SEC Contract Filing

Filing Date: 2022-08-11

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>2
<FILENAME>usfd070222ex103.htm
<DESCRIPTION>EX-10.3
<TEXT>
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<title>Document</title></head><body><div id="i012d7864b14245aeac7e55449efe1df2_1"></div><div style="min-height:72.72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:1.7pt;margin-top:0.9pt;padding-left:394.1pt;padding-right:1.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Exhibit 10.3</font></div><div style="margin-bottom:1.7pt;margin-top:0.9pt;padding-left:394.1pt;padding-right:1.9pt"><img alt="image_0a.jpg" src="image_0a.jpg" style="height:90px;margin-bottom:5pt;vertical-align:text-bottom;width:96px"></div><div style="margin-top:0.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:118%">June 19, 2022</font></div><div style="margin-top:11.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:142%">Mr. Dirk Locascio <br><br></font></div><div style="margin-top:39.65pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:118%">Re&#58; Retention Award</font></div><div style="margin-top:14.15pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:118%">Dear Dirk,</font></div><div style="margin-top:14.2pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Your commitment to and leadership of US Foods have never been more important.</font></div><div style="margin-top:11.85pt;padding-right:3.6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:142%">In recognition of your contributions and to help to retain you as our Chief Financial Officer the Company searches for a permanent Chief Executive Officer, the Company has agreed to offer you a retention bonus based on the terms below.</font></div><div style="margin-top:11.8pt;padding-left:21.6pt;padding-right:7.2pt;text-indent:-21.6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:143%">1.&#160;&#160;&#160;&#160;You will become eligible to receive a one-time, lump sum, retention payment in the amount of $1,750,000 (the &#8220;Retention Bonus&#8221;), less applicable taxes and withholdings, upon the earlier of the following to occur (such earlier date, the &#8220;Retention Date&#8221;)&#58;</font></div><div style="margin-top:14.5pt;padding-left:43.2pt;text-indent:-21.6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:121%">&#183;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:121%;padding-left:18.27pt">on March 31, 2023, if you remain employed through and including such date or</font></div><div style="margin-top:12.75pt;padding-left:43.2pt;padding-right:3.6pt;text-indent:-21.6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:141%">&#183;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:141%;padding-left:18.27pt">if, prior to March 31, 2023, your employment with US Foods is terminated by your death, or by the Company other than for Cause, or your Permanent Disability (each as defined in your Amended and Restated Executive Severance Agreement (&#8220;ESA&#8221;) with the Company, &#8220;Cause,&#8221; and &#8220;Permanent Disability), upon satisfaction of applicable &#8220;Payment Preconditions&#8221; described in the ESA</font></div><div style="margin-top:12.3pt;padding-left:21.6pt;padding-right:3.6pt;text-indent:-21.6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:141%">2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:141%;padding-left:14.1pt">In addition, the Company agrees that, in the event your employment is terminated by the Company other than for Cause , the vesting of your equity awards under the US Foods Holding Corp. 2019 Long Term Incentive Plan (the &#8220;Plan&#8221;) scheduled to occur in March 2023 (to the extent then unvested) will accelerate in full immediately prior to such termination (the &#8220;Accelerated Vesting&#8221;).</font></div><div style="margin-bottom:68.85pt;margin-top:12.25pt;padding-left:21.6pt;padding-right:3.6pt;text-indent:-21.6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:141%">3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:141%;padding-left:14.1pt">Finally, if you remain employed through and including March 31, 2023, and you elect to resign and terminate your employment by giving written notice to the Company at any time from April 1, 2023 through July 10, 2023, which termination shall be effective 45 days after the date of notice (the &#8220;Resignation Date&#8221;), such termination of employment will be treated for all purposes as a termination of your employment by the Company other than for Cause entitling you to receive the compensation and benefits enumerated in Section 5.2 of your ESA (your &#8220;Full Severance&#8221;).</font></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><div id="i012d7864b14245aeac7e55449efe1df2_7"></div><hr style="page-break-after:always"><d