Tyson Foods 2013 Annual Report Download - page 83
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83
On November 18, 2013, James V. Lochner, the Company’s Chief Operating Officer, announced that he would retire on September 20,
2014. In connection with his announcement, the Company and Mr. Lochner entered into an amendment to Mr. Lochner’s November
14, 2012 employment agreement which provides that his employment agreement will terminate on September 20, 2014 and that he
and the Company will enter into an advisory agreement effective September 21, 2014 to furnish advisory and consulting services to
the Company for three years.
Under the advisory agreement, the Company will pay $438,611 to Mr. Lochner annually, as well as provide Mr. Lochner and his
spouse coverage under the Company’s health care plan at the same cost paid by similarly-situated participants. Mr. Lochner will also
be entitled to annual payments under the Company’s supplemental executive retirement plan beginning in 2015 in the amount of
$561,389, less any required tax withholdings. The advisory agreement also contains certain confidentiality, non-competition, and non-
solicitation provisions in favor of the Company.
A copy of this amendment is filed as Exhibit 10.12 to this Form 10-K.