Document:

Exhibit

Exhibit 10.7

FIRST AMENDMENT TO THE EXECUTIVE SAVINGS PLAN
OF TYSON FOODS, INC.
(As Amended and Restated as of January 1, 2013)

THIS FIRST AMENDMENT is made on this 16 day of November, 2017 by Tyson Foods, Inc., a corporation duly organized and existing under the laws of the State of Delaware (the “Employer”). 

INTRODUCTION:

WHEREAS, the Employer maintains the Executive Savings Plan of Tyson Foods, Inc. (the “Plan”), which was last amended and restated by an indenture effective as of January 1, 2013; 

WHEREAS, the Employer now desires to amend the Plan to enhance its non-elective contribution feature; and

WHEREAS, the Board of Directors of the Employer has authorized and duly approved the adoption of the amendments provided for herein.

NOW, THEREFORE, the Employer does hereby amend the Plan, effective as of January 1, 2019, as follows:

1.    By deleting existing Section 1.1(c) in its entirety and by substituting therefor the following:

“(c)    Non-elective Contribution Account.  Each ‘Non-elective Contribution Account’ reflects credits to a Member’s Account made on his or her behalf pursuant to Section 3.3 from and after 2005, as adjusted to reflect designated rates of return and other credits or charges.  If a Designated Member is credited with Non-elective Contributions made pursuant to Section 3.3(b), his or her Non-elective Contribution Account shall consist of two subaccounts:

(i)a subaccount reflecting any Non-elective Contributions made pursuant to Section 3.3(a), adjusted to reflect designated rates of return, other credits and charges on such contributions; and

(ii)a subaccount reflecting Non-elective Contributions made pursuant to Section 3.3(b), adjusted to reflect designated rates of return, other credits and charges on such contributions.”

2.    By adding new Section 1.7A as follows:

“1.7A    Designated Member. ‘Designated Member’ means an Employee who automatically qualifies as a Member for purposes of receiving Non-elective Contributions pursuant to Section 3.3(b).  Designated Members are:  (a) the Chief Executive Officer of Tyson Foods, Inc.; (b) any other Employee with the title of Vice President or above who directly reports to the Chief Executive Officer of Tyson Foods, Inc., as reflected by the personnel records then maintained by Tyson Foods, Inc., for as long as such Designated Member continues to occupy any such position; and (c) an individual who is not described in Clause (a) or Clause (b) of this Section 1.7A, but was an ‘Active Participant’ in the Tyson Foods, Inc. Supplemental Executive Retirement and Life Insurance Premium Plan (the ‘SERP’) on December 31, 2018, as such term is defined in the SERP.  A Designated Member is a Member only for purposes of being credited with Non-elective Contributions under Section 3.3(b), unless the Designated Member is an Eligible Employee who has also been approved by the Committee for active participation for purposes 

Exhibit 10.7

of Sections 3.1, 3.2, and 3.3(a) pursuant to Section 2.1.”

3.    By deleting existing Section 1.13 in its entirety and by substituting therefor the following:

“1.13    Enrollment Period.  “Enrollment Period” means, with respect to deferrals of Compensation generally, each election period designated by the Committee with respect to a Plan Year during which new Members may establish, and current Members may amend, their rates of Elective Deferrals under their Salary Reduction Agreements and/or the time and form of payment of Compensation to be deferred with respect to such Plan Year, which election period shall end prior to the first day of each Plan Year; provided, however, to the extent the Committee may permit:
(a)    with respect to a deferral of Annual Bonus, a separate election to make or amend an Elective Deferral rate may be made during the election period established by the Committee which ends prior to the earlier of the first day of each Plan Year or the first day of the applicable performance period; provided, however, if the Annual Bonus qualifies as performance-based compensation within the meaning of Treasury Regulations Section 1.409A-1(e) and satisfies the criteria under Treasury Regulations Section 1.409A-2(a)(8), the election period may end as late as six (6) months prior to the end of the performance period; and

(b)    in the case of a Member who is first eligible to defer Compensation as of any date other than January 1, the 30-day period beginning as of the date the Eligible Employee becomes eligible to be a Member.”

4.    By deleting existing Section 1.14 in its entirety and by substituting therefor the following:

“1.14    Member.  ‘Member’ means (a) any Eligible Employee who has been designated for participation as provided in Article II below; and (b) any Designated Member; provided, however, that any Employee who ceases to be an Eligible Employee or Designated Member shall remain an inactive Member until his or her benefits are paid pursuant to Article VII or VIII below.”

5.    By deleting existing Section 1.15 in its entirety and by substituting therefor the following:

“1.15    Non-elective Contributions.  ‘Non-elective Contributions’ means an amount credited to a Member’s Non-elective Contribution Account by the Employer pursuant to Section 3.3(a) and/or  Section 3.3(b).”

6.    By deleting existing Sections 2.1 and 2.2 in their entirety and by substituting therefor the following:

“2.1    Requirements for Participation.  

(a)    Eligible Employees.  Any Eligible Employee who has been approved for Plan membership by the Committee pursuant to Article II may participate in the Plan as a Member commencing as of the Enrollment Period coinciding with or next following the date on which his or her Plan membership is approved by the Committee and processed administratively.  

(b)    Designated Members.  For purposes of being credited with Non-elective Contributions under Section 3.3(b), a Designated Member under Section 1.7A(a) or Section 1.7A(b) shall become a Member as of the later of January 1, 2019 or the date he or she first is appointed to a qualifying position.  A Designated Member who qualifies as such only under Section 1.7A(c) shall become a Member as of the most recent Enrollment Period ending prior to January 1, 2019.

Exhibit 10.7

2.2    Cessation of Active Participation.  

(a)    Members Other Than Designated Members.  A Member, other than a Designated Member for purposes of Section 3.3(b), shall cease to be eligible for active participation in the Plan as of any date communicated to the Member by the Committee.  Such a Member will no longer be eligible to make further Elective Deferrals under the Plan pursuant to Section 3.1 or be credited with Matching Contributions or Non-elective Contributions, but shall continue to be subject to all other terms of the Plan so long as his or her Account has not been fully distributed.  Any deferral election then in effect as of the date the Member ceases to be eligible for active participation will be cancelled by action of the Committee as soon as administratively practical, subject to any restrictions on the implementation of the cancellation under Code Section 409A.

(b)    Designated Members.  For purposes of being credited with Non-elective Contributions under Section 3.3(b), a Designated Member described in Section 1.7A(a) or Section 1.7A(b) shall cease to be eligible for such contributions when such Member ceases to occupy any such qualifying position; provided, however, that such a Designated Member may continue to participate in the Plan for purposes of Sections 3.1, 3.2, and 3.3(a) if continued participation has been or is approved by the Committee.  An Eligible Member described in Section 1.7A(c) shall cease to be eligible for such contributions when such Member ceases to be an Employee; provided, however, that such a Designated Member may continue to participate in the Plan for purposes of Sections 3.1, 3.2, and 3.3(a) if continued participation has been or is approved by the Committee and the Designated Member is an Eligible Employee.  A Member who ceases to be eligible for active participation for purposes of Section 3.3(b) shall continue to be subject to all other terms of the Plan so long as his or her Account has not been fully distributed.”

7.    By deleting existing Sections 2.4 in its entirety and by substituting therefor the following:

“2.4    Participation Following Non-Eligibility.  Each Member whose service is terminated and who subsequently is re-employed by the Employer or who otherwise becomes ineligible for active participation in the Plan may be treated under the Plan upon a return to membership as a new Member pursuant to Section 1.13(b), but only if the Member has not been eligible to participate in the Plan (other than with respect to the receipt of earnings credits under Article III) for a period of at least twenty-four (24) months; provided, however, that a Designated Member described in Section 1.7A(c) whose service is terminated and who subsequently is re-employed by the Employer may participate for purposes of Section 3.3(b) only if the former Designated Member qualifies as a Designated Member pursuant to Section 1.7A(a) or Section 1.7A(b).”

Exhibit 10.7

8.    By deleting existing Section 3.3 in its entirety and by substituting therefor the following:

“3.3    Non-elective Contributions. 

(a)    Non-elective Contributions to Member(s). An Employer may, in its discretion, make contributions to any Member’s Non-elective Contribution Account for one or more Plan Years, as determined in the sole discretion of the Employer.  The amount of any contribution made on behalf of a Member pursuant to this Section 3.3(a) may be expressed as a percentage of the Member’s base salary rate as in effect on the date the amount is credited to the Member’s Non-elective Contribution Account in accordance with Section 3.3(c) below or in any other manner determined by the Employer.  The amount of any contributions made pursuant to this Section 3.3(a) for any Plan Year may vary among Members and may be contributed on behalf of one or more Members and not others. 

(b)    Non-elective Contributions to Designated Members.  Tyson Foods, Inc. shall make contributions to each Designated Member’s Non-elective Contribution Account for each pay period during Plan Years commencing on and after January 1, 2019 equal to four percent (4%) of the Designated Member’s Compensation payable for each such pay period during which a Designated Member is employed by an Employer.

(c)    Crediting Non-elective Contributions.  Non-elective Contributions made pursuant to Section 3.3(a) shall be credited by the Employer to a Member’s Non-elective Contribution Account as of a date determined by the Committee in its sole discretion.  Non-elective Contributions made pursuant to Section 3.3(b) shall be credited by Tyson Foods, Inc. to a Designated Member’s Non-elective Contribution Account as of the last day of the applicable pay period.”

9.    By deleting existing Section 4.2 in its entirety and by substituting therefor the following:

4.2    Hypothetical Investment of Accounts.  Until such time as the Committee directs otherwise, each Member may direct the Committee to hypothetically invest his or her Account among one or more investment options designated by the Committee as the Member shall select by providing written notice to the Committee according to the procedures established by the Plan Administrator for that purpose.

(a)All investment directions, or changes in investment directions, of the Member’s Account shall be made in accordance with the procedures established by the Committee.

(b)An investment direction, once given, shall be deemed to be a continuing direction until changed as otherwise provided herein.  If no direction is effective for the date a deferral or contribution is to be made, all deferrals or contributions which are to be made for such date shall be treated as invested in such investment option as the Committee may determine.

Exhibit 10.7

The Committee, in its discretion, may from time to time designate new investment options, substitute investment options, or eliminate any existing investment options.”  

10.    By deleting existing Article V in its entirety and by substituting therefor the following:

“ARTICLE V
Vesting

All Account and subaccount balances shall be fully vested at all times; provided, however, that: (a) Non-elective Contribution Accounts (other than Non-elective Contributions Account subaccounts maintained for Non-elective Contributions made pursuant to Section 3.3(b)); and (b) Pre-2005 Non-elective Contribution Accounts, and any subaccounts thereof, of any particular Member or categories of Members may be subject to such vesting schedule(s) as the Committee may determine from time to time and communicate to such Member(s).  Notwithstanding the foregoing, Non-elective Contributions made pursuant to Section 3.3(b) shall be deemed vested only once credited to a Designated Member’s Non-elective Contribution Account pursuant to Section 3.3(c).”

11.    By deleting existing Subsections (a) and (b) of Section 8.1 in their entirety and by substituting therefor the following:

“(a)    Employee Deferral Accounts, Employer Match Accounts, and Non-elective Contributions.  During the applicable Enrollment Period, including a Member’s initial deferral election and initial deferral elections for subsequent Plan Years, the Member may elect the manner in which any amounts to be credited to his or her Employee Deferral Account, Employer Match Account, and, if applicable, Non-elective Contribution Account for such Plan Year shall be paid.  For each such Plan Year, a Member may elect during the applicable Enrollment Period to be paid such amounts at the time and in one of the following forms designated below: 

(i)    in a lump sum in January of a specified calendar year (which is at least two (2) years following the Plan Year for which the election is made);

(ii)    in annual installments (not to exceed fifteen (15) years) commencing in January of a specified calendar year (which is at least two (2) years following the Plan Year for which the election is made);

(iii)    in a lump sum in January of the calendar year following the calendar year in which the Member’s Separation from Service occurs;

(iv)    in annual installments (not to exceed fifteen (15) years) commencing in January of the calendar year following the calendar year in which the Member’s Separation from Service occurs;

(v)    the earlier of (i) or (iii) above;

(vi)    the earlier of (ii) or (iv) above;

(vii)    the later of (i) or (iii) above; or

(viii)    the later of (ii) or (iv) above.

Exhibit 10.7

(b)    Single Payment Election Per Plan Year.  While a Member may make separate time and form of payment elections with respect to amounts attributable to contributions made with respect to different Plan Years on his or her behalf, any such payment election shall apply on the same term and conditions to all such amounts, whether attributable to Elective Deferrals, Matching Contributions, and/or Non-elective Contributions, made with respect to any particular Plan Year.”

Except as specifically amended hereby, the Plan shall remain in full force and effect as prior to this First Amendment.

IN WITNESS WHEREOF, the Employer has caused this First Amendment to be executed on the day and year first above written.

TYSON FOODS, INC.

By:     /s/ Mary Oleksiuk
                

Title:     Executive Vice President and Chief Human Resources OfficerExhibit

Exhibit 10.8

TYSON FOODS, INC.
 2000 STOCK INCENTIVE PLAN
PERFORMANCE SHARES -- OPERATING INCOME
STOCK INCENTIVE AWARD AGREEMENT

		
	Team Member:
	«Name»

		
	Personnel Number:
	[             ]

		
	Award:
	[Target Quantity Granted] Performance Shares 

		
	Grant Date
	November 17, 2017

		
	Initial Measurement Date:
	October 1, 2017

		
	Final Measurement Date:
	October 3, 2020

		
	Vesting Date:
	November 20, 2020

Exhibit 10.8

This Award is granted on the Grant Date by Tyson Foods, Inc., a Delaware corporation (“Tyson”), to the Team Member (hereinafter referred to as “you”) identified on the cover page of this Award Agreement.
		
	1.
	Terms and Conditions.  The Award (as provided on the cover page) is subject to all the terms and conditions of the Tyson Foods, Inc. 2000 Stock Incentive Plan (the “Plan”).  Unless otherwise defined herein, all capitalized terms in this Performance Shares Operating Income Stock Incentive Award Agreement (the “Award Agreement”) shall have the meaning stated in the Plan.  Please see the Plan document for more information on these terms and conditions.  A copy of the Plan is available upon request.

		
	2.
	Definitions.

		
	2.1.
	"Cause," "Disability," “Good Reason,” and "Release" shall have the same meanings as set forth in your employment agreement with Tyson in effect at the time of this Award (the “Employment Agreement”).

		
	2.2.
	"Final Measurement Date" shall mean the date identified as such on the cover page.

		
	2.3.
	“Grant Date” shall mean the date identified as such on the cover page.

		
	2.4.
	"Initial Measurement Date" shall mean the date identified as such on the cover page.

		
	2.5.
	"Measurement Period" shall mean the three-fiscal year period from the Initial Measurement Date to the Final Measurement Date.

		
	2.6.
	“Operating Income” shall mean Tyson's GAAP operating income, as adjusted for significant impairments,  restructuring and related charges, purchase accounting and acquisition related costs, merger and integration costs, and gains and losses associated with the sale or closure operations, in the reasonable discretion of the Compensation and Leadership Development Committee.

		
	2.7.
	“Operating Income Goal” for the Measurement Period shall be a cumulative Operating Income of  $. 

		
	2.8.
	“Performance Shares” shall mean the shares of Tyson's Class A common stock subject to this Award Agreement.

		
	2.9.
	“Vesting Date” shall mean the date on the cover page.

		
	2.10.
	“Vesting Period” shall mean the period beginning on the Grant Date and ending on the Vesting Date.

		
	3.
	Vesting.  

		
	3.1.
	Vesting and Forfeiture. The Award which has become payable pursuant to the performance measure and benchmarks set forth below shall be considered as fully earned by you, subject to the further provisions of this Section 3.  Any Award which does not become payable in accordance with the performance measure and benchmarks or the provisions of this Section 3 on account of: (i) your Termination of Employment with Tyson and/or its affiliates before the Vesting Date or (ii) the failure to satisfy the performance measure or benchmarks provided below, will be forfeited back to Tyson.

		
	3.2.
	Death, Disability or Retirement.  In the event your Termination of Employment is due to death, Disability or, subject to your timely execution and non-revocation of a Release, Retirement before the Vesting Date, you will be entitled to a pro rata portion of your Award if the applicable performance measure is satisfied. The pro rata portion of your Award shall equal the percentage of the total Vesting Period, measured in days, in which you remained employed by Tyson and/or its affiliates multiplied by the percentage of the Award that you would have received had you remained employed until the Vesting Date.  For purposes of this Agreement, “Retirement” shall mean your voluntary Termination of Employment without Cause from Tyson and/or its affiliates on or after the date you attain age 62.

		
	3.3.
	Termination by Tyson without Cause or by you for Good Reason.  In the event that your employment is terminated by Tyson for reasons other than death, Disability, Retirement, or Cause, or by you for Good Reason, and subject to your timely execution and non-revocation of a Release, you will become entitled to a pro rata portion of your Award if the applicable performance measure is satisfied.  The pro rata portion of your Award shall equal the percentage of the total Vesting Period, measured in days, in which you remained employed by Tyson and/or its affiliates multiplied by the percentage of the Award that you would have received had you remained employed until the Vesting Date.

		
	3.4.
	Change in Control. Following a Change in Control, and on the earlier of: (i) the date you are involuntarily terminated without Cause (as defined in your Employment Agreement) or (ii) sixty (60) days after the Change in Control, you shall become entitled to payment of Tyson’s Class A common stock equal to 200% of the Award.  For purposes of this Award Agreement, the term “Change in Control” shall not include any event as a result of which one or more of the following persons or entities possess or continues to possess, immediately after such event, over fifty percent (50%) of the combined voting power of the Company or, if applicable, a successor entity: (a) Tyson Limited Partnership, or any successor entity; (b) individuals related to the late Donald John Tyson by blood, marriage or adoption, or the estate of any such individual (including Donald John Tyson’s); or (c) any entity (including, but not limited to, a partnership, corporation, trust or limited liability company) in which one or more of the entities, individuals or estates described in clauses (a) and (b) hereof possess over fifty percent (50%) of the combined voting power or beneficial interests of such entity.  

Exhibit 10.8

		
	4.
	Performance Measure.  The extent, if any, to which you shall have the right to payment of the Award shall depend upon your continuous employment throughout the Vesting Period and the extent to which the applicable performance measure or benchmark has been satisfied as of the Final Measurement Date, as specified below:

The Award shall have the following benchmarks:

(i)    If Operating Income for a Measurement Period is equal to eighty percent (80%) of the Operating Income Goal there shall be a payment of Performance Shares to you equal to 50% of the Award;
(ii)    If Operating Income for a Measurement Period is equal to one hundred percent (100%) of the Operating Income Goal there shall be a payment of Performance Shares to you equal to 100% of the Award; and
(iii)    If Operating Income for a Measurement Period is equal to one hundred twenty percent (120%) of the Operating Income Goal there shall be a payment of Performance Shares to you equal to 200% of the Award.
Performance between the foregoing benchmarks shall result in the payment of a number of Performance Shares to you determined as a matter of applying a straight-line interpolation as follows: (a) if Operating Income exceeds the 80% benchmark but falls below the 100% benchmark, the straight-line interpolation shall be between the number of Performance Shares specified in clause (i) and the number specified in clause (ii) above; and (b) if Operating Income exceeds 100% but falls below 120% of the benchmark, the straight-line interpolation shall be between the number of Performance Shares specified in clause (ii) and the number specified in clause (iii) above.
		
	5.
	Payment of Award.  The Performance Shares that may become payable pursuant to this Award Agreement shall be determined based upon the highest benchmark attained in the respective category.  In other words, the attainment of multiple benchmarks under this Award Agreement will not result in the payment of a cumulative number of Performance Shares for each benchmark achieved.  Your Award, if any, will be earned on the Vesting Date and delivered thereafter.  Payment shall be made in shares of Tyson’s Class A common stock. 

		
	6.
	Withholding Taxes.  By accepting the Award, you acknowledge and agree that you are responsible for all applicable income and other taxes from this Award, including federal, FICA, state and local taxes applicable in your country of residence or employment.  Tyson shall withhold taxes by any manner acceptable or administratively feasible under the terms of the Plan, but not to exceed the maximum tax due for the applicable income you receive from the Award, consistent with the laws of the applicable federal, state or local taxing authority.

		
	7.
	Right of the Committee.  The Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Award Agreement, all of which shall be binding.

		
	8.
	Severability. In the event that any one or more of the provisions or a portion thereof contained in this Award Agreement shall for any reason be held to be invalid, illegal, or unenforceable in any respect, the same shall not invalidate or otherwise affect any other provision of this Award Agreement, and this Award Agreement shall be construed as if the invalid, illegal or unenforceable provision or portion thereof had never been contained herein.

		
	9.
	Entire Agreement. Subject to the terms and conditions of the Plan, this Award Agreement expresses the entire understanding and agreement of Tyson and you with respect to the subject matter. In the event of any conflict between the provisions of the Plan and the terms of this Award Agreement, the provisions of the Plan will control unless this Award Agreement explicitly states that an exception to the Plan is being made. The Award has been made pursuant to the Plan and an administrative record is maintained by the Committee.

		
	10.
	Restrictions on Transfer of Award.  You shall not dispose of the Award prior to the date unrestricted, vested shares in your name are delivered to you by Tyson pursuant to Section 5.  Any disposition of the Award or any portion thereof shall be a violation of the terms of this Award Agreement and shall be void and without effect; provided, however, that this provision shall not preclude a transfer as otherwise permitted by the Plan.

		
	11.
	Headings. Paragraph headings used herein are for convenience of reference only and shall not be considered in construing this Award Agreement.

		
	12.
	Specific Performance. In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Award Agreement, the party or parties who are thereby aggrieved shall have the right to specific performance and an injunction in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative.

		
	13.
	No Vested Right in Future Awards.  You acknowledge and agree that the granting of the Award under this Award Agreement is made on a fully discretionary basis by Tyson and that this Award Agreement does not confer a vested right to 

Exhibit 10.8

further Awards in the future.  Further, the Award set forth in this Award Agreement constitutes a non-recurrent benefit and the terms of this Award Agreement are applicable only to the Award granted pursuant to this Award Agreement.
		
	14.
	No Right to Continued Employment.  You acknowledge and agree (through electronic acknowledgment and acceptance of this Award Agreement) that neither the adoption of the Plan nor the granting of any Award shall confer any right to continued employment with Tyson, nor shall it interfere in any way with Tyson’s right to terminate your employment at any time for any reason in accordance with the terms of your Employment Agreement. 

		
	15.
	Governing Law.  The Plan, this Award Agreement and all determinations made and actions taken pursuant to the Plan or Award Agreement shall be governed by the laws of the State of Arkansas, without giving effect to the conflict of laws principles thereof.

		
	16.
	Successors and Assigns.  This Award Agreement shall inure to the benefit of and be binding upon each successor and assign of Tyson.  All obligations imposed upon you, and all rights granted to Tyson hereunder, shall be binding upon your heirs, successors and administrators.

*  *  * 

TYSON FOODS, INC.

By:    /s/ Tom Hayes                     

Title:    President & CEO

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