SANDERSON FARMS, INC. Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
1. On January 20, 2021 , the Compensation Committee of the Registrant's board of
directors adopted a Bonus Award Program for the Registrant's salaried employees
and management trainees effective November 1, 2020 . If the Registrant meets net
income per share and minimum return on average stockholders' equity goals for
the fiscal year ended October 31, 2021 , the program provides for the award
of bonuses to eligible participants equal to a percentage of their base salary.
For the Named Executive Officers and certain other key members of management,
the total potential award has two components: a percentage based on the
Registrant's earnings per share, and a percentage based on the Registrant's
operational performance as measured by Agri Stats , a private industry
benchmarking service that analyzes performance data submitted by a significant
majority of the poultry industry. If the Registrant earns the maximum earnings
per share goal under the program, and if it performs at the top tier of
operational performance specified in the program (as reported by Agri Stats ),
the Named Executive Officers would earn the maximum possible bonus under the
program as follows: $3,036,600 for the Chairman and Chief Executive Officer
(200% of base salary), $1,217,971 for the President (160% of base salary),
$913,248 for the Treasurer, and Chief Financial and Legal Officer (140% of base
salary), and $279,955 for the Secretary and Controller (principal accounting
officer) (80% of base salary).
The foregoing description of the Bonus Award Program does not purport to be complete and is qualified in its entirety by reference to the full text of the Bonus Award Program, which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.
Also on
Joe F. Sanderson, Jr., Lampkin Butts, D. Michael Cockrell, Tim Rigney,
Type Chairman & CEO President & COO Treasurer & CFO SecretaryPersonal Use of Company and Charter Aircraft $ 44,410 $ 41,036 $ 13,774 $ - Other Travel Related Expenses 97 1,884 - - 401(k) Matching Contribution 11,200 11,200 11,200 11,200 ESOP Contribution - - - - Term Life Insurance Premium 136 183 272 272 Matching Charitable Contributions 5,000 6,000 2,500 - Dividends Paid on Restricted Stock 117,600 30,800 24,850 4,770 Accidental Death Premium 11 15 22 22 Health Plan Benefit 8,652 8,652 8,652 8,652 Total $ 187,106 $ 99,770 $ 61,270$ 24,916
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits: Exhibit No. Description 10.1Sanderson Farms, Inc. , Bonus Award Program EffectiveNovember 1, 2020 . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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