     Section 1.21.  Net Benefit shall have the definition set forth in Article 3, Section 3.1.

     Section 1.22. Participant shall have the definition set forth in Article 2.

     Section 1.23. Plan  shall mean the “Del Monte Corporation Supplemental Executive
Retirement Plan”, formerly known as the “Del Monte Corporation Supplemental Executive Retirement
Plan for Former Employees of the Heinz Group”, as set forth herein and as amended from time to
time.

     Section 1.24. Plan A  shall mean the “Employees’ Retirement System of H. J. Heinz
Company (“Plan A”) for Salaried Employees,” as in effect immediately prior to December 20, 2002, as
sponsored by H. J. Heinz Company.

     Section 1.25. Plan Administrator shall have the definition set forth in Article 4.

     Section 1.26. Plan Year shall mean a calendar year.

3

 

     Section 1.27. PRA  shall mean the “Del Monte Corporation Retirement Plan for Salaried
Employees,” as in effect from time to time.

     Section 1.28. Retirement Contribution Account  shall mean the separate Retirement
Contribution Account maintained under the Del Monte Savings Plan as of December 31, 2004 with
respect to profit sharing contributions and which includes the Retirement Savings Account for any
Participant which was transferred from the “H. J. Heinz Company Employees Retirement and Savings
Plan” to the Del Monte Savings Plan on or about February 2004.

     Section 1.29. Service  shall mean the Period of Service under PRA for vesting purposes
and the years of service identified for any Participant listed in the Heinz Participant
Preservation Arrangement but only to the extent not included in the Period of Service under PRA;
provided, that Service shall not include any Period of Severance nor any Period of Service that is
recognized by PRA for vesting purposes as past service credit with an non-affiliated employer or
predecessor employer (“Prior Employer”) unless liabilities for such service from the Prior
Employer’s qualified plan have been transferred to PRA or another pension plan of the Corporation which
is included in any offsetting benefit under Section 3.1(b)(vi) of this Plan; provided further that
no such service shall be credited under this Plan until the Participant has completed three (3)
Years of Service with the Employer, without regard to any service with a Prior Employer.

     Section 1.30. Supplemental Benefits Plan  shall mean the Del Monte Corporation
Supplemental Benefits Plan, as amended from time to time, or any successor plan thereto with
respect to any benefit under that plan based on a defined benefit plan formula.

ARTICLE 2

Participation and Eligibility for Benefits

     Section 2.1. Participation  Participants in this Plan are those individuals Actively
Employed by the Corporation, and any Employer other than the Corporation with the consent of the
Committee, at Grade level 40 and above, as well as those Employees participating in this Plan
immediately prior to the Effective Date, as identified in the Heinz Participation Preservation
Arrangement.

     Section 2.2. Eligibility for Benefits

     (a) A Participant who ceases to be employed by the Employer shall be entitled to the
benefits under the Plan described in Article 3 if the following conditions have been met as
of the date of termination of employment:

     (i) attainment of his or her 55th birthday, and

     (ii) completion of five (5) years of Service, and

     (iii) employment termination after December 20, 2007; provided that,

4

 

     (A) Participants in the Heinz Participant Preservation Arrangement
shall not be subject to the eligibility requirement set forth in Article 2,
Section 2.2(a)(iii);

     (B) if a Participant’s employment is terminated by the Corporation
within two (2) years after a Change of Control, the Participant, shall not
be subject to the eligibility requirement set forth in Article 2, Section
2.2(a)(iii); and

     (C) if a Participant’s employment is terminated involuntarily by the
Corporation for other than Cause pursuant to the Fiscal Year 2007
Transformation Plan announced by Del Monte Foods Company on June 22, 2006,
the eligibility requirement of this Article 2, Section 2.2(a)(iii) shall not
apply.

     (b) Notwithstanding the foregoing, if a Participant’s employment terminates for Cause,
the Participant shall forfeit any benefit under this Plan.

     Section 2.3. Death.  If a Participant dies while Actively Employed by the Employer
(or after termination of employment and before payment has been made pursuant to Section 3.2) and
after meeting the age and service requirements for a retirement benefit under Section 2.2, a
benefit shall be payable to the Participant’s surviving Beneficiary as provided in Section 3.1(c).

ARTICLE 3

Benefits

     Section 3.1. Amount of Benefits. The amount of benefits payable under the Plan to a
Participant who is eligible under Section 2.2 shall be as follows:

     (a) A lump sum amount equal to Final Average Compensation times the multiple based on
the Participant’s Service at termination of employment to the nearest whole year determined
according to the table set forth in Schedule A (the “Gross Benefit”), offset by the amounts
determined under section (b) below to produce the benefit payable (the “Net Benefit”).

     (b) The Gross Benefit amount of a Participant shall be reduced by the Actuarial
Equivalent Value of:

	 	(i)	 	the amount payable to the Participant
under the Supplemental Benefit Plan and the Additional Benefits
Plan as of the date of termination of employment, if any;
	 
	 	(ii)	 	the amount payable to the Participant
under the Excess Plan as of the date of termination of
employment, if any;

5

 

	 	(iii)	 	the amount payable to the Participant
under Plan A as of the date of termination of employment, if
any;
	 
	 	(iv)	 	the Participant’s Retirement
Contribution Account, increased for any withdrawals,
distributions, or outstanding loan balances made from or on
account of such account prior to December 31, 2004, and then
increased by interest credits determined in the same manner and
amount as credited under PRA from January 1, 2005 until the
date of termination of employment, if any;
	 
	 	(v)	 	the Participant’s Credit Balance in the
PRA as of the date of termination of employment, if any; or, if
a greater Actuarial Equivalent Value, the Participant’s PRA
Preserved Benefit as of the date of termination of employment,
if any;
	 
	 	(vi)	 	the amount of any benefit paid or
payable to the Participant as an annuity or from any lump sum
payment made or to be made in lieu of an annuity from any
retirement plan (whether or not qualified under Code Section
401) of the Employer, domestic or foreign, as the Plan
Administrator may determine to be appropriate from time to
time, as of the date of termination of employment, if any;
provided that no offset is required if past service associated
with such benefit has not been credited as Service under this
Plan.

     (c) If a Participant dies while Actively Employed (or after termination of employment
and before payment has been made pursuant to Section 3.2) and the Participant would have
been entitled to a Net Benefit described in subsection (a) above if the Participant had
terminated employment as of the date of death, the deceased Participant’s surviving
Beneficiary shall receive a lump sum payment equal to 85% of the Participant’s Net Benefit
determined under subsections (a) and (b) above.

     Section 3.2. Payment of Benefits. The Plan benefit payable to a Participant, or
designated Beneficiary, shall be paid in a cash lump sum as soon as practicable after the
Participant’s termination of employment, or date of death, if applicable.

     Section 3.3. Benefits in Cases of Reemployment. The Plan benefit payable upon
termination of employment to a Participant who was reemployed after having received a lump sum
payment under the Plan upon a previous termination of employment shall be the amount otherwise
determined under Section 3.1 reduced by the amount of the previous payment increased by interest
credits determined in the same manner and amount as credited under PRA from the date of the prior
payment through the subsequent termination of employment, but not reduced to less than zero.

6

 

ARTICLE 4

Administration and Authority

     Section 4.1. Plan Administrator  The general administration and responsibility for
carrying out the provisions of the Plan shall be placed with the Plan Administrator. The Plan
Administrator shall be the Committee or its designee. Persons participating in Plan administration
may be eligible to participate in the Plan. The Plan Administrator shall have complete control of
the administration of the Plan with all powers to enable it to carry out its duties in that
respect, subject at all times to the limitations and conditions specified in or imposed by the
Plan. The Plan Administrator is a named fiduciary of the Plan.

     Section 4.2. Powers  In addition to any implied powers needed to carry out the
provisions of the Plan, the Plan Administrator shall have the following specific powers:

          (a) To make and enforce such rules and regulations and procedures as it shall deem necessary
or proper for the efficient administration of the Plan and to design written forms or other
documents to implement such rules, regulations and procedures;

          (b) To interpret the Plan and to decide any and all matters arising hereunder, including the
right to remedy possible ambiguities, inconsistencies or omissions;

          (c) To determine the amount of benefits that shall be payable in accordance with the
provisions of the Plan;

          (d) To arrange for withholding and remittance of such withholding taxes as are required under
the Code;

          (e) To authorize any agent to execute or deliver any instrument or make any payment on its
behalf; to retain counsel, employ agents and provide for such clerical, accounting and consulting
services as it may require in carrying out the provisions of the Plan; and to allocate among or
delegate to other persons all or such portion of its duties hereunder as the Plan Administrator in
its sole discretion shall decide;

          (f) To determine benefit eligibility under the Plan, to interpret Plan provisions and to take
any action necessary to execute the provisions of the Plan, and all such authority shall be
exercised in a manner consistent with the provisions of the Plan.

     All interpretations, determinations and decisions of the Plan Administrator in respect of any
matter hereunder shall be final, conclusive and binding upon all persons claiming an interest under
the Plan, subject to the appeals process pursuant to Section 7.2, and further subject to any powers
or authority reserved to the Committee hereunder. Benefits under this Plan will be paid only if
the Plan Administrator decides in its sole discretion that the Claimant is entitled to them.

7

 

     Section 4.3. Expenses. The Corporation shall pay all expenses of administering the
Plan.

ARTICLE 5

Amendment and Termination

     Section 5.1. Right to Amend or Terminate. The Board reserves the right to terminate,
modify, alter or amend this Plan from time to time to any extent that it may deem advisable.

ARTICLE 6

Miscellaneous

     Section 6.1. Headings. The headings are for reference only. In the event of a conflict
between a heading and the content of a Section, the content of the Section shall control.

     Section 6.2. Unfunded Plan  The Plan at all times shall be entirely unfunded and no
provision shall at any time be made with respect to segregating any assets of the Employer for
payment of any benefits hereunder. The right of a Participant or a Beneficiary to receive a
benefit hereunder shall be an unsecured claim against the general assets of the Employer, and
neither the Participant nor a Beneficiary shall have any rights in or against any specific assets
of the Employer. The Plan is intended to be unfunded for tax purposes and for purposes of Title I
of ERISA.

     Section 6.3. Authorization for Trust. Notwithstanding Section 6.2, the Corporation
may, but shall not be required to, establish one or more trusts, with such trustee as the Plan
Administrator may approve, for the purpose of providing for the payment of Plan benefits. Such
trust or trusts may be irrevocable, but the assets thereof shall be subject to the claims of the
Employer’s creditors. To the extent any benefits under the Plan are actually paid from any such
trust, the Employer shall have no further obligation with respect thereto, but to the extent not so
paid, such amounts shall remain the obligation of, and shall be paid by, the Employer.

     Section 6.4. No Employment Rights. Nothing contained in the Plan shall be construed as
a contract of employment between the Employer and any Participant or as a right of any Participant
to be continued in employment or as a limitation on the right of any Employer to terminate the
employment of any Participant, at anytime, with or without Cause.

     Section 6.5. Benefits Not Assignable or Transferable. No right or interest of any
Participant in the Plan (or Beneficiary, if applicable) shall be assignable or transferable, or
subject to any lien, in whole or in part, either directly or by operation of law, or otherwise
including, without limitation, execution, levy, garnishment, attachment, pledge, bankruptcy or in
any other manner. The Plan shall not be liable for, or be subject to, any obligation or liability
of such Participant or Beneficiary.

     Section 6.6. Laws Applicable. The Plan shall be governed by, and construed in
accordance with, the laws of the state of California, to the extent not inconsistent with any
applicable provision of ERISA.

8

 

ARTICLE 7

Claims Procedure

     Section 7.1. Filing of a claim for benefits  If a Participant, Beneficiary or other
person (the “Claimant”) believes that he or she is entitled to benefits under the Plan which are
not paid to the Claimant or which are not being accrued for the Claimant’s benefit, he or she shall
file a written claim for such benefit with the Plan Administrator. Any person acting as, or as
part of, the Plan Administrator must recuse himself or herself on any matter regarding the
disposition of their own claim or appeal under the Plan that comes before the Plan Administrator
pursuant to this Article 7.

     Section 7.2. Notification to claimant of decision  Within 90 days after receipt of a
claim by the Plan Administrator (or within 180 days if special circumstances require an extension
of time, as determined by the Plan Administrator in its sole discretion), the Plan Administrator
shall notify the Claimant of the decision with regard to the claim. In the event of such special
circumstances requiring an extension of time, there shall be furnished to the Claimant prior to
expiration of the initial 90-day period written notice of the extension, which notice shall set
forth the special circumstances and the date by which the decision shall be furnished. If such
claim shall be wholly or partially denied, notice thereof shall be in writing and worded in a
manner calculated to be understood by the Claimant, and shall set forth:

     (a) the specific reason or reasons for the denial;

     (b) specific reference to pertinent provisions of the Plan on which the denial is
based;

     (c) a description of additional material or information necessary, if any, for the
Claimant to perfect the claim; and

     (d) an explanation of the procedure for review of the denial, and any further appeal
process, and the time limits applicable thereto, including a statement regarding a
Claimant’s right to bring a civil action under ERISA section 502(a).

     Section 7.3. Appeal Process  Within 60 days following receipt by the Claimant of
notice denying his or her claim, in whole or in part, or, if such notice shall not be given, within
60 days following the latest date on which such notice could have been timely given, the Claimant
shall appeal denial of the claim by filing a written application for review with the Plan
Administrator. Following such request for review, the Plan Administrator shall fully and fairly
review the decision denying the claim. Prior to the decision of the Plan Administrator, the
Claimant shall be provided, on request and free of charge, reasonable access to and copies of
relevant documents and an opportunity to submit issues and comments in writing.

     Section 7.4. Decision on Appeal  The decision on appeal of a claim denied in whole or
in part by the Plan Administrator shall be made in the following manner. Within 60 days

9

 

following receipt by the Plan Administrator of the request for review (or within 120 days if
special circumstances require an extension of time, as determined by the Plan Administrator in its
sole discretion), the Plan Administrator shall notify the Claimant in writing of its decision with
regard to the claim. In the event of such special circumstances requiring an extension of time,
written notice of the extension shall be furnished to the claimant prior to the commencement of the
extension. With respect to a claim that is denied in whole or in part, the decision on review
shall set forth specific reasons for the decision, shall be written in a manner calculated to be
understood by the Claimant, and shall provide the specific reason(s) for the denial and specific
references to the pertinent Plan provisions on which the decision is based and provide that the
Claimant is entitled, on request and free of charge, reasonable access to and copies of relevant
documents. The appeal decision of the Plan Administrator shall be final and conclusive.

     Section 7.5. Effect of Extensions In the event that the Plan Administrator requests
additional information necessary to determine the claim or appeal from a Claimant, the Claimant
shall have at least 45 days in which to respond. The period for making a benefit determination or
deciding an appeal, as the case may be, shall be tolled from the date of the notification to the
Claimant of the request for additional information until the date the Claimant responds to such
request or, if later, the expiration of the deadline provided by the Plan Administrator.

SIGNATURE

     The above amended and restated Plan is hereby adopted and approved to be effective as of the
Effective Date.

	 	 	 	 	 
	 	DEL MONTE CORPORATION

 	 
	 	By:  	   /s/ Mark J.C. Buxton
 	 
	 	 	   Mark J.C. Buxton 	 
	 	 	   Vice President, Human Resources 	 

10

 

	 	 	 	 	 

Schedule A

Gross Benefit Based on Service and Final Average Compensation (FAC)

	 	 	 	 	 
	Service to the	 	 
	Nearest Whole Year	 	Multiple of FAC
	Less than 5 years

	 	 	0	 
	5 years

	 	 	1.0	 
	6

	 	 	1.2	 
	7

	 	 	1.4	 
	8

	 	 	1.6	 
	9

	 	 	1.8	 
	10

	 	 	2.0	 
	11

	 	 	2.2	 
	12

	 	 	2.4	 
	13

	 	 	2.6	 
	14

	 	 	2.8	 
	15

	 	 	3.0	 
	16

	 	 	3.1	 
	17

	 	 	3.2	 
	18

	 	 	3.3	 
	19

	 	 	3.4	 
	20

	 	 	3.5	 
	21

	 	 	3.6	 
	22

	 	 	3.7	 
	23

	 	 	3.8	 
	24

	 	 	3.9	 
	25

	 	 	4.0	 
	26

	 	 	4.1	 
	27

	 	 	4.2	 
	28

	 	 	4.3	 
	29

	 	 	4.4	 
	30

	 	 	4.5	 
	31

	 	 	4.6	 
	32

	 	 	4.7	 
	33

	 	 	4.8	 
	34

	 	 	4.9	 
	35

	 	 	5.0 maximum

A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]