SANDERSON FARMS, INC. (NASDAQ:SAFM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers. |
On January18, 2017, the Compensation Committee (the Committee) of
the Board of Directors of Sanderson Farms, Inc. (the Registrant)
took the following actions:
(1) The Committee adopted a Bonus Award Program for the
Registrants salaried employees and management trainees effective
November1, 2016. If the Registrant meets net income per share and
minimum return on average stockholders equity goals for the
fiscal year ended October31, 2017, 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 Registrants
earnings per share, and a percentage based on the Registrants
operational performance.
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 Exhibit10 and is incorporated herein by
reference.
(2) The Committee ratified the payment of certain miscellaneous
items of compensation during fiscal 2016 to the Registrants Named
Executive Officers, as follows:
|
Type |
JoeF.Sanderson,Jr., Chairman CEO |
LampkinButts, PresidentCOO |
D.MichaelCockrell, Treasurer CFO |
TimRigney, Secretary | ||||||||||||
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Personal Use of Company and Charter Aircraft |
$ | 82,219 | $ | 16,133 | $ | 18,491 | $ | |||||||||
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Other Travel Related Expenses |
5,270 | |||||||||||||||
|
401(k) Plan Matching Contribution |
10,600 | 10,600 | 10,600 | 10,339 | ||||||||||||
|
ESOP Contribution |
12,019 | 12,019 | 12,019 | 11,724 | ||||||||||||
|
Life Insurance |
||||||||||||||||
|
Matching Charitable Contributions |
10,000 | 5,000 | 2,730 | |||||||||||||
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Dividends Paid on Restricted Stock |
161,975 | 62,225 | 50,350 | 7,045 | ||||||||||||
|
Accidental Death |
||||||||||||||||
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Health Plan Benefit |
7,683 | 7,683 | 7,683 | 7,683 | ||||||||||||
|
Total |
$ | 285,482 | $ | 119,220 | $ | 103,015 | $ | 37,081 |
Section9 Financial Statements and Exhibits
| Item9.01 | Financial Statements and Exhibits. |
(d) The following exhibit is filed with this Current Report:
| ExhibitNo. |
Description |
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Sanderson Farms, Inc., Bonus Award Program Effective November1, 2016 |
About SANDERSON FARMS, INC. (NASDAQ:SAFM)
Sanderson Farms, Inc. is a poultry processing company. The Company is engaged in the production, processing, marketing and distribution of fresh and frozen chicken, and also preparation, processing, marketing and distribution of processed and minimally prepared chicken. It sells ice pack, chill pack, bulk pack and frozen chicken, in whole, cut-up and boneless form, under the Sanderson Farms brand name to retailers, distributors, casual dining operators, customers reselling frozen chicken into export markets. The Company, through its subsidiaries, Sanderson Farms, Inc. (Production Division) and Sanderson Farms, Inc. (Processing Division), conducts its chicken operations. Sanderson Farms, Inc. (Production Division) is engaged in the production of chickens to the broiler-stage. Sanderson Farms, Inc. (Foods Division) is engaged in the processing, sale and distribution of chickens. The Company, through Sanderson Farms, Inc. (Foods Division), conducts its prepared chicken business. SANDERSON FARMS, INC. (NASDAQ:SAFM) Recent Trading Information
SANDERSON FARMS, INC. (NASDAQ:SAFM) closed its last trading session up +0.23 at 91.04 with 410,524 shares trading hands.
