Document:

Letter Agreement regarding Option Exercises - Bodner

 Exhibit 10.14 
 Private & Confidential 
 December 20, 2010 

Larry E. Bodner 
 Executive Vice President,
Finance 
 Del Monte Foods Company 
 One
Maritime Plaza 
 San Francisco, CA 94105 
 RE: Exercise of Options and Make-Whole Payment 
 Dear Mr. Bodner: 

This letter is in reference to the proposed exercise by you of certain of the vested options to purchase shares of Del Monte Foods
Company common stock (“DM Stock”) that you hold pursuant to certain Del Monte Foods Company equity incentive plans (your “DM Options”). As you know, upon the closing of the transactions contemplated under the Agreement and Plan
of Merger dated as of November 24, 2010 among Blue Acquisition Group, Inc., Blue Merger Sub Inc. and Del Monte Foods Company (the “Company”) (the “Merger Agreement”), all unvested awards on DM Stock that you currently hold
will become fully vested. The vesting of these awards, alone, will likely trigger the imposition on you of a “golden parachute” excise tax (“280G Tax”). Although the Company generally has an obligation to make you whole on such
excise tax under existing 280G Tax gross-up arrangements (pursuant to your employment agreement or the Executive Severance Plan, as applicable, the “280G Tax gross-up”)), there is an opportunity to potentially eliminate the imposition of
the 280G Tax through your exercise of certain DM Options on or prior to December 31, 2010. In connection with the foregoing, the Company’s advisors have estimated that imposition of the 280G Tax may possibly be avoided by you exercising
all of your vested DM Options by no later than December 28, 2010 (the “Covered Options”). All capitalized terms used in this letter agreement but not otherwise defined will have the meaning ascribed to them in the Merger Agreement.

 In connection with your exercise of the Covered Options, but subject to the next succeeding sentence, the Company shall pay
you a cash amount equal to the product of (x) the excess, if any, of the Merger Consideration over the price per share of DM Stock that you receive, after taking into account any applicable per share broker fees, on the date you exercise the
Covered Options, and (y) the number of shares of DM Stock that you acquire upon exercise of the Covered Options and sell into the market prior to the consummation of the transactions contemplated in the Merger Agreement (such product, the
“Make-Whole Payment”). The Company shall pay you the Make-Whole Payment within ten (10) days after the Closing Date; provided, however, that if (i) the amount of the Merger Consideration is increased from $19.00,
then the reference to “Merger Consideration” in the preceding sentence shall refer to such increased amount, or (ii) the Merger Agreement is terminated and no other transaction of the type described in the Merger Agreement and
involving the parties to the Merger Agreement occurs, then the Company shall not be obligated to pay you any Make-Whole Payment (or any portion thereof). For the avoidance of doubt, if (a) you do not exercise the Covered Options on or before
December 28, 2010, or (b) if the transaction described in the Merger Agreement (or a similar transaction involving the same parties) is not consummated, the Company shall not be obligated to pay you the Make-Whole Payment (or any
portion thereof). In addition, the Company shall not be obligated to pay you any Make-Whole Payment on any shares of DM Stock that you acquire upon exercise of the Covered Options but do not sell into the market (or on any other shares of DM Stock
not acquired upon exercise of the Covered 

 
Options that you might sell into the market). The Make-Whole Payment shall be subject to withholding for applicable taxes. 

Please note that the Company does not guarantee that the exercise of the Covered Options will ultimately avoid the application of the
280G Tax to any payments or benefits you receive in connection with the transaction contemplated under the Merger Agreement. The estimate of the number of Covered Options to exercise to avoid the 280G Tax is based on a variety of assumptions,
including the identification of payments and benefits taken into account in estimating whether or not you may be subject to the 280G Tax, the timing of the closing of the Merger, and the amount of the Merger Consideration. In the event that
circumstances cause those assumptions to be inaccurate, the exercise of the Covered Options may not prove to be sufficient to avoid the imposition of the 280G Tax. However, if the 280G Tax is nevertheless triggered, you will still be eligible to
receive the 280G Tax gross-up payment from the Company to the extent provided under the terms of your employment agreement or the Executive Severance Plan, as applicable. 
 This letter supersedes any previous communications or agreements, oral or written, relating to the subject matter contained herein, and shall be governed by the laws of the State of California.

 If you are amenable to the terms of this letter agreement, please sign below to indicate your agreement herewith and return a
copy of this signed letter to Derek Windham by no later than December 22, 2010. 
 Very truly yours, 

 

	
	 /s/ Richard W. Muto

	Richard W. Muto

	
	Executive Vice President and Chief Human Resources Officer
	Del Monte Foods Company

 Accepted and agreed this 22nd day of
December, 2010. 
  

	
	 /s/ Larry E. Bodner

	Larry E. BodnerFirst Amendment to the Restated Del Monte Foods Brokerage Agreement

 Exhibit 10.15 

 

Certain portions of this agreement, for which confidential treatment has been requested, 

have been omitted and filed separately with the Securities and Exchange Commission. 

Sections of the agreement where portions have been omitted have been identified in the text. 

FIRST AMENDMENT 
 RESTATED DEL MONTE FOODS 
 RETAIL BROKERAGE AGREEMENT 

This First Amendment (“First Amendment”) dated May 4, 2009 shall amend the Restated Del Monte Foods Retail Brokerage
Agreement (“Agreement”) dated November 4, 2008 by and between Del Monte Corporation, a corporation with its main business office at One Market @ the Landmark, San Francisco, California 94105 (the “Client”) and
Advantage Sales & Marketing LLC, a limited liability company with its main business office at 18100 Von Karman Avenue, Suite 900, Irvine, CA 92612 (“Broker”). 

WHEREAS, the parties desire to amend the Agreement to (1) change the Broker’s address, (2) revise Attachment B-1 to
include and exclude certain stores, and (3) revise Attachment B-2 to include and exclude certain stores. 
 NOW,
THEREFORE, in acknowledgement of good and valuable consideration, the sufficiency of which is acknowledged, the parties agree to add to the Agreement as follows: 
  

	 	1.	Change Broker’s Name: The parties agree to change the Broker’s main business office as set forth in the preamble above.

  

	 	2.	Attachment B-1A: The parties agree to replace the current “Attachment B-1” in its entirety with a new “Attachment B-1A” as contained
herein. 

  

	 	3.	Attachment B-2A: The parties agree to replace the current “Attachment B-2” in its entirety with a new “Attachment B-2A” as contained
herein. 

  

	 	4.	No Other Change: Except as modified by the First Amendment, the Agreement will remain in full force and effect as set forth herein.

 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be executed by their duly
authorized representatives as of the date first above written. 
  

									
	ADVANTAGE SALES & MARKETING LLC	 		 	DEL MONTE CORPORATION
					
	By:	 	/s/ Chris Oliver	 		 	By:	 	/s/ Tim Cole
					
	Name:	 	Chris Oliver	 		 	Name:	 	Tim Cole
					
	Title:	 	President – Sales	 		 	Title:	 	EVP, Sales
					
	Date:	 	August 13, 2009	 		 	Date:	 	August 18, 2009

 ATTACHMENT B-1A 

DEL MONTE CORPORATION 
 RETAIL GROCERY BROKERAGE AGREEMENT 
 Applicable Brokerage
Rates/Classes of Trade/Other Compensation 
 Brokerage Commissions shall be computed where applicable on the billed sales to the
customers and classes of trade set forth below. Effective as of the Effective Date and subject to the exclusions set forth herein, Brokerage Commissions shall be paid at the commission rates set forth below applied to Client’s adjusted base
delivered price (see provision 2 of Agreement). Commission rates and/or other payments for services under this Agreement may be amended upon mutual agreement by the parties in writing. 

 

							
	A.    	  	 Del Monte Brands, Del Monte Pet Products (Retail), Seafood (except frozen), College Inn Broth, Produce

(except as indicated on Schedule B-2)
	  	Applicable Base Brokerage Rate
				
		  	I.	  	Retail Grocery Customers	  	
		  		  	(Except Wal*Mart Super Center Retail – see below)	  	
		  		  	 •    Non-Produce
	  	[***]*
		  		  	 •    Produce
	  	[***]*
				
		  	II.	  	Drug Stores (except as specifically indicated) (Excluding Long’s Drug)	  	[***]*
				
		  	III.	  	Dollar Stores (except as specifically indicated)	  	
		  		  	(Including Dollar Tree and Bargain Wholesale effective 8/25/08)	  	[***]*
				
		  	IV.	  	Convenience Stores (as specifically agreed)	  	[***]*
				
		  	V.	  	Administrative Support Customers (CVS Including Long’s Drug,	  	
		  		  	Walgreens, Rite Aid)	  	[***]*
				
		  	VI.	  	All Channels: Hawaii (Including Long’s Drug)	  	[***]*
				
		  	VII.	  	Minor Mass	  	[***]*
				
		  	VIII.	  	Specialty Distributors	  	[***]*
			
		  	StarKist Frozen	  	[***]*
			
		  	 •       HQ Sales & Support
	  	[***]*
		  	 •       Retail Coverage
	  	[***]*
		  	 •       Resets & Remodels
	  	[***]*

 Bonuses, if applicable, shall be paid at rates mutually agreed upon by the
parties. 
 B.    Dedicated Retail Team. In addition to the brokerage rates set forth above,
Broker shall be paid a lump sum payment of $[***]* monthly for Dedicated Retail Team (DRT) services in the grocery channel. Services provided by the DRT shall consist of customary dedicated retail services including the following: 

 
  
 * CONFIDENTIAL
INFORMATION HAS BEEN OMITTED AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION 

 Retail Distribution Management 

New Product Distribution 
 Modular Integrity Oversight 
 Retail Audits 

Retail Call Reporting (Date and Location of Retail Calls) 
 The DRT shall perform services for all Client customers in the grocery channel (including the national retailers directly serviced by Client (identified on Attachment C hereto) and those retail
grocery accounts managed by Louis F. Leeper Company), as defined in the agreed deployment model. 
 C.    In-Store
Execution/Reset Activity. Client shall pay to Broker a monthly payment for all grocery channel in-store execution and reset activity based on (i) actual labor support supplied during a month (at Broker’s published retail service
rates), and (ii) to the extent applicable, Client’s pro-rata share of customer charges for in-store execution/reset activity. Broker in-store execution/reset activity shall be performed in accordance with plans and budgets approved in
advance by Client. Broker shall submit a detailed invoice for in-store execution/reset activity to Client by the fifteenth day of the month following the month in which such services were performed. All charges set forth in such invoice shall be
substantiated by reasonable supporting documentation or records. Payment for In-Store Execution/Reset Activity shall be capped at $[***]* per Client fiscal year. 
 D.    Other Services. Broker shall perform such other services as specified by Client at rates and subject to terms mutually agreed to by Client and Broker. 

 

									
	E.    Wal*Mart Super Center and Division I Retail Coverage	  	
				
		  	1.	  	Retail Calls	  	
		  		  	(Covering Del Monte Brands, Pet Products,	  	
		  		  	Seafood, College Inn Broth and Produce)	  	
				
		  		  	- Frequency TBD by Del Monte	  	$[***]*
				
		  		  	Estimated length of average call at WMSC	  	[***]*.
		  		  	Estimated length of average call at Division I	  	[***]*.
		  		  	Estimated length of average call at Neighborhood Markets	  	[***]*.
				
		  	2.	  	Store Set Up	  	
		  		  	A.	  	- New Store	  	$[***]*
		  		  	B.	  	- Existing Stores	  	$[***]*

 F.    Development Projects 

As directed by Client and agreed to by Broker, to be paid on a per-project basis. 

G.    Back Office Support Services 
 As mutually agreed by the parties. 
 H.    Exclusions: 

Institutional (except for food service items ordered by covered retail customers, as agreed by Client) 

Government and Military 
 Club 
  
  

* CONFIDENTIAL INFORMATION HAS BEEN OMITTED AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION 

 Private Label 
 Vending 
 Food Ingredients 

Export 
 As set
forth herein 

 ATTACHMENT B-2A 

Exclusions 
 DEL MONTE CORPORATION 
 RETAIL GROCERY BROKERAGE AGREEMENT 

Broker shall not receive brokerage commissions on sales of Client’s products to the following customers unless they are specifically designated on
Attachment C: 
  

			
	Direct Mass Merchandising	  	
		
	Wal*Mart	  	Sam’s
	Wal*Mart Super Center	  	Warehouse Club
	 (See WMSC Retail, Attach. B-1)
	  	Costco
	Wal*Mart Neighborhood Markets	  	Wholesale Depot
		  	BJ’s
		  	Max Club
		  	Price Mart
		
	National Retailers	  	Leeper Customers
		
	Kroger (Coordinated and West)	  	Those customers in the Pittsburgh/Cleveland
	Safeway	  	territory serviced by Louis F. Leeper Co. an
	Publix	  	and its affiliates
	Delhaize	  	
	Meijer	  	
	HEB	  	
	K-Mart	  	
	
	Provided, however, that Broker shall be compensated as mutually agreed by the parties for back office support services provided to Client.
		
	Dollar Stores	  	
		
	Family Dollar	  	
	Big Lots	  	
	Grocery Outlet	  	
	Dollar General	  	
		
	Pet Specialty	  	
		
	PetCo	  	
	PetSmart	  	
	Pet Supplies Plus	  	
	Pet Supermarkets	  	
	Pet Specialty distributors	  	
		
	Produce	  	
	
	No commission payable with respect to those markets identified on Schedule B-2

 SCHEDULE B-2 
 EXCLUDED PRODUCE MARKETS 
 Oklahoma 

Kansas City 
 Chicago 

Milwaukee 
 Minneapolis 

Nash Finch 
 Newell 

Boston 
 Buffalo 

Cleveland 
 Detroit 

Grand Rapids 
 Pittsburgh 

Syracuse 
 Atlanta 

Salt Lake City 
 Phoenix 

Safeway 
 San Francisco 

San Francisco All Other

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00185-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00185-of-00352.parquet"}]]