www.sec.gov/Archives/edgar/data/51410/0000912057-02-021 -
[Cached Version]
Published on: 5/17/2002
Last Visited: 6/28/2002
Frank W. Bonvino
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As of March 2, 2002, the number and value (based on the closing market price of Multifoods' Common Stock on March 1, 2002) of the aggregated restricted stock and restricted stock unit holdings of each of the named executive officers were as follows: 48,232 shares ($1,054,352) by Dr. Costley, 17,145 shares ($374,790) by Mr. Wright, 18,070 shares ($395,010) by Mr. Bonvino, 8,650 shares ($189,089) by Mr. Byom and 9,534 shares ($208,413) by Mr. Hargrow.
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The number of units awarded were as follows: 30,000 units to Dr. Costley, 4,500 units to Mr. Wright, 10,000 units to Mr. Bonvino, 8,500 units to Mr. Byom and 8,500 units to Mr. Hargrow.
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Frank W. Bonvino
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Frank W. Bonvino
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Wright and Bonvino have five, nine and 30 years of service, respectively, in the Pension Plan and are each grandfathered participants in the Management Benefit Plan.
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In addition, Mr. Wright and Mr. Bonvino have each waived their entitlement under the Management Benefit Plan to any benefit related to incentive bonuses awarded to them with respect to any fiscal year of INTERNATIONAL MULTIFOODS CORP ending after fiscal year 1998.
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The annual benefit under the Pension Plan and the Management Benefit Plan payable to each of the executive officers named in the Summary Compensation Table upon retirement at the normal retirement age of 65 is estimated to be as follows: Dr. Costley--$105,589, Mr. Wright--$127,810, Mr. Bonvino--$185,320, Mr. Byom--$74,151 and Mr. Hargrow--$46,230.
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Wright, Bonvino and Byom are fully vested in the Management Benefit Plan.
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Wright and Bonvino each have additional retirement benefits as described below.
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Mr. Bonvino has an arrangement with Multifoods which provides that if, prior to the date on which Mr. Bonvino attains age 62, (1) Mr. Bonvino's employment with Multifoods is terminated for any reason other than cause, (2) Mr. Bonvino resigns for "good reason" (as defined in the agreement), or (3) there is a change in control of Multifoods, Mr. Bonvino's retirement benefit under the Pension Plan and the Management Benefit Plan will be determined (a) as if he had 25 years of credited service under the Pension Plan (or the actual years of credited service if greater than 25), and (b) as if his date of birth was five years earlier than his actual date of birth, except that, in no event, will his deemed age be older than 62.If Mr. Bonvino had terminated employment with Multifoods on March 2, 2002, the annual supplemental retirement benefit payable to Mr. Bonvino commencing April 1, 2002 would have been $4,017.