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Performance Food Group Co. – ‘10-Q’ for 9/26/20 – ‘EX-10.1’

On:  Wednesday, 11/4/20, at 4:18pm ET   ·   For:  9/26/20   ·   Accession #:  1564590-20-50496   ·   File #:  1-37578

Previous ‘10-Q’:  ‘10-Q’ on 5/5/20 for 3/28/20   ·   Next:  ‘10-Q’ on 2/3/21 for 12/26/20   ·   Latest:  ‘10-Q’ on 5/8/24 for 3/30/24   ·   8 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/04/20  Performance Food Group Co.        10-Q        9/26/20   67:6M                                     ActiveDisclosure/FA

Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    706K 
 2: EX-10.1     Material Contract                                   HTML     39K 
 3: EX-10.2     Material Contract                                   HTML     37K 
 4: EX-10.3     Material Contract                                   HTML     51K 
 5: EX-10.4     Material Contract                                   HTML     50K 
 6: EX-31.1     Certification -- §302 - SOA'02                      HTML     25K 
 7: EX-31.2     Certification -- §302 - SOA'02                      HTML     25K 
 8: EX-32.1     Certification -- §906 - SOA'02                      HTML     21K 
 9: EX-32.2     Certification -- §906 - SOA'02                      HTML     21K 
16: R1          Document and Entity Information                     HTML     72K 
17: R2          Consolidated Balance Sheets                         HTML    116K 
18: R3          Consolidated Balance Sheets (Parenthetical)         HTML     32K 
19: R4          Consolidated Statements of Operations               HTML     82K 
20: R5          Consolidated Statements of Comprehensive Income     HTML     42K 
21: R6          Consolidated Statements of Shareholders' Equity     HTML     57K 
22: R7          Consolidated Statements of Cash Flows               HTML    114K 
23: R8          Consolidated Statements of Cash Flows               HTML     28K 
                (Reconciliation)                                                 
24: R9          Summary of Business Activities                      HTML     23K 
25: R10         Summary of Significant Accounting Policies and      HTML     29K 
                Estimates                                                        
26: R11         Recently Issued Accounting Pronouncements           HTML     34K 
27: R12         Revenue Recognition                                 HTML     26K 
28: R13         Business Combinations                               HTML     24K 
29: R14         Debt                                                HTML     77K 
30: R15         Leases                                              HTML    121K 
31: R16         Fair Value of Financial Instruments                 HTML     24K 
32: R17         Income Taxes                                        HTML     30K 
33: R18         Commitments and Contingencies                       HTML     37K 
34: R19         Related-Party Transactions                          HTML     24K 
35: R20         Earnings Per Share                                  HTML     56K 
36: R21         Segment Information                                 HTML    171K 
37: R22         Summary of Significant Accounting Policies and      HTML     47K 
                Estimates (Policies)                                             
38: R23         Debt (Tables)                                       HTML     76K 
39: R24         Leases (Tables)                                     HTML    120K 
40: R25         Earnings Per Share (Tables)                         HTML     53K 
41: R26         Segment Information (Tables)                        HTML    168K 
42: R27         Recently Issued Accounting Pronouncements -         HTML     40K 
                Additional Information (Detail)                                  
43: R28         Revenue Recognition - Additional Information        HTML     22K 
                (Details)                                                        
44: R29         Business Combinations - Additional Information      HTML     42K 
                (Detail)                                                         
45: R30         Debt - Schedule of Debt (Detail)                    HTML     41K 
46: R31         Debt - Schedule of Debt (Parenthetical) (Detail)    HTML     29K 
47: R32         Debt - Additional Information (Detail)              HTML     59K 
48: R33         Debt - Summary of Outstanding Borrowings,           HTML     29K 
                Availability, and Average Interest Rate under ABL                
                Facility (Detail)                                                
49: R34         Debt - Summary of Outstanding Borrowings,           HTML     22K 
                Availability, and Average Interest Rate under ABL                
                Facility (Parenthetical) (Detail)                                
50: R35         Leases - Additional Information (Detail)            HTML     63K 
51: R36         Leases - Summary of Location of Lease Costs in      HTML     33K 
                Consolidated Statement of Operations (Detail)                    
52: R37         Leases - Summary of Supplemental Cash Flow          HTML     33K 
                Information related to Leases (Detail)                           
53: R38         Leases - Summary of Future Minimum Lease Payments   HTML     58K 
                Under Non-Cancelable Leases (Detail)                             
54: R39         Fair Value of Financial Instruments - Additional    HTML     29K 
                Information (Detail)                                             
55: R40         Income Taxes - Additional Information (Detail)      HTML     36K 
56: R41         Commitments and Contingencies - Additional          HTML     21K 
                Information (Detail)                                             
57: R42         Related-Party Transactions - Additional             HTML     25K 
                Information (Detail)                                             
58: R43         Earnings Per Share - Additional Information         HTML     21K 
                (Detail)                                                         
59: R44         Earnings Per Share - Schedule of Reconciliation of  HTML     49K 
                Numerators and Denominators for Basic and Diluted                
                (Loss) Earnings Per Share Computations (Detail)                  
60: R45         Segment Information - Additional Information        HTML     21K 
                (Detail)                                                         
61: R46         Segment Information - Schedule of Segment           HTML     48K 
                Reporting Information, by Segment (Detail)                       
62: R47         Segment Information - Schedule of EBDITA and        HTML     39K 
                Reconciliation to Consolidated (Loss) Income                     
                Before Taxes (Detail)                                            
63: R48         Segment Information - Summary Assets by Reportable  HTML     30K 
                Segment, Excluding Intercompany Receivables                      
                (Detail)                                                         
65: XML         IDEA XML File -- Filing Summary                      XML    111K 
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‘EX-10.1’   —   Material Contract


This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



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RESTRICTED STOCK GRANT NOTICE
UNDER THE
PERFORMANCE FOOD GROUP COMPANY
2015 OMNIBUS INCENTIVE PLAN
(Time-Based Vesting Award)

Performance Food Group Company (the “Company”), pursuant to its 2015 Omnibus Incentive Plan, as it may be amended from time to time (the “Plan”), hereby grants to the Participant set forth below the number of shares of Restricted Stock set forth below.  The shares of Restricted Stock are subject to all of the terms and conditions as set forth herein, in the Restricted Stock Agreement (attached hereto), and in the Plan, all of which are incorporated herein in their entirety.  Capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan.

Participant:

[Insert Participant Name]

Vesting Commencement Date:

August __, 2020

Number of Shares of

Restricted Stock:

[Insert No. of Shares of Restricted Stock Granted]

Vesting Schedule:

Provided the Participant has not undergone a Termination at the time of each applicable vesting date (or event),

 

Thirty-three and one-third percent (33-1/3%) of the shares of Restricted Stock (rounded down to the nearest whole share) will vest on the first (1st) anniversary of the Vesting Commencement Date;

 

Thirty-three and one-third percent (33-1/3%) of the shares of Restricted Stock (rounded down to the nearest whole share) will vest on the second (2nd) anniversary of the Vesting Commencement Date; and

 

The remaining unvested shares of Restricted Stock will vest on the third (3rd) anniversary of the Vesting Commencement Date;

provided, however, that the Restricted Stock shall continue to vest as provided in the Vesting Schedule above in the following circumstances:

(i) if the Participant incurs a Termination as a result of such Participant’s Retirement (as defined below) on or after the first anniversary of the Vesting Commencement Date; or

(ii) if the Participant undergoes a Termination as a result of such Participant’s Disability, for so long as the Company determines the Participant satisfies the definition of Disability.

provided, further, that the Restricted Stock shall fully vest in the following circumstances:

 


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(i) if the Participant undergoes a Termination as a result of such Participant’s death;

(ii) immediately prior to a Change in Control if the Restricted Stock would not otherwise be continued, converted, assumed, or replaced by the Company, a member of the Company Group or a successor entity thereto; or

(iii) if the Participant undergoes a Termination by the Service Recipient without Cause or by such Participant for Good Reason within the eighteen (18)-month period immediately following a Change in Control in which the Restricted Stock is continued, converted, assumed, or replaced by the Company, a member of the Company Group or a successor entity thereto.

Retirement” shall mean the voluntary Termination of a Participant other than for Cause on or after (i) attaining age 65 or (ii) the date that the sum of (x) the Participant’s age and (y) the number of Participant’s years of continuous service with the Company Group is at least 72, provided that the Participant has reached a minimum age of 55.

***

 

 


 

THE UNDERSIGNED PARTICIPANT ACKNOWLEDGES RECEIPT OF THIS RESTRICTED STOCK GRANT NOTICE, THE RESTRICTED STOCK AGREEMENT AND THE PLAN, AND, AS AN EXPRESS CONDITION TO THE GRANT OF SHARES OF RESTRICTED STOCK HEREUNDER, AGREES TO BE BOUND BY THE TERMS OF THIS RESTRICTED STOCK GRANT NOTICE, THE RESTRICTED STOCK AGREEMENT AND THE PLAN.

PERFORMANCE FOOD GROUP COMPANYParticipant

 

________________________________________________________________
By:    
Title:

 

[Signature Page to Time-Based Restricted Stock Award]


 

RESTRICTED STOCK AGREEMENT
UNDER THE

PERFORMANCE FOOD GROUP COMPANY
2015 OMNIBUS INCENTIVE PLAN

Pursuant to the Restricted Stock Grant Notice (the “Grant Notice”) delivered to the Participant (as defined in the Grant Notice), and subject to the terms of this Restricted Stock Agreement (this “Restricted Stock Agreement”) and the Performance Food Group Company 2015 Omnibus Incentive Plan, as it may be amended from time to time (the “Plan”), Performance Food Group Company (the “Company”) and the Participant agree as follows.  Capitalized terms not otherwise defined herein shall have the same meaning as set forth in the Plan.

1. Grant of Shares of Restricted Stock.  Subject to the terms and conditions set forth herein and in the Plan, the Company hereby grants to the Participant the number of shares of Restricted Stock provided in the Grant Notice.  The Company may make one or more additional grants of shares of Restricted Stock to the Participant under this Restricted Stock Agreement by providing the Participant with a new Grant Notice, which may also include any terms and conditions differing from this Restricted Stock Agreement to the extent provided therein.  The Company reserves all rights with respect to the granting of additional shares of Restricted Stock hereunder and makes no implied promise to grant additional shares of Restricted Stock.

2. Vesting.  Subject to the conditions contained herein and in the Plan, the shares of Restricted Stock shall vest and the restrictions on such shares of Restricted Stock shall lapse as provided in the Grant Notice.  With respect to any share of Restricted Stock, the period of time that such share of Restricted Stock remains subject to vesting shall be its Restricted Period.

3. Issuance of Shares of Restricted Stock.  The provisions of Section 9(d)(i) of the Plan are incorporated herein by reference and made a part hereof.

4. Treatment of Shares of Restricted Stock Upon Termination.  The provisions of Section 9(c)(ii) of the Plan are incorporated herein by reference and made a part hereof.

5. Company; Participant; Good Reason.

(a) The term “Company” as used in this Restricted Stock Agreement with reference to employment shall include the Company and its subsidiaries.

(b) Whenever the word “Participant” is used in any provision of this Restricted Stock Agreement under circumstances where the provision should logically be construed to apply to the executors, the administrators, or the person or persons to whom the shares of Restricted Stock may be transferred by will or by the laws of descent and distribution, the word “Participant” shall be deemed to include such person or persons.

(c) The term “Good Reason” as used in the Grant Notice or in this Restricted Stock Agreement shall, in the case of any Participant who is party to an agreement between the Participant and the Company that contains a definition of “Good Reason”, mean and refer to the definition set forth in such agreement, and in the case of any other Participant, “Good Reason” shall mean: (A) a material diminution in Participant’s base salary or annual bonus opportunity; (B) any material diminution in Participant’s authority, duties or responsibilities; or (C) the relocation of Participant’s principal work location by more than fifty (50) miles; provided that none of these events shall constitute Good Reason unless the Company fails to cure such event within thirty (30) days after receipt from Participant of

 


2

written notice of the event which constitutes Good Reason; provided, further, that “Good Reason” shall cease to exist for an event on the sixtieth (60th) day following the later of its occurrence or Participant’s knowledge thereof, unless Participant has given the Company written notice thereof prior to such date.  Notwithstanding anything herein to the contrary, for purposes of the last proviso of the immediately foregoing sentence, a series of related events shall be deemed to have occurred on the date upon which the last event in such series of related events has occurred.

6. Non-Transferability.  The shares of Restricted Stock are not transferable by the Participant except to Permitted Transferees in accordance with Section 14(b) of the Plan.  Except as otherwise provided herein, no assignment or transfer of the shares of Restricted Stock, or of the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise, shall vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon such assignment or transfer the shares of Restricted Stock shall terminate and become of no further effect.

7. Rights as Stockholder; Legend; Dividends. The provisions of Sections 9(b) and 9(e) of the Plan are incorporated herein by reference and made a part hereof; provided that any cash or in-kind dividends paid with respect to the shares of Restricted Stock which have not, prior to the record date of the dividend, become vested shall be withheld by the Company without interest and shall be paid to the Participant only when, and if, such shares of Restricted Stock shall become vested pursuant to the Grant Notice and Section 2 of this Restricted Stock Agreement.  

8. Tax Withholding.  The provisions of Section 14(d)(i) of the Plan are incorporated herein by reference and made a part hereof.  The Participant shall satisfy such Participant’s withholding liability, if any, referred to in Section 14(d)(i) of the Plan by having the Company withhold from the number of shares of Common Stock otherwise issuable or deliverable pursuant to the exercise or settlement of the Award a number of shares with a Fair Market Value, on the date that the shares of Common Stock are issued or delivered, equal to such withholding liability; provided that the number of such shares may not have a Fair Market Value greater than the minimum required statutory withholding liability unless determined by the Committee not to result in adverse accounting consequences.

9. Notice.  Every notice or other communication relating to this Restricted Stock Agreement between the Company and the Participant shall be in writing, and shall be mailed to or delivered to the party for whom it is intended at such address as may from time to time be designated by such party in a notice mailed or delivered to the other party as herein provided; provided that, unless and until some other address be so designated, all notices or communications by the Participant to the Company shall be mailed or delivered to the Company at its principal executive office, to the attention of the Company General Counsel, and all notices or communications by the Company to the Participant may be given to the Participant personally or may be mailed to the Participant at the Participant’s last known address, as reflected in the Company’s records.  Notwithstanding the above, all notices and communications between the Participant and any third-party plan administrator shall be mailed, delivered, transmitted or sent in accordance with the procedures established by such third-party plan administrator and communicated to the Participant from time to time.

10. No Right to Continued Service.  This Restricted Stock Agreement does not confer upon the Participant any right to continue as an employee or service provider to the Company.

11. Binding Effect.  This Restricted Stock Agreement shall be binding upon the heirs, executors, administrators and successors of the parties hereto.

12. Waiver and Amendments.  Except as otherwise set forth in Section 13 of the Plan, any waiver, alteration, amendment or modification of any of the terms of this Restricted Stock Agreement

 


3

shall be valid only if made in writing and signed by the parties hereto; provided, however, that any such waiver, alteration, amendment or modification is consented to on the Company’s behalf by the Committee.  No waiver by either of the parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver specifically states that it is to be construed as a continuing waiver.

13. Clawback/Repayment/Detrimental Activity/Right to Offset.  The shares of Restricted Stock granted under this Restricted Stock Agreement are subject to reduction, cancellation, forfeiture, recoupment and/or offset in accordance with the provisions of Sections 14(v), 14(w) and 14(x) of the Plan.

14. Governing Law.  This Restricted Stock Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware, without regard to the principles of conflicts of law thereof.  Notwithstanding anything contained in this Restricted Stock Agreement, the Grant Notice or the Plan to the contrary, if any suit or claim is instituted by the Participant or the Company relating to this Restricted Stock Agreement, the Grant Notice or the Plan, the Participant hereby submits to the exclusive jurisdiction of and venue in the courts of Delaware.

15. Plan.  The terms and provisions of the Plan are incorporated herein by reference.  In the event of a conflict or inconsistency between the terms and provisions of the Plan and the provisions of this Restricted Stock Agreement, the Plan shall govern and control.

 

 

 


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
Filed on:11/4/208-K
For Period end:9/26/20
 List all Filings 


7 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/16/23  Performance Food Group Co.        10-K        7/01/23  116:21M                                    Donnelley … Solutions/FA
 8/19/22  Performance Food Group Co.        10-K        7/02/22  112:21M                                    Donnelley … Solutions/FA
 8/24/21  Performance Food Group Co.        10-K        7/03/21  114:17M                                    ActiveDisclosure/FA
 7/14/21  Core-Mark Holding Co., LLC        DEFM14A                1:2.1M                                   Donnelley … Solutions/FA
 7/14/21  Performance Food Group Co.        424B3                  1:2.1M                                   Donnelley … Solutions/FA
 7/12/21  Performance Food Group Co.        S-4/A                  6:2.2M                                   Donnelley … Solutions/FA
 6/28/21  Performance Food Group Co.        S-4         6/25/21    6:2.1M                                   Donnelley … Solutions/FA


1 Previous Filing that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/21/20  Performance Food Group Co.        8-K:5,9     8/17/20   11:335K                                   Donnelley … Solutions/FA
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