TYSON FOODS, INC. SUPPLEMENTAL EXECUTIVE RETIREMENT AND LIFE INSURANCE PREMIUM PLAN

EXHIBIT 10.47

TABLE OF CONTENTS

SECTION 1

INTRODUCTION

The Company maintains the Tyson Foods, Inc Supplemental Executive Retirement and Life Insurance Premium Plan (the “Plan”) originally effective as of March 12, 2004.

The Company desires to amend the Plan to revise the eligibility provisions to narrow the class of eligible employees; to provide for the continuation of benefit accruals by those existing Participants who would not be eligible to participate in the Plan if they were hired or rehired on or after March 1, 2007 and to address and clarify the treatment of eligible employees who cease to qualify for active participation in the Plan due to the change in eligibility criteria or otherwise. and

The Company also desires to amend the Plan to comply with, and make changes permitted by, the American Jobs Creation Act of 2004 and the rules and regulations promulgated thereunder.

The Company currently intends to maintain the Plan indefinitely. The Plan provides for each Plan Sponsor to pay its respective benefits and administrative costs from its general assets. The establishment of the Plan shall not convey rights to Participants or any other person which are greater than those of the general creditors of the Plan Sponsor.

The terms and conditions of participation and benefits under the Plan are determined exclusively by the provisions of this document. In the event of any conflict between the provisions of this document and any other description of the Plan, the provisions of this document control. The provisions of this document are generally effective as of March 1, 2007, except as otherwise provided herein.

SECTION 2

DEFINITIONS

As used in this Plan, the masculine pronoun shall include the feminine and the feminine pronoun shall include the masculine unless otherwise specifically indicated. In addition, the following words and phrases as used in this Plan shall have the following meaning unless a different meaning is plainly required by the context:

2.1       “ Actuarial Equivalent ” means a benefit of equivalent value, when computed on the basis of the same mortality table and the rate or rates of interest and/or empirical tables. The Plan Administrator shall establish the applicable mortality table, rate of interest and/or empirical table in its sole discretion. Prior to a Change of Control, the Plan Administrator may change the table(s) and/or rate(s) of interest used in determining whether a benefit is the Actuarial Equivalent of another benefit. No Participant shall accrue a right to have any particular table or interest rate used in computing the lump sum value of his or her SERP benefit and, therefore, differences in Actuarial Equivalent computations attributable to varying table(s) and/or rate(s) of interest shall not be deemed a part of a Participant’s “accrued” benefits as described in Section

9.1. Effective with a Change of Control, the table(s) and rate(s) of interest shall remain the same as those in effect immediately prior to a Change of Control.

2.2       “ Affiliate ” means (a) any corporation which is a member of the same controlled group of corporations (within the meaning of Code Section 414(b)) as is a Plan Sponsor, (b) any other trade or business (whether or not incorporated) under common control (within the meaning of Code Section 414(c)) with a Plan Sponsor, (c) any other corporation, partnership or other organization which is a member of an affiliated service group (within the meaning of Code Section 414(m)) with a Plan Sponsor, and (d) any other entity required to be aggregated with a Plan Sponsor pursuant to regulations under Code Section 414(o).

2.4       “ Change of Control ” means any one of the following events occurring after March 12, 2004:

(a)       the acquisition by any individual, entity or “group,” within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act (a “Person”), of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of voting securities of the Company where such acquisition causes any such Person to own twenty-five percent (25%) or more of the combined voting power of the then outstanding voting securities then entitled to vote generally in the election of directors (the “Outstanding Voting Securities”); provided, however, that for purposes of this Subsection (a), the following shall not be deemed to result in a Change of Control, (i) any acquisition directly from the Company, unless such a Person subsequently acquires additional shares of Outstanding Voting Securities other than from the Company, in which case any such subsequent acquisition shall be deemed to be a Change of Control; or (ii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company;

(b)       a merger, consolidation, share exchange, combination, reorganization or like transaction involving the Company in which the stockholders of the Company immediately prior to such transaction do not own at least fifty percent (50%) of the value or voting power of the issued and outstanding capital stock of the Company or its successor immediately after such transaction;

(c)       the sale or transfer (other than as security for the Company’s obligations) of more than fifty percent (50%) of the assets of the Company in any one transaction or a series of related transactions occurring within a one (1) year period in which the Company, any corporation controlled by the Company or the stockholders of the Company immediately prior to the transaction do not own at least fifty percent (50%) of the value or voting power of the issued and outstanding equity securities of the acquiror immediately after the transaction;

(d)       the sale or transfer of more than fifty percent (50%) of the value or voting power of the issued and outstanding capital stock of the Company by the holders thereof

in any one transaction or a series of related transactions occurring within a one (1) year period in which the Company, any corporation controlled by the Company or the stockholders of the Company immediately prior to the transaction do not own at least fifty percent (50%) of the value or voting power of the issued and outstanding equity securities of the acquiror immediately after the transaction;

(e)       within any twelve-month period the persons who were directors of the Company immediately before the beginning of such twelve-month period (the “Incumbent Directors”) shall cease to constitute at least a majority of the Board of Directors; provided that no director whose initial assumption of office is in connection with an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) relating to the election of directors of the Company shall be deemed to be an Incumbent Director; or

2.5       “ Code ” means the Internal Revenue Code of 1986 and all regulatory guidance promulgated thereunder, as the same may be amended and modified from time to time.

2.7       “ Compensation ” means the base salary paid to an Active Participant or deferred for services rendered to the Company or an Affiliate during any year in which the Participant accrues Creditable Service, including any deferrals of base salary or bonus under a 401(k) plan, deferrals under a non-qualified, defined contribution deferred compensation plan or salary reduction under a cafeteria plan of the Company or an Affiliate, plus any annual cash bonus payable to an Active Participant under a recurring bonus program applicable to one or more classes of employees. Compensation shall not include any other forms of compensation, fringe benefits or severance payments or benefits, whether characterized as such, made pursuant to any employment agreement, separation agreement, severance plan or policy or any similar arrangement, unless such agreement, plan, policy or arrangement expressly provides that the special termination or severance payments or benefits are to be included as Compensation under the Plan.

Notwithstanding the foregoing, with respect to any period of absence (during which disability benefits are being paid to the Participant under a short-term or long-term disability plan then maintained by the Company or an Affiliate) which is included as Creditable Service, the Participant’s annual Compensation for purposes of the Plan during such period of absence shall be deemed to be the greater of (a) his Compensation paid for the last full calendar year of his employment immediately preceding the beginning of such absence, or (b) the actual Compensation the Participant received in the year the absence began.

2.8       “ Contracted Officer ” means an employee of a Plan Sponsor who has a written employment agreement in effect with the Plan Sponsor for the performance of services in a recognized officer position of the employing entity.

(a)       The total number of years and completed months of continuous service rendered by an Active Participant for the Company or an Affiliate while an Eligible Contracted Officer from and after January 1, 2004.

(b)       Periods of authorized leaves of absence from the Company or any Affiliate credited to an Eligible Contracted Officer on or after January 1, 2004, including but not limited to leaves required to be granted pursuant to the Family and Medical Leave Act of 1993 and the Uniformed Services Employment and Reemployment Rights Act, and, notwithstanding any other provision of this Plan to the contrary, any period of an authorized leave of absence on or after January 1, 2004 credited to an Eligible Contracted Officer while disability benefits are being paid under a short-term or long-term disability plan then maintained by the Company or an Affiliate.

(c)       Any prior Creditable Service under this Plan rendered by a Participant who ceases to be an Active Participant shall be disregarded, unless the prior Creditable Service is to be recognized pursuant to Section 3.5 or unless otherwise recognized by the Plan Administrator and communicated to the Participant in writing. Subject to approval by the Plan Administrator, a Participant may be granted additional years of Creditable Service for purposes of determining retirement benefits under the Plan. Additional service granted under provisions of an individual agreement between the Company or any Affiliate and a Participant or under any severance plan or policy of the Company covering the Participant shall also be included in determining Creditable Service, but only in accordance with the specific terms of such provisions.

Subject to approval by the Plan Administrator, a Participant may be granted additional years of Creditable Service for purposes of determining retirement benefits under the Plan. Additional service granted under provisions of an individual agreement between the Company or any Affiliate and a Participant or under any severance plan or policy of the Company covering the Participant shall also be included in determining Creditable Service, but only in accordance with the specific terms of such provisions.

2.10     “ Disability ” means a disability of a Participant which, in the opinion of the Plan Administrator, causes a Participant to be totally and permanently disabled due to sickness or injury so as to be completely unable to perform any and every duty pertaining to his occupation from a cause other than as specified below:

(a)       excessive and habitual use by the Participant of drugs, intoxicants or narcotics;

(b)       injury or disease sustained by the Participant while willfully and illegally participating in fights, riots, civil insurrections or while committing a felony;

(c)       injury or disease sustained by the Participant diagnosed or discovered subsequent to the date of his Separation from Service; and

(d)       injury or disease sustained by the Participant while working for anyone other than the Plan Sponsor or any Affiliate and arising out of such employment.

The determination of whether or not a Disability exists shall be determined by the Plan Administrator and shall be substantiated by competent medical evidence.

2.11     “ Disability Retirement Allowance ” means the SERP retirement benefits payable under Section 4.1(c) to a Participant who experiences a Separation from Service due to a Disability.

2.12     “ Early Retirement Allowance ” means the SERP retirement benefits payable under Section 4.3 to a Participant who retires prior to attaining Normal Retirement Age.

(a)       for all purposes of Plan administration from January 1, 2004 until March 1, 2007, a Contacted Officer, but only for that period of time during which his or her employment agreement was in effect; and

(b)       for all purposes of Plan administration commencing on and continuing after March 1, 2007, either

(i)        a Contracted Officer, but only for that period of time during which his or her employment agreement was in effect and he or she occupies an officer position in a band level of 0 through 5; or

(ii)       a Grandfathered Officer, but only for that period of time during which his or her employment agreement was in effect and he or she occupies a position as a Contracted Officer

For purposes of Section 2.13(b)(ii), a Grandfathered Officer who is demoted from an officer position to a non-officer position shall not be treated as an Eligible Contracted Officer while occupying such non-officer position for any purpose.

2.14     “ ERISA ” means the Employee Retirement Income Security Act of 1974 and all regulatory guidance thereunder, as the same may be amended and modified from time to time.

2.15     “ Final Average Compensation ” means the average annual Compensation of a Participant measured over the final five (5) consecutive, whole calendar years during the Participant’s entire period of Creditable Service. If a Participant has less than five (5) consecutive, whole calendar years of Creditable Service, Final Average Compensation shall be computed over all such years.

2.16     “ Grandfathered Officer ” means a Contracted Officer who was an Active Participant immediately prior to March 1, 2007.

2.17     “ LIP ” means the portion of the Plan providing the life insurance premiums payment benefits described in Section 5.

2.18     “ Nonforfeitable ” refers only to the vested, unsecured contractual right of a Participant, if any, to benefits under this Plan. In no event, however, shall “Nonforfeitable” imply any preferred claim on, or any beneficial ownership interest in, any assets of the Plan Sponsor before those assets are paid to any Participant pursuant to the terms of the Plan. As provided in Section 8.5 below, certain events may result in the forfeiture even of Nonforfeitable benefits.

2.20     “ Normal Retirement Allowance ” means the SERP retirement benefits payable under Section 4.2 to a Participant who retires on or after attaining Normal Retirement Age.

2.21     “ Participant ” means any Active Participant, Inactive Participant or Retired Participant.

(a)       “ Active Participant ” means an Eligible Contracted Officer of a Plan Sponsor from the time participation in the Plan begins pursuant to Section 3.1 until the earliest of the time:

(i)        the Participant retires and is entitled to SERP retirement benefits under Section 4,

(iv)      the Participant experiences a Separation from Service prior to becoming entitled to SERP retirement benefits under Section 4, except as otherwise provided in Section 9.5, or

(v)       the Participant ceases to be an Active Participant by reason of an event described in Section 9.3 or 9.5.

In addition, if an Active Participant is placed on inactive employee status, as defined by the Plan Administrator from time to time under uniform and nondiscriminatory rules, and, at the date of such change in status, the Participant has a Nonforfeitable right to his or her SERP retirement benefit, the Participant will continue as an Active Participant in the Plan.

(b)       “ Inactive Participant ” means a Participant who ceases to be an Active Participant, who has not become a Retired Participant and who either (i) continues to be an employee of the Company or an Affiliate but who, as a result of a change in status,

ceases to be an Eligible Contracted Officer or (ii) has his or her Active Participant status terminated solely by reason of Section 2.21(a)(v). A Participant who earns a Nonforfeitable right to his or her SERP retirement benefit while an Inactive Participant shall be eligible for retirement benefits in accordance with Section 4 from and after the date the SERP retirement benefit becomes Nonforfeitable. As set forth in Section 3.5, for purposes of Sections 4.2(a)(1) and 4.2(b)(1), no increase in SERP retirement benefits shall be attributed to Compensation paid or for services rendered during the period of time that a Participant is classified as an Inactive Participant.

(c)       “ Retired Participant ” shall mean either (a) an Active Participant who has retired on or after meeting the requirements for a Normal, Early or Disability Retirement Allowance under Section 4 or (b) an Inactive Participant who met the requirements for a Normal, Early or Disability Retirement Allowance under Section 4 prior to becoming, or during his or her status as, an Inactive Participant and who subsequently retires.

2.22     “ Plan ” means this Tyson Foods, Inc. Supplemental Executive Retirement and Life Insurance Premium Plan, as from time to time amended, providing the SERP and LIP benefits described herein.

2.23     “ Plan Administrator ” means the person or persons appointed by the Board of Directors to administer the Plan on behalf of the Company and, in lieu of any such appointment, the administrative committee established by the Company generally responsible for the administration of the Company’s employee benefit plans.

2.24     “ Plan Sponsor ” means the Company and each Affiliate that has adopted the Plan with the approval of the Company.

2.25     “ Separation from Service ” shall mean a separation from service with the Company and its Affiliates within the meaning of Treasury Regulations Section 1.409A-1(h) and any successor guidance thereto. No Separation from Service shall occur while a Participant is on any bona fide leave of absence not in excess of six (6) months duration or, if longer, so long as the Participant’s right to reemployment is provided either by statute or contract.

2.26     “ SERP ” means the portion of the Plan providing the retirement benefits described in Section 4.

2.27     “ Specified Employee ” shall mean a Participant who is a key employee (as defined in Code Section 416(i) without regard to Code Section 416(i)(5)) of the Company (or an entity which is considered to be a single employer with the Company under Code Section 414(b) or 414(c)) at any time during the twelve (12) month period ending on December 31. Notwithstanding the foregoing, a Participant who is a key employee determined under the preceding sentence will be deemed to be a Specified Employee solely for the period of April 1 through March 31 following such December 31 or as otherwise required by Code Section 409A.

(a)       The total number of years and completed months of continuous service rendered by an Active Participant as an Eligible Contracted Officer and, to the extent described in Subsection (c) below, by an Inactive Participant.

(b)       Vesting Service includes any periods of authorized leaves of absence from the Company or any Affiliate by a Participant in an otherwise eligible capacity, including but not limited to leaves required to be granted pursuant to the Family and Medical Leave Act of 1993 and the Uniformed Services Employment and Reemployment Rights Act, and, notwithstanding any other provision of this Plan to the contrary, any period of an authorized leave of absence while disability benefits are being paid to the Participant under a short-term or long-term disability plan then maintained by the Company or an Affiliate.

(c)       The total number of years and completed months of continuous service rendered by an Inactive Participant for the Company or an Affiliate will be counted as Vesting Service under the following rules:

(i)         Eligible Contracted Officer to Ineligible Contracted Officer . An Active Participant who ceases to be an Eligible Contracted Officer but who continues to be a Contracted Officer until re-qualifying as an Active Participant shall receive credit for Vesting Service while his or her status as a Contracted Officer continues. This Clause (i) does not apply to any Grandfathered Participant because a Grandfathered Participant remains an Active Participant for as long as he or she is a Contracted Officer.

(ii)        Eligible Contracted Officer to Non-Officer . An Active Participant who ceases to be a Contracted Officer before re-qualifying as an Active Participant shall receive credit for Vesting Service performed for his or her prior continuous period of service as an Eligible Contracted Officer and/or an employee of the Company or an Affiliate, provided he or she returns to Contracted Officer status within five (5) years from losing that status; however, such credit shall count only for purposes of determining whether his or her SERP retirement benefits are Nonforfeitable and not for purposes of determining the amount of the SERP retirement benefit under either Section 4.2(a)(2) or Section 4.2(b)(2).

Subject to approval by the Plan Administrator, a Participant may be granted additional years of Vesting Service for purposes of determining benefits under the Plan. Additional service granted under provisions of an individual agreement between the Company or any Affiliate and a Participant or under any severance plan or policy of the Company covering the Participant shall also be included in determining Vesting Service, but only in accordance with the specific terms of such provisions.

SECTION 3

PARTICIPATION

3.1        Commencement of SERP Participation . Each Eligible Contracted Officer shall commence participation in the SERP as an Active Participant as of the later of March 12, 2004 or the effective date that the Contracted Officer becomes an Eligible Contracted Officer. Subject to Section 3.5 (in addition to any Creditable Service and corresponding Compensation recognized at the discretion of the Plan Administrator pursuant to Section 2.9), an Active Participant who ceases to qualify as an Active Participant shall recommence participation in the Plan as an Active Participant, on a prospective basis only, if the individual again satisfies the criteria for being an Active Participant.

3.2        Commencement of LIP Participation . An Active Participant is eligible for LIP benefits if he or she timely applies for and is issued a policy on his or her life of a type and by an insurer designated by the Plan Administrator effective as of the date of coverage indicated by such policy.

3.3        Termination of SERP Participation . When a Participant ceases to be an Active Participant (as defined in Section 2.21(a) hereof), he or she shall cease to be a Participant unless the Participant remains an Inactive Participant or becomes a Retired Participant. A Retired Participant shall remain a Participant until his or her date of death, unless his or her Nonforfeitable benefits are forfeited pursuant to Section 8.5.

3.4        Termination of LIP Participation . Except as provided in this Section 3.4, an Active Participant shall remain a Participant under the LIP portion of the Plan through the policy anniversary date immediately following his or her Separation from Service, unless:

(a)       his or her otherwise Nonforfeitable benefits are forfeited pursuant to Section 8.5;

(b)       the policy issued to the Participant, as contemplated by Section 3.2, is surrendered, modified or exchanged by the Participant or the Participant causes a diminution in the policy’s cash surrender value by withdrawing from, or borrowing against, the policy; or

(c)       the Participant refuses or neglects to cooperate with the Company in its efforts to confirm whether any circumstances described in Section 3.4(b) exist.

When a Participant ceases to be an Active Participant but continues in the service of the Company or an Affiliate, he or she shall cease to be a Participant under the LIP portion of the Plan as of the policy anniversary date immediately following his or her change in status and shall have no rights to LIP benefits thereafter unless and until the Participant re-qualifies as an Active Participant. A Participant who ceases to qualify as an Active Participant will again become eligible for the LIP portion of the Plan no earlier than the first day of the calendar month following the completion of three (3) full calendar months from the effective date of their return to Active Participant status.

As a condition to participation, or continued participation, in the Plan, a Participant shall be required to reimburse the Company for the reimbursable portion of any premium paid on the policy issued to the Participant in connection with his or her participation in the Plan if the Participant experiences a Separation from Service within one (1) year of his or her original date of hire with the Company or any Affiliate.

3.5        Inactive Participant . For purposes of Sections 4.2(a)(1) and 4.2(b)(1), no increase in SERP retirement benefits shall be attributed to Compensation paid or for services rendered during the period of time that a Participant is classified as an Inactive Participant. An Inactive Participant who never returns to the status of an Active Participant may become a Retired Participant and receive a SERP retirement benefit only if he or she has earned a Nonforfeitable right to SERP retirement benefits prior to losing his or her status as an Active Participant or earns a Nonforfeitable right to SERP retirement benefits as an Inactive Participant by reason of being credited with additional Vesting Service pursuant to Section 2.28. In addition, any Compensation paid or services rendered during any prior period of time when an Inactive Participant was an Active Participant shall be disregarded, except as provided below:

(a)        Return to Active Status . An Inactive Participant who has not earned a Nonforfeitable right to SERP retirement benefits prior to losing his or her status as an Active Participant and who returns to the status of an Active Participant may have Compensation and Creditable Service earned prior to becoming an Inactive Participant counted towards the calculation of his or her SERP retirement benefit in accordance with the following rules:

(i)         Eligible Contracted Officer to Ineligible Contracted Officer . An Active Participant who ceases to be an Eligible Contracted Officer but who continues to be a Contracted Officer until re-qualifying as an Active Participant shall receive credit for Compensation earned and Creditable Service performed for his or her prior period of time as an Eligible Contracted Officer for purposes of Sections 4.2(a)(1) and 4.2(b)(1). This Clause (i) does not apply to any Grandfathered Participant because a Grandfathered Participant remains an Active Participant for as long as he or she is a Contracted Officer.

(ii)        Eligible Contracted Officer to Non-Officer . An Active Participant who ceases to be a Contracted Officer before re-qualifying as an Active Participant shall receive credit for Compensation earned and Creditable Service performed for his or her prior period of time as an Eligible Contracted Officer for purposes of Sections 4.2(a)(1) and 4.2(b)(1), provided he or she returns to Eligible Contracted Officer status within five (5) years from losing that status.

(b)        Special Situations . A Participant who has his or her Active Participant status terminated solely by reason of Section 2.21(a)(v) shall be subject to be subject to the general provisions of the Plan, as expressly modified by Section 9.3 or 9.5, as applicable.

3.6        Ineligibility . Notwithstanding any other provision of the Plan, the Plan Administrator may exclude any Contracted Officer from participation in the SERP and/or the LIP, with or without the consent of the Contracted Officer, and no such exclusion shall require the provision of substitute consideration to the Contracted Officer(s) so excluded.

SECTION 4

SERP BENEFITS

(a)       An Active Participant who attains Normal Retirement Age, or an Inactive Participant who attains Normal Retirement Age and who is then a Contracted Officer, shall have a Nonforfeitable right to benefits under this Section 4, subject to the provisions of Section 8.5, and may retire and receive payment of a Normal Retirement Allowance under the SERP. Payment of the Normal Retirement Allowance shall commence as soon as practicable following the end of the calendar year in which the Participant actually experiences a Separation from Service on or after attaining Normal Retirement Age.

(b)       An Active Participant who has attained age 55 and whose combination of age (including completed whole calendar months of age) and years of Vesting Service equal or exceed 70, or an Inactive Participant who has attained age 55 and whose combination of age (including completed whole calendar months of age) and years of Vesting Service equal or exceed 70 and who is then a Contracted Officer, shall have a Nonforfeitable right to benefits