EX-10.1 2 sfdq1fy13ex101.htm EXHIBIT 10.1
Exhibit 10.1
Certain Compensation for Named Executive Officers
for Fiscal 2013

Name | Principal Position | Annual Base Salary | Annual Cash Incentive(1)
C. Larry Pope | President and Chief Executive Officer | $ | 1,100,000 |  | (2)
Robert W. Manly, IV | Executive Vice President and Chief Financial Officer | $ | 750,000 |  | (3)
George H. Richter | President and Chief Operating Officer, Pork Group | $ | 800,000 |  | (4)
Joseph B. Sebring | President of John Morrell | $ | 735,000 |  | (5)
Joseph W. Luter, IV | Executive Vice President, Sales and Marketing, Pork Group | $ | 700,000 |  | (6)

_________

(1) | For the annual cash incentive awards, “pre-tax profits” are generally defined as net income before deduction for income taxes and incentive payments to key employees.

(2) | The annual cash incentive formula for Mr. Pope is equal to 1% of Company pre-tax profits subject to a cap of $8 million.

(3) | The annual cash incentive formula for Mr. Manly is equal to 0.50% of Company pre-tax profits subject to a cap of $4 million.

(4) | The annual cash incentive formula for Mr. Richter is equal to 0.50% of Pork Group pre-tax profits subject to a cap of $4 million.

(5) | The annual cash incentive formula for Mr. Sebring is equal to 0.25% of Pork Group pre-tax profits subject to a cap of $2.94 million.

(6) The annual cash incentive formula for Mr. Luter, IV is equal to:

• | 0.13% of the Pork Group pre-tax profits, plus

• | 0.5% of the International Group pre-tax profits, all subject to a cap of $2.8 million.