Document:

Form of Director's Restricted Stock Unit Award Agreement

 Exhibit 10.17 

 

			
	

	 	

 2011 DIRECTOR’S RESTRICTED STOCK UNIT (“RSU”) AWARD AGREEMENT

 

 This AGREEMENT (this “Agreement”), effective as of the date indicated on
the Notice of Grant delivered herewith (the “Notice of Grant”), is made and entered into by and between Dean Foods Company, a Delaware corporation (the “Company”), and the individual named on the Notice of Grant
(“you”). 
 WITNESSETH: 
 WHEREAS, the Board of Directors of the Company has adopted and approved the Dean Foods Company 2007 Stock Incentive Plan (the “Plan”), which Plan was approved as required by the
Company’s stockholders and provides for the grant of Restricted Stock Units and other forms of stock-based compensation to certain selected Employees and non-employee Directors of the Company and its Subsidiaries (capitalized terms used and not
otherwise defined in this Agreement shall have the meanings set forth in the Plan); and 
 WHEREAS, the Restricted Stock Units
and other Awards provided for under the Plan are intended to comply with the requirements of Rule 16b-3 under the Securities Exchange Act of 1934, as amended; and 
 WHEREAS, you are a non-employee Director; and 
 WHEREAS, the Committee has
awarded to you the Restricted Stock Units, which are referred to in this Agreement as RSUs, described in this Agreement and in the Notice of Grant. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements herein contained, you and the Company hereby agree as follows: 

1. Grant of Award. The Company hereby grants to you, and you hereby accept, subject to the terms and conditions set forth in the
Plan and in this Agreement, the number of RSUs shown on the Notice of Grant, effective as of the date indicated on the Notice of Grant (the “Date of Grant”). Each RSU represents the right to receive one share of the Company’s
Stock, subject to the terms and conditions set forth in the Plan and in this Agreement. The shares of Stock that are issuable upon vesting of the RSUs granted to

 
you pursuant to this Agreement are referred to in this Agreement as the “Shares.” Subject to the provisions of Sections 2(c) and 3(b) hereof, this Award of RSUs is irrevocable
and is intended to conform in all respects with the Plan. 
 2. Vesting. 

(a) Regular Vesting. Except as otherwise provided in the Plan or in this Section 2, your RSUs will
vest ratably in three (3) equal annual increments commencing on the first (1st) anniversary of the Date of Grant. 
 (b) Accelerated Vesting. In
addition to the vesting provisions contained in Section 2(a) above, your RSUs will automatically and immediately vest in full upon (i) a Change in Control, (ii) your death or Disability, or (iii) your Retirement or other
retirement from service on the Board upon expiration of your term. For purposes of this Agreement, “Retirement” shall be defined as your retirement from service to the Company or any Subsidiary after you reach the age of sixty-five
(65); and “Disability” shall be defined as your permanent and total disability (within the meaning of Section 22(e)(3) of the Code). 
 (c) Forfeiture of Unvested RSUs. If your service as a non-employee Director of the Company terminates for any reason (other than by reason of your death, Disability, Retirement or other retirement
from service on the Board upon expiration of your term) before all or any portion of the RSUs subject to this Award have vested, the unvested RSUs will be immediately forfeited and you will have no further rights to such unvested RSUs or the Shares
represented by those forfeited RSUs. 
 3. Distribution of Shares. 

(a) Distribution Upon Vesting. The Company will distribute to you (or to your estate in the event of your death) the Shares of
Stock represented by the RSUs that vested on such vesting date as soon as administratively practicable after each vesting date.

 

  

					
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 (b) Forfeiture of Shares. Notwithstanding any provision of this Agreement or the
Plan to the contrary, if you are removed as a non-employee Director of the Company due to your willful or intentional fraud, embezzlement, violation of the Company’s Code of Ethics, or other conduct seriously detrimental to the Company or any
Subsidiary, your rights in your unvested RSUs will be immediately and permanently forfeited. The determination of whether you have been removed for any of the reasons specified in the preceding sentence (which will be referred to in this Agreement
as “Cause”) will be determined by the Board or the Committee. 
 (d) Compliance With Law. The Plan,
the granting and exercising of this RSU, and any obligations of the Company under the Plan, shall be subject to all applicable federal, state and foreign country laws, rules and regulations, and to such approvals by any regulatory or governmental
agency as may be required, and to any rules or regulations of any exchange on which the Stock is listed. The Company, in its discretion, may postpone the granting and exercising of this RSU, the issuance or delivery of Stock under this RSU or any
other action permitted under the Plan to permit the Company, with reasonable diligence, to complete such stock exchange listing or registration or qualification of such Stock or other required action under any federal, state or foreign country law,
rule or regulation and may require you to make such representations and furnish such information as it may consider appropriate in connection with the issuance or delivery of Stock in compliance with applicable laws, rules and regulations. The
Company shall not be obligated by virtue of any provision of the Plan to recognize the exercise of this RSU or to otherwise sell or issue Stock in violation of any such laws, rules or regulations, and any postponement of the exercise or settlement
of this RSU under this provision shall not extend the term of the RSU. Neither the Company nor its directors or officers shall have any obligation or liability to you with respect to any RSU (or Stock issuable thereunder) that shall lapse because of
such postponement. 
 4. Stockholder Rights. Except as set forth in the Plan, neither you nor any person claiming under
or through you shall be, or have any of the rights or privileges of, a stockholder of the Company in respect of the Shares issuable pursuant to this Award unless and until your Shares shall have been issued. 

5. Tax Withholding. Any provision of this Agreement to the contrary notwithstanding, the Company may take such steps as it deems
necessary or desirable for the withholding of any taxes that it is required by law or regulation of any governmental authority, federal, state or local, domestic or foreign, to withhold in connection with vesting of any RSU or issuance of any of the
Shares subject thereto. 

 6. Transfer of RSUs. The RSUs granted herein are not transferable except in
accordance with the provisions of the Plan. 
 7. Plan Incorporated. You accept the RSUs hereby granted subject to all
the provisions of the Plan, which, except as expressly contradicted by the terms hereof, are incorporated into this Agreement, including the provisions that authorize the Committee to administer and interpret the Plan and which provide that the
Committee’s decisions, determinations and interpretations with respect to the Plan are final and conclusive on all persons affected thereby. 
 8. Miscellaneous. 
 (a) Notices. Any notice to be given to the
Company under the terms of this Agreement shall be addressed to the Company at its principal executive offices, and any notice to be given to you shall be addressed to you at the address set forth on the attached Notice of Grant, or at such other
address for a party as such party may hereafter designate in writing to the other. Any such notice shall be deemed to have been duly given if mailed, postage prepaid, addressed as aforesaid. 

(b) Binding Agreement. Subject to the limitations in this Agreement on the transferability by you of the Award granted herein,
this Agreement shall be binding upon and inure to the benefit of the representatives, executors, successors or beneficiaries of the parties hereto. 
 (c) Governing Law. The interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of Delaware and the United States, as applicable, without
reference to the conflict of laws provisions thereof. 
 (d) Severability. If any provision of this Agreement is
declared or found to be illegal, unenforceable or void, in whole or in part, then the parties shall be relieved of all obligations arising under such provision, but only to the extent that it is illegal, unenforceable or void, it being the intent
and agreement of the parties that this Agreement shall be deemed amended by modifying such provision to the extent necessary to make it legal and enforceable while preserving its intent or, if that is not possible, by substituting therefore another
provision that is legal and enforceable and achieves the same objectives. 
 (e) Interpretation. All section titles and
captions in this Agreement are for convenience only, shall not be deemed part of this Agreement, and in no way shall define, limit, extend or describe the scope or intent of any provisions of this Agreement.

 

  

					
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 (f) Entire Agreement. This Agreement constitutes the entire agreement among the
parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 
 (g) No Waiver. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a
breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition.

 (h) Counterparts. This Agreement may be executed in counterparts, all of which
together shall constitute one agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. 
 (i) Relief. In addition to all other rights or remedies available at law or in equity, the Company shall be entitled to injunctive and other equitable relief to prevent or enjoin any violation of
the provisions of this Agreement. 

 

  
 END OF AGREEMENT

  

					
		 	Page 3 of 3	  	2011 RSU - DIRDean Foods Company Revised 2010 Short Term Incentive Compensation Plans

 Exhibit 10.19 
 BUSINESS UNIT PRESIDENT AND INNOVATION EXECUTIVE LEADER 
 2010 SHORT-TERM
INCENTIVE COMPENSATION PLAN 
  

			
	Purpose:	  	To (i) align employee variable cash 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 cash compensation remains competitive.
		
	Participants:	  	Employees of Dean Foods who are in positions to influence and/or control results in their specific areas of responsibility and/or the Corporation.
		
	Payout Criteria:	  	The criteria for payment to Participants under this Plan and the weighting of such criteria is based on individual target incentive percentages, performance against financial
targets, and performance against individual objectives as set forth below. Depending on the Participant’s role in the organization, Individual Objectives may be based on Corporate, Functional, Business Unit, or Individual Objectives and will
be noted as Individual Objectives in the Components.

  

			
	Participant Group	 	Components
	 Business Unit Presidents
	 	- 60% Financial Objectives
	 – FDD
	 	
	 – WhiteWave
	 	 20% = Dean Foods Financial Objectives

	 – Morningstar
	 	 40% = Business Unit Financial Objective(s)

	 SVP, Innovation
	 	
		 	- 40% Individual Objectives

  

			
	Payout Scales:	  	The financial payout factor is 0% - 200%, rounded to the nearest whole percentage, based on actual performance against approved objectives. The individual objective factor is 0%
- 150% of actual performance against approved objectives.
		
	 Financial

Multiplier:
	  	The financial multiplier is the financial payout factor and is applied against the individual objective factor, if the financial payout factor exceeds 100%. For plans with
multiple financial components, the multiplier will be a weighted average of each financial component. If the financial payout factor does not exceed 100%, no multiplier is applied to the individual objective factor.

			
	Objectives Performance Payout Factor:	  	Approved financial objectives and the range of performance for each objective for the Plan Year along with the corresponding payout factor scale based on actual performance will be
included in the Administrative Guidelines for the Plan. The STI Plan Year is the same as the Dean Foods fiscal year.
		
	Individual Objectives:	  	Each Plan Participant maintains a 40% objective against the attainment of certain specified individual objectives as determined by the Participant’s supervisor and / or
Compensation Committee of the Board of Directors. Actual earned awards are based on the individual’s performance rating under the Performance Management Process. The Company will provide guidelines for the determination of these awards on an
annual basis.
		
	Adjustment of Targets / Actuals:	  	Upon the recommendation of the CEO, the Compensation Committee may (but has no obligation to) adjust the criteria, targets, actuals, 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 plan-specific 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, as necessary.
		
	Definitions:	  	“Disability” is defined as permanent and total disability (within the meaning of Section 22(e)(3) of the Internal Revenue Service Code (“Code”).
		
		  	“Retirement” is defined as (i) age fifty-five (55), so long as the Participant has completed at least ten (10) years of continuous service immediately prior to retirement,
or (ii) age sixty-five (65).
		
		  	“Actively Employed” is defined as the Participant must not have been terminated prior to the identified date.

			
	Eligibility:	  	Eligibility is determined by salary grade in the Company, or as approved by the Executive Vice President Human Resources, or designate. Participants must be actively employed by
the Company on the last working day of the Plan Year 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, or if a Participant’s
job is eliminated and such job elimination makes the Participant eligible to receive benefits under a Company severance plan or policy, 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 in the case of those individuals actively employed by the
Company on the last working day of the Plan Year. A Participant’s base salary at the time of death, disability, retirement, or job elimination will be used to calculate the pro-rated incentive award in those specific circumstances. All
proration of incentive awards will be calculated based on whole month participation. If an employee becomes eligible to participate in the Plan, transfers between Plans, changes target participation in the Plan, or becomes ineligible to participate
in the Plan 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. There will be no award made for employees hired after December 15th of the Plan Year.
		
	Repayment Provision:	  	The Participant in this Plan agrees and acknowledges that this Plan is subject to any policies that the Compensation Committee of the Dean Foods Board of Directors may adopt from
time to time with respect to the repayment to the Company of any benefit received pursuant to this Plan, including “clawback” policies.

 EXECUTIVE LEADERSHIP AND CORPORATE STAFF 

2010 SHORT-TERM INCENTIVE COMPENSATION PLAN - Revised 

 

			
	Purpose:	  	To (i) align employee variable cash 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 cash compensation remains competitive.
		
	Participants:	  	Employees of Dean Foods who are in positions to influence and/or control results in their specific areas of responsibility and/or the Corporation.
		
	Payout Criteria:	  	The criteria for payment to Participants under this Plan and the weighting of such criteria is based on individual target incentive percentages, performance against financial
targets, and performance against individual objectives as set forth below. Depending on the Participant’s role in the organization, Individual Objectives may be based on Corporate, Functional, Business Unit, or Individual Objectives and will
be noted as Individual Objectives in the Components.

  

			
	Participant Group	 	Components
	 CEO

COO
 Functional EOT Members
 – Human Resources

– Finance
 – R&D
 – Supply Chain

– Legal
 – Strategy
 All Corporate Staff not covered by
another STI plan
	 	 - 60% Financial Objectives
  

30% = Dean Foods Operating Income
 30% = Earnings Per Share
  
 -
40% Individual Objectives

  

			
	Payout Scales:	  	The financial payout factor is 0% - 200%, rounded to the nearest whole percentage, based on actual performance against approved objectives. The individual objective factor is 0%
- 150% of actual performance against approved objectives.
		
	Financial Multiplier:	  	The financial multiplier is the financial payout factor and is applied against the individual objective factor, if the financial payout factor exceeds 100%. For plans with
multiple financial components, the multiplier will be a weighted average of each financial component. If the financial payout factor does not exceed 100%, no multiplier is applied to the individual objective factor.

			
	Objectives Performance Payout Factor:	  	Approved financial objectives and the range of performance for each objective for the Plan Year along with the corresponding payout factor scale based on actual performance will
be included in the Administrative Guidelines for the Plan. The STI Plan Year is the same as the Dean Foods fiscal year.
		
	Individual Objectives:	  	Each Plan Participant maintains a 40% objective against the attainment of certain specified individual objectives as determined by the Participant’s supervisor and / or
Compensation Committee of the Board of Directors. Actual earned awards are based on the individual’s performance rating under the Performance Management Process. The Company will provide guidelines for the determination of these awards on an
annual basis.
		
	Adjustment of Targets / Actuals:	  	Upon the recommendation of the CEO, the Compensation Committee may (but has no obligation to) adjust the criteria, targets, actuals, 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 plan-specific 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, as necessary.
		
	Definitions:	  	“Disability” is defined as permanent and total disability (within the meaning of Section 22(e)(3) of the Internal Revenue Service Code
(“Code”).
		
		  	“Retirement” is defined as (i) age fifty-five (55), so long as the Participant has completed at least ten (10) years of continuous service immediately prior to
retirement, or (ii) age sixty-five (65).
		
		  	“Actively Employed” is defined as the Participant must not have been terminated prior to the identified date.

			
	Eligibility:	  	Eligibility is determined by salary grade in the Company, or as approved by the Executive Vice President Human Resources, or designate. Participants must be actively employed by
the Company on the last working day of the Plan Year 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, or if a Participant’s
job is eliminated and such job elimination makes the Participant eligible to receive benefits under a Company severance plan or policy, 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 in the case of those individuals actively employed by the
Company on the last working day of the Plan Year. A Participant’s base salary at the time of death, disability, retirement, or job elimination will be used to calculate the pro-rated incentive award in those specific circumstances. All
proration of incentive awards will be calculated based on whole month participation. If an employee becomes eligible to participate in the Plan, transfers between Plans, changes target participation in the Plan, or becomes ineligible to participate
in the Plan 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. There will be no award made for employees hired after December 15th of the Plan Year.
		
	Repayment Provision:	  	The Participant in this Plan agrees and acknowledges that this Plan is subject to any policies that the Compensation Committee of the Dean Foods Board of Directors may adopt from
time to time with respect to the repayment to the Company of any benefit received pursuant to this Plan, including “clawback” policies.

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