Exhibit 10.11



 Exhibit 10.11 
 CONFIRMATION 
  

			
	Date:	 	July 1, 2008
		
	To:	 	Smithfield Foods, Inc. (“Issuer”)
		
	Telefax No.:	 	(757) 365-3070
		
	Attention:	 	Carey Dubois
		
	From:	 	Goldman, Sachs & Co. (“Bank”)
		
	Telefax No.:	 	212-615-8985

  

			
	Transaction Reference Number:	 	SDB1627576184

 The purpose of this communication (this “Confirmation”) is to set forth the terms
and conditions of the above-referenced Transaction entered into on the Trade Date specified below between you and us. This Confirmation supplements, forms a part of, and is subject to the Master Terms and Conditions for Warrants Issued by Smithfield
Foods, Inc., between Bank and Issuer, dated as of July 1, 2008 and as amended from time to time (the “Master Confirmation”). 
 1. The definitions and provisions contained in the Definitions (as such term is defined in the Master Confirmation) and in the Master Confirmation are incorporated into this Confirmation. In the event of any inconsistency between those
definitions and provisions and this Confirmation, this Confirmation will govern. 
 2. The particular Transaction to which this Confirmation
relates shall have the following terms: 
  

			
	Trade Date:	  	July 1, 2008
		
	Effective Date:	  	July 8, 2008
		
	Strike Price:	  	USD30.5375
		
	Premium:	  	USD10,697,232.00 (USD2.08 per Warrant)
		
	Premium Payment Date:	  	The Effective Date
		
	Final Disruption Date:	  	January 8, 2014
		
	Maximum Delivery Amount:	  	8,877,600 shares

  

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 For each Component of the Transaction, the Number of Warrants and Expiration Date are as set forth below. 
  

					
	 Component Number
	  	Number of Warrants	  	Expiration Date
	1.	  	85,715	  	10/01/2013
	2.	  	85,715	  	10/02/2013
	3.	  	85,715	  	10/03/2013
	4.	  	85,715	  	10/04/2013
	5.	  	85,715	  	10/07/2013
	6.	  	85,715	  	10/08/2013
	7.	  	85,715	  	10/09/2013
	8.	  	85,715	  	10/10/2013
	9.	  	85,715	  	10/11/2013
	10.	  	85,715	  	10/14/2013
	11.	  	85,715	  	10/15/2013
	12.	  	85,715	  	10/16/2013
	13.	  	85,715	  	10/17/2013
	14.	  	85,715	  	10/18/2013
	15.	  	85,715	  	10/21/2013
	16.	  	85,715	  	10/22/2013
	17.	  	85,715	  	10/23/2013
	18.	  	85,715	  	10/24/2013
	19.	  	85,715	  	10/25/2013
	20.	  	85,715	  	10/28/2013
	21.	  	85,715	  	10/29/2013
	22.	  	85,715	  	10/30/2013
	23.	  	85,715	  	10/31/2013
	24.	  	85,715	  	11/01/2013
	25.	  	85,715	  	11/04/2013
	26.	  	85,715	  	11/05/2013
	27.	  	85,715	  	11/06/2013
	28.	  	85,715	  	11/07/2013
	29.	  	85,715	  	11/08/2013
	30.	  	85,715	  	11/11/2013
	31.	  	85,715	  	11/12/2013
	32.	  	85,715	  	11/13/2013
	33.	  	85,715	  	11/14/2013
	34.	  	85,715	  	11/15/2013
	35.	  	85,715	  	11/18/2013
	36.	  	85,715	  	11/19/2013
	37.	  	85,715	  	11/20/2013
	38.	  	85,715	  	11/21/2013
	39.	  	85,715	  	11/22/2013
	40.	  	85,715	  	11/25/2013
	41.	  	85,715	  	11/26/2013
	42.	  	85,715	  	11/27/2013
	43.	  	85,715	  	11/29/2013
	44.	  	85,715	  	12/02/2013
	45.	  	85,715	  	12/03/2013
	46.	  	85,715	  	12/04/2013
	47.	  	85,715	  	12/05/2013
	48.	  	85,715	  	12/06/2013
	49.	  	85,715	  	12/09/2013
	50.	  	85,715	  	12/10/2013

  

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	 Component Number
	  	Number of Warrants	  	Expiration Date
	51.	  	85,715	  	12/11/2013
	52.	  	85,715	  	12/12/2013
	53.	  	85,715	  	12/13/2013
	54.	  	85,715	  	12/16/2013
	55.	  	85,715	  	12/17/2013
	56.	  	85,715	  	12/18/2013
	57.	  	85,715	  	12/19/2013
	58.	  	85,715	  	12/20/2013
	59.	  	85,715	  	12/23/2013
	60.	  	85,715	  	12/24/2013

 3. This Confirmation may be executed in several counterparts, each of which shall be deemed an
original but all of which together shall constitute one and the same instrument. 
 4. Issuer hereby agrees (a) to check this
Confirmation promptly upon receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing correctly sets forth the terms of the agreement between us with respect to the particular
Transaction to which this Confirmation relates, by manually signing this Confirmation and providing any other information requested herein or in the Master Confirmation and immediately returning an executed copy to Goldman, Sachs & Co.
Equity Derivatives Documentation Department via (212) 428-1980/83. Hard copies should be returned to Goldman, Sachs & Co., One New York Plaza, New York, NY 10004, Attention: Equity Derivatives Documentation Department. 
  

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	 Yours sincerely,

	
	 GOLDMAN, SACHS & CO.

		
	 By:
	 	 /s/ Claudia Downing

	Name:	 	Claudia Downing
	Title:	 	Vice President


  

			
	 Confirmed as of the

	 date first above written:

	
	 SMITHFIELD FOODS, INC.

		
	 By:
	 	 /s/ Carey J. Dubois

	 Name:
	 	Carey J. Dubois
	 Title:
	 	Vice President-Finance

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