DEL MONTE FOODS CO
EXHIBIT 10.1
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 <P align="right" style="font-size: 10pt"><B>Exhibit 10.1</B>
<P align="center" style="font-size: 10pt"><B>Third Amendment to Employment Agreement</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Third Amendment to Employment Agreement (the &#147;Third Amendment&#148;) is
entered into as of September&nbsp;1, 2004, by and between <B>DEL MONTE FOODS COMPANY</B>, a
Delaware corporation, with its principal place of business in San Francisco,
California (&#147;Company&#148;) and <B>RICHARD G. WOLFORD</B>, an individual residing in the
State of California (&#147;Executive&#148;), to amend the Employment Agreement dated
March&nbsp;16, 1998 between the Company and Executive (&#147;Agreement&#148;) as well as the
Second Amendment to the Agreement dated March&nbsp;26, 2002 (&#147;Second Amendment&#148;), as
follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;In the Agreement and Second Amendment, the party Del Monte Foods
Company shall be defined and referred to as the &#147;Company.&#148; In the Agreement
and Second Amendment, the party Richard G. Wolford shall be defined and
referred to as &#147;Executive.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Section&nbsp;2(a) of the Agreement shall be deleted in its entirety and
replaced with the following:



<P align="left" style="margin-left:5%; font-size: 10pt">(a)&nbsp;As compensation for the agreements made by Executive
herein and the performance by Executive of his obligations
hereunder, during the Employment Period, the Company shall
pay Executive an annual base salary of Nine Hundred Fifty
Thousand Dollars ($950,000), or as adjusted from time to
time by the Compensation Committee of the Company&#146;s Board
of Directors (&#147;Board&#148;), payable on a semi-monthly basis in
twenty-four (24)&nbsp;equal installments, less all applicable
federal, state or local taxes and other normal payroll
deductions (&#147;Base Salary&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Section&nbsp;2(b) of the Agreement shall be deleted in its entirety and
replaced with the following:



<P align="left" style="margin-left:5%; font-size: 10pt">(b)&nbsp;Executive shall be entitled to participate in the Del
Monte Foods Company&#146;s Annual Incentive Plan or any
applicable successor plan (the &#147;AIP&#148;) pursuant to the terms
and conditions set forth therein. Executive shall be
eligible to receive an annual AIP bonus (the &#147;Bonus&#148;)
targeted at 110% of Executive&#146;s Base Salary, or as adjusted
from time to time by the Compensation Committee of the
Board in accordance with the AIP.

<P align="left" style="font-size: 10pt">Any further references to &#147;AIAP&#148; in the Agreement and Second Amendment shall be
deleted and replaced with &#147;AIP&#148;.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Section&nbsp;2(d) of the Agreement shall be deleted in its entirety.


<P align="center" style="font-size: 10pt">&nbsp;
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Section&nbsp;3(d)(ii) of the Agreement shall be deleted in its entirety and
replaced with the following:



<P align="left" style="margin-left:5%; font-size: 10pt">(ii)&nbsp;The Company shall pay Executive an amount equal to two
(2)&nbsp;times Executive&#146;s Base Salary and target Bonus at the
level in effect for the year in which termination occurs,
less standard withholdings, payable in equal monthly
installments on the Company&#146;s regular payroll schedule over
a period of eighteen (18)&nbsp;months, and the Company shall
have no further payment obligations pursuant to this
Section&nbsp;3(d)(ii) thereafter.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Section&nbsp;3(d)(iii) of the Agreement shall be deleted in its entirety and
replaced with the following:



<P align="left" style="margin-left:5%; font-size: 10pt">(iii)&nbsp;For two (2)&nbsp;years following the Termination Date,
Executive shall continue to participate in all of the life,
medical, dental, prescription drug, and short- and
long-term disability insurance plans, programs or
arrangements in which Executive was entitled to participate
in at any time during the twelve-month period prior to the
Termination Date; provided that if during such time
Executive is precluded from participating in a plan by its
terms or applicable law, or if the Company for any reason
ceases to maintain such plan, the Company shall provide
Executive with benefits which are no less favorable in the
aggregate to those which Executive would have received
under such plan had Executive been eligible to participate
therein or had such plan continued to be maintained by the
Company; provided further that, following the termination
of any health coverage provided to Executive under this
Section&nbsp;3(d)(iii), the Company shall use its best efforts
to provide a method for Executive to participate in the
Company&#146;s medical plans at Executive&#146;s own expense until
the respective dates that Executive and Executive&#146;s spouse
are eligible for Medicare benefits, so long as the
Company&#146;s medical plans remain self-insured and/or the
Company&#146;s medical insurer agrees to provide for Executive&#146;s
continued participation in the Company&#146;s medical plans.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Section&nbsp;3(d)(iv) of the Agreement shall be renumbered to 3(d)(v),
without any change to the text of that Section.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Section&nbsp;3(d)(v) of the Agreement shall be renumbered to 3(d)(vi),
without any change to the text of that Section.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;Section&nbsp;3(d)(vi) of the Agreement shall be renumbered to 3(d)(vii),
without any change to the text of that Section.


<P align="center" style="font-size: 10pt">2
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;A new Section&nbsp;3(d)(iv) shall be added to the Agreement in the
following form:



<P align="left" style="margin-left:5%; font-size: 10pt">(iv)&nbsp;Executive shall vest in any stock or stock option
grants awarded by the Company to Executive pursuant to the
Del Monte Foods Company 2002 Stock Incentive Plan, or any
successor plan, on a pro-rated basis as of Executive&#146;s
Termination Date; provided, however, Executive shall not be
entitled to take ownership or otherwise receive settlement
of his pro-rated stock award(s) until the end of the
performance period associated with that stock award;
provided, further, that, Executive shall not be entitled to
exercise, take ownership or otherwise receive settlement of
his pro-rated stock option award(s) until the scheduled
vest date associated with that tranche of the stock option
award(s); provided, further, that, upon vesting of
Executive&#146;s pro-rated stock option award(s), Executive
shall have ninety (90)&nbsp;days from that vesting date to
exercise such stock options The value of any pro-rated
stock option award shall be based on the exercise price and
the fair market value at the time of exercise.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;Section&nbsp;3(g) of the Agreement shall be deleted in its entirety and
replaced with the following:



<P align="left" style="margin-left:5%; font-size: 10pt">(g)&nbsp;Termination Upon Change of Control. In the event of
Executive&#146;s Termination Upon Change of Control (as defined
below), Executive shall be entitled to the following
payments and benefits:



<P align="left" style="margin-left:8%; font-size: 10pt">(i)&nbsp;Payment of Executive&#146;s Bonus for the year in
which Executive&#146;s Termination Date occurs, pro-rated
for Executive&#146;s actual employment period during such
year and based on the greater of Executive&#146;s target
or actual performance.



<P align="left" style="margin-left:8%; font-size: 10pt">(ii)&nbsp;A lump sum payment within thirty (30)&nbsp;days of
Executive&#146;s Termination Date in an amount equal to
2.99 times Executive&#146;s Base Salary and target Bonus.



<P align="left" style="margin-left:8%; font-size: 10pt">(iii)&nbsp;Benefit continuation as set forth above in
Section&nbsp;3(d)(iii).



<P align="left" style="margin-left:8%; font-size: 10pt">(iv)&nbsp;Notwithstanding the terms of Section&nbsp;5 of this
Agreement, the Company shall reimburse Executive for
the cost of any legal fees incurred by Executive in
connection with or related to the enforcement of
Executive&#146;s Change of Control benefits.


<P align="center" style="font-size: 10pt">3
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<P align="left" style="margin-left:8%; font-size: 10pt">(v)&nbsp;In the event the lump sum payment set forth in
Section&nbsp;3(g)(ii) of the Agreement (the &#147;Payment&#148;) is
an &#147;excess parachute payment&#148; within the meaning of
Section&nbsp;280G of the Internal Revenue Code of 1986, as
amended (the &#147;Code&#148;), and would be subject to the
excise tax imposed by Section&nbsp;4999 of the Code (the
&#147;Excise Tax&#148;), then the Company shall pay Executive
an additional cash payment (the &#147;Gross-Up Payment&#148;)
in an amount such that after payment by Executive of
all taxes, including, without limitation, any income
taxes and Excise Tax imposed upon the Gross-Up
Payment, Executive shall retain an amount equal to
the Excise Tax imposed upon the Payment and the
Gross-Up Payment. The Gross-Up Payment shall be
subject to and paid net of any applicable
withholding. The amount of any Gross-Up Payment or
Excise Tax shall be reasonably determined by the
Company after consultation with its legal and tax
advisors.



<P align="left" style="margin-left:8%; font-size: 10pt">(vi)&nbsp;As a condition to the receipt of the benefits
described in this Section&nbsp;3(g), Executive shall be
required to execute a general release and waiver in
form and substance satisfactory to the Company and
substantially similar to Annex A hereto.



<P align="left" style="margin-left:8%; font-size: 10pt">(vii)&nbsp;For purposes of this Section&nbsp;3(g),
&#147;Termination Upon Change of Control&#148; means (A)&nbsp;the
termination of Executive&#146;s employment by the Company
without Cause during the period commencing on the
date a &#147;Change of Control&#148; (as defined in the
Company&#146;s 2002 Stock Incentive Plan) occurs and
ending on the date which is two (2)&nbsp;years after the
Change of Control, or (B)&nbsp;termination by Executive of
the Employment Period within two (2)&nbsp;years after the
occurrence of a Change of Control; provided, that,
(C) &#147;Termination Upon Change of Control&#148; shall not
include any termination of Executive&#146;s employment by
the Company for Cause, or as a result of the death or
Permanent Disability of Executive.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;In the first sentence of Section 4(a) of the Agreement, the phrase
&#147;and for the one-year period following the voluntary termination of the
Employment Period by the Employee or termination of the Employment Period by
the Employer without Cause, and so long as the Employer is not in default of a
material obligation hereunder&#148; shall be deleted in its entirety.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;In the second sentence of Section 4(a) of the Agreement, the phrase
&#147;that if such Competitor renders substantial services other than Company
Business, the Employee shall not be prohibited from engaging in any such
activities solely in connection with such other services; and provided,
further,&#148; shall be deleted in its entirety.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;Section&nbsp;4(b) of the Agreement shall be deleted in its entirety and
replaced with the following:



<P align="left" style="margin-left:5%; font-size: 10pt">(b)&nbsp;During the Employment Period and for the eighteen (18)
month period following the voluntary termination of the
Employment Period by the Executive or termination of the
Employment Period by the Company without Cause or
Termination Upon Change of Control, and so long as the
Employer is not in default of a material obligation
hereunder, the Executive agrees not to (i)&nbsp;directly or
indirectly, either on Executive&#146;s own account or for any
company, limited liability company, partnership, joint
venture or other entity or person (including, without
limitation, through any existing or future affiliate),
solicit any employee of the Company or any existing or
future affiliate to leave his or her employment or
knowingly induce or knowingly attempt to induce any such
employee to terminate or breach his or her employment
agreement with the Company or any existing or future
affiliate, if any; or (ii)&nbsp;directly or indirectly
(including, without limitation, through any existing or
future affiliate), solicit, cause in any part or knowingly
encourage any current or future customer of or supplier to
the Company or any existing or future affiliate to modify
the business relationship, or cease doing business in whole
or in part, with the Company or any such affiliate.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly provided in this Third Amendment, all other provisions
of the Agreement and the Second Amendment shall remain in full force and
effect.


<P align="center" style="font-size: 10pt"><B><I>&#091;Remainder of page intentionally left blank.</I></B>


<DIV align="center" style="font-size: 10pt"><B><I>Signatures on following page.&#093;</I></B></DIV>



<P align="center" style="font-size: 10pt">5
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties have executed this Third Amendment as of
the date set forth below.


<P align="left" style="font-size: 10pt"><B>EXECUTIVE</B>


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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>/s/ Richard G. Wolford</B>
<HR size="1" noshade>
<B>Richard G. Wolford</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>November&nbsp;11, 2004</B><HR size="1" noshade><B>Date</B></TD>
</TR>

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<P align="left" style="font-size: 10pt"><B>COMPANY:</B>



<P align="left" style="font-size: 10pt"><B>DEL MONTE FOODS COMPANY</B>


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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>By:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>/s/ David L. Meyers</B>
<HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>November&nbsp;11, 2004</B><HR size="1" noshade><B>Date</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>David L. Meyers</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Title:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Executive Vice President</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Administration &#038; Chief Financial</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Officer</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
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<P align="center" style="font-size: 10pt">6
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