SENIOR EXECUTIVE EMPLOYMENT
AGREEMENT
THIS SENIOR EXECUTIVE EMPLOYMENT
AGREEMENT dated April 3, 2007 (the "Effective Date") is by and
between Tyson Foods, Inc., a corporation organized under the laws
of Delaware (the "Company"), and Greg Lee ("Executive").
WITNESSETH
:
WHEREAS, following Executive's
retirement from full time employment with the Company and/or one of
its subsidiaries, the Company wishes to retain Executive's services
and access to Executive's experience and knowledge; and
WHEREAS, the Executive wishes to
furnish advisory services to the Company upon the terms, provisions
and conditions herein provided;
NOW, THEREFORE, in consideration of
the foregoing and of the agreements hereinafter contained, the
parties hereby agree as follows:
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1.
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The term of this Agreement (the
"Term") shall begin on the Effective Date and end ten (10) years
thereafter.
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2.
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During the Term, Executive will,
upon reasonable request, provide advisory services to the Company
as follows:
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(a) Services
hereunder shall be provided as an employee of the
Company;
(b) Executive
may be required to devote up to twenty (20) hours per month to the
Company;
(c) Executive
may perform advisory services hereunder at any location but may be
required to be at the offices of the Company and/or it subsidiaries
upon reasonable notice; and
(d) Executive
shall not be obligated to render services under this Agreement
during any period when he is disabled due to illness or
injury.
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3.
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Beginning the Effective Date, the
Company shall (i) pay Executive each year for five (5) years the
sum of $481,800 per year, and for the next five (5) years the sum
of $240,900 per year, such sums to be payable as the parties may
from time to time agree; (ii) provide Executive and his spouse with
health insurance during the Term as generally available to
Executive at the time of retirement from full time employment, and
(iii) permit Executive to continue all options to purchase Company
stock existing on the date of this Agreement. In addition, the
Company shall continue to provide Executive with the following
perquisites in accordance with the Company's policies:
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(a) Reimbursement for annual country club dues
incurred by Executive during the Term consistent with the past
practices of Executive at the Company;
(b)
