GREELEY, Colo. – Pilgrim's Pride Corporation has filed a Form 8-K with the Securities and Exchange Commission outlining the company's employment agreement and restricted stock agreement with William Lovette, who joined Pilgrim's as president and CEO on Jan. 3.
Among other things, the terms of the agreements, which were signed Jan. 14, provide for:
- Annual base salary of $1 million.
- Sign-on bonus of $250,000 payable within 30 days of the effective date.
- Guaranteed short-term incentive plan bonus of no less than $500,000 for fiscal 2011.
- Arranged purchase of Lovette's residence in Arkansas at a purchase price not to exceed $2.13 million.
- An award of 200,000 restricted shares of Pilgrim's common stock on or as soon as practicable following the effective date, with 50% of such shares to vest on the second anniversary of the effective date and the remaining shares will vest on the third anniversary of the effective date.