Del Monte Foods Company Annual Incentive Plan Fiscal 2005 Targeted Percentage and Weighting of Objectives for Executive Officers
This document outlines the Del Monte Foods Company's Annual Incentive Plan for fiscal year 2005, specifying the targeted bonus percentages and the weighting of performance objectives for certain executive officers. The plan details how bonuses are calculated based on a mix of corporate financial, business unit, and individual objectives, with each executive assigned specific target percentages and weightings. The maximum bonus payable is capped at $2,000,000 or 200% of the executive's fiscal year earnings, whichever is less.
Exhibit 10.5
Del Monte Foods Company Annual Incentive Plan
Fiscal 2005 Targeted Percentage and Weighting of Objectives
for Certain Executive Officers as Approved by the Compensation Committee on July 1, 2004
| Weighting of Objectives | ||||||||||||||
| Name | Targeted Percentage of Fiscal Year Earnings | Corporate Financial Objectives | Business Unit Objectives | Individual Objectives/ Management By Objectives (MBOs) | Possible Range of Score (1) | |||||||||
| Richard G. Wolford | 110.00 | % | 75 | % | — | 25 | % | 0-200% of target | ||||||
| David L. Meyers | 70.00 | % | 75 | % | — | 25 | % | 0-200% of target | ||||||
| Nils Lommerin | 62.50 | % | 60 | % | — | 40 | % | 0-200% of target | ||||||
| Todd R. Lachman | 62.50 | % | 60 | % | — | 40 | % | 0-200% of target | ||||||
| Marc D. Haberman | 62.50 | % | 50 | % | 10 | % | 40 | % | 0-200% of target | |||||
| (1) | Possible range of scoring for each component (Corporate Financial Objectives, Business Unit Objectives, Individual Objectives / Management By Objectives (MBOs)). |
Note: the maximum amount payable to any participant for any Plan Year under the Plan is $2,000,000 or 200% of such participant’s Fiscal Year Earnings, whichever is less.
