Document:

ex101transitionagreement

                                                                    Exhibit 10.1                TRANSITION EMPLOYMENT AND SEPARATION AGREEMENT           This Transition Employment and Separation Agreement (this “Agreement”), effective   as of March 22, 2019 (the “Transition Date”) is made and entered into by and between Pilgrim’s   Pride   Corporation,   a   Delaware   corporation   (“Company”),   and   William   W.   Lovette   (“Executive”), with reference to the following circumstances, namely:                                      RECITALS           WHEREAS, Executive and Company have mutually expressed their desire for Executive  to  transition  from  his  role  as  President  and  Chief  Executive  Officer  of  Company  as  of  the  Transition Date;          WHEREAS,  Executive  has  expressed  his  desire  to  continue  providing  services  to  Company as an employee;          WHEREAS, Company desires to express its appreciation to Executive for his long and  dedicated service to Company and also desires to benefit from Executive’s services to Company  in different capacities; and          WHEREAS,  Executive  and  Company  desire  to  enter  into  this  Agreement  in order  to  memorialize   the   terms   and   conditions   of   Executive’s   changing   role   with   Company  and  anticipated separation from employment with Company.          NOW,  THEREFORE,  in  consideration  of  the  promises  and  mutual  covenants  herein  contained and  other  good  and  valuable consideration, the  receipt and  sufficiency of  which  are  hereby acknowledged, the parties hereto agree as follows:          1.     Title, Status and Duties.                 (a)        Effective   as   of   the   Transition   Date,   Executive   shall   resign   from  Executive’s role as President and Chief Executive Officer of Company and as a Director of the   Board of Directors of Company (the “Board”) and shall relinquish all authority to act on behalf   of Company or any of its subsidiaries or affiliates (together, the “Company Group”).   From the   Transition Date through Executive’s termination of employment with the  Company Group  (the   “Advisory Term”), Executive shall remain an employee of Company and have the title of Senior   Advisor.   During the Advisory Term, Executive shall report to the Chairman of the Board (the   “Company Chairman”).                 (b)       Executive’s  duties  during the  Advisory  Term  shall  include  an  employee   advisory  role  to  participate  in ongoing  litigation  and  to  provide  other  general  support  as  is   reasonably  requested  of  Executive by  the  Company Chairman.   As Senior  Advisor,  Executive   shall have no ability or authority to bind the Company Group in any capacity.  While serving as   Senior Advisor, Executive shall (i) devote Executive’s attention to the business of the Company   Group as needed to fulfill his duties; (ii) perform Executive’s duties faithfully and diligently in   accordance with the bylaws of Company and the terms of this Agreement; (iii) operate within the   established guidelines, plans  or  policies approved  by  the  Board; and  (iv) comply with  and  be  

 

 bound by the policies and procedures of the Company Group applicable to Executive, including   Company’s codes of ethics and business conduct.                 (c)        During   the  Advisory   Term,  Executive  will  refrain   from   performing   services for remuneration for any entity other than a member of the Company Group, except that   this limitation will not prohibit Executive from (i) devoting reasonable time to serve as a director   or a member of a committee of any organization involving no conflict of interest with the interest   of  the  Company  Group,  or  (ii)  managing  Executive’s  private  equity  enterprise;  provided,   however,  that  neither  service  shall  interfere  with  the  performance  of  Executive’s  duties  under   this Agreement or violate the restrictive covenants herein.  Upon request of the Board, Executive   will provide the Board with a list of all outside directorships, and Executive agrees to resign any   such  directorship  should  the  Board  reasonably  determine  such  directorship  interferes  with   Executive’s duties or this Agreement. During the Advisory Term, Executive may also spend time   on  charitable and  civic activities and  in the  management of  Executive’s  personal  and  financial   matters, as long as such activities do not involve a conflict of interest with the Company Group   or interfere with the performance of Executive’s duties under this Agreement.                 (d)       During   the   Advisory   Term,   Executive   is   an   “employee-at-will”   of   Company.  Company  may  terminate  Executive’s  employment,  and  Executive  may  resign  such   employment, at any time during the Advisory Term for any reason or for no stated reason.           2.   Termination of Employment.                 (a)      Executive’s  employment  with  the  Company  Group  shall  terminate   immediately upon  the earliest to occur of: (i) July 31,  2020,  (ii) the date of Executive’s death,   (iii) the date Executive is determined by the Board to have a Disability, (iv) the date Executive   sets  forth  as  Executive’s  resignation  date  in  a  notice  of  termination  delivered  to  Company  in   accordance with this Agreement or (v) the date Company sets forth as Executive’s termination   date with or without Cause in a notice of termination delivered to Executive in accordance with   this Agreement (the earliest of such dates, the “Separation Date”).                 (b)       Effective as of the Separation Date, Executive shall resign from  any and   all positions with the Company Group that Executive holds as of the Separation Date, including,   but not limited to, his role as Senior Advisor.                 (c)        “Disability” means  Executive’s  inability,  as  determined  by the  Board,  to   perform  the  responsibilities  and  functions  of  Executive’s  position,  with  or  without  reasonable   accommodation, by  reason  of  any  medically determined physical  or  mental  impairment which   has lasted (or can reasonably be expected to last) for a period of not less than one hundred eighty   (180) consecutive days.                 (d)       “Cause” means, as determined by the Board: (i) Executive’s conviction in   a court of law of, or entry of a guilty plea or plea of no contest to, a felony charge (regardless of   whether subject to appeal); (ii) Executive’s willful and continued failure to perform substantially   Executive’s duties to the Company Group (other than any such failure resulting from Executive’s   incapacity due to physical or mental illness); (iii) any willful act that constitutes on Executive’s   part  fraud,  dishonesty  in  any  material  respect,  breach  of  fiduciary  duty,  misappropriation,                                           2 

 

 embezzlement  or  gross  misfeasance  of  duty;  (iv) Executive’s  willful  disregard  or  continued   breach in any material respect of published Company Group policies and procedures or codes of   ethics  or  business  conduct,  including,  without  limitation,  Executive’s  engagement  in  sexual   harassment,  unlawful  discrimination  or  any  other  material  violation  of  the  Company  Group’s   employment  practices  related  to  workplace  conduct;  or  (v)  any  other  material  breach  by   Executive of any provision of this Agreement.           3.    Compensation and Benefits.                 (a)       As  consideration  for  the  services  performed  hereunder and  Executive’s  execution  within  21  days  following  the  Transition  Date  and  non-revocation  of  the  Release  Agreement  set  forth  on  Exhibit  A hereto  (the  “Release”),  which is  incorporated  herein  in  its   entirety as if it were set forth in this Agreement:                     (i)            Executive  shall  be  entitled  to  cash  compensation in  an  amount        equal  to  $15,000,000  (the  “Cash  Compensation”),  payable  as  follows:  (i)  $25,000         monthly in regular payroll installments from  the  Transition Date through  and  including         July 31, 2020 and (ii) two equal installments of $7,300,000 on each of July 31, 2019 and         July 31,  2020,  subject  to  Executive’s  continued  employment  with  the  Company  Group         through  the  applicable  payment  date  and  compliance  with  the  restrictive  covenants  set         forth herein and the terms of the Release; and                    (ii)            During   the   Advisory   Term,   Executive   shall   be   eligible   to         participate  in  the  tax  qualified  retirement,  group  medical,  dental,  life  insurance  and         disability  insurance  plans,  or  similar  benefit  plans  of  Company  that  are  available         generally  to  employees  of  Company,  subject  to  the  terms  of  each  such  plan  and  the         making by  Executive of  any  applicable contributions and  the  payment by  Executive of         any applicable premiums.                 (b)       Company   will   reimburse   Executive   for   all   reasonable   pre-approved   expenses actually incurred or paid by Executive in the performance of Executive’s services on   behalf  of  the  Company  Group  in  accordance  with  Company’s  applicable  travel  and  expense   reimbursement  policies  and  any  limitations  that  the  Board  establishes  from  time  to  time  for   employee expenses and expense reimbursements, subject to the timely submission by Executive   of acceptable written documentation of such expenses.                 (c)        If the Separation Date is due to Executive’s death or Disability, and, in the   case of Disability, subject to Executive’s execution within 21 days following the Separation Date   and  non-revocation  of  the  Release,  Company  will  provide  to  Executive  (or,  in  the  event  of   Executive’s  death,  to  Executive’s  estate)  any  remaining  unpaid Cash  Compensation  on  the   applicable dates set forth in Section 3(a).                 (d)       If the Separation Date is July 31,  2020  or  is  due  to  Company’s earlier   termination  of  Executive’s  employment  without  Cause,  and  subject  to  Executive’s  execution   within 21 days following the Separation Date and non-revocation of the Release, Company will   provide the following severance to Executive (the “Severance”): (i) any remaining unpaid Cash   Compensation  on  the  applicable  dates  set  forth  in  Section  3(a),  (ii)  $1,000,000  annually  in                                           3 

 

 regular payroll installments for the 24-month period immediately following the Separation Date   with payment commencing 60 days following the date of Executive’s termination of employment   and  (iii)  if  Executive  elects  COBRA  continuation  coverage  under  the  applicable  group  health   plan of Company, reimbursement of the premium cost of such coverage in excess of the required   employee  contribution  level  in  effect  from  time  to  time  during the  applicable  period  for  an   executive of Company electing similar coverage, until the earliest of the expiration of 18 months   following the date of Executive’s termination of employment or such date as Executive becomes   eligible to participate in another employer’s group health plan. Company’s obligation to provide   Severance  will  terminate  immediately  upon  the  breach  by  Executive  of  any  of  the  restrictive   covenants set forth herein or the terms of the Release.                 (e)        Prior to the Transition Date, Executive has been granted cash and equity   awards (“Incentive Awards”).   By executing this Agreement, Executive agrees that  any and  all   Incentive Awards (whether vested or unvested) shall forfeit in full upon the Transition Date for   no consideration, and that Executive shall have no opportunity to vest into or earn any Incentive  Awards  following  the  Transition  Date  (including,  for  the  avoidance  of  doubt,  if  Executive  remains employed by the Company Group on a date that would have been a vesting date under  the  terms  of  any  Incentive  Award),  and  Executive  shall  have  no further  rights  to  any  shares,  compensation or payment of any kind pursuant to any and all Incentive Awards.  Further, except  as otherwise expressly provided herein, on and after the Transition Date, Executive shall not be  entitled  to  any  other  compensation  or  participate  in  any  past, present  or  future  employee  compensation programs  or  arrangements of  the  Company Group,  including, without limitation,  any compensation under any bonus, (including any annual bonus with respect to calendar year  2019),  long-term  incentive  or  severance  plan,  program  or  arrangement.   For  the  avoidance of  doubt,  if  Executive  resigns  for  any  or  no  reason  or  if  Company terminates  Executive’s  employment  with  Cause,  Executive  shall  not  be  entitled  to  any  payments  following  the  Separation Date, including but not limited to any unpaid Cash Compensation or any Severance.           4.         Return of Property.  Upon the Transition Date, Executive shall return the property   of  the  Company Group  in  his  possession,  custody or  control, including, but  not  limited to,  all   Confidential Information (as defined below) and every other matter, thing or material of any kind   that  relates  in  any  way  to  the  business  of  the  Company  Group,  and  Executive  shall  return   electronic hardware issued  to him by the Company Group  (including laptop) and copies of  his   outlook contacts; provided that Company will give Executive an electronic copy of his outlook   contacts  following  the  Transition  Date.    Subsequently,  Company  will  deliver  to  Executive   electronic  hardware  necessary  for  the  performance  of  Executive’s  duties  during  the  Advisory   Term.  Upon the Separation Date, Executive shall return the property of the Company Group in   his possession, custody or control, including, but not limited to, all Confidential Information and   every other matter, thing or material of any kind that relates in any way to the business of the   Company Group, and Executive shall return electronic hardware issued to him by the Company  Group  (including  laptop  and  cell  phone)  and  copies  of  his  outlook  contacts;  provided  that  Company will give Executive an electronic copy of his outlook contacts following the Separation  Date.          5.         Cooperation in  Litigation.   From and  after the  Transition Date,  Executive shall   cooperate  with,  and  assist,  Company  in  defense  of  any  claim,  litigation  or  administrative   proceeding  brought  against  any  member  of  the  Company Group,  as reasonably  requested  by                                          4 

 

 Company.  Such cooperation and assistance shall include, but is not limited to: (i) interviews of   Executive  by  legal  counsel  for  the  Company  Group,  (ii) Executive  providing  documents  (or   copies  thereof)  and  executing  affidavits,  (iii) Executive  appearing  for  depositions,  trials,  and   other  proceedings,  and  (iv) Executive  communicating  with  any  party  adverse  to  Company,  or   with a representative, agent or legal counsel for any such party, concerning any pending or future   claims  or  litigation  or  administrative  proceeding  solely  through  legal  counsel  for  Company.   Nothing  in  this  Agreement,  including  this  Section 5,  is  intended  to  cause  Executive  to  testify   other than truthfully in any proceeding or affidavit.           6.         Non-Disparagement.    From  and  after  the  Transition  Date,  Executive  shall  not   make any negative, disparaging, detrimental or derogatory remarks or statements (written, oral,   telephonic,  electronic,  or  by  any  other  method)  about  the  Company Group  or  any  of  its  past,   present or future respective owners, partners, managers, directors, officers, employees or agents,   including, without  limitation,  any  remarks  or  statements that  could  be  reasonably  expected,  or   which  have  the  purpose  and  effect,  to  adversely  affect  in  any  manner  (i)  the  conduct  of  any   member  of  the  Company  Group’s  business  or  (ii)  the  business  reputation,  good  will  or   relationships of the aforementioned persons.   Company shall instruct its directors and executive   officers not to, from and after the Transition Date, make any negative, disparaging, detrimental   or  derogatory  remarks  or  statements  (written,  oral,  telephonic,  electronic,  or  by  any  other   method) about Executive, including, without limitation, any remarks or statements that could be   reasonably expected, or which have the purpose and effect, to adversely affect in any manner (i)   the conduct of Executive’s private equity enterprise and (ii) the business reputation, good will or   relationships of Executive.           7.   Confidential Information.                 (a)        Executive  acknowledges  that  (i) Company  has  Confidential  Information   and  Trade Secrets,  (ii) the Confidential Information and  Trade Secrets have been  developed or  acquired  by  Company  through  the  expenditure  of  substantial  time,  effort  and  money  and  provides  Company  with   an   advantage  over   competitors  who   do   not  know   or   use   such  Confidential  Information  and  Trade  Secrets,  and  (iii) during  Executive’s  employment  with  the  Company  Group,  Executive  has  had  access  to  and  has  become  acquainted  with  Confidential  Information and Trade Secrets.                (b)       Confidential Information and  Trade Secrets constitute  valuable assets  of  the  Company Group  and  may not  be  converted to  Executive’s  own  use.  Executive agrees  that  Executive  shall  not,  directly  or  indirectly,  at  any  time:  (i)  reveal,  divulge,  or  disclose  any  Confidential Information or Trade Secrets to any person not expressly authorized by Company;  (ii)  use  or  make use  of  any  Confidential Information  or  Trade Secrets  in  connection with  any  business activity other than that of the Company Group; or (iii) transmit or disclose any Trade  Secret of the Company Group to any person and shall not make use of any such Trade Secret,  directly  or  indirectly,  for  Executive  or  for  others.  This  Agreement  does  not  alter  either  Company’s rights or Executive’s obligations under any state or federal statutory or common law  regarding trade secrets and unfair trade practices. Notwithstanding the above, Executive will not  be restricted from disclosing Confidential Information or any Trade Secrets that are required to  be  disclosed  by  law,  court  order  or  other  legal  process;  provided,  however,  that  in  the  event  disclosure  is  required  by  law,  Executive  shall  provide  Company with  prompt  notice  of  such                                          5 

 

 requirement  (to  the  extent  legally  permissible)  so  that  Company  may  seek  an  appropriate   protective  order  prior  to  any  such  required  disclosure  by  Executive  and  so  as  to  provide   Company’s  General  Counsel  with  prompt  written  notice  after  Executive is  informed that  such   disclosure will be compelled.  Such written notice shall include a description of the information   to  be disclosed, the  court,  government agency,  or  other forum  through  which the disclosure is   sought, and the date by which the information is to be disclosed, and shall contain a copy of the   subpoena, order or other process used to compel disclosure.   No provisions in this Agreement,   including Section  6  and  this  Section  7,  are intended to  prohibit Executive from  disclosing this   Agreement to, or from cooperating with or reporting violations to, any such governmental entity,   and  Executive may do  so  without disclosure to Company.   Company may not  retaliate against   Executive for any of these activities, and nothing in this Agreement would require Executive to   waive any monetary award or other payment that Executive might become entitled to from any   such governmental entity.                 (c)        “Confidential Information” means all information without regard to form   regarding  the  members  of  the  Company  Group,  their  activities,  business  or  clients  that  is  the   subject of reasonable efforts by the Company Group to maintain its confidentiality and that is not   generally disclosed by practice or authority to persons not employed by the Company Group, but   that does not rise to the level of a Trade Secret. Confidential Information includes financial plans   and  data  concerning  the  Company  Group,  management  planning  information,  business  plans,   operational  methods,  market  studies,  marketing  plans  or  strategies,  product  development   techniques  or  plans,  customer  lists,  customer  files,  data  and  financial  information,  details  of   customer  contracts,  current  and  anticipated  customer  requirements,  identifying  and  other   information pertaining to  business referral sources,  commodity marketing position, grain trades   and  strategy,  budgets,  long-range plans,  sales  data,  technical information,  processes  and   compilations  of  information,  records,  specifications  and  information  concerning  customers  or   vendors,  manuals  relating  to  suppliers’  products,  information  regarding  methods  of  doing   business, the identity of suppliers, and personnel information, past, current and planned research   and development, business acquisition plans, and new personnel acquisition plans and does not   limit  any definition  of “confidential  information”  or  any equivalent term under state or  federal   law.  Confidential Information does not include information that has become generally available   to the public by the act of one who has the right to disclose such information without violating   any right or privilege of Company.                 (d)       “Trade Secret” means  all  information,  without  regard  to  form,  including   technical  or  nontechnical  data,  a formula,  a  pattern,  a  compilation,  a  program,  a  device,  a   method,  a  technique,  a  drawing,  a  process,  financial  data,  financial  plans,  product  plans,   distribution lists or a list of actual or  potential customers, advertisers or  suppliers which is  not   commonly  known  by  or  available  to  the  public  and  which  information:  (i)  derives  economic   value, actual or potential, from not being generally known to, and not being readily ascertainable   by proper means by,  other persons  who  can  obtain economic value  from  its  disclosure or  use;   and  (ii)  is  the  subject  of  efforts  that  are  reasonable  under  the  circumstances  to  maintain  its   secrecy.                 (e)        Executive is hereby notified in accordance with the Defend Trade Secrets   Act of 2016 that Executive will not be held criminally or civilly liable under any federal or state   trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state,                                          6 

 

 or local government official, either directly or indirectly, or to an attorney solely for the purpose   of  reporting  or  investigating a  suspected  violation  of  law,  or is  made  in  a  complaint  or  other   document that is filed under seal in a lawsuit or other proceeding.  If Executive files a lawsuit for   retaliation against Company for reporting a suspected violation of law, Executive may disclose   Company’s trade secrets to the Executive’s attorney and use the trade secret information in the   court proceeding if the Executive files any document containing the trade secret under seal, and   does not disclose the trade secret, except pursuant to court order.           8.        Non-Competition.    During  the  Advisory  Term  and  for  the  24-month  period   immediately  following  the  Separation  Date  (the  “Restricted  Period”),  Executive  shall  not,   directly or indirectly, anywhere in the United States or any country outside of the United States   where  the  Company  Group  engages  or  has  engaged  in  its  business,  seek  or  obtain  any   employment or  a  consulting arrangement with  a  Competitor in  which  Executive will  use  or  is   likely to use any Confidential Information or Trade Secrets, or in which Executive has duties for   such Competitor that are the same or similar to those services actually performed by Executive   for Company. For purposes of this Section 8, “Competing Business” means poultry production   (including,  without  limitation, broiler  production,  processing,  sales  and  marketing)  or  other   protein  production,  and  “Competitor”  means  any  company  or  entity  engaged  in  a  Competing   Business.  During the Advisory Term and the Restricted Period, Executive shall not perform any   act  that  may  confer  any  competitive benefit  or  advantage upon  any  Competitor or,  directly or   indirectly, engage on Executive’s own behalf or as a principal, owner, partner, stockholder, joint   venturer, investor, member, trustee,  director, officer,  manager, employee,  agent,  representative,   or  consultant  of  any  firm,  corporation,  partnership  or  other  organization  in  a  Competing   Business; provided, however, that this Section 8 shall not preclude Executive from owning less   than 1% of the common stock of a public company.  Executive acknowledges and agrees that if   Executive were  to  engage in  competitive activities with  Company, Executive would  inevitably   disclose and use Company’s Confidential Information.           9.         Non-Solicitation.  During the Advisory Term and the Restricted Period, Executive   shall  not,  directly  or indirectly,  on  Executive’s  own  behalf  or  as  a  principal,  owner,  partner,   stockholder,  joint  venturer,  investor,  member,  trustee,  director,  officer,  manager,  employee,   agent, representative, or consultant of any person or otherwise:                 (a)        recruit,  solicit  or  induce,  or  attempt  to  recruit,  solicit  or  induce,  any   individual who is or was within the then most recently completed six-month period an employee   or other service provider to any member of the Company Group to terminate his employment or   service relationship with any member of the Company Group or to be hired by or to enter into   employment or a service relationship with any other person, or hire or assist in the hiring of any   such employee by a person, association, or entity not affiliated with Company; or                 (b)       solicit, contact, or canvass or attempt to solicit, contact, or canvass any of   the customers or potential customers of the Company Group with whom Executive had direct or   indirect contact while Executive was performing services for the Company Group, or induce or   attempt to induce any such customer or potential customer to terminate or otherwise modify its   relationship with  the  Company Group,  or  otherwise  interfere  with  the  relationship or  potential   relationship between the Company Group and any such customer or potential customer.                                           7 

 

       10.   Enforcement; Injunctive Relief.                 (a)        Executive  acknowledges  and  agrees  that  the  covenants  contained  in   Sections 6   through   9   are   reasonable   and   necessary   to   protect   Company’s   Confidential   Information,  Trade  Secrets  and  the  business  and  goodwill  of  Company and  is  not  intended  to   impair or infringe upon Executive’s right to work, earn a living, or acquire and possess property   from the fruits of Executive’s labor, and that their enforcement would not cause Executive any   undue hardship or unreasonably interfere with Executive’s ability to earn a livelihood. Executive   acknowledges that  Executive has  received  good  and  valuable  consideration for  the  restrictions   set forth in Sections 6 through 9 in the form of the compensation and benefits provided for herein   and  in  the form  of  Company allowing Executive access to  Confidential Information and  Trade   Secrets   that   Executive  would   not   otherwise   receive  had  Executive  not   entered   into   the   restrictions set forth in Sections 6 through 9.                 (b)       Executive  acknowledges  that  violation  of  the  covenants  in  Sections  6   through 9 will cause irreparable damage to Company and that money damages would not provide   an  adequate  remedy to  Company,  entitling Company to  an  injunction  in  a  court  of  competent   jurisdiction, in addition to whatever remedies Company may have at law or in equity, including   recovery of reasonable attorneys’ fees and costs incurred by Company in enforcing the terms of   Sections 6 through 9.   Such right and remedy shall be independent of any others and severally   enforceable,  and  shall  be  in  addition  to,  and  not  in  lieu  of,  any  other  rights  and  remedies   available  to  Company  at  law  or  in  equity,  including  the  right  of  Company  to  terminate   Severance. Executive agrees  that  in  the  event  Company seeks  and  obtains  injunctive relief,  no   bond  shall be required. Nothing herein is  intended to limit the relief available to Company for   Executive’s violation of the covenants contained in Sections 6 through 9.                 (c)        Executive further acknowledges and agrees that if Executive violates the   covenants  contained  in  Sections  8  and  9  and  Company brings  legal  action  for  and  is  granted   injunctive or other equitable relief, Executive agrees that Company shall not be deprived of the   benefit of  the  full  period of  such  covenants, as  a  result of  the time involved in  obtaining such  relief.    Accordingly,  Executive  agrees  that  the  provisions  in Sections 8  and  9  shall  have  a  duration determined pursuant to that paragraph, computed by taking into account the time, if any,  during which Executive was in compliance with Sections 8 and 9.                 (d)       The  covenants  set  forth  in  this  Agreement  shall  be  considered  and   construed as separate and independent covenants. Should any part or provision of any covenant   be held invalid or  unenforceable, such  invalidity or  unenforceability shall not render invalid or   unenforceable  any  other  part  or  provision  of  this  Agreement.  If  any  portion  of  the  foregoing   provisions  is  found  to  be  invalid  or  unenforceable  because  its  duration,  the  territory,  the   definition  of  activities  or  the  definition  of  information  covered  is  considered  to  be  invalid  or  unreasonable in scope, the invalid or unreasonable term shall be redefined, or a new enforceable  term provided, such that the intent of  Company and  Executive in agreeing to the provisions of  this  Agreement  will  not  be  impaired  and  the  provision  in  question  shall  be  enforceable  to  the  fullest extent of the applicable laws.           11.  Executive Representations.   Executive represents and  warrants  that  Executive’s   employment with Company, the execution by Executive of this Agreement and the performance                                          8 

 

 by Executive of Executive’s obligations hereunder will not conflict with, or result in a violation   or  breach  of,  any  employment,  consulting,  non-competition  or  other  agreement  to  which   Executive  is  a  party or  to  which  Executive  is  otherwise  subject.  The  obligations  of  Company   under this Agreement are expressly conditioned upon  these representations by  Executive being   true in all respects. In Executive’s work for Company, Executive further represents and warrants   that Executive will not use or disclose any Confidential Information, including Trade Secrets, of   any former employer or other person to whom Executive has an obligation of confidentiality.           12.       Tax Withholding.  All payments made by Company to Executive pursuant to this   Agreement will be reduced by applicable tax withholdings and any other deductions as required   by law.           13.  Code Section 409A.                 (a)        Executive  and  Company  agree  that  it  is  the  intent  of  the  parties  that   payments and benefits under this Agreement shall comply with or be exempt from Section 409A   of   the   U.S.   Internal   Revenue   Code   of   1986,   as   amended   (“Code   Section   409A”)   and,   accordingly, to the maximum extent permitted, this Agreement shall be interpreted in accordance   therewith.   To the extent any provisions of this Agreement do  not comply with Code Section   409A, the parties will make such changes as are mutually agreed upon in order to comply with   Code Section 409A.  Notwithstanding any other provision with respect to the timing of payments   under this Agreement, to the extent necessary to comply with the requirements of Code Section   409A, any payments to which Executive may become entitled under this Agreement which are   subject to Code Section 409A (and not otherwise exempt from its application) that are payable   (i) in a lump sum within six months following the date of termination will be withheld until the   first  business  day  after  the  six-month  anniversary  of  the  date of  termination,  at  which  time   Executive  shall  be  paid  the  amount  of  such  lump  sum  payments  in  a  lump  sum  and  (ii)  in   installments within six months following the date of termination will be withheld until the first   business day after the six-month anniversary of the date of termination, at which time Executive   shall be  paid  the  aggregate amount of  such  installment payments in  a  lump sum, and  after the   first  business  day of  the  seventh  month  following the  date  of  termination and  continuing each   month  thereafter,  Executive  shall  be  paid  the  regular  payments otherwise  due  to  Executive  in   accordance with the payment terms and schedule set forth herein.   In no event whatsoever shall   Company be liable for any tax, interest or penalties that may be imposed on Executive by Code   Section 409A or any damages for failing to comply with Code Section 409A.                 (b)       In the case of any reimbursement to Executive pursuant to this Agreement,   such  reimbursement  will  be  made  reasonably promptly following  Executive’s  submission  of  a   request  for  reimbursement.  Any  reimbursement  by  Company  during any  taxable  year  of   Executive will not affect any reimbursement by Company in another taxable year of Executive.   Any right to reimbursement is not subject to liquidation or exchange for another benefit.                 (c)        For  purposes  of  the  limitations  on nonqualified  deferred  compensation   under Section 409A of the Code, each payment of deferred compensation under this Agreement   shall be treated as  a separate payment of  deferred compensation. In  addition, to the  extent that   the right to any payment (including the provision of benefits) hereunder provides for the deferral   of  compensation within  the  meaning of  Section  409A  of  the  Code,  references to  Executive’s                                          9 

 

 “termination” or “resignation” of employment will be construed to mean Executive’s “separation   from service” within the meaning of Section 409A(a)(2)(A)(i) of the Code.           14.       Waiver.  The failure of Company to enforce or to require timely compliance with   any term or provision of this Agreement shall not be deemed to be a waiver or relinquishment of   rights  or  obligations  arising  hereunder,  nor  shall  this  failure  preclude  the  enforcement  of  any   term or provision or avoid the liability for any breach of this Agreement.           15.       Counterparts.  This Agreement may be executed in separate counterparts, each of   which is deemed to be an original and all of which taken together constitute one and the same   agreement.           16.       Severability.  Each part, term or provision of this Agreement is severable from the   others.    Notwithstanding  any  possible  future  finding  by  a  duly  constituted  authority  that  a   particular  part,  term  or  provision  is  invalid,  void  or  unenforceable,  this  Agreement  has  been   made with  the  clear  intention that the  validity and  enforceability of  the  remaining parts,  terms   and provisions shall not be affected thereby, except that if the Release is invalidated, Executive   shall  execute  a  valid  release  or  this  entire  Agreement  shall  be  voidable,  at  the  sole  option  of   Company, thereby requiring Executive to return the Cash Compensation and Severance.          17.       Construction.  This Agreement shall be deemed drafted equally by all the parties.   Its language shall be construed as a whole and according to its fair meaning.  Any presumption   or principle that the language is to be construed against any party shall not apply.  The headings   in  this  Agreement  are  only  for  convenience  and  are  not  intended  to  affect  construction  or   interpretation.  This Agreement is not to be construed as an admission, direct or indirect, against   any interest of the parties.  Any references to paragraphs, subparagraphs, or sections are to those   parts of this Agreement, unless the context clearly indicates to the contrary.   Unless the context   clearly indicates to the contrary, (a) the plural includes the singular and the singular includes the   plural; (b) “and” and  “or” are each used both conjunctively and disjunctively; (c) “any,” “all,”   “each,” or “every” means “any and all, and each and every;” (d) “includes” and “including” are   each “without limitation;” and (e) “herein,” “hereof,” “hereunder” and other similar compounds   of  the  word  “here”  refer  to  the  entire  Agreement  and  not  to  any  particular  paragraph,   subparagraph, section or subsection.           18.       Amendment.   This Agreement may not be amended or modified in any manner,   except  by  an  instrument  in  writing  authorized  by  Executive  and a  duly  authorized  officer  on   behalf of Company.                                           10 

 

       19.       Successors  and  Assigns.   This  Agreement is  intended to  bind  and  inure  to  the   benefit of and be enforceable by Executive, Company and their respective heirs, successors and   assigns,  except  that  Executive may  not  assign  his  rights  or  delegate  his  obligations  hereunder   without  the  prior  consent  of  Company.  Any  attempted  assignment in  contravention  of  this   Section 19 shall be void ab initio.   Without the prior written consent of Company, Executive’s   rights and  entitlements under this Agreement may not  be  assigned  by  Executive other  than by   will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be   binding upon Company and its successors and assigns.           20.       Notices.  All notices and other communications hereunder must be in writing and   will be deemed duly given (x) on the date of transmission, if delivered by confirmed facsimile or   electronic mail, or (y) if delivered personally or sent by registered or certified mail, return receipt   requested, postage prepaid or by overnight courier, and addressed to the intended recipient at the   addresses below.          Notices sent to Company should be directed to:                Chris Gaddis               1770 Promontory Circle              Greeley, CO 80634              Email:  Christopher.Gaddis@jbssa.com         with a copy to:               Gillian Emmett Moldowan              Shearman & Sterling LLP              599 Lexington Avenue              New York, NY 10022              Email:  Gillian.Moldowan@shearman.com         Notices sent to Executive should be directed to:               William W. Lovette              At the address on the records of Company         with a copy to:               Thomas A. Cooper              Moore & Van Allen PLLC              100 North Tryon Street              Suite 4700              Charlotte, NC 28202              Email:  thomascooper@mvalaw.com          21.       Entire  Agreement.   This  Agreement,  together  with  the  Release,  constitutes  the   entire agreement of the parties relating to the subject matter hereof.   Any previous agreements   with   respect   to   Executive’s   employment   are   superseded   by   this   Agreement   and   hereby   terminated,  including,  for  the  avoidance  of  doubt  Executive’s  employment  agreements  dated                                          11 

 

 January 14, 2011 and April 3, 2018.  This Agreement has not been executed in reliance upon any   representation or promise except those contained herein.           22.       Choice of Law; Arbitration.  This Agreement shall be interpreted and construed in   accordance with and shall be governed by the laws of the State of Colorado, without reference to   principles of conflict of law of Colorado or any other jurisdiction, and, when applicable, the laws   of  the  United  States.  Any  claim or  dispute  arising  under  or  relating  to  this  Agreement  or  the   breach, termination, or validity of any term of this Agreement shall be subject to arbitration, and   the parties agree that they shall arbitrate all controversies; provided, however, that nothing in this   Agreement  shall  prohibit  Company  from  exercising  its  right  to  pursue  injunctive  or  other   equitable remedies  with  respect  to  a  breach  or  threatened breach  of  covenants. The  arbitration   shall be conducted in  Denver, Colorado, in  accordance with the Employment Dispute Rules of   the American Arbitration Association and the Federal Arbitration Act, 9 U.S.C. §l, et. seq. Any  award  shall  be  binding  and  conclusive upon  the  parties  hereto, subject to  9  U.S.C.  §10.  Each   party  shall  have  the  right  to  have  the  award  made  the  judgment of  a  court  of  competent   jurisdiction. Each party to the arbitration shall bear the cost of their respective attorneys, experts   and advisers. The cost of the arbitrator shall be borne by Company.           23.       Acknowledgment   of   Terms.      Executive   acknowledges   that   Executive   has   carefully  read  this  Agreement;  that  Executive  has  had  the  opportunity  for  review  of  it  by   Executive’s attorney; that Executive fully understands its final and binding effect; that Company   admits  to  no  wrongdoing  in  connection  with  Executive’s  employment,  the  transition  of   Executive’s  employment  responsibilities,  or  any other  matter  covered  by the  Release;  that this   Agreement is intended as a compromise of all Claims that Executive has alleged or may allege   against  any  of  the  Released  Parties  (as  such  terms  are  defined in  the  Release);  that  the  only   promises  or  representations  made  to  Executive to  sign  this  Agreement are  those  stated  herein;   and that Executive is signing this Agreement voluntarily.                          [Remainder of page intentionally left blank.                                Signature page follows.]                                           12 

 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed on the date   and year first above written.                                                         PILGRIM’S PRIDE CORPORATION                                                        /s/ Fabio Sandri                                               By: Fabio Sandri                                             Title: Chief Financial Officer                                                     WILLIAM W. LOVETTE                                                     /s/ William W. Lovette                 [Signature Page to the Transition Employment and Separation Agreement]  

 

                                                                    EXHIBIT A                     GENERAL RELEASE OF CLAIMS AGREEMENT           All   capitalized   terms   used   in   this  General   Release   of   Claims   Agreement  (this  “Release”) and not defined herein have the meaning given to them in the Transition Employment   and Separation Agreement (the “Transition Agreement”), effective as of March 22, 2019, made   by and between Pilgrim’s Pride Corporation, a Delaware corporation (“Company”), and William   W. Lovette (“Executive”).           1.    Definitions.                 (a)        “Claims”  means  all  theories  of  recovery  of  whatever  nature,  whether   known  or  unknown,  and  now  recognized  by  the  law  or  equity of  any  jurisdiction.   This  term   includes  causes  of  action  of  every  kind  and  nature,  charges,  indebtedness,  losses,  claims,   promises, obligations, liabilities, and  demands, whether arising in  equity or  under the common   law  or  under  any  contract  or  statute.     This  term  includes  any  claims  of  discrimination,  harassment, retaliation, retaliatory discharge, or wrongful discharge, and  any other claim which   is alleged or which could be alleged by Executive, or on Executive’s behalf, or by any Releasor  in any lawsuit or other proceeding.   This term includes any claims and rights arising under the  Age Discrimination in Employment Act of 1967,  29  U.S.C.  §621, et seq.,  including the Older   Workers Benefit Protection Act of 1990; Title VII of the Civil Rights Act of 1964, 42 U.S.C.   §2000e, et seq.;  the  Civil  Rights  Act  of  1991;  Sections  1981-1988  of  Title  42  of  the  United   States  Code;  the  Equal  Pay  Act;  the  Employee  Retirement  Income Security  Act  of  1974,  29   U.S.C. §1001, et seq.; and the Americans with Disabilities Act, 42 U.S.C. §12101, et seq.; the   Worker Adjustment and  Retraining Notification Act,  29 U.S.C.  §2101, et seq.;  the  Family and   Medical Leave Act, 29 U.S.C. §2601, et seq.; the National Labor Relations Act; the Immigration   Reform and Control Act; the Americans with Disabilities Act of 1990; the Fair Labor Standards   Act;  the  Occupational Safety and  Health  Act;  the  Sarbanes-Oxley Act  of  2002;  and  any other   federal, state or local law or regulation regarding employment or the termination of employment.   This  term  includes  any  and  all  rights,  benefits  or  claims  Executive  or  any  Releasor  may have   under any employment contract or under any severance, bonus, incentive compensation or stock  option plan, program or agreement.                (b)       “Damages” means  all  elements  of  relief  or  recovery of  whatever  nature,   whether known or unknown, which are recognized by the law or equity of any jurisdiction which   is sought or which could be sought by Executive, or on Executive’s behalf, or by any Releasor,   in any lawsuit or other proceeding.  This term includes actual, incidental, indirect, consequential,   compensatory, exemplary, liquidated and punitive damages; rescission; attorneys’ fees; interest;   costs;  equitable  relief;  and  expenses.    This  term  also  includes  wages,  benefits  or  other  compensation owed,  or  allegedly owed  to  Executive or  any Releasor, by virtue  of  Executive’s  employment  or  termination  of  employment  with  the  Company  Group,  including  severance,  bonuses,  incentive  compensation  or  stock  options,  payable  pursuant  to  any  plan,  program,  or  agreement.                 (c)        “Releasors”   means   and   includes   Executive   individually   and   in   any   corporate or other representative capacity, and all of Executive’s past or present heirs, executors,                                          A-1 

 

 administrators, agents, legal representatives, trustees, estates, spouse,  successors, beneficiaries,   and assigns.                 (d)       “Released  Parties”  means  and  includes  all  members  of  the  Company   Group  (including,  for  the  avoidance  of  doubt,  Company),  and  each  of  their  past,  present  and   future owners, trustees, parents, subsidiaries, affiliates, family members and related entities, and   all of the foregoing entities’ and persons’ past, present and future directors, officers, employees,   associates,  agents,  benefit  plans  (and  each  such  plan’s  fiduciaries,  administrators,  trustees,   sponsors  and  representatives),  insurance  carriers,  predecessors,  successors,  assigns,  executors,   administrators, and representatives, in both their representative and  individual capacities.   Each   of the Released Parties is an intended beneficiary of this Release.           2.   General Release.                 (a)        In   exchange  for  and  in  consideration  of   compensation  and   benefits   provided for in the Transition Agreement, and as a condition of its receipt, Executive, on behalf   of  himself,  and  all  Releasors,  hereby  irrevocably and  unconditionally releases,  discharges  and   acquits all  of  the  Released Parties from any  and  all  Claims and  Damages, which Executive or   any Releasor has against them at any time up to the date Executive signs this Release, including   but not limited to Claims and Damages arising out of, or which might be considered to arise out   of or to be connected in any way with:  (i) Executive’s employment with the Company Group or   the  termination  thereof;  (ii) any  treatment  of  Executive  by  any  of  the  Released  Parties,  which   includes,  without  limitation,  any  treatment  or  decisions  with  respect  to  hiring,  placement,   promotion,  work  hours,  discipline, transfer,  termination, compensation,  performance  review  or   training; (iii) any Damages or injury that Executive or any Releasor may have suffered, including   without limitation, emotional or  physical injury,  or  compensatory Damages (but  excluding any   claims   for   workers’   compensation   benefits);   (iv) employment   discrimination,  which   shall   include, without limitation, any individual or class claims of discrimination on the basis of age,   disability, sex, race, religion, national origin, citizenship status, marital status, sexual orientation   or  any  other  basis  whatsoever;  (v) the  Incentive  Awards;  and  (vi) all  such  other  Claims  or   Damages that Executive or  any Releasor could assert  against any,  some or  all  of  the  Released   Parties; provided that nothing in this Release shall be construed to release any rights Executive   may  have  to  (x)  enforce  the  terms  of  the  Transition  Agreement  or  (y)  indemnification  by   Company.                 (b)       This  Release  shall  be construed  as  broadly  as  possible  and  shall  also   extend to release each and all of the Released Parties, without limitation, from any and all Claims   and Damages that Executive or any Releasor have alleged or could have alleged, whether known   or unknown, based on acts, omissions, transactions or occurrences which occurred up to the date   Executive signs this Release.           3.         Rights Reserved.  Nothing in this Release shall prohibit or restrict Executive from   responding  to  any  inquiry,  or  otherwise  communicating  with,  any  federal,  state  or  local   administrative or regulatory agency or authority, including, but not limited to, the Securities and   Exchange Commission (SEC), the Equal Employment Opportunity Commission (EEOC) or the   National  Labor  Relations  Board  (NLRB),  if  applicable  to  Executive’s  employment,  about  the   Transition  Agreement  or  its  underlying  facts  and  circumstances  or  filing  a  charge  with  or                                         A-2 

 

 participating in  an  investigation conducted by  any governmental agency or  authority; however,   this  Release does  prevent  Executive, to  the  maximum extent permitted by law,  from  obtaining   any monetary or other personal relief from Released Parties for any of the Claims and Damages   Executive has released in this Release.  This Release shall not affect Executive’s rights under the   Older Workers Benefit Protection Act of 1990 (“OWBPA”) (if applicable to Executive) to have a   judicial  determination  of  the  validity  of  this  Release  and  does  not  purport  to  limit  any  right   Executive  may  have  to  file  a  charge  under  the  Age  Discrimination  in  Employment  Act   (“ADEA”)  or  other  civil  rights  statute  or  to  participate  in  an investigation  or  proceeding   conducted by the EEOC or other investigative agency.   This Release does, however, waive and   release any right to recover Damages under the ADEA or other civil rights statute.          4.         Whistleblower Rights.   Executive has the right under U.S. federal law to certain   protections  for  cooperating  with  or  reporting  legal  violations to  various  governmental entities.   No provisions in this Release are intended to prohibit Executive from disclosing the Transition   Agreement to, or from cooperating with or reporting violations to, any such governmental entity,   and  Executive may do  so  without disclosure to  Company.   Company may not  retaliate against   Executive  for  any  of  these  activities,  and  nothing  in  this  Release  would  require  Executive  to   waive any monetary award or other payment that Executive might become entitled to from any   such governmental entity.           5.         DTSA.   Executive acknowledges that, pursuant to the Defend Trade Secrets Act   of  2016,  an  individual may not be held liable under any criminal or civil federal or state trade   secret law for disclosure of a trade secret (i) made in confidence to a government official, either   directly  or  indirectly,  or  to  an  attorney,  solely  for  the  purpose  of  reporting  or  investigating  a   suspected  violation  of  law,  (ii)  in  a  complaint  or  other  document  filed  in  a  lawsuit  or  other   proceeding, if such filing is made under seal or (iii) made to his or her attorney or used in a court   proceeding in an anti-retaliation lawsuit based on the reporting of a suspected violation of law, so   long as any document containing the trade secret is filed under seal and the individual does not   disclose the trade secret except pursuant to court order.           6.         OWBPA and ADEA Release.   Pursuant to the OWBPA, Executive understands   and acknowledges that by executing this Release and releasing all Claims and Damages against   each  and  all  of  the  Released  Parties,  Executive  has  waived  any and  all  rights  or  Claims  and   Damages that Executive has against any Released Party under the ADEA, which includes, but is   not limited to, any Claim that any Released Party discriminated against Executive on account of   Executive’s age.           7.    Warranties.  Executive represents and warrants that:                 (a)        no  Claim,  charge  or  complaint  against  any  of  the  Released  Parties  has   been  brought  by  Executive  or  any  Releasor  before  any  federal,  state,  or  local  court  or   administrative agency;                 (b)       the compensation and benefits provided for in the Transition Agreement   constitute new and valuable consideration that is not something to which Executive is otherwise   indisputably entitled pursuant to Executive’s employment with the Company Group  or existing   agreements with any member of the Company Group, is good and sufficient consideration for                                         A-3 

 

 Executive’s  execution  and  non-revocation  of  this  Release,  and  is  paid  by  or  on  behalf  of  the   Released Parties in full satisfaction and settlement of any Claims and Damages;                 (c)   Executive is legally and mentally competent to sign this Release;                 (d)       Executive is the sole owner of any Claims that have been or could have   been  asserted, Executive has  the  requisite capacity and  authority to  make this  Release, and  no   portion of any existing or potential Claims has been sold, assigned, pledged or hypothecated by   Executive to any third party;                 (e)        Executive   is   subject  to   the   restrictive   covenants   in   the   Transition   Agreement,  and  those  covenants  are  reasonable  and  a  material  inducement  for  Company  to   provide the compensation and benefits in the Transition Agreement; and                 (f)  this Release provides for the full and final settlement of all the Company   Group’s obligations with respect to Executive or any Releasor as of the date hereof.           8.        Timing. By signing this Release in the space below, Executive  is  confirming   Executive’s  acceptance  of  the  terms  and  conditions  set  forth  herein  and  is  acknowledging  the   following:                 (a)      Executive understands that Executive can take up to 21  days  from   Executive’s  receipt  of  this  Release  (the  “Consideration  Period”)  to  consider  its  meaning  and   effect  and  to  determine  whether  or  not  Executive wishes  to  enter  into  it.   Before  signing  this   Release, Executive is advised to consult with an attorney and, by signing this Release, Executive   acknowledges  that  Executive  has  had  an  opportunity  to  ask  questions  and  consult  with  an   attorney of Executive’s choice.   If Executive chooses to sign this Release before the end of the   Consideration  Period,  Executive  is  doing  so  voluntarily.   Executive  agrees  that  any  changes,   whether material or immaterial, do not restart the running of the Consideration Period.                 (b)       Executive  understands  that  if  Executive  fails  to  sign  this  Release  as   required, or Executive signs but exercises Executive’s right to revoke his signature, Executive’s   right to receive the certain compensation and benefits provided for in the Transition Agreement   will not vest and the amounts will not become due and owing to Executive.                 (c)        In  addition,  Executive  may  revoke  Executive’s  signature  within  7  days   after signing this  Release.   Any  revocation of  this  Release is requested to  be in  writing.   This   Release will be effective on the eighth day after signature by Executive provided that Executive   has not revoked it as set forth herein.                 (d)       Executive’s  acceptance  of  any  compensation or  benefits  provided  for  in   the Transition Agreement after expiration of the 7-day revocation period constitutes Executive’s   acknowledgement that Executive did not revoke this Release during the 7-day period.           9.   Miscellaneous.  Sections 14 through 23 of the Transition Agreement apply to this   Release                            mutatis mutandis.                                          A-4 

 

 Acknowledgment of the Release     I acknowledge that I have read and understand the Release and voluntarily agree to its terms.    Signed on this 22 day of March, 2019.    Signature:   /s/ William W. Lovette            Printed Name:   William W. Lovette                                                                                                                                                    [Signature Page to the Release]Exhibit

Exhibit 10.1
Summary of Base Salaries
for
Executive Officers of Park National Corporation
On November 19, 2018, the Compensation Committee of the Board of Directors of Park National Corporation (“Park”) approved the base salaries for the fiscal year ending December 31, 2019, for each of the then executive officers of Park: (a) David L. Trautman, Chief Executive Officer and President of each of Park and The Park National Bank, a subsidiary of Park (“PNB”); (b) C. Daniel DeLawder, Chairman of the Board of Park and Chairman of the Board and full-time executive employee of PNB; and (c) Brady T. Burt, Chief Financial Officer, Secretary and Treasurer of Park and Senior Vice President and Chief Financial Officer of PNB.  Those base salaries were:
		
	•
	David L. Trautman -- $785,000

		
	•
	C. Daniel DeLawder -- $575,000

		
	•
	Brady T. Burt -- $375,000

At the April 22, 2019 meeting of the Park Board of Directors (the “Park Board”), the Park Board elected Matthew R. Miller as President of Park and David L. Trautman as Chairman of the Board of Park (in addition to his continuing to serve as Chief Executive Officer of Park), each effective May 1, 2019.  
In addition, at the April 22, 2019 meeting of the PNB Board of Directors (the “PNB Board”), the PNB Board elected Matthew R. Miller as President of PNB and David L. Trautman as Chairman of the Board of PNB (in addition to his continuing to serve as Chief Executive Officer of PNB), each effective May 1, 2019.  As a result of the actions taken by the Park Board and the PNB Board at their respective April 22, 2019 meetings, C. Daniel DeLawder ceased to serve as Chairman of the Board of each of Park and PNB, effective May 1, 2019; however, he continues to serve as Chair of the Executive Committee of each of the Park Board and the PNB Board, as a director of each of Park and PNB and as a full-time executive employee of PNB.
Effective May 1, 2019, the base salary of each of C. Daniel DeLawder and Matthew R. Miller changed.  The following table shows the 2019 base salary for each of the executive officers of Park as in effect from and after May 1, 2019:
		
	•
	David L. Trautman -- Chief Executive Officer and Chairman of the Board of each of Park and PNB:  $785,000

		
	•
	Matthew R. Miller -- President of each of Park and PNB:  $575,000 

		
	•
	Brady T. Burt -- Chief Financial Officer, Secretary and Treasurer of Park and Senior Vice President and Chief Financial Officer of PNB:  $375,000

		
	•
	C. Daniel DeLawder -- Chair of the Executive Committee of each of the Park Board and the PNB Board and full‐time executive employee of PNB:  $287,500

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