Document:

Exhibit 10.1

                      SEABOARD CORPORATION
                    EXECUTIVE RETIREMENT PLAN
                 2004 AMENDMENT AND RESTATEMENT

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                      SEABOARD CORPORATION
                    EXECUTIVE RETIREMENT PLAN

                        TABLE OF CONTENTS

ARTICLE I. PURPOSE AND BACKGROUND                             1

ARTICLE II. DEFINITIONS                                       1
 2.1.Accrued Benefit                                          1
 2.2.Actuarial Equivalent                                     1
 2.3.Actuarial Value                                          1
 2.4.Board                                                    2
 2.5.Change of Control                                        2
 2.6.Committee                                                2
 2.7.Company                                                  2
 2.8.Covered Compensation                                     2
 2.9.Disability Retirement Date                               2
 2.10. Early Retirement Date                                  2
 2.11. Earnings                                               2
 2.12. Eligible Spouse                                        3
 2.13. Final Average Earnings                                 3
 2.14. Inactive Participant                                   3
 2.15. Internal Revenue Code or Code                          3
 2.16. Normal Retirement Date                                 3
 2.17. Participant                                            3
 2.18. Participation Date                                     3
 2.19. Pension Plan                                           3
 2.20. Plan                                                   4
 2.21. Plan Administrator                                     4
 2.22. Plan Year                                              4
 2.23. Related Company                                        4
 2.24. Separation Date                                        4
 2.25. Year of Service                                        4
 2.26. Years of Accrual Service                               4

ARTICLE III. PARTICIPATION                                    4
 3.1.Eligibility for Participation                            4
 3.2.Cessation of Participation.                              4
 3.3.Inactive Participants.                                   5
 3.4.Participation not Contract of Employment                 5

ARTICLE IV. RETIREMENT BENEFITS                               5
 4.1.Determination of Accrued Benefit                         5
 4.2.Early Retirement Benefit                                 6

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ARTICLE V. PAYMENT OF BENEFITS                                7
 5.1.Fully Vested Benefits                                    7
 5.2.Forfeitures                                              7
 5.3.Commencement of Payment                                  7
 5.4.Method of Payment                                        7
 5.5.Participant Elections of Method of Payment.             10
 5.6.Death Benefit.                                          10
 5.7.Determination of Beneficiary.                           10

ARTICLE VI. FUNDING                                          11
 6.1.Unfunded Plan.                                          11

ARTICLE VII. WITHHOLDING OF TAXES                            11
 7.1.Tax Withholding                                         11

ARTICLE VIII. PLAN ADMINISTRATOR                             11
 8.1.Membership and Authority                                11
 8.2.Delegation                                              12
 8.3.Information to be Furnished                             12
 8.4.Plan Administrator's Decision Final                     12
 8.5.Remuneration and Expenses                               12
 8.6.Indemnification of Committee Member                     12
 8.7.Resignation or Removal of Committee Member              13
 8.8.Interested Committee Member                             13

ARTICLE IX. CLAIMS PROCEDURE                                 13
 9.1.Claim                                                   13
 9.2.Denial of Claim                                         13
 9.3.Review of Claim                                         13
 9.4.Final Decision                                          13

ARTICLE X. AMENDMENTS OR TERMINATION OF THE PLAN             13
 10.1. Board                                                 13

ARTICLE XI. MISCELLANEOUS                                    14
 11.1. Captions                                              14
 11.2. Company Action                                        14
 11.3. Company Records                                       14
 11.4. Evidence                                              14
 11.5. Gender and Number                                     14
 11.6. Governing Law                                         15
 11.7. Nonassignability                                      15
 11.8. Participant Cooperation                               15
 11.9. Successors                                            15
 11.10.Unsecured General Creditor                            15

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 11.11.Validity                                              15
 11.12.Waiver of Notice                                      15

ADDENDUM A - PARTICIPANTS                                    17
ADDENDUM B - PRIOR CASH PAYMENTS                             18
ADDENDUM C - PRE-1997 FROZEN BENEFITS                        19
ADDENDUM D - PARTICIPANTS WITH INDIVIDUAL SERP AGREEMENTS    20

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                      SEABOARD CORPORATION

                    EXECUTIVE RETIREMENT PLAN

                           ARTICLE I.
                     PURPOSE AND BACKGROUND

     Seaboard   Corporation  adopted  the  Seaboard   Corporation
Executive Retirement Plan (the "Plan") effective January 1, 1994.
Effective  January 1, 1997, the Plan was restated and amended  in
its entirety.

     The  purpose  of  the  Plan  is  to  aid  in  retaining  and
attracting  certain  key  employees of Seaboard  Corporation  and
participating   affiliated  companies  by   providing   to   them
supplemental retirement income.  The Plan is intended  to  be  an
arrangement  that  is unfunded and maintained primarily  for  the
purpose of providing supplemental retirement benefits to a select
group  of  management or highly compensated employees within  the
meaning  of  Sections  201(2), 301(a)(3)  and  401(a)(1)  of  the
Employee Retirement Income Security Act of 1974 as from  time  to
time  amended  ("ERISA"), and the Plan shall be  interpreted  and
administered in a manner consistent with this intent.

     In  furtherance  of  the purpose of the Plan,  the  Plan  is
hereby again restated and amended in its entirety effective  upon
the  date  of  execution  hereof  (the  "Effective  Date").   The
provisions of this amended and restated Plan shall apply  to  all
Participants  in  the  Plan who separate from  service  with  the
Company  on  or  after  the Effective Date (except  as  otherwise
provided on Addendum A attached hereto).  The benefits under  the
Plan  of  all  Participants who separate from  service  with  the
Company prior to the Effective Date will be determined based upon
the  provisions  of  the  Plan in effect  at  the  time  of  such
Separation from Service (except as otherwise provided on Addendum
A attached hereto).

                           ARTICLE II.
                           DEFINITIONS

     For  the  purpose  of  this Plan, the  following  words  and
phrases  shall  have  the meaning indicated, unless  the  context
clearly indicates otherwise:

     2.1.  Accrued Benefit means a Participant's benefit determined as
of a particular time under the provisions of this Plan.

     2.2.  Actuarial Equivalent has the same meaning as such term has
in the Pension Plan.

     2.3.  Actuarial Value means the lump sum equivalent value of a
Participant's  Accrued Benefit payable at his  Normal  Retirement
Date  and  determined by using the interest and mortality  tables
then applicable for purposes of determining Actuarial Value under
the Pension Plan.

<PAGE>

     2.4.  Board means the Board of Directors of Seaboard Corporation.

     2.5.  Change of Control means an event or transaction which
results in one or more of the following:

     (a)   The acquisition by any person or entity (other than by the
           Company or one of its subsidiaries) of more than fifty percent
           (50%) of either the outstanding shares of common stock or the
           combined voting power of the Company's then outstanding voting
           securities entitled to vote generally in the election of
           directors;

     (b)   The liquidation of the Company or the sale of more than
           eighty-five percent (85%) of the assets of the Company to an
           unrelated person or entity;

     (c)   The approval by the shareholders of the Company of a
           reorganization, merger or consolidation with respect to which
           persons who were the stockholders of the Company immediately
           prior to such reorganization, merger or consolidation do not,
           immediately thereafter, own more than fifty percent (50%) of the
           combined voting power entitled to vote generally in the election
           of the directors of the reorganized, merged or consolidated
           entity's then outstanding voting securities; or

     (d)   The acquisition by any person or entity (other than by any
           descendant of Otto Bresky, Senior or any trust established
           primarily for the benefit of any descendant of Otto Bresky,
           Senior) of more than 50% of either the membership interests or
           the combined voting power of Seaboard Flour, LLC.
     2.6.  Committee  means the committee, if any,  appointed  to
administer this Plan pursuant to Article VIII.

     2.7.  Company means Seaboard Corporation, a Delaware corporation,
and any of its subsidiaries or affiliates that are participating
in this Plan, and any successors to the business of Seaboard
Corporation and such participating subsidiaries or affiliates.

     2.8.  Covered Compensation has the same meaning as such term has
in the Pension Plan.

     2.9.  Disability Retirement Date means the date the Participant
has a Separation from Service because of disability, irrespective
of the Participant's age.  A Participant will be considered
disabled if the Participant is disabled for purposes of the
Pension Plan.

     2.10. Early Retirement Date means the date as of which a
Participant has both (a) completed ten (10) Years of Service and
(b) been a Participant for five (5) Years.

     2.11. Earnings means the total salary and bonus received by
the Participant from the Company for the Participant's services
during a calendar year subject to the following sentences of this
Section 2.11. Earnings shall not include reimbursements or other
expense allowances, fringe benefits (cash and non-cash), moving
expenses, and welfare benefits.  Earnings also shall not include
any benefits accrued under this Plan.  Earnings shall include the
amount of any elective contributions made by the Participant in
such year pursuant to a plan maintained by the

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Company where such amount is not includable in gross income due
to the provisions of Code Sections 125, 401(k) or 132(f).
Earnings shall also include an amount equal to the amount of the
reduction in the Participant's salary and bonus for the Plan Year
made pursuant to the election of the Participant under the Seaboard
Corporation Investment Option Plan established by Seaboard Corporation
and as from time to time amended (the "Option Plan"); however, Earnings
shall not include any amount of taxable income recognized by the
Participant as a result of the exercise of an option granted
under the Option Plan.

     2.12. Eligible Spouse means the spouse of a Participant to
whom the Participant was married on the date payment of the
Participant's vested Accrued Benefit commences, or, if earlier,
on the date of the Participant's death. The length of the
marriage prior to either of such dates shall not be taken into
consideration.

     2.13. Final Average Earnings has the same meaning as such
term has in the Pension Plan except that Final Average Earnings
will be determined by using the definition of Earnings set forth
herein.

     2.14. Inactive Participant means a Participant who is no
longer accruing a benefit under the Plan because either (a) the
President or a Senior Vice President of the Company has
determined in his sole discretion that the Participant shall no
longer accrue a benefit under the Plan because the Participant no
longer satisfies criteria for participation as determined by the
President or a Senior Vice President in his sole discretion, or
(b) the Participant has had a Separation from Service.

     2.15. Interest Rate means the Moody's Aaa Seasoned Bond Index
average  rate  as  of the first business day  of  the  Plan  Year
containing  the  period  for which the  interest  amount  payable
hereunder is to be determined.

     2.16. Internal Revenue Code or Code means the  Internal
Revenue Code of 1986, as amended from time to time. References to
any  Section  of  the  Internal Revenue Code  shall  include  any
successor provision thereto.

     2.17. Key Participant means a Participant who is a  key
employee of the Company within the meaning of Code Section 416(i)
(but without regard to Code Section 416(i)(5)).

     2.18. Normal Retirement Date means the first day of  the
calendar  month coinciding with or next following  the  date  the
Participant attains age sixty-two (62).

     2.19. Participant means any individual who is designated as a
Participant in the Plan as provided in Section 3.1 and who has
not ceased to be a Participant under Section 3.2.

     2.20. Participation Date means the date an employee becomes a
Participant as provided in Section 3.1.

     2.21. Pension Plan means the Seaboard Corporation Pension
Plan as in effect on the Effective Date and as thereafter amended
from time to time.

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     2.22. Plan means the Seaboard Corporation Executive
Retirement Plan as set forth herein and as amended from time to
time.

     2.23. Plan Administrator means the Committee, if any, but if
at any time there is no Committee acting hereunder then the Plan
Administrator will be Seaboard Corporation.

     2.24. Plan Year means the 12-month period beginning January 1
and ending December 31.

     2.25. Related Company means any corporation which is a member
of a controlled group of corporations (as defined in Code Section
414(b)) that includes the Company.

     2.26. Separation Date means the date the Participant has a
Separation from Service.

     2.27. Separation from Service means ceasing to be employed by
the Company or any Related Company for any reason.

     2.28. Years of Service at any particular time means the years
of service the Participant has at that time as determined under
the Pension Plan for vesting purposes.

     2.29. Years of Accrual Service means Years of Accrual Service
as determined for purposes of the Pension Plan, except that Years
of  Accrual Service shall be determined (a) based upon all  hours
of  service with either the Company or a Related Company  whether
or  not the Participant was a Participant in the Plan at the time
of  such  service, (b) without applying the maximum limit  of  35
Years  of Accrual Service under the Pension Plan, and (c) without
applying  the  Pension  Plan's exclusion of  service  during  any
period  from  January 1, 1994 through January 1,  1997  that  the
Participant was accruing benefits under either this Plan  or  any
predecessor plan that merged into this Plan.  Notwithstanding the
preceding sentence, Years of Accrual Service will not include any
service  for  an  entity occurring prior to the time  the  entity
became a Related Company.

                          ARTICLE III.
                          PARTICIPATION

     3.1.  Participation Date.  All persons who are  Participants
immediately  prior to the Effective Date will remain Participants
as  of the Effective Date, and the Participation Date of any such
Participant  is  that date prior to the Effective  Date  that  he
became  a Participant.  An employee of the Company who is  not  a
Participant on the Effective Date, and who is determined  by  the
President  or  a  Senior Vice President of the Company  to  be  a
member  of  a  select  group of management or highly  compensated
employees,  will  become a Participant if he is designated  as  a
Participant  by the President or a Senior Vice President  of  the
Company.   Such employee's Participation Date will  be  the  date
specified  by  the  President or a Senior Vice President  of  the
Company.   Commencement of participation does not  guarantee  any
Participant  continued  active  participation  hereunder.   Those
employees who are Participants in the Plan on the Effective  Date
are listed on Addendum A attached hereto.

     3.2.  Cessation of Participation.  A Participant will cease to be
a Participant when he no longer has an Accrued Benefit.

<PAGE> 4

     3.3.  Inactive Participants.  An Inactive Participant will have a
frozen Accrued Benefit hereunder.  If at any time the frozen
Accrued Benefit of an Inactive Participant is zero, then the
Inactive Participant will no longer have an Accrued Benefit and
will cease to be a Participant.

     3.4.  Participation not Contract of Employment. The Plan does not
constitute a contract of employment, and participation in the
Plan will not give any Participant the right to continue in the
employ of or provide services to the Company, or interfere in any
way with the right of the Company to terminate the employment of
the Participant or give any right or claim to any benefit under
the terms of the Plan unless such right or claim is specifically
vested under the terms of the Plan.

                           ARTICLE IV.
                       RETIREMENT BENEFITS

     4.1.  Determination of Accrued Benefit.  A Participant's Accrued
Benefit is a benefit payable in the form of a single life annuity
commencing  on the Participant's Normal Retirement Date  (or  the
Participant's Separation Date if later than his Normal Retirement
Date)  in an annual amount equal to the excess of (1) the sum  of
(a) (the "Pre-Participation Service Benefit") and (b) (the "Post-
Participation Service Benefit") below, over (2) the  sum  of  (c)
(the  "Pension  Plan  Offset"),  (d)  (the  "Prior  Cash  Payment
Offset"), (e) (the "Prior SERP Frozen Benefit Offset"),  and  (f)
(the   "Individual  SERP  Agreement  Offset")  below;   provided,
however,  in no event shall the Participant's Accrued Benefit  be
less  than  the  amount  of  the  Participant's  Accrued  Benefit
immediately prior to the Effective Date.

     (a)   Pre-Participation Service Benefit.  A Participant's Pre-
           Participation Service Benefit will be determined taking into
           account only the Participant's Years of Accrual Service as of his
           Participation Date ("Pre-Participation Years of Accrual Service")
           and will be an amount equal to the sum of:

           (i)  .65% of his Final Average Earnings multiplied by his Pre-
                Participation Years of Accrual Service; and

           (ii) .50% of his Final Average Earnings in excess of Covered
                Compensation multiplied by his Pre-Participation Years of
                Accrual Service.

     (b)   Post-Participation Service Benefit.   A Participant's Post-
           Participation Service Benefit will be determined taking into
           account the Participant's Years of Accrual Service after the
           Participant's Participation Date ("Post-Participation Years of
           Accrual Service") and will be an amount equal to 2.5% of his
           Final Average Earnings multiplied by his Post-Participation Years
           of Accrual Service.

     (c)   Pension Plan Offset.  The amount of a Participant's Pension
           Plan Offset is the Actuarial Equivalent of the Participant's
           accrued benefit as defined in the Pension Plan, determined as if
           such benefit were payable in the form of a single life annuity
           that commences on the Participant's Normal Retirement Date or, if
           later, the Participant's Separation Date.

<PAGE> 5

     (d)   Prior Cash Payment Offset.  This offset applies only to
           those Participants who received one or more cash payments under
           the provisions of the Plan in effect from January 1, 1994 through
           January 1, 1997.  The amount of the Prior Cash Payment Offset is
           the Actuarial Equivalent of the benefit satisfied with such cash
           payments, determined as if such benefit were payable in the form
           of a single life annuity that commences on the Participant's
           Normal Retirement Date or, if later, the Participant's Separation
           Date.  The name of each Participant who received one or more such
           cash payments and the benefit satisfied with such cash payment or
           payments are listed on Addendum B attached hereto.

     (e)   Prior SERP Frozen Benefit Offset.  This offset applies only
           to those Participants who were participants under the Plan as in
           effect prior to 1997 and have a frozen accrued benefit under the
           Plan at that time payable as a 10 year certain and continuous
           annuity.  The amount of the Prior SERP Frozen Benefit Offset is
           the Actuarial Equivalent of such frozen accrued benefit,
           determined as if such benefit were payable in the form of a
           single life annuity that commences on the Participant's Normal
           Retirement Date or, if later, the Participant's Separation Date.
           The name of each Participant who has such a frozen accrued
           benefit and the amount of such frozen accrued benefit are listed
           on Addendum C attached hereto.

     (f)   Individual SERP Agreement Offset.  This offset applies only
           to those Participants who have an individual supplemental
           retirement arrangement with the Company.  The amount of the
           Individual SERP Agreement Offset is the Actuarial Equivalent of
           the benefit under the individual supplemental retirement
           arrangement, determined as if such benefit were payable in the
           form of a single life annuity that commences on the Participant's
           Normal Retirement Date or, if later, the Participant's Separation
           Date.  The name of each Participant who has such an individual
           retirement arrangement with the Company is listed on Addendum D
           attached hereto.

     4.2.  Early Retirement Accrued Benefit. A Participant's Accrued
Benefit  on  or  after  the Participant's Early  Retirement  Date
(regardless of whether the Participant's Separation from  Service
occurs  before or after the Participant's Early Retirement  Date)
and prior to the Participant's Normal Retirement Date will be  an
early   retirement  Accrued  Benefit.   The  Participant's  early
retirement Accrued Benefit determined as of a date that is on  or
after  the  date  the Participant attains age 55 will  equal  the
Participant's  Accrued Benefit as determined under  Section  4.1,
reduced  by  4%  for  each  year  by  which  the  date   of   the
determination  of  such  Participant's early  retirement  Accrued
Benefit  precedes the Participant's Normal Retirement Date.   The
Participant's early retirement Accrued Benefit determined as of a
date  that  is prior to the date the Participant attains  age  55
will  equal  the  actuarial equivalent, as of such  determination
date,  based on the interest and mortality tables then applicable
under  Section 2.3, of the Participant's early retirement Accrued
Benefit  at age 55 as determined in accordance with the preceding
sentence.

<PAGE> 6

                           ARTICLE V.
                       PAYMENT OF BENEFITS

     5.1.  Fully Vested Benefits. A Participant will be fully vested in
the Participant's Accrued Benefit upon the first to occur of:

     (a)   The Participant's Normal Retirement Date if the Participant
           is an employee of the Company or a Related Company on the
           Participant's Normal Retirement Date; or

     (b)   The Participant's disability if such disability occurs while
           the Participant is an employee of the Company or a Related
           Company; or

     (c)   The Participant's death while the Participant is an employee
           of the Company or a Related Company; or

     (d)   The Participant's completion of five Years of Service; or

     (e)   A Change of Control.

     5.2.  Forfeitures.  If the Participant does not have a vested
Accrued  Benefit  under the provisions of Section  5.1  upon  the
Participant's  Separation  Date, then the  Participant's  Accrued
Benefit will be forfeited.

     5.3.  Commencement of Payment.  If the Participant's vested
Accrued Benefit is paid in the form of an annuity as hereinafter
provided, then payment will commence as soon as practical after
the later of the Participant's Separation Date or the date the
Participant attains age sixty-two (62); provided, however, if the
Participant is eligible for an early retirement benefit as
provided in Section 4.2, then payment will commence as soon as
practical following the later of the Participant's Separation
Date or the date the Participant attains age 55, or at such later
date as applicable under Section 5.6.  If the Participant's
vested Accrued Benefit is paid in the form of a lump sum as
hereinafter provided, then payment will be made as soon as
practical following the Participant's Separation from Service,
or, if applicable, as soon as practical after a Change of
Control, or at such later date as applicable under Section 5.6.
If the Participant's vested Accrued Benefit is paid in the form
of installments as hereinafter provided, then payment will
commence as soon as practical following the Participant's
Separation from Service, or at such later date as applicable
under Section 5.6.  Notwithstanding the preceding provisions of
this Section 5.3 or any other provisions of the Plan to the
contrary, payment of benefits to a Key Participant will not
commence prior to the earlier of (a) the date which is six (6)
months after the date of  the Key Participant's Separation from
Service, or (b) the death of the Key Participant.

     5.4.  Method of Payment.  The Participant's vested Accrued Benefit
will be paid in one of the following methods:

     (a)   Lump  Sum Payment: A lump sum payment is a single  cash
           payment in an amount equal to the Actuarial Value of the
           Participant's vested Accrued Benefit determined as of the payment
           date; provided, however, if the Participant is eligible to
           receive an early retirement benefit under Section 4.2, then the
           amount of a single lump sum payment to the Participant will equal
           the present value

<PAGE> 7

           determined as of the payment date of the
           Participant's early retirement benefit under Section 4.2 payable
           in the form of a single life annuity commencing on the payment
           date and determined by using the interest and mortality tables
           then applicable for purposes of determining Actuarial Value.  The
           Participant's vested Accrued Benefit will always be paid in a
           lump sum payment if the dollar amount of the lump sum payment is
           less than or equal to the mandatory lump sum payment dollar
           amount under the Pension Plan at the time of payment.  Subject to
           the Participant's right to elect another method of payment under
           Section 5.5, the Participant's vested Accrued Benefit also will
           be paid in the form of a lump sum payment if the date of the
           Participant's Separation from Service is on or after the later of
           (i) five (5) years after the Effective Date, or (ii) five (5)
           years after the Participant's Participation Date.  Also, if not
           otherwise paid in a lump sum payment under the provisions of the
           preceding sentence, and subject to the Participant's right to
           elect another method of payment under Section 5.5,  the
           Participant's vested Accrued Benefit will be paid in a lump sum
           payment if the Participant is involuntarily terminated, or if the
           Participant's Separation Date is on or after his Normal
           Retirement Date, or if there is a Change of Control whether or
           not the Participant then has a Separation from Service.

     (b)   Installment Payments:  Installment payments are five annual
           payments in a five-consecutive-year period.  The principal amount
           of each payment is equal to one fifth of the amount that would be
           paid to the Participant on the date the installment payments
           commence if instead the payment on that date were a lump sum
           payment as determined under Section 5.4(a).  Each installment
           payment will also include interest on the aggregate amount of the
           unpaid installments determined by applying the Interest Rate.  If
           the Participant is eligible to receive his vested Accrued Benefit
           in the form of a lump sum, and if the dollar amount of the lump
           sum payment determined under Section 5.4(a) is greater than the
           mandatory lump sum payment amount under the Pension Plan at the
           time of payment, then the Participant's benefit payment will be
           made in the form of installment payments if elected by the
           Participant in accordance with the provisions of Section 5.5.

     (c)   Annuity Payment:  An annuity is payment in one of the forms
           described in the subparagraphs under this paragraph (b) that is
           the Actuarial Equivalent of the Participant's vested Accrued
           Benefit.  If the Participant is not eligible to receive his
           vested Accrued Benefit in the form of a lump sum payment under
           the provisions of the preceding paragraph (a), then the
           Participant's vested Accrued Benefit will be paid in the form of
           either the annuity described in subparagraph (i) below, or the
           annuity described in subparagraph (ii) below, whichever
           applicable.  If the Participant is eligible to receive his vested
           Accrued Benefit in the form of a lump sum, and if the dollar
           amount of the lump sum payment determined under Section 5.4(a) is
           greater than the mandatory lump sum payment amount under the
           Pension Plan at the time of payment, then the Participant's
           benefit payment will be made in one of the annuity forms
           described in the following subparagraphs if elected by the
           Participant in accordance with the provisions of Section 5.5;
           provided, however, if the Participant has an Eligible Spouse at
           the time the

<PAGE> 8

           election is made and elects a joint and survivor
           annuity payment, but does not have an Eligible Spouse at the time
           benefit payments commence, then benefit payments will be made in
           the form of a single life annuity.

           (i)   Single Life Annuity.  A single life annuity is the Actuarial
                 Equivalent of the Participant's vested Accrued Benefit payable
                 in annual payments to the Participant for the lifetime of the
                 Participant. If the Participant is not eligible to receive his
                 vested Accrued Benefit in the form of a lump sum payment under
                 the provisions of the preceding subparagraph (a), and if the
                 Participant has no Eligible Spouse on the date payment of the
                 Participant's benefit commences, then payment of the
                 Participant's vested Accrued Benefit will be in the form of a
                 single life annuity.

           (ii)  50% Joint and Survivor Annuity.  A 50% joint and survivor
                 annuity is the Actuarial Equivalent of the Participant's
                 vested Accrued Benefit payable in annual payments to the
                 Participant for the lifetime of the Participant and to the
                 Participant's Eligible Spouse upon the Participant's death
                 for the lifetime of the Participant's Eligible Spouse, with
                 each payment to the Participant's Eligible Spouse being 50%
                 of the amount of each payment to the Participant. If the
                 Participant is not eligible to receive his vested Accrued
                 Benefit in the form of a lump sum payment under the provisions
                 of the preceding subparagraph (a), and if the Participant has
                 an Eligible Spouse on the date payment of the Participant's
                 benefit commences, then payment of the Participant's vested
                 Accrued Benefit will be in the form of a 50% joint and
                 survivor annuity.

           (iii) Single Life Annuity with 10 Year Term Certain.  A
                 single life annuity with a ten (10) year term certain  is a
                 single life annuity described in subparagraph (i) above with a
                 guaranteed payment term of  ten (10) years.

           (iv)  75% Joint and Survivor Annuity.  A 75% joint and survivor
                 annuity is the Actuarial Equivalent of the Participant's vested
                 Accrued Benefit payable in annual payments to the Participant
                 for the lifetime of the Participant and to the Participant's
                 Eligible Spouse upon the Participant's death for the lifetime
                 of the Participant's Eligible Spouse, with each payment to the
                 Participant's Eligible Spouse being 75% of the amount of each
                 payment to the Participant.

           (v)   100% Joint and Survivor Annuity.  A 100% joint and survivor
                 annuity is the Actuarial Equivalent of the Participant's
                 vested Accrued Benefit payable in annual payments to the
                 Participant for the lifetime of the Participant and to the
                 Participant's Eligible Spouse upon the Participant's death for
                 the lifetime of the Participant's Eligible Spouse, with each
                 payment to the Participant's Eligible Spouse being 100% of the
                 amount of each payment to the Participant.

<PAGE> 9

     5.5.  Participant Elections of Method of Payment.  A Participant
may  elect  that, if payment of the Participant's vested  Accrued
Benefit is otherwise to be made in the form of a lump sum payment
hereunder,  and if the dollar amount of the lump sum  payment  is
greater  than  the  mandatory lump sum payment amount  under  the
Pension Plan at the time of payment, payment will instead be made
in  the  form  of  a an annuity under Section  5.4(b).   No  such
election  will be valid unless made at least twelve  (12)  months
prior to the date payment would otherwise be made in the form  of
a  lump sum payment.  If a Participant has made an election under
the   preceding  provisions  of  this  Section   5.5   that   the
Participant's vested Accrued Benefit shall be paid in the form of
an  annuity, then the Participant may elect at any time no  later
than  twelve (12) months prior to the date payment of the annuity
is  to commence, that payment will instead be made in the form of
a lump sum payment.

     5.6.  Participant Elections of Commencement of Payment.  If the
Participant's vested Accrued Benefit is to be paid in the form of
an  annuity,  then subject to the last sentence of  this  Section
5.6.  the  Participant may elect the date such  annuity  payments
commence;  provided, however, regardless of any election  by  the
Participant,  annuity payments will commence at  age  62  if  the
Participant is not eligible for an early retirement benefit under
Section 4.2; and provided, further, that in no event will annuity
payments commence later than age 62.  If payment is to be made in
a  lump  sum,  then subject to the last sentence of this  Section
5.6,  the Participant may elect the date payment of the lump  sum
is made.  In no event will any benefit payment be made prior to a
Participant's Separation Date except upon a Change of Control  in
the  case of a Participant who is not a Key Participant, and  any
election  regarding the time of the benefit payment will  not  be
valid  unless  the election is made at least twelve  (12)  months
prior to the date the benefit payment would otherwise be made  or
benefit payments would otherwise commence; provided, however,  if
a  lump sum payment is to be made hereunder to a Participant  who
is  not a Key Participant on account of a Change of Control,  the
Participant  may elect that the provisions hereunder for  payment
of  benefits  upon a Change of Control prior to  a  Participant's
Separation from Service will not apply to the Participant.

     5.7.  Death Benefit.  If the Participant dies prior  to  the
commencement  of payment of Participant's Accrued  Benefit,  then
the  Participant's vested Accrued Benefit will  be  paid  to  the
Participant's beneficiary as determined under Section 5.8 as soon
as  practical after the Participant's death in the form of a lump
sum  payment.   If  the  Participant dies after  the  payment  or
commencement of payment of the Participant's Accrued Benefit,  no
further  payments  will be made hereunder  with  respect  to  the
Participant  and  the Participant's benefits hereunder  shall  be
deemed  to be fully paid; provided, however, that if at the  time
of the Participant's death, the Participant's Accrued Benefit was
being  paid in the form of a single life annuity with a ten  (10)
year term certain and all of the guaranteed payments had not been
made,  or  in  the form of installment payments and  all  of  the
installment  payments  had  not been  made,  then  the  remaining
guaranteed payments or installment payments will be paid  to  the
Participant's  beneficiary as determined under Section  5.8;  and
provided,  further,  that  if at the time  of  the  Participant's
death,  the Participant's Accrued Benefit was being paid  in  the
form  of  a joint and survivor annuity, then if the Participant's
Eligible  Spouse  survives the Participant, the survivor  annuity
benefit  will be paid to the Participant's Eligible Spouse  until
the death of the Participant's Eligible Spouse.

     5.8.  Determination of Beneficiary.  Each Participant from time to
time may designate any person or persons, trust, estate or
charitable institution (who may be designated

<PAGE> 10

concurrently or contingently) to whom the Participant's vested
Accrued Benefit under the Plan will be paid if the Participant dies
prior to the payment or commencement of payment of the Participant's
Accrued Benefit or if the Participant dies after the commencement of
payment in the form of a single life annuity with a ten (10) year
term certain or in the form of installments and prior to the
completion of such guaranteed payments or installments.  A
beneficiary designation will be effective only if filed in
writing with the Plan Administrator while the Participant is
alive.  The Participant's beneficiary will be the beneficiary
designated on the last such written designation filed by the
Participant prior to the Participant's death.

     If  a  Participant fails to validly designate a beneficiary,
then  the  Participant's beneficiary will  be  the  Participant's
Eligible  Spouse, but if the Participant is not  survived  by  an
Eligible  Spouse then the Participant's beneficiary will  be  the
personal  representative of the Participant's  estate;  provided,
however,  if  the Participant does not otherwise have  a  probate
estate,  the Plan Administrator may pay the Participant's  vested
Accrued  Benefit  to  such  person  or  persons  whom  the   Plan
Administrator  determines, in the Plan Administrator's  sole  and
absolute  discretion,  would be the beneficiaries  in  a  probate
proceeding, and the Plan Administrator shall have no liability to
any person for any such determination.

                           ARTICLE VI.
                             FUNDING

     6.1.  Unfunded Plan.  This Plan is an unfunded plan for income tax
purposes  and for purposes of Title I of ERISA.  The Company  may
from  time to time deposit assets in a trust established  by  the
Company that is subject to the creditors of the Company but which
assets  must otherwise be used for the purpose of paying  Accrued
Benefits  hereunder.  In the event of a Change  of  Control,  the
Company  will,  as  soon as practical following  such  Change  of
Control, deposit in such trust assets of an amount sufficient (as
determined by the actuary of the Pension Plan) to pay all  vested
Accrued  Benefits  of the Participants as determined  as  of  the
first day following such Change of Control.

                          ARTICLE VII.
                      WITHHOLDING OF TAXES

     7.1.  Tax Withholding.  The Company has the right to retain and
withhold  from  any payment of benefits hereunder the  amount  of
taxes  required by any government to be withheld or otherwise  be
deducted and paid with respect to such payment.

                          ARTICLE VIII.
                       PLAN ADMINISTRATOR

     8.1.  Membership and Authority. The Board may appoint, or delegate
the appointment of, a Committee to act as Plan Administrator.  In
the  event  a  Committee  is acting as  Plan  Administrator,  the
Committee  shall act by a majority of its members except  to  the
extent  it  has delegated responsibilities hereunder.   The  Plan
Administrator shall have the following powers, rights and  duties
in addition to those vested in it elsewhere in the Plan:

<PAGE> 11

     (a)   To adopt such rules of procedure and regulations as, in its
           opinion,  may be necessary for the proper and efficient
           administration of the Plan and as are consistent with the
           provisions of the Plan.

     (b)   To enforce the Plan in accordance with its terms and with
           such applicable rules and regulations as may be adopted.

     (c)   To construe and interpret the Plan in the Plan
           Administrator's sole discretion, and to determine all questions
           arising under the Plan, including the power to determine the
           rights of Participants and their beneficiaries and the amount of
           their respective benefits.

     (d)   To maintain and keep adequate records concerning the Plan
           and concerning its proceedings and acts in such form and detail
           as the Plan Administrator may decide.

     (e)   To direct all payments of benefits under the Plan.

     8.2.  Delegation.  In exercising its authority to control and
manage  the  operation and administration of the Plan,  the  Plan
Administrator  may employ agents and counsel  (who  may  also  be
employed by the Company) and delegate to them such powers as  the
Plan Administrator deems desirable.

     8.3.  Information to be Furnished.  The Company shall furnish the
Plan Administrator or its delegees such data and information as
may be required. The records of the Company as to an employee's
or Participant's period of employment, Separation from Service
and the reason therefore, leave of absence and compensation will
be conclusive on all persons unless determined to be incorrect.

     8.4.  Plan Administrator's Decision Final.  Any interpretation of
the Plan and any decision on any matter within the discretion of
the Plan Administrator made in good faith is binding on all
persons. A misstatement or other mistake of fact shall be
corrected when it becomes known, and the Plan Administrator shall
make such adjustment on account thereof as it considers equitable
and practicable.

     8.5.  Remuneration and Expenses.  No remuneration shall be paid to
the Plan Administrator (or any Committee member) for services
hereunder.  All expenses of the Plan Administrator (or a
Committee member) incurred in the performance of the
administration of the Plan shall be reimbursed by the Company.

     8.6.  Indemnification of Committee Member.  The Committee and the
individual members thereof shall be indemnified by the Company
against any and all liabilities, losses, costs, and expenses
(including fees and expenses) of whatsoever kind and nature which
may be imposed on, incurred by or asserted against the Committee
or the members by reason of the performance of a Committee
function if the Committee or such members did not act dishonestly
or in willful or negligent violation of the law or regulations
under which such liability, loss, cost or expense arises.

<PAGE> 12

     8.7.  Resignation or Removal of Committee Member.  A Committee
member may resign at any time by giving ten (10) days advance
written notice to the Company and the other Committee members.
The Company may remove a Committee member by giving advance
written notice to him or her, and the other Committee members.

     8.8.  Interested Committee Member.  A member of the Committee may
not decide or determine any matter or question concerning his or
her own benefits under the Plan.

                           ARTICLE IX.
                        CLAIMS PROCEDURE

     9.1.  Claim.   Any person claiming a benefit, requesting  an
interpretation   or   ruling  under  the  Plan,   or   requesting
information under the Plan shall present the request  in  writing
to  the  Committee  which shall respond in  writing  as  soon  as
practicable.

     9.2.  Denial of Claim.  If the claim or request is denied, the
written notice of denial shall be made within ninety (90) days of
the date of receipt of such claim or request by the Committee and
shall state:

     (a)   The reason for denial, with specific reference to the Plan
           provisions on which the denial is based.

     (b)   A description of any additional material or information
           required and an explanation of why it is necessary.

     (c)   An explanation of the Plan's claim review procedure.

     9.3.  Review of Claim.  Any person whose claim or request  is
denied or who has not received a response within ninety (90) days
may  request  review by notice given in writing to the  Committee
within  sixty  (60) days of receiving a response or  one  hundred
fifty  (150)  days from the date the claim was  received  by  the
Committee.  The  claim  or  request  shall  be  reviewed  by  the
Committee  who  may,  but  shall not be required  to,  grant  the
claimant   a   hearing.  On  review,  the   claimant   may   have
representation,  examine pertinent documents, and  submit  issues
and comments in writing.

     9.4.  Final Decision.  The decision on review shall normally be
made within sixty (60) days after the Committee's receipt of a
request for review. If an extension of time is required for a
hearing or other special circumstances, the claimant shall be
notified and the time limit shall be one hundred twenty (120)
days after the Committee's receipt of a request for review.  The
decision shall be in writing and shall state the reasons and
relevant plan provisions. All decisions on review shall be final
and bind all parties concerned.

                           ARTICLE X.
              AMENDMENTS OR TERMINATION OF THE PLAN

     10.1. Board.  The Board may, at any time or times, amend the
Plan,  pursuant  to  written resolution  adopted  by  the  Board;
provided,  however, no amendment shall be effective  to  decrease
the  amount  of any Participant's Accrued Benefit which,  at  the
time  of  the amendment,

<PAGE> 13

was fully vested hereunder,  unless  the
Participant  agrees  to  such amendment,  and  no  amendment  may
relieve the Company of its obligation under Article VI unless all
of  the Participants agree to such amendment.  The Board may,  at
any time, terminate the Plan by written resolution adopted by the
Board.   In  the  event  the  Board  terminates  the  Plan,   all
Participants  who  are  employees of the  Company  or  a  Related
Company at the time of such termination, will become fully vested
in  their Accrued Benefits and each Participant's Accrued Benefit
will be paid in the form of an immediate lump sum cash payment in
an  amount  determined  in accordance with  Section  5.4(a).   In
addition  to the preceding amendment authority of the Board,  the
appropriate officers of the Company are authorized to  amend  the
Plan  from  time to time as they deem advisable for  purposes  of
complying  with any provisions of the Internal Revenue  Code  and
Treasury  Regulations  and  any  other  guidance  issued  by  the
Secretary of the Treasury.

     10.2. Deemed Amendment.  The Secretary of the Treasury has
been  directed by the United States Congress to adopt regulations
for  the interpretation and application of Internal Revenue  Code
Section  409A.  No such regulations have been issued  as  of  the
date  of the adoption of this amended and restated Plan.   It  is
the  Company's  intention to amend the Plan to  comply  with  the
requirements  applicable  to the Plan under  the  Code  and  such
regulations  and  other  guidance as authorized  under  the  last
sentence  of Section 10.1.  Until such time the Plan is  actually
so  amended, the Plan shall be deemed to be amended to the extent
necessary to be in compliance with such requirements and the Plan
shall be interpreted and administered accordingly.

                           ARTICLE XI.
                          MISCELLANEOUS

     11.1.  Captions.   The  captions of articles,  sections,
paragraphs  and  subparagraphs of this Plan are  for  convenience
only  and shall not control or affect the meaning or construction
of any of its provisions.

     11.2.  Company Action.  Except as may be specifically provided
herein, any action required or permitted to be taken by the
Company may be taken on behalf of the Company by any officer of
the Company.

     11.3.  Company Records.  Records of the Company as to an
employee's or Participant's period of employment, Separation from
Service and the reason therefore, leaves of absence, reemployment
and compensation will be conclusive on all persons, unless
determined to be incorrect.

     11.4.  Evidence.  Evidence required of anyone under the Plan
may be by certificate, affidavit, document or other information
which the person acting on it considers pertinent and reliable,
and may be signed, made or presented by the proper party or
parties.

     11.5.  Gender and Number.  Where the context permits, words in
the masculine gender shall include the feminine and neuter
genders, the plural shall include the singular, and the singular
shall include the plural.

<PAGE> 14

     11.6.  Governing Law.  Except to the extent governed by ERISA,
the provisions of this Plan shall be construed and interpreted
according to the laws of the state of Delaware.

     11.7.  Non-assignability. Neither a Participant nor any other
person shall have any right to commute, sell, assign, transfer,
pledge, anticipate, mortgage or otherwise encumber, hypothecate
or convey in advance of actual receipt the amounts, if any,
payable hereunder, or any part thereof, which are, and all rights
to which are, expressly hereby declared to be unassignable and
nontransferable.  No part of the amounts payable shall, prior to
actual payment, be subject to seizure or separation for the
payment of any debts, judgments, alimony or separate maintenance
owed by a Participant or any other person, nor be transferable by
operation of law in the event of a Participant's or another
person's bankruptcy or insolvency.

     11.8.  Participant Cooperation.  A Participant will cooperate
with the Company by furnishing any and all information requested
by the Company in order to facilitate the payment of benefits
hereunder and such other action as may be requested by the
Company.

     11.9.  Successors.  The provisions of this Plan shall bind and
inure to the benefit of the Company and its successors and
assigns.  The term successors as used herein shall include any
corporate or other business entity which shall, whether by
merger, consolidation, purchase or otherwise acquire all or
substantially all of the business and assets of the Company, and
successors of any such corporation or other business entity.

     11.10. Unsecured General Creditor. Participants and their
beneficiaries, heirs, successors, and assigns will have no
secured interest or claim in any property or assets of the
Company whether or not such assets are held in a trust that may
be used for the purpose of paying benefits hereunder.  For
purposes of the Plan, any and all of the Company's assets shall
be, and remain, the general, unpledged, assets of the Company.
The Company's obligation under the Plan shall be merely that of
an unfunded and unsecured promise of the Company to pay money in
the future.  No Company shall have any obligation under this Plan
with respect to individuals other than that Company's employees.

     11.11. Validity.  In case any provision of this Plan shall be
held illegal or invalid for any reason, said illegality or
invalidity shall not affect the remaining parts hereof, but this
Plan shall be construed and enforced as if such illegal and
invalid provision had never been inserted herein.

     11.12. Waiver of Notice. Any notice required under the Plan
may be waived by the person entitled to notice.

     The  Company hereby agrees to the provisions of  this  Plan,
and, in Witness Thereof, the Company causes this Agreement to be,
executed on this 5th day of November, 2004.

                                        SEABOARD CORPORATION

                                        By: /s/ H. Harry Bresky
                                            H. Harry Bresky, President

<PAGE> 15Exhibit 10.2

       SEABOARD CORPORATION EXECUTIVE RETIREMENT PLAN TRUST

      THIS AGREEMENT made this 5th day of  November, 2004, by and
between Seaboard Corporation (the "Company") as the settlor,  and
Robert   L.   Steer    as     the    trustee   (the   "Trustee");

     WHEREAS,  the  Company  desires  to  retain  certain  valued
executives in its employment and reward such executives for their
contributions to the achievement of Company goals and  objectives
over a period of years; and

     WHEREAS,  in  furtherance  of  this  objective  the  Company
adopted  the Seaboard Corporation Executive Retirement Plan  (the
"Plan") for the benefit of certain executives selected from  time
to   time   for   participation  in  the  Plan  ("Executive"   or
"Executives"); and

     WHEREAS, the Company wishes to hereby establish a trust (the
"Trust") and to contribute to the Trust assets that will be  held
therein, subject to the claims of the Company's creditors in  the
event  the Company is "Insolvent," as herein defined, until  such
time,  if  any,  that  amounts are paid to Executives  and  their
beneficiaries under the Plan; and

     WHEREAS, the Plan is not an employee benefit plan within the
meaning of the Employee Retirement Income Security Act of  ERISA;
and

     WHEREAS,  it  is  the  intention  of  the  Company  to  make
contributions  to the Trust to provide itself with  a  source  of
funds to assist it in meeting its liabilities under the Plan; and

     WHEREAS,  the Trustee desires to accept the Trust and to act
as the Trustee hereunder;

     NOW,  THEREFORE, the parties do hereby establish  the  Trust
and agree that the Trust shall be comprised, held and disposed of
as follows:

     Section 1.  Establishment of Trust.

     (a)  The Company, in its sole discretion, will transfer to the
Trustee  cash  or other property acceptable to the Trustee  which
shall  become  the  initial principal of the Trust  to  be  held,
administered and disposed of by the Trustee as provided  in  this
Trust Agreement.

     (b)   The  Trust shall be known as the "Seaboard Corporation
Executive Retirement Plan Trust."

     (c)  The Trust hereby established shall be irrevocable.

     (d)  The Trust is intended to be a grantor trust, of which the
Company is the grantor, within the meaning of subpart E, part  1,
subchapter J, chapter 1, subtitle A of the Internal Revenue  Code
of 1986, as amended, and shall be construed accordingly.

<PAGE>

     (e)  The principal of the Trust, and any earnings thereon, shall
be  held  separate and apart from other funds of the Company  and
shall be used exclusively for the uses and purposes of Executives
and  their beneficiaries and general creditors of the Company  as
herein set forth.  Executives and their beneficiaries shall  have
no  preferred claim on, or any beneficial ownership interest  in,
any  assets of the Trust.  Any rights created under the Plan  and
this  Trust Agreement shall be mere unsecured contractual  rights
of  Executives  and  their beneficiaries  against  Company.   Any
assets  held  by the Trust will be subject to the claims  of  the
Company's  general creditors under federal and state law  in  the
event the Company is "Insolvent," as defined in Section 3(a).

     (f)  The Company, in its sole discretion, may at any time, or
from  time  to  time, make additional deposits of cash  or  other
property in trust with the Trustee to augment the principal to be
held, administered and disposed of by the Trustee as provided  in
this  Trust Agreement.  Neither the Trustee nor any Executive  or
beneficiary  shall  have  any right  to  compel  such  additional
deposits  except  to  the  extent provided  by  separate  written
agreement.

     Section 2.  Payments to Executives and Their Beneficiaries.

     (a)  At the time any amount or amounts become payable to  an
Executive  or the Executive's beneficiary (collectively  referred
to  in this Section 2 as the "Payee") under the Plan, the Company
shall  advise the Trustee in writing of (i) the total  amount  of
such  payment  to be made to the Payee under the Plan,  (ii)  the
date  such  payment  is to be made to the Payee,  and  (iii)  the
amount  of  such payment that will be paid by the  Company.   The
Trustee will pay to the Payee the amount of any such payment  not
paid  by  the Company; provided, however, in no event  shall  the
amount  of  such payment made by the Trustee to the Payee  exceed
the  Trust's percentage (as determined under Section 2(d)) of the
total such payment; and provided, further, that any payment  made
by the Trustee shall be subject to withholding as provided in the
following  sentence.  The Trustee shall make  provision  for  the
reporting  and withholding of any federal, state or  local  taxes
that  may  be  required to be withheld with  respect  to  amounts
payable  by  the  Trustee under this Section  2,  and  shall  pay
amounts  withheld  to  the  appropriate  taxing  authorities   or
determine that such amounts have been reported, withheld and paid
by the Company.

     (b)  The entitlement of a Payee to payments under the Plan shall
be  determined by the party authorized to make such determination
under the provisions of the Plan.

     (c)  If the principal of the Trust, and any earnings thereon, are
not  sufficient to make any payment otherwise to be made  by  the
Trustee  under  Section  2(a), then the  Company  shall  pay  the
balance  of  each  such payment.  The Trustee  shall  notify  the
Company where principal and earnings are not sufficient.

<PAGE> 2

     (d)  As of the last day of each year, an actuary selected by the
Company shall determine (applying the method described in Section
2(e))  the  amount  of  assets as of  such  date  that  would  be
necessary to fully fund all of the vested accrued benefits  under
the  Plan.   The actuary shall advise the Trustee in  writing  of
this dollar amount.  The Trustee shall then determine the Trust's
percentage for purposes of  Section 2(a) by dividing the value of
the  assets held in the Trust as of such last day of the year  by
this dollar amount provided by the actuary; provided, however, in
no  event shall the Trust's percentage exceed 100%.  The  Trust's
percentage  determined as of the last day of a year  shall  apply
for purposes of any payments to be made under Section 2(a) by the
Trustee  to a Payee during the period beginning on the first  day
of the next year and ending on the last day of such next year.

     (e)  The amount of assets that will fully fund all of the vested
accrued benefits under the Plan as of the last day of a year  for
purposes of determining the Trust's percentage under Section 2(d)
shall be the greater of (i) the total amount needed to fully fund
the  projected  benefit obligation for each vested  Executive  as
defined  by Statement of Financial Accounting Standards #87  (FAS
87)  and  based on the actuarial assumptions used by the Seaboard
Corporation for purposes of the required disclosures for the Plan
under FAS 87 as of such end of year measurement date, or (ii) the
total amount that would be needed to pay in a lump sum payment to
each  vested  Executive as of such last day  the  value  of  such
Executive's   accrued  benefit  calculated  applying   the   same
assumptions that would be used for purposes of calculating a lump
sum  payment under the Plan (whether or not the Executive is then
entitled to a lump sum payment under the Plan).

     Section  3.   Trustee Responsibility Regarding  Payments  to
Trust Beneficiary When Company Is Insolvent.

     (a)  The Trustee shall cease payments under the terms of the Plan
if  the  Company is Insolvent.  The Company shall  be  considered
"Insolvent"  for  purposes of this Trust  Agreement  if  (i)  the
Company  is unable to pay its debts as they become due,  or  (ii)
the  Company is subject to a pending proceeding as a debtor under
the United States Bankruptcy Code.

     (b)   At all times during the continuance of this Trust,  as
provided  in Section 1(e), the principal and income of the  Trust
shall  be  subject to claims of general creditors of the  Company
under federal and state law as set forth below.

          (1)  The Board of Directors of the Company shall have the duty to
     inform the Trustee in writing of the Company's Insolvency.  If a
     person  claiming to be a creditor of the Company alleges  in
     writing to the Trustee that the Company has become Insolvent, the
     Trustee may engage an advisor to determine whether the Company is
     Insolvent and, pending such determination, the Trustee shall
     discontinue payments to Executives or their beneficiaries.

          (2)  Unless the Trustee has actual knowledge of the Company's
     Insolvency, or

<PAGE> 3

     has received notice from the Company or a person
     claiming to be a creditor alleging that the Company is Insolvent,
     the Trustee shall have no duty to inquire whether the Company is
     Insolvent.  The Trustee may in all events rely on such evidence
     concerning the Company's solvency as may be furnished to the
     Trustee and that provides the Trustee with a reasonable basis for
     making a determination concerning the Company's solvency.

          (3)  If at any time the Trustee or its advisor has determined
     that the Company is Insolvent, the Trustee shall discontinue
     payments to Executives or their beneficiaries and shall hold the
     assets of the Trust for the benefit of the Company's general
     creditors.  Nothing in this Trust Agreement shall in any way
     diminish any rights of Executives or their beneficiaries  to
     pursue their rights as general creditors of the Company with
     respect to payments due under the Plan or otherwise.

          (4)  The Trustee shall resume payment under the Plan in
     accordance with Section 2 only after the Trustee or its advisor
     has determined that the Company is not Insolvent (or is no longer
     Insolvent).

     (c)  Provided that there are sufficient assets, if the Trustee
discontinues payments under the Plan from the Trust  pursuant  to
Section  3(b) and subsequently resumes such payments,  the  first
payment following such discontinuance shall include the aggregate
amount  of  all payments due to Executives or their beneficiaries
under  Section 2 for the period of such discontinuance, less  the
aggregate  amount  of  any payments made to Executives  or  their
beneficiaries by the Company in lieu of the payments provided for
under Section 2 during any such period of discontinuance.

     Section 4.  Investment Substitution Rights.

     The  Company shall have the right at any time, and from time
to  time  in its sole discretion, to substitute assets  of  equal
fair  market  value for any assets held by the  Trust;  provided,
however,   any  assets  so  substituted  must  have   a   readily
ascertainable fair market value and may not consist of  any  type
of  equity interest in, or any debt issued by, the Company or any
affiliate  of  the Company or any entity related to the  Company.
This right to substitute assets is exercisable by the Company  in
a  non-fiduciary capacity without the approval or consent of  any
person in a fiduciary capacity.

     Section 5.  Disposition of Income.

     During  the term of this Trust, all income received  by  the
Trust,  net  of  expenses  and taxes, shall  be  accumulated  and
reinvested.

<PAGE> 4

     Section 6.  Accounting by Trustee.

     The  Trustee  shall  keep  separate  accurate  and  detailed
records  of  all  investments, receipts, disbursements,  and  all
other  transactions required to be made, including such  specific
records  as  shall be agreed upon in writing between the  Company
and  the  Trustee.  Unless waived by the Company, within 60  days
following  the  close of each calendar year and  within  60  days
after  the  removal  or resignation of the Trustee,  the  Trustee
shall  cause to be delivered to the Company a written account  of
its  administration of the Trust during such year or  during  the
period  from the close of the last preceding year to the date  of
such  removal  or  resignation, setting  forth  all  investments,
receipts,  disbursements and other transactions effected  by  it,
including   a  description  of  all  securities  and  investments
purchased  and  sold  with  the cost  or  net  proceeds  of  such
purchases  or  sales (accrued interest paid or  receivable  being
shown  separately),  and showing all cash, securities  and  other
property held in the Trust at the end of such year or as  of  the
date of such removal or resignation, as the case may be.

     Section 7.  Responsibility of Trustee.

    (a)   The  Trustee  shall act with the care, skill,  prudence
and  diligence  under the circumstances then  prevailing  that  a
prudent  person  acting in like capacity and familiar  with  such
matters  would  use  in the conduct of an enterprise  of  a  like
character and with like aims, provided, however, that the Trustee
shall  incur  no  liability to any person for  any  action  taken
pursuant to a direction, request or approval given by the Company
which  is  contemplated by, and in conformity with, the terms  of
the Plan or this Trust and is given in writing by the Company.

     (b)   If  the  Trustee undertakes or defends any  litigation
arising  in  connection with this Trust, the  Company  agrees  to
indemnify  the Trustee against the Trustee's costs, expenses  and
liabilities (including, without limitation, attorneys'  fees  and
expenses)  relating thereto and to be primarily liable  for  such
payments.   If the Company does not pay such costs, expenses  and
liabilities in a reasonably timely manner, the Trustee may obtain
payment from the Trust.

     (c)   The  Trustee may consult with legal counsel  (who  may
also be counsel for the Company generally) with respect to any of
its duties or obligations hereunder.

     (d)   The  Trustee may hire agents, accountants,  actuaries,
investment advisors, financial consultants or other professionals
to  assist  it  in  performing any of its duties  or  obligations
hereunder.

<PAGE> 5

     (e)   The Trustee shall have, without exclusion, all  powers
conferred   on  Trustees  by  applicable  law,  unless  expressly
provided  otherwise  herein,  provided,  however,  that   if   an
insurance  policy is held as an asset of the Trust,  the  Trustee
shall  have  no power to name a beneficiary of the  policy  other
than the Trust, to assign the policy (as distinct from conversion
of  the  policy  to a different form) other than to  a  successor
Trustee,  or to loan to any person the proceeds of any  borrowing
against such policy.

     (f)  Notwithstanding any powers granted to the Trustee pursuant
to  this Trust Agreement or applicable law, the Trustee shall not
have  any  power  that  could give this Trust  the  objective  of
carrying  on a business and dividing the gains therefrom,  within
the   meaning   of  section  301.7701-2  of  the  Procedure   and
Administrative Regulations promulgated pursuant to  the  Internal
Revenue Code.

     Section 8.  Compensation and Expenses of Trustee.

     The  Company shall pay all administrative and Trustee's fees
and  expenses.   If not so paid, the fees and expenses  shall  be
paid from the Trust.

     Section 9.  Resignation and Removal of Trustee.

     (a)  The Trustee may resign at any time by written notice to
Company, which shall be effective 30 days after receipt  of  such
notice unless the Company and the Trustee agree otherwise.

     (b)  The Trustee may be removed by the Company on 30 days notice
or upon shorter notice accepted by the Trustee.

     (c)  Upon resignation or removal of the Trustee and appointment
of  a successor Trustee, all assets shall be promptly transferred
to the successor Trustee.  The transfer shall be completed within
60  days  after  receipt  of notice of  resignation,  removal  or
transfer, unless the Company extends such time limit.

     (d)  If the Trustee resigns or is removed, a successor shall be
appointed, in accordance with Section 10 hereof, by the effective
date of resignation or removal under paragraph (a) or (b) of this
Section.   If no such appointment has been made, the Trustee  may
apply to a court of competent jurisdiction for appointment  of  a
successor  or for instructions.  All expenses of the  Trustee  in
connection with the proceeding shall be allowed as administrative
expenses of the Trust.

<PAGE> 6

     Section 10.  Appointment of Successor Trustee.

     (a)  If the Trustee resigns or is removed in accordance with
Section  9(a)  or  Section  9(b), the  Company  may  appoint  any
individual  or bank trust department or other party that  may  be
granted  corporate trustee powers under state law, as a successor
to   replace  the  Trustee  upon  resignation  or  removal.   The
appointment  shall be effective when accepted in writing  by  the
new  Trustee, who shall have all of the rights and powers of  the
former  Trustee, including ownership rights in the Trust  assets.
The  former  Trustee  shall execute any instrument  necessary  or
reasonably  requested by the Company or the successor Trustee  to
evidence the transfer.

     (b)  The successor Trustee need not examine the records and acts
of  any prior Trustee and may retain or dispose of existing Trust
assets, subject to Section 7(a).  The successor Trustee shall not
be  responsible for, and Company shall indemnify and  defend  the
successor Trustee from, any claim or liability resulting from any
action  or  inaction of any prior Trustee or from any other  past
event, or any condition existing at the time it becomes successor
Trustee.

     Section 11.  Indemnification of Trustee.

     If the Trustee is one or more individuals, the Company shall
indemnify  and  hold harmless the Trustee from  and  against  all
claims,  liabilities,  and damages, and all  expenses  reasonably
incurred  by  the  Trustee (including reasonable  attorney  fees)
which arise as a result of the Trustee's action or failure to act
hereunder  unless such action or failure to act  is  due  to  the
Trustee's gross negligence or willful misconduct. If the  Trustee
is  a  corporate trustee, the Company shall indemnify the Trustee
against  any  and all claims, liabilities, and damages,  and  all
expenses reasonable incurred (including reasonable attorney fees)
which arise as a result of the Trustee's action or failure to act
hereunder if such action or failure to act is a direct result  of
a  direction or absence of direction by the Company or any  other
party  to  the  extent such direction or absence of direction  is
authorized or required hereunder.

     Section 12.  Amendment or Termination.

     (a)  This Trust Agreement may be amended by a written instrument
executed  by  the  Trustee and the Company.  Notwithstanding  the
foregoing, no such amendment shall conflict with the terms of the
Plan or shall make the Trust revocable.

     (b)   The Trust shall not terminate until the date on  which
Executives  and  their beneficiaries are no  longer  entitled  to
payments pursuant to the terms of the Plan.  Upon termination  of
the Trust any assets remaining in the Trust shall be returned  to
the Company.

<PAGE> 7

     Section 13.  Miscellaneous.

     (a)  Any provision of this Trust Agreement prohibited by law
shall  be  ineffective  to the extent of  any  such  prohibition,
without invalidating the remaining provisions hereof.

     (b)  Amounts payable to Executives and their beneficiaries under
this Trust Agreement may not be anticipated, assigned (either  at
law or in equity), alienated, pledged, encumbered or subjected to
attachment,  garnishment,  levy,  execution  or  other  legal  or
equitable process.

     (c)  This Trust Agreement shall be governed by and construed in
accordance with the laws of the State of Kansas.

     Section 14.  Effective Date.

     The  effective date of this Trust Agreement shall be the day
and year first above written.

     IN  WITNESS  WHEREOF,  this Trust Agreement  has  been  duly
executed  by  Company and Trustee the day and  year  first  above
written.

                           SEABOARD CORPORATION

                           By: /s/ H. Harry Bresky
                               H. Harry Bresky, President

                                                          Company

                               /s/ Robert L. Steer
                               Robert L. Steer

                                                         Trustee

<PAGE> 8

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