<SEC-DOCUMENT>0001214659-24-020658.txt : 20241218
<SEC-HEADER>0001214659-24-020658.hdr.sgml : 20241218
<ACCEPTANCE-DATETIME>20241218092026
ACCESSION NUMBER:		0001214659-24-020658
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20241218
DATE AS OF CHANGE:		20241218
EFFECTIVENESS DATE:		20241218

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HORMEL FOODS CORP /DE/
		CENTRAL INDEX KEY:			0000048465
		STANDARD INDUSTRIAL CLASSIFICATION:	MEAT PACKING PLANTS [2011]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				410319970
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1027

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-02402
		FILM NUMBER:		241557826

	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:			ACCOUNTABILITY BOARD, INC.
		CENTRAL INDEX KEY:			0001947330
		ORGANIZATION NAME:           	
		IRS NUMBER:				883831974
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		401 EDGEWATER PLACE
		STREET 2:		SUITE 600
		CITY:			WAKEFIELD
		STATE:			MA
		ZIP:			01880
		BUSINESS PHONE:		240-620-4432

	MAIL ADDRESS:	
		STREET 1:		401 EDGEWATER PLACE
		STREET 2:		SUITE 600
		CITY:			WAKEFIELD
		STATE:			MA
		ZIP:			01880
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
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<FILENAME>e1218240px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">United States
Securities and Exchange Commission<BR>
Washington, DC 20549</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Notice
of Exempt Solicitation</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Name of Registrant:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">HORMEL
FOODS</FONT><BR>
<BR>
</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Name of person relying on exemption:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="text-transform: uppercase">THE ACCOUNTABILITY
BOARD, INC. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Address of person relying on exemption:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">401 Edgewater Pl #600, Wakefield, MA 01880</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>Written materials:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The attached written materials are submitted pursuant to
a voluntary application of 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 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><IMG SRC="accountabilityboard_logo.jpg" ALT="">&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">December 18, 2024</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear fellow shareholders,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We write in response to the Board of Directors&rsquo;
recommendation against our shareholder proposal requesting that Hormel Foods set measurable, timebound targets for increasing group sow
housing across its supply chain&mdash;Item 4 in the company&rsquo;s proxy statement. While we believe the proposal is straightforward
and speaks for itself, we&rsquo;ve identified significant inconsistencies in the Board&rsquo;s opposition statement that undermine the
company&rsquo;s position and raise concerns about potential risks to Hormel and its shareholders. Thus, we provide this brief note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>For context, gestation crate confinement is
one of the most inhumane and controversial practices in agriculture&mdash;and has been widely regarded as such for decades.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Locked in these cages, sows spend their lives
unable to even turn around. They face the same direction&mdash;day after day, week after week, month after month&mdash;able to take no
more than just a step or two forward or backward.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>This confinement raises issues far beyond just
humane animal treatment though.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As our proposal notes, eleven U.S. states have
laws that <I><U>require</U></I> group sow housing&mdash;and for good reason. In a successfully defended case challenging one such law,
a group of public health experts filed a lengthy scientific brief with the U.S. Supreme Court on the dangers of gestation crates. The
group included the American Public Health Association, the Infectious Diseases Society of America, the Center for Food Safety, the Consumer
Federation of America, the then-Chair of the National Academies of Sciences, Engineering, and Medicine&rsquo;s One Health Action Collaborative,
and others.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We encourage people to read the brief in full
(available online at <U>www.bit.ly/SupremeCourtBrief</U>), but the following are among its key discussion headings:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;The Intensive Confinement of Sows Poses
a Profound Danger to Food Safety and Public Health.&rdquo; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;Intensive Confinement of Sows is Directly
Linked to Contaminated Pork, a Major Source of Foodborne Illness in the U.S.&rdquo;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;Intensively Confined Sows Experience Severe
Stress, Which Suppresses Their Immune Function and Facilitates the Growth and Increased Virulence of Pathogens in Their Bodies.&rdquo;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;Piglets Born to Intensively Confined Sows
are More Likely to Have Suppressed Immune Function.&rdquo;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;The Intensive Confinement of Sows Increases
Pathogen Virulence and Facilitates the Transmission of Pathogens and Disease to Humans.&rdquo;</FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thus, it&rsquo;s unsurprising that according to
SASB Standards, by &ldquo;increasing the amount of food supply sourced in conformance with...animal welfare standards and best practices&rdquo;
companies may be able to &ldquo;maintain food quality, manage food safety issues, enhance their reputation and expand their market share.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Against that backdrop, consider that Hormel&rsquo;s
professed commitment to animal care throughout its supply chain simply doesn&rsquo;t comport with the fact that it continues allowing
its suppliers to use gestation crates. This is a critical fact given the materiality of animal welfare to meat producers&mdash;and the
above concerns related specifically to gestation crates.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hormel&rsquo;s longtime claims about holding suppliers
to high animal care standards are seriously questionable given that the company uses one standard (group housing) on its single company-owned
sow farm but lets <I><U>suppliers</U></I> use a far lesser standard that doesn&rsquo;t even let animals turn around for virtually their
entire lives (gestation crates).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For example, in one promotional video, Hormel
touts that its suppliers share Hormel&rsquo;s commitment to &ldquo;unwavering animal welfare standards.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Similarly, Hormel&rsquo;s Animal Stewardship Policy
says this: &ldquo;We have developed <I><U>industry-leading standards</U></I>&hellip;to create a blueprint that ensures <I><U>every animal</U></I>
is raised in a healthy environment and treated with care, respect and compassion throughout their entire life.&rdquo; Regarding suppliers,
it continues: &ldquo;Our network of family farm suppliers understands <I><U>and shares</U></I> these values.&rdquo; [Emphases added.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Responding to an undercover animal cruelty investigation,
Hormel said it&rsquo;s &ldquo;committed to animal care and has <I><U>high standards and policies with our suppliers</U></I>. We have a
zero tolerance policy for the inhumane treatment of animals, and we remain dedicated to <I><U>the highest standards for animal care</U></I>
and handling.&rdquo; [Emphases added.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In a 2020 statement, the company said: &ldquo;Hormel
Foods has <I><U>incredibly high standards</U></I> for animal welfare and our Animal Stewardship Principles demonstrate our commitment
to animal welfare <I><U>throughout our supply chain</U></I>.&rdquo; [Emphases added.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The press release announcing its 2020 Corporate
Responsibility Report (CRR) touts its &ldquo;high standards&rdquo; of animal care &ldquo;throughout&rdquo; its supply chain, as does the
one announcing its 2021 CRR.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Even going back nearly two decades, Hormel has
been making these types of claims.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For example, its 2008 CRR says it&rsquo;s &ldquo;committed
to initiating and implementing <I><U>the highest animal welfare practices in the industry</U></I>&rdquo; and refers to ensuring &ldquo;<I><U>industry-leading</U></I>
animal welfare and husbandry practices.&rdquo; That goes for suppliers too, supposedly. &ldquo;We hold our company management staff <I><U>and
the independent producers who supply animals to Hormel Foods</U></I> to high standards,&rdquo; it says. [Emphases added.]</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">And in the 2012 CRR, Hormel said again that it
&ldquo;employs industry-leading animal care practices when raising livestock at our facilities, <I><U>and we require that our suppliers
do the same</U></I>.&rdquo; [Emphasis added.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indeed, an examination of Hormel&rsquo;s current
and past statements about animal welfare finds the company repeatedly delivering the same message: that Hormel has high (sometimes claiming
&ldquo;the highest&rdquo;) animal care standards <I><U>and requires the same of its suppliers</U></I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, while sows on Hormel&rsquo;s one company
owned farm live together in groups with enough room to turn their bodies around, year after year, Hormel continues allowing its suppliers
to do the opposite. It simply doesn&rsquo;t add up.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>There are also inconsistencies in Hormel&rsquo;s
claims about supply chain control.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the above statements, Hormel repeatedly
emphasizes (including in its opposition statement to our proposal) its commitment to animal welfare by citing its Supplier Code of Conduct,
Farm Animal Care and Treatment Specifications, and third-party audits as supposed evidence of rigorous supply chain oversight.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For example, Hormel references the PQA Plus program
as evidence of its commitment. But this program&mdash;like the company&rsquo;s own animal care specifications and audits&mdash;allows
gestation crates, which is <I><U>the</U></I> fundamental concern of our proposal and the most controversial practice in all of pork production.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, that the company claims to maintain
&ldquo;high standards&rdquo; of animal welfare &ldquo;throughout&rdquo; its supply chain suggests substantial influence over its suppliers.
Yet, when addressing the specific issue of <I><U>gestation crates</U></I>, the Board suddenly&mdash;<I><U>and without explanation</U></I>&mdash;shifts
its stance, arguing that Hormel lacks the control necessary to effectively move its suppliers toward group housing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This obvious contradiction is troubling. If Hormel
has the ability to enforce compliance on various other animal welfare and food safety standards, it clearly has the leverage to drive
improvements in sow housing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>And what if Hormel&rsquo;s claims about its
lack of supply chain control regarding gestation crates were true?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hormel&rsquo;s claim (again, made without adequate
explanation) that it lacks sufficient control over suppliers to set group housing targets defies not only its repeated claims about implementing
high animal welfare standards but also the logical fact of the leverage that derives from its sheer purchasing power. But if the claim
were true, it would raise serious concerns for shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A lack of control over its own supply chain could
expose Hormel to significant risks, including those related to quality assurance, product safety, regulatory non-compliance, and reputational
damage.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If Hormel truly lacks the power to guide supplier
practices (especially on an issue that&rsquo;s faced so much regulation and scrutiny over the last 20 years), this should alarm investors
to the core, as it suggests deep vulnerabilities within Hormel&rsquo;s supply chain management. Thus, if we take Hormel&rsquo;s assertion
to be accurate, we believe it would only <I><U>strengthen</U></I> the need to support this proposal, in order to send management a clear
message that the company must gain sufficient control of its supply chain to ensure accountability on critical matters such as this one.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our proposal presents a reasonable, incremental
approach to mitigating risks.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The proposal simply requests that Hormel establish
measurable, timebound targets for <I><U>increasing</U></I> the use of group sow housing&mdash;not for converting the entire supply chain
to group housing overnight (or ever). This modest, incremental request allows for flexibility and gradual progress.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our proposal is designed to be both practical
and achievable. By setting clear targets for increasing group housing, Hormel can take a phased approach to improving animal welfare without
imposing unrealistic demands on its suppliers. The Board&rsquo;s opposition statement suggests that any action on this issue would be
too burdensome, yet our request is only for Hormel to set goals for progress.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Establishing these targets would allow Hormel
to gradually align its supply chain with evolving industry standards, consumer expectations, and government regulations&mdash;thereby
mitigating potential reputational, regulatory, safety, and competitive risks. This approach is about taking steps toward continuous improvement,
not about mandating an all-or-nothing shift.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indeed, setting incremental targets will enable
the company to adapt to regulations and customer demands more smoothly and protect its long-term profitability&mdash;while failing to
take even modest steps in this direction could leave Hormel exposed to risk and financial losses.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Hormel Foundation controls approximately 48%
of Hormel&rsquo;s voting power and can therefore almost unilaterally ensure our commonsense proposal is not adopted. But we believe a
strong vote from other shareholders would signal to management that it should move forward in addressing this matter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Thank you for your attention and consideration.
We&rsquo;re not asking for and can&rsquo;t accept your proxy. Please vote FOR Item 4.&nbsp;</I></B></P>

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

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

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

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

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

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