Seaboard Corporation Summary of Perquisite for Personal Use of Company Airplane (Revised February 14, 2022)
Seaboard Corporation allows its Chairwoman, Ellen Bresky, President, Robert L. Steer, and other Named Executive Officers to use the company airplane for personal travel. The Chairwoman and President may each use up to 25 hours per year, while other executives are allotted up to 10 hours annually. Seaboard covers all related incidental expenses, including ground transportation, and provides a tax gross-up to offset any additional income taxes resulting from this benefit.
Exhibit 10.23
Seaboard Corporation
Summary of Perquisite for Personal Use of Seaboard Airplane
(Revised February 14, 2022)
The Board of Directors of Seaboard Corporation previously approved for the Chairwoman of the Board and each of the Named Executive Officers the right to use Seaboard’s airplane for personal use. Ellen Bresky, Chairwoman of the Board, and Robert L. Steer, President, each are currently allotted up to 25 hours of flight time per year for personal use. Each of the other Named Executive Officers are currently allotted up to 10 hours of flight time per year for personal use.
For each recipient of this benefit, Seaboard will also pay the incidental fees and expenses incurred related to the flights, including ground transportation, as well as a “tax gross-up” of the estimated federal and state income taxes each will incur as a consequence of this benefit.
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