Exhibit 10.4
Compensation for Named Executive
Officers
for fiscal 2010
|
Name
|
Principal Position
|
Annual Base Salary
|
Annual Cash Bonus
|
|
C. Larry Pope
|
President and Chief Executive Officer
|
$ 1,100,000
|
(1)
|
|
Robert W. Manly, IV
|
Executive Vice President and Chief Financial
Officer
|
$ 600,000
|
(2)
|
|
Carey J. Dubois (3)
|
Vice President, Finance
|
$ 325,000
|
(4)
|
|
George H. Richter
|
President and Chief Operating Officer, Pork
Group
|
$ 800,000
|
(5)
|
|
Joseph B. Sebring
|
President of John Morrell
|
$ 700,000
|
(6)
|
|
James C. Sbarro
|
President of Farmland Foods
|
$ 500,000
|
(7)
|
_________
(1) The
bonus formula for Mr. Pope is:
• 0% of the
first $100 million of Company net income before deduction for
income taxes and incentive payments to key
employees (“net profits”),
• 1.5% of
Company net profits in excess of $100 million and less than $400
million, and
• 2% of
Company net profits in excess of $400 million.
(2) The
bonus formula for Mr. Manly is:
• 0% of the
first $100 million of Company net profits,
• 0.5% of
Company net profits in excess of $100 million and less than $400
million, and
• 0.75% of
Company net profits in excess of $400 million.
(3) Mr.
Dubois became Vice President, Finance on July 1,
2008. He served as Vice President and ChiefFinancial
Officer from July 1, 2007 to June 30, 2008
(4) Mr.
Dubois is eligible to receive a discretionary bonus.
(5) The bonus
formula for Mr. Richter is:
• 0% of the
first $100 million of net profits of the Company’s Pork
Group,
• 0.5% of Pork
Group net profits in excess of $100 million and less than $400
million, and
• 1.25% of
Pork Group net profits in excess of $400 million.
(6) The
bonus formula for Mr. Sebring
is:
• 0% of the
first $100 million of Pork Group net profts,
• 0.25% of Pork
Group net profits in excess of $100 million and less than $400
million, and
• 0.625% of
the Pork Group net profits in excess of $400 million.
(7) The
bonus formula for Mr. Sbarro is:
&bu
