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TREEHOUSE FOODS, INC. CASH LONG-TERM INCENTIVE AWARD AGREEMENT

Executive Compensation Plan Agreement

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This Executive Compensation Plan Agreement involves

TREEHOUSE FOODS, INC

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Title: TREEHOUSE FOODS, INC. CASH LONG-TERM INCENTIVE AWARD AGREEMENT
Governing Law: Illinois     Date: 8/6/2009
Industry: Food Processing     Sector: Consumer/Non-Cyclical

TREEHOUSE FOODS, INC. CASH LONG-TERM INCENTIVE AWARD AGREEMENT, Parties: treehouse foods  inc
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Exhibit 10.1

TREEHOUSE FOODS, INC.

CASH LONG-TERM INCENTIVE AWARD AGREEMENT

 

THIS AGREEMENT (the “Agreement”), effective as of the date indicated on the attached Notice of Grant, is made and entered into by and between TreeHouse Foods, Inc., a Delaware corporation (the “Company”), and the individual named on the attached Notice of Grant (the “Participant”).

WITNESSETH:

 

WHEREAS, the Board of Directors of the Company has adopted and approved the TreeHouse Foods, Inc. Equity and Incentive Plan (the “Plan”), which was approved, as required, by the Company’s stockholders and provides for the grant of stock-based and cash incentive awards to certain eligible Employees, Consultants and non-Employee Directors of the Company and its Affiliates; and

 

WHEREAS, the Compensation Committee (the“Committee”) has selected the Participant to participate in the Plan and has awarded the cash incentive award described in this Agreement (the “Performance Award”) to the Participant; and

 

WHEREAS, the parties hereto desire to evidence in writing the terms and conditions of the Performance Award; and

 

WHEREAS, capitalized terms used herein and not otherwise defined in this Agreement shall have the meanings set forth in the Plan.

 

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements herein contained, and as an inducement to the Participant to continue as an Employee of the Company (or an Affiliate) and to promote the success of the business of the Company and its Affiliates, the parties hereby agree as follows:

 

1.   Grant of Performance Award.  The Company hereby grants to the Participant, effective as of the date shown on the attached Notice of Grant (the “Date of Grant”), and on the terms and subject to the conditions, limitations and restrictions set forth in the Plan and in this Agreement, the Performance   Award shown on the attached Notice of Grant.  The Participant hereby accepts the Performance   Award from the Company on the terms and conditions stated herein.

 

2.   Transfer Restrictions.  The Performance   Award shall not be assigned, pledged or otherwise transferred, voluntarily or involuntarily, by the Participant.

 

3.   Accrual and Termination.

 

(a)   For each of the Performance Periods (___________________, ________ and _____________), a Performance Award shall accrue equal to (a) ___ of the Performance   Award designated on the Notice of Grant multiplied by (b) the applicable “Percentage of Performance   Award Accrued” as indicated on the chart below based on the achievement during the applicable Performance Period of the Operating Net Income goal at the threshold, target or maximum level designated below.  In addition, for the cumulative Performance Period (_________ though _____________), a Performance   Award shall accrue equal to (i) the cumulative Performance Award multiplied by (ii) the applicable Percentage of Performance   Award Accrued as indicated on the chart below based on the achievement earned during the cumulative Performance Period of the Operating Net Income goal at the threshold, target or maximum level designated below, minus (iii) any Performance   Award accrued during the Performance Periods.  For purposes of this Agreement, Operating Net Income shall mean income from ordinary business activities after operating expenses, income taxes and interest are deducted, adjusted for one time and non-recurring items.

 

(b)   The accrued Performance   Award (determined as described in the paragraph above) shall be paid in cash on the _____ anniversary of the Date of Grant (but no later than the 45th day after the _____ anniversary), provided that, and except as otherwise provided in paragraph (c) below, (1) the Committee certifies the attainment of such Operating Net Income goals in the manner set forth in the Plan and (2) the Participant continues to be employed by the Company (or an Affiliate) through the ______ anniversary of the Date of Grant.

 

(c)   If the Participant’s Service terminates during one of the Performance Periods due to death, Disability or   Retirement, or the Company terminates the Participant’s Service without Cause during a Performance Period, the Participant shall receive any portion of the Performance   Award accrued in prior Performance Periods, plus a pro rata portion of the Performance   Award that would have accrued for the Performance Period in which such Participant’s death, Disability, Retirement, or termination by the Company without Cause occurs.  Such pro rata portion shall be based on the number of full calendar months of the Participant’s Service during the applicable Performance Period divided by the length of that Performance Period.  The Participant will receive the cumulative Performance Award if the Participant is employed through _________ Such Performance   Award shall be paid on the anniversary of the Date of Grant immediately following the end of the Performance Period in which such Participant’s death, Disability, Retirement, or termination by the Company without Cause occurs (but no later than the 45th day after such anniversary).  Notwithstanding the preceding sentence, if the Participant is a “specified employee” as determined under Section 409A of the Internal Revenue Code of 1986, as amended, and (1) his or her Service terminates during one of the Performance Periods due to Retirement or (2) the Company terminates the Participant’s Service without Cause during a Performance Period, such Participant shall receive such Performance Award on the date that is the later of: (A) the first day following the six month anniversary of the Participant’s separation from Service, or (B) the anniversary of the Date of Grant immediately following the end of the Performance Period in which such Participant’s Retirement or termination by the Company without Cause occurs (but no later than the 45th day after such date).

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Performance Period(s)

 

Threshold Operating Net Income Goal

 

Target Operating Net Income Goal

 

Maximum Operating Net Income Goal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Achieved Operating Net Income


 
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