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EX-10 - EX-10 - SANDERSON FARMS INCd475570dex10.htm




Washington, D.C. 20549







Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 24, 2013




(Exact name of registrant as specified in its charter)




        Mississippi                       1-14977                       64-0615843        
(State or other jurisdiction   (Commission File Number)   (I.R.S. Employer
of incorporation)     Identification No.)

127 Flynt Road

Laurel, Mississippi

(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):


  ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


  ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


  ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


  ¨ 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 24, 2013, 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, 2012. If the Registrant meets net income per share and minimum return on average stockholders’ equity goals for the fiscal year ended October 31, 2013, 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 2012 to the Registrant’s executive officers, as follows:



   Joe F. Sanderson,  Jr.,
Chairman & CEO
     Lampkin Butts,
President & COO
     Mike Cockrell,
Treasurer  & CFO
     James A.  Grimes,

Personal Use of Company and Charter Aircraft

   $ 61,304       $ 1,390       $ 0       $ 0   

Other Travel Related Expenses

     1,298         5,010         0         0   

401(k) Plan Matching Contribution

     10,510         10,556         10,216         8,528   

ESOP Contribution

     4,337         4,337         4,337         4,337   

Life Insurance

     272         272         272         272   

Health Plan

     8,164         8,164         8,164         8,164   

Matching Charitable Contributions

     7,500         2,500         2,500         0   

Dividends Paid on Restricted Stock

     131,920         38,396         38,200         9,860   

Accidental Death

     18         18         18         18   


   $ 225,323       $ 70,643       $ 63,707       $ 31,179   













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.



10    Sanderson Farms, Inc. Bonus Award Program effective November 1, 2012.


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.




Date: January 29, 2013     By:   /s/ D. Michael Cockrell
      D. Michael Cockrell
      Treasurer and Chief Financial Officer



Exhibit No.



10    Sanderson Farms, Inc. Bonus Award Program effective November 1, 2012.