Annual Report — Form 10-K — Sect. 13 / 15(d) – SEA’34 Filing Table of Contents
Document/ExhibitDescriptionPagesSize
1: 10-K Annual Report HTML 1.76M
2: EX-4.25 Sara Lee 2032 Note HTML 76K
3: EX-10.19 Employment Agreement, Dated August 29, 2014, by HTML 102K
and Between Andrew P. Callahan
4: EX-10.20 Employment Agreement, Dated August 29, 2014, by HTML 102K
and Between Sally Grimes
5: EX-10.21 Employment Agreement, Dated August 29, 2014, by HTML 102K
and Between Thomas P. Hayes
6: EX-10.22 Employment Agreement, Dated August 29, 2014, by HTML 102K
and Between Mary Oleksiuk
7: EX-10.23 Form of Retention Award Letter Agreement, Dated HTML 54K
August 29, 2014
8: EX-10.57 Serp Amendment HTML 73K
10: EX-21 Subsidiaries of the Company HTML 75K
11: EX-23 Consent of Pricewaterhousecoopers, LLP HTML 43K
9: EX-12.1 Calculation of Ratio Earnings to Fixed Charges HTML 62K
12: EX-31.1 Certification of Chief Executive Officer Pursuant HTML 48K
to SEC Rule 13A-14(A)/15D-14(A
13: EX-31.2 Certification of Chief Financial Officer Pursuant HTML 48K
to SEC Rule 13A-14(A
14: EX-32.1 Certification of Chief Executive Officer Pursuant HTML 45K
to 18 U.S.C. Section 1350, as
15: EX-32.2 Certification of Chief Financial Officer Pursuant HTML 45K
to 18 U.S.C. Section 1350, as
103: R1 Document and Entity Information HTML 71K
78: R2 Consolidated Statements Of Income HTML 154K
96: R3 Consolidated Statements of Comprehensive Income HTML 73K
Statement
108: R4 Consolidated Balance Sheets HTML 141K
137: R5 Consolidated Balance Sheets (Parentheticals) HTML 52K
82: R6 Consolidated Statements Of Shareholders' Equity HTML 172K
95: R7 Consolidated Statements Of Cash Flows HTML 143K
71: R8 Business And Summary Of Significant Accounting HTML 91K
Policies
59: R9 Changes In Accounting Principles HTML 50K
139: R10 Acquisitions and Dispositions HTML 106K
110: R11 Discontinued Operation HTML 66K
109: R12 Property, Plant And Equipment HTML 62K
117: R13 Goodwill And Other Intangible Assets HTML 176K
118: R14 Debt HTML 100K
114: R15 Equity HTML 108K
119: R16 Income Taxes HTML 160K
97: R17 Other Income And Charges HTML 47K
105: R18 Earnings Per Share HTML 116K
112: R19 Derivative Financial Instruments HTML 207K
149: R20 Fair Value Measurements HTML 222K
129: R21 Stock-Based Compensation HTML 132K
88: R22 Pensions And Other Postretirement Benefits HTML 452K
111: R23 Comprehensive Income (Loss) HTML 136K
92: R24 Segment Reporting HTML 187K
48: R25 Supplemental Cash Flow Information HTML 55K
131: R26 Transactions With Related Parties HTML 52K
144: R27 Commitments And Contingencies HTML 85K
65: R28 Quarterly Financial Data (Unaudited) HTML 165K
64: R29 Condensed Consolidating Financial Statements HTML 708K
69: R30 Valuation And Qualifying Accounts HTML 96K
70: R31 Business And Summary Of Significant Accounting HTML 136K
Policies (Policy)
72: R32 Business And Summary Of Significant Accounting HTML 65K
Policies (Tables)
34: R33 Acquisitions and Dispositions (Tables) HTML 138K
127: R34 Discontinued Operation (Tables) HTML 76K
86: R35 Property, Plant And Equipment (Tables) HTML 60K
89: R36 Goodwill And Other Intangible Assets (Tables) HTML 171K
53: R37 Debt (Tables) HTML 80K
148: R38 Equity (Tables) HTML 87K
22: R39 Income Taxes (Tables) HTML 156K
75: R40 Earnings Per Share (Tables) HTML 112K
135: R41 Derivative Financial Instruments (Tables) HTML 197K
50: R42 Fair Value Measurements (Tables) HTML 215K
63: R43 Stock-Based Compensation (Tables) HTML 116K
68: R44 Pensions And Other Postretirement Benefits HTML 459K
(Tables)
79: R45 Comprehensive Income (Loss) (Tables) HTML 135K
33: R46 Segment Reporting (Tables) HTML 165K
58: R47 Supplemental Cash Flow Information (Tables) HTML 53K
25: R48 Commitments And Contingencies (Tables) HTML 60K
133: R49 Quarterly Financial Data (Unaudited) (Tables) HTML 160K
49: R50 Condensed Consolidating Financial Statements HTML 709K
(Tables)
128: R51 Business And Summary Of Significant Accounting HTML 55K
Policies (Schedule Of Inventories Of Processed
Products, Livestock, And Supplies Valued At Lower
Of Cost Or Market) (Details)
54: R52 Business And Summary Of Significant Accounting HTML 52K
Policies Business and Summary of Significant
Accounting Policies (Other Current Liabilities)
(Details)
76: R53 Business And Summary Of Significant Accounting HTML 65K
Policies (Narrative) (Details)
24: R54 Acquisitions and Dispositions Preliminary Fair HTML 82K
Value of Assets Acquired and Liabilities Assumed
at Acquisition Date (Details)
30: R55 Acquisitions and Dispositions Schedule of HTML 56K
Intangible Assets Acquired as Part of Business
Combination (Details)
67: R56 Acquisitions and Dispositions Acquisitions Pro HTML 50K
Forma Information (Details)
39: R57 Acquisitions and Dispositions Summary of Net HTML 77K
Assets Held for Sale (Details)
140: R58 Acquisitions (Narrative) (Details) HTML 78K
84: R59 Dispositions (Narrative) (Details) HTML 77K
115: R60 Discontinued Operation (Summary of Discontinued HTML 59K
Operation's Results) (Details)
57: R61 Discontinued Operation (Narrative) (Details) HTML 46K
61: R62 Property, Plant And Equipment (Details) HTML 58K
125: R63 Goodwill And Other Intangible Assets (Goodwill HTML 83K
Activity) (Details)
120: R64 Goodwill And Other Intangible Assets (Other HTML 59K
Intangible Assets By Type) (Details)
87: R65 Goodwill And Other Intangible Assets (Narrative) HTML 62K
(Details)
123: R66 Debt (Major Components Of Debt) (Details) HTML 97K
55: R67 Debt (Narrative) (Details) HTML 155K
93: R68 Equity (Schedule of Share Repurchases) (Details) HTML 51K
143: R69 Equity (Schedule of Tangible Equity Units) HTML 66K
(Details)
28: R70 Equity (Narrative) (Details) HTML 143K
47: R71 Income Taxes (Provision For Income Taxes From HTML 63K
Continuing Operations) (Details)
77: R72 Income Taxes (Reasons For Differences Between HTML 65K
Statutory Federal Tax Rate And Effective Income
Tax Rate) (Details)
37: R73 Income Taxes (Tax Effects Of Major Items Recorded HTML 94K
As Deferred Tax Assets And Liabilities) (Details)
147: R74 Income Taxes (Activity Related To Gross HTML 61K
Unrecognized Tax Benefits) (Details)
51: R75 Income Taxes (Narrative) (Details) HTML 84K
41: R76 Other Income And Charges (Details) HTML 59K
45: R77 Earnings Per Share (Schedule Of Earnings Per HTML 107K
Share, Basic And Diluted) (Details)
31: R78 Earnings Per Share (Narrative) (Details) HTML 55K
35: R79 Derivative Financial Instruments (Aggregate HTML 48K
Outstanding Notionals Related To Cash Flow Hedges)
(Details)
106: R80 Derivative Financial Instruments (Pretax Impact Of HTML 53K
Cash Flow Hedge Derivative Instruments On The
Consolidated Statements Of Income) (Details)
43: R81 Derivative Financial Instruments (Aggregate HTML 46K
Outstanding Notionals Related To Fair Value
Hedges) (Details)
141: R82 Derivative Financial Instruments (Pretax Impact Of HTML 47K
Fair Value Hedge Derivative Instruments On The
Consolidated Statements of Income) (Details)
73: R83 Derivative Financial Instruments (Aggregate HTML 51K
Outstanding Notionals Related To Undesignated
Positions) (Details)
113: R84 Derivative Financial Instruments (Pretax Impact Of HTML 49K
Undesignated Derivative Instruments On The
Consolidated Statements Of Income) (Details)
122: R85 Derivative Financial Instruments (Fair Value Of HTML 57K
All Derivative Instruments) (Details)
42: R86 Derivative Financial Instruments (Narrative) HTML 49K
(Details)
44: R87 Fair Value Measurements (Schedule Of Assets And HTML 104K
Liabilities Measured At Fair Value On A Recurring
Basis) (Details)
138: R88 Fair Value Measurements (Schedule Of Debt HTML 62K
Securities Measured At Fair Value On A Recurring
Basis, Unobservable Input Reconciliation)
(Details)
38: R89 Fair Value Measurements (Schedule Of Available For HTML 58K
Sale Securities) (Details)
107: R90 Fair Value Measurements (Schedule Of Fair Value HTML 48K
And Carrying Value Of Debt) (Details)
100: R91 Fair Value Measurements Fair Value Measurements HTML 59K
(Narrative) (Details)
126: R92 Stock-Based Compensation (Summary Of Stock HTML 80K
Options) (Details)
99: R93 Stock-Based Compensation (Assumption Of Fair Value HTML 54K
Calculation Of Each Year's Grants) (Details)
83: R94 Stock-Based Compensation (Summary Of Restricted HTML 77K
Stock) (Details)
132: R95 Stock-Based Compensation (Summary of HTML 68K
Performance-Based Shares) (Details)
80: R96 Stock-Based Compensation (Narrative) (Details) HTML 98K
52: R97 Pensions And Other Postretirement Benefits HTML 99K
(Reconciliation Of Changes In Plans' Benefit
Obligations, Assets And Funded Status) (Details)
90: R98 Pensions And Other Postretirement Benefits HTML 65K
(Amounts Recognized In The Consolidated Balance
Sheets) (Details)
85: R99 Pensions And Other Postretirement Benefits (Plans HTML 54K
With Accumulated Benefit Obligations In Excess Of
Plan Assets) (Details)
66: R100 Pensions And Other Postretirement Benefits HTML 66K
(Components Of Net Periodic Benefit Cost For
Pension And Postretirement Benefit Plans
Recognized In The Consolidated Statements Of
Income) (Details)
150: R101 Pensions And Other Postretirement Benefits HTML 57K
(Weighted Average Assumptions) (Details)
124: R102 Pensions And Other Postretirement Benefits (Health HTML 53K
Care Cost Trend Rates) (Details)
98: R103 Pensions And Other Postretirement Benefits (Actual HTML 57K
And Target Asset Allocation For Pension Plan
Assets) (Details)
32: R104 Pensions And Other Postretirement Benefits HTML 99K
(Categories Of Pension Plan Assets And Level Under
Which Fair Values Were Determined In Fair Value
Hierarchy) (Details)
134: R105 Pensions And Other Postretirement Benefits HTML 62K
(Reconciliation Of Change In Fair Value
Measurement Of Defined Benefit Plans' Consolidated
Assets Using Significant Unobservable Inputs)
(Details)
142: R106 Pensions And Other Postretirement Benefits HTML 62K
(Estimated Future Benefit Payments Expected To Be
Paid) (Details)
136: R107 Pensions And Other Postretirement Benefits HTML 47K
(Multiemployer Plans) (Details)
94: R108 Pensions And Other Postretirement Benefits HTML 95K
(Narrative) (Details)
40: R109 Comprehensive Income (Loss) (Components Of HTML 64K
Accumulated Other Comprehensive Income (Loss))
(Details)
116: R110 Comprehensive Income (Loss) (Components Of Other HTML 78K
Comprehensive Income (Loss)) (Details)
56: R111 Segment Reporting (Segment Reporting Information, HTML 99K
By Segment) (Details)
23: R112 Segment Reporting (Narrative) (Details) HTML 92K
81: R113 Supplemental Cash Flow Information (Cash Payments HTML 47K
For Interest And Income Taxes) (Details)
74: R114 Transactions With Related Parties (Details) HTML 73K
130: R115 Commitments (Minimum Lease Commitments Under HTML 62K
Non-Cancelable Leases) (Details)
60: R116 Commitments (Future Purchase Commitments) HTML 60K
(Details)
146: R117 Commitments (Narrative) (Details) HTML 64K
36: R118 Contingencies (Narrative) (Details) HTML 61K
102: R119 Quarterly Financial Data (Unaudited) (Schedule Of HTML 97K
Quarterly Financial Information) (Details)
121: R120 Quarterly Financial Data (Unaudited) (Narrative) HTML 72K
(Details)
26: R121 Condensed Consolidating Financial Statements HTML 169K
(Condensed Consolidating Statement Of Income)
(Details)
101: R122 Condensed Consolidating Financial Statements HTML 161K
(Condensed Consolidating Balance Sheet) (Details)
91: R123 Condensed Consolidating Financial Statements HTML 138K
(Condensed Consolidating Statement Of Cash Flows)
(Details)
29: R124 Condensed Consolidating Financial Statements HTML 45K
(Narrative) (Details)
104: R125 Valuation And Qualifying Accounts (Details) HTML 59K
145: XML IDEA XML File -- Filing Summary XML 236K
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THIS FIRST AMENDMENT is made on this ____ day of _______________, 2014, by TYSON FOODS, INC., a Delaware corporation (the “Company”).
W
I T N E S S E T H:
WHEREAS, the Company maintains the Tyson Foods, Inc Supplemental Executive Retirement and Life Insurance Premium Plan (the “Plan”) originally effective as of March 12, 2004 and as most recently amended and restated as of November 14, 2014;
WHEREAS,
the Company desires to amend the Plan to modify prospectively the annuity forms of payment opportunities available under the Plan; to modify prospectively the SERP benefit formula; to freeze the portion of the Plan providing for life insurance premium payments; and to make other clarifying revisions as provided herein; and
WHEREAS, this First Amendment shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions of this amendment.
NOW, THEREFORE, the Company does hereby amend the Plan, effective as of the various dates set forth
below, as follows:
1. By deleting, effective as of March 1, 2007, Section 2.21(b) in its entirety and by substituting therefor the following:
(b) ‘Inactive Participant’ means a Participant who ceases to be an Active Participant, who has not become a Retired Participant and who:
(1) had a Nonforfeitable right to his or her SERP retirement benefits before ceasing to be an Active Participant;
(2) (i) continues to be a Contracted Officer of the
Company or an Affiliate but who, as a result of a change in status, ceases to be an Eligible Contracted Officer; or (ii) ceases to be a Contracted Officer but returns to Eligible Contracted Officer under the criteria set forth in Section 3.5(b)(2); or
(3) has his or her Active Participant status terminated solely by reason of Section 2.21(a)(4).
A Participant described in Section 2.21(b)(2) above who earns a Nonforfeitable right to his or her SERP retirement benefit while an Inactive Participant shall be eligible for retirement benefits in accordance with Section 4 from and after the date the SERP retirement benefit becomes Nonforfeitable. However,
as set forth in Section 3.5, for purposes of Sections 4.2(a)(1) and 4.2(b)(1), no increase in SERP retirement benefits shall be attributed to Compensation paid or for services rendered during the period of time that such a Participant is classified as an Inactive Participant.”
2. By adding, effective for Retired Participants commencing the payment of SERP retirement benefits on or after January 1, 2015, new Section 2.27A as follows:
“2.27A ‘Spouse’ means a person who, at the time payment of a Retired Participant’s SERP retirement benefits are to commence, is alive and married to the Participant and has been married for at least one year to the
Participant as evidenced by a valid marriage certificate. For purposes of determining whether a same-sex spouse constitutes a “Spouse” hereunder, Spouse means the individual to whom a Participant is lawfully married according to the law of the state or other jurisdiction in which such marriage occurred.”
3. By deleting, effective as of March 12, 2004, Section 2.28 in its entirety and by substituting therefor the following:
“2.28 ‘Vesting Service’ means:
(a)Except as otherwise provided in this Section 2.28, the total number of years and completed months of continuous
service rendered by an Active Participant as an employee of the Company or an Affiliate, whether or not as a Contracted Officer.
(b)Vesting Service includes any periods of authorized leaves of absence from the Company or any Affiliate by a Participant, including but not limited to leaves required to be granted pursuant to the Family and Medical Leave Act of 1993 and the Uniformed Services Employment and Reemployment Rights Act, and, notwithstanding any other provision of this Plan to the contrary, any period of an authorized leave of absence while disability benefits are being paid to the Participant under a short-term or long-term disability plan then maintained by the
Company or an Affiliate.
(c) An Active Participant who ceases to be an Eligible Contracted Officer but who continues to be a Contracted Officer shall receive credit for Vesting Service while his or her status as a Contracted Officer continues.
(d) An Active Participant who ceases to be a Contracted Officer before re-qualifying as an Active Participant shall receive credit for Vesting Service performed for his or her prior continuous period of service as an employee of the Company or an Affiliate, provided he or she returns to Eligible Contracted Officer status within five (5) years from losing his or her status as an Eligible Contracted Officer; however, such credit shall count only for purposes
of determining whether his or her SERP retirement benefits are Nonforfeitable and not for purposes of determining the amount of the SERP retirement benefit under either Section 4.2(a)(2) or Section 4.2(b)(2). Such a Participant shall not earn Vesting Service during the period commencing with the date he or she ceased to be an Active
2
Participant for as long as he or she thereafter was not a Contracted Officer, unless and until he or she returns to Eligible Contracted Officer status within five (5) years from losing that status.
(d) Subject to approval by the Plan Administrator, a Participant may be granted additional years of Vesting
Service for purposes of determining benefits under the Plan. Additional service granted under provisions of an individual agreement between the Company or any Affiliate and a Participant or under any severance plan or policy of the Company covering the Participant shall also be included in determining Vesting Service, but only in accordance with the specific terms of such provisions.”
4. By deleting, effective July 1, 2014, Section 3.2 in its entirety and by substituting therefor the following:
“3.2 Commencement of LIP Participation. An
Active Participant is eligible for LIP benefits if he or she timely applies for and is issued a policy on his or her life of a type and by an insurer designated by the Plan Administrator effective as of the date of coverage indicated by such policy. Notwithstanding the foregoing, an Active Participant shall not be eligible for LIP benefits if he or she first commences, or an Inactive Participant recommences, participation in the Plan pursuant to Section 3.1 on or after July 1, 2014.”
5. By deleting, effective July 1, 2014, Section 3.4 in its entirety and by substituting therefor the following:
“3.4 Termination of LIP Participation. Except
as provided in this Section 3.4, an Active Participant who is otherwise eligible for LIP benefits shall remain a Participant under the LIP portion of the Plan through the policy anniversary date immediately following his or her Separation from Service, unless:
(a)his or her otherwise Nonforfeitable benefits are forfeited pursuant to Section 8.5;
(b)the policy issued to the Participant, as contemplated by Section 3.2, is surrendered, modified or exchanged by the Participant or the Participant causes a diminution in the policy’s cash surrender value by withdrawing from, or borrowing against, the policy; or
(c)the Participant refuses
or neglects to cooperate with the Plan Sponsor in its efforts to confirm whether any circumstances described in Section 3.4(b) exist.
When a Participant ceases to be an Active Participant but continues in the service of the Company or an Affiliate, he or she shall cease to be a Participant under the LIP portion of the Plan as of the policy anniversary date immediately following his or her change in status and shall have no rights to LIP benefits thereafter even if the Participant re-commences participation as an Active Participant.
As a condition to participation, or continued participation, in the Plan, a Participant who is otherwise eligible for LIP benefits shall be required to reimburse the Plan Sponsor
for the reimbursable portion of any premium paid on the policy issued to the Participant in connection
3
with his or her participation in the Plan if the Participant experiences a Separation from Service within one (1) year of his or her original date of hire with the Company or any Affiliate.”
6. By deleting, effective March 1, 2007, Section 3.5 in its entirety and by substituting therefor the following:
“3.5 Inactive
Participant.
(a) For purposes of Sections 4.2(a)(1) and 4.2(b)(1), no increase in SERP retirement benefits shall be attributed to Compensation paid or for services rendered during the period of time that a Participant is classified as an Inactive Participant,. In addition, any Compensation paid or services rendered during any prior period of time when an Inactive Participant was an Active Participant shall be disregarded, except as provided below:
(1) Eligible Contracted Officer to Ineligible Contracted Officer. An Active Participant who ceases to be an Eligible Contracted Officer but who continues to be a Contracted Officer shall receive credit for Compensation earned and Creditable Service performed for his or
her prior period of time as an Eligible Contracted Officer for purposes of Sections 4.2(a)(1) and 4.2(b)(1).
(2) Eligible Contracted Officer to Non-Officer. An Active Participant who ceases to be a Contracted Officer before re-qualifying as an Active Participant shall receive credit for Compensation earned and Creditable Service performed for his or her prior period of time as an Eligible Contracted Officer for purposes of Sections 4.2(a)(1) and 4.2(b)(1), provided he or she returns to Eligible Contracted Officer status within five (5) years from losing that status.
(b) Special Crediting by Plan Administrator. Compensation and Creditable Service shall be recognized to the extent expressly
awarded to an Inactive Participant by the Plan Administrator pursuant to Sections 2.7(c) and 2.9.
(c) Section 9.3/9.5 Events. Notwithstanding the other limiting provisions of this Section 3.5, a Participant who has his or her Active Participant status terminated solely by reason of Section 2.21(a)(4) shall be subject to the general provisions of the Plan, as expressly modified by Section 9.3 or 9.5, as applicable.”
7. By deleting, effective July 1, 2014, Section 4.1(c) in its entirety and by substituting therefor the following:
“(c) An Active Participant, or
an Inactive Participant who is then a Contracted Officer and, who has become subject to a Disability prior to earning a Nonforfeitable right to benefits under either Section 4.1(a) or (b) above shall have a Nonforfeitable right to benefits under this Section 4, subject to the provisions of Sections 6.3 and 8.5, and may retire prior to Normal Retirement Age and receive payment of a Disability Retirement Allowance under the SERP.
4
Payment of the Disability Retirement Allowance shall commence as soon as practicable following the end of the calendar year in which the Participant actually experiences a Separation from Service due to a Disability. Notwithstanding
the foregoing, an Active Participant who first commences, or an Inactive Participant who recommences, participation in the Plan pursuant to Section 3.1 on or after July 1, 2014 shall not be eligible for a Disability Retirement Allowance.”
8. By deleting, effective for Retired Participants commencing the payment of SERP retirement benefits on or after January 1, 2015, Section 4.1(e) in its entirety and by substituting therefor the following:
“(e) Payment of the Normal Retirement Allowance, Early Retirement Allowance or Disability Retirement Allowance, as applicable, to a Participant who is otherwise entitled to such an allowance shall commence within the first ninety (90) days of
the calendar year immediately following the calendar year in which the Participant actually experiences a Separation from Service and successive payments shall be made during the same ninety (90)-day period in each subsequent calendar year for as long as the annuity form of payment in effect under Section 5 requires.”
9. By adding, effective July 1, 2014, the following paragraph to the end of Section 4.2(a):
“Notwithstanding the foregoing, the Normal Retirement Allowance of a Participant whose SERP retirement benefit is calculated pursuant to this Section 4.2(a) and (A) who first commences participation in the Plan on or after July 1, 2014; or (B) who, as an Inactive Participant,
recommences participation in the Plan on or after July 1, 2014 shall be determined solely by the computation under Section 4.2(a)(1).”
10. By adding, effective July 1, 2014, the following paragraph to the end of Section 4.2(b):
“Notwithstanding the foregoing, the Normal Retirement Allowance of a Participant whose SERP retirement benefit is calculated pursuant to this Section 4.2(b) and (A) who first commences participation in the Plan on or after July 1, 2014; or (B) who, as an Inactive Participant, recommences participation in the Plan on or after July 1, 2014 shall be determined solely
by the computation under Section 4.2(b)(1).”
11. By deleting, effective July 1, 2014, Section 4.4 in its entirety and by substituting therefor the following:
“4.4 Amount of Disability Retirement Allowance. The annual Disability Retirement Allowance under the SERP for Participants who have a Nonforfeitable right to such an allowance pursuant to Section 4.1(c) shall be equal to the sum of the amount described in Sections 4.2(a)(2) and 4.2(a)(3) or Sections 4.2(b)(2) and 4.2(b)(3), as applicable, without regard to whether the Participant has twenty (20) years of Vesting Service. Notwithstanding the foregoing, an Active Participant who first commences, or an Inactive Participant who
recommences, participation in the Plan pursuant to Section 3.1 on or after July 1, 2014 shall not be eligible for a Disability Retirement Allowance.”
12. By deleting, effective for Retired Participants commencing the payment of SERP retirement benefits on or after January 1, 2015, Section 5 in its entirety and by substituting therefor the following:
5
“SECTION 5
FORMS OF SERP PAYMENT
The
normal form of SERP retirement benefits calculated under Sections 4.2, 4.3, and 4.4 shall be a single life annuity providing for an annual pension payment during the Retired Participant’s lifetime only. If a Retired Participant has a Spouse at the time payment his or her SERP retirement benefits are to commence, the Participant may elect payment in the form of a joint and fifty percent (50%) survivor annuity providing for an annual pension payment during the Retired Participant’s lifetime and an annual pension payment to the Spouse for the lifetime of the Spouse equal to fifty percent (50%) of the annual pension that was paid to the Retired Participant. If a Retired Participant does not have a Spouse at the time payment of his or her SERP retirement benefits are to commence, the form of payment shall be a single life annuity providing for an annual pension payment during the Retired Participant’s lifetime only. A Retired Participant who has a Spouse may elect payment
in the form of a single life annuity. Election of the form of payment opportunity available to a Participant with a Spouse shall be made in such manner as prescribed by the Plan Administrator.
The SERP portion of the Plan pays no pre-retirement benefits and no death benefits. No person other than a Retired Participant, and, if applicable, a surviving Spouse is eligible to receive SERP retirement benefits earned by that Participant. A person who may become the Spouse of a Participant after the date SERP retirement benefits have commenced is not eligible for any SERP retirement benefits.
The value of each alternative form of payment shall have the same Actuarial Equivalent value as the value of a Participant’s SERP retirement benefits determined in accordance with Section 4.”
13. By
deleting, effective July 1, 2014, Section 6.1 in its entirety and by substituting therefor the following:
“6.1 Amount of LIP Benefit. The LIP benefit is an annual amount payable during the period that the Participant is an eligible Active Participant pursuant to Section 3.2 and is equal to the sum of (a) the amount of the annual premium due under the policy described in Section 3.2, reduced by the portion of such annual premium payable by the Participant as and to the extent determined by the Plan Administrator, plus (b) the amount determined under Clause (a) multiplied by the tax withholding rate for supplemental wages applicable to the Participant. The face amount of the death benefit under the policy shall depend upon the type
of policy designated by the Plan Administrator pursuant to Section 3.2 for the Participant. The Plan Administrator may adjust the death benefit face amount from time to time in its discretion.”
14. By deleting, effective July 1, 2014, Section 6.3 in its entirety and by substituting therefor the following:
“6.3 Forfeiture of SERP Retirement Benefits. Notwithstanding any other provision of this Plan to the contrary, if an Active Participant otherwise eligible for LIP benefits under Section 3.2 forfeits the right to the continuation of LIP benefits pursuant to either Section 3.4(b) or (c), the Participant shall also forfeit that portion of his or her SERP retirement benefits that would
otherwise be payable pursuant to Sections 4.2(a)(2) and (3) or Sections 4.2(b)(2) and
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(3), as and to the extent applicable, whether in the form of a Normal, Early or Disability Retirement Allowance.”
15. By deleting, effective July 1, 2014, Section 9.5(b) in its entirety and by substituting therefor the following:
“(b) LIP Benefits. Notwithstanding Section 3.4 to the contrary, each Active Participant who is otherwise eligible for a LIP benefit
under Section 3.2 immediately prior to the effective date of a Change of Control shall continue to receive the LIP benefit contemplated by Section 6 until the earlier of the Participant’s attainment of age 62 or Separation from Service, regardless of any subsequent termination of the Plan.”
Except as specifically amended hereby, the Plan shall remain in full force and effect prior to this First Amendment.
IN WITNESS WHEREOF, the Company has caused this First Amendment to be executed on the day and year first above written
TYSON FOODS, INC.
By:
Title:
7
Dates Referenced Herein and Documents Incorporated by Reference
