Lancaster Colony Corp – ‘10-K’ for 6/30/04 – EX-10.9

On:  Friday, 9/10/04, at 4:50pm ET   ·   For:  6/30/04   ·   Accession #:  950152-4-6825   ·   File #:  0-04065

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Lancaster Colony Corporation                          47    270K 
 2: EX-10.9     Material Contract                                      1      6K 
 3: EX-14       Code of Ethics                                         2     15K 
 4: EX-21       Subsidiaries of the Registrant                         1      7K 
 5: EX-23       Consent of Experts or Counsel                          1      6K 
 6: EX-31.1     Certification per Sarbanes-Oxley Act (Section 302)     2±    10K 
 7: EX-31.2     Certification per Sarbanes-Oxley Act (Section 302)     2±    10K 
 8: EX-32       Certification per Sarbanes-Oxley Act (Section 906)     1      7K 

EX-10.9   —   Material Contract

EX-10.9
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                                                                    EXHIBIT 10.9

LANCASTER COLONY CORPORATION

DESCRIPTION OF REGISTRANT'S EXECUTIVE BONUS ARRANGEMENTS

  Due to his responsibilities of supervising the operations of the
Company's Specialty Foods segment, the Company's Vice President of Development  
is paid a bonus based on the product of a predetermined percentage applied to   
the amount by which the segment's operating income for the fiscal year exceeds a
target level of income. The target level of income, in turn, is determined by   
multiplying a fixed percentage by the fiscal year's average net assets of the   
segment. The intent of the formula is to incentivize the manager to efficiently 
utilize the net assets under his supervision. The Company's Chief Executive     
Officer retains certain discretionary authority to modify the computation of    
operating income and also vary the determined bonus by up to 5% based upon a    
qualitative assessment of the manager's development. The bonus is paid in the   
fiscal year following when it is earned.                                        

   The Company's Chief Financial Officer is paid a bonus utilizing a
formula similar to that described above, except consolidated operating income   
and net assets are utilized in the computation.                                 

  As may be deemed appropriate, further adjustment of the computed
amounts may be made at the discretion of the Company's Compensation Committee.