SEC Contract Filing

Filing Date: 2020-10-06

Document Content:
<DOCUMENT>
<TYPE>EX-10.48
<SEQUENCE>3
<FILENAME>ex1048dardenannualince.htm
<DESCRIPTION>EXHIBIT 10.48
<TEXT>
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<div><a name="sF0192B4D4B0AF5C89323DB0F79090CDF"></a></div><div><div style="line-height:120%;text-align:right;text-indent:624px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit 10.48</font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">DARDEN RESTAURANTS, INC.</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ANNUAL INCENTIVE PLAN </font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Effective as of June 1, 2020</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">1.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Purpose</font><font style="font-family:inherit;font-size:11pt;">. The purposes of the Plan are to (a) provide incentives to a select group of employees of the Company and its Subsidiaries to enhance efficiency and profitability by providing such employees with an opportunity to earn financial rewards in the form of annual incentive payments based on achieving certain performance objectives, and (b) promote the interests of the Company and its Subsidiaries and its stockholders by strengthening the ability of the Company and its Subsidiaries to attract and retain key members of the executive management team and key employees.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">2.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Definitions</font><font style="font-family:inherit;font-size:11pt;">. Where the context of the Plan permits, words in the masculine gender shall include the feminine gender, the plural form of a word shall include the singular form, and the singular form of a word shall include the plural form. Unless the context clearly indicates otherwise, the following terms shall have the following meanings:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(a)&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Administrator</font><font style="font-family:inherit;font-size:11pt;">&#32;means: (i) with respect to Participants who are not Section 16 Officers, the Chief Executive Officer, or (ii) with respect to Participants who are Section 16 Officers other than the Chief Executive Officer, the Compensation Committee of the Board, or (iii) with respect to the Chief Executive Officer of the Company, the independent directors on the Board. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(b)&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Award Period</font><font style="font-family:inherit;font-size:11pt;">&#32;means the Company&#8217;s fiscal year.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(c)&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Base Salary</font><font style="font-family:inherit;font-size:11pt;">&#32;means the annual base salary each Participant actually earns during the Award Period as an Eligible Employee (including any adjustments to such annual base salary during the Award Period), excluding, without limitation, incentives, bonuses, overtime pay, severance pay or other non-eligible post-employment pay, reimbursement of relocation and other expenses, auto allowances and employee and fringe benefits; provided, however, that the Base Salary of certain executives of non-U.S. Subsidiaries may include additional forms of remuneration determined by the Administrator.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(d)&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Board</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:11pt;">means the board of directors of the Company. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(e)&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:11pt;">&#32;means Darden Restaurants, Inc. or any successor thereto.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-