Amendment to Company Contribution Rate under Pilgrim’s Pride Corporation 2005 Deferred Compensation Plan
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Summary
Pilgrim’s Pride Corporation has amended its 2005 Deferred Compensation Plan to change the company's discretionary matching contribution rate. Effective for deferrals made on or after March 30, 2008, the company will match 40% of a participant’s annual deferrals, up to a maximum of 3% of the participant’s compensation, subject to the annual compensation limit set by the IRS ($230,000 in 2008). This change was approved by the Board of Directors on May 28, 2008.
EX-10.4 2 ex10_4.htm 2005 DEFERRED COMPENSATION PLAN AMENDED AND RESTATED ex10_4.htm
Exhibit 10.4
CHANGE TO COMPANY CONTRIBUTION AMOUNT UNDER
PILGRIM’S PRIDE CORPORATION
2005 DEFERRED COMPENSATION PLAN
AMENDED AND RESTATED
On May 28, 2008, the Board of Directors of Pilgrim’s Pride Corporation (the "Company") approved a change in the rate of the Company’s discretionary matching contributions for deferrals contributed to the Pilgrim's Pride Corporation 2005 Deferred Compensation Plan (the "Plan") on or after March 30, 2008 to 40% of the participant’s annual deferrals to the Plan, but not exceeding 3% of such participant’s compensation up to the annual compensation limit under the Internal Revenue Code of 1986, as amended, Section 401(a)(17) ($230,000 in 2008).
