Certain Compensation for Named Executive Officers for Fiscal 2013
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EX-10.1 2 sfdq1fy13ex101.htm EXHIBIT 10.1 SFD Q1 FY13 EX 10.1
Exhibit 10.1
Certain Compensation for Named Executive Officers
for Fiscal 2013
Name | Principal Position | Annual Base Salary | Annual Cash Incentive(1) | ||
C. Larry Pope | President and Chief Executive Officer | $ | 1,100,000 | (2) | |
Robert W. Manly, IV | Executive Vice President and Chief Financial Officer | $ | 750,000 | (3) | |
George H. Richter | President and Chief Operating Officer, Pork Group | $ | 800,000 | (4) | |
Joseph B. Sebring | President of John Morrell | $ | 735,000 | (5) | |
Joseph W. Luter, IV | Executive Vice President, Sales and Marketing, Pork Group | $ | 700,000 | (6) | |
_________
(1) | For the annual cash incentive awards, “pre-tax profits” are generally defined as net income before deduction for income taxes and incentive payments to key employees. |
(2) | The annual cash incentive formula for Mr. Pope is equal to 1% of Company pre-tax profits subject to a cap of $8 million. |
(3) | The annual cash incentive formula for Mr. Manly is equal to 0.50% of Company pre-tax profits subject to a cap of $4 million. |
(4) | The annual cash incentive formula for Mr. Richter is equal to 0.50% of Pork Group pre-tax profits subject to a cap of $4 million. |
(5) | The annual cash incentive formula for Mr. Sebring is equal to 0.25% of Pork Group pre-tax profits subject to a cap of $2.94 million. |
(6) The annual cash incentive formula for Mr. Luter, IV is equal to:
• | 0.13% of the Pork Group pre-tax profits, plus |
• | 0.5% of the International Group pre-tax profits, all subject to a cap of $2.8 million. |
