Third Amendment to Hormel Supplemental Executive Retirement Plan (2007 Restatement)

Contract Categories: Human Resources › Retirement Agreements
Summary

Hormel Foods Corporation has amended its Supplemental Executive Retirement Plan, originally restated in 2007, to clarify how certain periods of service and compensation are recognized for executive retirement benefits. The amendment allows specific service periods and compensation amounts to be included if agreed upon in a separate written agreement between the company and the executive, provided the agreement is signed by a non-participating board member. All other terms of the retirement plan remain unchanged.

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EX-10.5 6 a11-30454_1ex10d5.htm EX-10.5

EXHIBIT 10.5

 

THIRD AMENDMENT

OF

HORMEL

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

(2007 Restatement)

 

The “Hormel Supplemental Executive Retirement Plan (2007 Restatement)” adopted by Hormel Foods Corporation, a Delaware corporation, effective January 1, 2007, as heretofore amended by two amendments (collectively, the “Plan Statement”), is hereby amended as follows:

 

6.                                      STABLE VALUE BENEFIT.  Effective October 31, 2011, Section 4.1(a)(viii) of the Plan Statement shall be amended to read in full as follows:

 

(viii)                       recognizing as Eligibility Service, Benefit Service or as Vesting Service or both periods that are required to be recognized for purposes of this SERP pursuant to a separate written agreement between the Principal Sponsor and the Participant and by including in Compensation, in Average Annual Compensation and in Average Monthly Compensation amounts that are required to be included pursuant to a separate written agreement between the Principal Sponsor and the Participant (and in either such case, the separate written agreement shall be signed on behalf of the Principal Sponsor by a member of the Board of Directors who is not a Participant in this SERP).

 

7.                                      STABLE VALUE BENEFIT.  Effective October 31, 2011, Section 5.1.1(a)(viii) of the Plan Statement shall be amended to read in full as follows:

 

(viii)                       recognizing as Eligibility Service, Benefit Service or as Vesting Service or both periods that are required to be recognized for purposes of this SERP pursuant to a separate written agreement between the Principal Sponsor and the Participant and by including in Compensation, in Average Annual Compensation and in Average Monthly Compensation amounts that are required to be included pursuant to a separate written agreement between the Principal Sponsor and the Participant (and in either such case, the separate written agreement shall be signed on behalf of the Principal Sponsor by a member of the Board of Directors who is not a Participant in this SERP).

 

8.                                      SAVINGS CLAUSE.  Save and except as herein expressly amended, the Plan Statement shall continue in full force and effect.