SANDERSON FARMS INC - FORM 8-K - January 31, 2011

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EX-10 - EX-10 - SANDERSON FARMS INCg25934exv10.htm
 
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 27, 2011
SANDERSON FARMS, INC.
(Exact name of registrant as specified in its charter)
         
Mississippi   1-14977   64-0615843
         
(State or other jurisdiction
of incorporation) 		  (Commission File Number)   (I.R.S. Employer
Identification No.)
     
127 Flynt Road
Laurel, Mississippi 		  39443
     
(Address of principal executive offices)   (Zip Code)
(601) 649-4030
 
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
     Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

Section 5 — Corporate Governance and Management
Item 5.02   Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
On January 27, 2010, the Compensation Committee of the Registrant’s Board of Directors took the following actions:
(1) The Committee adopted a Bonus Award Program for the Registrant’s salaried employees and accounting trainees effective November 1, 2010. If the Registrant meets net income per share and minimum return on average stockholders’ equity goals for the fiscal year ended October 31, 2011, the program provides for the award of bonuses to eligible participants equal to a percentage of their base salary. The total award a participant can receive has two components: a percentage based on the Registrant’s earnings per share, and a percentage based on the Registrant’s operational performance. A copy of the Bonus Award Program is filed herewith as Exhibit 10 and is incorporated herein by reference.
(2) The Committee ratified the payment of certain miscellaneous items of compensation during fiscal 2010 to the Registrant’s executive officers, as follows:
                                 
    Joe F. Sanderson, Jr.,   Lampkin Butts,   D. Michael Cockrell,   James A. Grimes,
Type   Chairman & CEO   President & COO   Treasurer & CFO   Secretary
 
Personal Use of
   $ 48,580     $ 0     $ 0     $ 0  
Company and Charter Aircraft
                                
Other Travel Related
     47       1,003       0       0  
Expenses
                                
401(k) Plan Matching
     8,250       9,429       9,762       4,890  
Contribution
                                
ESOP Contribution
     7,819       7,819       7,819       7,819  
Life Insurance
     233       233       233       233  
Health Plan
     7,202       7,202       7,202       7,202  
Matching Charitable
     2,500       2,500       2,500       2,000  
Contributions
                                
Dividends Paid on
     74,431       29,887       29,485       9,406  
Restricted Stock
                                
Medical Physical
     0       154       0       0  
Total
   $ 149,062     $ 58,227     $ 57,001     $ 31,550  
 
                                
Section 9 — Financial Statements and Exhibits
Item 9.01   Financial Statements and Exhibits.
(c) The following exhibit is filed with this Current Report:

 

 

         
Exhibit No.   Description
  10    
Sanderson Farms, Inc. Bonus Award Program effective November 1, 2010.

 

 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SANDERSON FARMS, INC.
(Registrant)
         
     
Date: January 31, 2011  By:   /s/ D. Michael Cockrell    
    D. Michael Cockrell   
    Treasurer and Chief Financial Officer   
 

 

 

EXHIBIT INDEX
         
Exhibit No.   Description
  10    
Sanderson Farms, Inc. Bonus Award Program effective November 1, 2010.

 

SANDERSON FARMS INC Reports