Executive Compensation Schedule for Named Officers – Fiscal 2006
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Summary
This document outlines the annual base salaries and bonus structures for the named executive officers of the company for fiscal year 2006. The officers listed include the Chairman, CEO, President, and other key executives. Bonuses are determined by company or division performance, with some subject to adjustment by the Compensation Committee. The agreement specifies how each executive's bonus is calculated, either by company-wide profits or specific divisional performance.
EX-10.6 4 dex106.htm COMPENSATION FOR NAMED EXECUTIVE OFFICERS COMPENSATION FOR NAMED EXECUTIVE OFFICERS
EXHIBIT 10.6
COMPENSATION FOR NAMED EXECUTIVE OFFICERS
For Fiscal 2006
| Name | Principal Position | Annual Base Salary | Bonus (1) | ||||
| Joseph W. Luter, III | Chairman of the Board and Chief Executive Officer | $ | 850,000 | (2) | |||
| C. Larry Pope | President and Chief Operating Officer | $ | 700,000 | (2) | |||
| Jerry H. Godwin | President of Murphy-Brown | $ | 750,000 | (3) | |||
| Joseph W. Luter, IV | President of Smithfield Packing | $ | 620,000 | (4) | |||
| Joseph B. Sebring | President of John Morrell | $ | 620,000 | (5) | |||
| (1) | All bonus awards are made under the performance award component of the Company’s 1998 Stock Incentive Plan and may be subject to adjustment downward at the Compensation Committee’s discretion based on an officer’s individual performance. |
| (2) | Derived from a formula based on Company-wide profits during Fiscal 2006. |
| (3) | Derived from a formula based on Murphy-Brown’s ability to control hog raising costs. |
| (4) | Derived from the greater of a formula based on Company-wide profits during Fiscal 2006 and a formula based on Smithfield Packing’s profits during Fiscal 2006. |
| (5) | Derived from a formula based on John Morrell’s profits during Fiscal 2006. |
