# EDGAR Filing Document

**Accession Number:** 0000091388
**File Stem:** 0000091388-26-000022
**Filing Date:** 2026-4
**Character Count:** 202762
**Document Hash:** e0fd08407f95e33d9915267ba7fbb267
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000091388-26-000022.hdr.sgml**: 20260420

**ACCESSION NUMBER**: 0000091388-26-000022

**CONFORMED SUBMISSION TYPE**: DEF 14A

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20260602

**FILED AS OF DATE**: 20260420

**DATE AS OF CHANGE**: 20260420

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SMITHFIELD FOODS INC
- **CENTRAL INDEX KEY:** 0000091388
- **STANDARD INDUSTRIAL CLASSIFICATION:** MEAT PACKING PLANTS [2011]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 520845861
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 1228

**FILING VALUES:**
- **FORM TYPE:** DEF 14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15321
- **FILM NUMBER:** 26875195

**BUSINESS ADDRESS:**
- **STREET 1:** 200 COMMERCE STREET
- **STREET 2:** EXECUTIVE OFFICE BUILDING
- **CITY:** SMITHFIELD
- **STATE:** VA
- **ZIP:** 23430
- **BUSINESS PHONE:** 7573653000

**MAIL ADDRESS:**
- **STREET 1:** 200 COMMERCE STREET
- **STREET 2:** EXECUTIVE OFFICE BUILDING
- **CITY:** SMITHFIELD
- **STATE:** VA
- **ZIP:** 23430

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LIBERTY EQUITIES CORP
- **DATE OF NAME CHANGE:** 19710221

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LIBERTY REAL ESTATE TRUST
- **DATE OF NAME CHANGE:** 19661113

?xml version='1.0' encoding='ASCII'? smf-20260420

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**SCHEDULE 14A**

**Proxy Statement Pursuant to Section 14(a) of the**

**Securities Exchange Act of 1934**

**(Amendment No.)**

---

| | |
|:---|:---|
| Filed by the Registrant ☒ | Filed by a Party other than the Registrant ☐ |

---

Check the appropriate box:

☐Preliminary Proxy Statement

☐Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☒Definitive Proxy Statement

☐Definitive Additional Materials

☐Soliciting Material under §240.14a-12

**SMITHFIELD FOODS, INC**.

![Smithfield_GFR_VERT_RGB (002).jpg](smf-20260420_g1.jpg)

**(Name of Registrant as Specified In Its Charter)**

**(Name of Person(s) Filing Proxy Statement, if other than the Registrant)**

Payment of Filing Fee (Check all boxes that apply):

☒No fee required

☐Fee paid previously with preliminary materials

☐Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

**SMITHFIELD FOODS, INC.**

200 Commerce Street

Smithfield, Virginia 23430

**NOTICE OF 2026 ANNUAL MEETING OF SHAREHOLDERS**

**Tuesday, June 2, 2026**

**8:00 a.m. Eastern Time**

Dear Shareholder:

You are cordially invited to attend the Annual Meeting of Shareholders, or the Annual Meeting, of Smithfield Foods,

Inc., a Virginia corporation, or any adjournment or postponement thereof. The Annual Meeting will be held virtually, via

live webcast at www.virtualshareholdermeeting.com/SFD2026 on Tuesday, June 2, 2026, at 8:00 a.m. Eastern Time for

the following purposes:

1. To elect the following nominees as Class II directors to serve until our 2029 Annual Meeting of Shareholders:

Messrs. Long Wan, Hank Shenghua He and Raymond A. Starling;

2. To ratify the selection of Ernst & Young LLP, or EY, as our independent registered public accounting firm for

our fiscal year ending January 2, 2027;

3. To approve, on an advisory basis, the compensation paid to our named executive officers, or NEOs, in fiscal

year 2025, as disclosed in the proxy statement; and

4. To conduct any other business properly brought before the Annual Meeting and any adjournment or

postponement thereof.

These items of business are more fully described in the proxy statement accompanying this Notice of Internet

Availability of Proxy Materials, or the Notice.

**The Board of Directors recommends that you vote "FOR" the nominees under Proposal 1, and "FOR" Proposals** 

**2 and 3.**

The record date for the Annual Meeting is April 8, 2026, or the Record Date. Only shareholders of record at the close of

business on the Record Date may vote at the Annual Meeting or any adjournment or postponement thereof. This Notice

is being mailed to all shareholders of record entitled to vote at the Annual Meeting on or about April 20, 2026.

By Order of the Board of Directors

![signature.jpg](smf-20260420_g2.jpg)

Tennille J. Checkovich

Chief Legal Officer

Smithfield, Virginia

April 20, 2026

**Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting to be held virtually, via** <br>**live webcast at www.virtualshareholdermeeting.com/SFD2026, on Tuesday, June 2, 2026 at 8:00 a.m. Eastern** <br>**Time.** <br>**The proxy statement and our annual report on Form 10-K for the fiscal year ended December 28, 2025** <br>**are available free of charge at proxyvote.com.**<br>

**Attending the Annual Meeting**

We are pleased to welcome shareholders to the Annual Meeting, to be held virtually on June 2, 2026, at 8:00 a.m.

Eastern Time.

To attend, vote, and submit questions during the Annual Meeting, visit www.virtualshareholdermeeting.com/

SFD2026 and enter the control number included in your Notice of Internet Availability of Proxy Materials, voting

instruction form, or proxy card. Online access to the webcast will open approximately 15 minutes prior to the start of

the Annual Meeting. To submit questions in advance of the Annual Meeting, visit proxyvote.com before 11:59 p.m.

Eastern Time on June 1, 2026, and enter your control number.

We encourage you to vote your shares in advance to ensure that your vote will be represented at the Annual Meeting.

You may vote online, as well as by telephone, or, if you requested to receive printed proxy materials, by mailing a

proxy or voting instruction form. For more detailed information, see the section entitled "Questions and Answers

About These Proxy Materials and Voting" of this proxy statement.

In this proxy statement, the terms "Smithfield," "we," "our," and "Company" refer to Smithfield Foods, Inc. This

proxy statement includes website addresses and references to additional materials found on those websites. These

websites and materials are not incorporated by reference into this proxy statement or in any other Securities and

Exchange Commission filing we make under the Securities Exchange Act of 1934, as amended.

This document includes forward-looking statements within the meaning of the Private Securities Litigation Reform

Act of 1995, including statements regarding our goals, commitments, and strategies and our executive compensation

program. These statements involve risks and uncertainties. Actual results could differ materially from any future

results expressed or implied by the forward-looking statements for a variety of reasons, including due to the risks,

uncertainties, and other important factors that are discussed in our most recently filed periodic reports on Form 10-K

and Form 10-Q and subsequent Securities and Exchange Commission filings. We assume no obligation to update any

forward-looking statements, which speak only as of the date they are made.

These materials were first sent or made available to shareholders on April 20, 2026.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Questions and Answers About These Proxy Materials and Voting](#i8c63b09272104a9aa6c21079eef6b36f_16) | <u>[2](#i8c63b09272104a9aa6c21079eef6b36f_16)</u> |
| [Board of Directors](#i8c63b09272104a9aa6c21079eef6b36f_19) | <u>[9](#i8c63b09272104a9aa6c21079eef6b36f_19)</u> |
| [Board of Directors and Corporate Governance](#i8c63b09272104a9aa6c21079eef6b36f_22) | <u>[13](#i8c63b09272104a9aa6c21079eef6b36f_22)</u> |
| [Director Compensation](#i8c63b09272104a9aa6c21079eef6b36f_25) | <u>[21](#i8c63b09272104a9aa6c21079eef6b36f_25)</u> |
| [Executive Compensation](#i8c63b09272104a9aa6c21079eef6b36f_28) | <u>[23](#i8c63b09272104a9aa6c21079eef6b36f_28)</u> |
| [Compensation Committee Report](#i8c63b09272104a9aa6c21079eef6b36f_31) | <u>[42](#i8c63b09272104a9aa6c21079eef6b36f_31)</u> |
| [Audit Committee Report](#i8c63b09272104a9aa6c21079eef6b36f_34) | <u>[43](#i8c63b09272104a9aa6c21079eef6b36f_34)</u> |
| [Proposal No. 1 – Election of Directors](#i8c63b09272104a9aa6c21079eef6b36f_37) | <u>[44](#i8c63b09272104a9aa6c21079eef6b36f_37)</u> |
| [Proposal No. 2 – Ratification of Appointment of Independent Registered Public Accounting Firm](#i8c63b09272104a9aa6c21079eef6b36f_40) | <u>[45](#i8c63b09272104a9aa6c21079eef6b36f_40)</u> |
| [Proposal No. 3 – Advisory Vote on the Approval of the Compensation of the Named Executive Officers](#i8c63b09272104a9aa6c21079eef6b36f_43) | <u>[47](#i8c63b09272104a9aa6c21079eef6b36f_43)</u> |
| [Security Ownership of Certain Beneficial Owners and Management](#i8c63b09272104a9aa6c21079eef6b36f_49) | <u>[48](#i8c63b09272104a9aa6c21079eef6b36f_49)</u> |
| [Certain Relationships and Related Party Transactions](#i8c63b09272104a9aa6c21079eef6b36f_52) | <u>[50](#i8c63b09272104a9aa6c21079eef6b36f_52)</u> |
| [Householding](#i8c63b09272104a9aa6c21079eef6b36f_55) | <u>[55](#i8c63b09272104a9aa6c21079eef6b36f_55)</u> |
| [Additional Documents](#i8c63b09272104a9aa6c21079eef6b36f_58) | <u>[56](#i8c63b09272104a9aa6c21079eef6b36f_58)</u> |
| [Other Matters](#i8c63b09272104a9aa6c21079eef6b36f_61) | <u>[57](#i8c63b09272104a9aa6c21079eef6b36f_61)</u> |

---

**SMITHFIELD FOODS, INC.**

200 Commerce Street

Smithfield, Virginia 23430

**PROXY STATEMENT**

**FOR THE 2026 ANNUAL MEETING OF SHAREHOLDERS**

**TO BE HELD ON TUESDAY, JUNE 2, 2026**

**QUESTIONS AND ANSWERS ABOUT THESE PROXY MATERIALS AND VOTING**

**Why am I receiving these materials?**

We have sent you these proxy materials because the Board of Directors of Smithfield, or our Board, is soliciting your

proxy to vote at the 2026 Annual Meeting of Shareholders, or any adjournment or postponement thereof. You are

invited to attend the Annual Meeting virtually, and we request that you vote on the proposals described in this proxy

statement.

**Why did I receive a notice regarding the availability of proxy materials on the internet?**

Pursuant to rules adopted by the Securities and Exchange Commission, or the SEC, we have elected to provide access

to our proxy materials over the internet. Accordingly, we are sending a Notice of Internet Availability of Proxy

Materials, or the Notice, to our shareholders of record. All shareholders will have the ability to access the proxy

materials on the website referred to in the Notice or to request to receive a printed set of the proxy materials.

Instructions on how to access the proxy materials over the internet or to request a printed copy of the proxy materials

(including a proxy card) may be found in the Notice.

We intend to mail the Notice on or about April 20, 2026 to all shareholders of record entitled to vote at the Annual

Meeting.

**When and where will the Annual Meeting be held?**

The Annual Meeting will be held virtually, via live webcast at www.virtualshareholdermeeting.com/SFD2026 on

Tuesday, June 2, 2026, at 8:00 a.m. Eastern Time. Broadridge Financial Solutions, Inc. will host the Annual Meeting

and tabulate votes for the meeting.

**How do I attend the Annual Meeting online?**

Shareholders of record as of the close of business on the Record Date are entitled to participate in and vote at the

Annual Meeting. To participate in the Annual Meeting, including to vote and ask questions, shareholders of record

should go to the meeting website at www.virtualshareholdermeeting.com/SFD2026, enter the 16-digit control number

found on your proxy card or Notice, and follow the instructions on the website. If your shares are held in street name

and your voting instruction form or Notice indicates that you may vote those shares through www.proxyvote.com, then

you may access, participate in and vote at the Annual Meeting with the 16-digit access code indicated on that voting

instruction form or Notice. Otherwise, shareholders who hold their shares in street name should contact their bank,

broker or other nominee (preferably at least five days before the Annual Meeting) and obtain a "legal proxy" in order

to be able to attend, participate in or vote at the Annual Meeting.

We recommend you access the Annual Meeting prior to the start time. Online check-in will begin at 7:45 a.m. Eastern

Time. Please allow ample time for the check-in procedures. Technicians will be ready to assist with any technical

difficulties prior to the start of the Annual Meeting. If you encounter any difficulties accessing the Annual Meeting

during the check-in or meeting time, please call the technical support number that will be posted on the Annual

Meeting log-in page. Technical support will be available starting 15 minutes prior to the meeting.

<u>[**Table of Contents**](#i8c63b09272104a9aa6c21079eef6b36f_13)</u>

The Annual Meeting platform is fully supported across browsers (Internet Explorer, Firefox, Chrome and Safari) and

devices (desktops, laptops, tablets and cell phones) running the most updated version of applicable software and

plugins. Shareholders should ensure that they have a strong internet connection wherever they intend to participate in

the Annual Meeting. Shareholders should also give themselves ample time to log in and ensure that they can hear

streaming audio prior to the start of the Annual Meeting.

**Who can vote at the Annual Meeting?**

Only shareholders of record at the close of business on the Record Date will be entitled to vote at the Annual Meeting.

At the close of business on the Record Date, there were 393,477,263 shares of common stock outstanding and entitled

to vote and no shares of preferred stock outstanding or entitled to vote. The holders of common stock will have one

vote for each share of common stock they owned as of the close of business on the Record Date.

***Shareholder of Record: Shares Registered in Your Name***

If, at the close of business on the Record Date, your shares of common stock were registered directly in your name

with our transfer agent, Computershare, then you are the shareholder of record for these shares. As a shareholder of

record, you may vote either electronically at the Annual Meeting or by proxy. Whether or not you plan to attend the

Annual Meeting, we urge you to vote by proxy over the telephone or internet as instructed below to ensure that your

vote is counted.

***Beneficial Owner: Shares Registered in the Name of a Broker, Bank or Other Agent***

If, at the close of business on the Record Date, your shares of common stock were held not in your name, but rather in

an account at a brokerage firm, bank, dealer or other similar organization, then you are the beneficial owner of shares

held in "street name" and the Notice is being forwarded to you by that organization. The organization holding your

account is considered the shareholder of record for purposes of voting at the Annual Meeting. As a beneficial owner,

you have the right to direct your broker, bank or other agent regarding how to vote the shares in your account. Certain

of these institutions offer the ability to direct your agent how to vote through the internet or by telephone. You are also

invited to attend the Annual Meeting. However, because you are not the shareholder of record, you may not vote your

shares electronically at the Annual Meeting unless you request and obtain a valid proxy issued in your name from the

broker, bank or other agent considered the shareholder of record of the shares.

**What am I voting on?**

There are four matters scheduled for a vote at the Annual Meeting:

• To elect each of the following nominees as Class II directors to serve until our 2029 Annual Meeting of

Shareholders: Messrs. Long Wan, Hank Shenghua He and Raymond A. Starling;

• To ratify the selection of Ernst & Young LLP, or EY, as our independent registered public accounting firm

for our fiscal year ending January 2, 2027; and

• To approve, on an advisory basis, the compensation paid to our named executive officers, or NEOs, in fiscal

year 2025 as disclosed in this proxy statement.

**Will there be any other items of business on the agenda?**

Aside from the election of the Class II directors, ratification of the selection of our independent registered public

accounting firm, and the advisory vote to approve the compensation of our NEOs, our Board knows of no matters to be

presented at the Annual Meeting. If any other matter should be presented at the Annual Meeting upon which a vote

properly may be taken, shares represented by all proxies received by our Board will be voted with respect thereto in

accordance with the judgment of the persons named as attorneys-in-fact in the proxies.

<u>[**Table of Contents**](#i8c63b09272104a9aa6c21079eef6b36f_13)</u>

**What is our Board's voting recommendation?**

Our Board recommends that you vote your shares:

• "For" the election of each of the Class II director nominees;

• "For" the ratification of the selection of EY as our independent registered public accounting firm for our

fiscal year ending January 2, 2027; and

• "For" the approval of the compensation of our NEOs as disclosed in this proxy statement.

**How do I vote?**

With respect to the election of the director nominees (Proposal No. 1), you may either vote "For" a nominee or you

may "Withhold" your vote for a nominee. For the ratification of our independent registered public accounting firm

(Proposal No. 2) and the approval of the compensation of our NEOs (Proposal No. 3), you may vote "For" or

"Against" or abstain from voting. The procedures for voting are described below, based upon your form of ownership.

***Shareholder of Record: Shares Registered in Your Name***

If you are a shareholder of record, you may vote electronically at the Annual Meeting by attending the Annual Meeting

online and following the on-screen voting instructions.

If you do not wish to vote electronically or you will not be attending the Annual Meeting, you may vote by proxy. You

may vote by proxy on the internet, vote by proxy over the telephone or vote by proxy using a proxy card that you may

request. The procedures for voting by proxy are as follows:

• To vote by proxy on the internet, go to "www.proxyvote.com" and follow the instructions set forth on the

internet site or scan the QR code with your smartphone. Have your proxy card available when you access the

web page.

• To vote by proxy over the telephone, dial 1-800-690-6903 using a touch-tone telephone and follow the

recorded instructions. Have your proxy card available when you call.

• To vote by proxy using a proxy card, complete, sign and date the proxy card that may be delivered to you

upon request and return it promptly in the envelope provided.

If you vote by proxy, your vote must be received by 11:59 p.m. Eastern Time on June 1, 2026, to be counted.

We provide internet and telephone proxy voting with procedures designed to ensure the authenticity and correctness of

your proxy vote instructions. However, please be aware that you must bear any costs associated with your internet and

telephone access, such as usage charges from internet access providers and telephone companies.

***Beneficial Owner: Shares Registered in the Name of Your Broker, Bank or Other Agent***

If you are a beneficial owner of shares registered in the name of your broker, bank or other agent, you should have

received a notice containing voting instructions from that organization rather than from us. To ensure that your vote is

counted, follow the voting instructions in the notice. Follow the instructions from your broker, bank or other agent

included with these proxy materials, or contact your broker, bank or other agent to request a proxy card.

**How many votes do I have?**

On each matter to be voted upon, holders of common stock will have one vote for each share of common stock they

owned as of the close of business on the Record Date for the Annual Meeting.

<u>[**Table of Contents**](#i8c63b09272104a9aa6c21079eef6b36f_13)</u>

**Will my vote be kept confidential?**

Proxies, ballots and voting tabulations are handled on a confidential basis to protect your voting privacy. This

information will not be disclosed, except as required by law.

**Who is paying for this proxy solicitation?**

We will bear the cost of soliciting proxies for the Annual Meeting. We will ask banks, brokerage houses, fiduciaries

and custodians holding shares of our common stock in their names for others to send proxy materials to and obtain

proxies from the beneficial owners of such shares, and we will reimburse them for their reasonable expenses in doing

so. We and our directors, officers and regular employees may solicit proxies by mail, personally, by telephone or by

other appropriate means. We may also decide to engage an outside proxy solicitor to assist us in these efforts. No

additional compensation will be paid to directors, officers or other regular employees for such services.

**What does it mean if I receive more than one Notice?**

If you receive more than one Notice, your shares are registered in more than one name or are registered in different

accounts. Please follow the voting instructions on each Notice to ensure that all of your shares are voted.

**Can I change my vote after submitting my proxy?**

Yes. You can revoke your proxy at any time before the final vote at the Annual Meeting. If you are a shareholder of

record, you may revoke your proxy in any one of four ways:

• You may submit another properly completed and executed proxy card with a later date;

• You may submit a new proxy through the internet by going to "www.proxyvote.com" and following the

instructions set forth on the internet site or by scanning the QR code with your smartphone, or by telephone

by dialing 1-800-690-6903 using a touchtone telephone and following the recorded instructions. Have your

proxy card available when you access the web page or call (your latest internet or telephone instructions

submitted prior to the deadline will be followed);

• You may send a written notice that you are revoking your proxy to our Corporate Secretary, c/o Smithfield

Foods, Inc., 200 Commerce Street, Smithfield, VA 23430; or

• You may attend the Annual Meeting and vote electronically. However, simply attending the Annual Meeting

will not, by itself, revoke your proxy.

If you are a beneficial owner of shares registered in the name of your broker, bank or other agent, you should follow

the voting instructions from that organization or contact that organization to determine how you may revoke your

proxy.

Votes will be counted by the inspector of election appointed for the Annual Meeting.

**How are my shares voted if I give no specific instruction?**

We must vote your shares as you have instructed. If there is a matter on which a shareholder of record has given no

specific instruction but has authorized us generally to vote the shares, they will be voted as follows:

• "For" the election of each of the Class II director nominees;

• "For" the ratification of the selection of EY as our independent registered public accounting firm for the fiscal

year ending January 2, 2027; and

• "For" the approval of the compensation of our NEOs as disclosed in this proxy statement.

<u>[**Table of Contents**](#i8c63b09272104a9aa6c21079eef6b36f_13)</u>

If other matters properly come before the Annual Meeting and you do not provide specific voting instructions, your

shares will be voted at the discretion of the proxies.

If your shares are held in street name, see "What is a broker non-vote?" below regarding the ability of banks, brokers

and other such holders of record to vote the uninstructed shares of their customers or other beneficial owners in their

discretion and regarding broker non-votes.

**What is a broker non-vote?**

Under rules that govern banks, brokers and others who have record ownership of Company stock held in brokerage

accounts for their clients who beneficially own the shares, these banks, brokers and other such holders who do not

receive voting instructions from their clients have the discretion to vote uninstructed shares on certain matters referred

to as discretionary matters but do not have discretion to vote uninstructed shares as to certain other matters referred to

as non-discretionary matters. Only the ratification of our independent registered public accounting firm is considered a

discretionary matter at the Annual Meeting under these rules. A broker may return a proxy card on behalf of a

beneficial owner from whom the broker has not received voting instructions that casts a vote with regard to

discretionary matters but expressly states that the broker is not voting as to non-discretionary matters. The broker's

inability to vote with respect to the non-discretionary matters for which the broker has <u>not</u> received voting instructions

from the beneficial owner is referred to as a "broker non-vote."

**What are the voting requirements that apply to the proposals discussed in this proxy statement?**

---

| | | |
|:---|:---|:---|
| **Proposals** | **Vote Required** | **Discretionary Voting** <br>**Allowed?**<br>|
| 1. Election of Directors | Plurality of the votes cast by <br>the shares entitled to vote in <br>such election<br>| No |
| 2. Ratification of Independent Registered Public <br>Accounting Firm<br>| Affirmative vote of a <br>majority of all votes cast on <br>the matter<br>| Yes |
| 3. Advisory Vote to Approve the Compensation of <br>our Named Executive Officers<br>| Affirmative vote of a <br>majority of all votes cast on <br>the matter<br>| No |

---

A "plurality," with regard to the election of directors, means the nominees receiving the most "For" votes will be

elected to our Board, even if those votes do not constitute a majority of the votes cast. Votes that are "Withheld" with

respect to one or more director nominees will result in the applicable nominee receiving fewer votes, but they will not

count as votes against a nominee and will have no effect on the outcome of the election of such nominee. Broker non-

votes will not impact the election of the nominees.

A "majority cast," with regard to the ratification of our independent registered public accounting firm and the advisory

vote to approve the compensation of our NEOs, means the number of votes cast "For" the proposal must exceed the

number of votes cast "Against" the proposal.

"Discretionary voting" occurs when a bank, broker, or other holder of record does not receive voting instructions from

the beneficial owner and votes those shares at its discretion on any proposal as to which the rules permit such bank,

broker or other holder of record to vote. As noted above, when banks, brokers and other holders of record are <u>not</u> 

permitted under the rules to vote the beneficial owner's shares, the affected shares are referred to as "broker non-

votes."

<u>[**Table of Contents**](#i8c63b09272104a9aa6c21079eef6b36f_13)</u>

Accordingly:

• For the election of the director nominees (Proposal No. 1), the nominees receiving the most "For" votes (from

the holders of shares present virtually or represented by proxy and entitled to vote on the election of the

director nominees) will be elected. Only votes "For" will affect the outcome.

• To be approved, Proposal No. 2, ratification of the selection of EY as our independent registered public

accounting firm for our fiscal year ending December 28, 2025 must receive more votes "For" the proposal

than votes "Against" the proposal. Abstentions and broker non-votes will have no effect.

• To be approved, Proposal No. 3, the advisory vote to approve the compensation of our NEOs, must receive

more votes "For" the proposal than votes "Against" the proposal. Abstentions and broker non-votes will have

no effect.

The vote on Proposal No. 3 is advisory and non-binding; however, our Board and Compensation Committee will

review the results of the votes and, consistent with our principles of shareholder engagement, will consider the results

in making future decisions concerning executive compensation.

**What is the effect of abstentions and broker non-votes?**

***Abstentions***: Withheld votes and abstentions are counted as shares present and entitled to vote at the Annual Meeting,

but they are not counted as shares cast. Our amended and restated bylaws, or our Bylaws, generally provide that

shareholder actions are approved if the votes cast for an action exceed the votes cast opposing the action. Therefore,

withheld votes and abstentions will have no effect on Proposal No. 1 (Election of Directors), Proposal No. 2

(Ratification of Independent Registered Public Accounting Firm), or Proposal No. 3 (Advisory Vote to Approve the

Compensation of Our Named Executive Officers).

***Broker Non-Votes***: As a result of a change in rules related to discretionary voting and broker non-votes, banks,

brokers and other such record holders are no longer permitted to vote the uninstructed shares of their customers on a

discretionary basis in the election of directors or on named executive officer compensation matters. Because broker

non-votes are not considered to be entitled to vote at the Annual Meeting, they will have no effect on the outcome of

the vote on Proposal No. 1 (Election of Directors) and Proposal No. 3 (Advisory Vote to Approve the Compensation

of Our Named Executive Officers). As a result, if you hold your shares in street name and you do not instruct your

bank, broker or other such holder how to vote your shares with respect to Proposals No. 1 or 3, no votes will be cast on

your behalf on such proposal. **Therefore, it is critical that you indicate your vote on these proposals if you want** 

**your vote to be counted**. The proposal to ratify the selection of EY as our independent registered public accounting

firm for the fiscal year ending January 2, 2027 should be considered a discretionary matter. Therefore, your bank,

broker or other such holder will be able to vote on this proposal even if it does not receive instructions from you, so

long as it holds your shares in its name.

**What is the quorum requirement?**

A quorum of shareholders is necessary to hold a valid meeting. A quorum will be present if the holders of at least a

majority of our outstanding shares of common stock are present virtually at the Annual Meeting or represented by

proxy. At the close of business on the Record Date, there were 393,477,263 shares of common stock outstanding.

Thus, a total of 393,477,263 shares are entitled to vote at the Annual Meeting and the holders of shares of common

stock representing at least 196,738,632 votes must be represented at the Annual Meeting or by proxy to have a

quorum.

Your shares will be counted towards the quorum requirement only if you submit a valid proxy (or if one is submitted

on your behalf by your broker, bank or other agent) or if you vote electronically at the Annual Meeting. Abstentions

and broker non-votes will be counted towards the quorum requirement. If there is no quorum, the chair of the Annual

Meeting or a majority of the shares present at the Annual Meeting may adjourn the Annual Meeting to another date.

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**Who will count the votes?**

The votes will be counted, tabulated and certified by a representative of Compass Branding Group, the inspector of

elections for the Annual Meeting.

**How can I find out the results of the voting at the Annual Meeting?**

Voting results are expected to be announced at the Annual Meeting and will also be disclosed in a Current Report on

Form 8-K that we will file with the SEC within four business days of the date of the Annual Meeting. In the event the

results disclosed in our Form 8-K are preliminary, we will subsequently amend the Form 8-K to report the final voting

results within four business days of the date that such results are known.

**When are shareholder proposals due for next year's annual meeting of shareholders?**

Shareholders may submit proposals on matters appropriate for shareholder action at the 2027 annual meeting of our

shareholders consistent with Rule 14a-8 promulgated under the Securities Exchange Act of 1934, as amended, or the

Exchange Act. To be considered for inclusion in proxy materials for our 2027 Annual Meeting of Shareholders, a

shareholder proposal must be submitted in writing no later than December 21, 2026, to our Corporate Secretary, c/o

Smithfield Foods, Inc., 200 Commerce Street, Smithfield, VA 23430. However, if the date of the 2027 Annual

Meeting of Shareholders is convened more than 30 days before, or delayed by more than 30 days after, June 2, 2027,

to be considered for inclusion in proxy materials for our 2027 Annual Meeting of Shareholders, a shareholder proposal

must be submitted in writing to our Corporate Secretary, c/o Smithfield Foods, Inc., 200 Commerce Street, Smithfield,

VA 23430 a reasonable time before we begin to print and send our proxy materials for the 2027 Annual Meeting of

Shareholders. You should note, however, that Rule 14a-8 imposes an eligibility requirement for submitting

shareholder proposals that requires you to have held at least $25,000 in market value of our shares entitled to vote on

the proposal for at least one year before the proposal is submitted.

If you wish to submit a proposal that is not to be included in the proxy materials for our 2027 Annual Meeting of

Shareholders, your proposal generally must be submitted in writing to the same address no earlier than February 2,

2027, but no later than March 4, 2027. However, if the date of the 2027 Annual Meeting of Shareholders is convened

more than 30 days before, or delayed by more than 60 days after, June 2, 2027, notice shall be delivered to the same

address not later than the close of business on the 10th day following the day on which public announcement of the

date of such meeting is first made by us.

In addition, to comply with the SEC's universal proxy rules, shareholders who intend to solicit proxies in support of

director nominees other than the nominees of our Company must provide notice that sets forth the information required

by Rule 14a-19 under the Securities Exchange Act of 1934 no later than April 3, 2027.

Please review our Bylaws, which contain additional requirements regarding advance notice of shareholder proposals.

You may view our Bylaws by visiting the SEC's internet website at www.sec.gov.

For information regarding nominations for director candidates, including a summary of the requirements and

applicable deadlines for such nominations, please see "Board of Directors and Corporate Governance—Consideration

of Director Nominees—Shareholder Nominations."

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**BOARD OF DIRECTORS**

Our business and affairs are managed under the direction of our Board. Our Board currently consists of nine directors.

In accordance with our amended and restated articles of incorporation, our Board is divided into three classes of

directors, with staggered three-year terms, denominated as class I, class II and class III. As a result, approximately one-

third of the Board will be elected each year. The class II directors, whose terms will expire at the Annual Meeting, are

Mr. Long Wan, Mr. He and Mr. Starling. The class III directors, whose terms will expire at our 2027 Annual Meeting

of Shareholders, are Mr. Guo, Mr. Hongwei Wan and Ms. Gallagher. The class I directors, whose terms will expire at

our 2028 Annual Meeting of Shareholders, are Mr. Smith, Mr. Zhou and Mr. Quelch.

We expect that any additional directorships resulting from an increase in the number of directors will be distributed

among the three classes so that, as nearly as possible, each class will consist of one-third of the directors. The division

of our Board into three classes with staggered three-year terms may delay or prevent a change of our management or a

change of control.

We entered into a shareholders agreement dated as of January 21, 2025, with WH Group Limited, which grants WH

Group certain rights with respect to the composition of our Board. For so long as WH Group owns, in the aggregate, a

majority of our then outstanding common stock, WH Group will have the right to designate, for inclusion in the slate

of directors nominated by the Board for election to our Board, a majority of the directors on our Board and to control

the composition of our Board and the approval of actions requiring shareholder approval through their voting power. If

WH Group ceases to own a majority of our then outstanding shares of common stock, for so long as WH Group

continues to own, in the aggregate, at least 10% of our then outstanding shares of common stock, WH Group will have

the right to designate, for inclusion in the slate of directors nominated by the Board for election to our Board, a number

of the total number of directors entitled to serve on the Board proportionate to the percentage of our outstanding

common stock owned, in the aggregate, by WH Group, rounded up to the nearest whole number. Thereafter, WH

Group will no longer have any right to designate, for inclusion in the slate of directors nominated by our Board for

election to our Board, directors to serve on the Board under the shareholders agreement. For the purpose of

determining ownership of our common stock, references to WH Group include WH Group, its successors by way of

merger or transfer of all or substantially all of its assets, any entity that is 50% beneficially owned by WH Group, and

any entity that acquires a majority of our then outstanding shares of common stock directly from any of the foregoing

that is a shareholder of our Company. See "Certain Relationships and Related Party Transactions—Relationship with

WH Group."

**Directors**

The following table sets forth the name, age as of April 9, 2026, and position of each of our directors with terms

expiring at the Annual Meeting and for each of the continuing directors, followed by a biography of each director.

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Long Wan<sup>(3)(4)(5)</sup> ............................... | 85 | Chairman |
| C. Shane Smith<sup>(5)</sup> ............................. | 52 | Chief Executive Officer and Director  |
| Hank Shenghua He<sup>(3)(4)(5)</sup> ................. | 58 | Director  |
| Lijun Guo<sup>(3)(5)</sup> ................................... | 55 | Director  |
| Hongwei Wan .................................. | 52 | Director  |
| Xiaoming Zhou<sup>(3)(4)(5)</sup> ....................... | 40 | Director  |
| Marie T. Gallagher<sup>(1)(2)</sup> ..................... | 66 | Director  |
| John A. Quelch<sup>(1)(2)(3)</sup> ....................... | 74 | Director  |
| Raymond A. Starling<sup>(1)(2)(4)</sup> .............. | 49 | Director  |

---

________________

(1)Independent director under the rules of Nasdaq.

(2)Member of our Audit Committee.

(3)Member of our Compensation Committee.

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(4)Member of our Nominating and Governance Committee.

(5)Member of our Executive Committee.

***Director Nominees – Class II***

*Long Wan* has served as a member of our Board since September 2013. Mr. Long Wan has served as a director of WH

Group since October 2007, as the Chairman of the board of directors since November 2010 and as an Executive

Director since December 2013. Mr. Long Wan has also served as a director of Shuanghui Development since August

2012. Mr. Long Wan also holds directorships in various subsidiaries of WH Group. He served as the Chief Executive

Officer of WH Group from October 2013 to August 2021. He served as the Chairman of the board of directors of

Shuanghui Development from August 2012 to August 2024. Mr. Long Wan has over 50 years of experience in the

meat processing industry, and under his leadership, the business under WH Group has grown from a local state-owned

enterprise in Henan Province, China into an international company with operations spanning various continents. He

was appointed as an Executive Director of the China Meat Association from December 2006 to December 2011 and a

senior consultant of the China Meat Association in 2001. Mr. Long Wan received his professional certificate in

Business Management from the Henan University of Animal Husbandry and Economy (previously named the Henan

Business College) and was awarded the senior economist professional qualification issued by the Henan Province

Advanced Professional Titles Adjudication Committee (Economic Disciplines).

We believe Mr. Long Wan is qualified to serve as our director because of his extensive experience in the meat

processing industry, outstanding accomplishments in the meat industry and his in-depth knowledge of our Company.

Mr. Long Wan is the father of Mr. Hongwei Wan.

*Hank Shenghua He* has served as a member of our Board since January 2016. He has served as our Vice President and

Chief Operating Coordinate Officer, among other roles, since January 2014. Mr. He has extensive experience in

mechanical engineering and food industry operations. After our Company was acquired by WH Group in 2013, Mr. He

played an important role in the post-acquisition transition. Prior to joining our Company, Mr. He served in various

positions with Shuanghui Development for more than a decade, including as the assistant to the Chairman of

Shuanghui Development from September 2012 to January 2014 and as Vice President from June 2005 to August 2012.

He also served as the manager of Shuanghui Group's Commerce and Logistic Division from August 2008 to June

2011. Mr. He obtained his Bachelor's Degree in Engineering from University of Chongqing in China and a Master of

Business Administration (MBA) from the College of William and Mary in Virginia.

We believe Mr. He is qualified to serve as our director because of his exceptional expertise in corporate strategy,

communication and leadership.

*Raymond A. Starling* has served as a member of our Board since January 2025. Mr. Starling has served as General

Counsel to the North Carolina Chamber of Commerce and President of the North Carolina Chamber Legal Institute

since July 2019. Prior to these roles, Mr. Starling served as Chief of Staff to the U.S. Secretary of Agriculture from

June 2018 to June 2019. Mr. Starling also previously served as a principal agriculture advisor to the President of the

United States at the White House from February 2017 to June 2018. Mr. Starling served in various roles for North

Carolina Speaker of the House and later U.S. Senator Thom Tillis from November 2012 to February 2017, and Mr.

Starling served as General Counsel for the North Carolina Department of Agriculture & Consumer Services from

February 2007 to November 2012. Prior to his career in public service, Mr. Starling worked as an Associate for

Hunton & Williams LLP from August 2003 to February 2007. Mr. Starling has taught several agricultural and food

law courses at the University of North Carolina at Chapel Hill and Campbell University, taught a public lawyering

course at Regent University, is currently a member of the extended faculty of High Point University School of Law

and is a frequent speaker on agriculture and related public policy issues. Mr. Starling holds a Bachelor of Science in

Agricultural and Extension Education from North Carolina State University and a Juris Doctor from the University of

North Carolina School of Law.

We believe Mr. Starling is qualified to serve as our director due to his substantial knowledge of the agriculture

industry, as well as his broad government and private sector experience.

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***Directors Continuing in Office – Class III (Term Ending in 2027)***

*Lijun Guo* has served as a member of our Board since May 2015. Mr. Guo has served as an Executive Director of WH

Group since December 2013 and as the Chief Executive Officer of WH Group since August 2021. Mr. Guo has also

served as a director of Shuanghui Development since August 2021. He also holds directorships in various subsidiaries

of WH Group. He also served as an Executive Vice President and the Chief Financial Officer of WH Group from April

2016 to August 2021. Prior to this, Mr. Guo was WH Group's Vice President and Chief Financial Officer from

January 2014 to March 2016 and served as the Deputy Chief Executive Officer from October 2013 to January 2014.

Mr. Guo was the Executive Vice President of Shuanghui Development from August 2012 to October 2013. Prior to

that, he held various positions in Shuanghui Group, including serving as deputy director, director of the finance

department and Chief Financial Officer. Mr. Guo has over 30 years of experience overseeing the financial operations

of various companies. Mr. Guo obtained his adult higher education diploma in financial accounting from Henan Radio

and Television University in July 1994 and obtained the completion certificate for the master of business

administration program of the Graduate School of Renmin University of China in December 2004. Mr. Guo received

his assistant accountant certificate awarded by the Ministry of Personnel of the People's Republic of China in October

1994. We believe Mr. Guo is qualified to serve as our director because of his substantial experience in business management,

accounting and financial operations and comprehensive knowledge of the industry.

*Hongwei Wan* has served as a member of our Board since January 2025. Mr. Hongwei Wan has served as an Executive

Director and the Deputy Chairman of the board of directors of WH Group since August 2021. He has also served as a

director of Shuanghui Development since August 2018 and the Chairman of the board of directors of Shuanghui

Development since August 2024. He also holds directorships in various subsidiaries of the Group. Mr. Hongwei Wan

served as an assistant to the Chief Executive Officer of WH Group from January 2014 to August 2021 and was in

charge of WH Group's public relations department. He served as the Vice Chairman of the board of directors of

Shuanghui Development from August 2018 to August 2024. Prior to that, he served as the secretary to the Chairman of

Shuanghui Group. Mr. Hongwei Wan holds a Bachelor of Arts from York University in Toronto, Ontario.

We believe Mr. Hongwei Wan is qualified to serve as our director because of his exceptional expertise in the industry

we operate in and comprehensive understanding of our Company. Mr. Hongwei Wan is the son of Mr. Long Wan.

*Marie T. Gallagher* has served as a member of our Board since January 2025. Ms. Gallagher spent nearly two decades

at PepsiCo, Inc., where she served as Senior Vice President and Controller from May 2011 until her retirement in May

2025, after serving in various other roles at PepsiCo since 2005. As PepsiCo's Chief Accounting Officer, Ms.

Gallagher was responsible for PepsiCo's global financial reporting and Sarbanes-Oxley processes and provided

guidance on accounting and business issues, including strategic M&A activity in emerging markets and cybersecurity

matters. Prior to joining PepsiCo, Ms. Gallagher served in various control roles of increasing responsibility at Altria

Corporate Services, Inc. from 1992 to 2005, ending as Assistant Controller. Ms. Gallagher is currently a member of

the board of directors of Sauer Brands, Inc. and serves as Audit Committee Chair. Ms. Gallagher served as a director

of Glatfelter Corporation (NYSE: GLT) from February 2020 to November 2024, where she served as a member of the

Audit Committee from February 2020 to February 2021 and the Audit Committee chair and a member of the

Nominating and Governance Committee from February 2021 to November 2024. She currently serves on the boards of

various not-for-profit companies. Ms. Gallagher is a Certified Public Accountant and holds a Bachelor's Degree in

Business Administration in Accounting from Pace University.

We believe Ms. Gallagher is qualified to serve as our director because of her significant knowledge in corporate

finance, financial reporting and accounting, as well as her broad experience in the food and beverage industry.

***Directors Continuing in Office – Class I (Term Ending in 2028)***

*C. Shane Smith* has served as President and Chief Executive Officer of Smithfield and has served as a member of our

Board since July 2021. He joined our Company in 2003 and has served in a variety of leadership roles for our U.S. and

international operations since then. Mr. Smith served as an executive director at WH Group from August 2021 to

January 2025. He served as our Chief Strategy Officer from January 2021 to July 2021. In that role, Mr. Smith was

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also responsible for our hog production operations, Smithfield Renewables and our European and Mexican operations.

Prior to that, Mr. Smith served as Executive Vice President of our European operations from April 2019 to January

2021, President of our Romanian operations from November 2017 to April 2019 and Chief Financial Officer of our

European operations from September 2012 to April 2019. Mr. Smith holds a Bachelor of Science in Accounting from

Mount Olive College and a Master of Business Administration (MBA) from the College of William and Mary in

Virginia.

We believe Mr. Smith is qualified to serve as our director because of his extensive experience in the meat processing

industry and his leadership and in-depth knowledge of our Company.

*Xiaoming Zhou* has served as a member of our Board since January 2025. Mr. Zhou has served as the Vice President

of WH Group since May 2023, responsible for investment management of WH Group. Mr. Zhou has more than 15

years of experience in investment banking and corporate finance. Prior to joining WH Group, Mr. Zhou worked in

BofA Securities, Inc. from May 2015 to May 2023 and most recently served as Managing Director of Global

Investment Banking, advising corporate clients on capital raising and merger and acquisition transactions. Prior to that,

he served as Vice President of Morgan Stanley's investment banking division. Mr. Zhou holds a Bachelor in

Economics (major in finance) and Bachelor of Science (major in statistics), both from Peking University.

We believe Mr. Zhou is qualified to serve as our director because of his significant knowledge in corporate finance and

capital raising, combined with his broad experience in investments in the industry in which we operate.

*John A. Quelch* has served as a member of our Board since January 2025. Mr. Quelch has served as the Executive Vice

Chancellor of Duke Kunshan University since January 2024. Mr. Quelch has also held professorship positions at Duke

Kunshnan University and Duke University Fuqua School of Business since January 2024. He also has served as

Chairman of the consulting firm Globalpraxis since January 2023. Mr. Quelch served as Dean and Vice Provost for

Executive Education and the Leonard M. Miller University Chair at the University of Miami from July 2017 to

December 2023. Between 2013 and 2017, he served as a professor at both Harvard Business School and Harvard T.H.

Chan School of Public Health. Mr. Quelch was a Harvard Business School professor between 1979 and 2013, except

for serving as Dean, Vice President and Distinguished Professor of International Management of the China Europe

International Business School from 2011 to 2013 and Dean of the London Business School from 1998 to 2001. Mr.

Quelch has served as an independent director of several publicly traded and private companies in the United States and

the United Kingdom, as well as in nonprofit and public agency boards, including as chairman of the Massachusetts

Port Authority. Mr. Quelch holds a Bachelor of Arts in Modern History and a Master of Arts from Exeter College,

Oxford University and a Master of Business Administration from the Wharton School of Business at the University of

Pennsylvania. He also holds a Master of Science in Nutrition Science from T.H. Chan School of Public Health at

Harvard University and a Doctor of Business Administration from Harvard Business School.

We believe Mr. Quelch is qualified to serve as our director due to his extensive experience as a director of various

public reporting companies, as well as his academic and management expertise.

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**BOARD OF DIRECTORS AND CORPORATE GOVERNANCE**

**Controlled Company Exemption**

As of April 8, 2026, WH Group beneficially owned approximately 87% of our shares of common stock. As a result,

we are a "controlled company" as defined under the corporate governance rules of Nasdaq and, therefore, qualify for

exemptions from certain corporate governance requirements of Nasdaq. We have elected not to comply with the

requirements that:

• a majority of our Board consists of independent directors;

• we have a Nominating and Governance Committee that is composed entirely of independent directors; and

• we have a Compensation Committee that is composed entirely of independent directors.

The "controlled company" exemption does not modify the independence requirements for the Audit Committee, and

we must comply with the applicable requirements of the Securities Exchange Act of 1934, as amended, or the

Exchange Act, and the corporate governance requirements of Nasdaq within the applicable transition periods. The

Audit Committee is composed of exclusively independent directors. See "—Committees of the Board of Directors—

Audit Committee."

In the event that we cease to be a "controlled company," we will be required to fully implement the corporate

governance requirements of Nasdaq within the applicable transition periods specified in the rules of Nasdaq. There is

no single shareholder or group of shareholders that owns 50% or more of the voting power of WH Group as of the date

of this proxy statement. As a result, WH Group would not be considered a controlled company within the meaning of

the corporate governance standards of Nasdaq.

**Director Independence**

The Board has undertaken a review of the independence of each of our directors. Based on information provided by

our directors concerning their background, employment and affiliations, the Board has determined that Ms. Gallagher,

Mr. Starling and Mr. Quelch qualify as "independent" under the rules of Nasdaq. In assessing the independence of

each of our directors, the Board considered the relationships that each director has with us and with WH Group as well

as all other facts and circumstances that the Board deemed relevant to assess the independence of each of our directors.

The Board assesses, at least annually, the independence of each of our directors and makes a determination as to which

of our directors are independent. To assist the Board in making this determination, we have adopted Standards of

Independence as part of our Corporate Governance Guidelines. The Standards of Independence conform to the

independence standards of Nasdaq and identify, among other things, material business, charitable and other

relationships that could interfere with a director's ability to exercise independent judgment.

**Board Meeting Attendance**

The Board held four meetings and acted by written consent five times during fiscal year 2025. Each director attended

at least 75% of the aggregate number of Board and committee meetings during fiscal year 2025 at which his or her

attendance was required. The Company encourages, but does not require, all directors to attend the annual meeting of

shareholders. All then-serving directors attended our 2025 Annual Meeting of Shareholders.

**Committees of the Board of Directors**

The Board has the following standing committees: (1) the Audit Committee, (2) the Compensation Committee, (3) the

Nominating and Governance Committee and (4) the Executive Committee. The Board has adopted a written charter for

each committee, and these charters are available on our website at investors.smithfieldfoods.com/corporate-

governance/governance-documents. The information contained on, or that can be accessed through, our website is not

part of, and is not incorporated into, this proxy statement, and references to our website address in this proxy statement

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are inactive textual references only. You can request a copy of any of these documents free of charge by writing to our

Corporate Secretary, c/o Smithfield Foods, Inc., 200 Commerce Street, Smithfield, VA 23430.

Below is a description of each primary committee of our Board. Members serve on these committees until their

resignation, disqualification or removal or until otherwise determined by our Board. Each of these committees has

authority to engage legal counsel or other experts or consultants, as it deems appropriate, to carry out its

responsibilities. Our Board has determined that each member of our Audit Committee meets the applicable Nasdaq

Rules and regulations regarding "independence" and that each member of the Audit Committee is free of any

relationship that would impair their individual exercise of independent judgment with regard to us. We have elected to

rely on the "controlled company" exemption so as not to comply with the requirement that our Compensation

Committee and our Nominating and Governance Committee be composed entirely of independent directors. In the

event that we cease to be a "controlled company," we will be required to fully implement the corporate governance

requirements of Nasdaq within the applicable transition periods specified in the rules of Nasdaq.

***Audit Committee***

We have a separately designated standing Audit Committee. Our Audit Committee is comprised of Ms. Gallagher,

Mr. Starling and Mr. Quelch, with Ms. Gallagher serving as Chair of the Audit Committee. Our Board has determined

that each member of the Audit Committee is "independent" and "financially literate" under the Nasdaq Rules and the

SEC rules and that Ms. Gallagher is an "Audit Committee financial expert" under the rules of the SEC.

The responsibilities of the Audit Committee are included in a written charter. The Audit Committee acts on behalf of

our Board in fulfilling our Board's oversight responsibilities with respect to our corporate accounting and financial

reporting processes, the systems of internal control over financial reporting and audits of financial statements and also

assists our Board in its oversight of the quality and integrity of our financial statements and reports and the

qualifications, independence and performance of our independent registered public accounting firm. For this purpose,

the Audit Committee performs several functions. The Audit Committee's responsibilities include:

• reviewing the audit plans and findings of our independent registered public accounting firm and our internal

audit and risk review staff, as well as the results of regulatory examinations, and tracking management's

corrective action plans where necessary;

• reviewing our combined financial statements, including any significant financial items and/or changes in

accounting policies, with our senior management and independent registered public accounting firm;

• reviewing our financial risk and control procedures, compliance programs and significant tax, legal and

regulatory matters;

• exercising the sole discretion to appoint annually our independent registered public accounting firm and to

evaluate its independence and performance and setting clear hiring policies for employees or former

employees of the independent registered public accounting firm; and

• reviewing and approving in advance any proposed related person transactions.

The Audit Committee reviews, discusses and assesses its own performance and composition at least annually. The

Audit Committee also periodically reviews and assesses the adequacy of its charter, including its roles and

responsibilities as outlined in its charter, and recommends any proposed changes to our Board for its consideration and

approval.

The Audit Committee meets at least quarterly and with greater frequency if necessary. The Audit Committee held four

meetings and acted by written consent once during fiscal year 2025.

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***Compensation Committee***

Our Compensation Committee is comprised of Mr. Long Wan, Mr. Guo, Mr. He, Mr. Zhou and Mr. Quelch, with Mr.

Long Wan serving as Chair of the Compensation Committee. The responsibilities of the Compensation Committee

include:

• establishing our executive compensation philosophy and principles;

• reviewing and approving the compensation for our independent directors and executive officers;

• administering our equity incentive plans;

• reviewing the goals and objectives of the various benefit plans that cover our employees; and

• reviewing the compensation for our non-employee directors and recommending compensation for approval

by the full Board.

The Compensation Committee meets from time to time during the year. The agenda for each meeting is usually

developed by the Chair of the Compensation Committee, in consultation with our Chief Executive Officer and other

representatives of senior management and human resources as necessary. The Chief Executive Officer may not

participate in or be present during any deliberations or determinations of the Compensation Committee regarding his

compensation. The Compensation Committee reviews, discusses and assesses its own performance and composition at

least annually. The Compensation Committee also periodically reviews and assesses the adequacy of its charter,

including its roles and responsibilities as outlined in its charter, and recommends any proposed changes to our Board

for its consideration and approval.

The Compensation Committee did not meet, but acted by written consent twice during fiscal year 2025.

***Nominating and Governance Committee***

Our Nominating and Governance Committee is comprised of Mr. Long Wan, Mr. He, Mr. Zhou and Mr. Starling, with

Mr. Long Wan serving as Chair of the Nominating and Governance Committee. The responsibilities of the Nominating

and Governance Committee include:

• identifying, evaluating, and recommending to our Board individuals qualified to become new directors,

consistent with criteria approved by our Board;

• reviewing the qualifications of incumbent directors to determine whether to recommend them for reelection at

our next annual meeting of the shareholders;

• identifying, evaluating, and recommending to our Board to appoint those directors that are qualified to serve

on any committee of our Board;

• reviewing and recommending to our Board corporate governance principles applicable to us; and

• overseeing the evaluation of our Board.

The Nominating and Governance Committee meets from time to time as it deems appropriate or necessary.

The Nominating and Governance Committee also periodically reviews, discusses and assesses the performance of our

Board and the committees of our Board. In fulfilling this responsibility, the Nominating and Governance Committee

seeks input from senior management, our Board and others. In assessing our Board, the Nominating and Governance

Committee evaluates the overall composition of our Board, our Board's contribution as a whole and its effectiveness in

serving our best interests and the best interests of our shareholders. The Nominating and Governance Committee

reviews, discusses and assesses its own performance and composition at least annually. The Nominating and

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Governance Committee also periodically reviews and assesses the adequacy of its charter, including its roles and

responsibilities as outlined in its charter, and recommends any proposed changes to our Board for its consideration and

approval.

The Nominating and Governance Committee did not meet, but acted by written consent once during fiscal year 2025.

***Executive Committee***

The members of the Executive Committee are Mr. Long Wan, Mr. Guo, Mr. He, Mr. Smith and Mr. Zhou, with Mr.

Guo serving as Chair of the Executive Committee. The Executive Committee is empowered to exercise the authority

of the Board between meetings in accordance with and subject to the limitations set forth in its written charter.

The Executive Committee did not meet or act by written consent in fiscal year 2025.

**Compensation Committee Interlocks and Insider Participation**

Each of Mr. Long Wan, Mr. Guo, Mr. He, Mr. Zhou and Mr. Quelch serve as members of the Compensation

Committee. None of the members of the Compensation Committee is a current employee, officer or former officer of

our Company, except for Mr. He who has served as our Chief Operating Coordinate Officer since 2024 and continues

to so serve. There were no Compensation Committee interlocks with other companies in 2024 within the meaning of

Item 407(e)(4)(iii) of Regulation S-K. See "Certain Relationships and Related Party Transactions—Relationship with

WH Group" for a description of related person transactions.

**Corporate Governance Guidelines**

Our Corporate Governance Guidelines were adopted by our Board to assist it in guiding our governance practices.

Such guidelines are required to be reviewed annually by the Nominating and Governance Committee and may be

amended by the Board from time to time. Our Corporate Governance Guidelines address a number of topics, including

responsibilities of the Board, director qualifications, rights of the Board, rights of our shareholders, election of

directors, Board committees, Board and Board committee performance evaluations, director orientation, executive

performance evaluations, and succession planning. Our Corporate Governance Guidelines are available on our website

at investors.smithfieldfoods.com. The information contained on, or that can be accessed through, our website is not

part of, and is not incorporated into, this proxy statement.

**Board of Directors Oversight of Risk Management**

The Board is responsible for overseeing senior management's execution of its risk management duties and for

assessing its approach to risk management. The Board's oversight of risk is an integral element of its oversight

responsibilities and seeks to ensure that senior management has processes in place to appropriately identify and

manage risk. Our Board actively engages with senior management to understand and oversee our most significant

risks, including in the following ways:

• The Board reviews and discusses strategic, operational, financial and reporting risks as well as non-financial

risks including strategic, operational, compliance, environmental, social, human capital management and

cybersecurity risks.

• The Board and its applicable committees receive regular updates from management regarding various

enterprise risk-management issues and risks related to our business segments, including risks related to

litigation, product quality and safety, cybersecurity, reputation, human capital and the environment.

• Independent directors hold regularly scheduled executive sessions without any non-independent directors or

members of management present to discuss risks facing us and our risk-management practices, and, with

respect to certain Board committees, independent directors also meet in private sessions with management

and compliance leaders.

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• The Board consults with external advisors, including outside counsel, consultants, auditors and industry

experts, to ensure that it is well informed about the risks and opportunities facing us.

• The Board reviews feedback provided by shareholders to ensure that it understands shareholder perspectives

and concerns.

**Code of Ethics and Business Conduct**

Our Board has adopted an amended Code of Ethics and Business Conduct that applies to all of our directors, officers

and employees, including our Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer. Our

Code of Ethics and Business Conduct is a "code of ethics," as defined in Item 406(b) of Regulation S-K. We will make

any legally required disclosures regarding amendments to, or waivers of, provisions of our code of ethics on our

website.

Our amended Code of Ethics and Business Conduct is available on our website at www.smithfieldfoods.com. The

information contained on, or that can be accessed through, our website is not part of, and is not incorporated into, this

proxy statement.

**Board Leadership Structure**

Our Bylaws provide our Board with the discretion to combine or separate the positions of Chairman of our Board and

Chief Executive Officer. Mr. Long Wan serves as Chairman of our Board and C. Shane Smith serves as our Chief

Executive Officer. As a general policy, our Board believes that separation of the positions of Chairman of our Board

and Chief Executive Officer reinforces the independence of our Board from management, creates an environment that

encourages objective oversight of management's performance and enhances the effectiveness of our Board as a whole.

We believe that this separation of responsibilities will provide a balanced approach to managing our Board and

overseeing our Company. However, our Board will continue to periodically review our leadership structure and may

make such changes in the future as it deems appropriate.

**Consideration of Director Nominees**

***Director Qualifications***

Our Board believes that director candidates recommended for a position on our Board should have certain minimum

qualifications to be met, including being able to read and understand basic financial statements and having the highest

personal integrity and ethics. In considering candidates recommended by the Nominating and Governance Committee

and otherwise, the Board may consider a potential director candidate's relevant experience and expertise to enable the

director candidate to be able to offer germane advice and guidance to our management; proven achievement and

competence in their field; the ability to exercise sound business judgment; an understanding of the fiduciary

responsibilities required of a director; a commitment to devoting time and energy to the affairs of our Company; and a

commitment to vigorously represent the long-term interests of our shareholders.

The Nominating and Governance Committee retains the right to modify these criteria from time to time.

***Shareholder Nominations***

The Nominating and Governance Committee will consider director candidates recommended by our shareholders. The

Nominating and Governance Committee does not alter the manner in which it evaluates candidates, including the

criteria set forth above, based on whether a candidate is recommended by a shareholder or not. Shareholders who wish

to recommend individuals for consideration by the Nominating and Governance Committee to become nominees for

election to our Board at the 2027 Annual Meeting of Shareholders must do so by delivering a written recommendation

to the Nominating and Governance Committee, c/o Smithfield Foods, Inc., 200 Commerce Street, Smithfield, VA

23430, no earlier than the close of business on February 2, 2027, but no later than March 4, 2027, unless the meeting

date is more than 30 days before or 60 days after June 2, 2027, in which case the written recommendation must be

received by our Corporate Secretary no later than the close of business on the 10th day following the day on which we

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first publicly announce (by press release or a filing with the SEC) the date of the 2027 Annual Meeting of

Shareholders. Each written recommendation must set forth, among other information:

• the name and address of such shareholder as they appear on our Company's books, and of such beneficial

owner, if any, and any of their affiliates or associates or others acting in concert therewith;

• (i) the class or series and number of shares of our Company and any other equity or debt securities of our

Company that are, directly or indirectly, owned beneficially and of record by such shareholder, such

beneficial owner or their respective affiliates or associates or others acting in concert therewith and the names

and number of shares of our Company held by any nominees on behalf of any such persons; (ii) any

Derivative Instrument (as defined in our Bylaws); (iii) any proxy (other than a revocable proxy given in

response to a solicitation made pursuant to, and in accordance with, Section 14(a) of the Exchange Act by

way of a solicitation statement filed on Schedule 14A), contract, arrangement or understanding pursuant to

which such shareholder, beneficial owner, if any, or affiliates or associates or others acting in concert

therewith has a right to vote any class or series of shares or other securities of our Company; (iv) any Short

Interests (as defined in our Bylaws); (v) any rights to dividends or other distributions on the shares of our

Company owned beneficially by such shareholder, beneficial owner, if any, or affiliates or associates or

others acting in concert therewith that are separated or separable from the underlying shares of our Company;

(vi) any proportionate interest in shares of our Company or Derivative Instruments held, directly or indirectly,

by a general or limited partnership in which such shareholder, beneficial owner, if any, or affiliates or

associates or others acting in concert therewith is a general partner or, directly or indirectly, beneficially owns

an interest in a general partner of such general or limited partnership; (vii) any material transaction occurring

during the prior twelve (12) months between such shareholder or beneficial owner, if any, on the one hand,

and we or any of our affiliates or any of their officers or directors, on the other hand, and (viii) any other

material relationship between such shareholder or beneficial owner, if any, on the one hand, and us, any of

our affiliates or any of their respective officers or directors, on the other hand;

• a representation that the shareholder is a holder of record of stock of our Company entitled to vote at such

meeting and intends to appear in person or by proxy at the meeting to propose such nomination or other

business;

• a description of any agreement, arrangement or understanding with respect to the director nomination or

business proposal(s), existing presently or existing during the prior twenty-four (24) months, between or

among the shareholder or the beneficial owner, if any, on the one hand, and any of their respective affiliates

and associates, on the other hand, including, without limitation, any agreements that would be required to be

disclosed pursuant to Item 5 or Item 6 of Schedule 13D under the Exchange Act (regardless of whether the

requirement to file a Schedule 13D is applicable);

• any other information relating to such shareholder and beneficial owner, if any, that would be required to be

disclosed in a proxy statement and form of proxy or other filings required to be made in connection with

solicitations of proxies for, as applicable, the proposal and/or for the election of directors in a contested

election pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder;

• all information relating to such person that would be required to be disclosed in a proxy statement or other

filings required to be made in connection with solicitations of proxies for election of directors in a contested

election pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder

(including such person's written consent to being named in a proxy statement as a nominee and to serving as

a director if elected) and a description of all direct and indirect compensation and other material monetary

agreements, arrangements and understandings during the past three years, and any other material

relationships, between or among such shareholder and beneficial owner, if any, and their respective affiliates

and associates, or others acting in concert therewith, on the one hand, and each proposed nominee, on the

other hand, including all information that would be required to be disclosed pursuant to Rule 404 promulgated

under Regulation S-K if the shareholder making the nomination and any beneficial owner on whose behalf

the nomination is made, if any, or any affiliate or associate thereof or person acting in concert therewith, were

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the "registrant" for purposes of such rule and the nominee were a director or executive officer of such

registrant;

• a statement whether or not the shareholder or beneficial owner, if any, proposing to nominate directors for

election or reelection to our Board will deliver a proxy statement and form of proxy to holders of at least 67

percent of the voting power of all of the shares of capital stock of our Company entitled to vote on the

election of directors or otherwise solicit proxies or votes from shareholders in support of such nomination

and, if so, naming the participants (as defined in Item 4 of Schedule 14A under the Exchange Act) in any such

solicitation; and

• a completed and signed questionnaire, representation and agreement required by Section 9 of our Bylaws.

If a proposed director candidate is recommended by a security holder in accordance with the procedural requirements

discussed above, our Corporate Secretary will provide the foregoing information to the Nominating and Governance

Committee.

In addition, pursuant to Rule 14a-19 of the Exchange Act, the SEC's universal proxy rule, notices of a solicitation of

proxies in support of director nominees other than our own nominees must be postmarked or electronically submitted

no later than April 3, 2027, and each nomination must comply with the SEC regulations under Rule 14a-19, which

requires, among other things, that such notice include a statement that such person intends to solicit the holders of

shares representing at least 67% of the voting power of shares entitled to vote on the election of directors. If, however,

the date of the 2027 Annual Meeting of Shareholders is more than 30 days before or after June 2, 2027, then the Rule

14a-19 deadline shall be the later of 60 calendar days prior to the date of the 2027 Annual Meeting of Shareholders or

the 10th calendar day following the day on which we first make a public announcement of the date of the 2027 Annual

Meeting of Shareholders. A nomination that does not comply with the requirements set forth in the Charter and

Bylaws will not be considered for presentation at the Annual Meeting. We intend to file a proxy statement and white

proxy card with the SEC in connection with our solicitation of proxies for our 2027 Annual Meeting of Shareholders.

***Evaluating Nominees for Director***

Our Nominating and Governance Committee will consider director candidates who are suggested by members of the

committee, other members of our Board, members of management, advisors and our shareholders who submit

recommendations in accordance with the requirements set forth above. The Nominating and Governance Committee

may, in the future, also retain a third-party search firm to identify candidates on terms and conditions acceptable to the

Nominating and Governance Committee, but to date it has not paid a fee to any third party to assist in the process of

identifying or evaluating director candidates.

The Nominating and Governance Committee will review candidates for director nominees in the context of the current

composition of our Board, any specific needs of committees of the Board, our operating requirements, the long-term

interests of our shareholders, independence requirements, service on other boards of directors and applicable laws,

regulations, exchange listing requirements and contractual obligations of our Company. The Nominating and

Governance Committee does not maintain a formal policy with respect to the consideration of diversity in identifying

director nominees. In evaluating candidates for the Board, the Nominating and Governance Committee may consider

the director nominee's qualifications, skills and such other factors as it deems appropriate given the current needs of

our Board, the committees and our Company, to maintain a balance of knowledge, experience, and capability. In the

case of an incumbent director whose term of office is set to expire, the Board reviews such director's overall service to

our Company during the term, including the number of meetings attended, level of participation, quality of

performance and, where necessary for the director's membership on the Audit Committee while we are a "controlled

company," any other relationships and transactions that might impair such director's independence. In the case of a

new director candidate, the Board also determines whether the nominee must be independent for Nasdaq and SEC

purposes, which determination will be based upon applicable Nasdaq listing standards and applicable SEC rules and

regulations.

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The Nominating and Governance Committee will evaluate the proposed director's candidacy, including proposed

candidates recommended by shareholders, and recommend whether our Board should nominate the proposed director

candidate for election by our shareholders.

**Shareholder Communications with our Board**

Our Board has adopted a formal process by which shareholders may communicate with our Board or any of its

directors. Our shareholders wishing to communicate with our Board or an individual director may send a written

communication to our Board or such director, c/o Smithfield Foods, Inc., 200 Commerce Street, Smithfield, VA

23430, Attn.: Corporate Secretary. Each communication must set forth (i) a statement of the type and amount of the

securities of our Company that the person holds; (ii) if the person is not a shareholder and is submitting the

communication as an interested party, the nature of the person's interest in our Company; and (iii) the address,

telephone number and email address of the shareholder(s) on whose behalf the communication is sent.

Each communication will be reviewed by our Corporate Secretary to determine whether it is appropriate for

presentation to our Board or the individual director. Examples of inappropriate communications include individual

grievances or other interests that are personal to the party submitting the communication and could not reasonably be

construed to be of concern to shareholders or other constituencies of our Company, solicitations, advertisements,

surveys, "junk" mail or mass mailings. These screening procedures have been approved by the independent members

of our Board.

Communications determined by our Corporate Secretary to be appropriate for presentation to our Board or such

director will be submitted to our Board or the individual director on a periodic basis. All communications directed to

the Audit Committee that relate to questionable accounting, internal accounting controls or auditing matters or

potential violations of the federal securities laws or other applicable laws involving us generally will be forwarded to

our Chief Ethics and Compliance Officer and to the Chair of the Audit Committee, in accordance with the terms of the

Audit Committee Complaint Procedures, to receive and review these communications.

**Hedging and Pledging Policies**

As part of our insider trading policy, our executives and directors are prohibited from engaging in short sales of our

securities and from engaging in hedging and certain monetization transactions involving our securities and from

pledging our securities.

**Insider Trading**

We have an insider trading policy that governs the purchase, sale and other dispositions of the Company's securities

that applies to the Company's directors, officers, employees, and the Company. We believe that our insider trading

policy is reasonably designed to promote compliance with insider trading laws, rules and regulations, and listing

standards applicable to the Company. The foregoing summary of our insider trading policy does not purport to be

complete and is qualified in its entirety by reference to the full text of such policy, a copy of which is filed with the

Company's Annual Report on Form 10-K for the year ended December 28, 2025 as Exhibit 19.

**Rule 10b5-1 Plans**

Our directors and executive officers may adopt written plans, known as Rule 10b5-1 plans, in which they will contract

with a broker to buy or sell shares of our common stock on a periodic basis. Under a Rule 10b5-1 plan, a broker

executes trades pursuant to parameters established by the director or executive officer when entering into the plan,

without further direction from them. The director or executive officer may amend a Rule 10b5-1 plan in some

circumstances and may terminate a plan at any time. Our directors and executive officers also may buy or sell

additional shares outside of a Rule 10b5-1 plan when they are not in possession of material nonpublic information,

subject to compliance with the terms of our insider trading policy.

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**DIRECTOR COMPENSATION**

We provide competitive compensation to our independent directors that enables us to attract and retain high quality

directors and fosters their ownership of Smithfield equity, which further aligns their interests with those of our

shareholders. On an annual basis, our Compensation Committee reviews compensation levels for our independent

directors, informed by a summary of director compensation trends and a competitive analysis of peer company director

compensation levels and practices, prepared by our Company's independent compensation consultant. The

Compensation Committee makes recommendations to our Board on the compensation of independent directors. Our

directors other than our independent directors do not receive compensation for their service as directors of the

Company.

Our independent director compensation program consists of:

• an annual cash retainer of $110,000;

• an annual grant of restricted stock units with a grant value of $180,000; and

• an additional annual cash retainer for the chair of the Audit Committee of $25,000 and for the members of the

Audit Committee of $10,000.

Cash retainers are paid to our independent directors quarterly in arrears. Restricted stock units are generally granted to

our independent directors on the date that we hold our annual shareholder meeting and vest on the earlier of the

subsequent annual shareholder meeting or one year after the grant date. Independent directors who join the Board

during the year are granted a pro rata award of restricted stock units that vest on the earlier of the subsequent annual

shareholder meeting or one year after the grant date.

Independent directors who join our Board between annual meetings will have their annual retainers for their first term

prorated. Directors who are also employees of the Company or directors or employees of any of our affiliates do not

receive any compensation for their service as directors.

Restricted stock units are administered under the 2025 Incentive Plan.

In connection with the closing of our IPO in 2025, our independent directors received an initial annual grant of

restricted stock units (27,000 restricted stock units in the aggregate, based on a grant date value of $540,000 and the

initial public offering price of $20.00 per share), which will vest at the Annual Meeting.

In addition, in 2025 we paid each of our independent directors approximately $25,000 in consulting fees related to

advisory services provided to us in the month preceding the pricing of our IPO. Payments under the consulting

agreements terminated once the appointment of our independent directors to our Board became effective in January

2025, and our independent directors now receive only the independent director compensation described above.

The following table summarizes the compensation earned by or paid by the Company to each of our independent

directors with respect to fiscal year 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name**  | **Fees Earned** <br>**or Paid in** <br>**Cash** <br>**($)**<sup>(1)</sup><br>| **Stock Awards** <br>**($)**<sup>(2)(3)</sup><br>| **All Other** <br>**Compensation** <br>**($)**<sup>(4)</sup><br>| **Total** <br>**($)**<br>|
| Marie T. Gallagher | 135000 | 180000 | 26500 | 341500 |
| Raymond A. Starling | 120000 | 180000 | 25000 | 325000 |
| John A. Quelch | 120000 | 180000 | 25000 | 325000 |

---

________________

(1)Consists of an annual cash retainer of $110,000 for each of our independent directors, plus an additional $25,000 for Ms.

Gallagher as Chair of the Audit Committee and $10,000 for Messrs. Starling and Quelch for their service on the Audit

Committee

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(2)Represents the aggregate grant date fair value of the restricted stock units granted in fiscal year 2025 computed in

accordance with FSB ASC Topic 718.

(3)As of December 28, 2025, our independent directors each held 9,000 unvested restricted stock units.

(4)Represents consulting fees related to advisory services provided to us in the month preceding the pricing of our IPO

pursuant to consulting agreements entered into with each independent director.

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**EXECUTIVE COMPENSATION**

**Compensation Discussion and Analysis**

**Executive Summary**

This Compensation Discussion and Analysis, or CD&A, accompanied by the compensation tables and related

disclosures, describes our executive compensation philosophy and programs.

For purposes of fiscal year 2025, our NEOs are:

• C. Shane Smith, Chief Executive Officer;

• Mark L. Hall, Chief Financial Officer;

• Steven J. France, President, Packaged Meats;

• Keller D. Watts, Chief Business Officer; and

• Doug Sutton, Chief Manufacturing Officer.

**Compensation Philosophy and Objectives**

The primary goal of our executive compensation program is to maximize short-term and long-term corporate

performance. Our executive compensation program is based on the following principles:

• ***Paying for performance.*** A significant portion of our executives' compensation is subject to corporate and/or

operating segment measures. For fiscal year 2025, all of our NEOs had a portion of their compensation tied

to our Normalized Net Income, which is a metric we use for incentive compensation purposes only that

excludes from net income certain non-current asset disposal gains or losses. Performance-based compensation

has varied from year to year depending on our performance, which is impacted by, among other things, the

volatile nature of our agricultural commodity-based industry and governmental food and energy policy. In

recent years, average payouts of performance-based compensation ranged from approximately 60% to 80% of

our executives' total compensation. In fiscal year 2025, target performance-based compensation constituted

on average approximately 80% of total target compensation of our NEOs.

• ***Alignment with shareholder interests.*** Many of our cash and equity awards were tied to key financial

performance measures that were expected to correlate with the creation of shareholder value.

• ***Attracting and retaining top talent.*** The compensation of our executives is designed to be competitive with

the organizations with which we compete for talent so that we can attract and retain talented and experienced

executives. Our NEOs have, on average, approximately 22 years of experience with Smithfield and its

predecessors.

Overall, we aim to provide total annual cash compensation opportunities above the market median for similar positions

based on industry benchmarks, while targeting total direct compensation in line with market.

**Compensation Process**

Prior to our IPO, WH Group established our compensation strategy and philosophy. Since our IPO, our Compensation

Committee has been responsible for determining our compensation philosophy, structuring our compensation and

benefits programs, and determining appropriate payments and awards to our executive officers, including our NEOs.

The Compensation Committee takes into consideration several factors when determining the compensation

opportunity for the NEOs, including each NEO's individual performance and experience, the importance of the role,

and internal and competitive market data.

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The Compensation Committee engaged Willis Towers Watson, a compensation consultant, in November 2025, to

provide advice on executive compensation matters, including assisting in benchmarking compensation for the NEOs.

Willis Towers Watson reviewed the Company's 2025 compensation decisions and made certain recommendations,

which the Compensation Committee may choose to implement in fiscal year 2026, in its discretion. Since being

engaged by the Compensation Committee, Willis Towers Watson has provided consulting services to the

Compensation Committee and has not provided any consulting services directly to the Company. The Compensation

Committee, with Willis Towers Watson's assistance, works with the Company's executive officers to implement and

monitor the programs that the Compensation Committee approves.

Going forward, the Compensation Committee will regularly review the types of services provided by Willis Towers

Watson and all fees paid for those services and conduct a formal evaluation of Willis Towers Watson on an annual

basis. In addition, the Compensation Committee assessed the independence of Willis Towers Watson, as required

under Nasdaq listing standards, for the period during which Willis Towers Watson was engaged in fiscal year 2025.

The Compensation Committee also considered and assessed all relevant factors, including those required by the SEC,

that could give rise to a potential conflict of interest with respect to Willis Towers Watson. Based on this review, the

Compensation Committee did not identify any conflict of interest raised by the work performed by Willis Towers

Watson. The Company has engaged Willis Towers Watson to continue providing the Company with advice on

executive compensation matters for fiscal year 2026.

The companies below made up the Company's peer group, or the Compensation Peer Group, for fiscal year 2025 for

purposes of benchmarking NEO compensation to the extent each such peer group member had a position comparable

to the NEO's position and available compensation information:

Archer-Daniels-Midland Company; Bunge Global SA; Campbell Soup Company; Conagra Brands, Inc.; General

Mills, Inc.; Hormel Foods Corporation; Ingredion Incorporated; Kellanova, Inc.; Lamb Weston Holdings, Inc.;

McCormick & Company, Incorporated; Pilgrim's Pride Corporation; Post Holdings, Inc.; Seaboard Corporation; The

Hershey Company; The J. M. Smucker Company; The Kraft Heinz Company; and Tyson Foods, Inc.

From time to time, the Compensation Committee may revise the list of companies included in the Compensation Peer

Group to ensure that the Company's compensation practices, philosophy, and objectives remain aligned with market

practices and that the Company stays competitive compared to similarly situated companies. The Company does not

currently anticipate any changes to the Compensation Peer Group for fiscal year 2026.

**Components of Executive Compensation**

***Fiscal Year 2025***

The components of compensation for our NEOs in fiscal year 2025, as described in more detail below, consisted of (i)

base salary, (ii) incentive awards and bonuses, and (iii) benefits and perquisites.

***Base Salary***

Base salaries are intended to provide a level of compensation sufficient to attract and retain an effective management

team when considered in combination with the performance-based and other components of our executive

compensation program. The base salary levels for our NEOs are designed to reflect each NEO's scope of responsibility

and accountability within our Company.

Our NEOs' base salaries for fiscal year 2025 were unchanged compared to 2024 and were as follows:

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| | |
|:---|:---|
| **NEO** | **Salary** |
| C. Shane Smith ..................................................................................................................... | $1500000 |
| Mark L. Hall ......................................................................................................................... | $1000000 |
| Steven J. France .................................................................................................................... | $1000000 |
| Keller D. Watts ..................................................................................................................... | $1000000 |
| Doug Sutton .......................................................................................................................... | $1000000 |

---

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***Annual Incentive Program***

For fiscal year 2025, our annual incentive program provided for annual incentive awards payable upon the

achievement of specified performance goals. The awards were payable 70% in cash, and 30% in restricted stock units,

plus an additional 10% in stock options.

*Individual Target Annual Incentive Opportunities*

Each NEO's annual incentive target for fiscal year 2025, as a percentage of base salary, was as follows:

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| | |
|:---|:---|
| **NEO** | **Incentive Target** |
| C. Shane Smith ..................................................................................................................... | 576% |
| Mark L. Hall ......................................................................................................................... | 432% |
| Steven J. France .................................................................................................................... | 518% |
| Keller D. Watts ..................................................................................................................... | 432% |
| Doug Sutton .......................................................................................................................... | 432% |

---

*Annual Incentive Program Design for Fiscal Year 2025*

For fiscal year 2025, the performance of our NEOs was measured against the following metrics, weighted as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name**  | **Normalized** <br>**Net Income**<br>| **Total Meat Sales** <br>**Volume**<br>| **Packaged** <br>**Meats** <br>**Segment** <br>**Profit**<br>| **Packaged** <br>**Meats Sales** <br>**Volume**<br>|
| C. Shane Smith | 70% | 30% |  |  |
| Mark L. Hall | 70% | 30% |  |  |
| Steven J. France | 30% |  | 40% | 30% |
| Keller D. Watts | 70% | 30% |  |  |
| Doug Sutton | 70% | 30% |  |  |

---

For all NEOs, annual incentive payout opportunities for fiscal year 2025 were based on attaining pre-established

performance levels set by WH Group. These included a target level (resulting in payout at target) and a stretch level

(resulting in a payout above target, with no maximum cap).

For fiscal year 2025, the threshold, target, and stretch performance, along with the corresponding payout opportunities,

relating to Normalized Net Income for our NEOs were as follows, with non-linear interpolation for performance

between payout levels:

---

| | | |
|:---|:---|:---|
|  | **Normalized Net** <br>**Income**<br>**(in**<br>**$ millions)**<br>| **Payout** |
| Below Threshold .............................................................................................. | <520 | 0% |
| Threshold .......................................................................................................... | 520 | 60% |
| Target ............................................................................................................... | 864 | 100% |
| Stretch ............................................................................................................... | >864 | >100% |

---

________________

(1)For performance above target, each of our NEOs was entitled to receive 1% of the amount of Normalized Net

Income in excess of the target of $864 million, with a maximum payout of 110% at $950 million.

For fiscal year 2025, the performance as a percentage of target and the corresponding payout opportunities relating to

Total Meat Sales Volume for our NEOs other than Mr. France were as follows, with non-linear interpolation for

performance between threshold and target payout levels:

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| | | |
|:---|:---|:---|
|  | **Percentage of** <br>**Performance** <br>**Target**<br>| **Payout** |
| Below Threshold .............................................................................................. | <85% | 0% |
| Threshold .......................................................................................................... | 85% | 85% |
| Target ............................................................................................................... | 100% | 100% |
| Stretch ............................................................................................................... | >100% | >100%<sup>(1)</sup> |

---

________________

(1)For performance above target, the payout increases on a linear basis, such that each percentage point of

performance above target increases the payout for this component of the bonus by one percentage point.

For fiscal year 2025, the performance as a percentage of target and the corresponding payout opportunities relating to

Packaged Meats Segment Profit for Mr. France were as follows, with non-linear interpolation for performance between

threshold and target payout levels:

---

| | | |
|:---|:---|:---|
|  | **Percentage of** <br>**Performance** <br>**Target**<br>| **Payout** |
| Below Threshold .............................................................................................. | <60% | 0% |
| Threshold .......................................................................................................... | 60% | 60% |
| Target ............................................................................................................... | 100% | 100% |
| Stretch ............................................................................................................... | >100% | >100%<sup>(1)</sup> |

---

________________

(1)For every one percentage point increase above the target, Mr. France received an additional 0.0018% of the

Packaged Meats Segment Profit result, with a maximum payout cap of 120%.

For fiscal year 2025, the performance as a percentage of target and the associated payout opportunities relating to

Packaged Meats Volume for Mr. France were as follows, with non-linear interpolation for performance between

threshold and target payout levels:

---

| | | |
|:---|:---|:---|
|  | **Percentage of** <br>**Performance** <br>**Target**<br>| **Payout** |
| Below Threshold .............................................................................................. | <85% | 0% |
| Threshold .......................................................................................................... | 85% | 85% |
| Target ............................................................................................................... | 100% | 100% |
| Stretch ............................................................................................................... | >100% | >100%<sup>(1)</sup> |

---

________________

(1)For every one percentage point increase above the target, Mr. France received an additional approximately

$15,500, with no maximum payout cap.

SEC rules provide that we do not have to disclose confidential financial information if doing so would result in

competitive harm to us. Total Meat Sales Volume, Packaged Meats Segment Profit and Packaged Meats Volume

targets and results are competitively sensitive information that we maintain as confidential and proprietary information

and do not publicly disclose. We believe that disclosure of such information would result in competitive harm to us.

The target-level goals can be characterized as "strong performance," meaning that, based on historical performance,

although attainment of this performance level was uncertain, it could be reasonably anticipated that target performance

would be achieved, while the threshold goals were more likely to be achieved and the stretch targets represented more

aggressive levels of performance.

<u>[**Table of Contents**](#i8c63b09272104a9aa6c21079eef6b36f_13)</u>

Our Compensation Committee has the ability to reduce or eliminate payouts for individual executive officers,

including our NEOs, even if financial metrics are met, as well as to increase payouts based on individual performance

or to award bonuses even if financial metrics are not met. In making these decisions, our Compensation Committee

can consider factors such as the performance of the individual executive officer against their individual performance

objectives in support of strategic priorities or additional financial metrics applicable to the business or functional area

for which the executive officer was responsible. In addition, when comparing results to the performance targets, our

Compensation Committee also has the discretion to make adjustments to our results for unbudgeted items that were not

considered part of our ordinary operations and other events that may have impacted performance. This ensures that our

executives are not unfairly rewarded for or penalized by these types of events.

*2025 Annual Incentive and Discretionary Bonus Payments*

To the extent that an NEO earns an annual bonus, 70% is paid in cash, and 30% is paid in restricted stock units with a

grant date value equal to 30% of the total bonus amount, and the NEO receives an additional 10% of the earned bonus

amount in the form of stock options with a grant date value equal to 10% of the total bonus amount.

Our NEOs also are eligible to earn discretionary bonuses, and to the extent that an NEO is awarded a discretionary

bonus, 70% is paid in cash and 30% in restricted stock units, with an additional 10% in stock options. Each NEO has

agreed to repay a portion of the cash discretionary bonus to the Company should he resign from employment for any

reason, breach his restrictive covenants to the Company, or be terminated for "cause," as follows: (1) if the repayment

event occurs within one year following the bonus payment, the NEO will repay 100% of the bonus, and (2) if the

repayment event occurs more than one year, but within two years, following the bonus payment, the NEO will repay

50% of the bonus.

On March 3, 2026, the Compensation Committee approved the bonus amounts and discretionary bonuses for our

NEOs for the 2025 fiscal year. For further details regarding bonuses awarded in 2025, see "—Summary Compensation

Table" below.

***Other Compensation Elements***

*Retirement Plans*. Our NEOs participate in the same tax-qualified retirement plans on the same terms as provided to

most of our salaried employees. These plans consist of an employee-funded 401(k) savings plan (with employer

match) and a Company-funded pension plan, the Smithfield Foods Salaried Pension Plan, or the Salaried Pension Plan.

As of June 30, 2021, our Company-funded tax-qualified pension plans were frozen for all non-union employees who

were eligible for such plans, both for new participants and for future benefit accruals of existing participants. Any non-

union employee hired after that date does not participate in such plans, and non-union employees hired before that date

participate in those plans but are no longer accruing new benefits. We also maintain the Smithfield Foods

Supplemental Pension Plan, or the Supplemental Plan, which is a non-qualified supplemental pension plan available to

certain executives, including our NEOs.

Our retirement plans are intended to provide an appropriate level of replacement income upon retirement. The

Supplemental Plan allows us to provide pension benefits comparable to those that would be available under the

Salaried Pension Plan if the federal income tax laws did not include limits on covered compensation and benefits. The

Supplemental Plan uses the same benefit formulas as the Salaried Pension Plan and uses the same types of

compensation to determine benefit amounts. Therefore, the Supplemental Plan allows eligible employees to receive a

pension benefit that is approximately the same percentage of their earnings, except that the amount of compensation in

any year that can be used in calculating benefits is capped at $5 million. For more information about our pension plans,

please refer to the Pension Benefits table and related discussion below.

Participation in the 401(k) savings plan is voluntary. The amount of compensation contributed and the amount of our

match, therefore, vary among employees, including our executive officers. However, the same formulas are used to

determine benefits for all participants in this plan. Furthermore, the plan does not involve any above-market returns, as

returns depend on actual investment results based on individual participant investment elections.

<u>[**Table of Contents**](#i8c63b09272104a9aa6c21079eef6b36f_13)</u>

*Perquisites and Other Benefits*. We provide a limited number of perquisites to our executive officers. The Summary

Compensation Table below contains an itemized disclosure of all perquisites provided to our NEOs. We believe that

these perquisites are reasonable and consistent with those paid to other executives in our industry. Providing these

perquisites allows us to keep our base compensation packages competitive.

We also provide certain benefits to substantially all salaried employees that are not included as perquisites in the

Summary Compensation Table for the NEOs because they are broadly available. These include health and welfare

benefits, disability and life insurance, education and tuition reimbursement, an employee assistance program, and a

charitable gift matching program.

In addition, we sponsor a non-qualified deferred compensation plan, which we refer to as the Smithfield Foods, Inc.

Executive Nonqualified Excess Plan, or the Deferred Compensation Plan, for eligible employees, including our NEOs,

and we maintain an additional non-qualified deferred compensation plan, the John Morrell & Company Amended &

Restated Deferred Compensation Plan, or the JM Deferred Compensation Plan, which has been frozen since 2016. For

a description of the Deferred Compensation Plan and the JM Deferred Compensation Plan, see "—Non-Qualified

Deferred Compensation—Discussion of Non-Qualified Deferred Compensation" below.

***Post-IPO Components of Executive Compensation***

In connection with our IPO, our Board adopted an equity incentive plan, which we refer to as the Smithfield Foods,

Inc. Omnibus Incentive Plan, or the 2025 Incentive Plan. Accordingly, following our IPO, equity incentive awards

have become a component of compensation for our NEOs and are intended to align executive rewards with the

interests of shareholders through long-term share-price exposure.

In connection with the pricing of our IPO on January 27, 2025, we granted equity awards to certain of our employees

and certain directors and employees of WH Group who contributed significantly to the success of the offering and our

business, including each of our NEOs. Each such award was granted 50% in restricted stock units and 50% in stock

options. Such restricted stock units and stock options vest in five equal annual installments.

As discussed in "—2025 Annual Bonus Payments" above, in the first quarter of 2026 we paid a portion of the NEOs'

annual bonuses for fiscal year 2025 in restricted stock units and stock options. One third of the restricted stock units

and stock options, respectively, were vested on the date of grant, and one third will vest on the first and second

anniversaries of the date of grant, respectively. For further details regarding bonuses awarded with respect to fiscal

year 2025 performance see "—Summary Compensation Table" below.

**Equity Award Grant Practices**

The Compensation Committee may make equity grants at any time during the year as it deems appropriate. With

respect to fiscal year 2025 performance, the only equity awards granted to our NEOs were the restricted stock units

and stock options that were granted in connection with the IPO and the restricted stock units and stock options that

were granted in the first quarter of 2026 as part of the payment of annual incentive awards for fiscal year 2025.

The Compensation Committee does not take material nonpublic information into account when determining the timing

and terms of equity awards, nor does it time the disclosure of such material nonpublic information for purposes of

affecting the exercise price of such awards or the value of executive compensation.

**Employment Agreements**

We do not currently have employment agreements with any of our NEOs. However, our Board adopted the Executive

Severance Plan, or the Severance Plan, in connection with the IPO, pursuant to which certain senior executive

employees, including all of our NEOs, are entitled to severance benefits in certain situations. See "—Future

Compensation Programs—Executive Severance Plan" for a description of the Severance Plan.

<u>[**Table of Contents**](#i8c63b09272104a9aa6c21079eef6b36f_13)</u>

**Other Compensation Governance Practices**

We have implemented anti-pledging and anti-hedging policies for our senior executives and our non-employee

directors, as well as a compensation recoupment policy that applies to our executive officers.

**Risk Assessment of Compensation Programs**

We believe that our compensation arrangements, including financial performance measures used to determine

incentive payout amounts, do not provide our executive officers with an incentive to engage in business activities or

other behavior that would expose us or our shareholders to excessive risks that are reasonably likely to have a material

adverse effect.

**Tax and Accounting Implications**

***Tax Considerations of Executive Compensation***

Section 162(m) of the Internal Revenue Code of 1986, as amended, or the Code, generally prohibits public companies

from claiming a tax deduction for more than $1 million of annual compensation per person paid to certain current and

former executive officers. Although the Compensation Committee will be mindful of the benefits of tax deductibility

when determining executive compensation, it may approve compensation that will not be fully deductible in order to

ensure competitive levels of total compensation for our executive officers.

***Accounting for Stock-Based Compensation***

We account for stock-based payments in accordance with the requirements of FASB ASC Topic 718.

**Summary Compensation Table**

The following table sets forth the compensation awarded or paid to our NEOs for services rendered in all capacities

during fiscal year 2025 and 2024.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and** <br>**Principal** <br>**Position**<br>| **Year** | **Salary**<br>**($)**<br>| **Bonus**<br>**($)**<sup>(1)</sup><br>| **Stock** <br>**Awards**<br>**($)**<sup>(2)</sup><br>| **Option** <br>**Awards**<br>**($)**<sup>(3)</sup><br>| **Non-**<br>**Equity**<br>**Incentive**<br>**Plan**<br>**Compensation**<br>**($)**<sup>(4)</sup><br>| **Change in**<br>**Pension Value**<br>**And Nonqualified**<br>**Deferred**<br>**Compensation**<br>**Earnings**<br>**($)**<sup>(5)</sup><br>| **All**<br>**Other**<br>**Compensation**<br>**($)**<sup>(6)</sup><br>| **Total**<br>**($)**<br>|
| **C. Shane Smith**<br>Chief Executive <br>Officer | 2025 | 1500000  | 1855000 | 4550112 | 2716705 | 6416928 | 2245908 | 52895 | 19337548 |
| **C. Shane Smith**<br>Chief Executive <br>Officer | 2024 | 1500000 | 3000000 |  |  | 8710000 | 1630365 | 62058 | 14902423 |
| **Mark L. Hall**<br>Chief Financial <br>Officer | 2025 | 1000000  | 1225000 | 2575056 | 1658354 | 3208464 | 1630571 | 19759 | 11317204 |
| **Mark L. Hall**<br>Chief Financial <br>Officer | 2024 | 1000000 | 2500000 |  |  | 3480000 | 860253 | 53477 | 7893730 |
| **Steven J.** <br>**France**<br>President, <br>Packaged Meats | 2025 | 1000000  | 1610000 | 2772648 | 1724218 | 3669512 | 3008575 | 36234 | 13821187 |
| **Steven J.** <br>**France**<br>President, <br>Packaged Meats | 2024 | 1000000 | 2500000 |  |  | 3770000 | 2524228 | 39433 | 9833661 |
| **Keller D. Watts**<br>Chief Business <br>Officer | 2025 | 1000000  | 1400000 | 2575056 | 1658354 | 3208464 | 3510402 | 28531 | 13380807 |
| **Keller D. Watts**<br>Chief Business <br>Officer | 2024 | 1000000 | 2000000 |  |  | 3480000 | 2220257 | 44622 | 8724879 |
| **Doug Sutton**<br>Chief <br>Manufacturing <br>Officer | 2025 | 1000000  | 1400000 | 2575056 | 1658354 | 3208464 | 3330500 | 42388 | 13184762 |
| **Doug Sutton**<br>Chief <br>Manufacturing <br>Officer | 2024 | 1000000 | 2000000 |  |  | 2610000 | 1765578 | 34825 | 7410403 |

---

________________

(1)Represents the cash portion of the discretionary bonus paid to each of our NEOs in the first quarter of 2026. The restricted

stock units and stock options granted during the first quarter of 2026 as payment for the discretionary bonuses will be

reported in the Company's 2027 Proxy Statement in accordance with SEC rules.

<u>[**Table of Contents**](#i8c63b09272104a9aa6c21079eef6b36f_13)</u>

(2)Represents the aggregate grant date fair value of the restricted stock units granted in connection with the Company's IPO in

January 2025 and the restricted stock units granted during the first quarter of 2026 as payment for a portion of the NEO's

performance-based bonus paid for fiscal year 2025 computed in accordance with FASB ASC Topic 718.

(3)Represents the aggregate grant date fair value of the stock options granted in connection with the Company's IPO in January

2025 and the stock options granted during the first quarter of 2026 as payment for a portion of the NEO's performance-based

bonus paid for fiscal year 2025 computed in accordance with FASB ASC Topic 718.

(4)Represents the cash portion of the total performance-based bonus paid to each of our NEOs in the first quarter of 2026 for

fiscal year 2025, in respect of pre-established performance targets prior to any discretionary increase (i.e., 70% of each

NEO's performance-based bonus).

(5)Amounts in this column represent the aggregate increase, if any, of the accumulated benefit liability relating to the NEO

under the Salaried Pension Plan and the Supplemental Pension Plan in fiscal year 2025. Amounts are calculated by comparing

values as of the pension plan measurement date used for the Company's financial statements for the applicable year. The

Company uses the same assumptions it uses for financial reporting under generally accepted accounting principles. The

assumed retirement age for the above values is the earliest age at which an NEO could retire without any benefit reduction

due to age (for the Supplemental Pension Plan) or the normal retirement age designated in the plan (for the Salaried Pension

Plan), and the above values are calculated assuming each NEO survives to the assumed retirement age.

(6)The amounts shown in this column consist of the components set forth in the table below, which include the contributions

made with respect to each NEO under our 401(k) plan and the perquisites provided to each NEO.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name**  | **Year** | **401(k)** <br>**plan matching**<br>**contributions** <br>**($)**<br>| **Personal** <br>**use of** <br>**aircraft** <br>**($)**<sup>(a)</sup><br>| **Personal use**<br>**of car**<br>**($)**<sup>(b)</sup><br>| **Tax gross-ups and** <br>**reimbursements** <br>**($)**<sup>(c)</sup><br>|
| C. Shane Smith | 2025 | 20192 | 3184 | 26666 | 2853 |
| Mark L. Hall | 2025 | 19442 | 4743 | 5067 | 317 |
| Steven J. France | 2025 | 19732 | 7529 | 8657 | 317 |
| Keller D. Watts | 2025 | 17731 |  | 10301 | 499 |
| Doug Sutton | 2025 | 23500 |  | 18888 |  |

---

_____________

a.Reflects the aggregate incremental cost to the Company of providing our NEOs with personal use of our Company-owned

aircraft, based on hours flown for non-business purposes and our fully loaded hourly costs to operate such aircraft. In

certain circumstances, our NEOs' spouses and other family members may be permitted to accompany them on both

personal and business travel using our Company-owned aircraft. We do not incur any aggregate incremental costs in

respect of such spousal and family use.

b.We provide a leased automobile to each of Messrs. Smith and Sutton, at our cost, and we provide a monthly allowance to

each of Messrs. Hall, France and Watts to be applied towards personal automobile costs, plus reimbursement for certain

fuel, maintenance, and related automobile ownership expenses. The amounts in this column represent our costs of

providing such benefits.

c.Amounts in this column represent certain tax reimbursements made to our NEOs in respect of taxes incurred by them due

to the imputation of income for personal and spousal/family use of our Company-owned aircraft, and in the case of

Messrs. Hall and France, income related to the automobile allowance provided to them.

<u>[**Table of Contents**](#i8c63b09272104a9aa6c21079eef6b36f_13)</u>

**Grants of Plan-Based Awards**

The following table provides information concerning awards granted to our NEOs in fiscal year 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Grant Date** | **Estimated Future Payouts Under** <br>**Non-Equity Incentive Plan** <br>**Awards**<sup>(1)</sup> | **Estimated Future Payouts Under** <br>**Non-Equity Incentive Plan** <br>**Awards**<sup>(1)</sup> | **Estimated Future Payouts Under** <br>**Non-Equity Incentive Plan** <br>**Awards**<sup>(1)</sup> | **All Other** <br>**Stock** <br>**Awards:** <br>**Number of** <br>**Stock**<br> **or Units (#)**<sup>(2)</sup> | **All Other Option** <br>**Awards:** <br>**Number** <br>**of Securities** <br>**Underlying** <br>**Options (#)**<sup>(3)</sup> | **Exercise or** <br>**Base Price of** <br>**Option Awards** <br>**($/sh)** | **Grant Date Fair** <br>**Value of Stock** <br>**and Option** <br>**Awards**<br>**($)**<sup>(4)</sup> |
| **Name** | **Grant Date** | **Threshold**<br>**($)**<br>| **Target**<br>**($)**<br>| **Maximum**<br>**($)**<br>| **All Other** <br>**Stock** <br>**Awards:** <br>**Number of** <br>**Stock**<br> **or Units (#)**<sup>(2)</sup> | **All Other Option** <br>**Awards:** <br>**Number** <br>**of Securities** <br>**Underlying** <br>**Options (#)**<sup>(3)</sup> | **Exercise or** <br>**Base Price of** <br>**Option Awards** <br>**($/sh)** | **Grant Date Fair** <br>**Value of Stock** <br>**and Option** <br>**Awards**<br>**($)**<sup>(4)</sup> |
| C. Shane Smith |  | 3628800 | 6048000 |  |  |  |  |  |
| C. Shane Smith | 1/27/25 |  |  |  |  | 589345 | 20.00 | 1800001 |
| C. Shane Smith | 1/28/25 |  |  |  | 90000 |  |  | 1800000 |
| C. Shane Smith | 3/10/26 <sup>(5)</sup> |  |  |  |  | 389303 | 24.25 | 1181704 |
| C. Shane Smith | 3/10/26 <sup>(6)</sup> |  |  |  | 146190 |  |  | 3545112 |
| Mark L. Hall |  | 1814400 | 3024000 |  |  |  |  |  |
| Mark L. Hall | 1/27/25 |  |  |  |  | 392897 | 20.00 | 1200002 |
| Mark L. Hall | 1/28/25 |  |  |  | 60000 |  |  | 1200000 |
| Mark L. Hall | 3/10/26 <sup>(5)</sup> |  |  |  |  | 208653 | 24.25 | 633352 |
| Mark L. Hall | 3/10/26 <sup>(6)</sup> |  |  |  | 78353 |  |  | 1900056 |
| Steven J. France |  | 2175600 | 3626000 |  |  |  |  |  |
| Steven J. France | 1/27/25 |  |  |  |  | 392897 | 20.00 | 1200002 |
| Steven J. France | 1/28/25 |  |  |  | 60000 |  |  | 1200000 |
| Steven J. France | 3/10/26 <sup>(5)</sup> |  |  |  |  | 248470 | 24.25 | 754216 |
| Steven J. France | 3/10/26 <sup>(6)</sup> |  |  |  | 93305 |  |  | 2262648 |
| Keller D. Watts |  | 2175600 | 3024000 |  |  |  |  |  |
| Keller D. Watts | 1/27/25 |  |  |  |  | 392897 | 20.00 | 1200002 |
| Keller D. Watts | 1/28/25 |  |  |  | 60000 |  |  | 1200000 |
| Keller D. Watts | 3/10/26 <sup>(5)</sup> |  |  |  |  | 216889 | 24.25 | 754216 |
| Keller D. Watts | 3/10/26 <sup>(6)</sup> |  |  |  | 81446 |  |  | 1975056 |
| Doug Sutton |  | 2175600 | 3024000 |  |  |  |  |  |
| Doug Sutton | 1/27/25 |  |  |  |  | 392897 | 20.00 | 1200002 |
| Doug Sutton | 1/28/25 |  |  |  | 60000 |  |  | 1200000 |
| Doug Sutton | 3/10/26 <sup>(5)</sup> |  |  |  |  | 216889 | 24.25 | 754216 |
| Doug Sutton | 3/10/26 <sup>(6)</sup> |  |  |  | 81446 |  |  | 1975056 |

---

________________

(1)As more fully described in "—Components of Executive Compensation—Annual Incentive Program—Annual Incentive

Program Design for Fiscal Year 2025" above, each NEO was eligible to earn a performance-based incentive award for fiscal

year 2025, 70% of which was payable in cash. Annual bonuses are not subject to a maximum. The amounts in these columns

represent the amounts payable in cash.

(2)Represents restricted stock units that vest in five equal annual installments on the first five anniversaries of January 27, 2025,

subject to the NEO's continuous service through such vesting dates.

(3)Represents stock options that vest in five equal annual installments on the first five anniversaries of January 27, 2025, subject

to the NEO's continuous service through such vesting dates.

(4)Represents the aggregate grant date fair value computed in accordance with FASB ASC Topic 718, excluding the effect of

estimated forfeitures.

(5)As more fully described in "—Components of Executive Compensation—Annual Incentive Program—Annual Incentive

Program Design for Fiscal Year 2025" above, each NEO was granted stock options with respect to 10% of the NEO's total

performance-based incentive award for fiscal year 2025. One third of the stock options were vested on the date of grant, and

the remaining stock options will vest in two equal installments on March 10, 2027, and March 10, 2028, subject to the NEO's

continuous service through such vesting dates.

(6)As more fully described in "—Components of Executive Compensation—Annual Incentive Program—Annual Incentive

Program Design for Fiscal Year 2025" above, each NEO was granted restricted stock units with respect to 30% of the NEO's

total performance-based incentive award for fiscal year 2025. One third of the restricted stock units were vested on the date of

grant, and the remaining restricted stock units will vest in two equal installments on March 10, 2027, and March 10, 2028,

subject to the NEO's continuous service through such vesting dates.

<u>[**Table of Contents**](#i8c63b09272104a9aa6c21079eef6b36f_13)</u>

**Outstanding Equity Awards at Fiscal Year-End**

The following table contains information regarding restricted stock units and unexercised stock options held by our

NEOs that were outstanding as of December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Grant Date** | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Stock Awards** | **Stock Awards** |
| **Name** | **Grant Date** | **Number of** <br>**Securities** <br>**Underlying** <br>**Unexercised** <br>**Options**<br>**Exercisable** <br>**(#)**<br>| **Number of** <br>**Securities** <br>**Underlying** <br>**Unexercised** <br>**Options** <br>**Unexercisable** <br>**(#)**<sup>(1)</sup><br>| **Equity** <br>**Incentive** <br>**Plan** <br>**Awards:** <br>**Number of** <br>**Securities** <br>**Underlying** <br>**Unexercised** <br>**Unearned** <br>**Options**<br>| **Option** <br>**Exercise** <br>**Price** <br>**($/sh)**<br>| **Option** <br>**Expiration** <br>**Date**<br>| **Number of** <br>**Shares or** <br>**Units of** <br>**Stock that** <br>**have not** <br>**Vested** <br>**(#)**<sup>(2)</sup><br>| **Market Value of** <br>**Shares or Units of** <br>**Stock that have** <br>**not Vested** <br>**($)**<sup>(3)</sup><br>|
| C. Shane Smith | 1/27/25 |  | 589345 |  | 20.00 | 1/27/35 |  |  |
| C. Shane Smith | 1/28/25 |  |  |  |  |  | 90000 | 2019600 |
| Mark L. Hall | 1/27/25 |  | 392897 |  | 20.00 | 1/27/35 |  |  |
| Mark L. Hall | 1/28/25 |  |  |  |  |  | 60000 | 1346400 |
| Steven J. France | 1/27/25 |  | 392897 |  | 20.00 | 1/27/35 |  |  |
| Steven J. France | 1/28/25 |  |  |  |  |  | 60000 | 1346400 |
| Keller D. Watts | 1/27/25 |  | 392897 |  | 20.00 | 1/27/35 |  |  |
| Keller D. Watts | 1/28/25 |  |  |  |  |  | 60000 | 1346400 |
| Doug Sutton | 1/27/25 |  | 392897 |  | 20.00 | 1/27/35 |  |  |
| Doug Sutton | 1/28/25 |  |  |  |  |  | 60000 | 1346400 |

---

________________

(1)Represents stock options that vest in five equal annual installments on the first five anniversaries of January 27, 2025, subject

to the NEO's continuous service through such vesting dates.

(2)Represents restricted stock units that vest in five equal annual installments on the first five anniversaries of January 27, 2025,

subject to the NEO's continuous service through such vesting dates.

(3)Based on the closing share price of $22.44 on December 28, 2025.

**Option Exercises and Stock Vested**

We did not maintain any equity incentive plans prior to our IPO. As more fully described in "Post IPO Components of

Executive Compensation" above, no equity awards granted in 2025 feature vesting dates in 2025. Accordingly, our

NEOs did not exercise any option awards or vest into any stock awards in fiscal year 2025.

<u>[**Table of Contents**](#i8c63b09272104a9aa6c21079eef6b36f_13)</u>

**Pension Benefits**

The following table shows the present value of accumulated benefits that our NEOs are entitled to under the Salaried

Pension Plan and the Supplemental Plan. No payments were made under the plans to our NEOs in 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Name**  | **Plan Name** | **Number of Years** <br>**Credited Service**<br>**(#)**<br>| **Present Value of** <br>**Accumulated Benefit**<br>**($)**<br>|
| C. Shane Smith ......................................... | Salaried Pension Plan | 18 | 397490 |
| C. Shane Smith ......................................... | Supplemental Plan | 22 | 9288002 |
| Mark L. Hall ............................................ | Salaried Pension Plan | 8 | 223568 |
| Mark L. Hall ............................................ | Supplemental Plan | 12 | 4001987 |
| Steven J. France ........................................ | Salaried Pension Plan | 15.24 | 524213 |
| Steven J. France ........................................ | Supplemental Plan | 19 | 8689388 |
| Keller D. Watts ......................................... | Salaried Pension Plan | 28 | 677685 |
| Keller D. Watts ......................................... | Supplemental Plan | 32 | 8311926 |
| Doug Sutton ............................................ | Salaried Pension Plan | 21 | 564187 |
| Doug Sutton ............................................ | Supplemental Plan | 25 | 6807304 |

---

***Discussion of Pension Plans***

Each of our NEOs participates in the Salaried Pension Plan and the Supplemental Plan.

The Salaried Pension Plan provides for retirement benefits that generally are a function of the participant's average

compensation during the five consecutive calendar years during the participant's last ten years of employment in which

the participant's compensation was the highest, or Final Average Earnings, and aggregate years of service. The

Supplemental Plan provides a retirement benefit, which is the benefit calculated under the Salaried Pension Plan

without application of compensation and benefit limits under federal tax laws, reduced by the benefit payable from the

Salaried Pension Plan. The Supplemental Plan is maintained so that we can provide a retirement benefit for certain

salaried employees that is approximately the same percentage of their earnings from the Company.

The retirement benefit under the Salaried Pension Plan is a lifetime benefit payable at age 65 equal to the sum of (i)

0.8% of Final Average Earnings and (ii) 0.9% of Final Average Earnings in excess of Social Security Covered

Compensation, with that sum multiplied by the years of service with the Company. Social Security Covered

Compensation is determined annually by the Internal Revenue Service and represents an average of the amount of

wages subject to Social Security taxes over a period of years. Compensation for purposes of Final Average Earnings is

the total compensation shown on the participant's W-2 reduced by any income from the exercise of stock options.

Total compensation includes salary, bonus, non-equity incentive plan payments, stock awards when vested, and

taxable perquisites from the Company. For NEOs, such compensation includes salary, bonus, and non-equity incentive

plan compensation, each as shown in the Summary Compensation Table. For the Salaried Pension Plan, compensation

for purposes of calculating accruals is limited to $350,000 for calendar year 2025 as set by the Internal Revenue

Service. The Supplemental Plan limits yearly earnings for purposes of calculating accruals to $5,000,000.

If a participant does not commence receiving benefits by age 65, the participant is entitled to a late retirement benefit,

which is the greater of the benefit calculated at the participant's normal retirement date actuarially increased to the

actual retirement date and the benefit calculated at actual retirement date. A participant is eligible for early retirement

after age 55 with five years of vesting service (age 60 for the Supplemental Plan). The early retirement benefit payable

is the accrued benefit payable at age 65 reduced by 0.5% for each month that the early retirement date precedes the

normal retirement date.

The normal form of benefit for the Salaried Pension Plan and the Supplemental Plan is a single life annuity with

monthly payments paid over the life of the participant. Married participants receive a joint and 50% survivor annuity

with actuarially reduced monthly payments paid until the death of the participant and their spouse. The other optional

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forms of retirement benefits in the Salaried Pension Plan include joint and 66.67%, 75%, or 100% annuities, and a ten-

year certain and continuous annuity with payments guaranteed for ten years even if the participant dies. The

Supplemental Plan also includes a five-year installment payment option in which the lump-sum value of the single life

annuity is calculated based on factors specified in the Supplemental Plan and mandated by the Internal Revenue

Service and then paid in five annual principal installments with interest credited on the unpaid installments at the same

interest rate that is used to calculate the lump-sum value (currently segmented rates of 5.50% for the first 5 years,

5.76% for the next 15 years, and 5.83% for 20 or more years).

In accordance with SEC rules, the present value of each NEO's accumulated benefits under the Salaried Pension Plan

and the Supplemental Plan, as shown in the table above, has been calculated in accordance with the benefit formulas

described above and using the same assumptions as are used by us for financial reporting purposes under generally

accepted accounting principles (except that retirement age is assumed to be the normal retirement age of 65).

**Non-Qualified Deferred Compensation**

The table below provides information on benefits available to the NEOs for fiscal year 2025 under the Deferred

Compensation Plan and the JM Deferred Compensation Plan, as applicable.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name**  | **Plan** | **Executive** <br>**Contributions** <br>**in Last Fiscal** <br>**Year** <br>**($)**<br>| **Registrant** <br>**Contributions** <br>**in Last Fiscal** <br>**Year** <br>**($)**<br>| **Aggregate** <br>**Earnings in** <br>**Last Fiscal** <br>**Year** <br>**($)**<br>| **Aggregate** <br>**Withdrawals/** <br>**Distributions** <br>**($)**<br>| **Aggregate** <br>**Balance at Last** <br>**Fiscal Year-**<br>**End**<br> **($)**<br>|
| C. Shane Smith ................... | N/A |  |  |  |  |  |
| Mark L. Hall ...................... | JM Deferred <br>Compensation <br>Plan<br>|  |  | 5098 |  | 38315 |
| Steven J. France .................. | Deferred <br>Compensation <br>Plan<br>|  |  | 185832 |  | 1381187 |
| Keller D. Watts ................... | Deferred <br>Compensation <br>Plan<br>|  |  | 228170 |  | 1752425 |
| Doug Sutton ....................... | N/A |  |  |  |  |  |

---

***Discussion of Non-Qualified Deferred Compensation***

*Deferred Compensation Plan*

Pursuant to the Deferred Compensation Plan, eligible employees, including our NEOs, are entitled to defer up to 80%

of their annual base salary and earned cash bonuses. We may also make discretionary contributions to participants'

deferral accounts under the Deferred Compensation Plan from time to time. The portion of a participant's deferral

account that is attributable to employer contributions generally vests based on the participant's years of service with

the Company—with 20% vesting credit applied per year of service—and will vest earlier upon the first to occur of a

change in control of the Company and the participant's 65<sup>th</sup> birthday, death, or disability. Each participant may choose

to have their deferral account notionally invested in one or more investment options that we make available from time

to time, and deferral account values will track the investment performance of those deemed investment options

selected by the participant.

The vested portion of a participant's account under the Deferred Compensation Plan will be distributed to the

participant upon a separation from service with the Company, or if earlier and elected by the participant in connection

with making a deferral election under the Deferred Compensation Plan, upon the participant's disability, a change in

control of the Company, or a fixed in-service date elected by the participant. Distributions will be made in a lump sum

or, for distributions upon a separation from service and if elected by the participant in connection with making a

deferral election under the plan, in up to ten annual installments. A participant may elect that in-service distributions

be made in a lump sum or in up to four annual installments.

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*JM Deferred Compensation Plan*

Pursuant to the JM Deferred Compensation Plan, which has been frozen to new contributions since 2016, eligible

employees were entitled to defer up to 80% of their annual base salary and earned cash bonuses. Despite the JM

Deferred Compensation Plan being frozen to new contributions, there is still an opportunity for earnings on

contributions made prior to the plan being frozen. Each participant may choose to have their deferral account

notionally invested in one or more investment options that we make available from time to time, and deferral account

values track the investment performance of those deemed investment options selected by the participant. Distributions

from the participant's account under the JM Deferred Compensation Plan will commence as of the first day of the

month coinciding with or next following the date that is six months after such participant's separation from service

with the Company, or if earlier upon the participant's death or certain emergencies. Distributions will be made in a

lump sum or, if elected by the participant in writing in connection with making a deferral election under the plan, in no

fewer than 24 and no more than 120 monthly installments.

Our Chief Financial Officer, Mark L. Hall, had elected to defer a portion of his pay prior to the plan being frozen, and

there have been earnings on the account in fiscal year 2025, as shown in the above table.

**Potential Payments Upon Termination or Change in Control**

***Executive Severance Plan***

Our Board adopted the Severance Plan effective upon the completion of our IPO. Pursuant to the Severance Plan,

certain senior executive employees, including the NEOs, are entitled to severance benefits, or the Severance Benefits,

upon a termination of employment by us without "cause" or a voluntary resignation for "good reason," as such terms

are defined in the Severance Plan, or a Qualifying Termination. Severance Benefits are contingent upon the

executive's (i) compliance with all restrictive covenants to which the executive is then subject and (ii) timely execution

and delivery of an irrevocable general release of claims against our Company and related parties. Participation in the

Severance Plan is conditioned upon the executive's agreeing to customary restrictive covenants in favor of our

Company and our affiliates, including covenants of non-disclosure, non-competition, non-solicitation, and non-

disparagement (subject to any limitations under applicable law). We may amend or terminate the Severance Plan at

any time; however, no such action will become effective for 180 days, or if a change in control of our Company has

occurred prior to the effectiveness of such amendment or termination, until the 24-month anniversary of such change

in control.

The Severance Benefits consist of (i) base salary continuation for 18 months (or for our Chief Executive Officer, two

years), (ii) a prorated cash bonus for the year of termination based on actual Company performance through the

separation date, paid at the time the Company pays annual bonuses to its senior executives for the year in which the

termination of employment occurs, and (iii) a subsidy of COBRA insurance premiums under our health plans to

provide the executive participation at the active-employee rate for the duration of COBRA coverage (up to 18 months).

If the Qualifying Termination occurs within two months prior to a change in control of Smithfield, or within two years

following a change in control of Smithfield, or the CIC Period, the prorated bonus will be based on the executive's

target cash bonus for the year of termination, and will be paid within 60 days following the termination date. Further, if

any amounts payable to a participant, including the Severance Benefits, are subject to Sections 280G and 4999 of the

Code, such payments will be reduced to the extent necessary to provide the participant with the greatest after-tax

benefit.

***Deferred Compensation Plan***

Our Deferred Compensation Plan provides for the potential accelerated vesting of the employer-contribution portion of

any deferral accounts in connection with a "Change in Control" (as defined in the Deferred Compensation Plan). All

our NEOs are currently fully vested in their Deferred Compensation Plan account balances and, as a result, no NEO is

entitled to any vesting acceleration in connection with a Change in Control of Smithfield.

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***Treatment of Equity Awards***

Pursuant to the terms of our form award agreement for awards granted in connection with the IPO under our 2025

Incentive Plan, an award-holder's outstanding stock options and restricted stock units will remain outstanding and

eligible to vest in accordance with the award's regular vesting schedule following the award-holder's "Retirement" (as

defined in the 2025 Incentive Plan).

Pursuant to the terms of our standard form award agreement for awards granted under our 2025 Incentive Plan, an

award-holder's outstanding stock options and restricted stock units will remain outstanding and eligible to vest in

accordance with the award's regular vesting schedule following either the award-holder's Retirement or involuntary

termination of employment without "Cause" (as defined in the 2025 Incentive Plan).

Pursuant to the terms of both of those form award agreements, an award-holder's outstanding awards will vest in full

upon the earlier to occur of the award-holder's death and a "Change in Control" (as defined in the 2025 Incentive

Plan).

The following table shows the estimated payments and benefits to which each NEO would have been entitled upon a

Qualifying Termination or Change in Control, assuming such Qualifying Termination or Change in Control occurred

on December 28, 2025.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | | **Components of** <br>**Severance** | | **Termination without** <br>**Cause or Voluntary** <br>**Termination with** <br>**Good Reason Outside** <br>**of CIC Period** <br>**($)** | | **Termination without** <br>**Cause or Voluntary** <br>**Termination with** <br>**Good Reason During** <br>**CIC Period** <br>**($)**<sup>(1)</sup> | | **Change in Control** <br>**(No Termination) or** <br>**Termination as a** <br>**Result of Death** <br>**($)**<sup>(1)</sup> | | |
| **Name** |  | **Components of** <br>**Severance** |  | **Termination without** <br>**Cause or Voluntary** <br>**Termination with** <br>**Good Reason Outside** <br>**of CIC Period** <br>**($)** |  | **Termination without** <br>**Cause or Voluntary** <br>**Termination with** <br>**Good Reason During** <br>**CIC Period** <br>**($)**<sup>(1)</sup> |  | **Change in Control** <br>**(No Termination) or** <br>**Termination as a** <br>**Result of Death** <br>**($)**<sup>(1)</sup> | C. Shane Smith<br> Salary Continuation <sup>(2)</sup> | 3000000 |
|  | Prorated Bonus<sup>(3)</sup> |  | 6416928 |  | 6048000 |  |  | C. Shane Smith |  |  |
|  | COBRA Premiums<sup>(4)</sup> |  | 34338 |  | 34338 |  |  | C. Shane Smith |  |  |
|  | Accelerated Equity<sup>(5)</sup> |  |  |  |  |  | 13444502 | C. Shane Smith |  |  |
|  | Total |  | 9451266 |  | 9082338 |  | 13444502 | C. Shane Smith |  |  |
| Mark L. Hall |  | Salary Continuation<sup>(2)</sup> |  | 1500000 |  | 1500000 |  |  |  |  |
| Mark L. Hall |  | Prorated Bonus<sup>(3)</sup> |  | 3208464 |  | 3024000 |  |  |  |  |
| Mark L. Hall |  | COBRA Premiums<sup>(4)</sup> |  | 34338 |  | 34338 |  |  |  |  |
| Mark L. Hall |  | Accelerated Equity<sup>(5)</sup> |  |  |  |  |  | 8963009 |  |  |
| Mark L. Hall |  | Total |  | 4742802 |  | 4558338 |  | 8963009 |  |  |
| Steven J. France |  | Salary Continuation<sup>(2)</sup> |  | 1500000 |  | 1500000 |  |  |  |  |
| Steven J. France |  | Prorated Bonus<sup>(3)</sup> |  | 3669512 |  | 3626000 |  |  |  |  |
| Steven J. France |  | COBRA Premiums<sup>(4)</sup> |  | 34338 |  | 34338 |  |  |  |  |
| Steven J. France |  | Accelerated Equity<sup>(5)</sup> |  |  |  |  |  | 8963009 |  |  |
| Steven J. France |  | Total |  | 5203850 |  | 5160338 |  | 8963009 |  |  |
| Keller D. Watts |  | Salary Continuation<sup>(2)</sup> |  | 1500000 |  | 1500000 |  |  |  |  |
| Keller D. Watts |  | Prorated Bonus<sup>(3)</sup> |  | 3208464 |  | 3024000 |  |  |  |  |
| Keller D. Watts |  | COBRA Premiums<sup>(4)</sup> |  | 34597 |  | 34597 |  |  |  |  |
| Keller D. Watts |  | Accelerated Equity<sup>(5)</sup> |  |  |  |  |  | 8963009 |  |  |
| Keller D. Watts |  | Total |  | 4743061 |  | 4558597 |  | 8963009 |  |  |
| Doug Sutton |  | Salary Continuation<sup>(2)</sup> |  | 1500000 |  | 1500000 |  |  |  |  |
| Doug Sutton |  | Prorated Bonus<sup>(3)</sup> |  | 3208464 |  | 3024000 |  |  |  |  |
| Doug Sutton |  | COBRA Premiums<sup>(4)</sup> |  | 23914 |  | 23914 |  |  |  |  |
| Doug Sutton |  | Accelerated Equity<sup>(5)</sup> |  |  |  |  |  | 8963009 |  |  |
| Doug Sutton |  | Total |  | 4732378 |  | 4547914 |  | 8963009 |  |  |

---

________________

(1)If the payments due as the result of a change in control were to result in an excise tax, the aggregate payments would be

reduced to the largest amount that could be paid without triggering an excise tax. The amounts reported in this column do not

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reflect the application of any reduction in benefits pursuant to the Severance Plan or any reduction in accelerated vesting of

equity awards.

(2)Represents the full amount of salary continuance payments payable over a period of (i) 24 months in the case of Mr. Smith

and (ii) 18 months in the case of the other NEOs.

(3)Represents the pro-rated cash bonus payable to each NEO through December 28, 2025. For a termination outside of the CIC

Period, this amount is based on actual Company performance, and for a termination during the CIC Period, this amount is

based on target.

(4)Represents the Company subsidy of COBRA insurance premiums under our health plans to provide the NEO participation at

the active-employee rate for 18 months of COBRA coverage.

(5)Represents the dollar value of the acceleration of all outstanding equity awards under the terms of the 2025 Incentive Plan,

and applicable award agreements, based on the closing share price of $22.44 on December 28, 2025. An NEO's outstanding

stock options and restricted stock units will remain outstanding and eligible to vest in accordance with the award's regular

vesting schedule following the award-holder's Retirement, if granted in connection with the IPO, and the award-holder's

Retirement or termination without Cause, if granted in the ordinary course.

**Pay Ratio Disclosure**

In accordance with Item 402(u) of Regulation S-K, as mandated by the Dodd-Frank Act, we must disclose the ratio of

our CEO's total annual compensation for fiscal year 2025 to the median total annual compensation of all of our

employees. As permitted under the SEC rules, to determine our median employee, we chose "actual total cash

compensation" as our consistently applied compensation measure. Using a determination date of October 31, 2025, our

employee population excluding our Chief Executive Officer comprised 34,804 full-time, part-time, temporary, and

seasonal employees.

We used a valid statistical sampling approach to provide a reasonable estimate of the actual median total cash

compensation and produce a sample of employees within +/-5% of that value, from which we selected our median

employee. The median employee's total compensation was $60,240, and our CEO's total compensation was

$19,337,548, as disclosed above. Thus, our estimate of the ratio of CEO pay to median worker pay is 321:1. This ratio

is a reasonable estimate calculated using a methodology consistent with the SEC rules, as described above.

As the SEC rules allow companies to adopt a wide range of methodologies and to make reasonable estimates and

assumptions that reflect their compensation practices to identify the median employee and calculate the CEO pay ratio,

the pay ratios reported by other companies may not be comparable to the pay ratio reported above.

**Pay Versus Performance Disclosure**

The following table and supporting narrative contain information regarding "compensation actually paid" to our NEOs

and the relationship to Company performance. The table below discloses, for the last two fiscal years, (i) total

compensation paid (as reported in the Summary Compensation Table) and "compensation actually paid" ("CAP") to

the individuals who served as the Company's principal executive officer ("PEO"), (ii) average of the total

compensation paid (as reported in the Summary Compensation Table) and average CAP to the individuals who served

as non-PEO NEOs ("Non-PEO NEO"), (iii) cumulative total shareholder return of the Company and S&P Composite

1500 Food Products index cumulative total shareholder return; (iv) net income, and (v) the Company's selected

measure, Normalized Net Income.

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**Pay Versus Performance Table**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Summary** <br>**Compensation** <br>**Table Total** <br>**for PEO** <br>**($)**<sup>(1)</sup> | **Compensation** <br>**Actually** <br>**Paid to** <br>**PEO**<br>**($)**<sup>(2)</sup> | **Average** <br>**Summary** <br>**Compensation** <br>**Table** <br>**Total for** <br>**Non-PEO** <br>**NEOs** <br>**($)**<sup>(3)</sup> | **Average** <br>**Compensation** <br>**Actually** <br>**Paid to** <br>**Non-PEO** <br>**NEOs** <br>**($)**<sup>(2)</sup> | **Value of Initial** <br>**Fixed $100 Investment** <br>**Based on:** | **Value of Initial** <br>**Fixed $100 Investment** <br>**Based on:** | **Net Income** <br>**($ mm)**<sup>(5)</sup> | **Adjusted** <br>**Net Income** <br>**($ mm)**<sup>(6)</sup> |
| **Year** | **Summary** <br>**Compensation** <br>**Table Total** <br>**for PEO** <br>**($)**<sup>(1)</sup> | **Compensation** <br>**Actually** <br>**Paid to** <br>**PEO**<br>**($)**<sup>(2)</sup> | **Average** <br>**Summary** <br>**Compensation** <br>**Table** <br>**Total for** <br>**Non-PEO** <br>**NEOs** <br>**($)**<sup>(3)</sup> | **Average** <br>**Compensation** <br>**Actually** <br>**Paid to** <br>**Non-PEO** <br>**NEOs** <br>**($)**<sup>(2)</sup> | **Total** <br>**Shareholder** <br>**Return** <br>**($)**<sup>(4)</sup><br>| **Peer Group** <br>**Total** <br>**Shareholder** <br>**Return** <br>**($)**<sup>(4)</sup><br>| **Net Income** <br>**($ mm)**<sup>(5)</sup> | **Adjusted** <br>**Net Income** <br>**($ mm)**<sup>(6)</sup> |
| 2025 | 19337548 | 15896377 | 12925990 | 9775184 | 119 | 96 | 987 | 1002 |
| 2024 | 14902423 | 13673151 | 8465668 | 6792570 |  |  | 953 | 714 |

---

________________

(1)Reflects the total compensation reported in the Summary Compensation Table for our PEO, our Chief Executive Officer, Mr.

Smith, for the applicable fiscal year.

(2)Represents the "compensation actually paid" to our PEO and the average paid to our Non-PEO NEOs for the applicable fiscal

year, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of

compensation earned by or paid to our PEO or any Non-PEO NEOs for the applicable fiscal year. In accordance with the

requirements of Item 402(v) of Regulation S-K, the following adjustments were made to the PEO's and Non-PEO NEOs'

total compensation, for the applicable fiscal year, to determine the CAP:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PEO** | **PEO** | **Average Non-PEO NEOs** | **Average Non-PEO NEOs** |  |  |  |  |  |
| | **2024** | **2025** | **2024** | **2025** |  |  |  |  |  |
| Summary Compensation Table Total | $14902423 | $19337548 | $8465668 | $12925990 |  |  |  |  |  |
| Summary Compensation Table Total | $14902423 | $19337548 | $8465668 | $12925990 | Deduction for amounts reported in "Stock Awards" column of the <br>Summary Compensation Table for applicable fiscal year | $0 | $(4550112) | $0 | $(2624454) |
| Deduction for amounts reported in "Option Awards" column of the <br>Summary Compensation Table for the applicable fiscal year | $0 | $(2716705) | $0 | $(1674820) | Deduction for amounts reported in "Stock Awards" column of the <br>Summary Compensation Table for applicable fiscal year | $0 | $(4550112) | $0 | $(2624454) |
| Deduction for amounts reported in "Option Awards" column of the <br>Summary Compensation Table for the applicable fiscal year | $0 | $(2716705) | $0 | $(1674820) |  |  |  |  |  |
| Increase based on ASC 718 fair value of awards granted during the <br>applicable fiscal year that remain unvested as of the applicable fiscal <br>year end, determined as of the applicable fiscal year end  | $0 | $5608711 | $0 | $3739143 |  |  |  |  |  |
| Increase based on ASC 718 fair value of awards granted during the <br>applicable fiscal year that remain unvested as of the applicable fiscal <br>year end, determined as of the applicable fiscal year end  | $0 | $5608711 | $0 | $3739143 | Increase based on ASC 718 fair value of awards granted during the <br>applicable fiscal year that vested during the applicable fiscal year, <br>determined as of the vesting date |  |  |  |  |
| Increase/deduction for awards granted during the prior fiscal year that <br>were outstanding and unvested as of the applicable fiscal year end, <br>determined based on change in ASC 718 fair value from prior fiscal <br>year end to applicable fiscal year end<br>|  |  |  |  | Increase based on ASC 718 fair value of awards granted during the <br>applicable fiscal year that vested during the applicable fiscal year, <br>determined as of the vesting date |  |  |  |  |
| Increase/deduction for awards granted during prior fiscal year end <br>that vested during the applicable fiscal year, determined based on <br>change in ASC 718 fair value from prior fiscal year end to applicable <br>fiscal year vesting date<br>|  |  |  |  |  |  |  |  |  |
| Deduction of ASC 718 fair value of awards granted during the prior <br>fiscal year that were forfeited during applicable fiscal year, <br>determined as of prior fiscal year end <br>|  |  |  |  |  |  |  |  |  |
| Deduction for values reported in the "Change in Pension Value and <br>Nonqualified Deferred Compensation Earnings" column of the <br>Summary Compensation Table<br>| $(1630365) | $(2245908) | $(1837579) | $(2862512) |  |  |  |  |  |
| Increase for the Service Cost attributable to services rendered during <br>the applicable fiscal year<br>| $401093 | $462843 | $164481 | $271837 |  |  |  |  |  |
| Compensation Actually Paid | $13673151 | $15896377 | $6792570 | $9775184 |  |  |  |  |  |

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(3)Reflects the average total compensation reported in the Summary Compensation Table for our Non-PEO NEOs, Messrs. Hall,

France, Watts, and Sutton, for the applicable fiscal year.

(4)"TSR" stands for Total Shareholder Return. The Peer Group TSR shown in this table uses the S&P Composite 1500 Food

Products index. The total dollar amounts included represent the value at the end of the applicable year of a hypothetical $100

investment in shares of the Company as of the beginning of the measurement period. The beginning of the measurement

period for this purpose is assumed to be January 28, 2025, the day on which Smithfield Foods started publicly trading.

(5)The dollar amounts reported represent the net income (loss), as reflected in the Company's audited financial statements for

the applicable year.

(6)"Normalized Net Income" is a metric we use for incentive compensation purposes only that excludes from net income certain

non-current asset disposal gains or losses. For 2025, Normalized Net Income excluded $2.2 million of gains on sales of

certain or our hog farms in Missouri, net of taxes.

**Financial Performance Measures**

The Company considers the following performance measures to have been the most important financial and strategic

performance measures in linking CAP to the PEO and other Non-PEO NEOs for fiscal year 2025:

(1) Normalized Net Income

(2) Total Meat Sales Volume

(3) Segment Profit (for the applicable business segment)

Further details on these measures and how they feature in our compensation plans can be found in our Compensation

Discussion & Analysis.

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**Analysis of the Information Presented in the Pay Versus Performance Table**

The following chart provides a graphic depiction of the relationships between (A) CAP to the PEO and the average

CAP to the Non-PEO NEOs for fiscal year 2024 and fiscal year 2025 and (B) the Company's cumulative TSR and the

S&P Composite 1500 Food Products index cumulative TSR for the portion of fiscal year 2025 during which the

Company was publicly traded following its IPO on January 28, 2025.

![Chart 1 - Compensation vs. SH Return (002).jpg](smf-20260420_g3.jpg)

The following chart provides a graphic depiction of the relationships between (A) CAP to the PEO and the average

CAP to the Non-PEO NEOs and (B) the Company's Net Income, in each case for fiscal year 2025 and fiscal year

2024. 41

<u>[**Table of Contents**](#i8c63b09272104a9aa6c21079eef6b36f_13)</u>

![Chart 2 - Comp vs. Net Income (002).jpg](smf-20260420_g4.jpg)

The following chart provides a graphic depiction of the relationships between (A) CAP to the PEO and the average

CAP to the Non-PEO NEOs and (B) the Company's selected measure, Normalized Net Income, in each case, for fiscal

year 2025 and fiscal year 2024.

![Chart 3 - Comp vs. Normalized Net Income (002).jpg](smf-20260420_g5.jpg)

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**COMPENSATION COMMITTEE REPORT**

The Compensation Committee has reviewed and discussed with management the disclosures contained in the

Compensation Discussion and Analysis. Based on this review and discussion, the Compensation Committee

recommended to the Board that the section entitled "Compensation Discussion and Analysis" be included in this Proxy

Statement for the Annual Meeting.

Compensation Committee

Long Wan, *Chair*

Hank Shenghua He

Lijun Guo

Xiaoming Zhou

John A. Quelch

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**AUDIT COMMITTEE REPORT**

The following is the Audit Committee's report submitted to our Board for fiscal year 2025.

The Audit Committee has:

• reviewed and discussed our audited financial statements with management and EY, our independent

registered public accounting firm;

• discussed with EY the matters required to be discussed by the applicable requirements of the Public Company

Accounting Oversight Board and the SEC; and

• received from EY the written disclosures and the letter regarding their communications with the Audit

Committee concerning independence as required by the Public Company Accounting Oversight Board and

discussed the auditors' independence with them.

In addition, the Audit Committee has met separately with management and with EY as part of the Audit Committee's

quarterly meetings.

Based on the review and discussions referred to above, the Audit Committee recommended to the Board that the

audited financial statements be included in our Annual Report on Form 10-K for the year ended December 28, 2025,

for filing with the SEC. The Audit Committee also has selected and engaged EY as our independent registered public

accounting firm for the fiscal year ending January 2, 2027, and is seeking ratification of the selection by our

shareholders.

Audit Committee

Marie T. Gallagher, *Chair*

John A. Quelch

Raymond A. Starling

*This foregoing Audit Committee report is not "soliciting material," is not deemed "filed" with the SEC, and shall not* 

*be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into* 

*any filing of ours under the Securities Act of 1933, as amended, or under the Exchange Act, except to the extent we* 

*specifically incorporate this report by reference.*

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**PROPOSAL NO. 1**

**ELECTION OF DIRECTORS**

**Overview**

The term of office of the three Class II directors expires at the Annual Meeting. Based on the recommendation of our

Nominating and Governance Committee, our Board has nominated Long Wan, Hank Shenghua He and Raymond A.

Starling for election to our Board as the Class II directors. If elected at the Annual Meeting, each of Long Wan, Hank

Shenghua He and Raymond A. Starling would serve until the 2029 Annual Meeting of Shareholders and until their

respective successor is elected and qualified or, if sooner, until their respective death, resignation or removal. Under

this standard, a "plurality" means the three nominees receiving the most "For" votes will be elected to our Board.

**Nominees**

The Nominating and Governance Committee recommended, and our Board nominated, the following individuals for

election for a three-year term expiring at the 2029 Annual Meeting of Shareholders:

---

| | |
|:---|:---|
| **Nominee** | **Term in Office** |
| Long Wan | Continuing in Office Until the 2029 Annual Meeting of the Shareholders |
| Hank Shenghua He | Continuing in Office Until the 2029 Annual Meeting of the Shareholders |
| Raymond A. Starling | Continuing in Office Until the 2029 Annual Meeting of the Shareholders |

---

Each of the nominees has agreed to serve as a director if elected. We have no reason to believe that the nominees will

be unable to serve. The section entitled "Board of Directors and Corporate Governance" of this proxy statement

contains the nominees' biographies.

**THE BOARD OF DIRECTORS RECOMMENDS**

**A VOTE FOR THE ELECTION OF EACH OF THE NOMINEES NAMED ABOVE.**

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**PROPOSAL NO. 2**

**RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED**

**PUBLIC ACCOUNTING FIRM**

The Audit Committee of our Board has selected EY as our independent registered public accounting firm for the fiscal

year ending January 2, 2027, and has further directed that management submit the selection of our independent

registered public accounting firm for ratification by the shareholders at the Annual Meeting.

The decision to select EY as our independent registered public accounting firm for the fiscal year ending January 2,

2027, was recommended by our Audit Committee and approved by our Board. Representatives of EY are expected to

be present at the Annual Meeting. The representatives of EY will be able to make a statement at the Annual Meeting if

they wish and will be available to respond to appropriate questions.

Neither our bylaws nor other governing documents or applicable law require that our shareholders ratify the selection

of EY as our independent registered public accounting firm. However, the Audit Committee is submitting the selection

of EY to the shareholders for ratification as a matter of good corporate practice. If our shareholders fail to ratify the

selection, the Audit Committee will reconsider whether or not to retain that firm. Even if the selection is ratified, the

Audit Committee in its discretion may direct the appointment of different independent registered public accounting

firms at any time during the year if it determines that such a change would be in the best interests of us and our

shareholders.

Although our shareholders are not required to ratify the selection of EY as our independent registered public

accounting firm, because we have submitted the ratification of our registered public accounting firm for approval by

shareholders, the affirmative vote of the holders of a majority of the votes cast by shares present in person or

represented by proxy at the Annual Meeting (which shares voting affirmatively also constitute at least a majority of the

required quorum) will be required to ratify the selection of EY as our independent registered public accounting firm

for the fiscal year ending January 2, 2027.

**Audit Committee's Pre-Approval Policies and Procedures**

The Audit Committee has adopted a policy for the pre-approval of audit and non-audit services rendered by EY. The

policy generally pre-approves specified services in the defined categories of audit services, audit-related services and

tax services up to specified amounts. Pre-approval may also be given as part of the Audit Committee's approval of the

scope of the engagement of the independent registered public accounting firm or on an individual case-by-case basis

before the independent registered public accounting firm is engaged to provide each service. The pre-approval of

services may be delegated to one or more of the Audit Committee's members, but the decision must be reported to the

full Audit Committee at its next scheduled meeting. The Audit Committee has delegated the authority to pre-approve

services to the Chair of the Audit Committee, subject to certain limitations.

The Audit Committee has determined that the rendering of the services other than audit services by EY is compatible

with maintaining the independent registered public accounting firm's independence.

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**Principal Accountant Fees and Services**

The following table represents aggregate fees billed to us by EY, our independent registered public accounting firm,

for the fiscal years ended December 28, 2025 and December 29, 2024.

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year** <br>**Ended** <br>**December 28,** <br>**2025**<br>**($)**<br>| **Fiscal Year** <br>**Ended** <br>**December 29,** <br>**2024**<br>**($)**<br>|
| Audit Fees<sup>(l)</sup> | 3704346 | 5249072 |
| Audit-Related Fees<sup>(2)</sup> |  | 488918 |
| Tax Fees | 676655 | 1708754 |
| All Other Fees | 250000 | 11200 |
| Total Fees | 4631001 | 7457944 |

---

____________

(1)Audit fees consist of fees billed for services rendered for the audit of our annual financial statements, including review of the interim financial

statements included in quarterly reports.

(2)Audit-related fees consist of fees for assurance and related services that are traditionally performed by our independent registered public

accounting firm and include fees reasonably related to the performance of the audit or review of our financial statements and not reported

under the caption "Audit Fees" and includes review of our registration statements for our public offerings of securities, and related services

that are not normally provided in connection with statutory and regulatory filings or engagements.

**THE BOARD OF DIRECTORS RECOMMENDS**

**A VOTE FOR THE RATIFICATION OF THE SELECTION OF ERNST & YOUNG LLP AS OUR** 

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR OUR FISCAL YEAR ENDING** 

**JANUARY 2, 2027.**

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**PROPOSAL NO. 3**

**ADVISORY VOTE ON APPROVAL OF THE COMPENSATION OF THE NAMED**

**EXECUTIVE OFFICERS**

Pursuant to the proxy rules under the Exchange Act and as required by Section 951 of the Dodd-Frank Wall Street

Reform and Consumer Protection Act, or the Dodd-Frank Act, we are presenting to our shareholders a non-binding,

advisory vote to approve the compensation of our NEOs as described in this proxy statement. This proposal is

commonly referred to as a "say-on-pay" proposal.

Although the vote is non-binding, our Compensation Committee and our Board value the opinions of the shareholders

and will consider the outcome of the vote when making future compensation decisions. As described more fully in the

"Executive Compensation" section of this proxy statement, our executive compensation program is designed to attract,

retain and motivate individuals with superior ability, experience and leadership capability to deliver on our annual and

long-term business objectives necessary to create shareholder value. Our executive compensation contains elements of

cash and equity-based compensation, including performance-based awards. We urge shareholders to read the

"Executive Compensation" section of this proxy statement, which describes in detail how our executive compensation

policies and procedures operate and are intended to operate in the future. Our Compensation Committee and our Board

believe that our executive compensation program fulfills these goals and is reasonable, competitive and aligned with

our performance and the performance of our executives.

We are asking our shareholders to indicate their support for our NEO compensation as described in this proxy

statement. This proposal gives our shareholders the opportunity to express their views on our NEOs' compensation.

This vote is not intended to address any specific item of compensation, but rather the overall compensation of our

NEOs and the philosophy, policies and practices described in this proxy statement.

**THE BOARD OF DIRECTORS RECOMMENDS**

**A VOTE FOR THE APPROVAL, ON AN ADVISORY BASIS, OF THE COMPENSATION OF OUR NAMED** 

**EXECUTIVE OFFICERS AS DISCLOSED IN THIS PROXY STATEMENT.**

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**SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**

The following table sets forth information, as of April 8, 2026, concerning the number and percentage of shares of our

common stock beneficially owned by:

• each person known to us to beneficially own more than 5% of our shares of common stock;

• each of our directors and NEOs; and

• all of our directors and executive officers, collectively as a group.

Beneficial ownership is determined in accordance with the rules of the SEC. These rules generally attribute beneficial

ownership of securities to persons who possess sole or shared voting power or investment power with respect to those

securities. A security holder is also deemed to be, as of any date, the beneficial owner of all securities that such

security holder has the right to acquire within 60 days after such date through (1) the exercise of any option or warrant,

(2) the conversion of a security, (3) the power to revoke a trust, discretionary account or similar arrangement or (4) the

automatic termination of a trust, discretionary account or similar arrangement. Shares issuable pursuant to options are

deemed to be outstanding for computing the beneficial ownership percentage of the person holding those options but

are not deemed to be outstanding for computing the beneficial ownership percentage of any other person.

Unless otherwise indicated in the footnotes to the following table, to our knowledge all persons listed below have sole

voting and investment power with respect to the shares of our common stock beneficially owned by them, subject to

applicable community property laws. Unless otherwise indicated in the footnotes to the following table, the address for

each shareholder listed below is c/o Smithfield Foods, Inc., 200 Commerce Street, Smithfield, VA 23430.

---

| | | |
|:---|:---|:---|
| **Name of Beneficial Owner** | **Amount and Nature of** <br>**Beneficial Ownership**<br>| **Percent of Class** |
| ***5% or Greater Shareholder:*** |  |  |
| SFDS UK Holdings Limited <sup>(1)</sup> ............... | 342036069 | 87% |
| ***Named Executive Officers:*** |  |  |
| C. Shane Smith .......................................... | 344367<sup>(2)</sup> | \* |
| Mark L. Hall ....................................... | 198248<sup>(3)</sup> | \* |
| Steven J. France .................................. | 214504<sup>(4)</sup> | \* |
| Keller D. Watts ................................... | 204881<sup>(5)</sup> | \* |
| Doug Sutton ........................................ | 198954<sup>(5)</sup> | \* |
| ***Directors:*** |  |  |
| Long Wan .......................................... | 5090579<sup>(6)</sup> | 1.3% |
| Lijun Guo ........................................... | 90579<sup>(6)</sup> | \* |
| Hongwei Wan ..................................... | 54348<sup>(7)</sup> | \* |
| Hank Shenghua He .............................. | 213248<sup>(3)</sup> | \* |
| Xiaoming Zhou ................................... | 81521<sup>(8)</sup> | \* |
| Marie T. Gallagher ............................... |  |  |
| John A. Quelch .................................... |  |  |
| Raymond A. Starling ............................ |  |  |
| Executive officers and directors as a <br>group (17 persons) ............................<br>| 7034084<sup>(9)</sup> | 1.8% |

---

________________

\*Represents beneficial ownership of less than one percent.

(1)Based on information contained in a Form 4 filed with the SEC on September 8, 2025 by WH Group Limited as the

indirect sole shareholder of SFDS UK Holdings Limited. The address of SFDS UK Holdings Limited is Ninth Floor, 6

New Street Square, London, United Kingdom, EC4A 3BF.

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(2)Includes 247,637 shares underlying stock options exercisable within 60 days of the record date.

(3)Includes 148,130 shares underlying stock options exercisable within 60 days of the record date.

(4)Includes 161,403 shares underlying stock options exercisable within 60 days of the record date.

(5)Includes 150,876 shares underlying stock options exercisable within 60 days of the record date.

(6)Includes 78,579 shares underlying stock options exercisable within 60 days of the record date.

(7)Includes 47,148 shares underlying stock options exercisable within 60 days of the record date.

(8)Includes 70,721 shares underlying stock options exercisable within 60 days of the record date.

(9)Includes 1,538,431 shares underlying stock options exercisable within 60 days of the record date.

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**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS**

**Policies and Procedures for Related Person Transactions** 

Our Board has adopted a written related person transaction policy that sets forth policies and procedures with respect

to our review and approval of certain transactions between us and a "related person," or a "related person transaction."

Pursuant to the terms of our Related Person Transactions Policy, our Board, acting through our Audit Committee, will

review and decide whether to approve or ratify any related person transaction. Any related person transaction is

required to be reported to our legal department, which will then determine whether it should be submitted to our Audit

Committee for consideration. Our Audit Committee must then review and decide whether to approve any related

person transaction.

For the purposes of our related person transaction policy, a "related person transaction" is a transaction, arrangement

or relationship (or any series of similar transactions, arrangements or relationships) in which we were, are or will be a

participant and the amount involved exceeds $120,000, and in which any related person had, has or will have a direct

or indirect interest.

A "related person," as defined in our Related Person Transactions Policy, means any person who is, or at any time

since the beginning of our last fiscal year was, a director or executive officer of our Company or a nominee to become

a director of our Company; any person who is known to be the beneficial owner of more than five percent of our

common stock; any immediate family member of any of the foregoing persons, including any child, stepchild, parent,

stepparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law

of the director, executive officer, nominee or more than five percent beneficial owner, and any person (other than a

tenant or employee) sharing the household of such director, executive officer, nominee or more than five percent

beneficial owner; and any firm, corporation or other entity in which any of the foregoing persons is a general partner

or, for other ownership interests, a limited partner or other owner in which such person has a beneficial ownership

interest of 10% or more.

Such policy was not in effect at the time that we entered into the shareholders agreement and registration rights

agreement described below with WH Group and SFDS UK Holdings Limited, respectively. Each such agreement that

was entered into prior to the completion of our IPO, and any transactions contemplated thereby, were deemed to be

pre-approved upon the adoption of our Related Person Transactions Policy. See "—Relationship with WH Group—

Shareholders Agreement" and "—Relationship with WH Group—Registration Rights Agreement" below for further

information on these agreements.

**Relationship with WH Group** 

Prior to the completion of our IPO, we were a wholly owned subsidiary of WH Group, and all of our outstanding

shares of common stock were owned by WH Group. WH Group continues to hold a majority of our outstanding

common stock. We have entered into commercial arrangements with WH Group intended to formalize our historical

sale to and purchases from WH Group, as further described below.

***Distribution Agreement***

On August 15, 2024, we entered into a long-term distribution framework agreement, or the Distribution Agreement,

with WH Group in relation to the exclusive rights for us to distribute Krakus-branded ham and deli meat products in

North America and South America. Pursuant to the terms of the Distribution Agreement, WH Group is required to

make available and sell products to us in accordance with specified non-binding annual amounts mutually agreed

upon. We are not restricted from selling similar or competing products. The pricing terms are set on an arm's length

basis based on a formula price that takes into account an index price for cooked ham and the prevailing exchange rates

between the United States and Poland. Any price increases requested by WH Group must be validated by market

information provided to us by WH Group. We expect the pricing under the Distribution Agreement to result in prices

comparable to prevailing market prices for Polish ham sold by other manufacturers. We are required to purchase a

minimum quantity of products annually to retain our exclusive distributor status. In addition, we are granted a non-

transferable and non-exclusive license to use the trademark of "Krakus" and associated trade dress and logos. The

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Distribution Agreement will terminate on August 31, 2034, and will thereafter renew automatically for additional

successive three-year terms unless either party provides a timely notice of its intent not to renew.

***Vortex Master Sale and Purchase Agreement***

Effective July 1, 2025, Smithfield Fresh Meats Sales Corp, our wholly owned U.S. subsidiary, and Rotary Vortex

Limited, or Vortex, a wholly owned Hong Kong subsidiary of WH Group, entered into a master sale and purchase

agreement, or the Vortex Master Sale and Purchase Agreement. The Vortex Master Sale and Purchase Agreement

covers the sale by us of pork products to Vortex for resale by Vortex to customers in China, Hong Kong, Vietnam,

Indonesia, Malaysia, Singapore, Taiwan, the Philippines, South Korea, and Japan. The Vortex Master Sale and

Purchase Agreement has an initial term that runs through January 1, 2027, subject to automatic renewal for additional

one-year terms unless either party notifies the other of non-renewal at least thirty days before the end of the then-

current term. Under the Vortex Master Sale and Purchase Agreement, Vortex is not required to procure, and we are not

obliged to sell, any specific quantity of products at any specified price levels to one another, and Vortex could source

from other suppliers and we could sell to other customers. The relevant transaction prices for the pork products sold by

us to Vortex are set on an arm's length basis.

We also periodically procure raw materials, such as bellies, ribs and other items from the European operations of WH

Group to supplement the raw material supply for our downstream operations as and when needed. In 2025, those

purchases totaled approximately $511,444, and from January 1, 2026 through April 8, 2026, those purchases totaled

approximately $198,822.

***Transitional Services Agreement***

We transferred our operations in Europe to WH Group on August 26, 2024, which we refer to as the European Carve-

out. Pursuant to a transitional services agreement entered into at the time of the European Carve-out, we provided the

European business of WH Group, on a cost-plus basis, certain administrative services, including financial reporting

services through March 2025 and tax advisory services through March 15, 2026. The transitional services were

intended to facilitate the organized transition of WH Group's European business to WH Group following the European

Carve-out.

***Trademark License Agreements and Related Agreements***

On July 10, 2014, SF Investments, Inc., or SFII, a wholly owned U.S. subsidiary of our Company, and Vortex entered

into a trademark license agreement, or the 2014 Vortex Trademark License Agreement, pursuant to which SFII granted

Vortex a perpetual, non-exclusive, royalty bearing right and license, in China, Hong Kong and Macau, to use

Smithfield-owned trademarks to import, manufacture, promote, distribute and sell meats, including pork and poultry.

Pursuant to the terms of the 2014 Vortex Trademark License Agreement, Vortex (as the licensee) has the right to

sublicense the foregoing rights solely to Shuanghui Development, a non-wholly owned subsidiary of WH Group, for a

term beginning in July 2014 and not ending until the 2014 Vortex Trademark License Agreement is terminated in

accordance with the terms and conditions therein. On September 4, 2023, SFII and Vortex entered into a trademark

license agreement, as amended on November 14, 2023, which we refer to as the 2023 Vortex Trademark License

Agreement, in relation to the license of additional Smithfield-owned trademarks, for an initial term through December

31, 2028. On March 1, 2026, SFII and Vortex entered into a trademark license agreement, which we refer to as the

2026 Vortex Trademark License Agreement and, together with the 2014 Vortex Trademark License Agreement and

the 2023 Vortex Trademark License Agreement, the China Trademark License Agreements, in relation to the license

of an additional Smithfield-owned trademark, for an initial term through December 31, 2029. Both the 2023 Vortex

Trademark License Agreement and the 2026 Vortex Trademark License Agreement are subject to automatic renewal

for additional one-year terms unless either party notifies the other of non-renewal at least ninety days before the end of

the then-current term.

As contemplated by the terms of the China Trademark License Agreements, Vortex sublicensed the use of Smithfield

trademarks subject to the China Trademark License Agreements to Shuanghui Development, which allows Shuanghui

Development the use of Smithfield trademarks for the production and sales of Smithfield brand products in China.

Shuanghui Development would pay royalty fees to Vortex in return.

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***Shareholders Agreement***

We entered into a shareholders agreement with WH Group, as further described below.

*WH Group Rights with Respect to Board and Committee Representation*

The shareholders agreement entitles WH Group, as provided in our amended and restated articles of incorporation, to

designate, for inclusion in the slate of directors nominated by the Board for election to our Board, a majority of the

directors on the Board until WH Group ceases to own, in the aggregate, a majority of our then outstanding common

stock.

For the purpose of determining ownership of our common stock, references to WH Group include WH Group, its

successors by way of merger or transfer of all or substantially all of its assets, any entity that is 50% beneficially

owned by WH Group, and any entity that acquires a majority of our then outstanding shares of common stock directly

from any of the foregoing that is a shareholder of our Company.

In connection with the foregoing, WH Group shall take the necessary actions to ensure that the composition of our

Board complies with the rules of Nasdaq with respect to the number of independent directors serving.

The shareholders agreement provides that, until WH Group ceases to own, in the aggregate, a majority of our then

outstanding common stock, (i) we shall use reasonable best efforts to cause the Board to appoint a Chair of the Board

who is a director designated by WH Group and (ii) WH Group's consent will be required for (A) the election,

appointment, designation or removal (other than for cause) of the Chair of the Board and (B) any change to the number

of directors on the Board.

The shareholders agreement also provides that:

• at any time during which the Board includes a director designated by WH Group who is also an independent

director, at least one member of the Audit Committee of the Board will, at the option of WH Group, be a

director designated by WH Group, so long as the director meets certain standards for membership on the

committee;

• until WH Group ceases to own, in the aggregate, at least 10% of our then outstanding shares of common

stock, WH Group will have the right to designate, for inclusion in the slate of directors nominated by the

Board for election to our Board, a number of the total number of directors entitled to serve on the Board

proportionate to the percentage of our outstanding common stock owned, in the aggregate, by WH Group,

rounded up to the nearest whole number;

• until WH Group ceases to own, in the aggregate, at least 25% of our then outstanding shares of common

stock, WH Group will be entitled to designate a number of the total number of directors entitled to serve on

the Compensation Committee proportionate to the percentage of our then outstanding shares of common

stock owned, in the aggregate, by WH Group, rounded up to the nearest whole number, provided that

following the date on which WH Group ceases to own, in the aggregate, a majority of our then outstanding

common stock, such directors must be independent directors; and

• until WH Group ceases to own, in the aggregate, at least 25% of our then outstanding shares of common

stock, WH Group will be entitled to designate a number of the total number of directors entitled to serve on

the Nominating and Governance Committee proportionate to the percentage of our then outstanding common

stock owned, in the aggregate, by WH Group, rounded up to the nearest whole number, provided that

following the date on which WH Group ceases to own, in the aggregate, a majority of our then outstanding

common stock, such directors must be independent directors.

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*Information Rights; Accounting and Financial Disclosure Matters*

In addition, pursuant to the shareholders agreement, we are required to comply with certain covenants relating to our

financial reporting to account for WH Group's investment in us under the principles of consolidation and the equity

method of accounting, as applicable, or to complete a financial statement audit for any such period. These include

covenants regarding:

• delivery or supply of monthly, quarterly and annual financial information, as applicable, and periodic budgets

and financial projections to WH Group;

• provision to WH Group of reasonable access to our auditors and other professional advisors retained by us as

well as certain books and records related to internal accounting controls or our Company's operations; and

• cooperation with WH Group to the extent reasonably requested by WH Group in the preparation of its public

filings, tax filings and press releases.

The shareholders agreement also requires that we and WH Group provide each other with information reasonably

necessary to comply with our respective reporting, disclosure, filing, notification or other requirements of any national

securities exchange or governmental authority, for use in judicial, regulatory, administrative and other proceedings or

to satisfy audit, accounting, regulatory, litigation and other similar requirements.

*Releases; Indemnification* 

We and WH Group each agree to release the other party and its affiliates, successors, permitted transferees and assigns

and all persons that, at or prior to the completion of our IPO, were the other party's shareholders, directors, officers,

agents or employees, and their respective heirs, executors, administrators, successors and assigns, from any and all

claims against any of them that arise out of or relate to events, circumstances or actions occurring or failing to occur or

any conditions existing at or prior to the completion of our IPO. These releases are subject to certain exceptions,

including for any right to enforce the shareholders agreement or certain other agreements between the parties, in each

case in accordance with their terms.

The shareholders agreement also provides for cross-indemnities that, except as otherwise provided in the shareholders

agreement, are principally designed to place financial responsibility for the obligations and liabilities allocated to us

under the shareholders agreement with us and financial responsibility for the obligations and liabilities allocated to

WH Group under the shareholders agreement with WH Group. Specifically, each party will indemnify, defend and

hold harmless the other party, its affiliates and subsidiaries and each of its officers, directors, employees and agents for

any losses arising out of or due to:

• the liabilities or alleged liabilities for the operation of the indemnifying party's business; or

• any untrue statement or alleged untrue statement of a material fact contained in any document filed with the

SEC, or any omission or alleged omission to state a material fact required to be stated in any document filed

with the SEC and to the extent such statement or omission was made based on information provided by the

indemnifying party.

Each party's aforementioned indemnification obligations are subject to reduction by any insurance proceeds (net of

premium increases) received by the party being indemnified. The shareholders agreement also specifies procedures

with respect to claims subject to indemnification and related matters. Generally speaking, except as otherwise set forth

in any other transaction agreement, absent fraud or willful misconduct by an indemnifying party, these indemnification

provisions are the sole and exclusive remedy of an indemnitee for any monetary or compensatory damages or losses

resulting from any breach of the shareholders agreement or any transaction agreement.

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*Dispute Resolution*

The shareholders agreement contains provisions that govern the resolution of disputes or claims arising out of, relating

to or in connection with the shareholders agreement. These provisions contemplate that if a dispute or claim cannot be

resolved by senior officers of the parties, either party may submit the dispute or claim to non-binding mediation or, at

any time before, during or following such non-binding mediation, binding arbitration, subject to the provisions of the

shareholders agreement.

***Registration Rights Agreement***

We have entered into a registration rights agreement with SFDS UK Holdings Limited, an indirect wholly owned

subsidiary of WH Group. Pursuant to that agreement, we have agreed to effect the registration under applicable federal

securities laws of shares of our common stock held by SFDS UK Holdings Limited as set forth below.

*Demand Registration*

Pursuant to the registration rights agreement, SFDS UK Holdings Limited and its permitted transferees may request

that we register their shares and effect underwritten offerings. Such registrations may be effected pursuant to a shelf

registration statement on Form S-3. The registration rights agreement sets forth customary registration procedures,

including an agreement by us to make our management reasonably available to participate in customary road show

presentations in connection with any underwritten offerings.

*Piggyback Registration*

SFDS UK Holdings Limited and its permitted transferees also have "piggyback" registration rights, such that the

selling shareholder and its permitted transferees may include their respective shares in any future registrations of our

equity securities, whether or not that registration relates to a primary offering by us or a secondary offering by or on

behalf of any of our shareholders.

*Registration Expenses*

We are responsible for all expenses incurred in connection with the performance of our obligations under the

registration rights provisions under the registration rights agreement, as well as the fees and expenses of one counsel to

the selling shareholder. SFDS UK Holdings Limited will be responsible for other expenses that it incurs and for any

applicable underwriting discounts or commissions and any stock transfer taxes.

*Indemnification*

We also agree to indemnify SFDS UK Holdings Limited and its affiliates and their officers, directors and managers

with respect to liabilities resulting from untrue statements or omissions in any registration statement used in any such

registration other than untrue statements or omissions resulting from information furnished to us for use in a

registration statement by SFDS UK Holdings Limited.

**Director Related Person Transactions**

Hank Shenghua He, one of our directors, also serves as our Vice President and Chief Operating Coordinate Officer, in

consideration for which he received total compensation, including equity awards, of approximately $11,244,191 in

2025. We occasionally purchase grain at spot market prices from each of the father and brother of our director, Raymond A.

Starling. In 2025 and from January 1, 2026 through April 1, 2026, no such purchases were made.

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**HOUSEHOLDING**

The SEC has adopted rules that permit companies and intermediaries (e.g., brokers) to satisfy the delivery

requirements for Notices or other Annual Meeting materials with respect to two or more shareholders sharing the same

address by delivering a single Notice or other Annual Meeting materials addressed to those shareholders. This process,

which is commonly referred to as "householding," potentially means extra convenience for shareholders and cost

savings for companies.

This year, a number of brokers with account holders who are our shareholders will be "householding" our proxy

materials. A single Notice will be delivered to multiple shareholders sharing an address unless contrary instructions

have been received from the affected shareholders. Once you have received notice from your broker that they will be

"householding" communications to your address, "householding" will continue until you are notified otherwise or

until you revoke your consent. If, at any time, you no longer wish to participate in "householding" and would prefer to

receive a separate Notice, please notify your broker or us. Direct your written request to our Corporate Secretary, c/o

Smithfield Foods, Inc., 200 Commerce Street, Smithfield, VA 23430 or contact our Corporate Secretary at (757) 365-3000. Shareholders who currently receive multiple copies of the Notice at their addresses and would like to

request "householding" of their communications should contact their broker or our Corporate Secretary in the same

manner described above. In addition, we will promptly deliver, upon written or oral request to the address or telephone

number above, a separate copy of the Notice to a shareholder at a shared address to which a single copy of the

documents was delivered.

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**ADDITIONAL DOCUMENTS**

This proxy statement contains summaries of certain agreements that we have filed as exhibits to various SEC filings.

The descriptions of these agreements contained in this proxy statement do not purport to be complete and are subject

to, or qualified in their entirety by reference to, the definitive agreements.

Any statement contained herein shall be deemed to be modified or superseded for purposes of this proxy statement to

the extent that a statement contained herein, in any other subsequently filed document which also is or is deemed to be

incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or

superseded shall not be deemed, except as so modified and superseded, to constitute a part of this proxy statement.

A copy of our Annual Report on Form 10-K for the fiscal year ended December 28, 2025, and copies of the definitive

agreements summarized in this proxy statement, are available without charge upon written request to: Corporate

Secretary, c/o Smithfield Foods, Inc., 200 Commerce Street, Smithfield, VA 23430.

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**OTHER MATTERS**

Our Board knows of no other matters that will be presented for consideration at the Annual Meeting. If any other

matters are properly brought before the Annual Meeting, it is the intention of the persons named in the proxy to vote

on such matters in accordance with their best judgment.

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