Amendment to Smithfield Foods, Inc. 1998 Stock Incentive Plan (August 29, 2001)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This amendment updates the Smithfield Foods, Inc. 1998 Stock Incentive Plan, effective August 29, 2001. It revises the definition of "Performance Criteria" used to determine stock incentives, specifying various financial and operational metrics such as asset growth, earnings, revenues, and market value. These criteria will be calculated according to generally accepted accounting principles. The amendment clarifies how performance will be measured for incentive purposes under the plan.

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EX-10.6C 17 dex106c.htm EX-10.6C Prepared by R.R. Donnelley Financial -- EX-10.6C
 
EXHIBIT 10.6(c)
 
AMENDMENT TO
 
SMITHFIELD FOODS, INC.
1998 STOCK INCENTIVE PLAN
 
This Amendment to the Smithfield Foods, Inc. 1998 Stock Incentive Plan is made effective August 29, 2001.
 
 
1.
 
Section 3(t) of the Plan is amended to read as follows:
 
“Performance Criteria” means any of the following areas of performance of the Company or a Subsidiary of the Company: asset growth; pre-tax earnings; pre-tax profits; debt to equity ratio; earnings per share; revenues; operating income; operating costs and efficiencies; operating cash flow; net income, before or after taxes; net income before income taxes, incentive payments and accounting for minority interest; return on total capital, equity, revenue or assets; or market value of the Company’s Common Stock. All Performance Criteria shall be calculated in accordance with generally accepted accounting principles consistently applied by the Company.