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<div id="a1" style="position:absolute;font-family:'Times New Roman';left:358px;top:57px;">UNITED STATES </div><div id="a3" style="position:absolute;font-family:'Times New Roman';left:272px;top:76px;">SECURITIES AND EXCHANGE COMMISSION </div><div id="a5" style="position:absolute;font-family:'Times New Roman';left:333px;top:94px;">WASHINGTON, DC 20549 </div><div id="a8" style="position:absolute;font-family:'Times New Roman';left:377px;top:131px;">FORM </div><div id="a8_5_3" style="position:absolute;font-family:'Times New Roman';left:418px;top:131px;"><ix:nonNumeric id="ID_0" name="dei:DocumentType" contextRef="FROM_Mar27_2023_TO_Mar27_2023_Entity_0000016160">8-K</ix:nonNumeric></div><div id="a13" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:346px;top:168px;">CURRENT REPORT </div><div id="a15" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:231px;top:186px;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act 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<div id="a155" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:66px;top:57px;">Item 5.02 &#8211; Departure of Directors or Certain Officers; Election of Directors;<div style="display:inline-block;width:1px">&#160;</div>Appointment of Certain Officers; </div><div id="a159" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:66px;top:73px;">Compensatory Arrangements of Certain Officers. </div><div id="a162" style="position:absolute;font-family:'Times New Roman';font-style:italic;left:66px;top:103px;">Appointment of Chief Operating Officer </div><div id="a165" style="position:absolute;font-family:'Times New Roman';left:66px;top:134px;">On March 27,<div style="display:inline-block;width:2px">&#160;</div>2023, Cal-Maine Foods,<div style="display:inline-block;width:2px">&#160;</div>Inc. 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He<div style="display:inline-block;width:2px">&#160;</div>previously served </div><div id="a177" style="position:absolute;font-family:'Times New Roman';left:66px;top:216px;">in management positions at other locations of<div style="display:inline-block;width:5px">&#160;</div>the Company in Mississippi, Kansas, New<div style="display:inline-block;width:5px">&#160;</div>Mexico, and Ohio. 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Officers in this<div style="display:inline-block;width:2px">&#160;</div>program are eligible<div style="display:inline-block;width:2px">&#160;</div>to earn </div><div id="a198" style="position:absolute;font-family:'Times New Roman';left:66px;top:344px;">a bonus equal to 50% of<div style="display:inline-block;width:5px">&#160;</div>the sum of the officer&#8217;s<div style="display:inline-block;width:5px">&#160;</div>base salary plus such officer&#8217;s<div style="display:inline-block;width:5px">&#160;</div>prior year&#8217;s bonus. 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While<div style="display:inline-block;width:5px">&#160;</div>the LTIP<div style="display:inline-block;width:6px">&#160;</div>Committee has<div style="display:inline-block;width:5px">&#160;</div>not developed<div style="display:inline-block;width:5px">&#160;</div>formal policies<div style="display:inline-block;width:5px">&#160;</div>concerning the<div style="display:inline-block;width:5px">&#160;</div>timing of<div style="display:inline-block;width:5px">&#160;</div>grants and </div><div id="a207" style="position:absolute;font-family:'Times New Roman';left:66px;top:390px;">other<div style="display:inline-block;width:5px">&#160;</div>matters,<div style="display:inline-block;width:5px">&#160;</div>its<div style="display:inline-block;width:5px">&#160;</div>practice<div style="display:inline-block;width:5px">&#160;</div>has<div style="display:inline-block;width:5px">&#160;</div>been<div style="display:inline-block;width:5px">&#160;</div>to<div style="display:inline-block;width:5px">&#160;</div>authorize<div style="display:inline-block;width:5px">&#160;</div>grants<div style="display:inline-block;width:5px">&#160;</div>of<div style="display:inline-block;width:5px">&#160;</div>restricted<div style="display:inline-block;width:5px">&#160;</div>shares<div style="display:inline-block;width:5px">&#160;</div>annually<div style="display:inline-block;width:5px">&#160;</div>in<div style="display:inline-block;width:5px">&#160;</div>mid-December,<div style="display:inline-block;width:5px">&#160;</div>with<div style="display:inline-block;width:5px">&#160;</div>the<div style="display:inline-block;width:5px">&#160;</div>grants<div style="display:inline-block;width:5px">&#160;</div>being </div><div id="a210" style="position:absolute;font-family:'Times New Roman';left:66px;top:405px;">effective the following<div style="display:inline-block;width:1px">&#160;</div>January. Walters will also receive<div style="display:inline-block;width:1px">&#160;</div>other customary<div style="display:inline-block;width:2px">&#160;</div>benefits provided<div style="display:inline-block;width:2px">&#160;</div>to executive<div style="display:inline-block;width:2px">&#160;</div>officers of the<div style="display:inline-block;width:1px">&#160;</div>Company.</div><div id="a214" style="position:absolute;font-family:'Times New Roman';left:66px;top:441px;">There are no<div style="display:inline-block;width:5px">&#160;</div>arrangements or understandings between<div style="display:inline-block;width:5px">&#160;</div>Walters and any<div style="display:inline-block;width:5px">&#160;</div>other person pursuant<div style="display:inline-block;width:5px">&#160;</div>to which Walters was<div style="display:inline-block;width:5px">&#160;</div>selected as </div><div id="a215" style="position:absolute;font-family:'Times New Roman';left:66px;top:457px;">an officer of the Company. Walters does not have any family relationship with any director or executive officer of the Company. </div><div id="a217" style="position:absolute;font-family:'Times New Roman';left:66px;top:472px;">There are<div style="display:inline-block;width:2px">&#160;</div>no related<div style="display:inline-block;width:2px">&#160;</div>party transactions<div style="display:inline-block;width:2px">&#160;</div>involving Walters<div style="display:inline-block;width:1px">&#160;</div>and the<div style="display:inline-block;width:2px">&#160;</div>Company that<div style="display:inline-block;width:2px">&#160;</div>require disclosure<div style="display:inline-block;width:2px">&#160;</div>under Item<div style="display:inline-block;width:2px">&#160;</div>404(a) of<div style="display:inline-block;width:2px">&#160;</div>Regulation </div><div id="a219" style="position:absolute;font-family:'Times New Roman';left:66px;top:487px;">S-K. </div><div id="a224" style="position:absolute;font-family:'Times New Roman';left:66px;top:518px;">A copy of the Company&#8217;s press release is attached hereto as<div style="display:inline-block;width:2px">&#160;</div>Exhibit 99.1 to this Current Report. </div><div id="a229" style="position:absolute;font-family:'Times New Roman';font-style:italic;left:66px;top:549px;">Supplemental Executive Retirement Plan and Split Dollar Life Insurance Plan </div><div id="a234" style="position:absolute;font-family:'Times New Roman';left:66px;top:579px;">On March<div style="display:inline-block;width:5px">&#160;</div>24, 2023,<div style="display:inline-block;width:5px">&#160;</div>the Company<div style="display:inline-block;width:5px">&#160;</div>adopted the<div style="display:inline-block;width:5px">&#160;</div>Cal-Maine Foods,<div style="display:inline-block;width:5px">&#160;</div>Inc. Supplemental<div style="display:inline-block;width:5px">&#160;</div>Executive Retirement<div style="display:inline-block;width:5px">&#160;</div>Plan (&#8220;SERP&#8221;),<div style="display:inline-block;width:5px">&#160;</div>an </div><div id="a237" style="position:absolute;font-family:'Times New Roman';left:66px;top:595px;">unfunded<div style="display:inline-block;width:5px">&#160;</div>deferred<div style="display:inline-block;width:5px">&#160;</div>benefit<div style="display:inline-block;width:5px">&#160;</div>plan,<div style="display:inline-block;width:5px">&#160;</div>and<div style="display:inline-block;width:5px">&#160;</div>a<div style="display:inline-block;width:5px">&#160;</div>Split<div style="display:inline-block;width:5px">&#160;</div>Dollar<div style="display:inline-block;width:5px">&#160;</div>Life<div style="display:inline-block;width:5px">&#160;</div>Insurance<div style="display:inline-block;width:5px">&#160;</div>Plan<div style="display:inline-block;width:5px">&#160;</div>(&#8220;Split<div style="display:inline-block;width:5px">&#160;</div>Dollar Plan&#8221;<div style="display:inline-block;width:6px">&#160;</div>and<div style="display:inline-block;width:5px">&#160;</div>together<div style="display:inline-block;width:5px">&#160;</div>with<div style="display:inline-block;width:5px">&#160;</div>the<div style="display:inline-block;width:5px">&#160;</div>SERP,<div style="display:inline-block;width:5px">&#160;</div>the </div><div id="a238" style="position:absolute;font-family:'Times New Roman';left:66px;top:610px;">&#8220;Plans&#8221;) designed<div style="display:inline-block;width:2px">&#160;</div>to provide<div style="display:inline-block;width:2px">&#160;</div>deferred compensation<div style="display:inline-block;width:2px">&#160;</div>and a<div style="display:inline-block;width:2px">&#160;</div>pre-retirement death<div style="display:inline-block;width:2px">&#160;</div>benefit for<div style="display:inline-block;width:2px">&#160;</div>a select<div style="display:inline-block;width:2px">&#160;</div>group of<div style="display:inline-block;width:2px">&#160;</div>management or<div style="display:inline-block;width:2px">&#160;</div>highly </div><div id="a242" style="position:absolute;font-family:'Times New Roman';left:66px;top:625px;">compensated<div style="display:inline-block;width:5px">&#160;</div>employees<div style="display:inline-block;width:5px">&#160;</div>of<div style="display:inline-block;width:6px">&#160;</div>the<div style="display:inline-block;width:5px">&#160;</div>Company.<div style="display:inline-block;width:5px">&#160;</div>The<div style="display:inline-block;width:6px">&#160;</div>Plans<div style="display:inline-block;width:5px">&#160;</div>are<div style="display:inline-block;width:5px">&#160;</div>effective<div style="display:inline-block;width:6px">&#160;</div>March<div style="display:inline-block;width:5px">&#160;</div>1,<div 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id="a246" style="position:absolute;font-family:'Times New Roman';left:66px;top:656px;">the benefit of a select group of highly compensated or management employees. </div><div id="a249" style="position:absolute;font-family:'Times New Roman';left:66px;top:687px;">Sherman<div style="display:inline-block;width:5px">&#160;</div>Miller,<div style="display:inline-block;width:5px">&#160;</div>President<div style="display:inline-block;width:5px">&#160;</div>and<div style="display:inline-block;width:5px">&#160;</div>CEO,<div style="display:inline-block;width:5px">&#160;</div>Max<div style="display:inline-block;width:5px">&#160;</div>Bowman,<div style="display:inline-block;width:5px">&#160;</div>Vice-President<div style="display:inline-block;width:5px">&#160;</div>and<div style="display:inline-block;width:5px">&#160;</div>CFO,<div style="display:inline-block;width:5px">&#160;</div>and<div style="display:inline-block;width:5px">&#160;</div>Rob<div style="display:inline-block;width:5px">&#160;</div>Holladay,<div style="display:inline-block;width:5px">&#160;</div>Vice-President<div style="display:inline-block;width:5px">&#160;</div>&#8211;<div style="display:inline-block;width:5px">&#160;</div>General </div><div id="a258" style="position:absolute;font-family:'Times New Roman';left:66px;top:702px;">Counsel are participating in the<div style="display:inline-block;width:2px">&#160;</div>Plans. 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If a participant dies while employed,<div style="display:inline-block;width:2px">&#160;</div>he or she will not receive any benefits<div style="display:inline-block;width:2px">&#160;</div>under the SERP, but their beneficiaries will </div><div id="a268" style="position:absolute;font-family:'Times New Roman';left:66px;top:779px;">instead be<div style="display:inline-block;width:5px">&#160;</div>entitled to the<div style="display:inline-block;width:5px">&#160;</div>life insurance benefit<div style="display:inline-block;width:5px">&#160;</div>provided under the<div style="display:inline-block;width:5px">&#160;</div>Split Dollar Plan,<div style="display:inline-block;width:5px">&#160;</div>which is $500,000.<div style="display:inline-block;width:5px">&#160;</div>Participants forfeit all </div><div id="a270" style="position:absolute;font-family:'Times New Roman';left:66px;top:794px;">benefits if terminated for cause. </div><div id="a272" style="position:absolute;font-family:'Times New Roman';left:66px;top:825px;">The Company<div style="display:inline-block;width:6px">&#160;</div>has the<div style="display:inline-block;width:6px">&#160;</div>right, in<div style="display:inline-block;width:6px">&#160;</div>its discretion,<div style="display:inline-block;width:6px">&#160;</div>to amend<div style="display:inline-block;width:6px">&#160;</div>or terminate<div style="display:inline-block;width:6px">&#160;</div>the Plans<div style="display:inline-block;width:6px">&#160;</div>at any<div style="display:inline-block;width:6px">&#160;</div>time provided<div style="display:inline-block;width:6px">&#160;</div>that no<div style="display:inline-block;width:6px">&#160;</div>amendment shall </div><div id="a273" style="position:absolute;font-family:'Times New Roman';left:66px;top:841px;">deprive a<div style="display:inline-block;width:5px">&#160;</div>participant or beneficiary<div style="display:inline-block;width:5px">&#160;</div>of a<div style="display:inline-block;width:5px">&#160;</div>vested benefit amount<div style="display:inline-block;width:5px">&#160;</div>accrued prior<div style="display:inline-block;width:5px">&#160;</div>to the date<div style="display:inline-block;width:5px">&#160;</div>of the<div style="display:inline-block;width:5px">&#160;</div>amendment without the<div style="display:inline-block;width:5px">&#160;</div>written </div><div id="a275" style="position:absolute;font-family:'Times New Roman';left:66px;top:856px;">consent of the<div style="display:inline-block;width:5px">&#160;</div>participant or beneficiary. A copy of the<div style="display:inline-block;width:5px">&#160;</div>Plans are filed<div style="display:inline-block;width:5px">&#160;</div>with this Form<div style="display:inline-block;width:5px">&#160;</div>8-K as Exhibits<div style="display:inline-block;width:5px">&#160;</div>No. 10.1 and<div style="display:inline-block;width:5px">&#160;</div>10.2. As of </div><div id="a278" style="position:absolute;font-family:'Times New Roman';left:66px;top:871px;">the date of this Form 8-K, there are three Participants in the Plans. </div></div>
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<div id="a287" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:66px;top:57px;">Item 9.01.<div style="display:inline-block;width:10px">&#160;</div>Financial Statements and Exhibits </div><div id="a292" style="position:absolute;font-family:'Times New Roman';left:66px;top:94px;">(d)<div style="display:inline-block;width:7px">&#160;</div>Exhibits </div><div id="a296" style="position:absolute;font-family:'Times New Roman';left:82px;top:112px;">Exhibit </div><div id="a297" style="position:absolute;font-family:'Times New Roman';left:80px;top:128px;">Number </div><div id="a300" style="position:absolute;font-family:'Times New Roman';left:195px;top:128px;">Description </div><div id="a302" style="position:absolute;font-family:'Times New Roman';color:#0000FF;left:90px;top:144px;"><a href="exhibit101.htm" style="color:#0000FF;text-decoration:underline;">10.1</a></div><div id="a305" style="position:absolute;font-family:'Times New Roman';color:#0000FF;left:195px;top:144px;"><a href="exhibit101.htm" style="color:#0000FF;text-decoration:underline;">Supplement Executive Retirement Plan, adopted March 24, 2023</a></div><div id="a307" style="position:absolute;font-family:'Times New Roman';color:#0000FF;left:90px;top:160px;"><a href="exhibit102.htm" style="color:#0000FF;text-decoration:underline;">10.2</a></div><div id="a310" style="position:absolute;font-family:'Times New Roman';color:#0000FF;left:195px;top:160px;"><a href="exhibit102.htm" style="color:#0000FF;text-decoration:underline;">Split Dollar Life Insurance Plan, adopted March 24, 2023</a></div><div id="a312" style="position:absolute;font-family:'Times New Roman';color:#0000FF;left:90px;top:175px;"><a href="exhibit991.htm" style="color:#0000FF;text-decoration:underline;">99.1</a></div><div id="a315" style="position:absolute;font-family:'Times New Roman';color:#0000FF;left:195px;top:175px;"><a href="exhibit991.htm" style="color:#0000FF;text-decoration:underline;">Press Release issued by the Company on March 27, 2023</a></div><div id="a317" style="position:absolute;font-family:'Times New Roman';left:93px;top:190px;">104 </div><div id="a320" style="position:absolute;font-family:'Times New Roman';left:195px;top:190px;">Cover Page Interactive Data File, (embedded within the Inline XBRL document) </div><div id="a323" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:365px;top:232px;">SIGNATURES </div><div id="a325" style="position:absolute;font-family:'Times New Roman';left:66px;top:251px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a327" style="position:absolute;font-family:'Times New Roman';left:66px;top:269px;">Pursuant to the requirements for the Securities Exchange<div style="display:inline-block;width:2px">&#160;</div>Act of 1934, the registrant has duly caused this report to be signed on </div><div id="a330" style="position:absolute;font-family:'Times New Roman';left:66px;top:287px;">its behalf by the undersigned hereunto duly authorized. </div><div id="a332" style="position:absolute;font-family:'Times New Roman';left:66px;top:306px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a334" style="position:absolute;font-family:'Times New Roman';left:126px;top:306px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a336" style="position:absolute;font-family:'Times New Roman';left:425px;top:306px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a338" style="position:absolute;font-family:'Times New Roman';left:461px;top:306px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a341" style="position:absolute;font-family:'Times New Roman';left:126px;top:321px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a343" style="position:absolute;font-family:'Times New Roman';font-weight:bold;left:425px;top:321px;">CAL-MAINE FOODS, INC. </div><div id="a351" style="position:absolute;font-family:'Times New Roman';left:70px;top:352px;">Date: </div><div id="a353" style="position:absolute;font-family:'Times New Roman';left:126px;top:352px;">March 27, 2023 </div><div id="a360" style="position:absolute;font-family:'Times New Roman';left:425px;top:352px;">By:<div style="display:inline-block;width:7px">&#160;</div></div><div id="a363" style="position:absolute;font-family:'Times New Roman';left:461px;top:352px;">/s/ Max P. Bowman </div><div id="a368" style="position:absolute;font-family:'Times New Roman';left:126px;top:384px;"><div style="display:inline-block;width:3px">&#160;</div></div><div id="a370" style="position:absolute;font-family:'Times New Roman';left:461px;top:368px;">Max P. Bowman<div style="display:inline-block;width:3px">&#160;</div></div><div id="a372" style="position:absolute;font-family:'Times New Roman';left:461px;top:384px;">Director, Vice President, and Chief Financial Officer </div></div>
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{"company-data": {"conformed-name": "CAL-MAINE FOODS INC", "cik": "0000016160", "assigned-sic": "0200", "irs-number": "640500378", "state-of-incorporation": "DE", "fiscal-year-end": "0603"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-38695", "film-number": "23761601"}, "business-address": {"street1": "1052 HIGHLAND COLONY PKWY", "city": "RIDGELAND", "state": "MS", "zip": "39157", "phone": "6019486813"}, "mail-address": {"street1": "1052 HIGHLAND COLONY PKWY", "street2": "SUITE 200", "city": "RIDGELAND", "state": "MS", "zip": "39157"}, "former-company": [{"former-conformed-name": "CAL MAINE FOODS INC", "date-changed": "19961018"}, {"former-conformed-name": "CHICKEN CHEF SYSTEMS INC", "date-changed": "19710315"}]}
calm8k20230327
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
Date of Report (Date of Earliest Event Reported):
March 27, 2023
Cal-Maine Foods, Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-38695
64-0500378
(State or other jurisdiction of
incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1052 Highland Colony Pkwy
,
Suite 200
,
Ridgeland
,
MS
39157
(Address of principal executive offices (zip code))
601
-
948-6813
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General Instruction
A.2 below):
☐
Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value per share
CALM
The
NASDAQ
Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities
Act of
1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2
of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act.
☐
Item 5.02 – Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
Appointment of Chief Operating Officer
On March 27,
2023, Cal-Maine Foods,
Inc. (the "Company")
issued a press
release announcing that
Todd Walters,
Vice President,
Operations, has been appointed Chief Operating Officer effective March 27, 2023.
Walters (age
52) joined
the Company
in 1997.
Since 2011,
he has
served as
Vice President
of Operations
for the
Company's
operations in
South Texas,
as well
as our
subsidiary Wharton
County Foods,
LLC's facility
in Boling,
Texas. He
previously served
in management positions at other locations of
the Company in Mississippi, Kansas, New
Mexico, and Ohio. Walters has served
on the Board of The Ohio
Poultry Association and
The Texas Poultry Federation, where
he is currently an ex-officio member.
He
is also
an active
member of
the United
Egg Producers.
Walters is
a graduate
of Mississippi
State University
with a
bachelor's
degree in agriculture with a major in poultry science.
As a member of the
executive management team of the Company, Walters
receives compensation, including base pay, bonuses,
certain employee
benefits, and
awards under
the Company's
long-term incentive
plan. Walters
will receive
a base
pay of
$229,341.
Walter's will be
eligible to receive
bonus payments under
our general bonus
program. Officers in this
program are eligible
to earn
a bonus equal to 50% of
the sum of the officer's
base salary plus such officer's
prior year's bonus. Walters
will also be eligible
to
receive
stock
grants
under
the
Company's
long-term
incentive
plan
("LTIP")
which
is
administered
by
the
Long-Term
Incentive Plan
Committee. While
the LTIP
Committee has
not developed
formal policies
concerning the
timing of
grants and
other
matters,
its
practice
has
been
to
authorize
grants
of
restricted
shares
annually
in
mid-December,
with
the
grants
being
effective the following
January. Walters will also receive
other customary
benefits provided
to executive
officers of the
Company.
There are no
arrangements or understandings between
Walters and any
other person pursuant
to which Walters was
selected as
an officer of the Company. Walters does not have any family relationship with any director or executive officer of the Company.
There are
no related
party transactions
involving Walters
and the
Company that
require disclosure
under Item
404(a) of
Regulation
S-K.
A copy of the Company's press release is attached hereto as
Exhibit 99.1 to this Current Report.
Supplemental Executive Retirement Plan and Split Dollar Life Insurance Plan
On March
24, 2023,
the Company
adopted the
Cal-Maine Foods,
Inc. Supplemental
Executive Retirement
Plan ("SERP"),
an
unfunded
deferred
benefit
plan,
and
a
Split
Dollar
Life
Insurance
Plan
("Split
Dollar Plan"
and
together
with
the
SERP,
the
"Plans") designed
to provide
deferred compensation
and a
pre-retirement death
benefit for
a select
group of
management or
highly
compensated
employees
of
the
Company.
The
Plans
are
effective
March
1,
2023
and
are
designed
to
be
exempt
from
the
requirements of the
Employee Retirement Income
Security Act of 1974, as
amended ("ERISA") as
unfunded arrangements for
the benefit of a select group of highly compensated or management employees.
Sherman
Miller,
President
and
CEO,
Max
Bowman,
Vice-President
and
CFO,
and
Rob
Holladay,
Vice-President
–
General
Counsel are participating in the
Plans. Provided the vesting
conditions are met, participants
in the SERP
are eligible to receive an
aggregate Retirement Benefit (as
defined in the SERP) of
$500,000, which is paid in
annual installments of $50,000
for 10 years.
A participant
becomes vested
in the
Retirement Benefit
over five
years of
plan participation
at 20%
per year.
If a
participant
becomes disabled, attains the retirement age of
65, or the Company experiences a change
in control, vesting will be accelerated
to 100%. If a participant dies while employed,
he or she will not receive any benefits
under the SERP, but their beneficiaries will
instead be
entitled to the
life insurance benefit
provided under the
Split Dollar Plan,
which is $500,000.
Participants forfeit all
benefits if terminated for cause.
The Company
has the
right, in
its discretion,
to amend
or terminate
the Plans
at any
time provided
that no
amendment shall
deprive a
participant or beneficiary
of a
vested benefit amount
accrued prior
to the date
of the
amendment without the
written
consent of the
participant or beneficiary. A copy of the
Plans are filed
with this Form
8-K as Exhibits
No. 10.1 and
10.2. As of
the date of this Form 8-K, there are three Participants in the Plans.
Item 9.01.
Financial Statements and Exhibits
(d)
Exhibits
Exhibit
Number
Description
10.1
Supplement Executive Retirement Plan, adopted March 24, 2023
10.2
Split Dollar Life Insurance Plan, adopted March 24, 2023
99.1
Press Release issued by the Company on March 27, 2023
104
Cover Page Interactive Data File, (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements for the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
CAL-MAINE FOODS, INC.
Date:
March 27, 2023
By:
/s/ Max P. Bowman
Max P. Bowman
Director, Vice President, and Chief Financial Officer