SPRINGDALE, ARK. - A Securities and Exchange Commission (SEC) filing from Tyson Foods Inc. on Jan. 9, stated that Scott Spradley, executive vice president and chief technology and automation officer, left the company.
Spradley joined the meat company in June 2017. Before that, he worked as chief information officer at Hewlett Packard Enterprise.
Tyson said the information technology team members would assume Spradley’s responsibility.
In the Form 8-K filing, the company said Spradley was entitled to payments and benefits with his departure from Tyson.
This included a payment of $1.4 million, which is equivalent to two times his annual base salary, that will be paid in installments over 24 months following his departure. The document said this was subject to a six-month waiting period.
Spradley also will receive a lump-sum payment of $211,538 for his pro-rated incentive payment.
Other details on his package included accelerated vesting of a portion of Spradley’s remaining outstanding restricted stock with an aggregate value of about $486,451. The document also said he would see accelerated vesting of a pro-rated portion of the remaining outstanding unvested stock options, which would be approximately $299,043.
Finally, Tyson also said there would be accelerated vesting of a pro-rated portion of his outstanding unvested performance stock awards from November 2020-2022. This was based on actual company performance and payout level which is estimated to have an aggregate value of approximately $931,439, based on target performance with a stock price of $65.71 as of Jan. 9, 2023.
Tyson Spradley would also be eligible to receive COBRA insurance reimbursements for up to two years of continued coverage.