PARTICIPANT'S BENEFITS UNDER THE PLAN AS A RESULT OF APPLICABLE LAW OR
PROPERTY SETTLEMENTS RESULTING FROM LEGAL SEPARATION OR DIVORCE.
1.34
"PLAN" SHALL MEAN THE HORMEL FOODS CORPORATION EXECUTIVE DEFERRED
INCOME PLAN II (2008 RESTATEMENT), WHICH SHALL BE EVIDENCED BY THIS INSTRUMENT
AND BY EACH PLAN AGREEMENT, AS THEY MAY BE AMENDED FROM TIME TO TIME.
1.35
"PLAN AGREEMENT" SHALL MEAN A WRITTEN AGREEMENT, AS MAY BE AMENDED
FROM TIME TO TIME, WHICH IS ENTERED INTO BY AND BETWEEN AN EMPLOYER AND A
PARTICIPANT. EACH PLAN AGREEMENT EXECUTED BY A PARTICIPANT AND THE PARTICIPANT'S
EMPLOYER SHALL PROVIDE FOR THE ENTIRE BENEFIT TO WHICH SUCH PARTICIPANT IS
ENTITLED UNDER THE PLAN; SHOULD THERE BE MORE THAN ONE PLAN AGREEMENT, THE PLAN
AGREEMENT BEARING THE LATEST DATE OF ACCEPTANCE BY THE EMPLOYER SHALL SUPERSEDE
ALL PREVIOUS PLAN AGREEMENTS IN THEIR ENTIRETY AND SHALL GOVERN SUCH
ENTITLEMENT. THE TERMS OF ANY PLAN AGREEMENT MAY BE DIFFERENT FOR ANY
PARTICIPANT, AND ANY PLAN AGREEMENT MAY PROVIDE ADDITIONAL BENEFITS NOT SET
FORTH IN THE PLAN OR LIMIT THE BENEFITS OTHERWISE PROVIDED UNDER THE PLAN;
PROVIDED, HOWEVER, THAT ANY SUCH ADDITIONAL BENEFITS OR BENEFIT LIMITATIONS MUST
BE AGREED TO BY BOTH THE EMPLOYER AND THE PARTICIPANT.
1.36
"PLAN YEAR" SHALL MEAN A PERIOD BEGINNING ON JANUARY 1 OF EACH YEAR
AND CONTINUING THROUGH DECEMBER 31 OF SUCH YEAR.
1.37
"PRINCIPAL SPONSOR" SHALL MEAN HORMEL FOODS CORPORATION, A DELAWARE
CORPORATION, AND ANY SUCCESSOR TO ALL OR SUBSTANTIALLY ALL OF THE HORMEL FOODS
CORPORATION'S ASSETS OR BUSINESS.
1.38
"PRIOR PLAN STATEMENT" SHALL MEAN THE SERIES OF DOCUMENTS PURSUANT
TO WHICH THIS PLAN ESTABLISHED AND OPERATED UNTIL JANUARY 1, 2008.
1.39
"PROFIT SHARING ACCOUNT" SHALL MEAN (I) THE SUM OF ALL OF A
PARTICIPANT'S ANNUAL PROFIT SHARING AMOUNTS DEFERRED WITH RESPECT TO PLAN YEARS
BEGINNING PRIOR TO JANUARY 1, 2008 UNDER THE TERMS OF THE PRIOR PLAN STATEMENT,
PLUS (II) AMOUNTS CREDITED IN ACCORDANCE WITH ALL THE APPLICABLE CREDITING AND
DEBITING PROVISIONS OF THIS PLAN THAT RELATE TO THE PARTICIPANT'S PROFIT SHARING
ACCOUNT, LESS (III) ALL DISTRIBUTIONS MADE TO THE PARTICIPANT OR HIS OR HER
BENEFICIARY PURSUANT TO
6
Hormel Foods Corporation
Executive Deferred Income Plan II
Master Plan Document (2008 Restatement)
THIS PLAN THAT RELATE TO THE PARTICIPANT'S PROFIT SHARING ACCOUNT. EFFECTIVE FOR
PLAN YEARS BEGINNING ON OR AFTER JANUARY 1, 2008, ANNUAL PROFIT SHARING AMOUNTS
SHALL NO LONGER BE MADE TO THE PLAN.
1.40
"RESTRICTED STOCK ACCOUNT" SHALL MEAN THE SHARES OF RESTRICTED STOCK
DEFERRED BY A PARTICIPANT AS A RESULT OF ALL ANNUAL RESTRICTED STOCK AMOUNTS ON
OR BEFORE DECEMBER 31, 2004 UNDER THE PRIOR PLAN STATEMENT. EFFECTIVE JANUARY 1,
2005, DEFERRALS OF ANNUAL RESTRICTED STOCK AMOUNTS SHALL NO LONGER MADE TO THE
PLAN.
1.41
"RETIREMENT", "RETIRE(S)" OR "RETIRED" SHALL MEAN, WITH RESPECT TO
AN EMPLOYEE, SEPARATION FROM SERVICE (AS THAT TERM IS DEFINED UNDER SECTION 409A
OF THE CODE) FROM ALL EMPLOYERS ON OR AFTER THE EARLIER OF THE ATTAINMENT OF AGE
SIXTY-FIVE (65) OR (B) AGE FIFTY-FIVE (55) WITH FIFTEEN (15) YEARS OF SERVICE