Supplemental Retirement Benefit Agreement between Seaboard Corporation and David M. Becker
This agreement, dated January 2, 2023, is between Seaboard Corporation and David M. Becker. It provides Mr. Becker with a supplemental retirement benefit in addition to what he receives under the company's executive retirement plan. The agreement specifies how the additional payment will be calculated and when it will be paid, referencing certain terms from the main retirement plan. It clarifies that this agreement does not change the main plan or guarantee employment, and Mr. Becker remains an at-will employee.
Exhibit 10.20
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 David M. Becker, 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/ David M. Becker |
| David M. Becker |
| Executive |
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