# EDGAR Filing Document

**Accession Number:** 0000016160
**File Stem:** 0001562762-25-000170
**Filing Date:** 2025-7
**Character Count:** 28049
**Document Hash:** 40ce56e5b28000dde0b617fccb11befc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001562762-25-000170.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0001562762-25-000170

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 96

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250722

**DATE AS OF CHANGE**: 20250722

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CAL-MAINE FOODS INC
- **CENTRAL INDEX KEY:** 0000016160
- **STANDARD INDUSTRIAL CLASSIFICATION:** AGRICULTURE PRODUCTION - LIVESTOCK & ANIMAL SPECIALTIES [0200]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 640500378
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38695
- **FILM NUMBER:** 251140550

**BUSINESS ADDRESS:**
- **STREET 1:** 1052 HIGHLAND COLONY PKWY
- **STREET 2:** SUITE 200
- **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

## Exhibit 4.1

Exhibit 4.1

To Annual Report on Form 10-K for Fiscal 2025

Of Cal-Maine Foods, Inc.

#### DESCRIPTION OF CAPITAL STOCK

#### Authorized Capital Stock
Pursuant to the Fourth Amended and Restated Certificate of Incorporation (the "Restated Charter") of Cal-Maine Foods, Inc.

("we," "us," "our" or the "Company"), our authorized capital stock consists of 120,000,000 shares of common stock with a par

value of $0.01 per share ("Common Stock") and 10,000,000 shares of preferred stock with a par value of $0.01 per share

("Preferred Stock").

The Restated Charter authorizes the Company to issue shares of Preferred Stock from time to time in one or more series without

stockholder approval, each such series to have rights and preferences, including voting rights, dividend rights, conversion rights,

redemption privileges and liquidation preferences, as the Company's Board of Directors (the "Board") may determine.

The number of authorized shares of Preferred Stock may be increased or decreased (but not below the number of shares then

outstanding) by the affirmative vote of the holders of a majority in voting power of the stock of the Company entitled to vote

generally in the election of directors, irrespective of the provisions of Section 242(b)(2) of the Delaware General Corporation

Law (the "DGCL"), voting together as a single class, without a separate vote of the holders of Preferred Stock, unless a vote by

any holders of one or more series of Preferred Stock is required by the express terms of any series of Preferred Stock as provided

for or fixed pursuant to the provisions of the Restated Charter.

#### Common Stock
*Voting Rights* 

The holders of shares of Common Stock are entitled to one vote for each such share on each matter properly submitted to the

stockholders of the Company on which the holders of Common Stock are entitled to vote.

*Dividends* 

Except as otherwise required by law or the Restated Charter, and subject to the rights of the holders of shares of Preferred Stock,

the holders of shares of Common Stock are entitled to receive such dividends and other distributions (payable in cash, property

or capital stock of the Company) when, as and if declared thereon by the Board from time to time out of any assets or funds of

the Company legally available therefor and share equally on a per share basis in such dividends and distributions.

The Company has a variable dividend policy adopted by the Board. Pursuant to the policy, the Company pays a dividend to

holders of shares of Common Stock on a quarterly basis for each quarter for which the Company reports net income attributable

to Cal-Maine Foods, Inc., computed in accordance with generally accepted accounting principles in the U.S., in an amount equal

to one-third (1/3) of such quarterly net income. Dividends are paid to stockholders of record as of the 60

th

day following the

last day of such quarter, except for the fourth fiscal quarter. For the fourth quarter, the Company pays dividends to stockholders

of record on the 65

th

day after the quarter end. Dividends are payable on the 15

th

day following the record date. Following a

quarter for which the Company does not report net income attributable to Cal-Maine Foods, Inc., the Company will not pay a

dividend for a subsequent profitable quarter until the Company is profitable on a cumulative basis computed from the date of the

last quarter for which a dividend was paid. The dividend policy is subject to periodic review by the Board.

*Liquidation, Dissolution or Winding Up* 

Except as otherwise required by law or the Restated Charter, in the event of any voluntary or involuntary liquidation, dissolution

or winding-up of the Company, after payment or provision for payment of the debts and other liabilities of the Company, and

subject to the rights of the holders of shares of Preferred Stock in respect thereof, the holders of shares of Common Stock are

Exhibit 4.1

To Annual Report on Form 10-K for Fiscal 2025

Of Cal-Maine Foods, Inc.

entitled to receive all of the remaining assets of the Company available for distribution to its stockholders, ratably in proportion

to the number of shares of Common Stock held by them.

#### Preemptive and Other Rights
The holders of shares of Common Stock are not entitled to preemptive or subscription rights.

#### Choice of Forum
The Restated Charter provides that, unless a majority of the Board, acting on behalf of the Company, consents in writing to the

selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have

jurisdiction, another state court located within the State of Delaware or, if no state court located within the State of Delaware has

jurisdiction, the federal district court for the District of Delaware), shall be the sole and exclusive forum for (i) any derivative

action or proceeding brought on behalf of the Company under Delaware law, (ii) any action asserting a claim of breach of a

fiduciary duty owed by any current or former director, officer or other employee of the Company to the Company or the

Company's stockholders, (iii) any action asserting a claim against the Company or any of its directors, officers or other employees

arising pursuant to any provision of the DGCL, the Company's certificate of incorporation or bylaws, (iv) any action asserting a

claim against the Company or any of its directors, officers or other employees governed by the internal affairs doctrine of the

State of Delaware or (v) any other action asserting an "internal corporate claim," as defined in Section 115 of the DGCL, in all

cases subject to the court's having personal jurisdiction over all indispensable parties named as defendants.

The Restated Charter further provides that, unless a majority of the Board, acting on behalf of the Company, consents in writing

to the selection of an alternative forum, the federal district courts of the United States of America will be the sole and exclusive

forum for the resolution of any action asserting a cause of action arising under the Securities Act of 1933, as amended.

These exclusive forum provisions may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for

disputes with us or our directors, officers, or other employees, which may discourage lawsuits against us and our directors, officers

and other employees. If a court were to find such provisions in the Restated Charter to be inapplicable or unenforceable in an

action, we may incur further significant additional costs associated with resolving the dispute in other jurisdictions.

#### Anti-Takeover Effect of Certain Charter and Bylaw Provisions and the DGCL
Certain provisions of the Restated Charter and the Amended and Restated Bylaws of the Company (the "Restated Bylaws") could

make it more difficult to acquire the Company or control of the Company by means of a merger, tender offer, proxy contest,

removal of incumbent directors or otherwise. These provisions, which are summarized below, are expected to safeguard the

Company against coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control

of the Company to first negotiate with the Board. While it is possible that these provisions could deter transactions that

stockholders may otherwise consider to be in their best interest, these provisions are not intended to preclude such transactions,

but rather to provide the Board with the time and opportunity to evaluate the adequacy and fairness of a proposed takeover offer

or other proposed action, consider alternative methods of maximizing stockholder value, and, as appropriate, negotiate the best

possible outcome for all stockholders.

*Authorized but Unissued Stock and Undesignated Preferred Stock* 

We have authorized shares of Common Stock and Preferred Stock available for future issuance without stockholder approval. We

may issue these additional shares for a variety of corporate purposes, including public offerings to raise additional capital,

corporate acquisitions, stock dividends on our capital stock or equity compensation plans. The existence of unissued and

unreserved Common Stock and Preferred Stock may enable the Board to issue shares to persons friendly to current management

or to issue Preferred Stock with terms that could render more difficult or discourage a third-party attempt to obtain control of us,

Exhibit 4.1

To Annual Report on Form 10-K for Fiscal 2025

Of Cal-Maine Foods, Inc.

thereby protecting the continuity of our management. The rights of the holders of shares of Common Stock will be subject to,

and may be adversely affected by, the rights of holders of any Preferred Stock we may issue in the future. For example, if we

issue Preferred Stock, the issuance could adversely affect the voting power of holders of shares of Common Stock and the

likelihood that such holders will receive dividend payments and payments upon liquidation.

*Number of Directors; Classified Board; Removal of Directors; Vacancies* 

The Restated Charter provides for a Board of not less than three nor more than 12 directors. Within such limit, the number of

members of the entire Board may be fixed only by the Board from time to time in accordance with the Restated Bylaws, and not

by stockholders.

The Restated Charter provides for the division of the Board into three classes as nearly equal in size as practicable with staggered

three-year terms. Directors may be removed by the stockholders only for cause and only by the affirmative vote of the holders of

at least a majority of the voting power of all then outstanding shares of capital stock entitled to vote generally in the election of

directors, voting together as a single class. Any vacancy on the Board, however occurring, including a vacancy resulting from an

enlargement of the Board, may be filled only by the vote of a majority of the directors then in office and not by the stockholders,

and any person so elected by the Board will hold office until the next election of the class to which such person has been assigned

by the Board.

Pursuant to such structure, it would take at least two election cycles for any individual or group to gain control of the Board. The

limitations on the removal of directors and the filling of vacancies could have the effect of making it more difficult for a third

party to acquire, or of discouraging a third party from acquiring, control of the Company.

*No Cumulative Voting* 

The Restated Charter does not provide for cumulative voting in director elections.

*Stockholder Action; Special Meetings* 

The Restated Charter provides that stockholder action may not be taken by written consent in lieu of a meeting and provides that

special meetings of the stockholders may be called only by the Board Chair or by the Board and may not be called by stockholders.

These provisions could have the effect of delaying until the next annual stockholders' meeting stockholder actions that are favored

by the holders of a majority of our outstanding voting power. These provisions may also discourage another person or entity from

making a tender offer for the Common Stock, because that person or entity, even if it acquired securities with a majority of our

outstanding voting power, would be able to take action as a stockholder only at a duly called stockholders' meeting and not by

written consent.

*Amendments to Restated Charter* 

The Restated Charter requires the affirmative vote of the holders of at least 66

∕

% of the voting power of all then outstanding

shares of capital stock of the Company entitled to vote generally in the election of directors, voting together as a single class, to

amend, alter or repeal any provision of the Restated Charter.

*Amendments to Restated Bylaws* 

The Restated Bylaws are subject to amendment, alteration or repeal by the stockholders of the Company by the affirmative vote

of the holders of at least 66

∕

% of the voting power of all then outstanding shares of capital stock of the Company entitled to vote

generally in the election of directors, voting together as a single class. Additionally, the Board has the power to amend, alter or

repeal the Restated Bylaws.

Exhibit 4.1

To Annual Report on Form 10-K for Fiscal 2025

Of Cal-Maine Foods, Inc.

*Advance Notice Requirements for Stockholder Proposals and Director Nominations* 

The Restated Bylaws provide advance notice requirements for stockholders seeking to bring business before meetings of

stockholders or to nominate candidates for election as directors at meetings of stockholders. The Restated Bylaws also specify

certain requirements regarding the form and content of the stockholders' notices. These provisions may deter takeovers by

requiring that any stockholder wishing to conduct a proxy contest have its position solidified well in advance of the meeting at

which directors are to be elected and by providing the incumbent Board with sufficient notice to allow them to put an election

strategy in place.

*Limitation of Liability and Indemnification* 

Our Restated Charter provides that no director or officer of the Company shall have any personal liability to the Company or its

stockholders for monetary damages for breach of fiduciary duty as a director or officer, to the fullest extent permitted by law. In

addition, the Company is required to indemnify its directors and officers to the fullest extent permitted by the law. A director's

right to indemnification includes the right to be paid by the Company the expenses incurred in defending or otherwise participating

in any proceeding in advance of its final disposition, but only if such director presents to the Company a written undertaking to

repay such amount if it shall ultimately be determined that such director is not entitled to be indemnified by the Company.

Notwithstanding the foregoing, except for proceedings to enforce any director's or officer's rights to indemnification or any

director's rights to advancement of expenses, the Company shall not be obligated to indemnify any director or officer, or advance

expenses of any director, in connection with any proceeding initiated by such person unless such proceeding was authorized by

the Board. These rights are not exclusive of any rights to which any such persons may otherwise be or become entitled.

*Delaware Anti-Takeover Law* 

The Company is subject to Section 203 of the DGCL ("Section 203"). Under this provision, we may not engage in any "business

combination" with any interested stockholder for a period of three years following the date the stockholder became an interested

stockholder, unless: (i) prior to that date, the Board approved either the business combination or the transaction that resulted in

the stockholder becoming an interested stockholder; (ii) upon completion of the transaction that resulted in the stockholder

becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock outstanding at the time the

transaction began; or (iii) on or following that date, the business combination is approved by the Board and authorized at an

annual or special meeting of stockholders by the affirmative vote of at least two-thirds of the outstanding voting stock that is not

owned by the interested stockholder.

Section 203 defines "business combination" to include, subject to limited exceptions: (i) any merger or consolidation involving

the corporation and the interested stockholder; (ii) any sale, transfer, pledge or other disposition of 10% or more of the assets of

the corporation involving the interested stockholder; (iii) any transaction that results in the issuance or transfer by the corporation

of any stock of the corporation to the interested stockholder; (iv) any transaction involving the corporation that has the effect of

increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested

stockholder; or (v) the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other

financial benefits provided by or through the corporation.

In general, Section 203 defines an "interested stockholder" as any entity or person beneficially owning 15% or more of the

outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled by the entity or

person.

The restrictions of Section 203 do not apply to corporations that have elected, in the manner provided therein, not to be subject

to Section 203. The Company has not made such an election. Accordingly, the Company would be subject to Section 203 in the

event of a business combination.

Exhibit 4.1

To Annual Report on Form 10-K for Fiscal 2025

Of Cal-Maine Foods, Inc.

#### Listing
The Common Stock is listed on the Nasdaq Global Select Market under the symbol "CALM."

#### Transfer Agent
Computershare Trust Company of Louisville, Kentucky, is the Transfer Agent and Registrar for the Common Stock.

## Ex-21

#### Exhibit 21

#### Subsidiaries of Cal-Maine Foods, Inc.

#### Name of Subsidiary

#### Place of Incorporation or

#### Organization

#### Percentage of Outstanding Stock or

#### Ownership Interest Held by

#### Registrant
South Texas Applicators, Inc.

Delaware

100%

American Egg Products, LLC

Georgia

100%

Texas Egg Products, LLC

Texas

100%

Benton County Foods, LLC

Arkansas

100%

Wharton County Foods, LLC

Texas

100%

MeadowCreek Foods, LLC

Mississippi

100%

Cal-Maine Real Estate LLC

Mississippi

100%

Eggcellent Insurance Company, LLC

Vermont

100%

Crepini Foods, LLC

Delaware

51%

## Exhibit 23.1

#### Exhibit 23.1

#### Consent of Independent Registered Public Accounting Firm
We hereby consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-180470) of Cal-

Maine Foods, Inc. pertaining to the Cal-Maine Foods, Inc. KSOP and the Registration Statement (Form S-8 No. 333-252069)

pertaining to the Amended and Restated Cal-Maine Foods, Inc. 2012 Omnibus Long-Term Incentive Plan, of our reports dated

July 22, 2025, relating to the consolidated financial statements and financial statement schedules, and the effectiveness of Cal-

Maine Foods, Inc. and Subsidiaries' internal control over financial reporting, which appear in the Annual Report to Stockholders,

which is incorporated by reference in this Annual Report on Form 10-K.

/s/ Frost, PLLC

Little Rock, Arkansas

July 22, 2025

## Exhibit 31.1

#### Exhibit 31.1

#### Certification

#### Pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934,

#### As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Sherman L. Miller, certify that:

1. I have reviewed this Annual Report on Form 10-K of Cal-Maine Foods, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact

necessary to make the statements made, in light of the circumstances under which such statements were made, not

misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in

all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods

presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and

procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as

defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed

under our supervision, to ensure that material information relating to the registrant, including its consolidated

subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is

being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be

designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the

preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our

conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this

report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the

registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has

materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over

financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons

performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial

reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report

financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the

registrant's internal control over financial reporting.

/s/ Sherman L. Miller

Sherman L. Miller

President and Chief Executive Officer

Date:

July 22, 2025

## Exhibit 31.2

#### Exhibit 31.2

#### Certification

#### Pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934,

#### As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Max P. Bowman, certify that

1. I have reviewed this Annual Report on Form 10-K of Cal-Maine Foods, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact

necessary to make the statements made, in light of the circumstances under which such statements were made, not

misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in

all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods

presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and

procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as

defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed

under our supervision, to ensure that material information relating to the registrant, including its consolidated

subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is

being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be

designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the

preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our

conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by

this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the

registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has

materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over

financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons

performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial

reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and

report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the

registrant's internal control over financial reporting.

/s/ Max P. Bowman

Max P. Bowman

Vice President and Chief Financial Officer

Date:

July 22, 2025

## Ex-32

#### Exhibit 32

#### Certifications Pursuant to 18 U.S.C. §1350,

#### As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Solely for the purposes of complying with 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of

2002, we, the undersigned Chief Executive Officer and Chief Financial Officer of Cal-Maine Foods, Inc. (the "Company"),

hereby certify, based on our knowledge, that the Annual Report on Form 10-K of the Company for the fiscal year ended May 31,

2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and

that the information contained in the Report fairly presents, in all material respects, the financial condition and results of

operations of the Company.

/s/ Sherman L. Miller

Sherman L. Miller

President and Chief Executive Officer

/s/ Max P. Bowman

Max P. Bowman

Vice President and Chief Financial Officer

Date:

July 22, 2025