SENIOR EXECUTIVE EMPLOYMENT AGREEMENT
THIS SENIOR EXECUTIVE EMPLOYMENT AGREEMENT, dated July 30, 2004 is
by and between TYSON FOODS, INC., a corporation organized under the
laws of Delaware (the "Company"), and Donald J. Tyson
("Employee").
WITNESSETH :
WHEREAS, following Employee's retirement from full time employment
with the Company on October 19, 2001, the Company and Employee
entered into a Senior Executive Employment Agreement dated as of
such date (the "Original Agreement") pursuant to which Employee
agreed to furnish advisory services to the Company upon the terms,
provisions and conditions therein provided;
WHEREAS, since October 2001, Employee has provided substantial,
unique and continuing assistance to the Company; and
WHEREAS, the Employee wishes to continue to furnish advisory
services to the Company and the Company wishes to continue to
receive such services, upon the modified 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:
1. The Original
Agreement is hereby terminated as of the date hereof. The
term of this Agreement (the "Term") shall begin the date hereof and
end October 19, 2011.
2. During the Term,
Employee will, upon reasonable request, provide advisory services
to the Company as follows:
(a) Services hereunder
shall be provided as an employee of the Company;
(b) Employee may be
required to devote up to twenty (20) hours per month to the
Company;
(c) Employee may perform
advisory services hereunder at any location but may be required to
be at the offices of the Company upon reasonable notice; and
(d) Employee shall not be
obligated to render services under this Agreement during any period
when he is disabled due to illness or injury.
3. Beginning the
date hereof, the Company shall (i) pay Employee each year the sum
of $1,200,000 per year, such sum to be payable as the parties may
from time to time agree; (ii) provide Employee with health
insurance during the Term as generally made available to Employee
at the date of this Agreement; and (iii) except as specifically set
forth in Section 4
85
of
this Agreement, permit Employee to participate in any benefit plan
or arrangement generally made available to employees of the
Company, including reimbursement of expenses incurred in connection
with the business of the Company or in the performance of
Employee's obligations under this Agreement. In the event of
Employee's death, the benefits described in clause (i) above shall
continue to be paid to the surviving of Employee's three children,
John Tyson, Cheryl Tyson and Carla Tyson, for the duration of the
Term. In the event of death of Employee and the above named
children, all benefits under this Agreement shall cease.
4.
