Document:

Management Incentive Program dated August 6, 2003

 Exhibit 10.23 
  
 NATIONAL BEEF PACKING COMPANY, LLC 
 MANAGEMENT INCENTIVE PROGRAM 
  
 1.    Purpose. The National Beef Packing Company, LLC Management Incentive Program (the “Plan”) has been established to provide additional incentive compensation opportunities for certain
personnel employed by National Beef Packing Company, LLC (the “Company”). The main purpose of the Plan is to provide an incentive to eligible employees to influence and increase the profitability of the Company. The Plan is hereby restated
as of August 6, 2003, to reflect the change of the name of the Company to National Beef Packing Company, LLC. 
  
 2.    Administration. The Plan is administered by the Board of Managers of the Company (the “Board”), which
has complete discretion and authority with respect to the Plan and its application, except to the extent that discretion is expressly limited by the Plan. 
  
 3.    Definitions. For purposes of this Plan, the following terms shall have the meanings set forth below: 

 
 a.    Affiliate shall mean
HyPlains Beef, L.C., HyPlains Dressed Beef, Farmland Industries, Inc. (but not with respect to any employee hired from Farmland Industries, Inc. on or after August 6, 2003), National Carriers, Inc. or any subsequently acquired affiliate of the
Company. For this purpose, an “acquired affiliate” shall be any entity in which the Company owns 50% or more of the stock or assets. 
  
 b.    Applicable Vesting Percentage shall mean the percentage used for purposes of calculating Eligible
Earnings, based on the following schedule: 
  

	 Employment Period

	  	Applicable Vesting Percentage

	 
	 First 12 months
	  	50	%
	 Second 12 months
	  	75	%
	 Thereafter
	  	100	%

  
 c.    Basis shall mean the pre-tax profits of the Company (i) plus losses from the Excluded Companies (or minus profits from the Excluded Companies), and (ii) plus amounts accrued for Bonus payout under this Plan.

  
 d.    Board shall
mean the Board of Managers of the Company. 
  
 e.    Bonus shall mean the benefits paid to Eligible Employees under this Plan. 
  
 f.    Bonus Pool shall mean the Return on Net Property, Plant & Equipment percentage (i) multiplied by the
Basis, and (ii) multiplied by 18%. 

 g.    Company shall mean National Beef Packing Company, LLC.

  
 h.    Eligible
Earnings shall mean: 
  

	 	(1)	 	In the case of an Eligible Employee who is classified as management personnel, the Eligible Employee’s gross earnings for the applicable fiscal year in a management position,
multiplied by the Applicable Vesting Percentage. 

  

	 	(2)	 	In the case of an Eligible Employee who is classified as professional personnel, the Eligible Employee’s gross earnings for the applicable fiscal year in a professional
position, multiplied by the Applicable Vesting Percentage, and further multiplied by 25%. 

  
 Notwithstanding the above, Eligible Earnings shall in no event include any Bonuses paid during the applicable fiscal year. 
  
 i.    Eligible Employee shall have
the meaning set forth in Section 4. 
  
 j.    Excluded Companies shall mean Kansas City Steak Company and National Carriers, Inc. 
  
 k.    Net Property, Plant & Equipment shall mean the gross tangible fixed assets of the Company (excluding
the fixed assets of the Excluded Companies), less accumulated depreciation. 
  
 l.    Plan shall mean this National Beef Packing Company, LLC Management Incentive Program. 
  
 m.    Return on Net Property, Plant & Equipment shall mean the Basis divided by the fiscal year ending Net
Property, Plant & Equipment of the previous fiscal year. 
  
 n.    Target shall mean that the Company has attained, for the applicable fiscal year, a Return on Net Property, Plant & Equipment of 16% or more. For purposes of this calculation, the
Basis excludes profits or losses from the activities of the Excluded Companies. If the Company does not attain, for the applicable fiscal year, a Return on Net Property, Plant & Equipment of 16% or more, the Target will be deemed to have
not been reached and no Bonuses will be paid out under this Plan for such year. 
  
 4.    Eligibility for Participation. For purposes of this Plan, the term “Eligible Employee” shall include all management and professional (salaried) personnel and all

  

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 management support (hourly wage employees who are not exempt from overtime pay) personnel employed by the Company who:

  

	 	a.	 	Are not covered by any other incentive, bonus or variable compensation plan; 

  

	 	b.	 	Are deemed eligible to participate in this Plan by the Company’s CEO or Board of Managers; 

  

	 	c.	 	Are not represented under a collective bargaining agreement; and 

  

	 	d.	 	Maintain an active employment status with the Company through the date on which the Bonus checks provided pursuant to this Plan are distributed. 

  
 5.    Bonus Amounts. If the Company attains
the Target, Bonuses shall be paid to Eligible Employees as follows: 
  
 a.    Eligible Employees who are classified as management support personnel will each receive a Bonus in an amount based on their length of service with the Company. For this purpose, the length of
a particular Eligible Employee’s service with the Company shall be calculated based on the Eligible Employee’s current continuous service period with the Company, or the combination of the current continuous service period with the Company
and its Affiliates. The amount of the Bonus to be distributed to each Eligible Employee who is classified as management support personnel will be as follows: 
  

	 Service Time
 Calculated Through
 Last Day of
 Applicable Fiscal Year

	  	Bonus
Amount

	 Less than 6 Months
	  	$	0
	 6 Months – 1 Year
	  	$	100
	 1 Year
	  	$	150
	 2 Years
	  	$	200
	 3 Years
	  	$	250
	 4-5 Years
	  	$	300
	 6-7 Years
	  	$	400
	 8-9 Years
	  	$	500
	 10-11 Years
	  	$	600
	 12 Years or More
	  	$	700

  
 b.    Eligible Employees who are classified as management and professional personnel will each receive a Bonus in an amount equal to a portion of the remaining Bonus Pool after the amounts described in subparagraph (a)
above are distributed to management 
  

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 support personnel. The amount received by each such Eligible Employee shall be an amount equal to the remaining Bonus
Pool multiplied by a fraction, the numerator of which is the Eligible Employee’s Eligible Earnings during the applicable fiscal year and the denominator of which is the Eligible Earnings during the applicable fiscal year of all Eligible
Employees who are classified as management and professional personnel. 
  
 6.    Distribution of Bonus Amounts. Although no specific date has been established by the Company for the distribution of the Bonuses, the Company anticipates that all Bonus amounts payable under this Plan
will be distributed on or before the respective November 30 immediately following the end of the applicable fiscal year. 
  
 7.    Withholding on Bonus Amounts. Any amounts received as Bonuses under this Plan shall be subject to tax withholding
in such amounts as are consistent with each Eligible Employee’s payroll profile. 
  
 8.    Continuity of the Plan; Amendments. Although the Company intends to continue the Plan indefinitely, the Company expressly reserves the right to amend or terminate the Plan at
any time, provided that no amendment or termination of the Plan shall adversely affect any Bonuses previously earned under the Plan. 
  
 9.    Notices. Any notice required or permitted to be given by the Company or the Board pursuant to the Plan shall be
deemed given when personally delivered or deposited in the United States mail, registered or certified, postage prepaid, addressed to the Eligible Employee, his or her heirs, executors, administrators, successors, assigns or transferees, at the last
address shown for the Eligible Employee on the records of the Company (or subsequently provided in writing to the Company). 
  
 10.    Miscellaneous Provisions. 
  
 A.    The Board shall have the sole discretion with respect to the application of the
provisions of this Plan and such exercise of discretion shall be conclusive and binding upon all Eligible Employees and all other persons. 
  
 B.    No Bonus payable under the Plan shall be subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance or change prior to actual receipt thereof by the payee; and any attempt to so anticipate, alienate, sell, transfer, assign, pledge, encumber or change prior to such receipt shall be void; and the Company shall not be
liable in any manner for or subject to the debts, contracts, liabilities, engagements or torts of any person entitled to any Bonus under the Plan. 
  
 C.    Nothing contained herein will confer upon any Eligible Employee the right to be retained in the service of the
Company or any subsidiary thereof nor limit the right of the Company or any subsidiary thereof to discharge or otherwise deal with any Eligible Employee without regard to the existence of the Plan. 
  

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 D.    The Plan shall at all times be entirely unfunded and no
provision shall at any time be made with respect to segregating assets of the Company or any subsidiary thereof for payment of any Bonuses hereunder. No Eligible Employee or any other person shall have any interest in any particular assets of the
Company or any subsidiary thereof by reason of the right to receive a Bonus under the Plan and any such Eligible Employee or any other person shall have only the rights of a general unsecured creditor of the Company or any subsidiary thereof with
respect to any rights under the Plan. 
  
 E.    This Plan shall be governed by the laws of the State of Kansas. 
  
 F.    This document sets forth the entire Plan with respect to the subject matter hereof and supersedes any prior
understanding or agreements relating thereto, oral or written. 
  
 G.    The headings contained in this Plan are for convenience only and shall not be used in the interpretation, construction or enforcement of any of the provisions of this Plan. 
  
 H.    In the event any provision of this
Plan shall be declared unenforceable by a court of competent jurisdiction, the provision shall be stricken herefrom and the remainder of this Plan shall remain binding on the parties hereto. In the event any provision of this Plan shall be so
declared unenforceable due to its scope or breadth, then the provision shall be narrowed to the scope or breadth permitted by law. 
  

 -5-Managment Long Term Incentive Program dated September 1, 1996

 Exhibit 10.24 
  
 National Beef Packing Company, LLC 
 Management Long Term Incentive Plan 
  
 I.    EFFECTIVE DATE AND PLAN PURPOSE 
  

	 	A.	 	The Management Long Term Incentive Plan (the “Plan”) is effective September 1, 1996. The Plan is hereby restated as of August 6, 2003 to reflect the change of the name of
the Company to National Beef Packing Company, LLC and incorporate the provisions of previous amendments. 

  

	 	1.	 	The Plan provides incentive compensation opportunities for designated management employees of National Beef Packing Company, LLC (the “Company”) based on attainment of
highly focused yearly performance goals. 

  

	 	2.	 	The Plan’s initial performance and reward cycle covers fiscal year 1997, (September 1, 1996, through August 30, 1997). 

  

	 	3.	 	The Plan’s subsequent performance and reward cycles will begin each subsequent fiscal year thereafter for a one year time span. The Plan’s second performance and reward
cycle covers fiscal year 1998, the Plan’s third performance and reward cycle covers fiscal year 1999, etc. 

  

	 	4.	 	It is the Company’s intent to continue this plan indefinitely, but the Company reserves the right to amend or discontinue the Plan at any time if such action is deemed in the
best interest of the Company. 

  

	 	B.	 	The key purposes of the Plan are set below. 

  

	 	1.	 	To attract and retain high quality management personnel that can produce the level of sustained results needed by the Company. 

  

	 	2.	 	To provide a long term incentive element which includes “ownership type” motivation for those employees most responsible for strategic results. 

 

	 	3.	 	To provide a competitive program of total cash compensation with an emphasis on variable, pay-for-performance opportunities linked to the accomplishment of demonstrated results.

  

	 	4.	 	To focus key employees on key strategic results and motivate those actions which reinforce the attainment of the Company’s business plan over a sustained period of time.

  
 II.    DESCRIPTION OF PLAN IN OPERATION

  

	 	A.	 	The Plan cycle is each fiscal year. 

  

	 	B.	 	Participation shall be as designated by the CEO for each Plan year and shall be limited to management positions which have a significant impact on long term, strategic results.
Position and/or individuals participate at the discretion of the CEO. 

  

	 	C.	 	Performance goals shall be established each year which shall focus on one, or a very few, key, measurable results of strategic financial importance to the Company.

	 	D.	 	An incentive pool from which participant awards can be granted shall be created each year based on results achieved against goals. The incentive pool shall be open ended, and the
amount provided to participants with an “ownership interest” in maximizing results will be unlimited. 

  

	 	E.	 	Each plan year, the CEO shall designate a certain number of shares to be awarded for each participant in the Plan. The award of such shares shall: 

  

	 	1.	 	Be communicated to participants by the Company. 

  

	 	2.	 	Remain unchanged during the Plan Year unless a participant’s status changes significantly. 

  

	 	F.	 	Each year, the CEO may grant all or some portion of the plan shares not designated to participants (Reserve Incentive Pool) for any of these reasons: 

  

	 	1.	 	To recognize outstanding individual performance or contributions to overall Company results; 

  

	 	2.	 	To recognize changes in status during a cycle where a participant’s position is significantly increased; or 

  

	 	3.	 	To permit participation by a person hired or promoted into a participating position during the Plan Year. 

  

	 	G.	 	Total awards granted cannot exceed the size of the incentive pool generated each year. No awards are granted if no money has been generated based on Plan formulas. No awards are
granted unless the Return on Invested Capital (ROIC = Earnings Before Interest and Taxes (EBIT) divided by Invested Capital) is at least 15%. Invested Capital shall equal the beginning of year equity plus short and long term debt.

  

	 	H.	 	A participant’s total award shall be the sum of his (or her) Basic Award Percentage plus any additional amount awarded by the CEO from the Reserve Incentive Pool. Total awards
shall be granted as soon as practical to the participant’s account. 

  

	 	I.	 	A participant must be an active employee of the Company, in a participating position at the end of each fiscal year to be granted an award for the year. 

  

	 	J.	 	The Basic Award Percentages originally assigned to any participant but subsequently forfeited or otherwise reduced for such participant during a Plan year may be reassigned to any
other participant. The CEO may make such assignment with respect to any participant. 

  

	 	K.	 	Decisions regarding proration and award adjustments shall be made by the CEO at the end of each Plan year. 

 III.    VESTING AND FORFEITURE OF AWARDS 
  

	 	A.	 	Three (3) years after the close of the fiscal year in which the award is granted, a participant will become 33.33% vested. Each subsequent year, the participant will vest an
additional 33.33% of the awarded amount until fully vested. 

  

	 	B.	 	Except as provided in Subsection C below, all amounts awarded under this Plan for fiscal years beginning on or after August 1, 1999, shall remain in the Plan as an investment in the
working capital of the Company, even after such awards have vested. The amounts that remain in the Plan will earn a competitive rate of interest. 

  

	 	C.	 	A participant may elect to receive payment of the vested portions of his or her award for a particular fiscal year in cash, rather than having that amount invested in the working
capital of the Company. A participant who makes such an election shall receive a cash payment equal to the vested portion of the award with such payments to be made whenever the participant vests in a portion of the award. For example, assume the
Company grants to participant A an award of $9,000.00 for the fiscal year ending in 2001. By making an election under this subsection, participant A will receive a payment of $3,000.00 plus accrued interest, or his first vested portion, at the end
of fiscal year 2004, a payment of $3,000.00 plus accrued interest at the end of fiscal year 2005 and a payment of $3,000.00 plus accrued interest at the end of fiscal year 2006. 

  

	 	D.	 	The election permitted in Subsection C above must be made no later than the last day of the fiscal year for which the award was granted, except for the fiscal year ending in August
2000. 

  

	 	E.	 	For the fiscal year ending in August 2000, participants shall have until October 10, 2000 to make an election pursuant to Section III.C above with respect to awards granted for that
fiscal year. 

  

	 	F.	 	For awards granted for fiscal years beginning prior to August 1, 1999, a participant may: 

  

	 	1.	 	Elect to withdraw the vested portion of his award from the Plan at the time such portion of the award has vested according to the vesting schedule outlined in section III.A., or

  

	 	2.	 	Leave the vested portion of his award in the Plan as an investment in the working capital of the Company, earning a competitive rate of interest. 

  

	 	G.	 	If a participant’s employment is terminated with the Company for a reason other than death, Total Disability or Retirement during or prior to a year in which vesting would
occur, the participant shall forfeit all rights to that year’s vested portion. 

  

	 	H.	 	Provided the Plan remains in existence and unless otherwise provided herein, vested awards remaining in the Plan shall be paid to the participants or their respective beneficiaries
upon Total Disability, Retirement or death, whichever occurs first. 

	 	I.	 	All forfeited awards shall revert to the Company. 

  
 IV.    ADMINISTRATIVE ISSUES 
  

	 	A.	 	Participation in the Plan is not a guarantee of employment, nor does participation in one year guarantee participation in subsequent years. 

  

	 	B.	 	Plan awards shall not be considered as compensation for purposes of calculating benefits or contributions under any other Company benefit plan. 

  

	 	C.	 	For purposes of the Plan, the following definitions shall apply. 

  

	 	D.	 	“Retirement” shall mean the cessation of Company employment at or after age 60. [The CEO in his sole discretion may make an exception for an individual over 60 who has not
vested in the Long Term Incentive Plan.] 

  

	 	E.	 	“Total Disability” shall mean the cessation of Company employment for reasons of physical or mental impairment which on the basis of evidence provided to the CEO, in the
CEO’s sole judgment, is expected to last at least 12 months. 

  

	 	F.	 	In the event of a substantial change of ownership in which the Company as constituted on the effective date is not a surviving entity, the Plan shall continue in effect and inure to
the benefit of the new entity. 

  

	 	G.	 	The total awards granted under the Plan for any Plan year cannot exceed the total incentive pool generated by the Plan for the Plan year. 

  

	 	H.	 	All participants shall designate a beneficiary under the Plan in accordance with policies and procedures established by the Company, and upon a participant’s death, the Company
shall pay all vested funds to the designated beneficiary or, to the participant’s estate if such beneficiary is no longer living or cannot be located.

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