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DLM » Topics » Termination, Amendment or Modification

This excerpt taken from the DLM 10-Q filed Mar 4, 2009.

Termination, Amendment or Modification

 

11.1 Termination. The Board reserves the right to terminate the Plan at any time. The Board has the right to terminate or suspend any future Plan Year Annual Deferral Amount or Participating Employer Matching Contributions at any time and a Participant has the right to choose not to make any Annual Deferral contributions for any future Plan Year. The Board in its sole discretion has the right to unilaterally terminate this Plan and provide for accelerated payment of benefits that may be vested hereunder, to the extent compliant with Code Section 409A:

 

  (a) within twelve (12) months of a corporate dissolution taxed under Code Section 331 or with the approval of a bankruptcy court pursuant to 11 U.S.C. 503(b)(1)(A), provided that the amounts deferred under the Plan are included in the Participant’s gross income in the latest of:

(i) the calendar year in which the Plan terminates under this subsection;

(ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or

(iii) the first calendar year in which the payment is administratively practicable.

 

  (b) within the thirty (30) days preceding or the twelve (12) months following a change in control event (as defined in Code Reg. Section 1.409A-3(i)(5)); provided that all substantially similar arrangements for the Participant are also terminated; or

 

  (c) at any time if all arrangements that would be aggregated with the Plan under Code Reg. Section 1.409A-1(c) are terminated and liquidated and no payments other than payments that would be payable under the terms of the Plan if the termination had not occurred are made within twelve (12) months of the termination and all payments are made within twenty-four (24) months of the date the Board takes all necessary action to irrevocably terminate and liquidate the Plan (the “Termination Date”) and no new arrangement that would be aggregated with the Plan under Code Reg. Section 1.409A-1(c) is adopted within three (3) years following the Termination Date; or

 

  (d) at such other events and conditions as the Commissioner of Internal Revenue may prescribe in generally applicable guidance published in the Internal Revenue Bulletin.

 

21

DEL MONTE CORPORATION

AIP DEFERRED COMPENSATION PLAN

 

11.2 Amendment. The Board may at any time, amend or modify the Plan in whole or in part; provided, however, that no amendment or modification shall be effective to decrease the vested portion of a Participant’s Account Balance, calculated as though the Participant had experienced a Termination of Employment as of the effective date of the amendment or modification, or, if the amendment or modification occurs after the date upon which the Participant was eligible to Retire, the Participant had Retired as of the effective date of the amendment or modification. In addition, no amendment or modification of the Plan shall affect the right of any Participant or Beneficiary who was eligible to or did Retire or incurred a Disability on or before the effective date of such amendment or modification to receive benefits in the manner s/he elected.

 

11.3 Effect of Payment. The full payment of the applicable benefit under Articles 4, 5, 6, 7 or 8 of the Plan shall completely discharge all Participating Employers, the Committee and the EBC for all obligations to a Participant under this Plan, and the Participant’s Plan participation shall terminate.

 

22

DEL MONTE CORPORATION

AIP DEFERRED COMPENSATION PLAN

 

This excerpt taken from the DLM 10-Q filed Sep 3, 2008.

Termination, Amendment or Modification

 

4.1 Termination. The Committee reserves the right to terminate the Plan at any time. Upon the termination of the Plan, a Participant’s Benefits shall be paid out if the Participant had experienced a qualifying Termination of Employment prior to the date of Plan termination pursuant to the terms hereof without regard to the termination.

 

4.2 Amendment. The Committee may, at any time, amend or modify the Plan in whole or in part. The Committee may reduce any Benefit unilaterally or eliminate any benefit of all eligible Executive or Participant after the services creating the right to severance have been performed by the Executive; provided, however, that no amendment or modification shall be effective to decrease a Participant’s Salary-Based Severance once the Executive has signed (and not revoked) the severance agreement and general release under Section 2.2(a).

 

10

DEL MONTE CORPORATION

EXECUTIVE SEVERANCE PLAN

 

This excerpt taken from the DLM 10-Q filed Mar 9, 2006.

Termination, Amendment or Modification

 

4.1 Termination. The Committee reserves the right to terminate the Plan at any time. Upon the termination of the Plan, a Participant’s Benefits shall be paid out if the Participant had experienced a qualifying Termination of Employment prior to the date of Plan termination pursuant to the terms hereof without regard to the termination.

 

4.2 Amendment. The Committee may, at any time, amend or modify the Plan in whole or in part. The Committee may reduce any Benefit unilaterally or eliminate any benefit of all eligible Executive or Participant after the services creating the right to severance have been performed by the Executive; provided, however, that no amendment or modification shall be effective to decrease a Participant’s Salary-Based Severance once the Executive has signed (and not revoked) the severance agreement and general release under Section 2.2(a).

 

Del Monte Executive Severance Plan (1/06)    9

DEL MONTE CORPORATION

EXECUTIVE SEVERANCE PLAN

 

EXCERPTS ON THIS PAGE:

10-Q
Mar 4, 2009
10-Q
Sep 3, 2008
10-Q
Mar 9, 2006

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