GOLD KIST INC. SUMMARY OF NAMED EXECUTIVE OFFICER COMPENSATION

EX-10.22 2 dex1022.htm SUMMARY OF NAMED EXECUTIVE OFFICER COMPENSATION ARRANGEMENTS Summary of Named Executive Officer Compensation Arrangements

EXHIBIT 10.22

GOLD KIST INC.

SUMMARY OF NAMED EXECUTIVE OFFICER COMPENSATION

ARRANGEMENTS

The Compensation Committee of the Board of Directors of Gold Kist Inc. (the “Company”) approved the following base salaries for fiscal 2007 for the named executive officers listed below (the “Named Executive Officers”). Mr. Bekkers and Mr. Stimpert are each a party to an employment agreement with the Company. Copies of such employment agreements have been filed as exhibits to the Company’s Current Report on Form 8-K dated January 24, 2005 and the agreements are incorporated by reference herein. Each of the other Named Executive Officers is an “at-will” employee of the Company and is not a party to a written employment agreement with the Company.

 

Named Executive Officer

    Base Salary

John Bekkers

    $ 820,000

Michael A. Stimpert

    $ 400,700

William T. Andersen

    $ 267,200

Donald W. Mabe

    $ 310,700

Stephen O. West

    $ 314,700

In addition the Compensation Committee approved a grant of stock appreciation rights and performance shares to each of the Named Executive Officers pursuant to the Gold Kist Inc. 2004 Long-Term Incentive Plan (the “LTIP”).

 

Named Executive Officer

    Stock Appreciation
Rights		    Performance
Shares

John Bekkers

    43,690    27,099

Michael A. Stimpert

    13,695    8,494

William T. Andersen

    9,132    5,664

Donald W. Mabe

    10,641    6,600

Stephen O. West

    10,641    6,600

The material provisions of the LTIP are described in and a copy of the LTIP has been filed as an exhibit to the Company’s Registration Statement on Form S-4 (Registration No. 333-116066), which is incorporated by reference herein. Copies of forms of the related award agreements have been filed as exhibits to the Company’s Current Report on Form 8-K dated January 24, 2005 and are incorporated herein by reference.

Each of the Named Executive Officers is also eligible to participate in the Company’s Executive Management Incentive Plan (the “MIP”). The material provisions of the MIP are described in and a copy of the MIP has been filed as an exhibit to the Company’s Registration Statement on Form S-4 (Registration No. 333-116066), which is incorporated by reference herein. A description of the performance goals under the MIP is contained in the Company’s Current Report on Form 8-K dated January 24, 2005 and this description is incorporated by reference herein.

Each of the Named Executive Officers, other than Mr. Bekkers and Mr. Stimpert, is also a party to a written Change-in-Control Agreement with the Company, the material provisions of which are described in and the form of which is filed as an exhibit to the Company’s Current Report on Form 8-K, dated January 24, 2005. Such description and exhibits are incorporated by reference herein.

As described in the Company’s Registration Statement on Form S-1 (Registration No. 333-116067), the Named Executive Officers are also eligible to participate in the Company’s Pension Plan, Supplemental Executive Retirement Plan, and welfare programs and other compensation programs that are generally provided for the senior management personnel of the Company and its subsidiaries, as determined by the Board of Directors from time to time. These descriptions are incorporated by reference herein.