FOR ANY REASON OTHER THAN A LEAVE OF ABSENCE, DEATH OR DISABILITY.
1.42
"RETIREMENT BENEFIT" SHALL MEAN THE BENEFIT SET FORTH IN ARTICLE 7.
1.43
"SPECIFIED EMPLOYEE" SHALL MEAN A KEY EMPLOYEE OF THE EMPLOYER OR AN
AFFILIATE, WITHIN THE MEANING OF SECTION 409A OF THE CODE AND REGULATIONS ISSUED
THEREUNDER. IN DETERMINING WHETHER A PARTICIPANT IS A KEY EMPLOYEE, THE
IDENTIFICATION DATE TO BE USED SHALL BE DECEMBER 31.
1.44
"STOCK" SHALL MEAN HORMEL FOODS CORPORATION COMMON STOCK, $0.01 PAR
VALUE, OR ANY OTHER EQUITY SECURITIES OF THE PRINCIPAL SPONSOR DESIGNATED BY THE
COMMITTEE.
1.45
"STOCK OPTION GAIN ACCOUNT" SHALL MEAN THE SHARES OF STOCK DEFERRED
BY A PARTICIPANT AS A RESULT OF ALL ANNUAL STOCK OPTION GAIN AMOUNTS BEFORE
DECEMBER 31, 2004 UNDER THE PRIOR PLAN STATEMENT. EFFECTIVE JANUARY 1, 2005,
DEFERRALS OF ANNUAL STOCK OPTION GAIN AMOUNTS SHALL NO LONGER BE MADE TO THE
PLAN.
1.46
"SURVIVOR BENEFIT" SHALL MEAN THE BENEFIT SET FORTH IN ARTICLE 10.
1.47
"TERMINATION BENEFIT" SHALL MEAN THE BENEFIT SET FORTH IN ARTICLE 8.
1.48
"TERMINATION OF EMPLOYMENT" SHALL MEAN THE SEPARATION FROM SERVICE
(AS THAT TERM IS DEFINED UNDER SECTION 409A OF THE CODE) WITH ALL EMPLOYERS,
VOLUNTARILY OR INVOLUNTARILY, FOR ANY REASON OTHER THAN RETIREMENT, DISABILITY,
DEATH OR AN AUTHORIZED LEAVE OF ABSENCE. A TRANSFER OF EMPLOYMENT WITH AN
EMPLOYER TO EMPLOYMENT WITH AN AFFILIATE OF AN EMPLOYER SHALL NOT CONSTITUTE A
TERMINATION OF EMPLOYMENT. IF AN EMPLOYER WHO IS AN AFFILIATE (I.E., NOT THE
PRINCIPAL SPONSOR) CEASES TO BE AN AFFILIATE BECAUSE OF A SALE OF SUBSTANTIALLY
ALL THE STOCK OR ASSETS OF THAT EMPLOYER, THEN PARTICIPANTS WHO ARE EMPLOYED BY
THAT EMPLOYER AND WHO CEASE TO BE EMPLOYED BY THAT EMPLOYER IN CONNECTION WITH
THE SALE OF SUBSTANTIALLY ALL THE STOCK OR ASSETS OF THAT EMPLOYER SHALL BE
DEEMED TO HAVE THEREBY HAD A TERMINATION OF EMPLOYMENT FOR THE PURPOSES OF
COMMENCING DISTRIBUTIONS FROM THIS PLAN.
7
Hormel Foods Corporation
Executive Deferred Income Plan II
Master Plan Document (2008 Restatement)
1.49
"TRUST" SHALL MEAN ONE OR MORE TRUSTS ESTABLISHED PURSUANT TO THAT
CERTAIN MASTER TRUST AGREEMENT BETWEEN THE PRINCIPAL SPONSOR AND THE TRUSTEE
NAMED THEREIN, AS AMENDED FROM TIME TO TIME.
1.50
"UNFORESEEABLE FINANCIAL EMERGENCY" SHALL MEAN AN UNANTICIPATED
EMERGENCY THAT IS CAUSED BY AN EVENT BEYOND THE CONTROL OF THE PARTICIPANT THAT
WOULD RESULT IN SEVERE FINANCIAL HARDSHIP TO THE PARTICIPANT RESULTING FROM
(I) A SUDDEN AND UNEXPECTED ILLNESS OR ACCIDENT OF THE PARTICIPANT, THE
PARTICIPANT'S SPOUSE, OR A DEPENDENT OF THE PARTICIPANT, (II) A LOSS OF THE
PARTICIPANT'S PROPERTY DUE TO CASUALTY, OR (III) SUCH OTHER SIMILAR
EXTRAORDINARY AND UNFORESEEABLE CIRCUMSTANCES ARISING AS A RESULT OF EVENTS
BEYOND THE CONTROL OF THE PARTICIPANT, ALL AS DETERMINED IN THE SOLE DISCRETION
OF THE COMMITTEE.
1.51
"YEARS OF SERVICE" SHALL MEAN THE TOTAL NUMBER OF FULL YEARS IN
WHICH A PARTICIPANT HAS BEEN EMPLOYED BY ONE OR MORE EMPLOYERS. FOR PURPOSES OF
THIS DEFINITION, A YEAR OF EMPLOYMENT SHALL BE A 365 DAY PERIOD (OR 366 DAY
PERIOD