Fiscal 2013 Executive Compensation Schedule for Smithfield Foods Named Officers

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the annual base salaries and cash incentive formulas for Smithfield Foods' top executives for fiscal year 2013. It lists the compensation details for the CEO, CFO, and other key officers, specifying each executive's base salary and the percentage of company or division pre-tax profits used to calculate their annual cash incentive, each with a maximum cap. The agreement ensures transparency in executive pay and sets clear performance-based criteria for incentive awards.

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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.