# EDGAR Filing Document

**Accession Number:** 0000016160
**File Stem:** 0001562762-23-000134
**Filing Date:** 2023-3
**Character Count:** 81219
**Document Hash:** 5b4c032d8446404a0a2fb380c1c1cc54
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001562762-23-000134.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001562762-23-000134

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230327

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CAL-MAINE FOODS INC
- **CENTRAL INDEX KEY:** 0000016160
- **STANDARD INDUSTRIAL CLASSIFICATION:** AGRICULTURE PRODUCTION - LIVESTOCK & ANIMAL SPECIALTIES [0200]
- **IRS NUMBER:** 640500378
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0603

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38695
- **FILM NUMBER:** 23761601

**BUSINESS ADDRESS:**
- **STREET 1:** 1052 HIGHLAND COLONY PKWY
- **CITY:** RIDGELAND
- **STATE:** MS
- **ZIP:** 39157
- **BUSINESS PHONE:** 6019486813

**MAIL ADDRESS:**
- **STREET 1:** 1052 HIGHLAND COLONY PKWY
- **STREET 2:** SUITE 200
- **CITY:** RIDGELAND
- **STATE:** MS
- **ZIP:** 39157

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CAL MAINE FOODS INC
- **DATE OF NAME CHANGE:** 19961018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHICKEN CHEF SYSTEMS INC
- **DATE OF NAME CHANGE:** 19710315

?xml version="1.0" encoding="UTF-8"? calm8k20230327

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM

8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d) of the Securities Exchange Act
Date of Report (Date of Earliest Event Reported):

March 27, 2023

#### Cal-Maine Foods, Inc.
(Exact name of registrant as specified in its charter)

Delaware

001-38695

64-0500378

(State or other jurisdiction of

incorporation)

(Commission File Number)

(IRS Employer Identification No.)

1052 Highland Colony Pkwy

,

Suite 200

,

Ridgeland

,

MS

39157

(Address of principal executive offices (zip code))

601

-

948-6813

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the

registrant under any of the following provisions (see General Instruction A.2 below):

☐

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

☐

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

☐

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

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value per share

CALM

The

NASDAQ

Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of

1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period

for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange

Act.

☐

#### Item 5.02 – Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;

#### Compensatory Arrangements of Certain Officers.
*Appointment of Chief Operating Officer* 

On March 27, 2023, Cal-Maine Foods, Inc. (the "Company") issued a press release announcing that Todd Walters, Vice President,

Operations, has been appointed Chief Operating Officer effective March 27, 2023.

Walters (age 52) joined the Company in 1997. Since 2011, he has served as Vice President of Operations for the Company's

operations in South Texas, as well as our subsidiary Wharton County Foods, LLC's facility in Boling, Texas. He previously served

in management positions at other locations of the Company in Mississippi, Kansas, New Mexico, and Ohio. Walters has served

on the Board of The Ohio Poultry Association and The Texas Poultry Federation, where he is currently an ex-officio member. He

is also an active member of the United Egg Producers. Walters is a graduate of Mississippi State University with a bachelor's

degree in agriculture with a major in poultry science.

As a member of the executive management team of the Company, Walters receives compensation, including base pay, bonuses,

certain employee benefits, and awards under the Company's long-term incentive plan. Walters will receive a base pay of $229,341.

Walter's will be eligible to receive bonus payments under our general bonus program. Officers in this program are eligible to earn

a bonus equal to 50% of the sum of the officer's base salary plus such officer's prior year's bonus. Walters will also be eligible

to receive stock grants under the Company's long-term incentive plan ("LTIP") which is administered by the Long-Term

Incentive Plan Committee. While the LTIP Committee has not developed formal policies concerning the timing of grants and

other matters, its practice has been to authorize grants of restricted shares annually in mid-December, with the grants being

effective the following January. Walters will also receive other customary benefits provided to executive officers of the Company.

There are no arrangements or understandings between Walters and any other person pursuant to which Walters was selected as

an officer of the Company. Walters does not have any family relationship with any director or executive officer of the Company.

There are no related party transactions involving Walters and the Company that require disclosure under Item 404(a) of Regulation

S-K.

A copy of the Company's press release is attached hereto as Exhibit 99.1 to this Current Report.

*Supplemental Executive Retirement Plan and Split Dollar Life Insurance Plan* 

On March 24, 2023, the Company adopted the Cal-Maine Foods, Inc. Supplemental Executive Retirement Plan ("SERP"), an

unfunded deferred benefit plan, and a Split Dollar Life Insurance Plan ("Split Dollar Plan" and together with the SERP, the

"Plans") designed to provide deferred compensation and a pre-retirement death benefit for a select group of management or highly

compensated employees of the Company. The Plans are effective March 1, 2023 and are designed to be exempt from the

requirements of the Employee Retirement Income Security Act of 1974, as amended ("ERISA") as unfunded arrangements for

the benefit of a select group of highly compensated or management employees.

Sherman Miller, President and CEO, Max Bowman, Vice-President and CFO, and Rob Holladay, Vice-President – General

Counsel are participating in the Plans. Provided the vesting conditions are met, participants in the SERP are eligible to receive an

aggregate Retirement Benefit (as defined in the SERP) of $500,000, which is paid in annual installments of $50,000 for 10 years.

A participant becomes vested in the Retirement Benefit over five years of plan participation at 20% per year. If a participant

becomes disabled, attains the retirement age of 65, or the Company experiences a change in control, vesting will be accelerated

to 100%. If a participant dies while employed, he or she will not receive any benefits under the SERP, but their beneficiaries will

instead be entitled to the life insurance benefit provided under the Split Dollar Plan, which is $500,000. Participants forfeit all

benefits if terminated for cause.

The Company has the right, in its discretion, to amend or terminate the Plans at any time provided that no amendment shall

deprive a participant or beneficiary of a vested benefit amount accrued prior to the date of the amendment without the written

consent of the participant or beneficiary. A copy of the Plans are filed with this Form 8-K as Exhibits No. 10.1 and 10.2. As of

the date of this Form 8-K, there are three Participants in the Plans.

#### Item 9.01. Financial Statements and Exhibits
(d) Exhibits

Exhibit

Number

Description

[10.1](exhibit101.htm)

[Supplement Executive Retirement Plan, adopted March 24, 2023](exhibit101.htm)

[10.2](exhibit102.htm)

[Split Dollar Life Insurance Plan, adopted March 24, 2023](exhibit102.htm)

[99.1](exhibit991.htm)

[Press Release issued by the Company on March 27, 2023](exhibit991.htm)

Cover Page Interactive Data File, (embedded within the Inline XBRL document)

#### SIGNATURES
Pursuant to the requirements for the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on

its behalf by the undersigned hereunto duly authorized.

#### CAL-MAINE FOODS, INC.
Date:

March 27, 2023

By:

/s/ Max P. Bowman

Max P. Bowman

Director, Vice President, and Chief Financial Officer

## Exhibit 10.1

#### Exhibit 10.1

#### CAL-MAINE FOODS, INC.

#### SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

#### RECITALS
This Supplemental Executive Retirement Plan (the "Plan") is adopted by Cal-Maine Foods, Inc. (the

"Company"), a Delaware corporation, for the benefit of a select group of the Company's management or highly

compensated employees. The purpose of the Plan is to provide Participants, who are largely responsible for the

Company's success, the opportunity to receive supplemental executive retirement benefits, thereby increasing the

incentive of such key employees to remain in the employ of the Company.

The Plan is an unfunded nonqualified deferred compensation plan maintained primarily for the purpose of

providing deferred compensation for a select group of management or highly-compensated Employees, and as such,

is intended to be exempt from the provisions of Parts 2, 3, and 4 of Title I of the Employee Retirement Income

Security Act of 1974 ("ERISA") by operation of Sections 201(2), 301(a)(3) and 401(a)(1) thereof. The Plan will be

administered, operated and construed in accordance with this intention.

The Plan is intended to comply in form and operation with all applicable law, including, to the extent

applicable, the requirements of U.S. Internal Revenue Code Section 409A ("Section 409A") and will be administered,

operated and construed in accordance with this intention.

Accordingly, the Plan is adopted, effective as of March 1, 2023.

#### ARTICLE 1

#### DEFINITIONS
This Article provides definitions of terms used throughout this Plan, and whenever used herein in a

capitalized form, except as otherwise expressly provided, the terms shall be deemed to have the following meanings:

1.1 #### "Affiliate"
shall mean any corporation, partnership, joint venture, association, or similar

organization or entity, other than the Company, that is a member of a controlled group of corporations in which the

Company is a member, as defined in U.S. Internal Revenue Code Section 414(b) and all other trades or businesses

(whether or not incorporated) under common control of or with the Company, as defined in U.S. Internal Revenue

Code Section 414(c).

1.2 #### "Beneficiary" or "Beneficiaries"
shall mean the person or persons, natural or otherwise, designated

by a Participant in accordance with the Plan to receive Plan benefits in the event of the death of the Participant.

1.3 #### "Beneficiary Designation Form"
shall mean the form established from time to time by the Plan

Administrator that a Participant completes, signs, and returns to the Plan Administrator to designate one or more

Beneficiaries.

1.4 "Cause" shall mean conduct by a Participant reasonably and in good faith determined by the

Company to be: (a) gross negligence or willful malfeasance in the performance of his or her duties; (b) actions or

omissions that materially harm the Company and are undertaken or omitted knowingly or are criminal or fraudulent

or involve material dishonesty or moral turpitude; (c) conviction of, or entry by Participant of, a guilty or no contest

plea to any felony or any other crime involving moral turpitude; or (d) material breach of fiduciary duty to the

Company.

1.5 #### "Change in Control"
shall mean and shall include a change in ownership of the Company, a change

in effective control of the Company, or a change in the ownership of a substantial portion of the assets of the

Company, within the meaning of Internal Revenue Code Section 409A and as described in Treasury Regulation

§§1.409A-3(i)(5)(v), (vi) and (vii);

however, a Change in Control shall not be deemed to have occurred if the

aforementioned changes involve the purchase or acquisition of shares or assets by immediate family members of the

shareholders of record as of the Effective Date of this Plan.

1.6 #### "Claimant"
shall mean a Participant or a Beneficiary who believes that he or she is entitled to a

benefit under this Plan or being denied a benefit to which he or she is entitled hereunder.

1.7 #### "Code"
shall mean the U.S. Internal Revenue Code of 1986 and the Treasury Regulations or other

authoritative guidance issued thereunder, as amended from time to time.

1.8 #### "Company"
shall mean Cal-Maine Foods, Inc., and its successors and assigns, unless otherwise

provided in this Plan, or any other corporation or business organization which, with the consent of Cal-Maine Foods,

Inc., or its successors or assigns, assumes the Company's obligations under this Plan; or any Affiliate which agrees,

with the consent of Cal-Maine Foods, Inc., or its successors or assigns, to become a party to the Plan.

1.9 #### "Disability"

#### or "Disabled"
shall be defined as a condition of a Participant whereby he or she has

been deemed totally disabled by the Social Security Administration or has been determined to be disabled in

accordance with a long-term disability insurance program of the Company, provided that the program covers the

Participant and the definition of disability applied under such program complies with Code Section 409A.

Upon the

request of the Plan Administrator, the Participant must submit proof to the Plan Administrator of the Social Security

Administration's or disability insurance provider's determination.

1.10 #### "Effective Date"
shall mean March 1, 2023.

1.11 #### "Eligibility Date"
shall mean the date designated by the Plan Administrator in a Participant's

Participation Agreement at which an Eligible Employee shall become eligible to participate in the Plan.

1.12 #### "Eligible Employee"
shall mean for any calendar year (or applicable portion of a calendar year), an

Employee who is determined by the Company, or its designee, to be eligible to participate in the Plan, in accordance

with Section 2.1.

1.13 #### "Employee"
shall mean an individual who provides services to the Company in the capacity of a

common law employee of the Company.

1.14 #### "ERISA"
shall mean the Employee Retirement Income Security Act of 1974, as it may be amended

from time to time, and the regulations and guidance promulgated thereunder.

1.15 #### "Participant"
shall mean an Eligible Employee of the Company who is designated as eligible to

participate in this Plan and who completes the requirements of participation in accordance with the provisions of

Article 2

1.16 #### "Participation Agreement"
shall mean the agreement between the Eligible Employee and the

Company in which the Eligible Employee agrees to participate in the Plan.

1.17 #### "Plan"
shall mean this Supplemental Executive Retirement Plan, evidenced by this written

agreement, Participation Agreements, and any other forms required by the Plan Administrator or Code Section 409A,

as may be amended from time to time. For purposes of applying Code Section 409A requirements, the benefit of each

Participant under this Plan is a non-account balance plan under Treasury Regulation §1.409A -1(c)(2)(i)(C).

1.18 #### "Plan Administrator"
shall mean the Company or such committee or person as the Company shall

appoint to act in accordance with Article 5. No Participant who is a Plan Administrator shall participate in an action

on a matter which applies solely to that person.

1.19 #### "Retirement Age
" shall mean age sixty-five (65), unless otherwise described in a Participant's

Participation Agreement.

1.20 #### "Retirement Benefit"
shall mean an amount of five hundred thousand dollars ($500,000), unless

otherwise described in a Participant's Participation Agreement.

1.21 #### "Section 409A"
shall mean Code Section 409A and the Treasury Regulations or other authoritative

guidance issued thereunder.

1.22 #### "Separation from Service"

#### or "Separates from Service"
shall mean a change in a Participant's

relationship with the Company that constitutes a separation from service within the meaning of Section 409A and

under Treasury Regulation §1.409A-1(h), treating as a Separation from Service an anticipated permanent reduction

in the level of bona fide services to be performed by the Participant for the Company to twenty percent (20%) or less

of the average level of bona fide services performed by the Participant for the Company over the immediately

preceding thirty-six (36) month period (or the full period during which the Participant performed services for the

Company if that is less than thirty-six (36) months).

1.23 #### "Treasury Regulation" or "Treasury Regulations"
shall mean the regulation(s) promulgated by

the Internal Revenue Service for the U.S. Department of the Treasury, as they may be amended from time to time.

1.24 #### "Year of Plan Participation"
shall mean a twelve (12) month period during which a Participant is

employed by the Company on a full-time basis, inclusive of approved leaves of absence, beginning on a Participant's

Eligibility Date.

#### ARTICLE 2

#### SELECTION, ENROLLMENT, ELIGIBILITY
2.1 #### Selection.
Participation in the Plan shall be limited to a select group of management or highly

compensated employees of the Company, as determined by the Company in its sole and absolute discretion.

2.2 #### Enrollment Requirements.
As a condition of participation, each selected Eligible Employee shall

complete, execute, and return to the Plan Administrator a Participation Agreement and Beneficiary Designation Form

within the time specified by the Plan Administrator. In addition, the Plan Administrator shall establish such other

enrollment requirements as it determines necessary or advisable.

2.3 #### Re-employment.
The re-employment of a former Participant by the Company shall not entitle such

individual to resume participation hereunder. Such individual shall not become a Participant until the individual is

again designated as an Eligible Employee as defined under the terms of the Plan. If a Participant who has experienced

a Separation from Service is receiving installment distributions under the terms of this Plan and is re-employed by

the Company, distributions due to the Participant shall not be suspended.

2.4 #### Termination of Participation.
If the Plan Administrator determines in good faith that a Participant

no longer qualifies as a member of a select group of management or highly compensated employees, as membership

in such group is determined in accordance with Section 201(2), 301(a)(3) and 401(a)(1) of ERISA, the Plan

Administrator shall have the right, in its sole discretion, to cease further benefit accruals hereunder on behalf of the

Participant.

#### ARTICLE 3

#### VESTING AND DISTRIBUTION OF BENEFITS
3.1 #### Vesting.
Unless otherwise described in a Participant's Participation Agreement, a Participant

becomes vested in the Retirement Benefit based on the following schedule:

#### Complete Years of Plan Participation

#### Percent Vested
Less than 1

0%

1 but less than 2

20%

2 but less than 3

40%

3 but less than 4

60%

4 but less than 5

80%

5 or more

100%

3.2 #### Acceleration of Vesting.
Notwithstanding the foregoing vesting schedule, a Participant becomes

one hundred percent (100%) vested in the Retirement Benefit upon the earliest of the following events to occur while

employed by the Company: (a) Disability, (b) a Change in Control, or (c) attainment of Retirement Age.

3.3 #### Payments in General.
A Participant (or, in the event of the death of the Participant, the Participant's

Beneficiary) shall be entitled to a benefit as of the earliest payment event to occur under Article 3. All payments made

under the Plan shall be made in cash from the Company's general assets.

3.4 #### Separation from Service.
(a) #### Prior to Retirement Age.
In the event a Participant Separates from Service (other than for

Cause or death) prior to Retirement Age, the Participant shall be paid the vested percentage of the Retirement

Benefit, calculated as of the date of Separation from Service, over ten (10) years in equal, annual installments.

(For example: vested percentage \* $500,000 / 10.) The first installment shall be paid on the first day of the

sixth month following Retirement Age, with subsequent installments paid thereafter on the anniversary of

the first installment.

(b) #### On or After Retirement Age.
In the event a Participant Separates from Service (other than

for Cause or death) on or after Retirement Age, the Participant shall be paid the Retirement Benefit over ten

(10) years in equal, annual installments. (For example: $500,000 / 10 = $50,000 per year.) The first

installment shall be paid on the first day of the sixth month following the date of Separation from Service,

with subsequent installments paid thereafter on the anniversary of the first installment.

3.5 #### Disability.
In the event a Participant becomes Disabled while employed by the Company, the

Participant shall be paid the Retirement Benefit over ten (10) years in equal, annual installments. The first installment

shall be paid on the first day of the second month following the date of Disability, with subsequent installments paid

thereafter on the anniversary of the first installment.

3.6 #### Change in Control.
In the event of the Company's Change in Control while a Participant is

employed by the Company, the Participant shall be paid the Retirement Benefit over ten (10) years in equal, annual

installments. The first installment shall be paid on the first day of the second month following the date of the Change

in Control, with subsequent installments paid thereafter on the anniversary of the first installment.

3.7 #### Death.
(a) #### While Employed.
In the event of a Participant's death while employed by the Company, no

benefit is due from this Plan. It is the intent of the Company to pay a pre-retirement death benefit to the

Participant's Beneficiary pursuant to a separate endorsement "split dollar" life insurance arrangement.

(b) #### During or Before Installments.
If a Participant dies after installments have commenced but

prior to receiving all installments owed under the Plan, or if the Participant dies after becoming entitled to a

benefit but dies prior to the commencement of installments, the Company shall continue to pay any remaining

installments to the Participant's Beneficiary as the installments would have otherwise been paid to the

Participant.

3.8 #### Forfeitures.
Notwithstanding anything in the Plan to the contrary, if a Participant is terminated for

Cause, the Participant shall not be entitled to any benefits under the terms of this Plan and his or her participation in

this Plan shall be null and void. Additionally, a Participant shall forfeit any unvested amounts at the time of his or

her Separation from Service.

3.9 #### Subsequent Deferral Elections.
If approved by the Company, a Participant may delay the time of a

payment or change the form of a payment as expressly provided under this Section and Section 409A (hereinafter, a

"Subsequent Deferral Election"). Notwithstanding the foregoing, a Subsequent Deferral Election cannot accelerate

any payment. A Subsequent Deferral Election which delays payment or changes the form of payment is permitted

only if all of the following requirements are met:

(a) The Subsequent Deferral Election does not take effect until at least twelve (12) months after

the date on which the Subsequent Deferral Election is made and approved by the Plan Administrator;

(b) If the Subsequent Deferral Election relates to a payment based on Separation from Service,

Change in Control, or at a specified time, the Subsequent Deferral Election must result in payment being

deferred for a period of not less than five (5) years from the date the first amount was scheduled to be paid;

(c) If the Subsequent Deferral Election relates to a payment at a specified time, the Subsequent

Deferral Election must be made not less than twelve (12) months before the date the first amount was

scheduled to be paid.

For purposes of applying this Section 3.9, installment payments shall be treated as a "single payment." Any

election made pursuant to this Section shall be made on such election forms or electronic media as is required by the

Plan Administrator, in accordance with the rules established by the Plan Administrator, and shall comply with all

requirements of Section 409A.

3.10 #### Permissible Payment

#### Accelerations.
Except as specifically permitted herein or in other sections of

this Plan, no acceleration of the time or schedule of any payment may be made hereunder. Notwithstanding the

foregoing, payments may be accelerated hereunder by the Company (without any direct or indirect election on the

part of any Participant), in accordance with the provisions of Treasury Regulation §1.409A-3(j)(4) and any

subsequent guidance issued by the United States Treasury Department. Accordingly, payments may be accelerated,

in accordance with the provisions of Treasury Regulation §1.409A-3(j)(4) in the following circumstances: (a) in

limited cashouts (but not in excess of the limit under Code Section 402(g)(1)(B)); (b) to pay employment-related

taxes; or (c) to pay any taxes that may become due at any time that the Plan fails to meet the requirements of Section

409A (but in no case shall such payments exceed the amount to be included in income as a result of the failure to

comply with the requirements of Section 409A).

3.11 #### Specified Employee of a Public Company.
If a Participant is considered a "specified employee" of

a public company, pursuant to Code Section 409A(a)(2)(B)(i), then solely to the extent necessary to avoid penalties

under Section 409A, payments to be made as a result of a Separation from Service under this Article may not

commence earlier than six (6) months after the Participant's Separation from Service. In the event a distribution is

delayed pursuant to this paragraph, any amounts otherwise payable during the six months shall be accumulated and

paid in a lump sum on the first day of the seventh month following Separation from Service.

3.12 #### Unsecured General Creditor Status of Participant.
(a) Payment to any Participant or Beneficiary hereunder shall be made from assets which shall

continue, for all purposes, to be part of the legally available assets of the Company and no person shall have

any interest in any such asset by virtue of any provision of this Plan. The Company's obligation hereunder

shall be an unfunded and unsecured promise to pay money in the future. To the extent that any person

acquires a right to receive payments from the Company under the provisions hereof, such right shall be no

greater than the right of any unsecured general creditor of the Company and no such person shall have or

acquire any legal or equitable right, interest, or claim in or to any property or assets of the Company.

(b) In the event that the Company purchases an insurance policy or policies insuring the life of

a Participant or employee, to allow the Company to recover or meet the cost of providing benefits, in whole

or in part, hereunder, no Participant or Beneficiary shall have any rights whatsoever in said policy or the

proceeds therefrom. The Company shall be the primary owner and beneficiary of any such insurance policy

or property and shall possess and may exercise all incidents of ownership therein. No insurance policy with

regard to any director, "highly compensated employee," or "highly compensated individual," as defined in

Code Section 101(j), shall be acquired before satisfying the Code Section 101(j) "Notice and Consent"

requirements.

(c) In the event that the Company purchases an insurance policy or policies on the life of a

Participant as provided for above, then all of such policies shall be subject to the claims of the creditors of

the Company.

(d) If the Company chooses to obtain insurance on the life of a Participant in connection with

its obligations under this Plan, the Participant shall take such physical examinations and truthfully and

completely supply such information as may be required by the Company or the insurance company

designated by the Company.

#### ARTICLE 4

#### BENEFICIARY DESIGNATION
4.1 #### Designation of Beneficiaries.
(a) Each Participant may designate any person or persons (who may be named contingently or

successively) to receive any benefits payable under the Plan upon the Participant's death, and the designation

may be changed from time to time by the Participant by filing a new Beneficiary Designation Form. Each

designation will revoke all prior designations by the same Participant, shall be in the form prescribed by the

Plan Administrator, and shall be effective only when filed with the Plan Administrator during the

Participant's lifetime.

(b) In the absence of a valid Beneficiary designation, or if, at the time any benefit payment is

due to a Beneficiary, there is no living Beneficiary validly named by the Participant, the Company shall pay

the benefit payment to the Participant's spouse, if then living, and if the spouse is not then living to the

Participant's then living descendants, if any,

*per stirpes*

, and if there are no living descendants, to the

Participant's estate. In determining the existence or identity of anyone entitled to a benefit payment, the

Company may rely conclusively upon information supplied by the Participant's personal representative,

executor, or administrator.

(c) A Participant's designation of a Beneficiary will not be revoked or changed automatically

by any future marriage or divorce. Should the Participant wish to change the designated Beneficiary in the

event of a future marriage or divorce, the Participant will have to do so by means of filing a new Beneficiary

Designation Form with the Plan Administrator.

(d) If a question arises as to the existence or identity of anyone entitled to receive a death benefit

payment under the Plan, or if a dispute arises with respect to any death benefit payment under the Plan, the

Company may distribute the payment to the Participant's estate without liability for any tax or other

consequences, or may take any other action which the Company deems to be appropriate.

4.2 #### Information to be furnished by Participants and Beneficiaries; Inability to Locate Participants

#### or Beneficiaries.
Any communication, statement or notice addressed to a Participant or to a Beneficiary at his or her

last post office address as shown on the Company's records shall be binding on the Participant or Beneficiary for all

purposes of the Plan. The Company shall not be obliged to search for any Participant or Beneficiary beyond the

sending of a registered letter to such last known address.

4.3 #### Facility of Payment.
If the Plan Administrator determines in its discretion that a benefit is to be

paid to a minor, to a person legally declared incompetent, or to a person legally deemed incapable of handling the

disposition of that person's property, the Plan Administrator may direct payment of such benefit to the guardian,

legal representative or person having care or custody of such minor, incompetent person or incapable person. The

Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior

to payment of the benefit. Any distribution of a benefit shall be a distribution for the account of the Participant and

the Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Plan for such

distribution amount.

#### ARTICLE 5

#### PLAN ADMINISTRATION
5.1 #### Plan

#### Administrator Duties.
The Plan Administrator shall be responsible for the management,

operation, and administration of the Plan. When making a determination or calculation, the Plan Administrator shall

be entitled to rely on information furnished by the Company, Participant, or Beneficiary. No provision of this Plan

shall be construed as imposing on the Plan Administrator any fiduciary duty under ERISA or other law, or any duty

similar to any fiduciary duty under ERISA or other law.

5.2 #### Plan Administrator Authority.
The Plan Administrator shall enforce this Plan in accordance with

its terms, shall be charged with the general administration of this Plan, and shall have all powers necessary to

accomplish its purposes, including, but not by way of limitation, the following:

(a) To construe and interpret the terms and provisions of this Plan and to reconcile any

inconsistency, in its sole and absolute discretion;

(b) To compute and certify the amount payable to the Participant and his or her Beneficiaries;

to determine the time and manner in which such benefits are paid; and to determine the amount of any

withholding taxes to be deducted;

(c) To maintain all records that may be necessary for the administration of this Plan;

(d) To provide for the disclosure of all information and the filing or provision of all reports and

statements to the Participant, Beneficiaries, and governmental agencies as shall be required by law;

(e) To make and publish such rules for the regulation of this Plan and procedures for the

administration of this Plan so long as such rules or procedures are not inconsistent with the terms hereof;

(f) To administer this Plan's claims procedures;

(g) To approve the forms and procedures for use under this Plan; and

(h) To employ such persons or organizations, including without limitation, actuaries, attorneys,

accountants, independent fiduciaries, recordkeepers and administrative consultants, to render advice or

perform services with respect to the responsibilities of the Plan Administrator under the Plan.

5.3 #### Binding Effect of Decision.
The decision or action of the Plan Administrator with respect to any

question arising out of or in connection with the administration, interpretation, and application of this Plan and the

rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any

interest in this Plan.

5.4 #### Compensation and Expenses.
The Plan Administrator shall serve without compensation for

services rendered hereunder. The Plan Administrator is authorized at the expense of the Company to employ such

legal counsel and/or Plan recordkeeper as it may deem advisable to assist in the performance of its duties hereunder.

Expense and fees in connection with the administration of this Plan shall be paid by the Company.

5.5 #### Compliance with Section 409A
.

(a) Notwithstanding anything contained herein to the contrary, the interpretation and

distribution of Participants' benefits under the Plan shall be made in a manner and at such times as to comply

with all applicable provisions of Section 409A

and the regulations and guidance promulgated thereunder, or

an exception or exclusion therefrom to avoid the imposition of any accelerated or additional taxes. Any

defined terms shall be construed consistent with Section 409A and any terms not specifically defined shall

have the meaning set forth in Section 409A.

(b) The intent of this Section is to ensure that the Participant is not subject to any tax liability or

interest penalty, by reason of the application of Code Section 409A(a)(1) as a result of any failure to comply

with all the requirements of Section 409A, and this Section shall be interpreted in light of, and consistent

with, such requirements. This Section shall apply to distributions under the Plan, but only to the extent

required in order to avoid taxation of, or interest penalties on, the Participant under Section 409A. These

rules shall also be deemed modified or supplemented by such other rules as may be necessary, from time to

time, to comply with Section 409A.

#### ARTICLE 6

#### PLAN AMENDMENT
6.1 #### Right to Amend.
Subject to Section 409A, the Company shall have the right to amend the Plan, at

any time and with respect to any provisions hereof, and all parties hereto or claiming any interest hereunder shall be

bound by such amendment; provided, however, that no such amendment shall deprive a Participant or a Beneficiary

of a benefit amount accrued hereunder prior to the date of the amendment without written consent of the Participant

or Beneficiary.

6.2 #### Amendments Required By Law.
Notwithstanding the provisions of Section 6.1, the Plan may be

amended by the Company at any time, retroactively if required, if found necessary, in the opinion of the Company,

in order to ensure that the Plan is characterized as a "top-hat" plan of deferred compensation maintained for a select

group of management or highly compensated employees as described under ERISA sections 201(2), 301(a)(3), and

401(a)(1), to conform the Plan to the provisions of Section 409A and to conform the Plan to the requirements of any

other applicable law (including but not limited to ERISA and the Code). No such amendment shall be considered

prejudicial to any interest of a Participant or a Beneficiary hereunder.

#### ARTICLE 7

#### PLAN TERMINATION
7.1 #### Plan Suspension or Termination in General.
Although the Company anticipates that it will

continue the Plan for an indefinite period of time, there is no guarantee it will do so. The Company reserves the right

to terminate or suspend the operation of the Plan for a fixed or indeterminate period of time, in its sole discretion. In

the event the Plan is suspended or terminated, a Participant shall be due a benefit to the extent the Participant is

vested, and such vested benefit shall be calculated as of the date this Plan is suspended or terminated. Except as

provided in Section 7.2, the suspension or termination of this Plan shall not cause a distribution of benefits. Rather,

after such suspension or termination, benefit distributions will be made at the earliest distribution event permitted

under Article 3.

7.2 #### Plan Termination and Liquidation under Section 409A.
Notwithstanding anything to the contrary

in Section 7.1, any acceleration of the payment of benefits due to Plan termination and liquidation shall comply with

the following subparagraphs, but only as permitted in accordance with Section 409A and Treasury Regulation

§1.409A-3(j)(4)(ix). The Company may distribute a benefit, calculated as of the date the Plan is terminated, to all

Participants subject to the terms below:

(a) Upon the Company's termination of this and all other arrangements that would be aggregated

with this Plan, pursuant to Treasury Regulation §1.409A-1(c), if the Participant participated in such

arrangements ("Similar Arrangements"), provided that: (i) the termination does not occur proximate to a

downturn in the financial health of the Company; (ii) all termination distributions are made no earlier than

twelve (12) months and no later than twenty-four (24) months following such termination; and (iii) the

Company does not adopt any new arrangement that would be a Similar Arrangement for a minimum of three

(3) years following the date the Company takes all necessary action to irrevocably terminate and liquidate

the Plan.

(b) Upon the Company's dissolution taxed under Code Section 331, or with approval of a

bankruptcy court, provided that the amounts deferred under the Plan are included in a Participant's gross

income in the latest of: (i) the calendar year in which the Plan terminates; (ii) the calendar year in which the

amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the

payment is administratively practicable; or

(c) Within thirty (30) days before, or twelve (12) months after a Change in Control, provided

that all distributions are made no later than twelve (12) months following such termination of the Plan and

further provided that all the Company's Similar Arrangements are terminated and all participants in Similar

Arrangements are required to receive all amounts of compensation deferred under the terminated

arrangements within twelve (12) months of the termination of the Plan.

#### ARTICLE 8

#### CLAIMS PROCEDURE
8.1 #### Claims Procedure.
This Article is based on Department of Labor Regulation §2560.503-1. If any

provision of this Article conflicts with the requirements of those regulations, the requirements of those regulations

will prevail. A Claimant who has not received benefits under the Plan that he or she believes should be paid shall

make a claim for such benefits as follows:

(a) #### Initiation - Written Claim.
The Claimant initiates a claim by submitting a written request

for the benefits to the Plan Administrator. The Plan Administrator will, upon written request of a Claimant,

make available copies of all forms and instructions necessary to file a claim for benefits or advise the

Claimant where such forms and instructions may be obtained. If the claim relates to Disability benefits, then

the Plan Administrator shall designate a sub-committee to conduct the initial review of the claim (and

applicable references below to the Plan Administrator shall mean such sub-committee).

(b) #### Timing of Company Response.
The Plan Administrator shall respond to such Claimant

within ninety (90) days after receiving the claim. If the Plan Administrator determines that special

circumstances require additional time for processing the claim, the Plan Administrator can extend the

response period by an additional ninety (90) days by notifying the Claimant in writing prior to the end of the

initial 90-day period that an additional period is required. In the event that the claim for benefits pertains to

Disability, the Plan Administrator shall provide written response within forty-five (45) days, but can extend

this response period by an additional thirty (30) days, if necessary, due to circumstances beyond the Plan

Administrator's control. Any notice of extension must set forth the special circumstances requiring an

extension of time and the date by which the Plan Administrator expects to render its decision.

(c) #### Notice of Decision.
If the Plan Administrator denies the claim, in whole or in part, the Plan

Administrator shall notify the Claimant in writing of such denial. The Plan Administrator shall write the

notification in a manner calculated to be understood by the Claimant. The notification shall set forth:

(i) The specific reasons for the denial;

(ii) A reference to the specific provisions of the Plan on which the denial is based;

(iii) A description of any additional information or material necessary for the Claimant

to perfect the claim and an explanation of why it is needed;

(iv) An explanation of the Plan's review procedures and the time limits applicable to such

procedures; and

(v) A statement of the Claimant's right to bring a civil action under ERISA Section

502(a) following an adverse benefit determination on review.

8.2 #### Review Procedure.
If the Plan Administrator denies the claim, in whole or in part, the Claimant

shall have the opportunity for a full and fair review by the Plan Administrator of the denial, as follows:

(a) #### Initiation - Written Request.
To initiate the review, the Claimant, within sixty (60) days

after receiving the Plan Administrator's notice of denial, must file with the Plan Administrator a written

request for review.

(b) #### Review of a Disability Benefit Claim.
If the Claimant's initial claim is for Disability

benefits, any review of a denied claim shall be made by members of the Plan Administrator other than the

original decision maker(s) and such person(s) shall not be a subordinate of the original decision maker(s).

(c) #### Additional Submissions - Information Access.
The Claimant shall then have the

opportunity to submit written comments, documents, records and other information relating to the claim. The

Plan Administrator shall also provide the Claimant, upon request and free of charge, reasonable access to,

and copies of, all documents, records and other information relevant (as defined in applicable ERISA

regulations) to the Claimant's claim for benefits.

(d) #### Considerations on Review.
In considering the review, the Plan Administrator shall take into

account all comments, documents, records and other information submitted by the Claimant relating to the

claim, without regard to whether such information was submitted or considered in the initial benefit

determination. Additional considerations shall be required in the case of a claim for Disability benefits. For

example, the claim will be reviewed without deference to the initial adverse benefits determination and, if

the initial adverse benefit determination was based in whole or in part on a medical judgment, the Plan

Administrator will consult with a health care professional with appropriate training and experience in the

field of medicine involving the medical judgment. The health care professional who is consulted on appeal

will not be the same individual who was consulted during the initial determination or the subordinate of such

individual. If the Plan Administrator obtained the advice of medical or vocational experts in making the initial

adverse benefits determination (regardless of whether the advice was relied upon), the Plan Administrator

will identify such experts.

(e) #### Timing of Company Response.
The Plan Administrator shall respond in writing to such

Claimant within sixty (60) days after receiving the request for review. If the Plan Administrator determines

that special circumstances require additional time for processing the claim, the Plan Administrator can extend

the response period by an additional sixty (60) days by notifying the Claimant in writing, prior to the end of

the initial 60-day period that an additional period is required. The notice of extension must set forth the

special circumstances and the date by which the Plan Administrator expects to render its decision.

(f) #### Notice of Decision.
The Plan Administrator shall notify the Claimant in writing of its

decision on review. The Plan Administrator shall write the notification in a manner calculated to be

understood by the Claimant. The notification shall set forth:

(i) The specific reasons for the denial;

(ii) A reference to the specific provisions of the Plan on which the denial is based;

(iii) A statement that the Claimant is entitled to receive, upon request and free of charge,

reasonable access to, and copies of, all documents, records and other information relevant (as defined

in applicable ERISA regulations) to the Claimant's claim for benefits; and

(iv) A statement of the Claimant's right to bring a civil action under ERISA Section

502(a).

8.3 #### Calculation of Time Periods.
For purposes of the time periods specified in this Article, the period

of time during which a benefit determination is required to be made begins at the time a claim is filed in accordance

with the Plan procedures without regard to whether all the information necessary to make a decision accompanies the

claim. If a period of time is extended due to a Claimant's failure to submit all information necessary, the period for

making the determination shall be tolled from the date the notification is sent to the Claimant until the date the

Claimant responds.

8.4 #### Exhaustion of Remedies.
A Claimant must follow the claims review procedures under this Plan

and exhaust his or her administrative remedies before taking any further action with respect to a claim for benefits.

8.5 #### Failure of Plan to Follow Procedures.
If the Plan fails to establish or follow the claims procedures

required by this Article, a Claimant shall be deemed to have exhausted the administrative remedies available under

the Plan and shall be entitled to immediately pursue any available remedy under ERISA Section 502(a) on the basis

that the Plan has failed to provide a reasonable claims procedure that would yield a decision on the merits of the

claim. The Claimant may request a written explanation of the violation from the Plan, and the Plan must provide such

explanation within ten (10) days, including a specific description of its bases, if any, for asserting that the violation

should not cause the administrative remedies to be deemed exhausted. If a court rejects the Claimant's request for

immediate review on the basis that the Plan met the standards for the exception, the claim shall be considered as re-

filed on appeal upon the Plan's receipt of the decision of the court. Within a reasonable time after the receipt of the

decision, the Plan shall provide the claimant with notice of the resubmission.

8.6 #### Arbitration.
If a Claimant continues to dispute the benefit denial based upon completed performance

of the Plan or the meaning and effect of the terms and conditions thereof, then the Claimant must submit the dispute

to an arbitrator for final arbitration. The arbitrator shall be selected by mutual agreement of the Company and the

Claimant. The arbitrator shall operate under any generally recognized set of arbitration rules. The parties hereto agree

that they and their heirs, personal representatives, successors and assigns shall be bound by the decision of such

arbitrator with respect to any controversy properly submitted to it for determination. Where a dispute arises as to the

Company's discharge of a Participant for Cause, such dispute shall likewise be submitted to arbitration as above

described and the parties hereto agree to be bound by the decision thereunder.

#### ARTICLE 9

#### MISCELLANEOUS
9.1 #### Validity.
In case any provision of this Plan shall be illegal or invalid for any reason, said illegality

or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal

or invalid provision had never been inserted herein.

9.2 #### Nonassignability.
Neither any Participant nor any other person shall have any right to commute,

sell, assign, transfer, pledge, anticipate, mortgage, or otherwise encumber, transfer, hypothecate, alienate, or convey

in advance of actual receipt, the amounts, if any, payable hereunder, or any part hereof, which are, and all rights to

which are expressly declared to be, unassignable and non-transferable. No part of the amounts payable shall, prior to

actual payment, be subject to seizure, attachment, garnishment, or sequestration for the payment of any debts,

judgments, alimony, or separate maintenance owed by a Participant or any other person, be transferable by operation

of law in the event of a Participant's or any other person's bankruptcy or insolvency, or be transferable to a spouse

as a result of a property settlement or otherwise. If any Participant, Beneficiary, or successor in interest is adjudicated

bankrupt or purports to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber transfer,

hypothecate, alienate, or convey in advance of actual receipt, the amount, if any, payable hereunder, or any part

thereof, the Plan Administrator, in its discretion, may cancel such distribution or payment (or any part thereof) to or

for the benefit of such Participant, Beneficiary, or successor in interest in such manner as the Plan Administrator shall

direct.

9.3 #### Not a Contract of Employment.
The terms and conditions of this Plan shall not be deemed to

constitute a contract of employment between the Company and the Participant. Nothing in this Plan shall be deemed

to give a Participant the right to be retained in the service of the Company as an Employee or otherwise or to interfere

with the right of the Company to discipline or discharge the Participant at any time.

9.4 #### Governing Law.
The Plan shall be administered, construed and governed in all respects under and

by the laws of the State of Mississippi, without reference to the principles of conflicts of law (except and to the extent

preempted by applicable federal law).

9.5 #### Notice

#### .
Any notice or filing required or permitted under this Plan shall be sufficient if in writing and

hand delivered, or sent by registered or certified mail or overnight delivery service to the Company's address. Such

notice shall be deemed given as of the date of delivery or, if delivery is made by mail, or overnight delivery service

as of the date shown on the postmark on the receipt for registration or certification. Any notice or filing required or

permitted to be given to a Participant under this Plan shall be sufficient if in writing and hand-delivered, or sent by

mail or overnight delivery service, to the last known address of Participant.

9.6 #### Coordination with Other Benefits.
The benefits provided for a Participant or a Participant's

Beneficiary under this Plan are in addition to any other benefits available to such Participant under any other plan or

program for employees of the Company. This Plan shall supplement and shall not supersede, modify, or amend any

other such plan or program except as may otherwise be expressly provided herein.

9.7 #### Income Tax Withholding.
The Company may make such provisions and take such action as it may

deem necessary or appropriate for the withholding of any taxes which the Company is required by any law or

regulation of any governmental authority, whether federal, state, or local, to withhold in connection with any benefits

under the Plan, including, but not limited to, the withholding of appropriate sums from any amounts otherwise payable

to the Participant (or his or her Beneficiary). Each Participant, however, shall be responsible for the payment of all

individual tax liabilities relating to any such benefits.

9.8 #### Unclaimed Benefits.
In the case of a benefit payable on behalf of a Participant, if the Plan

Administrator is unable to locate the Participant or Beneficiary to whom such benefit is payable, such Plan benefit

may be forfeited to the Company upon the Plan Administrator's determination. Notwithstanding the foregoing, if,

subsequent to any such forfeiture, the Participant or Beneficiary to whom such Plan benefit is payable makes a valid

claim for such Plan benefit, such forfeited Plan benefit shall be paid by the Plan Administrator to the Participant or

Beneficiary, without earnings, from the date it would have otherwise been paid.

The Company executes this Plan as of the date first written above.

## Exhibit 10.2

#### Exhibit 10.2

#### CAL-MAINE FOODS, INC.

#### SPLIT DOLLAR LIFE INSURANCE PLAN
Economic Benefit Regime – Endorsement Method

#### THIS SPLIT DOLLAR LIFE INSURANCE PLAN
(the "Plan") is established by

#### Cal-Maine Foods,

#### Inc.
(the "Company") as of March 1, 2023.

The purpose of this Plan is to attract, retain, and motivate certain highly compensated or management

employees of the Company by assisting them in purchasing life insurance on his or her life that provides a death

benefit to the employee's Beneficiary. The Company has determined that this assistance can best be provided

under a "split-dollar" arrangement as defined in IRS Treasury Regulation §§1.61-22(b)(1)&(2). The Company will

pay the life insurance premiums due under this Plan from its general assets.

#### ARTICLE 1

#### "Definitions"
1.1 #### "Beneficiary" or "Beneficiaries"
shall mean the person(s), trust(s) or the estate of a deceased

Participant, entitled to benefits, if any, upon the death of the Participant.

1.2 #### "Beneficiary Designation Form"
shall mean the form established from time to time by the Plan

Administrator that a Participant completes, signs, and returns to the Plan Administrator to designate one or more

Beneficiaries.

1.3 #### "Code"
shall mean the U.S. Internal Revenue Code of 1986, as amended.

1.4 #### "Eligible Employee"
shall mean an active employee of the Company who the Company has

deemed eligible to participate in this Plan.

1.5 #### "Insurer"
shall mean the insurance company issuing the Policy on the life of a Participant, as

described on the Participation Agreement.

1.6 #### "Participant"
shall mean an Eligible Employee of the Company: (i) who is selected to participate

in the Plan; (ii) who elects to participate in the Plan; and (iii) who completes the requirements of Plan participation

listed in Article 2.

1.7 #### "Participation Agreement"
shall mean the form required by the Plan Administrator of an

Eligible Employee to indicate acceptance of participation in this Plan.

1.8 #### "Plan Administrator"
shall mean the Company or its designee.

1.9 #### "Policy"
shall mean the individual life insurance policy maintained by the Company for purposes

of insuring a Participant's life under this Plan, as further described in a Participant's Participation Agreement.

#### ARTICLE 2

#### "Participation"
2.1 #### Selection by Plan Administrator.
Participation in the Plan shall be limited to those Eligible

Employees of the Company selected by the Company in its sole discretion.

2.2 #### Enrollment Requirements.
As a condition of participation in the Plan, each selected Eligible

Employee shall complete, execute, and return to the Plan Administrator a Participation Agreement and a

Beneficiary Designation Form within the time specified by the Plan Administrator in accordance with the terms

and conditions of the Plan. The Plan Administrator shall establish such other enrollment requirements as it

determines necessary or advisable.

2.3 #### Eligibility; Commencement of Participation.
Provided an Eligible Employee has met all

enrollment requirements set forth in this Plan and/or required by the Plan Administrator, and provided that the

Policy or Policies on such Eligible Employee have been issued by the Insurer, the Eligible Employee will become

a Participant and thereby will be covered by this Plan and eligible to receive benefits at the time and in the manner

provided herein. A Participant's participation is limited to only issued Policies where the Participant is the insured.

#### ARTICLE 3

#### "Purchase of Policy"
3.1 The Company and all Participants hereto have taken or will take all necessary action to cause the

Insurer to issue the Policies, and shall take any further action which may be necessary to cause a Policy to conform

to the provisions of this Plan. The parties hereto agree that the Policies shall be subject to the terms and conditions

of this Plan and of the endorsements to the Policies filed with the Insurer.

#### ARTICLE 4

#### "Policy Title and Ownership"
4.1 Title and ownership of a Policy shall reside in the Company for its use and for the use of the

Participants, all in accordance with this Plan. The Company alone may, to the extent of its interest, exercise the

right to borrow or withdraw on the Policy cash value. Where the Company and a Participant (or assignee, with the

consent of the Participant) mutually agree to exercise the right to increase the coverage under the subject Policy

then, in such event, the rights, duties and benefits of the parties to such increased coverage shall continue to be

subject to the terms of this Plan.

#### ARTICLE 5

#### "Beneficiary"
5.1 Beneficiary Designation. A Participant shall have the right and power to designate a Beneficiary

or Beneficiaries to receive the Participant's share of the proceeds payable upon the death of the Participant, and to

elect and change a payment option for such Beneficiary, subject to any right or interest the Company may have in

such proceeds, as provided in this Plan. A Participant shall have the right to name such Beneficiary at any time

prior to the Participant's death and submit it to the Plan Administrator (or Plan Administrator's representative) on

the written form provided.

5.2 Beneficiary Acknowledgement. Once received and acknowledged by the Plan Administrator, the

form shall be effective. A Participant may change a Beneficiary designation at any time by submitting a new form

to the Plan Administrator. Any such change shall follow the same rules as for the original Beneficiary designation

and shall automatically supersede the existing Beneficiary form on file with the Plan Administrator. Upon the

acceptance by the Plan Administrator of a new Beneficiary designation form, all previously filed Beneficiary

designation forms shall be cancelled. The Company shall be entitled to rely on the last Beneficiary designation

form filed by a Participant and accepted by the Plan Administrator prior to the Participant's death.

5.3 No Beneficiary Designation. If a Participant dies without a valid Beneficiary Designation Form on

file, or if all designated Beneficiaries predecease a Participant , then the Participant's surviving spouse shall be the

designated Beneficiary. If a Participant has no surviving spouse, the benefits shall be made payable to the personal

representative of the Participant's estate.

5.4 Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be

paid to a minor, to a person legally declared incompetent, or to a person legally deemed incapable of handling the

disposition of that person's property, the Plan Administrator may direct distribution of such benefit to the

guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable

person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem

appropriate prior to distribution of the benefit. Any distribution of a benefit shall be a distribution for the account

of the Participant and the Beneficiary, as the case may be, and shall be a complete discharge of any liability under

the Plan for such distribution amount.

#### ARTICLE 6

#### "Premium Payment and Taxable Benefit"
6.1 Premium Payment. The Company shall pay an amount equal to the planned premiums and any

other premium payments that might become necessary to keep a Participant's Policy in force as determined by the

Insurer. Notwithstanding the forgoing, the Company shall have the absolute and sole right to terminate or

surrender the Policy.

6.2 Taxable Benefit. The Company shall determine the economic benefit attributable to a Participant

based on the life insurance premium factor for the Participant's age multiplied by the amount of current life

insurance protection payable to the Participant's Beneficiary. The "life insurance premium factor" is the minimum

amount required to be imputed under Treasury Regulation §1.61-22(d)(3)(ii) or any subsequent applicable

authority.

6.3 Imputed Income. The Company shall impute the economic benefit to the Participant

on an annual

basis, by adding the economic benefit to the Participant's W-2, or if applicable, Form 1099.

#### ARTICLE 7

#### "Ownership of the Cash Surrender Value of the Policy"
7.1 The Company shall at all times be entitled to one hundred percent (100%) of the Policy cash value, as that term is defined in the Policy contract, less any Policy loans and unpaid

interest or cash withdrawals

previously incurred by the Company. Such cash value shall be determined as of the date of surrender or death as the

case may be.

#### ARTICLE 8

#### "Rights of Participants or Assignees"
8.1 A Participant may not, without the written consent of the Company, assign to any individual, trust

or other organization, any right, title or interest in the subject Policy nor any rights, options, privileges or duties

created under this Plan, other than the right to name a Beneficiary from time to time.

#### ARTICLE 9

#### "Limitations on Company's Rights in Policy"
9.1 Notwithstanding any provision hereof to the contrary, the Company shall have the right to sell or

surrender a Policy without terminating this Plan, provided: (i) the Company replaces the Policy with a comparable

life insurance policy or arrangement that provides the benefit provided under this Plan; and (ii) the Company and

the Participant (who will not unreasonably withhold his or her signature) execute a new Policy endorsement for

said comparable coverage arrangement, at which time all references to "Policy" hereunder shall refer to such

replacement coverage arrangement. Without limitation, the Policy at all times shall be the exclusive property of the

Company and shall be subject to the claims of the Company's creditors.

#### ARTICLE 10

#### "Policy Loans"
10.1 The Company may pledge or assign a Policy, subject to the terms and conditions of this Plan, for

the sole purpose of securing a loan from the Insurer or from a third party. Interest charges on such loan shall be

paid by the Company. If the Company so encumbers a Policy, other than by a Policy loan from the Insurer, then,

upon the death of the Participant, the Company shall promptly take all action necessary to secure the release or

discharge of such encumbrance.

#### ARTICLE 11

#### "Division of Death Proceeds"
11.1 Participant's Benefit. Upon the death of a Participant while this Agreement is in force, the

Participant's Beneficiary shall be entitled to receive Policy death proceeds in the amount stated in the Participant's

Participation Agreement. The receipt of this amount by the Beneficiary shall constitute satisfaction of the

Participant's rights under this Agreement.

11.2 Company's Benefit. Upon the death of the Participant while this Agreement is in force, the

Company shall be entitled to receive the remainder of the Policy death proceeds not payable under Section 11.1

above.

11.3 Benefit Paid by Insurer. The benefit payable to a Participant's Beneficiary shall be paid solely by

the Insurer from the proceeds of the Policy on the life of the Participant. In no event shall the Company be

obligated to pay a death benefit under this Plan from its general funds. Should an Insurer refuse or be unable to pay

death proceeds endorsed to Participant under the express terms of this Plan, or should the Company cancel a Policy

for any reason, neither a Participants nor his or her Beneficiary shall be entitled to a death benefit.

11.4 Suicide or Misstatement. The amount of the benefit payable to a Participant's Beneficiary may be

reduced or eliminated if Participant fails or refuses to take a physical examination, to truthfully and completely

supply such information or complete any forms as may be required by the Company or Insurer, or otherwise fails

to cooperate with the requests of the Company or the Insurer, or if the Participant dies under circumstances such

that the Policy does not pay a full death benefit (e.g., in the case of suicide within the exclusionary period of the

Policy); provided, however the Company shall evaluate the reason for the denial, and upon advice of legal counsel

and in its sole discretion, consider judicially challenging any denial.

#### ARTICLE 12

#### "Termination of the Plan"
12.1 This Plan shall terminate upon the occurrence of any one of the following:

(1) The total cessation of the business of the Company;

(2) The bankruptcy, receivership or dissolution of the Company;

(3) The termination of the Insured's employment;

(4) The Participant's "Disability," as that term is defined in the Company's separate Supplemental

Executive Retirement Plan;

(5) The Company's "Change in Control," as that term is defined in the Company's separate

Supplemental Executive Retirement Plan;

(6) While the Participant is living by written notice thereof by either the Company or the

Participant to the other;

(7) Surrender, lapse, or other termination of the Policy by the Company; or

(8) Upon distribution of the death benefit proceeds in accordance with Article X.

Upon the termination of this Plan, the Company may make such disposition of the Policy as it determines

to be appropriate. Participants will have no rights in such Policies or the death benefit proceeds thereof, if this Plan

is terminated.

#### ARTICLE 13

#### "Insurer Not a Party"
13.1 The Insurer shall be fully discharged from its obligations under a Policy by payment of the

Policy's death benefit to the Beneficiary or Beneficiaries named in the Policy, subject to the terms and conditions

of the Policy. In no event shall the Insurer be considered a party to this Plan, or any modification or amendment

hereof, and none of the provisions herein shall in any way be construed as enlarging, changing, varying or in any

other way affecting the obligations of the Insurer as expressly provided in the Policy, except insofar as the

provisions hereof are made a part of the Policy by the Beneficiary designation executed by the Company and filed

with the Insurer in connection herewith.

#### ARTICLE 14

#### "Administration"
14.1 Plan Administrator. For purposes of the Employee Retirement Income Security Act of

1974 ("ERISA"), as amended, the Company or its designee will be the "Named Fiduciary" and Plan Administrator

of the split-dollar life insurance plan for which this agreement is hereby designated the written plan instrument.

The Named Fiduciary or the Plan Administrator may employ others to render advice with regard to its

responsibilities under this Plan. The Named Fiduciary may also allocate fiduciary responsibilities to others and

may exercise any other powers necessary for the discharge of its duties to the extent not in conflict with ERISA.

14.2 Plan Administrator Duties. The Plan Administrator shall have the discretion and authority to: (i)

make, amend, interpret and enforce all appropriate rules and regulations for the administration of this Plan; and (ii)

decide or resolve any and all questions, including interpretations of this Plan, as may arise in connection with this

Plan.

14.3 Binding Effect of Decisions. Any decision or action of the Plan Administrator with respect to any

question arising out of or in connection with the administration, interpretation, and application of this Plan and the

rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any

interest in this Plan.

14.4 Indemnity of Plan Administrator. The Company shall indemnify and hold harmless the members

of the Plan Administrator, and those to whom management and operation responsibilities of the Plan have been

delegated, against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to

act with respect to this Plan, except in the case of willful misconduct by the Plan Administrator or any of its

members.

#### ARTICLE 15

#### "Claims and Review Procedures"
15.1 Written Claim. A person who believes that he or she is being denied a benefit to which he or she is

entitled under this Plan (a "Claimant") may file a written request for such benefit with the Plan Administrator, setting

forth his or her claim. The request must be addressed to the Company at its then principal place of business.

15.2 Timing of Response. Upon receipt of a claim, the Plan Administrator shall advise the Claimant that a

reply will be forthcoming within ninety (90) days and shall, in fact, deliver such reply within such period. The Plan

Administrator may, however, extend the reply period for an additional ninety (90) days for reasonable cause. If the

claim is denied in whole or in part, the Plan Administrator shall adopt a written opinion, using language calculated to

be understood by the Claimant, setting forth:

(1) The specific reason or reasons for such denial;

(2) The specific reference to pertinent provisions of this Plan on which such denial is based;

(3) A description of any additional material or information necessary for the Claimant to perfect his or

her claim and an explanation why such material or such information is necessary;

(4) Appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for

review; and

(5) The time limits for requesting a review under Section 15.3 and for review under Section 15.4

hereof.

15.3 Request for Review. Within sixty (60) days after the receipt by the Claimant of the written opinion

described in Section 15.2, the Claimant may request in writing that the determination of the Plan Administrator be

reviewed. Such request must be addressed to the Company, at its then principal place of business. The Claimant or his

or her duly authorized representative may, but need not, review the pertinent documents and submit issues and

comments in writing for consideration by the Plan Administrator. If the Claimant does not request a review of the Plan

Administrator's determination within such sixty (60) day period, he or she shall be barred and estopped from

challenging the Plan Administrator's determination.

15.4 Review of Decision. The Plan Administrator will review its determination within sixty (60) days after

receipt of a request for review. After considering all materials presented by the Claimant, the Plan Administrator will

render a written opinion, written in a manner calculated to be understood by the Claimant, setting forth the specific

reasons for the decision and containing specific references to the pertinent provisions of this Plan on which the

decision is based. If special circumstances require that the sixty (60) day time period be extended, the Plan

Administrator will so notify the Claimant and will render the decision as soon as possible, but no later than one

hundred twenty (120) days after receipt of the request for review.

#### ARTICLE 16

#### "Amendment"
16.1 This Plan may not be amended, altered, or modified, except by a written instrument signed by the

parties hereto, or their respective successors or assigns, and may not be otherwise terminated except as provided

herein.

#### ARTICLE 17

#### "Miscellaneous"
17.1 Binding Effect. This Plan shall be binding upon and inure to the benefit of the Company and its

successors and assigns, and upon the death of a Participant, the Participant's successors, assigns, heirs, executors,

administrators and beneficiaries.

17.2 No Guarantee of Employment. This Plan is not an employment policy or contract. It does not give

a Participant the right to remain an employee of the Company, nor does it interfere with the Company's right to

discharge a Participant. It also does not require a Participant to remain an employee nor interfere with the

Participant's right to terminate employment at any time.

17.3 Notices. Any notice, consent or demand required or permitted to be given under the provisions of

this Plan shall be in writing, and shall be signed by the party giving or making the same. If such notice, consent or

demand is mailed to a party hereto, it shall be sent by United States certified mail, postage prepaid, addressed to

such party's last known address as shown on the records of the Company. The date of such mailing shall be

deemed the date of notice, consent or demand.

17.4 Applicable Law. This Plan and the rights of the parties hereunder, shall be governed by and

construed according to the laws of the State of Nebraska, except to the extent preempted by the laws of the United

States of America.

17.5 Gender. Whenever in this Plan words are used in the masculine or neutral gender, they shall be

read and construed as in the masculine, feminine or neutral gender, whenever they should so apply.

17.6 No Third Party Beneficiaries. The benefits of this Plan shall not inure to any third party. This Plan

shall not be construed as creating any rights, claims, or cause of action against the Company or any of its officers,

directors, agents, or employees in favor of any person or entity other than the Participant.

17.7 Severability. If any one or more of the provisions hereof is declared invalid, illegal, or

unenforceable in any jurisdiction, the validity, legality, and enforceability of the remaining provisions shall not in

any way be affected or impaired, and that invalidity, illegality, or unenforceability in one jurisdiction shall not

affect the validity, legality, or enforceability of the remaining provisions hereof.

17.8 Entire Agreement. This written plan document, along with a Participant's Policy endorsement,

Beneficiary Designation Form, and Participation Agreement, constitutes the entire agreement between the

Company and the Participant as to the subject matter hereof. No rights are granted to a Participant under this Plan

other than those specifically set forth herein.

#### IN WITNESS WHEREOF,
the Company executes this Plan as of the date first written above.

## Exhibit 99.1

![exhibit991p1i0](exhibit991p1i0.jpg)

#### Exhibit 99.1
-END-

Contacts:

Sherman Miller, President and CEO

Max P. Bowman, Vice President and CFO

(601) 948-6813

#### CAL-MAINE FOODS, INC. NAMES TODD WALTERS CHIEF OPERATING OFFICER

#### MATT WHITEMAN NAMED VICE PRESIDENT, OPERATIONS
RIDGELAND, Miss. (March 27, 2023)

—

Cal-Maine Foods, Inc. (NASDAQ: CALM) today

announced that Todd Walters has been named Chief Operating Officer and Matt Whiteman has

been named Vice President, Operations, both effective March 27, 2023.

Walters joined Cal-Maine Foods in 1997. Since 2011, he has served as Vice President of

Operations for the Company's operations in South Texas, as well as the Wharton County Foods

facility in Boling, Texas. He has previously served in management positions at the Company's other

locations in Mississippi, Kansas, New Mexico, and Ohio. Walters has served on the Board of The

Ohio Poultry Association and The Texas Poultry Federation where he is currently ex-officio. He is

also an active member of the United Egg Producers. Walters is a graduate of Mississippi State

University with a bachelor's degree in poultry science.

Whiteman has been employed with Cal-Maine Foods since 2011. He most recently served

as General Manager of the Waelder, Texas, operations. Prior to this, he served in management

positions at various locations including Edwards, Mississippi; Bremen, Kentucky; Guthrie,

Kentucky; and Boling, Texas. Whiteman is active in the Texas Poultry industry and is currently the

President of the Texas Egg Council, along with serving as a Board Member of the Texas Poultry

Federation. Whiteman is a graduate of Mississippi State University with a bachelor's degree in

poultry science.

Commenting on the announcements, Sherman Miller, president and chief executive officer

of Cal-Maine Foods, Inc., stated, "We are pleased to announce these important new leadership

changes. Todd Walters is well qualified to assume this role, having extensive experience with the

various aspects of our operations across different locations and market regions. He has done an

exceptional job at every stage of his 26-year career with Cal-Maine Foods. He is also a recognized

leader outside the Company as an active member of industry associations. We will continue to

benefit from his valuable insight and experience as we pursue our goal to be an efficient and

sustainable producer.

"Matt Whiteman brings over 12 years of dedicated service to the Company and has played

an important role in managing our Texas operations. His previous experience working at our other

locations and knowledge of other markets brings an added perspective to this leadership role. We

welcome him to our operations management team, and we look forward to working with Matt as

we continue to serve our valued customers in the Texas markets," added Miller.

Cal-Maine Foods, Inc. is primarily engaged in the production, grading, packing, marketing

and sale of fresh shell eggs, including conventional, cage-free, organic, pasture-raised, free-range

and nutritionally enhanced eggs. The Company, which is headquartered in Ridgeland, Mississippi,

is the largest producer and distributor of fresh shell eggs in the United States and sells the majority

of its shell eggs in states across the southwestern, southeastern, mid-western and mid-Atlantic

regions of the United States.