EX-10.23: DESCRIPTION OF INCREMENTAL PERFORMANCE BONUS PLAN
EX-10.23 2 y26507exv10w23.htm EX-10.23: DESCRIPTION OF INCREMENTAL PERFORMANCE BONUS PLAN EX-10.23
Exhibit 10.23
Premium Standard Farms, Inc.
Description of
Incremental Performance Bonus Plan
Description of
Incremental Performance Bonus Plan
Adoption: | Adopted by the Compensation Committee of the Board of Directors of Premium Standard Farms, Inc. (the “Company”) on September 29, 2006 | |
Purpose: | To compensate certain employees of the Company whose efforts will be critical to the closing of the pending merger between the Company and a subsidiary of Smithfield Foods, Inc. | |
Participants: | Five officers, including three executive officers, of the Company, including Stephen A. Lightstone, the Company’s Executive Vice President, Chief Financial Officer and Treasurer and a named executive officer of the Company | |
Amount of Bonuses: | The Compensation Committee recommended that performance bonuses be paid in an aggregate amount of up to $425,000, with Mr. Lightstone eligible to receive a performance bonus of up to $100,000 | |
Bonuses are Discretionary: | All performance bonuses paid under the Plan will be discretionary and subject to the approval of the Company’s Chief Executive Officer and its Chairman of the Board of Directors |
31
