Supplemental Retirement Benefit Agreement between Seaboard Corporation and Robert L. Steer
Seaboard Corporation and Robert L. Steer have entered into an agreement providing Mr. Steer with a supplemental retirement benefit. This benefit is calculated based on the difference between two actuarial values of his pre-2013 accrued retirement benefits, using a specific interest rate formula. The agreement incorporates certain provisions from the company's executive retirement plan but does not amend the plan itself. It also clarifies that this agreement does not guarantee continued employment, which remains at-will.
EXHIBIT 10.1
SUPPLEMENTAL RETIREMENT BENEFIT AGREEMENT
THIS SUPPLEMENTAL RETIREMENT BENEFIT AGREEMENT (“Agreement”) is made and entered into as of January 2, 2023, by and between Seaboard Corporation, a Delaware corporation (the “Company”), and Robert L. Steer, an individual (the “Executive” or “Participant”).
RECITALS:
WHEREAS, the Company has adopted the Seaboard Corporation 409A Executive Retirement Plan, amended and restated effective January 1, 2013 (the “Plan”); and
WHEREAS, Executive is a participant in the Plan, and the Company desires to provide for the payment of a supplemental retirement benefit based on the benefit payable to the Executive pursuant to the provisions of the Plan;
NOW, THEREFORE, for good and valuable consideration, the parties agree as follows:
IN WITNESS WHEREOF, this Agreement has been executed as of the day and year first above written.
SEABOARD CORPORATION | |
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By: | /s/ David H. Rankin |
| David H. Rankin, Executive Vice President |
| and Chief Financial Officer |
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By: | /s/ Robert L. Steer |
| Robert L. Steer, Executive |
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