SEC Contract Filing

Filing Date: 2024-02-29

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>ex103-hrlrestrictedstockun.htm
<DESCRIPTION>EX-10.3
<TEXT>
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<title>Document</title></head><body><div id="ic259533776124b4eb4c47ae4ef7457e1_1"></div><div style="min-height:49.68pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:136%">HORMEL FOODS CORPORATION</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:136%;text-decoration:underline">Restricted Stock Unit Agreement </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:136%">Under the 2018 Incentive Compensation Plan</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">&#160;&#160;&#160;&#160;Hormel Foods Corporation (the &#8220;Company&#8221;), pursuant to its 2018 Incentive Compensation Plan (the &#8220;Plan&#8221;), hereby grants an award of Restricted Stock Units to you, the Participant named below. The terms and conditions of this Restricted Stock Unit Award are set forth in this Agreement, consisting of this cover page and the Restricted Stock Unit Terms and Conditions on the following pages, and in the Plan document, a copy of which has been provided to you. Any capitalized term that is used but not defined in this Agreement shall have the meaning assigned to it in the Plan as it currently exists or as it is amended in the future.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:5.4pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:46.293%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.853%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:49.454%"></td><td style="width:0.1%"></td></tr><tr><td colspan="9" style="border-left:2.5pt double #000000;border-right:2.5pt double #000000;border-top:2.5pt double #000000;padding:2px 1pt;text-align:justify;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Name of Participant&#58;&#160;&#160;&#160;&#160;_______________________</font></td></tr><tr><td colspan="6" style="border-bottom:2.5pt double #000000;border-left:2.5pt double #000000;border-top:0.75pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">No. of Restricted Stock Units Granted&#58;&#160;&#160;&#160;&#160; _______</font></td><td colspan="3" style="border-bottom:2.5pt double #000000;border-left:0.75pt solid #000000;border-right:2.5pt double #000000;border-top:0.75pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Grant Date&#58;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;__________, 20__</font></td></tr><tr style="height:37pt"><td colspan="9" rowspan="2" style="border-bottom:2.5pt double #000000;border-left:2.5pt double #000000;border-right:2.5pt double #000000;border-top:2.5pt double #000000;padding:2px 1pt;text-align:justify;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Vesting Schedule&#58; 100% of the RSUs shall vest on the third anniversary of the Grant Date (the &#8220;Scheduled Vesting Date&#8221;)</font></td></tr><tr style="height:15pt"><td colspan="9" style="display:none"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">By signing below or otherwise evidencing your acceptance of this Agreement in a manner approved by the Company, you agree to all of the terms and conditions contained in this Agreement and in the Plan document. You acknowledge that you have received and reviewed these documents and that they set forth the entire agreement between you and the Company regarding this Award of Restricted Stock Units</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">PARTICIPANT&#160;&#160;&#160;&#160;HORMEL FOODS CORPORATION</font></div><div style="padding-left:216pt;text-align:justify"><font><br></font></div><div style="padding-left:216pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%;text-decoration:underline">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">&#160;&#160;&#160;&#160;By&#58;___</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%;text-decoration:underline"> &#47;s&#47; James P. Snee</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight