<SEC-DOCUMENT>0001214659-23-000438.txt : 20230110
<SEC-HEADER>0001214659-23-000438.hdr.sgml : 20230110
<ACCEPTANCE-DATETIME>20230110105312
ACCESSION NUMBER:		0001214659-23-000438
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230110
DATE AS OF CHANGE:		20230110
EFFECTIVENESS DATE:		20230110

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HORMEL FOODS CORP /DE/
		CENTRAL INDEX KEY:			0000048465
		STANDARD INDUSTRIAL CLASSIFICATION:	MEAT PACKING PLANTS [2011]
		IRS NUMBER:				410319970
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1030

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-02402
		FILM NUMBER:		23520082

	BUSINESS ADDRESS:	
		STREET 1:		1 HORMEL PL
		CITY:			AUSTIN
		STATE:			MN
		ZIP:			55912-3680
		BUSINESS PHONE:		(507) 437-5611

	MAIL ADDRESS:	
		STREET 1:		1 HORMEL PLACE
		CITY:			AUSTIN
		STATE:			MN
		ZIP:			55912-3680

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HORMEL GEO A & CO
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Shareholder Commons
		CENTRAL INDEX KEY:			0001858988
		IRS NUMBER:				843285119
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 7545
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19803-545
		BUSINESS PHONE:		302-593-0917

	MAIL ADDRESS:	
		STREET 1:		PO BOX 7545
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19803-545
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>United States Securities and Exchange Commission</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NOTICE OF EXEMPT SOLICITATION<BR>
Pursuant to Rule 14a-103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE OF EXEMPT SOLICITATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to Rule 14a-103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of the Registrant: Hormel Foods Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of persons relying on exemption: The Shareholder Commons, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Address of persons relying on exemption: PO Box 1268, Northampton,
Massachusetts 01061</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Written materials are submitted pursuant to Rule 14a-6(g) (1) promulgated
under the Securities Exchange Act of 1934. Submission is not required of this filer under the terms of the Rule but is made voluntarily
in the interest of public disclosure and consideration of these important issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SHAREHOLDER REBUTTAL TO HORMEL FOODS CORPORATION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Shareholder Commons (&ldquo;TSC&rdquo;) urges you to vote <B>FOR</B>
ITEM 5 on the proxy (the &ldquo;Proposal&rdquo;), a shareholder proposal requesting that Hormel Foods Corporation (&ldquo;Hormel&rdquo;
or the &ldquo;Company&rdquo;) comply with World Health Organization (&ldquo;WHO&rdquo;) guidelines on antimicrobial use in food-producing
animals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TSC is a non-profit organization that addresses social and environmental
issues from the perspective of shareholders who diversify their investments to optimize risk and return. More specifically, TSC addresses
the conflict that often emerges between a company&rsquo;s interest in maximizing its cash flows over the long term and its shareholders&rsquo;
interests in optimizing overall market returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We support ITEM 5 because, despite the existence of programs that address
antibiotic use, the Company&rsquo;s decisions do not account for the risk antibiotics in its supply chains pose to public health or the
cost it imposes on its diversified shareholders by failing to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tsc_logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Proposal</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Proposal requests that the Company comply with expert guidelines
on antimicrobial use in meat supply chains, with the aim of protecting an essential component of modern medicine that supports a thriving
economy:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in"><I>RESOLVED, shareholders ask that the board of directors institute
a policy that the Company (&ldquo;Hormel&rdquo;) comply with World Health Organization (&ldquo;WHO&rdquo;) Guidelines on Use of Medically
Important Antimicrobials in Food-Producing Animals (&ldquo;WHO Guidelines&rdquo;)<SUP>1&nbsp;</SUP>throughout Hormel&rsquo;s supply chains.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Overuse of Antibiotics in Animal Husbandry Creates Antimicrobial
Resistance, a Grave Threat to Human Life, Economic Prosperity, and Diversified Portfolios</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Antimicrobial resistance (&ldquo;AMR&rdquo;) occurs when microbes (i.e.,
bacteria, parasites, viruses, and fungi) change over time and no longer respond to medicines such as antibiotics, causing standard disease
treatments to become ineffective. This, in turn, increases the risk of disease spread, severe illness, and death. The process occurs naturally,
but misuse of antimicrobials in animals and humans is accelerating it. Without urgent action, we are heading for a post-antibiotic era
in which common infections and minor injuries can once again kill. As AMR experts recently warned, &ldquo;virtually no aspect of modern
medicine is possible without access to antimicrobials that work.&rdquo;<SUP>2</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Routine antibiotics use for both therapeutic and non-therapeutic purposes
has enabled livestock operators to mitigate some of the grim effects of over-crowding, poor ventilation, unnatural feed, and animals&rsquo;
close contact with their own excreta that characterize intensive animal farming operations and contribute to greater disease incidence
among animals. A growing body of evidence demonstrates that antimicrobial-resistant bacteria arising from intensive animal farming operation<FONT STYLE="font-size: 10pt">s
are transferring to human populations.<SUP>3</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This threat to public health is likely to materially reduce the intrinsic
value of the global economy, which will in turn affect investment portfolios. While some models of AMR project GDP loss of 3.8 percent
in 30 years, these models are likely to underestimate impacts significantly.<SUP>4</SUP> Some worst-case assessments set AMR costs around
$100 trillion by 2050, and those estimates also rely on incomplete data and limited scope. Another possible indicator of AMR&rsquo;s economic
costs is the COVID-19 pandemic, which cost an estimated 10 percent of global GDP in 2021. Experts warn that the next pandemic may well
involve a drug-resistant pathogen.<SUP>5</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT> <FONT STYLE="font-size: 10pt">https://apps.who.int/iris/bitstream/handle/10665/258970/9789241550130-eng.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> &ldquo;Removing the Blindfold on Antimicrobial Resistance,&rdquo;&nbsp;<I>Open
Access Government</I>&nbsp;(blog), March 16, 2022, https://www.openaccessgovernment.org/removing-blindfold-antimicrobial-resistance/131783/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> FAIRR, &ldquo;Feeding Resistance: Antimicrobial Stewardship
in the Animal Health Industry,&rdquo; July 2021, https://www.fairr.org/research/animal-pharma/#report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> The Shareholder Commons, &ldquo;Antimicrobial Resistance
&amp; the Engagement Gap: Why Investors Must Do More than Move the Needle, and How They Can,&rdquo; September 2022, https://theshareholdercommons.com/amr-climate-change-case-studies/#amr.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> Henry B. Skinner, &ldquo;We&rsquo;re Already Ignoring
the next Pandemic,&rdquo;&nbsp;<I>Harvard Public Health Magazine</I>, June 7, 2022, https://harvardpublichealth.org/were-already-ignoring-the-next-pandemic/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tsc_logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These losses will have a significant negative effect on the return
of diversified portfolios held by Hormel investors over the long term.<SUP>6</SUP> A healthy economy is a far greater value driver for
diversified portfolios than the profits of any one company within those portfolios. Indeed, a number of studies have shown that systematic
factors explain 75-94 percent of average portfolio return.<SUP>7</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hormel Reports on Programs That Purport to Reduce Antibiotic
Use, but Does Not Make Clear Whether Any Reduction Is Occurring or Whether Any Such Reduction Is Sufficient Considering the AMR Threat</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hormel is aware that overuse of antibiotics puts the global health
system at risk, as it makes clear in its Antibiotic Stewardship Report.<SUP>8</SUP> Furthermore, it has taken certain steps in a purported
effort to reduce that contribution, such as limiting the use of certain antibiotics from parts of its supply chain and maintaining an
antibiotic-free line of products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nevertheless, comparing Hormel's reporting on financial issues with
its reporting on AMR demonstrates that its primary concern is its own financial return, and that internal financial considerations outweigh
any environmental or public health considerations that do not directly affect Hormel itself, but may harm its diversified shareholders.
The Company&rsquo;s annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) does not mention &ldquo;antibiotics&rdquo;
or &ldquo;antimicrobial.&rdquo; In contrast, the 10-K uses the words &ldquo;growth,&rdquo; &ldquo;earnings,&rdquo; &ldquo;profit,&rdquo;
and &ldquo;cash&rdquo; 39, 96, 41, and 129 times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The AMR discussion is reported separately, as if financial results
and antibiotic use were separate subjects. In the antibiotic silo, Hormel describes certain actions it has taken involving purported efforts
to reduce antibiotic use. But Hormel&rsquo;s Antibiotic Stewardship Report does not provide a full accounting of the antibiotics in its
supply chain. For example, it details the amount of medically important antibiotics used per pound of turkey produced in its Jennie-O
network, but neither covers the full scope of its turkey supply chain nor addresses the use of veterinary antibiotics, which also contribute
to AMR.<SUP>9</SUP> It also provides data from &ldquo;representative&rdquo; hog farms within its system, detailing the use of medically
important antibiotics on a per pound basis, again ignoring veterinary antibiotics administered and failing to provide comprehensive reporting
across its pork supply chain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hormel&rsquo;s Antibiotic Stewardship Report takes credit for the fact
that &ldquo;[w]e never use medically important antibiotics for growth promotion, feed efficiency or weight gain.&rdquo; What the Report
fails to mention is that such use was banned in the United States in 2017, and the major reduction in such use the Report shows actually
happened that year. Moreover, the Report shows a gradual <I>increase</I> in medically important antibiotics use in its &ldquo;representative&rdquo;
hog supplier systems since that time. It also shows a large increase in medically important, injectable antibiotics in piglets from 2020
to 2021. Finally, Hormel reports using large amounts of Highest Priority Critically Important Antibiotics<SUP>10</SUP> (such as cephalosporins,
macrolides, and fluoroquinolones) on its company-owned sow farm in 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> Richard Mattison et el., <I>Universal Ownership: Why environmental
externalities matter to institutional investors,</I> UNEP Finance Initiative and PRI (2011), available at https://www.unepfi.org/fileadmin/documents/universal_ownership_full.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> <U>Moving Beyond Modern Portfolio Theory: Investing that
Matters</U> by Jon Lukomnik and James Hawley, Routledge, April 30, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>8</SUP></FONT> <FONT STYLE="font-size: 10pt">https://www.hormelfoods.com/wp-content/uploads/Hormel-Foods-Antibiotic-Report-FINAL-05.18.22.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> <I>Feeding Resistance: Antimicrobial Stewardship in the
Animal Health Industry, </I>available (paywall) at https://www.fairr.org/research/animal-health/#report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> The WHO defines Highest Priority Critically Important
Antibiotics (&ldquo;HPCIAs&rdquo;) as those that are essential for the treatment of specific infections in humans. <I>See</I> World Health
Organization, &ldquo;Critically Important Antimicrobials for Human Medicine, 6th Revision,&rdquo; 2018, https://apps.who.int/iris/bitstream/handle/10665/312266/9789241515528-eng.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tsc_logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hormel says it will &ldquo;strive&rdquo; to reduce medically important
antibiotic use on its company-owned turkey and sow farms by 10 percent annually, but makes no commitment across its full supply chains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Hormel&rsquo;s Antibiotic Stewardship Report does not address its
beef supply chain at all.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hormel Does Not Address the Core Issue of the Cost Reduction
that Leads to More Antibiotic Use</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Even if it has reduced antibiotics use in some circumstances, Hormel
continues to contribute to the AMR problem: antibiotics use in animal husbandry endangers all of us. As is explained on the website of
the Company&rsquo;s own antibiotic-free brand:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in">More than 80 percent of the antibiotics in the United States,
65 percent of those considered &ldquo;medically important,&rdquo; are used on farm animals. Much of the time, the antibiotics are used
sub-therapeutically &ndash; a fancy way of saying to prevent disease from spreading. We believe the overuse of antibiotics isn&rsquo;t
just bad for the animals, but for humans. Studies show it&rsquo;s contributing to the increase of antibiotic-resistant bacteria or superbugs.
That&rsquo;s why we don&rsquo;t use them. You&rsquo;re probably asking, what if an animal gets sick? If animals become ill, they are treated
with antibiotics as prescribed by a veterinarian and sold to a supply chain outside of Applegate. But <B>as a result of the superior animal
husbandry practices like clean barns, fresh air, and more space, fewer animals need to be treated</B> in the Applegate program.<SUP>11</SUP>
<FONT STYLE="font-size: 10pt">[emphasis added]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">But clean barns, fresh air, and more space cost money and, as the Company&rsquo;s
10-K makes clear, margin and profit are the priorities. The simple fact is that Hormel must make decisions about how much to invest in
fighting AMR. Diversified shareholders, whose returns depend heavily on sustainable environmental and social systems, would likely benefit
from that investment being significantly greater than it is. On the other hand, the Company&rsquo;s top managers, who make the decisions
as to how to allocate Hormel&rsquo;s limited resources, are paid in equity and are thus more likely to have concentrated ownership positions
in Hormel, unlike the diversified shareholders for whom they are working. Hormel&rsquo;s annual cash incentive plan also rewards employees
directly based on earnings per share. Thus, the compensation plan is designed to <I>discourage</I> changes in animal husbandry practices
that would reduce profit, even if those changes would preserve the crucial role antimicrobial medicine plays in our economy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Hormel&rsquo;s leadership thus has a conflict of interest with the
Company&rsquo;s diversified shareholders.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>11</SUP></FONT> <FONT STYLE="font-size: 10pt">https://applegate.com/mission/animal-welfare</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><IMG SRC="tsc_logo.jpg" ALT="">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>YUM! Brands</B> (&ldquo;Yum&rdquo;), a fast-food company that owns
brands including KFC, Pizza Hut, and Taco Bell, published a report on AMR (the &ldquo;Yum report&rdquo;)<SUP>12</SUP> that acknowledged
this conflict:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in">AMR is a significant healthcare challenge facing society
today. AMR impacts are not only measured in direct and indirect financial costs, but also in the cost of human lives and other societal
costs&hellip; This research appears to show that <B>one of the most significant barriers to meeting the challenge of AMR is the balance
between the rewards of proactive AMR mitigation and the cost of changing established husbandry practices</B>. &hellip;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in">The <B>challenge of individual costs and widely distributed
societal benefits</B>, a situation common in many sustainability issues, plays a key role in antimicrobial resistance. This may make it
<B>difficult to pursue AMR mitigation while remaining competitive on costs</B> and highlights the need for strong collaboration between
both the public and private sectors. [emphasis added]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This presents a critical question for shareholders. When a company
or industry prioritizes growth and financial return, the long-run effect may be to lower global economic productivity, as well as human
welfare. This is often a bad trade for diversified shareholders, who rely on long-term economic productivity to buoy their portfolios.<SUP>13</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The long-term, macro effects of AMR hurt diversified shareholders,
because their returns are dependent on overall market performance, rather than outperformance achieved by any single company or industry.
Thus, when a company such as Hormel limits public health measures to those that optimize its profits, it may be acting against the interests
of its own long-term, diversified shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Hormel opposition statement misses the point</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Hormel posits a false choice between antibiotics use reduction
and animal welfare</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hormel misleads investors when it says compliance with WHO Guidelines
would cause animals unnecessary suffering, failing to mention the fact that such tension only exists because of commercial decisions.
Hormel is holding as immutable the disease-promoting conditions under which the animals in its supply chain are raised, without acknowledging
that if those animals were to be given more space, better hygiene, improved ventilation, etc., there would not be such a trade-off between
antibiotic use and welfare&mdash;as Hormel&rsquo;s own Applegate program acknowledges. Plenty of meat producers have fully reconciled
animal welfare concerns and an even broader elimination of antibiotic use than anything proposed in the WHO Guidelines, revealing the
falsity of the dichotomy the opposition statement presents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> Yum! Brands, &ldquo;2021 Yum! Antimicrobial Resistance
Report,&rdquo; 2021, https://www.yum.com/wps/wcm/connect/yumbrands/41a69d9d-5f66-4a68-bdee-e60d138bd741/Antimicrobial+Resistance+Report+2021+11-4+-+final.pdf?MOD=AJPERES&amp;CVID=nPMkceo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> The Shareholder Commons, &ldquo;Antimicrobial Resistance
&amp; the Engagement Gap: Why Investors Must Do More than Move the Needle, and How They Can,&rdquo; September 2022, https://theshareholdercommons.com/amr-climate-change-case-studies/#amr.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tsc_logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Evidence has shown a link between <I>improved</I> animal welfare and
reductions in antimicrobial use (&ldquo;AMU&rdquo;).<SUP>14</SUP> A recent study noted:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in"><I>Restrictive, barren housing and many widely used management
practices that cause pain and stress predispose high-performance pigs reared in intensive systems to disease. In this context, antibiotics
are used as part of the infrastructure that sustains health and high levels of production in pig farms&hellip; By minimising environmental
and management stressors, pigs can become more immunocompetent and prepared to overcome pathogenic challenges. This outcome can contribute
to reducing AMU and the risk of AMR while simultaneously improving the quality of life of pigs&hellip;<SUP>15</SUP></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A 2022 review of the link between animal welfare and AMU said, &ldquo;Overall,
better animal welfare was found to be associated with lower AMU.&rdquo;<SUP>16</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Moreover, another supporter of this proposal reveals in its own&nbsp;exempt
solicitation<SUP>17</SUP>&nbsp;the hollowness of Hormel&rsquo;s welfare protestations, in that the company makes many choices that undermine
animal welfare.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Hormel argues that it has made &ldquo;Commitments Related to
the Use of Medically Important Antibio<FONT STYLE="font-size: 10pt">tics&rdquo;</FONT></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So what? Imagine if Hormel were losing money year after year, but announced
that it was &ldquo;committed&rdquo; to making profits by 2027 without quantifying its progress against any objective yardstick. Not only
would shareholders not be satisfied, they would be outraged. Yet that is the scope of Hormel&rsquo;s commitment to addressing AMR in its
supply chains. AMR, which could cost the world $100 trillion by 2050, is much more important to diversified shareholders than the earnings
of a single company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Conclusion</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Please vote FOR Item 5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By voting FOR Item 5, shareholders can urge Hormel to account directly
for its contribution to AMR and the resulting costs to public health and society, which in turn affect the economic health upon which
diversified portfolios depend. Compliance with the WHO Guidelines can aid the Board and management in authentically serving the needs
of Hormel&rsquo;s diversified shareholders and in preventing the dangerous implications&mdash;to diversified shareholders and others&mdash;of
a narrow focus on internal financial return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> Alessia Diana et al., &ldquo;Effect of Welfare Standards
and Biosecurity Practices on Antimicrobial Use in Beef Cattle,&rdquo;&nbsp;<I>Scientific Reports</I>&nbsp;10, no. 1 (December 1, 2020):
20939, https://doi.org/10.1038/s41598-020-77838-w.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> Rita Albernaz-Gon&ccedil;alves, Gabriela Olmos Antill&oacute;n,
and Maria Jos&eacute; H&ouml;tzel, &ldquo;Linking Animal Welfare and Antibiotic Use in Pig Farming&mdash;A Review,&rdquo;&nbsp;<I>Animals</I>&nbsp;12,
no. 2 (January 2022): 216, https://doi.org/10.3390/ani12020216.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> Maria Rodrigues da Costa and Alessia Diana, &ldquo;A
Systematic Review on the Link between Animal Welfare and Antimicrobial Use in Captive Animals,&rdquo;&nbsp;<I>Animals: An Open Access
Journal from MDPI</I>&nbsp;12, no. 8 (April 14, 2022): 1025, https://doi.org/10.3390/ani12081025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>17</SUP></FONT> <A HREF="https://www.sec.gov/Archives/edgar/data/48465/000121465922015513/d1230220px14a6g.htm"><FONT STYLE="font-size: 10pt">https://www.sec.gov/Archives/edgar/data/48465/000121465922015513/d1230220px14a6g.htm</FONT></A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tsc_logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Shareholder Commons urges you to vote <B>FOR</B> Item 5 on the
proxy, the Shareholder Proposal requesting compliance with WHO Guidelines on antimicrobials use at the Hormel Foods Corporation Annual
Meeting on January 31, 2023.<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions regarding the Hormel Corporation Item 5&mdash;submitted
by Amundi Asset Management and H.E.S.T. Australia Ltd., trustee for the Health Employees Superannuation Trust Australia&mdash;please contact
Sara E. Murphy, <FONT STYLE="font-size: 10pt">The Shareholder Commons at +1.202.578.0261 or via email at </FONT></I><FONT STYLE="font-size: 10pt"><I>sara@theshareholdercommons.com</I></FONT><FONT STYLE="font-size: 10pt"><I>.
</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE FOREGOING INFORMATION MAY BE DISSEMINATED
TO SHAREHOLDERS VIA TELEPHONE, U.S. MAIL, E-MAIL, CERTAIN WEBSITES, AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT
ADVICE OR AS A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<B>PROXY CARDS WILL NOT BE ACCEPTED BY FILER
OR THE SHAREHOLDER COMMONS.<BR>
TO VOTE YOUR PROXY, PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: right">7</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
