EX-10.20
from 10-K
1 page
Base Salary: $250,000 Target Incentive: 60%. First Year Guaranteed Minimum Incentive = $100,000. Company Car: Purchase, at Fair Market Value, Your Assigned Pillsbury Company and Transfer Its Title to You Vacation: Grandfathered Under Current Pillsbury Policy I Am Recommending the Following to the Compensation Committee of Multifoods Board of Directors: Stock Grants: 1. Non-Qualified Stock Option Grant of 30,000 Shares (Share Price Based on Market Value on Employment Date) One Year Vesting 2. 5,000 Restricted Shares With Restrictions Lapsing in Three Annual Installments 3. 6,250 Restricted Shares With Restrictions Lapsing in Five Annual Installments Severance: Change of Control Agreement Providing 2.5 Times Base Salary Plus 2.5 Times the Average of Last Three Incentive Awards Executive Retirement Plans Participation in the Management Benefit Plan and the Deferred Compensation Plan Effective on Employment Date I'm Looking Forward to Working With You and to Your Membership on the Multifoods Senior Team. These Are Exciting Times for Multifoods and You Will Play a Key Role in Our On-Going Success. Please Acknowledge Your Acceptance of Our Offer and Return an Initialed, Dated Original to Me at Your Earliest Convenience. Sincerely, /S/ Gary E. Costley Gary E. Costley Chairman, President and CEO I Have Read and Understand the Above Offer of Employment and by My Initials Below So Indicate My Response. Initials: /S/ Jhw Date: 3/7/01
12/34/56